BUSINESS
Bank of England says UK in recession as it raises interest rates to 14-year high
That's the seventh consecutive increase in England Bank Rate in a row, but a smaller rise than many investors had expected, The Guardian reported. Today's rate rise -- the second 50bp increase in a row -- shows that the Bank is trying to prevent inflation becoming persistently embedded, despite concerns over the economy.
Rupee falls 88 paise to close at all-time low of 80.86 against USD
The rupee ended at 80.86 on Thursday as against 79.98 at close on Wednesday against the US dollar. "The rupee fell after the hawkish commentary from the Fed which went for a 75 basis point hike for the third consecutive time, along with forecast of tighter policies needed to control the high inflation rates," said Jateen Trivedi, Research Analyst at LKP Securities.
NDTV promoters approach SC against SAT's Rs 5 crore penalty
In a regulatory filing by NDTV, the promoters had informed the exchange of filing a civil appeal in the Supreme Court against SAT's July 20, 2022 order to pay Rs 5 crore penalty for non-disclosure of loan agreements entered by them. The SAT had reduced the penalty from Rs 25 crore to Rs 5 crore for alleged violation of clause 49(1)(D) of the Equity Listing Agreement read with Section 21 of the Securities Contracts (Regulations) Act, 1956.
Hong Kong stocks hit lowest level in a decade after historic Fed rate hike
The Hang Seng Index fell as much as 2.6 per cent, breaking below 18,000 points, before recovering slightly, CNN reported.Australia's S&P/ASX 200 index fell 1.6 per cent, while Japan's Nikkei 225 and South Korea's Kospi both fell 0.6 per cent. China's Shanghai Composite Index slipped 0.3 per cent.
Fintech platform Mintoak enabling banks to digitally empower merchant ecosystem
Mintoak has built a modularised, cloud-native, API-first payments Platform-as-a-Service (PaaS) that allows their banking partners to deploy and rapidly scale value-added services (payments, lending, engagement) to their tens of millions of SME customers.
In such a scenario, investors could look at target maturity funds: Lakshmi Iyer
Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products, Kotak Mahindra Asset Management Company said that investors in a current scenario could look at target maturity funds from a passive ownership standpoint as well as funds like medium duration and dynamic bond funds.
Illicit market size stood at Rs 2.6 lakh cr in 5 key sectors in 2019-20: FICCI report
Also the estimated tax loss to the government due to illicit goods in these key areas stood at Rs 58,521 crore in 2019-20. Two highly regulated and taxed industries namely tobacco products and alcoholic beverages, accounted for 49 per cent of tax losses. These were the findings of a study conducted by FICCI's committee against smuggling and counterfeiting activities destroying the economy (CASCADE).
Bond yields rises sharply post rate hike by US Fed
The rise in yields was also attributed to the uptick in yields on the US Treasury notes. At 1.45 p.m., the 10-year benchmark 6.54 per cent-2032 bond yield was trading at 7.3611 per cent, as compared to 7.2525 per cent closed on the previous trading session.
Rupee hit new all-time low as dollar index rises 20-year high
"With the US Fed increasing rates by 75 bps and hinting at more rate hikes in the future, we believe the dollar index can see a significant increase, implying that most major market currencies, including INR should be under pressure. If we start seeing INR depreciating, then from a USD returns perspective for FPIs, India becomes unattractive," said Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.
SpiceJet announces 20% salary hike for pilots from October
This follows last month's 6 per cent hike in salaries. Sources said that while the first tranche of Emergency Credit Line Guarantee Scheme (ECLGS) payment has been received by the airline, the second is expected shortly. Moreover, the company will be depositing TDS of all employees in the next two-three weeks.
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