BUSINESS
German central bank expects double-digit inflation, sees signs of recession
"There are increasing signs of a recession of the German economy in the sense of a clear, broad-based and prolonged decline in economic output," Xinhua news agency quoted the bank's monthly report issued on Monday as saying. The institution's economic researchers expect the German economy to shrink markedly in the fourth quarter of this year and the first quarter of 2023.
Delhi HC allows Tatas' appeal against cryptocurrency 'TATA Coin'
A bench of Justices Manoj Kumar Ohri and Mukta Gupta, in the order, noted that "the appellant (Tata) is known for the quality of its goods and services. Any dubious and inferior products sold through the respondents' website, using the appellant's trademark, can seriously damage its credibility".
Rana Kapoor, Gautam Thapar charge sheeted by CBI in bank fraud case
The CBI had registered the case against Oyster Buildwell Pvt Ltd, Gurugram, and others on June 2, 2021 on the complaint from Yes Bank Ltd. It was alleged that the accused had committed criminal breach of trust, cheating, criminal conspiracy and forgery for misappropriation of public money, during the period from 2017 to 2019.
Porsche valued at up to $75bn in share sale
A prospectus will be published on Monday, after which investors can subscribe to Porsche shares. The share sale is set to be Germany's second-largest ever initial public offering (IPO), the report said."We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors," said VW's Chief Financial Officer, Arno Antlitz.
Indices ends higher, Sensex up more than 300 points
At close, Sensex ended 300.44 points, or 0.51 per cent, up at 59,141.23, and Nifty closed up 91.40 points, or 0.52 per cent, at 17,622.45.Mahindra & Mahindra, Bajaj Finance, Hindustan Unilever, State Bank of India, and Nestle were major gainers on the Sensex.
Rupee ends almost flat, at 79.77, against the US dollar
"A mostly lacklustre day, as demand from oil marketing companies and supply from exporters balanced the market. Over this week, the market moving event will be Fed meeting, where the central bank is expected to hike by 75 bps and sound quite hawkish," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
Paytm tokenizes over 52 mn cards across VISA, Mastercard & RuPay
The company has tokenized 52.3 million cards across VISA, Mastercard and RuPay in its effort to make card transactions safer and drive convenience for consumers.
Adani group's market cap stands at 260 bn dollars, having grown faster than any company ever in India: Gautam Adani
In a speech made at an event to mark the completion of the ACC-Ambuja Cements acquisition on September 17, Adani said this acquisition is India's largest ever inbound M&A transaction in the infrastructure and materials space and closed in a record time of four months.
DotPe raises $58 mn, plans to foray into financial services
The platform, which "plans to foray into financial services", currently serves over 7.5 million brands across the country. The funding round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures while Mitsubishi & Naya Capital joined as new investors.
Pakistan's forex reserves depleting again despite IMF assistance
The country's central bank said that the fall in foreign exchange reserves was due to external debt and other paymentWhile latest data published by the State Bank of Pakistan revealed that the much required reserves are still above the $8 billion mark, the worry for policymakers is that they have started to deplete. In January, this year, the reserves held by SBP was more than $16 billion.
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