BUSINESS
Dovetailing of GatiShakti with National Logistics Policy will create infra powerhouse
Commerce and Industry Minister Piyush Goyal outlined the merits of PM's National Master Plan or GatiShakti working in conjunction with the new National Logistics Policy. He gave the example of JNPT which for years has been grappling with last mile connectivity issues. Now such logjams will be resolved by optimally utilising these data layers. Cement companies for instance are positive on GatiShakti as they have major last mile connectivity issues.
Adani becomes India's second largest cement player
The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is $6.50 billion, which makes this the largest ever acquisition by Adani, and also India's largest ever M&A transaction in the infrastructure and materials space. Post the transaction, Adani will hold 63.15 per cent in Ambuja Cements and 56.69 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
World Bank warns of rising global recession risk amid simultaneous rate hikes
Central banks around the world have been raising interest rates this year with a degree of synchronicity not seen over the past five decades. a trend that is likely to continue well into next year, the World Bank said in a new study. Investors expect central banks to raise global monetary policy rates to almost 4 percent through 2023, an increase of more than 2 percentage points over their 2021 average, it said.
Amid rising prices, monetary policy may keep inflation expectations firmly anchored: RBI Bulletin
The RBI's monthly bulletin for September 2022, in its chapter on the "State Of Economy" has said that the loss of momentum in global economic activity may be taking the edge off inflation. At the same time, it noted that the economy is poised to shrug off the modest tapering of growth momentum in the first quarter of 2022-23.
British pound slumps to a 37-year low
The UK currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said that retail sales in August dropped 1.6 per cent month-over-month, the biggest decline since December 2021 and significantly worse than economists had expected, CNN reported.
Samsung expects 45% sales growth in consumer electronics in festive season
Mohandeep Singh, Senior Vice President, Consumer Electronics Business, Samsung India, told IANS that across its consumer electronics portfolio, "we are expecting a growth of 80 per cent in the premium segment". "Consumers are back in stores and the festive buying sentiment along with upgrade trend is at an all-time high. We have doubled our retail investment to enhance the shopping experience of our consumers," he added.
Share EY's rejig report, demands PSU non-life insurance unions
The companies are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited.
RBI likely to increase repo rate by 50 basis points to 5.9% in Sep policy: Morgan Stanley
The inflation which is ranging above the upper tolerance band of the Reserve Bank of India (RBI) for the eighth straight and therefore Morgan Stanley too expect inflation to remain sticky around 7.1-7.4 per cent in September as well, driven by increases in food prices as per high frequency food price trend.
France confers top civilian award on scientist-industrialist Dr Swati Piramal
The highest French civilian award is in recognition of "Dr Piramal's outstanding achievements and contributions in the fields of business and industry, science, medicine, arts and culture, both nationally and internationally", and was conferred on behalf of French President Emmanuel Macron.
App loan fraud: ED recovers documents, seizes Rs 46 cr of Payment Gateways
The operation was conducted at six business, residential premises in Delhi, Ghaziabad, Mumbai, Lucknow, Gaya and 16 other premises of Banks, Payment Gateways branches, offices in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bengaluru.
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