BUSINESS
Mensa Brands acquires MyFitness, to make it Rs 1,000 cr brand
The acquisition will help Mensa Brands launch new categories, scale D2C, invest in brand-building and expand to global markets. "MyFitness is a fast-growing consumer-loved brand and we will scale the brand to have an omni-channel global presence by leveraging our tech-led playbook.
Challenges persist as govt tries hard to bridge India's trade deficit
Simply put, trade deficit is a situation in which the value of goods a country imports is greater than the value of goods it exports -- excluding software, remittances and others. "Exports are slowing down while imports are increasing. This has led to widening trade deficit. The trade deficit was $190 billion last year and around $125 billion for the period from April-August 2022," Madan Sabnavis, Chief Economist, Bank of Baroda, told IANS. According to the Ministry of Commerce and Industry, India's merchandise imports were $61.68 billion and exports were $33 billion in August 2022, leaving a deficit of $28.68 billion.
Excise duties on petrol, diesel zoomed up despite crude staying below $80
The government's revenue generation through levy of excise duty saw a growth of 126 per cent between 2014-15 and 2021-22. The income growth was 186 per cent during the same period. According to official data provided by the Petroleum Ministry's Petroleum Planning and Analysis Cell (PPAC), excise duty on petrol was Rs 9.48 per litre and on diesel it was Rs 3.56 per litre in 2014-15 when the NDA government had come to power.
Unions seek 'forensic audit' of UTI-AMC's 'Rs 2,000-crore exposure' in DHFL scam
The AIUTI-AMCOA and AIBOA have shot off separate letters to various entities while a top leader has sought Central government's directions to the Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and Income Tax (IT) Department to probe the matter thoroughly as it involved "huge public funds".
Scamsters cheat SII of Rs 1 crore in Adar Poonawala's name, cops probe
The fraud transpired earlier this week and following a complaint, the police had lodged a First Information Report, said the official. When contacted by IANS, the SII official declined to comment on the matter. As per the police complaint, an SII director Satish Deshpande received a WhatsApp message purportedly from a person claiming to be Adar Poonawala and seeking the money transfers in installments to certain bank accounts.
Global equity prices rise on news of Ukrainian advances in war against Russia
European markets closed higher Friday, as did markets in the Asia-Pacific area. The Dow jumped more than 200 points in the US and the major indexes appeared on track to end a three-week slump, the CNN reported. Equity prices tend to rise on news of Ukrainian gains or improvement on the ground, explained Joseph Brusuelas, chief economist at RSM US, CNN reported.
Setback for NDTV as I-T Dept says no bar on warrant conversion
On 23.8.2022, Adani group's AMG Media Networks announced its subsidiary Vishvapradhan Commercial Private Ltd's (VCPL) decision to exercise its rights to acquire 99.5 per cent of equity shares of RRPR, the investment company of NDTV promoters - Prannoy Roy and Radhika Roy.
India's strategy of fiscal prudence has paid off while US and Europe's massive stimulus backfired
Over 2022-23, India's growth will average 7 per cent, the strongest among the largest economies, contributing 28 per cent and 22 per cent to Asian and global growth, Morgan Stanley said in a report. India is best positioned within Asia to deliver domestic demand alpha. Its cyclical recovery will be sustained by structural factors.
India sees robust pre-order rush for Apple iPhones, 14 and 14 Pro most in demand
The pre-booking window for Apple iPhone 14 series opened Friday evening and iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max were available for pre-order, which will be available from September 16. Industry sources told IANS that all the three iPhone 14 models -- especially 14 Pro followed by iPhone 14 -- have received tremendous response and after some initial hiccups online, the pre-orders were now smooth.
Indian telcos to spend $19.5 bn on 5G infra by 2025: GSMA
The report showed that 5G could benefit the Indian economy by $455 billion between 2023 and 2040, or more than 0.6 per cent of the GDP forecast for 2040, reflecting the large number of 5G use cases that could be implemented in the main sectors of India's economy. "5G benefits are expected to be realised in new applications in the manufacturing sector (representing 20 per cent of the total benefit) as well as the retail, ICT and agricultural sectors," the findings showed.
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