BUSINESS
Amid soft-peg crisis, Sri Lanka suspends import of over 300 items
The list of items included cosmetics, electrical goods, water craft, ships, aircraft, electrical and electronic goods and building materials. It also included chocolate and other food products such as cocoa, condensed milk, yoghurt, coconuts, coconut-based arrack, roses, perfumes, beauty or make-up products, deodorants, shampoos and dental floss, trunks, suitcases, briefcases, and various clothing items. The building materials, which are banned for export by the Finance Ministry includes, marble, travertine, and other calcareous monumental or building stone, tubes, pipes and hoses, and fittings.
India and Russia join hands in digital payments war
India, which imports more than 80 per cent of the total fuel requirements, is expected to further increase energy shipment from Russia. Amid rise in global oil prices following the Russia-Ukraine war, India's crude imports from Moscow have gone up from 0.2 per cent of the total requirements to 10 per cent since the start of this financial year.
Air Passenger volume likely to double to 400mn: Scindia
Speaking at an ASSOCHAM event on CEOs' Roundtable discussion, the Minister said that aviation is competing closely with the railways in the air-conditioned segment. "The railways today carries 125 million passengers in 1st and 2nd AC, airlines on the other hand carried 144 million domestic travellers before the pandemic and in the next 5 to 10 years, civil aviation will carry the bulwark of transportation for this limited section," the Minister said.
Rupee ends flat at 79.86 against US dollar
"USDINR spot closed flat, as RBI intervention and FPI flows kept the dollar demand well filled. Rupee has been an outperformer against a basket of emerging market and developed market currencies, since mid-August. Fall in oil prices and FPI flows have helped. However, upside risk remains intact as US Dollar Index and USDCNY remains in uptrend," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
Banks aggressively garnering funds via CDs, FDs amid firm credit off take
According to the data compiled by Prime database, banks have so far raised around Rs 42,000 crore through CDs. This was even after the rates on this instruments are rising sharply. The data also showed that Indian Bank, topped the fund raising list via CDs, raising worth Rs 13,550 crore, which was followed by HDFC Bank raising Rs 6,550 crore and Punjab National Bank raising Rs 2,875 crore so far in August.
Adani group subsidiary to indirectly acquire 29.18% stake in NDTV, makes open offer
It has also announced an open offer for up to 26 per cent stake in NDTV at a price of Rs 294 per share. The share price of NDTV closed at Rs 366.20 on BSE on Tuesday. The warrant exercise has been hand delivered to the RRPR team and acknowledgement obtained on original and the warrant exercise money has been remitted to RRPR's bank account before the press release was sent to the stock exchanges.
WazirX co-founder Nischal Shetty raising up to $20 million for new Blockchain venture
According to sources, the funding will take the valuation of Shardeum, which Shetty is building with his US-based Co-founder and Blockchain architect Omar Syed, to nearly $200 million. Shetty told IANS that the startup is raising seed funds, and will soon make it official once the round is completed.
US bill to force Big Tech to pay news publishers for using their content
The legislation aims to provide news publications a level-playing field, letting them negotiate collectively for an annual content fee from Google and Meta (formerly Facebook) that dominate the digital advertising market, reports Chicago Tribune. Newspaper ad revenue has fallen by more than 80 per cent since reaching $49.4 billion in 2005, dropping to $9.6 billion in 2020, according to the Pew Research Center.
Markets rebound after two-day break; Sensex rises 257 points
At close, Sensex was up 257.43 points or 0.44 per cent at 59,031.30, while Nifty was up 86.80 points or 0.50 per cent at 17,577.50. About 2,111 shares advanced, 1,282 shares declined while 156 shares remained unchanged on Tuesday.
Q1FY23 GDP growth expected at 15.7% with possibility of upward bias: SBI Ecowrap
The progress in the economy is seen despite global spillovers, elevated inflation and some slackening of external demand as geopolitical developments take their toll on world trade. Domestically, an intense heatwave in major regions limited economic activity in the earlier months. Despite this, most of the high frequency indicators showed improvement, especially in the services sector activity.
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