BUSINESS
Take that, Elon Musk: Ford CEO dares Tesla boss
According to The Verge, Farley spoke at a Ford plant in Michigan to announce a deal with DTE Energy that both companies billed as the "largest renewable energy purchase from a utility in US history". But after touting the company's move to more sustainable sources, he made a quick jab at his main rival in the EV space, whom he has praised for helping spur the industry toward electric vehicles.
'India's growth for 2022-23 to be strongest among largest economies'
India is best positioned within Asia to deliver domestic demand alpha. Its cyclical recovery will be sustained by structural factors. "The recent strong run of data increases our confidence that India is well positioned to deliver domestic demand alpha, which will be particularly important as developed markets' growth weakness percolates into Asia's external demand," Morgan Stanley said.
Coinbase reports $1.1 bn in net loss, revenue drops 60% in Q2
"Q2 was a tough quarter, with trading volume and transaction revenue each down by 30 per cent and 35 per cent sequentially, respectively. Both metrics were influenced by a shift in customer and market activity, driven by macroeconomic and crypto credit factors alike," the company said after reporting its Q2 results late on Tuesday.
Battered SoftBank selling Alibaba shares to pocket $34 bn
"The current equity market environment is challenging and may be prolonged. Considering the said market environment, "SBG (SoftBank Group Corp) has determined that the best option at this time is to settle these prepaid forward contracts in physical form," said the company, adding that this "will further strengthen our defense against the severe market environment".
Govt releases two instalments of tax devolution to states amounting to Rs 1,16,665 cr
In a statement, the Union Finance Ministry said that the two installments have been released as against the normal monthly devolution of Rs 58,332.86 crore. "This is in line with the commitment of the Government of India to strengthen the hands of states to accelerate their capital and developmental expenditure," it said. As per the ministry, states like Andhra Pradesh received Rs 4,721.44 crore, Assam received Rs 3,649.30 crore and Bihar got Rs 11,734.22 crore.
Corporate bond issuances rise over 16% on-month in July
Of the total amount raise in July, Housing Development Finance Corp (HDFC) raised highest amount of Rs 14,111 crore, followed by Small Industries Development Bank of India (SIDBI) who raised Rs 6,905 crore, LIC Housing Finance companies raised Rs 6,150 crore, National Bank for Agriculture and Rural Development (NABARD) raised Rs 3,000 crore and Bajaj Housing Finance raised Rs 2,050 crore, Prime database data showed.
DGCA removes price cap on air fares
"After review of the current status of scheduled domestic operations viz-a-viz passenger demand for air travel, it has been decided to remove the fare bands notified from time to time regarding air fare with effect from 31.08.2022," said the Ministry of Civil Aviation. "The decision to remove air fare caps has been taken after careful analysis of daily demand and prices of air turbine fuel. Stabilisation has set in and we are certain that the sector is poised for growth in domestic traffic in the near future," Civil Aviation Minister Jyotiraditya Scindia said in a tweet.
Benchmark indices end on flat note ahead of US inflation data
At close, Sensex ended down 35.78 points or 0.06 per cent at 58,817.29, while Nifty closed up 9.65 points or 0.06 per cent. About 1,538 shares advanced, 1,864 shares declined, while 122 remained unchanged on Wednesday. Bajaj Finance, NTPC, ONGC, HCL Technologies and Adani Ports were among the major losers. BSE midcap and smallcap indices ended on flat note.
Rupee gains 14 paise to close at 79.52 against US dollar
"Some exporter flows and oil demand kept the pair steady. Speculators were on sidelines ahead of the US inflation report scheduled later in the evening. Over the near term, we expect USD-INR to remain rangebound between 79.00 and 80.00 levels on spot," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, at Kotak Securities Ltd.
Musk agrees to rebuy Tesla stock if Twitter deal doesn't close
While being asked by a user on the microblogging platform if he is done selling Tesla stock, the tech billionaire replied affirmatively. "Yes. In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners do not come through, it is important to avoid an emergency sale of Tesla stock," Musk wrote on Twitter. Meanwhile, while replying to another user who asked, "if the Twitter deal does not close, will you buy Tesla stock again?" He replied, "Yes". As per a report, Musk sold 7.92 million company shares worth around $6.88 billion.
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