BUSINESS
Consumer IT spending to slide further amid recession fears in Asia-Pacific
The risk of recession worldwide has continued to rise amid increasing inflation and the expectation of a tightening monetary policy. The rising inflation is driven by ongoing supply chain constraints, geopolitical tensions, growing food and energy prices, and early 2022 lockdowns in China. The second-order impact of these disruptions on Asia-Pacific economies is now being felt, the report mentioned.
Multi bagger Dhruva Capital gains 205% in a month
The stock which was trading at Rs 7.54 on June 22 jumped by 205 per cent in a month to close at Rs 22.96 on July 22. At least 23 penny stocks have given returns up to 205 per cent in the last month, Good Returns reported. These stocks priced up to over Rs. 20 have offered multibagger returns i.e. has more than doubled investors money.
What ails aviation? Poor financials, broken supply chain & DGCA's flawed tech base
"Aircraft were lying idle during the Covid period of nearly two years. Many airlines resorted to cost cutting and retrenchment was part of it. Now, after a sudden surge in demand, a large number of aircraft have been deployed whereas many airlines have not recruited enough manpower to handle the pressure. New staff are there at many places, but they need to be synchronised with the system and require reorientation," he said.
Tata Group warns Port Talbot steelworks could close without subsidy deal
Tata Group wants to reach a deal for the UK government to provide 1.5 bn pound towards this, the Financial Times said. The UK's biggest steelworks, in Port Talbot, employs 4,000 people. The UK government said steel "plays a critical role" in the UK's economy and Tata is "a valued steel producer and significant employer".
IndiGo: Financial headwinds make aviation leader's flight wobbly
IndiGo, with a fleet size of over 280 aircraft, is leading the Indian aviation sector. With an occupancy rate of 78.5 per cent, the airline recorded a market share of 56.9 per cent in June. However, many IndiGo flights reported delays during the last week of June, reportedly due to manpower crunch as a significant number of cabin crew members went on sick leave.
Tata saves Air India from bidding good-bye to the sky
Official data indicate that domestic passengers carried by Indian carriers shot up by 66.73 per cent - from 343.37 lakh to 572.49 lakh - in the first six months of 2022, marking a whopping monthly growth of 238 per cent. The role played by Indian domestic carriers is phenomenal with major airlines like Air India, SpiceJet, IndiGo, Vistara, Go First, FlyBig, Alliance Air and StarAir virtually raking in the moolah with impressive passenger load factors.
Go First likely to raise money via IPO to manage stressed financials
Incidentally, Go First reported a few incidents of engineering malfunctioning in recent times. The aviation regulator recently ordered grounding of its planes after two of its aircraft witnessed technical glitches leading to their diversion on July 19. With a fleet size of 57 aircraft, Go First recorded 78.7 per cent occupancy in June. The airline reported a market share of 9.5 per cent during the same month.
Pakistan to sell assets in desperate attempt to prevent default
Pakistan President Arif Alvi has not signed the ordinance yet. The Pakistan government has also barred the courts of the country from entertaining any petition against the sale of assets and shares of the government companies to foreign countries, as per the ordinance, Express Tribune reported.
The federal cabinet had approved the ordinance on Thursday to sell stakes of oil and gas companies.
Top crypto exchange Blockchain.com cuts 25% of its workforce
The digital assets trading firm said it will shut its Argentina-based offices and halt its expansion plans globally, reports CoinDesk. Severance benefits ranging from four weeks to 12 weeks will be offered to those who are laid off, said the crypto platform. The company, which recently disclosed a $270 million shortfall from lending from now-bankrupt hedge fund Three Arrows Capital, said the decision to cut the workforce is taken amid "harsh bear market conditions and the need to absorb financial losses".
Russia, Ukraine sign deal to resume grain exports
The deal was first signed by Russian Defence Minister Sergei Shoigu with his Turkish counterpart Hulusi Akar and the United Nations Secretary-General Antonio Guterres, and later by Ukrainian Infrastructure Minister Oleksandr Kubrakov with the other two sides, Xinhua news agency reported. Turkish President Recep Tayyip Erdogan also attended the ceremony. The first round of negotiations among military delegations of Turkiye, Russia, and Ukraine, and the United Nations representatives concluded last week with an agreement on the basic principles of the shipment process through the Black Sea.
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