BUSINESS
Virgin Atlantic cancels Delhi-London flight
Amid the Heathrow Airport's decision to limit the number of passengers to one lakh a day, Virgin Atlantic cancelled its Delhi-London flight on Thursday. Industry sources claimed that other airlines could also cancel flights in the coming days due to capacity constraints. Owing to staff crunch, Heathrow Airport has imposed the limits on passenger numbers till September 11.
2.50L tonnes of onions procured to meet lean season demand
The onions were procured from the current rabi harvest for the price stabilisation buffer. The stocks have been procured by National Agricultural Cooperative Marketing Federation of India (NAFED) from farmers through the Farmer Producer Organisations (FPOs) in rabi onion growing states of Maharashtra, Gujarat and Madhya Pradesh.
'Rupee could break Rs 80 mark against dollar next week'
"Rupee traded in a range between 79.80 and 79.98. As dollar index traded in a range, broadly the trend for dollar is positive till the time it is above $105... next hurdle for dollar can be seen around $110, hence rupee can be seen weak... the trend continues towards 80.50," Trivedi said. He said the Rs 79.25 mark will act as resistance for rupee and break above Rs 79.25 will trigger short covering for rupee.
India's defence sector exports rise, France's Safran bets big on India
India's defence exports touched a record of Rs 13,000 crore in 2021-2022, stated India's Defence Secretary Ajay Kumar. The private sector has played a significantly important role in aerospace manufacturing -- both in manned and unmanned aircraft. "The total defence export in 2021-2022 stands at Rs 13,000 crore," stated Defence Secretary Kumar.
IRDAI has not decided on disclosure of agent commission on policies
In a statement, IRDAI clarified that it has not taken any decision on this matter. Furthermore, the IRDAI will hold extensive consultations with all stakeholders before any such decision is taken. Insurance intermediaries like agents and brokers voiced their views against the proposal to make it mandatory to specify the amount of commission paid on the policy document.
Saudi Arabia opens air space for all air carriers
The country's General Authority of Civil Aviation tweeted that the decision meets Saudi Arabia's dedication to fulfilling its obligations under the Chicago Convention of 1944, which stipulates non-discrimination between civil aircrafts used in international air navigation. The decision consolidates the Kingdom's position as a global hub connecting three continents and enhancing international air connectivity, Xinhua news agency reported.
China's economic growth plunges to mere 0.4% in Q2, lowest in 2 yrs
The dismal Q2 (April-June period) growth figures came after the country registered 4.8 per cent growth in the first quarter (January-March period). China has set its gross domestic product (GDP) growth target for 2022 at "around 5.5 per cent". China's GDP expanded 2.5 per cent (year on year) in the first half of 2022, data from the NBS showed.
IT spending in India to reach $112 billion in 2022 amid global uncertainties
Indian IT spend is expected to maintain robust 7.7 per cent growth in 2022 as compared to 2021 growth rate of 21.2 per cent. "Ongoing investment on hyper-scale data centers coupled with average selling price (ASP) increase is forecast to drive 13.6 per cent revenue growth for data centers in 2022. Digitisation and application modernization will trigger software refresh including ongoing SaaS adoption," said Naveen Mishra.
Securitisation may be key funding source for finance companies: CRISIL Ratings
The rating agency also said that securitisation can be an attractive investment avenue for banks looking to grow their retail assets. As the macro-situation and interest rates stabilise, deals may pick up further, propelling the securitisation market volume to reach near pre-pandemic highs. Securitisation transactions touched highs of Rs.1.9 lakh crore in fiscals 2019 and 2020 before the pandemic put brakes on its momentum.
China's economy contracts sharply as coronavirus lockdowns hit businesses and consumers
Gross domestic product (GDP) fell by 2.6 per cent in the three months to the end of June from the previous quarter, BBC reported. Major cities across China, including the major financial and manufacturing centre Shanghai, were put into full or partial lockdowns during this period. This comes as the country continues to pursue its "zero-Covid" policy, BBC reported.
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