BUSINESS
US rattled by 40-year-high inflation rate, Fed to get aggressive with interest hikes
Inflation, soaring gas prices, and rising groceries prices are all odds stacked against the Democrats as President Joe Biden's rating is constantly falling since September of last year till date. The worst was 33 per cent in September 2021, bad for any incumbent president in the first year of governance. But gun legislation, and the executive order on abortion rights seem to have tilted the balance slightly with ratings going over 44 per cent.
China's supply chain 'irreplaceable' despite India, Vietnam appearing on global map
DBG Technology Co is a contract manufacturer for major Chinese smartphone brands including Xiaomi, Honor and Huawei Technologies Co, reports South China Morning Post. Xu Yusheng, board secretary of DBG, said that the key incentive for setting up manufacturing capabilities in countries such as India and Vietnam is a reduction in tariffs. "'Made in Vietnam' is never a replacement for 'Made in China', but an extension of that," Xu was quoted as saying in the report.
HDFC Bank's Q1 profit up to Rs 9,196 crore
According to HDFC Bank, its net profit for the period under review grew to Rs 9,196 crore from about Rs 7,729 crore earned during the first quarter ended June 30, 2021. For the quarter ended June 30, 2022, the bank had earned a total income of Rs 41,560 crore, up from about Rs 36,771 crore earned during the corresponding period the previous year.
Tesla will lower price for cars if inflation calms down: Musk
On the microblogging site Twitter, the tech honcho mentioned the car prices on being asked by a user if the company plans to down the cost of cars after the pandemic or supply chain matters. "If inflation calms down, we can lower prices for cars," the tech billionaire wrote on Twitter. Last month, Musk-owned Tesla once again increased the prices of its electric cars across its entire lineup, with some models going up by as much as $6,000.
EU to ban Russian gold imports in new sanctions package
The proposal adopted on Friday is part of a new set of measures that are intended to improve the implementation and effectiveness of the EU's six earlier packages of sanctions against Russia. In a statement, the Commission said the proposal will be discussed by the member states in the EU Council next week before it is adopted.
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.
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