BUSINESS
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.
IAMAI dissolves Blockchain & crypto council amid regulatory uncertainties
The association created and nurtured BACC for four years. The IAMAI said that it was forced to take the decision in light of the fact that a resolution of the regulatory environment for the industry is still very uncertain. Several crypto lending and trading platforms have filed for bankruptcy, laid off employees and frozen withdrawals, deposits and other transactions on their platforms, and cryptocurrencies crash in the global economic meltdown.
LIC's embedded value estimated at Rs 5,414.9 billion
The embedded value in the case of a life insurance company is the current value of the company's future profits. According to LIC officials, the IEV has been determined at Rs 541,492 crore (Rs 5,414.9 billion) as compared to Rs 95,605 crore (Rs 956 billion) as on March 31, 2021 and Rs 539,686 crore (Rs 5,397 billion) as on September 30, 2021.
US inflation at record high as WPI, CPI indices soar
Inflation as measured by producer wholesale prices ticked up to a red-hot 11.3 per cent for the year ending in June, near the highest record, according to a report from the Bureau of Labor Statistics. Thursday's report comes a day after headline inflation as measured by the consumer price index exploded to 9.1 per cent for the 12 months ending in June, the highest level since 1981 and a bigger increase than expected.
Amazon agrees to address anti-trust concerns to avoid EU fines
The Commission is now seeking feedback on commitments offered by Amazon concerning marketplace seller data and access to its programmes. It has invited all interested parties to submit their views on Amazon's proposed commitments before September 9. If Amazon breaks such commitments, the Commission said it can impose a fine of up to 10 per cent of the company's worldwide turnover, without having to prove an infringement of the EU antitrust rules.
Emirates blasts Heathrow 'incompetence' over 'airmageddon'
The Dubai-based airline on Thursday slammed demands made by London's Heathrow airport earlier this week that carriers stop selling any more tickets for this summer, CNN reported. The airline, which operates six daily flights from Heathrow, has rejected the new limits and called them "entirely unreasonable and unacceptable", CNN reported.
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