BUSINESS
Banks gross NPA at 5.9 per cent, a 6-year low: CARE Ratings
According to the credit rating agency, the GNPA of Indian banks at the end of FY22 was at 5.9 per cent and the overall provision coverage ratio (PCR) went up to 70.9 per cent. "As the Indian economy has navigated the pandemic-induced shocks, the bank credit growth by scheduled commercial banks (SCBs) improved post-August 2021 to reach 13.1 per cent in early June 2022, a rate last recorded in March 2019," the report said.
Euro reaches parity with dollar for the first time in 20 years
Today, 1 EUR equals 1 USD. The shift means European companies and consumers will pay more for the goods and services they import, while European exports become immediately cheaper in international markets. The euro has experienced a dramatic loss of value since early February when it was worth over $1.13.
RBI aiming to de-dollarize global trade and the Indian economy
"In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports and imports in INR," the press release issued by the RBI stated.
Rupee to trade in 78.75-80 band for dollar: Kotak Mahindra Bank
Further the US 10-year yields regained the three per cent mark while commodities continued to slide lower. Providing some respite to the rupee was the fall in crude oil prices below US$100/bbl (from the week's high of US$114.8/bl) as fears of a potential global recession spurred concerns about oil demand. Further, the rupee got some support as the Reserve Bank of India (RBI) stepped in with measures to alleviate the dollar tightness.
Most Indian businesses now investing in risk management capabilities: Report
Six in 10 executives also feel the need to actively seek external insights to assess and monitor risks in the increasingly disruptive business environment, according to the report by global consulting firm PwC. While 88 per cent of business leaders are increasing their spending on technology and digital capabilities in the risk function workforce in the country.
Officials to release money to customers after China bank protest
The four banks that were the focus of the protests are believed to have frozen a total of 39bn yuan ($5.8bn) of deposits. The Henan Banking and Insurance Regulatory Bureau and the Henan Provincial Local Financial Supervision Bureau said "advance payments" would be made to customers through a local association supervised by China's central bank.
Founders of crypto hedge fund Three Arrows Capital go missing
According to a court document, Zhu and Davies' whereabouts are currently unknown. Its liquidators said they have not received "any meaningful cooperation" from the duo. A British Virgin Islands court has tasked business management company Teneo to oversee 3AC's liquidation. The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors.
ED attaches assets worth Rs 14 cr in cryptocurrency cheating case
The attached assets include the balance in the bank accounts of Flywithme Mobile LLP (a firm owned by Nishad K) and immovable properties of the associates of Nishad K, purchased from the proceeds of crime. The attached properties include the bank balance in the bank account of Flywithme App, a hospital in Kochi, and 52 acres of agricultural land in Tamil Nadu.
Twitter shares tank 6% amid Musk walkout
The world's richest person on Friday terminated the $44 billion deal to buy Twitter, stating that the company was in "material breach" of their agreement and had made "false and misleading" statements during negotiations. The "board is committed to closing the transaction on the price and terms agreed upon with Musk and plans to pursue legal action to enforce the merger agreement", Twitter Chairman Bret Taylor said in a tweet.
New tech crackdown hits Chinese stocks
Casinos in the gambling hub of Macao were ordered to close for the first time since February 2020 because of a Covid outbreak, sending shares of their operating companies plunging, while fears of new lockdowns in Shanghai undermined the broader China market, CNN reported. Adding to the downbeat mood, China's tech stocks plunged after the country's antitrust regulator imposed fresh fines on a batch of A-list companies, rekindling fears that Beijing is still not lifting the pressure on the country's embattled internet giants, CNN reported.
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