BUSINESS
Bitcoin falls below $18K, Ethereum down 80% in freezing crypto winter
Overall, the prices of top cryptocurrencies declined as much as 35 per cent last week in the wake of economic recession fears. The global market cap of cryptocurrencies sank below $850 billion, which recently hovered over $1 trillion. The second-largest Ethereum cryptocurrency fell below $1,000 on Sunday, down nearly 80 per cent since its all-time-high in November last year.
Rice, pulses, oilseeds witness less sowing; only sugarcane up
Rice is sown over 8.73 lakh Ha, compared to 12.52 lakh Ha in 2021, which is 3.80 lakh Ha less (minus 30.32 per cent). Pulses have been sown over 4.39 lakh Ha, compared to 4.74 lakh Ha in 2021, which is 0.35 lakh Ha less (minus 7.43 per cent), among them, Urad has witnessed the least sowing with 0.53 lakh Ha this year compared to 0.73 lakh Ha last year (minus 27.95 per cent).
From Saharanpur to South Africa: The rise and fall of Gupta brothers
Hailing from Saharanpur in western Uttar Pradesh, where they had a small family business, the brothers became instrumental in toppling a government and creating an unprecedented political controversy in an alien land. According to a former neighbour of the Gupta family in Saharanpur, the brothers were determined to make it big.
Looking back to plan ahead: FIIs return to Indian markets within a year of heavy selling
In the FY 2008-09, FIIs sold their investments at a very large scale because of the global economic crisis and skyrocketing inflation rates in India. However, in FY 2009-10, the net investment turned positive, and in FY 2010-11 when the dust settled down, after that net investment grew at a rapid pace, Angel One said in a report.
Even amid pullout, FIIs have raised their stake in certain companies
Pulling out over $42 billion or Rs 3.26 lakh crore from the Indian markets in the last eight months, foreign investors have been net-sellers in the Indian market during these straight months. FPIs have been selling across the board, though with some sectors seeing more pressure and some others less.
Domestic funds fuelled by retail investors matching FII selling
While their participation in the stock does impact prices, they are being increasingly matched by the domestic institutions who have grown in clout and have a much bigger role to play. The current AUM of the domestic mutual funds industry is about Rs 37.22 lakh crore. This does not include the now listed LIC which has an AUM of roughly 40 lakh crore.
States must recognise strength and define targets for India to become $5 trillion economy: PM Modi
"Urban areas will be key in future development and employment generation. Therefore, urban local bodies must be strengthened, and urban planning should be done innovatively," Prime Minister Modi said. The conference, chaired by the Prime Minister, was attended by young district collectors and magistrates from states and union territories as well as the officials from Union ministries.
Revlon surges 62% in trade after Reliance Industries said to weigh offer
Reliance Industries, controlled by billionaire Mukesh Ambani, is mulling an offer just days after Revlon filed for Chapter 11 bankruptcy, media reports said. Revlon, owned by billionaire Ron Perelman's MacAndrews & Forbes, suffered during the pandemic after years of declining sales and endured financial controversies which the company said on Thursday could "impede" its restructuring process, Bloomberg reported.
India has $85 bn opportunity in $500 bn global chip supply chain market
The Indian semiconductor industry can build materials, equipment and services capabilities, thereby making notable contributions to the global semiconductor manufacturing supply chain, according to the report by The India Electronics and Semiconductor Association (IESA). The ongoing disruptions in the semiconductor industry and ESDM (electronic system design and manufacturing) supply chain have reiterated the importance of diversified and reliable resources.
SpaceX fires employees who wrote open letter against Elon Musk (Ld)
According to The New York Times, a number of the letter's drafters were fired by the company late on Thursday, and SpaceX President Gwynne Shotwell criticised the open letter as "overreaching activism". "The letter, solicitations and general process made employees feel uncomfortable, intimidated and bullied, and/or angry because the letter pressured them to sign onto something that did not reflect their views," wrote Shotwell.
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