BUSINESS
5G to make India a global hub for manufacturing, supply chain and R&D
Hailing the Union Cabinet's decision to approve the telecom department's proposal to conduct 5G spectrum by the end of next month, Broadband India Forum (BIF) said that this will lead to better efficiencies, productivity and output for the enterprises, accelerate digitisation, boost capabilities, propel indigenous manufacturing and eventually garner greater economic gains for the country.
India's overall exports in May rise 24% year-on-year
Breaking it up, the merchandise exports in May were at $38.94 billion, as compared to $32.30 billion in May 2021, and the estimated value of services export is $23.28 billion, as against $17.86 billion in the same month last year. During April-May, the first two months of FY23, India's overall exports were estimated to be worth $124.59 billion, up 25.90 per cent over the same period last fiscal.
Equity indices settle marginally low, eyes on US Fed's meet
Sensex closed at 52,541.39, down 152.18 points or 0.29 per cent, whereas Nifty closed at 15,692.15, down 39.95 points or 0.25 per cent. According to Vinod Nair, Head of Research at Geojit Financial Services, looming fears of stagflation and volatility ahead of the US Fed's decision forced the market to close flat with a negative bias. Dalal Street seems to be divided over the quantum of rate hike between 50-75 basis points.
Cabinet approves auction of 5G Spectrum
A total of 72097.85 MHz of spectrum with a validity period of 20 years will be put to auction to be held by the end of July, 2022. The auction will be held for spectrum in various Low (600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz), Mid (3300 MHz) and High (26 GHz) frequency bands. The Cabinet announced various progressive options with regard to the spectrum to be acquired by bidders through the forthcoming spectrum auction for facilitating ease of doing business.
Apple supplier Foxconn begins work on its 1st EV battery plant
"We plan to build a localised ecosystem for the battery supply chain, from materials to battery cells and battery packs, in Kaohsiung," said Foxconn Chairman Young Liu, reports Nikkei Asia. "The city will become an important base for Foxconn's EV global footprint". Foxconn aims to capture nearly 5 per cent of the global EV market by the end of 2025.
Cement sector's capacity utilisation to drop to 65%: Fitch Ratings
The rating agency expects India's cement demand to rise by mid-to-high single digits over the medium term after an estimated mid-teen rebound in the financial year ended March 2022 (FY22). Nonetheless, industrywide utilisation will drop towards 65 per cent from the close to 70 per cent we estimated in FY22 as faster new capacity additions will outpace demand growth.
Coinbase lays off 18% of its workforce
Brian Armstrong, CEO and co-founder said that while the company tried its best to get this just right, in this case, it is now clear that it is over-hired. "We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Armstrong said.
Air India fined Rs 10 lakh for denying boarding despite valid tickets
After going through the airline's submissions, as part of enforcement action, the DGCA has levied the penalty, and has advised the airline to immediately put systems in order to resolve the issue. The action by the regulator comes after multiple reports of flyers being denied boarding by airlines despite being in possession of valid tickets and reporting at the airport on time.
88% drop in Google searches for 'buying NFTs' as crypto market crashes
The term "buy NFT" has dropped down to a score of 12 on a scale of 100 at the beginning of June, representing an 88 per cent drop from its peak score of 100 that was recorded in January, reports niche news publisher Bankless Times. Similarly, the term "sell NFT" saw a 86 per cent decline in its search interest score from 52 which was recorded at the start of 2022, to a score of 7 in June, the report noted.
NSEL Case: SAT notes serious charges against brokers, asks SEBI to probe afresh in 6 months
In its recent order, the SAT noted serious allegations against five brokers - Motilal Oswal Commodities Broker Pvt Ltd, Anand Rathi Commodities Ltd, IIFL Commodities Ltd, Philip Commodities India Pvt Ltd, and Geofin Comtrade Ltd - of indulging in illegal activities such as funding of clients by way of PAN lending, name lending through their NBFC, and other related entities, and that funding was totally disproportionate to the net-worth and income level of these clients.
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