BUSINESS
Turkey seeks to persuade Russia, Ukraine into grain deal to prevent food crisis
Ukraine is a major grain exporter to Africa and the Middle East. As the Russia-Ukraine conflict drags on, disruption to the shipments is pushing prices higher, fuelling an international shortage of food, Xinhua news agency reported. Meanwhile, international maritime insurance companies have placed the region on a "high risk" list, which would result in significantly higher shipping prices for agricultural products.
NFTs, crypto are '100% based on greater fool theory': Bill Gates
The theory is a financial concept that even overpriced assets can make money as long as you find a bigger idiot to sell them to. Gates said he rather preferred investing in assets with tangible outputs, like farms or factories, "or a company where they make products". He was speaking at an event on climate change hosted by TechCrunch.
Global markets brace for sharpest rise in US interest rates in 30 years
After days of frenzied investor speculation and signs of growing central bank anxiety, the Federal Reserve is expected to increase the official cost of borrowing by 0.75 percentage points for the first time since 1994. The Fed meeting will be preceded by an emergency meeting of the European Central Bank (ECB) to discuss crashing bond prices in Italy, Spain, Portugal and Greece.
Bank of Baroda hikes interest rates on term, savings deposits
Interest rates have also been hiked on saving deposits of Rs 100 crore and above to less than Rs 200 crore and Rs 500 crore and above by 5-10 basis points. The upward revision in interest rates comes close on the heels of the RBI's hike in repo rate by 50 basis points at its latest monetary policy review, which was part of the central bank's measures to address rising domestic inflation as well as inflationary expectations.
Qualcomm wins battle against EU regulator's $1 bn anti-trust fine
The EU had issued the fine in 2018, and said payments Qualcomm had made to Apple between 2011 and 2016 to exclusively use its chips were illegal under EU antitrust rules. Apple sued Qualcomm in 2017 for nearly $1 billion over royalties, with Cupertino-based tech giant alleging the wireless chipmaker did not give fair licensing terms for its processor technology.
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.
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