BUSINESS
Fitch revises outlook on India to stable from negative
"The Outlook revision reflects our view that downside risks to medium-term growth have diminished due to India's rapid economic recovery and easing financial sector weaknesses, despite near-term headwinds from the global commodity price shock," it said in a statement on Friday. The ratings agency expects a robust growth relative to peers to support credit metrics in line with the current rating.
Indices tumble on weak global cues, Sensex slips over 700 pts
On Friday, Indian markets opened sharply lower in line with negative cues from other Asian markets and from the US markets, said Deepak Jasani, Head of Retail Research, HDFC securities. "The US stocks tumbled late Thursday to close sharply lower, with the Nasdaq skidding 2.8 per cent, as jittery investors looked ahead to a reading on May inflation due Friday morning," Jasani added.
Canadians adjust spending habits, lifestyle to cope with inflation
According to a new survey conducted by the national statistical agency from April 19 to May 1 on Thursday, half of Canadians said they have sought out sales and promotions in the six months preceding the survey. Meanwhile, 47 per cent have found themselves purchasing cheaper alternatives, brands or items, and 45 per cent have delayed making a purchase in response to rising prices, Xinhua news agency reported.
India likely to have Taiwanese semi-conductor hub after inking FTA
According to various reports India and Taiwan signed a landmark Bilateral Investment Agreement in 2018 to promote investment flow between the two sides. The Agreement seeks to ensure protection for Taiwanese investments in line with international standards, as well as the safety and rights of Taiwanese investors in India. India's latest 'Act East Policy' and Taiwan's 'Southbound Policy' too buttress the economic cooperation between the two.
European Central Bank to raise interest rates for the first time since 2011
Resisting calls for a 0.5 per cent increase next month, the ECB's governing council said the base rate for the 19-member currency bloc would be raised by 0.25 per cent with a further, and possibly larger increase scheduled for September, The Guardian reported. Monthly injections of electronic funds into the economy, known as quantitative easing, will also be stopped in July.
India approves bilateral pact with UAE on industries, advanced technologies
Growing India-UAE economic and commercial relations contribute to the stability and strength of a rapid diversifying and deepening bilateral relationship between the two countries. India-UAE bilateral trade, valued at $180 million (Rs 1,373 crore) per annum in the 1970s, has increased to $60 billion (Rs.4.57 lakh crore) making the UAE, India's third largest trading partner for 2019-20 after China and the US.
Record $14.5 bn investment in Indian renewable energy sector: IEEFA
"The surge in renewables investment comes on the back of the revival of electricity demand after the Covid-19 lull and commitments by corporations and financial institutions to net-zero emissions and to exit fossil fuels," said the report's author Vibhuti Garg, Energy Economist and Lead India, IEEFA. "After falling by 24 per cent from $8.4 billion in FY2019-20 to $6.4 billion in FY2020-21 when the pandemic curbed electricity demand, investment in renewable energy has made a strong comeback," Garg added.
Dubai tourist arrivals jump 203% in 4 months, crosses 5 mn mark
According to the Dubai Media Office, the number of visitors to the city reached 5.1 million during January-April 2022, registering a major increase of 203 per cent. The increased flow of tourists helped improve hotel occupancy across the emirate, which reached 76 per cent during the period. Dubai received almost four million international overnight visitors between January and March 2022, a huge year-on-year growth of 214 per cent.
Equity indices snap 4-day losing streak, Sensex up 428 pts
Domestic equity benchmark indices snapped their four straight sessions of losses and settled fairly higher on Thursday, primarily due to value buying. Sensex closed at 55,320 points, up 428 points or 0.8 per cent, whereas Nifty was at 16,481 points, up 125 points or 0.8 per cent. Domestic investment flows over the last many months have been structurally positive even as the foreign outflows continue unabated, said S. Ranganathan, Head of Research at LKP Securities.
PSEs will have to scale-up, build capacities to survive in competitive market: Sitharaman
She was in Gandhinagar to inaugurate 'Nation Building and CPSE's Exhibition'. Addressing the event, she said, "In the competitive world, even Public Sector Enterprises (PSE) in the strategic core sector have to scale up their skills, capacities, competence, efficiency and if required should enter into partnership with the private sector to survive.
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