BUSINESS
High commodity prices continue to weigh on trade deficit, estimate for FY23 at $90bn: Acuite
Nevertheless, there is considerable uncertainty in projecting trade and current account deficit due to high volatility in commodity prices, which in the current environment is taking cues from unpredictable geopolitical events. "Given, the relentless rise in commodity prices particularly crude oil which has again risen to $120 per barrel, we project current account deficit (CAD) to widen to more than $90 billion (in FY23) from an estimated $47 billion in FY22.
Spicejet says 90 barred pilots to undergo re-training after DGCA slaps fine
The domestic aviation regulator had recently fined the carrier for training pilots on faulty simulators. The DGCA had barred 90 SpiceJet pilots from operating the Boeing 737 Max aircraft, and those pilots were subjected to retraining on 737 Max simulators. In a statement, DGCA Director-General Arun Kumar said: "For the moment, we have barred these pilots from flying Max and they have to retrain successfully for flying Max.
Cyient to acquire Portugal-based Celfinet to boost wireless communications offerings
Cyient will acquire Celfinet for 41 million euros, the company said in a statement. With this acquisition, Cyient will strengthen its wireless engineering practice to support communication service providers (CSPs) and enterprises in deploying their pervasive connectivity networks at scale.
Indices decline in opening deals, RBI policy meet in focus
At 9.44 a.m., Sensex was 0.7 per cent down at 55,397 points, whereas nifty 0.6 per cent down at 16,489 points. "For India elevated crude prices and a $23 billion trade deficit in May are areas of concern. Even though FPI selling has come down in early June they are likely to sell more at higher levels," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Companies with Machiavellian CEOs benefit more: Study
Despite ample evidence that dark personality traits pose financial and managerial risks to organisations, traits such as narcissism, psychopathy and machiavellianism are ubiquitous among CEOs. Their prevalence on corporate boards - nearly three times the general population - suggests that, on some levels, anti-social behaviour may benefit business management.
Vedanta Aluminium implements solutions for sustainable growth, green economy
"Our climate action endeavours saw us reduce our GHG emissions intensity at our largest aluminium smelter by around 12 per cent in FY22 over the previous fiscal, while increasing our production volumes by 20 per cent," said Rahul Sharma, CEO of Vedanta Aluminium.
Nepal begins selling 177 mw energy to India via power exchange market
"Earlier Nepal had already sold out 37.7 megawatts power to India. After starting selling 140 megawatts on Saturday night, we are now selling a total 177.7 megawatts of energy through India Energy Exchange Limited," said Suresh Bhattarai, spokesperson of the state-owned Nepal Electricity Authority (NEA). It is the first time that the country is exporting such a large quantity of energy through the power exchange market.
India achieves target of 10% ethanol blending in petrol ahead of schedule: PM Modi
Prime Minister Modi was speaking at a programme on 'Save Soil Movement' at Vigyan Bhawan here. 'Save Soil Movement' is a global movement to increase awareness about deteriorating soil health and bring about a conscious response to improve it. The movement was started by Sadhguru in March 2022, who embarked on a 100-day motorcycle journey passing through 27 countries and June 5 marks the 75th day of the 100 day journey.
ITC scales up its 360-degree interventions for 'Greener Earth'
Commenting on ITC's multidimensional sustainability initiatives, S Sivakumar, Group Head, Agri, IT and Sustainability, ITC Ltd, said: "ITC has, over the years, implemented innovative business models which synergise the building of economic, environmental, and social capital as a unified strategy.
Amazon retail CEO Dave Clark resigns after 23 years
Clark played a key role in developing Amazon's expansive and speedy supply chain. "After 23 years with Amazon, Dave Clark has decided to leave the company to pursue other opportunities. His last day in the office will be July 1," Amazon CEO Andy Jassy said in a statement late on Friday. The company also declared the move in a filing with the US Securities and Exchange Commission (SEC).
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