BUSINESS
Australia's economy grows 0.8% despite floods, Covid surge
According to figures published by the Australian Bureau of Statistics (ABS) on Wednesday, gross domestic product (GDP) increased 0.8 per cent in the March quarter and 3.3 per cent over the past year, Xinhua news agency reported. Economists had forecast growth of approximately 0.5 per cent for the quarter and 2.9 per cent annually.
Top Indian firms show resilience post pandemic, TATA Group at top spot
Taj Hotels (brand value up 6 per cent to $314 million) is the strongest brand in the ranking with a Brand Strength Index (BSI) score of 88.9 out of 100 and a corresponding AAA brand rating, according to leading brand valuation consultancy Brand Finance. Brands in the banking (brand value up 16 per cent), IT services (brand value up 15 per cent) and telecoms (brand value up 7 per cent) sectors in India achieve high brand value as the economy is recovering from the impact of Covid-19.
Fearing rate hikes, consumers may front load purchases in niche areas: SBI Research
The sector-wise data for April indicated that credit off-take has happened in almost all sectors. Personal loans segment continued to perform well, registering an acceleration in growth to 14.7 per cent in April 2022 and contributed around 90 per cent of the incremental credit during the month, primarily driven by housing, vehicle loans and other personal loans segments, the report said on Tuesday.
India's GDP data for FY22, Q4: Here's what experts have to say
The GDP grew 4.1 per cent year on year in Q4FY22 as against 1.6 per cent during the same quarter of FY21. Here's what some of the observers have to say on the GDP figures: Vivek Rathi, Director - Research at Knight Frank India. Global spillovers of supply shortages, crude oil shock and higher input costs thwarted India's growth momentum in 4Q FY22.
Indices decline marginally in early trade
At 9.57 a.m., Sensex was 148 points down to 55,418, whereas Nifty 34 points down to 16,550. Stocks in other Asian countries were steady on Wednesday, while bond yields extended their advances amid a debate about how aggressive monetary tightening will need to be to fight inflation, said Deepak Jasani, Head of Retail Research, HDFC securities.
Inflation zaps US savings rate, warning sign for consumer spending: Report
"For some, the decline is a red flag for consumer spending, which accounts for 70 per cent of gross domestic product," said Fox Business in its report about the decrease. With consumer inflation at a 40-year-high, costs are rising for everything from fuel to food, chipping away at personal balance sheets, said the report.
Rice, flour, tomatoes responsible for increase in All-India CPI-IW
On a one month percentage change, it increased by 1.35 per cent with respect to the previous month compared to an increase of 0.42 per cent recorded between corresponding months a year ago. The maximum upward pressure in the current index came from the Food and Beverages group contributing 0.80 percentage points to the total change.
China's economic crisis hits countryside after rural banks are told to freeze withdrawals
Deposits of several rural banks have remained frozen for more than a month now. These banks are Yuzhou Xinminsheng Village Bank, Zhecheng Huanghuai Community Bank, Shangcai Huimin County Bank, and New Oriental Country Bank of Kaifeng. Such a drastic move could be a precursor to a larger economic challenge, foreign policy watchers said.
Russia defiant after EU oil ban - says it will find new importers
On the first day of its "Special Meeting" in Brussels, the European Council agreed on the sixth package of sanctions against Russia which will cover crude oil, as well as petroleum products, delivered from Russia to member states. As the European leaders on Monday night decided to stop importing 90 per cent of Russian oil by the end of 2022, Moscow has vowed that it will find other importers soon.
BetterPlace acquires OkayGo to help gig workers earn more in India
"Despite having a large employable pool, enterprises in India are now facing an acute shortage of skilled workforce. The only way to solve this problem is to provide a mutually beneficial marketplace geared towards enabling people to be gainfully employed," said Pravin Agarwala, Co-founder and CEO at BetterPlace.
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