BUSINESS
Foreign investors trim Rs 2.5 lakh cr in 8 months, more than it invested in past several yrs
So far in 2022 itself, FPIs sold investments worth over Rs 1.7 lakh crore, as per data available with National Securities Depository Limited (NSDL) showed. With this recent slippage of investments out of India in these consecutive months in a row, FPIs have trimmed an amount over and above their entire portfolio created in the preceding 7-8 years. Overseas investors bought Rs 2.2 lakh crore equities between 2014 and 2020 in the domestic stock market, Moneycontrol reported, quoting NSDL data.
Snapping 3-day losses, equity indices chart into positive territory
Even though there were no firm fresh underlying fundamentals as such, the benchmark indices charted between gains and losses in highly volatile global market conditions during the day's trade. Sensex closed at 54,253 points, up 503 points or 0.9 per cent, whereas Nifty at 16,170 points, up 144 points or 0.9 per cent.
Amazon opens its first physical clothing store in US
Now open to the public, Amazon Style' offers customers a personalised and convenient shopping experience while creating local jobs, said the company. "Amazon is thrilled to welcome Los Angeles-area customers to shop at Amazon Style, our first-ever physical clothing store, and to introduce the local community to a few of the employees making it all happen," it said in a statement late on Wednesday.
With vision to serve India, Reliance contributes Rs 1,185 cr as CSR in FY22
The CSR initiatives were spearheaded by Reliance Foundation, the philanthropic arm of Reliance Industries, led by Founder and Chairperson of the foundation Nita M. Ambani. The works included in areas such as rural transformation, health, education, disaster response along with sports for development initiatives.
Governments, companies own 8% of all Bitcoin worth $46 billion in the world
"The cryptocurrency market has changed dramatically since Bitcoin first launched in 2009. At the time, few people knew about it, and even fewer understood it. But now, many have invested billions of dollars in it. The skepticism that surrounded it has given way to a growing belief in its worth," said Jonathan Merry, CEO, BanklessTimes.com.
Elon Musk's net worth drops below $200 bn
According to Teslarati, Musk has lost about $77.6 billion of his net worth year-to-date. Tesla stock has been under immense pressure as of late, with shares dropping about 40 per cent since the start of the year. Musk's net worth has taken a substantial hit as a result. As per the Bloomberg Billionaires Index, Musk's net worth stands at $193 billion, as of May 25. This means that Musk had seen $77.6 billion of his wealth sheared off since the start of the year.
Russia-Ukraine war could cause global recession: World Bank chief
Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2 per cent. Malpass also said that many European countries were still too dependent on Russia for oil and gas. That's even as Western nations push ahead with plans to reduce their dependence on Russian energy.
Time to cut costs as funding winter can last up to 18 months: Unacademy CEO
In a letter to employees, Unacademy's co-founder and CEO Gaurav Munjal said that "we must learn to work under constraints and focus on profitability at all costs". "Winter is here. We must change our ways. We will focus on organic growth channels instead," he wrote. Backed by SoftBank and Tiger Global, online learning platform Unacademy last week announced its foray into opening physical tuition centres across the country, following BYJU's footsteps.
Bad news for vehicle owners as third party premium hiked from June 1
From June 1, 2022 onwards, the motor third party liability insurance premium has been jacked up by the central government despite the portfolio being hugely profitable for the insurers. The central government has also withdrawn the 15 per cent discount on the base premium for electric vehicles (EV) perhaps due to EVs going up in flames in recent times or without any basic claims experience data.
Russia-Ukraine war increases financial stability risks: ECB
The ECB warned in a report on Wednesday that "vulnerabilities may increase" due to the uncertainties of the conflict and the shifting expectations of policy normalisation in advanced economies, reports Xinhua news agency. The war in Ukraine has brought "immense human suffering", ECB Vice President Luis de Guindos said.
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