BUSINESS
May go for rate hike in June: RBI Governor
In an interview to the CNBC TV18 channel, Das also said the RBI will release the new forecast for inflation next month. He said the repo rate will be increased, but declined to say by what percentage. Early this month, the Monetary Policy Committee (MPC) hiked the benchmark rates by 40bps to 4.4 per cent owing to the inflation at six per cent upper range for four months and Das said it was done to avoid a steep hike in June.
CAIT urge govt to take action against e-pharmacy companies, including Amazon, Flipkart, Reliance
CAIT alleged that primarily Pharmeasy, Medlife, 1Mg, Netmeds (now owned by Reliance Group), Amazon (foreign company owned by Amazon) Flipkart (owned by foreign company Walmart) are conducting business practices in contravention of provisions of The Drug & Cosmetics Act, 1940 and misusing the e-commerce landscape by operating on rock bottom prices with 30 per cent-40 per cent discount and free shipping.
HSBC suspends senior executive who said climate change is being exaggerated
Last week, Stuart Kirk, a leader in the bank's responsible investing team, said: "There's always some nut job telling me about the end of the world," the BBC reported At the weekend, HSBC's boss Noel Quinn posted on social media that he did not agree "at all" with the comments. The firm declined to comment on reports that Kirk has been suspended.
Heatwave, reduced wheat production credit negative for India: Moody's
The credit rating agency in a report said: "Over the longer term, India's highly negative credit exposure to physical climate risks -- which contributes to the country's highly negative environmental risk issuer profile score and credit impact score -- means its economic growth will likely become more volatile as it faces increasing, and more extreme, incidences of climate-related shocks," Moody's said.
Infosys reappoints Salil Parekh as CEO and MD
"Reappointment of Salil Parekh as CEO and MD of the company from July 1, 2022, to March 31, 2027, subject to the approval of shareholders," the statement by Infosys said. Infosys in its statement further stated that it may be noted that Salil Parekh has no relationship with any member of the Board of Directors and meets all the criteria to be reappointed as CEO and MD under applicable laws including circulars issued by stock exchanges from time to time.
NSE Co-location Scam: CBI seizes digital devices from brokers after raids
The raids were conducted at Delhi, Kolkata, Mumbai, Gurugram, Gandhinagar and other parts of the country. "We have recovered a few digital devices, documents and other relevant things. We have recorded the statements of a few brokers. In coming weeks, they can be asked to join the investigation," said a CBI source. The source said that the digital devices and documents collected during the raids have been sent for forensic examination.
US stocks suffer longest losing streak since Great Depression
The Standard & Poor's 500 index fell as much as 2.3 per cent on Friday, leaving it 21 per cent below the all-time high that it reached in January and essentially ending a bull market run that began in March 2020, RT reported. The S&P is considered the most accurate measure of US stock market performance, as it's broader-based than the 30-member Dow Jones Industrial Average, which is made up entirely of blue-chip securities.
Excise duty cut on petrol, diesel; subsidy announced for Ujjwala gas beneficiaries
"Today, the world is passing through difficult times. Even as the world is recovering from Covid-19 pandemic, the Ukraine conflict has brought in supply chain problems and shortages of various goods. This is resulting in inflation & economic distress in a lot of countries," she said in a series of tweets. The duty cut will have revenue implication of around Rs 1 lakh crore per year for the government.
Paytm FY22 results: Revenue jumps 77% to Rs 4,974 cr, losses reduce 8% to Rs 1,518 cr
In Q4 alone, the company's revenue grew 89% on a year-on-year basis to Rs 1,541 crore, while EBITDA (before ESOPs) for the quarter improved 12 per cent year-on-year. The growth in revenue was led by the increase in consumer and merchant payments and disbursements of loans through its partners on Paytm.
UK consumer confidence plunges to record low amid cost-of-living crisis
May's result, down two points from April to minus 40, is one point below the previous record set in July 2008, when the headline score plunged to minus 39, Xinhua news agency quoted Joe Staton, client strategy director at the GfK, as saying on Friday. "This means consumer confidence is now weaker than in the darkest days of the global banking crisis, the impact of Brexit on the economy, or the Covid shutdown," he added.
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