BUSINESS
Erasing early gains, 2 day gaining streak, indices settle bit low
Inflation rate hitting 40 years high in the UK also dented investors sentiment back home during the afternoon trade. Inflation though is a concern in almost all major economies. Sensex closed at 54,208.53 points, down 109.94 points or 0.20 per cent, whereas Nifty at 16,240.30 points, down 19.00 or 0.12 per cent.
'Hold' Adani Wilmar; Co poised to scale up growth in packaged food biz: ICICI Securities
At 2.50 p.m., it traded at Rs 636.55 per scrip. The brokerage feels that the Adani Group company is well poised to capture accelerated growth in packaged food retail business. Adani Wilmar is a strong market leader in branded edible oil and industry essentials with aspirations to further scale-up packaged foods business.
India's April fuel intake dips on rising crude prices, to reverse in May
Domestic oil products demand fell 4 per cent month on month to 18.64 million tonne, or 4.9 million barrel per day, in April, it said, quoting data from the Petroleum Planning and Analysis Cell. The rise in crude prices due to the Ukraine-Russia conflict pushed up domestic prices of transportation fuels and other oil products in India.
Indian senior executives got 8.9% salary hike in 2022: Report
The report, by global professional services firm Aon, analysed data across 475 companies from more than 20 industries. Pay at Risk - which is the sum of Variable Pay and Long-Term Incentives (LTI) to Total Compensation - for CEOs stands near 60 per cent, while C-level executives including the chief operating officer, chief financial officer, sales head and chief human resources officer followed closely behind at 50 per cent.
India's economy back on track post-pandemic, ongoing Ukraine war: Moody's
Several months into the conflict, fears over the impact have moderated. "Following a robust rebound of over 9 per cent in the year ending March 2022 (fiscal 2021), we expect real GDP to grow 8.2 per cent in fiscal 2022, the fastest expansion among G20 countries globally and partly reflecting ongoing base effects from pandemic-led disruptions," it said in a report.
Pakistan to take unpopular decisions to stabilise cash-strapped economy
The decision was taken during an important meeting of Sharif with his coalition partners, held at the Prime Minister House in Islamabad. As per details, Sharif briefed the heads of the coalition partners about the current economic situation, a crisis he said, caused by the previous Imran Khan government and his failed financial policies.
Twitter board wants $44 billion deal to go through amid Musk-Agrawal tussle
The Tesla CEO on Tuesday said that the $44 billion deal at $54.20 a share "cannot move forward" until the Twitter CEO Agrawal proves the actual bot numbers. While Twitter maintains it has less than 5 per cent fake/spammy accounts on its platform, Musk believes the number can be as high at 50 per cent, and wants Agrawal to come clean on this.
Netflix lays off 150 employees amid slow revenue growth
Several top-notch creative professionals from its original series vertical, such as Sebastian Gibbs and Negin Salmasi, have been asked to go, reports TechCrunch. "As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based," a Netflix spokesperson was quoted as saying in the report late on Tuesday.
Russia forecasts 7.8% GDP contraction in 2022
Investment in fixed assets could nosedive by 19.4 per cent and the retail trade turnover may plummet by 8.7 per cent this year, a representative of the Ministry told reporters. The Ministry expected the unemployment rate to rise to 6.7 per cent from 4.8 per cent last year and the real disposable income of Russians to drop by 6.8 per cent this year, reports Xinhua news agency.
Inflation top problem facing US: Survey
Nearly 70 per cent said inflation is "a very big problem" for the country, followed by nearly 55 per cent for healthcare affordability and violent crime, based on the poll of 5,074 US adults in April and May 2022, Xinhua news agency reported. However, responses varied by political affiliation, with 84 per cent of Republicans and right-leaning independents saying inflation is the top issue. By contrast, 57 per cent of Democrats and left-leaning independents were most concerned about rising prices.
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