BUSINESS
India retains top spot as fastest-growing major economy: UN report
"We expect Indian recovery to remain strong in the near term in the next year, and two," Hamid Rashid, the chief of the UN's Global Economic Monitoring Branch, said on Wednesday at the release of the World Economic Situation and Prospects (WESP) mid-year report. India's growth contrasts with the global growth rate that is forecast at 3.1 per cent this year and the next, according to the report.
State-owned companies now can decide on disinvestment of their subsidiaries
The proposal intends to reform the functioning of PSEs, by allowing greater autonomy to the Board of Directors of the Holding PSEs for taking decisions and recommend for timely existing from their investment in subsidiaries, units or JVs, which will enable them to monetise their investment in such subsidiaries, units, JVs at an opportune time or close their loss-making and inefficient subsidiaries, unit, JV at right opportunity, the government said in a statement on Wednesday.
Sharp rise in Pakistan's default risk in global bond markets
Cumulatively, in the first 10-and-a-half months of the current fiscal year 2021-22, they have sold PIBs and T-bills worth a net $590.39 million, according to the central bank's data on Tuesday, The Express Tribune reported.
IndiGo CEO Ronojoy Dutta to retire on Sep 30, Pieter Elbers named successor
The appointment is subject to regulatory approvals, Elbers will join IndiGo on or before October 1, succeeding Ronojoy Dutta, who has decided to retire on September 30, after guiding IndiGo through the turbulent Covid period.
'Hit dead end on foreign assets': ED to SC on Preeti Chandra's non-cooperation
The ED had told the top court that Preeti Chandra was an active participant in concealing and laundering proceeds of crime to the tune of around Rs 400 crore through shell companies under the name of TriKar Group, having entities in these tax haven countries of British Virgin Island, Singapore, Mauritius, and UAE.
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.
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