BUSINESS
Swiggy enters high-end dining market with $200 mn acquisition of Dineout
Reliable sources told IANS that the acquisition size could be around $200 million. Dineout, which serves millions across its network of 50,000 restaurants in 20 cities, will continue to operate as an independent app post the acquisition.
Musk puts $44 bn Twitter deal 'on hold' over fake user accounts
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users," Musk said in a tweet to his over 92 million followers. Twitter's share price plunged 19 per cent on the news of the deal being put on hold.
Equity indices up in opening deals
Sensex was up 481 points or 0.9 per cent to 53,411 points in early trade, whereas Nifty up 147 points or 0.9 per cent at 15,955 points. However, equity investors remain worried amid the persistently high inflation and tight monetary policy stance by several central banks.
Hike in interest rates by banks may hit housing demand: Realtors
From major banks to even small finance banks, several joined the bandwagon of raising lending and deposits rate. A number of banks raised their external benchmark based lending rates following an increase of 0.40 per cent in the repo rate -- at which the RBI lends short term money to banks.
RBI may raise policy rates by 75 bps cumulatively in next 2 reviews: SBI Research
Beyond August, rate actions might be more balanced and judicious and the terminal repo rate is expected to be at 5.15-5.25 per cent by FY23, it said. This is tantamount to saying that the RBI should not increase the repo rate by more than 1.25 per cent for an incremental negative contribution to kick in.
Companies committed to cut emissions represent $38 tn economy: Report
The SBTi has launched its third annual assessment of the initiative's impact since its launch in 2015. The 2021 Progress Report 'Scaling Urgent Corporate Climate Action Worldwide' reveals that the SBTi has entered a period of exponential growth with SBTi companies now representing over a third of global market capitalization, worth $38 trillion, up from 20 per cent in 2020.
Karnataka High Court permits Xiaomi India to take overdrafts, make payments
Vacation Judge Justice S. Sunil Dutt Yadav on Thursday also extended the interim order till May 23 and stated that the matter is now between the banks and the petitioner company. The court had given conditional stay on the order given by the Enforcement Directorate (ED) on April 29 to seize a whopping Rs 5,513.3 crore amount. The ED has taken the step after invoking the Foreign Exchange Management Act, 1999.
Mexico's central bank raises key interest rate for 8th straight time
In its monetary policy statement, the bank said its Board of Governors decided to raise the overnight interbank interest rate (the interest rate banks use to borrow from and lend to each other) by 50 basis points to 7.0 per cent, reports Xinhua news agency. Banxico also raised its 2022 inflation forecast again to 6.4 per cent by the end of the year, up from 5.5 per cent it anticipated in March.
Equity indices up in opening deals
Sensex was up 481 points or 0.9 per cent to 53,411 points in early trade, whereas Nifty up 147 points or 0.9 per cent at 15,955 points. However, equity investors remain worried amid the persistently high inflation and tight monetary policy stance by several central banks. India's retail inflation accelerated to 7.79 per cent in April due to high fuel and food costs.
Private investment in AI sector to exceed $135 bn in 2022
According to analysts, the AI sector's value will exceed the $135 billion mark in 2022, growing at a CAGR of 38 per cent between now and 2030. "2021 was especially exciting because it saw many new faces coming into the market. Only four funding rounds worth $500 million or more made it to the market in 2020, contrasting with the 15 that did so in 2021," said Jonathan Merry, CEO of MoneyTransfers.com which did the analysis.
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