BUSINESS
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.
Pakistani rupee hits new all-time low
The local currency lost Rs 1.7 (or 0.91 per cent) during the day to close at Rs 191.77, surpassing Wednesday's record low of Rs 188.66, The News reported. Dried-up foreign currency inflows, coupled with a delay in the revival of the International Monetary Fund (IMF) bailout and a lack of financial support from friendly countries, are adding to the pressure on the local currency.
April retail inflation at 7.79%, above RBI's tolerance band for fourth month
The retail inflation stayed well above the Reserve Bank of India's upper tolerance limit for a fourth consecutive month due to high fuel and food prices amidst war in Ukraine.
Global crypto market sheds $275 bn, Bitcoin down at 2020 level
The global cryptocurrency market cap reached the $1.25 trillion mark, down 13 per cent in the last 24 hours. Bitcoin accounts for about a third of the cryptocurrency market. The global crypto mayhem was triggered by the total collapse of Terra Luna cryptocurrency that was linked to the US dollar.
Ford India drops EV plans, workers shocked
"The management has told the workers that it has no plans to make electric vehicles in India. The management has called for talks with the Union for compensation to be paid to the workers on the closure of the plant," a Ford India Union official told IANS. He said the compensation talks were stopped as the company had plans to make electric vehicles at its two plants - Chennai and Sanand in Gujarat.
Punjab National Bank stocks slip over 13% on weak Q4 results
The state-owned lender's standalone net profit dropped 66 per cent year on year to Rs 201 crore in Q4FY22. The bank had posted a profit of Rs 586 crore in the same quarter last year -- Q4FY21. The stock traded at its lowest level since November 2020, as per reports.
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