BUSINESS
Axis Mutual Fund says probe on since Feb, two fund managers suspended
The remarks came after it was revealed that SEBI is examining whether fund managers at Axis Mutual Fund engaged in "front-running" or trading securities through their personal accounts ahead of the fund's transactions, multiple reports said. The asset management company (AMC) has used reputed external advisors to aid the probe, Axis MF said. "As part of the process, two fund managers have been suspended pending investigation for potential irregularities," the AMC said.
Equity benchmarks close week in red on weak global cues
Asian stocks fell over concerns that the US central bank and some other major central banks will have to raise interest rates even more aggressively to check inflation. In India, the benchmark Sensex fell 866 points, or 1.6 per cent, to close the day at 54,836, and Nifty declined 271 points, or 1.6 per cent, to 16,411 points.
Global Chromebook market hits lowest point in 5 years
The flipside of fewer Covid restrictions around the world means that education budgets have turned away from IT expenditures, which created an unfavorable year-to-year comparison with total shipments declining 7 per cent in the March quarter, according to Strategy Analytics.
Chinese firms rush to Singapore, HK bourses amid US delisting threat
According to the Global Times, Nio is another US-listed Chinese company that has moved to another country amid delisting threats from the US. Nio said the company's shares listed in Singapore will be fully fungible with its American depositary shares.
Asia's appetite for US crude intact despite lucrative Russian offers: S&P Global Commodity Insights
That said, North American supplies could face more competition in the second quarter as refiners will continue picking up barrels from the non-OPEC supplier until they remain outside sanctions and are available at substantial discounts.
Stock markets in Asia, US tumble after biggest interest rate hike in 22 yrs
The sell-off comes as worries intensified over how rising prices, and the Federal Reserve's steps to rein them in, will affect economic growth, the BBC said in a report. Major share indexes in Hong Kong and mainland China dropped on Friday in Asia. That came after shares in New York fell sharply, led by technology stocks.
Lamborghini blows lid of alleged Rs 1,000 Cr mutual fund scandal
There are now loud whispers of a Rs 1,000 crore scam in a large mutual fund owned by a leading private sector bank involving front running by the fund managers and dealers. The said fund manager seems to have been using a Lamborghini and buying luxury apartments in and around Mumbai. He is said to be on the payrolls of brokers and accumulated small and midcap stocks on behalf of the mutual fund.
Jet Airways takes to skies again with test flight
The airline had ceased operations in early 2019 due to some financial difficulties. Jet Airways underwent the corporate insolvency resolution process under the Indian Insolvency and Bankruptcy Code and as per orders of the NCLT, Mumbai Bench, the resolution plan for Jet Airways submitted by the Jalan Kalrock Consortium was approved. The airline has shared a video on Twitter which shows the test plane taking off.
Gucci stores in US to accept cryptocurrencies
Customers will be able to pay using a number of cryptocurrencies, including Bitcoin, Ethereum and Litecoin, the BBC reported. The service will be rolled out later this month at some of its flagship outlets, including Rodeo Drive in Los Angeles and New York's Wooster Street, the report said. Gucci, owned by France's Kering, joins a growing number of companies that have started to accept virtual currencies, according to the BBC report.
Omnichannel diagnostics platform Redcliffe Lifetech raises $61 mn
The new funds will also be utilised to scale its platform and increase its product offerings to radiology, disease data profiling and lifestyle management, the company said in a statement. "Preventative medicine is the future of health in India. This investment will help us scale rapidly to achieve our goal to reach 500 million Indians within the next five years," said Dheeraj Jain, Founder of Redcliffe Lifetech.
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