BUSINESS
Flipkart lodges FIR against unknown persons for storing narcotics in counterfeit packages
In the FIR, Flipkart said that it learnt from media reports that on April 28-29, the Narcotics Control Bureau (NCB) conducted raids in Jamia Nagar, Delhi. It was reported that during the raid, 50 kg of high quality heroin, 47 kg of suspected narcotics and Rs 30 lakh of drug money in cash and other incriminating documents were recovered by the NCB from unknown accused persons.
Equity market awaits US Fed meet for fresh cues, says Swastika Investmart
FOMC meeting is crucial amid record inflation and growth worries, it said. The meeting is reportedly scheduled for Wednesday. The Indian equity market ended on a weak note for the third week in a row, however, the losses were mild.
Shell agrees to buy Indian renewables firm Sprng Energy at $1.55 bln
Shell said it would buy 100 per cent of Solenergi Power, the flagship company of Sprng Energy group, from UK-based investor Actis. Spring Energy supplies solar and wind power to electricity distribution companies in India. The deal, which is expected to close later this year, will triple Shell's renewables capacity in terms of operations.
Empowered group approves sale of Pawan Hans to Star 9 at Rs 211cr
PHL is a joint venture of Government of India (GoI) and ONGC providing helicopter and aero mobility services. GoI holds 51 per cent of the shares in the company and ONGC holds the balance 49 per cent . This is the fourth iterations with request for EOI -- Expression of Interest, invited on December 8, 2020. Seven EoIs were received and four interested bidders were shortlisted as qualified bidders.
Nasdaq posts worst month since October 2008 amid recession fears
The tech-heavy Nasdaq fell 4.2 per cent on Friday, dragged down by Amazon, which dropped nearly 15 per cent after it missed earnings expectations, CNN reported. The S&P 500 shed about 3.6 per cent on Friday, while the Dow dropped about 940 points, or 2.8 per cent. The most closely watched inflation reading released Friday
Russian central bank lowers key rate to 14%
Recent data has demonstrated a slowdown in price growth rates against the backdrop of the strengthening of the ruble, and a cooling of consumer activity, it said. Further inflation movements will be shaped by such impactful factors as the efficiency of import substitution processes and the scale and speed at which imports of finished goods, raw materials and components will be recovering, according to the central bank.
Sri Lankan inflation rises 29.8% in April
Prices of items in the non-food category recorded increases mainly due to price increases observed in sectors such as transport, water, electricity and gas, while prices of items in the food category increased due to hike in prices of milk powder, rice, bread, dal, sugar and dried fish during the month.
Samsung ends deadlock with workers, agrees to 9% pay raise for 2022
The world's largest memory chip and smartphone maker reached an agreement with representatives of its employees over wages and other labour policies, including paid leave. The announcement was said to be made internally earlier in the day, according to the sources, reports Yonhap news agency. The pay raise is about 1.5 percentage points higher than the 7.5 percent wage hike in 2021, the highest in a decade.
Equities close week in red amid volatility in global market
Domestic market reduced exposure ahead of the shortened next week and opening of India's largest IPO, he said. Besides, dips are encouraging investors to accumulate quality stocks with focus on defensives and domestic growth sectors like manufacturing and capital goods. On Friday, Sensex closed at 57,061 points, down 0.8 per cent or 460 points, while Nifty ended at 17,102 points, down 0.8 per cent or 142 points.
US Fed behind curve, significant recession likely by late next year: Deutsche Bank
Notably, the US is currently witnessing a rise in inflation. "Inflation is too high and unemployment has moved too low to be consistent with stable inflation," the report said. The US Fed's Misery Index has jumped to four decade highs, the report said. "It is noteworthy that in the past, every time this index has moved noticeably above zero, the economy has gone into recession within a few years as a result of monetary tightening."
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