BUSINESS
Biggest commodity shock since 1970s raises spectre of stagflation: World Bank
In a gloomy analysis, the Washington-based development organisation said there was a risk that persistently high commodity costs lasting until the end of 2024 would lead to stagflation -- sluggish activity combined with strong cost of living pressures, the report said.
Equities up marginally during early trade
At 9.17 a.m., Sensex was at 57,096 points, up 0.5 per cent or 277 points, whereas Nifty at 17,120 points, up 0.5 per cent or 82 points. Among the stocks, Hindustan Unilever, Sun Pharma, UPL, Divis Labs, Dr Reddy's were the top five gainers among the Nifty 50 companies, NSE data showed.
High excise duties in Punjab hit fuel pump dealers
"Successive governments in Punjab -- the Akalis and the Congress had been regularly increasing VAT on petrol and diesel, resulting in vast difference in petroleum prices in Punjab as compared to neighboring states," Monty Sehgal, spokesman for the Petrol Pump Dealers Association, Punjab, told IANS.
Elon Musk blitzkrieg starts with jibe against Vijaya Gadde, key Twitter mamma; pushback brewing
Musk, with his blunt and often impish humour, is in control of spelling, but just as savage shaming folks who he dislikes. Never mind that he might soon own the world's most happening micro-blogging platform or that the folks running Twitter are low on reverence for the new owner's $269.7 billion net worth, Musk on Wednesday reconfirmed a dim view on how the social media site is being run.
Cabinet approves Rs 60,939 cr subsidy for phosphatic, potassic fertilisers
Briefing the media, Information and Broadcasting Minister Anurag Thakur said that the subsidy approved by Cabinet for the NBS Kharif-2022 (from April 1 to September 30) will be Rs 60,939.23 crore, including support for indigenous fertiliser (SSP) through freight subsidy and additional support for indigenous manufacturing and imports of DAP.
Austria will pay in rubles for Russian gas
Karl Nehammer said at a press conference, "We, that is, (state energy company) OMV, accepted the terms of payment, as did the German government. They (the terms) were found to be in line with the terms of the sanctions. For us, this was important," RT reported. Nehammaer added, however, that Austria still supports Ukraine-related anti-Russia sanctions.
ED takes action against Chinese fintech companies
This was done in connection with an ongoing probe in a Prevention of Money Laundering case. The ED initiated the money laundering investigation on the basis of two separate FIRs registered at the Marathahalli Police station and the Mahalakshmipuram Police Station, Bengaluru, under various sections of the IPC.
Indian non-life insurance sector to grow by 10-12% in FY23: ICRA
According to ICRA, the growth will be led by health and commercial business segments owing to increased awareness of medical insurance and uptick in economic activity. The gross domestic premium income (GDPI) of government-owned insurers is expected to grow moderately at 4-6 per cent, while private insurers are expected to capture market share by growing at a higher rate of 13-15 per cent in FY23, ICRA said.
Equities settle low; Sensex, Nifty plunge 0.9% each
Sensex settled at 56,819 points, down 0.9 per cent or 537 points, whereas Nifty at 17,038 points, down 0.9 per cent or 162 points. "Market continued to be gripped by high volatility following a heavy selloff in the global markets led by elevated energy crisis and weak Chinese economic outlook underpinned by prospects of US rate hikes," said Vinod Nair, Head of Research at Geojit Financial Services.
Human bias hurting sustainability efforts, say Indian biz leaders
While 96 per cent of respondents in India believe society has not made enough progress on sustainability and social efforts , 82 per cent of Indians are frustrated and fed up with the lack of progress made by businesses, according to a new study by Cloud major Oracle and Pamela Rucker, CIO Advisor, Instructor for Harvard Professional Development.
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