BUSINESS
India & FTA: Series of bilateral deals to pump up supply chains
The FTAs will further push India's integration into the global economy as a benevolent player creating a win-win model. The India-UK FTA when concluded will be major milestone between the world's two leading economies. During his recent visit to India, UK Prime Minister Boris Johnson pushed for closing the negotiations for an FTA by this October.
Indian tech firm Cyient acquires Finland-based Citec
According to Cyient, this is the largest outbound acquisition by an Indian engineering services company and its largest acquisition to date. The acquisition will strengthen its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway and Sweden, along with Germany and France, the company said in a statement.
Oil prices will remain above $100/barrel as long as Ukraine war rages on
The threat of sanctions on Russian hydrocarbon exports and uncertainty surrounding supplies will exacerbate existing market tightness. European gas prices will rise by 65 per cent this year, after a fivefold rise last year. Europe has limited gas stockpiles, and there are concerns about gas supplies for the 2022/23 northern hemisphere winter season.
Equities extend losses, rising inflation a concern
At 9.32 a.m., Sensex was at 56,582 points, down 1.1 per cent, whereas Nifty was at 16,988 points, down 1.1 per cent. "Markets are worried about the increasing hawkish messages from the Fed which indicate higher-than-expected rate hikes by the Fed this year. There are concerns that aggressive monetary tightening might even push the US economy into a recession in 2023. These fears are impacting risky assets," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Elon Musk says 'moving on' from making fun of Bill Gates
Musk later said his tweet was in reference to his Twitter fights with Microsoft co-founder and billionaire Bill Gates. "(from making fun of Gates for shorting Tesla while claiming to support climate change action)," he said in a follow-up tweet. Gates has not yet issued any public statement on Musk tweets.
Musk declines Gates' request to discuss philanthropy in new leaked texts
As per a series of leaked text messages, Gates was proposing a potential meeting with Musk "to discuss philanthropy possibilities," but Musk was not willing to do so after Gates admitted he still has not closed out his short position on Tesla, reports Teslarati. There were rumours Gates did hold a short position against Tesla, but he never truly confirmed whether he had any sort of investment in the automaker's stock.
Why Bhavish Aggarwal won't invite Elon Musk to Ola FutureFactory?
Aggarwal said that no one company has the right or the entitlement to own the future of humanity, which is electric mobility. "Why should I invite Musk? It is he who should invite us as we have to take pride in our work," Aggarwal.
After end of Covid third wave, commercial realty out of the woods
Commercial realty had taken a hard hit as a large number of workforce started working from their homes in March 2020 in the wake of the health crisis.With the economy reopening post a massive vaccination drive, many employees are now returning to their offices. Besides, demand for new office spaces too has emerged.
Trouble brews for Getamber Anand as ATS group company goes into insolvency
The proceedings were initiated last month after ICICI Prudential Venture made a plea to the New Delhi-based bench of the NCLT for claiming unpaid dues of around Rs 25 crore.
However, the company got a minor relief with the NCLAT directing ICICI Prudential to file a rejoinder within two weeks and put a stay till the next hearing on May 11.
For 20K Jaypee home buyers, no end to suffering even after 12 years
Stuck in long-drawn legal battles (the home buyers' case is now being heard in the National Company Law Tribunal, or NCLT), the decade-old plight is lingering that left more than 20,000 Jaypee home seekers running from pillar to post, and finally giving up.
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