BUSINESS
Elon Musk buys Twitter for $44bn, company to go private
Twitter announced late on Monday that it has entered into a definitive agreement to be acquired by an entity wholly owned by Musk for $54.20 per share in cash in a transaction valued at nearly $44 billion. Upon completion of the transaction, Twitter will become a privately-held company.
IMF agrees to extend its programme for Pakistan with rider
The decision was taken after consultations between Pakistan Foreign Minister Miftah Ismail and IMF Deputy Managing Director Antoionette Sayeh in Washington. However, the decision is pending to completion of some strict and difficult demands, which include cancelling subsidies on petroleum announced by former premier Imran Khan.
In record, Punjab makes payments of Rs 13K cr for wheat procurement
Lal Chand Kataruchak said this was the highest payment in the past decade. The minister said the total minimum support price (MSP) payments released this year were three times of what was paid last year (Rs 4,754.42 crore) by this date.
Extending losses from past week, equities settle low
Market participants are worried about the rising inflation besides the likelihood of monetary policy tightening in the US. Policy tightening, which essentially means rate hike, is a negative for the Indian market as investors typically prefer the US markets to accumulate higher returns.
India's journey towards a global economic power
For the first time in India's economic history its merchandise exports touched a record $418 billion in 2021-22, exceeding the government's target by about 5 per cent. The Department of Commerce had set a merchandise exports target of $400 billion for FY 2021-22, up from $292 billion in 2020-21. This feat was remarkable as export growth marked a 40 per cent increase over the previous year despite severe breakdown in logistics and labour supply due to the Covid-19 pandemic.
Swiggy to upskill delivery boys to become company employees
The programme, named "Step-Ahead" is aimed at giving an opportunity to those executives who want to move from their current flexible engagement with Swiggy to a dedicated, managerial role, the company said. "Swiggy has consistently maintained that our delivery executives are the backbone of our operations; and we are proud to enable an income opportunity for over 2.7 lakh women and men across the country," said Mihir Rajesh Shah, VP, Operations, Swiggy, in a statement.
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.
Don't Miss
Advertisement