BUSINESS
Equity indices settle high for second straight day
The Sensex settled at 57,912 points, up 874 points or 1.53 per cent, whereas Nifty at 17,401 points, up 264 points or 1.54 per cent. Among the stocks, Eicher Motors, Coal India, Mahindra & Mahindra, Adani Ports, and Kotak Mahindra Bank were the top five gainers, among the Nifty 50 companies, rallying 4.4 per cent, 4.0 per cent, 3.2 per cent, 2.7 per cent, and 2.7 per cent, respectively.
Global tourism industry to create nearly 126mn jobs in 10 yrs: Report
The WTTC's latest Economic Impact Report (EIR) says the travel and tourism sector will be a driving force of the global economic recovery from the Covid-19 pandemic, reports Xinhua news agency. The report forecasts that the travel and tourism sector's GDP will grow at an average rate of 5.8 per cent annually between 2022 and 2032, outstripping the growth rate for the global economy, to reach $14.6 trillion, equivalent to 11.3 per cent of the total global economy.
Kia enters into India's EV market; to bring EV6 to India
The 'EV6' is the first BEV (battery electric vehicle) from Kia and was unveiled globally in March 2021. The vehicle is built on Kia's new dedicated EV platform 'E-GMP' and is pegged to offer premium mobility solutions to its customers. "The brand will only be bringing limited units of the car and bookings of the vehicle will commence on May 26, 2022, followed by its launch soon after," the company said in a statement.
India becomes global investment hub for digital shopping
The Indian e-commerce segment registered a whopping growth rate of 175 per cent and reached $22 billion from $8 billion in 2020. The US which attracted $51 billion investments came first followed by China at third position with $14 billion and the UK at fourth position with $7 billion according to the London & Partners analysis of Dealroom.co investment data. The data also indicates that the US and India are two of the world's leading hubs for digital shopping companies with high levels of global investment and unicorns.
Price Woes: Fertiliser subsidy bill set to touch Rs 1.65 lk cr
As per Crisil Ratings, in the past two fiscals, it has paid an additional Rs 1.2 lakh crore and increased the budgeted subsidy. However, the credit ratings agency said that steep rise in raw material prices has been negating this, and another intervention may be needed in this fiscal. Not doing so would take the subsidy arrears to an all-time high of over Rs 75,000 crore by end of this fiscal, it said.
Coinbase unveils NFT marketplace in limited beta
The company said now anyone can check out the first version of Coinbase NFT and explore the vast collection of NFTs on the Ethereum blockchain.
"Beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet, whether that's Coinbase Wallet or something else," said Sanchan Saxena, VP of Product, Ecosystem Products, in a blog post.
Musk's Boring Company raises $675 mn to scale Loop projects
Boring Company is Musk's project to build underground highways to alleviate traffic congestion. The round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
ITC to invest in D2C community-commerce brand Mylo
Founded in 2017, Mylo, is a full stack community eco-system focused on the parenting journey of young families. Mylo addresses the needs of its consumers through a wide and relevant range of content, health tools, conversations and community sharing features.
Walmart opens platform for Indian sellers to reach 120 mn US consumers
As part of its efforts to expand sourcing from India to $10 billion a year by 2027, Walmart, along with Flipkart and cross-border commerce company Payoneer, has laid out a detailed roadmap for local sellers with export ambitions. "Now is the ideal time for sellers from India to get started as exporters on Walmart Marketplace.
Tesla robots will be worth more than car business: Musk
At Tesla's Texas gigafactory opening earlier this month, Musk had said that a new wave of products, like the Optimus robot, will be introduced in 2023. Musk told analysts during the company's Q1 2022 earnings call late on Wednesday that people did not realise the magnitude of the Optimus robot programme.
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