BUSINESS
IRDAI to hold Open House sessions with regulated entities
According to IRDAI, the Open House will be chaired by the Chairman and in his absence the senior most whole-time member along with other officials. The IRDAI has requested all the regulated entities- insurers, intermediaries- to make use of this initiative and offer pragmatic solutions to reduce significant insurance penetration gap in the country.
RBI likely to get quite perturbed with inflation above 6% in three quarters
With higher food price pressure in the near term (summer effect, international prices, higher transport cost, supply chains) and persistent input cost pressure in the non-food segment, it now sees inflation crossing 6 per cent in FY23. The March '22 print strengthens rate hike expectations in June '22. We maintain that FY23 could see a rate hike of up to 100bps. The terminal rate may go a tad higher from 5.25 per cent, with the RBI now showing its intent to keep real rates neutral
Xiaomi says fully cooperating on alleged tax evasion probe
Xiaomi said it is a law-abiding and responsible company. "We give paramount importance to the laws of the land. We are fully compliant with all the regulations and are confident of the same. We are cooperating with authorities with their ongoing investigation to ensure they have all the requisite information," the company spokesperson said.
Equity indices open positive despite high inflation in March
Retail inflation for March came at 6.95 per cent, which has been above RBI's upper tolerance band of 6 per cent for three consecutive months since January. At 9.53 a.m., Sensex was 0.4 per cent up at 58,820 points, whereas Nifty up 0.5 per cent at 17,620 points.
Bangladesh PM Hasina orders to maintain a risk-free foreign debt limit
During the presentation made by the National Board of Revenue (NBR) and Finance Division, the reasons for the ongoing economic crisis in Sri Lanka and its response were discussed in detail alongside reviewing various indicators of Bangladesh's economy compared to other countries in South Asia.
Now, no NOC needed from housing society to sell/rents flats in Mumbai
This would enable the owners to conduct his/her rental/sale transactions without hassles or delays and prevent harassment by the society committees to green signal such proposals. "We have come to know that many housing societies discriminate on the basis of caste, creed, religion, community, vegetarians and don't permit the owners to sell/rent out their properties," Dr Awhad said.
US inflation hits 40-year high
Consumer prices surged by 8.5 per cent -- the largest annual gain since December 1981 -- following a double-digit rise in energy prices. Last month, US President Joe Biden had banned all imports of oil and gas from Russia following the latter's invasion of Ukraine. At the same time, US fuel prices reached new record highs, BBC reported.
Political upheaval in Pak raises significant uncertainty over policy continuity: Moody's
Commenting on the ouster of Imran Khan through a no-confidence vote and the subsequent confirmation of Shehbaz Sharif as the new PM until August 2023, Moody's said that "the political upheaval reflects the volatility that besets Pakistan's political environment and raises significant uncertainty over policy continuity, at a time when Pakistan is encumbered with surging inflation, widening current account deficits and declining foreign-exchange reserves".
Cash-strapped Sri Lanka rescued by India, Pak economy struggles sans foreign help
After the international rating agencies had predicted in January that Sri Lanka was on the verge of an economic crisis, Colombo asked Beijing to reschedule its huge Chinese debt burden. However, Beijing rejected the request and asked the island nation to "overcome the temporary difficulties" as soon as possible. Sri Lanka is under tremendous pressure to pay the debt back to China, which was used to build mega infrastructure projects.
India's March retail inflation at 17-month high of near 7%
The trend assumes significance as retail inflation rate remained well above the target range of the Reserve Bank of India, which has a CPI target range of 2 to 6 per cent. As per the NSO data, the rate of rise in the Consumer Food Price Index, which measures the changes in retail prices of food products, increased by 7.68 per cent last month from 5.85 per cent in February 2022 and 4.87 per cent in March 2021.
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