BUSINESS
Soaring food, fuel prices tipping countries like Sri Lanka, Pakistan over the edge
"It is extremely worrisome," said Rabah Arezki, a senior fellow at Harvard's Kennedy School of Government and former chief economist at the African Development Bank, CN reported. Unrest in Sri Lanka, Pakistan, and Peru over the past week highlights the risks. In Sri Lanka, protests have erupted over shortages of gas and other basic goods, the report said.
High oil prices to keep rupee on a slippery slope
The price has hovered in the range of $100-$110 in the last few weeks "Rupee has been under pressure due to rising US bond yields, inflation and high crude oil prices," said Sajal Gupta Head Fx & Rates Edelweiss. "These circumstances are going to be tough for the Indian rupee to appreciate. Expect rupee to trade between 75.50 and 76.25 in the next week."
Musk is now $100bn richer than Jeff Bezos
In the latest Forbes list, Musk increased his net worth to $282 billion, which is over $100 billion richer than Amazon founder Jeff Bezos, whose net worth is $183.6 billion, reports the Daily Mail. Musk was one of the biggest beneficiaries from the Covid-19 pandemic, as his net worth sat at just $26.6 billion at the beginning of 2020.
Backdoor Latvian blend keeps Russian oil flowing into Europe
The maneouvre underpins a burgeoning and opaque market for blended Russian diesel and other refined petroleum products, one of the many that oil companies and commodity traders are using to keep Russian energy flowing into Europe while at the same time satisfying public opinion that demands an end to subsidizing Russian President Vladimir Putin's war machine, Bloomberg reported.
Sri Lankan economic crisis may benefit Indian garment units in 'small way'
The Tiruppur Exporters Association (TEA) President Raja A. Shanmugham also said that Sri Lankan garment companies having production bases in India may execute their orders out of their Indian units. Production in Sri Lanka of hosiery items for exports has been affected due to several hours of power cut, diesel shortage and people suffering from high prices of essential commodities.
Inflationary fears, healthy earnings' hope to steer market's movement
Besides, price movements of crude oil along with those of other major commodities will influence the investors' sentiments. "The Q4 results season will start from Monday and the market's focus will shift to individual stocks," said Deepak Jasani, Head of Retail Research, HDFC Securities. "The RBI has turned mildly hawkish and this could impact the valuations in the markets over time."
Fundamental drivers for IT sector growth remain intact: HDFC Securities
"The absolute return potential for the sector is likely to be moderate, basis growth reverting to medium-term baseline, lower growth dispersion in FY23E as compared to FY22E, and headwinds to multiple expansion based on increase in cost of capital and geopolitical risk premium, inflationary factors, and the lead-lag cycle of cost and pricing.
Strong dollar dents India's foreign reserves, forex down by over $11 billion
The foreign currency assets (FCAs), the largest component of the forex reserves, got negatively impacted due to the rising US dollar strength against other global currencies. The FCAs consist of global currencies and securities such as US treasury bonds. As per the RBI data, the FCAs edged lower by $10.727 billion to $539.727 billion.
Netflix may buy stake in NFL Films to boost sports streaming
According to a TechCrunch report, the NFL is in talks with media companies about selling equity in NFL Films. The most notable company that is in the queue is Netflix. Today, there are no live games on Netflix or more sports content but the streaming house may soon plan to grab a bigger pie of the sports industry in the online world.
Mercedes-Benz India's YoY Q1 2022 sales up 26%
The company's sales rose to 4,022 units from 3,193 units sold in the corresponding period of last year. The luxury carmaker said the Q1 sales growth has been achieved against the backdrop of continuing semi-conductor shortage, global supply chain challenges, and increasing operating cost for the company. Mercedes-Benz also ended Q1 2022 with a highest-ever order bank of more than 4,000 units.
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