BUSINESS
US weekly jobless claims fall to lowest level in 5 decades
In the week ending April 2, the number of Americans filing for unemployment benefits decreased by 5,000 from the previous week's downwardly revised level of 171,000, according to a report released on Thursday by the Department's Bureau of Labour Statistics (BLS). Companies are struggling to hire as labour market supply cannot meet demand. The number of job openings was little changed at 11.3 million by end of February, the BLS reported last week.
Markets open on positive note, turn negative
The Sensex of the BSE opened at 59,256.97 and touched a high of 59,297.46 points. The Sensex touched a low of 58,970.87 points. On Thursday, the Sensex closed at 59,034.95 points. The Sensex is trading at 58,973.12 down by 61.83 points or 0.10 per cent
IEA to release 120 mn barrels of oil amid global energy shortage
The Governing Board of IEA confirmed that it's the largest stock release in IEA's history, Xinhua news agency reported. IEA said the "unanimous" agreement to release the stock was reached by its 31 member countries on April 1. It is the IEA's second release of reserves since the Russia-Ukraine conflict. In a first step, 62.7 million barrels of crude oil were freed up on March 1.
Ukraine conflict, climate action play major role in Canada's 2022 budget
The budget she tabled on Thursday includes more than $6.4 billion in new funding over five years to better equip the Canadian Armed Forces; increase Canada's contributions to the North Atlantic Treaty Organization (NATO) and the North American Aerospace Defense Command (NORAD); and reinforce Canada's cyber-security strategy to prevent and defend against attacks, including those against government agencies and critical infrastructure.
Shares of HDFC twins erase entire post-merger gains
In a major development on Monday, housing loan firm Housing Development Finance Corporation (HDFC) on Monday approved the merger of its wholly-owned subsidiaries HDFC Investments and HDFC Holdings with the HDFC Bank. On the same day, both the shares rose nearly 10 per cent each. From Tuesday to Thursday, they erased entire Monday's gains and reached the pre-merger levels.
In Elite Club: M3M India's Basant Bansal enters Hurun Real Estate Rich List 2021
With 75 per cent growth in wealth, Basant Bansal and family gained eight spots and to be ranked seventh in the list. Basant Bansal and family also ranked first in Gurugram and second in Delhi, as per city-wise ranking. Known for premium and luxury housing projects, M3M India's Basant Bansal has also been ranked fourth in the categories of 'Top Property Developers with a focus on Premium Housing', and 'Top Residential Property Developers in India'.
Taiwan's Hong Fu group to invest Rs 1,000 cr in TN for footwear factory
In a statement issued here, the government said the Hong Fu group, which makes sports shoe brands like Nike, Puma, Converse, Vans and others, has signed an MoU to set up a footwear manufacturing facility and is scouting for a place to locate its factory.
BharatPe hits back at Ashneer, says registered 4X sales growth in Q1 2022
"On a sequential-quarter basis, the growth has been 30 per cent, despite the third wave of Covid-19," a BharatPe spokesperson told IANS. "Comparing month-on-month, all our metrics have grown at the fastest pace -- merchant total payments value (TPV) (17 per cent), consumer TPV (39 per cent), loans facilitated (31 per cent), and revenue (21 per cent) in March over February," the spokesperson informed.
Meta planning 'Zuck Bucks' digital currency as crypto dream fails
According to a report in The Financial Times citing sources, Facebook's financial arm called 'Meta Financial Technologies' is exploring a virtual currency for metaverse, dubbed "Zuck Bucks". "The company is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram -- a trend that threatens its $118 bn-a-year ad-based business model,"
'Challenges in increasing supply will likely keep electricity prices high'
Traditionally, electricity demand in India peaks during the warmer months of April to August, subject to weather patterns. "We expect monthly electricity demand in 2022 to peak at around 132 billion kWh, 15 per cent higher than the average monthly demand in 1Q22, similar to 2021 and 2019 when peak monthly demand was 15 per cent and 19 per cent higher, respectively, than average monthly demand in 1Q21," the credit rating agency said.
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