BUSINESS
Russia to propose 10-yr ban on foreign firms which don't return by May 1
A copy of the letter addressed to the head of the Ministry of Economic Development Maxim Reshetnikov was reported by RT. The deputy recalled that a number of foreign companies have suspended their work in Russia, the provision of services to Russians and investments. According to him, they plunged tens of thousands of citizens into a state of uncertainty about their future work and well-being.
Germany's GDP growth forecast halved due to Ukraine crisis
The annual inflation rate in Germany is expected to rise to 5.8% in 2022, the highest since the country's reunification more than 30 years ago, according to the institute's "Spring Forecast". The Ukraine crisis "delays the return to pre-Covid-19 levels into the second half of the year" and is "putting a noticeable strain on the German economy and increases the already strong inflationary pressure", Xinhua news agency quoted IfW Kiel.
Future Retail's shares slump to 52-week low after it issues clarification on Reliance deal
The Future Retail was down 9 percent at INR 38.4, the Future Enterprise was down 17 percent at INR 7.45, the Future Lifestyle was down percent at INR 41 and Future Supply Chain Solutions was down 5 percent at INR 53.65. The Supreme Court has also lifted a stay by the Delhi High Court on the Singapore Arbitration Tribunal Centre (SIAC) in the case between Amazon and the Future Group.
ASEAN launches negotiations to upgrade trade in goods agreement
Economic Ministers of the Association of Southeast Asian Nations (ASEAN) have launched negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA), the regional bloc said a statement. The ASEAN ministers also fully supported 19 Priority Economic Deliverables for 2022 proposed by Cambodia, and one of them was the ATIGA Upgrade Negotiations, he said.
RBI extends RBL Bank's interim MD and CEO Ahuja's tenure
In a regulatory filing made to the BSE, the bank said: "We wish to further inform that on request of the Bank, RBI vide its letter... dated March 17, 2022, has approved the extension of term of Rajeev Ahuja, interim Managing Director & CEO of the Bank for a further period of three months with effect from March 25, 2022 or till the appointment of a regular MD & CEO, whichever is earlier."
Ola Electric to raise e-scooter prices in next purchase window
The firm is slated to commence the next purchase window on March 17-18, coinciding with the Holi festival. Ola CEO Bhavish Aggarwal made the announcement of the price hike on his official Twitter handle. There's no mention of the exact range of the price increase. "Thanks to all who have purchased S1 Pro already and special thanks to those who've bought their 2nd or 3rd S1 Pro. Last chance to get it for 129,999".
Bank of England raises interest rates for third time in four months
Interest rates have increased in the UK for the third time in four months as the Bank of England tries to calm the rise in the cost of living, BBC reported. The rise from 0.5 per cent to 0.75 per cent means rates are now at their highest level since March 2020, when Covid lockdowns began.
ED attaches Rs 2.19 cr of Chandigarh businessman in PMLA case
Initially, a case against Mahajan and others was lodged by the Chandigarh Police under Sections 120-B and 420 of the Indian Penal Code (IPC) for alleged illegal exchange of demonetised Indian currency to newly introduced currency during the period of demonetisation. The ED initiated a money laundering investigation against Mahajan and others on the basis of the FIR registered by the Chandigarh police.
Indian equities attractive, FIIs to come back 'sooner than later': Samco Securities
With structural attractiveness in Indian equities among the emerging markets and the possibility that some Russian equity allocations in foreign portfolios will come to India, foreign institutional investors (FIIs) are expected to make a comeback "sooner than later", said brokerage house Samco Securities. FIIs have now been net sellers in the Indian equities market for more than 5 months in a row, the brokerage said, referring to National Securities Depository (NSDL) data.
Economy experiencing spillovers from ongoing geopolitical crisis: RBI Bulletin
India's economy is experiencing spillovers from the ongoing geopolitical crisis in Ukraine, the Reserve Bank of India (RBI) on Thursday. These spillovers have emerged at a time when the economy recovers from the third wave of the pandemic. As per the bulletin, amidst these testing times, India's macroeconomic fundamentals remain strong.
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