BUSINESS
International banks owed more than $121 billion by Russian entities
Goldman Sachs said Thursday that it is "winding down its business in Russia in compliance with regulatory and licensing requirements". JPMorgan Chase, America's largest bank, followed within hours, saying it was "actively unwinding" its Russian business.
Countries like India with large forex reserves will closely watch freeze on Russia's $643 bn reserves
There is an air of Western triumphalism in the air as regards the effectiveness of Western sanctions against Russia, most particularly the freezing of Russia's $643 bn of foreign reserves, Wood said in his commentary, Greed and Fear.
Indian e-health sector poised to reach $12 bn in GMV by 2025
India's e-health sector witnessed a 47 per cent increase in 2021 in its Net Promoter Score (NPS), suggesting that customers are now more likely to recommend the e-health platforms to their friends and relatives.According to Bengaluru-based market research firm RedSeer, same-day deliveries and cross-selling further characterise the sector's performance.
Debasish Panda to be IRDAI Chairman
The Appointments Committee of the Cabinet has approved the appointment of Panda as IRDAI chief, initially for a period of three years from the date of assumption of the charge of the post or until further orders, whichever is earlier.Subhash C. Khuntia retired as IRDAI chief in early May 2021 and the government didn't fill up the post after that.
FAITH Associations compliment and contribute to the draft National Tourism Policy
FAITH, national associations ADTOI, ATOAI, FHRAI, HAI, IATO, ICPB, IHHA, ITTA, TAAI & TAFI, in a detailed multi- stakeholder discussion with the leadership of Ministry of Tourism (MOT), complimented the efforts of the ministry on the drafting of the NTP which has attempted to incorporate FAITH associations' cumulative suggestions over the years and also the suggestions from the tourism vision workshops we had earlier.
Indices close week with minor gains, Cipla top mover
Rally in Indian benchmark equity indices continued for fourth consecutive sessions as it settled marginally higher on Friday. Sensex settled 0.2 per cent ot 86 points up at 55,550 points, whereas Nifty 0.2 per cent or 36 points up at 16,630 points. Nifty pharma index was the top mover among the indices, rallying 2.5 per cent during the session in line with the healthcare index.
CAIT vindicated by indictment of Amazon criminality by 5 US lawmakers, seeks action in India
CAIT is vindicated by screaming headlines across American media that a bipartisan group of members of the US House Judiciary Committee has made public its stinging letter to Attorney General Merrick Garland demanding that the Department of Justice (DOJ) probes "potentially criminal conduct by Amazon and its senior executives".
IMF to downgrade global growth forecast amid Ukraine crisis
The International Monetary Fund (IMF) will likely downgrade its global growth forecast next month due to spillover effects from the Ukraine crisis. The economic fallout of the ongoing crisis is being transmitted through three key channels to the rest of the world: higher commodity prices, the impact on real incomes and the real economy, as well as the impact on financial conditions and business confidence, Georgieva told reporters at a virtual media roundtable on Thursday.
Equity indices extend gains; Sensex up nearly 300 pts
With Friday's rally, indices have managed to rise for four consecutive sessions. At 9.55 a.m., Sensex was 0.5 per cent or 295 points up at 55,759 points, whereas Nifty was 0.5 per cent or 83 points up 16,678. Among the stocks, JSW Steel, Bajaj Finserv, Sun Pharma, Axis Bank, and Tata Steel were the top five gainers among the Nifty 50 companies; while Tata Consumer, Tata Motors, Nestle India, Maruti Suzuki, and UPL were the top losers, NSE data showed.
After poll results, market to shift focus back on geopolitics: Emkay
India's financial market will focus again on the evolution of the geopolitical shocks and policy responses after a strong political outcome for the BJP, according to Emkay Global Financial Services. It holds that the strong political outcome for the BJP implies space for policy continuity ahead.
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