BUSINESS
Indices extend sharp gains; Sensex up over 1,200 pts
India's key equity indices extended their rally from the previous session and traded sharply higher during the early session on Thursday. A substantial fall in global crude oil prices seems to have fueled fresh optimism amongst investors. Global crude is currently trading at $113 per barrel against over $130 recorded earlier this week which was more than a decade high.
US lawmakers refer Amazon to DOJ for potential criminal conduct
The 24-page letter states how Amazon engaged in a "pattern and practice" of misleading conduct that appeared designed to "influence, obstruct, or impede" the Committee's 16-month investigation into competition in digital markets. The letter has been reviewed by IANS. The summary was posted by antitrust subcommittee chair David N. Cicilline stated that in the testimony before the Committee, a senior Amazon official represented.
CCI approves acquisition of Prione by Amazon
The Competition Commission of India (CCI) on Wednesday approved the acquisition of Prione Business Services by e-commerce firm Amazon. Notably, Prione Business Services, is a joint venture between Catamaran and e-commerce firm Amazon. Earlier, the two firms announced their decision to not continue the joint venture beyond the current term to be ended in May 2022.
Russia-Ukraine conflict: India's CAD to widen on rising commodity costs
CThe AD is expected to come in at the second-highest level of $23.6 billion in 3QFY22 as against a deficit of $9.6 billion in 2QFY22. "Although the Omicron-led Covid wave has subsided, the geopolitical risks to the global recovery have increased due to the Russia-Ukraine conflict," ratings agency India Ratings and Research (Ind-Ra) said in a report.
Who will invest in India if scams like this happen, asks court on NSE case
CBI Judge Sanjeev Aggarwal of Rouse Avenue Court was hearing the matter in which Anand Subramanian, the ex-Group Operating Officer of the National Stock Exchange (NSE), was sent to 14 dats judicial custody, in connection with the co-location scam case.
Russia's isolation leads to collapse of ruble
Russia has banned its citizens from buying US dollars, completing the isolation of an economy that once had ambitions to join the global club of financial powers, CNN reported. As recently as the 2008 global financial crisis, Russian President Vladimir Putin and his lieutenants had promoted the ruble as a potential alternative to the US dollar, arguing that it should be an integral part of the global financial system. Russia would become one of the world's five biggest economies, they had claimed.
Indian non-life industry grew by Rs 814 crore in Feb
According to the Insurance Regulatory and Development Authority of India (IRDAI), general insurers booked a total premium of Rs 16,560.99 crore last month as against Rs 15,746.99 crore earned in February 2021. During the period under review, the 25 member composite non-life insurers had earned Rs 14,173.59 crore as against Rs 13,158.86 crore earned in February 2021.
McDonald's, Starbucks, Coca-Cola shut shops, halt production in Russia
Several consumer giants including McDonald's, Coca-Cola, Starbucks and PepsiCo have shut their restaurants and paused business in Russia due to its invasion of Ukraine. Other well-known Western food giants such as KFC and Burger King were also reportedly stopping sales in Russia. McDonald's said it was temporarily closing its roughly 850 restaurants in Russia, while Starbucks also said its 100 coffee shops would shut, reports the BBC.
Japan's GDP growth of Q4 2021 revised down to 4.6%
The increase in real GDP, the total value of goods and services produced in the country adjusted for inflation, equals a 1.1-per cent increase on a seasonally adjusted quarterly basis, Xinhua news agency reported. The revision for the reported quarter led to a downgraded growth of 1.6 per cent of real GDP in 2021, the country's first economic increase since 2018 following a 4.5-per cent plunge in 2020.
Chances of Russia's first major default on sovereign bonds since 1917 revolution
A leading ratings agency has warned Russia is likely to soon default on its debts, as it downgraded the country's bonds further into "junk" territory, BBC reported. Fitch Ratings slashed its assessment of Russia to almost the bottom of its scale, just days after downgrading it from investment status.
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