BUSINESS
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.
Equity indices close sharply high; Sensex up over 1,200 pts
"D-Street Bulls finally held the upper hand today on reports suggesting that the Ukrainian President is no longer pressing for NATO membership," said S. Ranganathan, Head of Research at LKP securities. With Covid behind, coupled with the exit poll results, the equity market buoyed with major sectoral indices ending in the green, said Ranganathan. Sensex settled 2.3% or 1,223 points up at 54,647 points, whereas Nifty 2.1%.
Anand Subramanian sent to 14 days judicial custody in NSE fraud case
Subramanian was arrested by the CBI on February 24. The CBI official produced him before the court of Sanjeev Aggarwal on Wednesday. The federal probe agency moved a plea before the court saying he wasn't required for further questioning and requested the court to send him to judicial custody. The court allowed the move of the CBI and remanded Subramanian to fourteen days judicial custody.
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