BUSINESS
SpiceJet, Indigo shares fly as Centre allows scheduled int'l flights
Shares of Spicejet and Interglobe Aviation – which operates airline Indigo – rose sharply on Wednesday after the Centre's announcement to lift the ban on scheduled international flights. India will allow resumption of scheduled commercial international passenger services from March 27. Last month, India's civil aviation regulator had extended the ban on scheduled international commercial flights till "further orders".
Plan to make Europe independent from Russian fossil fuels before 2030: EC President
The European Commission has proposed an outline of a plan to make Europe independent from Russian fossil fuels well before 2030, starting with gas, in light of Russia's invasion of Ukraine. This plan, passed on Tuesday, also outlines a series of measures to respond to rising energy prices in Europe and to replenish gas stocks for next winter. Europe has been facing increased energy prices for several months, but now uncertainty on supply is exacerbating the problem.
Russia to reduce share of dollar in international settlements
"The Russian economy almost permanently exists in conditions of increased sanctions risks. We proceed from the fact that the domestic market and foreign economic relations of the country are gradually adapting to changing circumstances," Ria Novosti quoted him as saying. Birichevsky added that Russia has the necessary margin of safety to adjust its own financial policy, and also soberly assesses the risks of sanctions.
Equity indices up in early trade; Sensex rises 250 pts
At 9.55 a.m., Sensex was 0.5 per cent or 251 points up at 53,674 points, whereas Nifty 0.4 per cent or 59 points up at 16,072 points. Among the stocks, Tech Mahindra, Sun Pharma, Reliance Industries, Adani Ports, and Dr Reddy's were the top five gainers among the Nifty 50 companies, while Shree Cements, Asian Paints, Power Grid Corporation of India, Kotak Mahindra Bank, and Axis Bank were the top losers, NSE data.
Vishal Garg-led Better.com fires workers in US, India in mass layoff
Indian-American CEO Vishal Garg-run digital mortgage company Better.com on Wednesday started laying off thousands of employees in the US and India who received severance cheques in the payroll app. The layoffs were meant to be announced by the company on Wednesday, but one employee told TechCrunch that "they accidentally rolled out the severance payslips too early."
Rising nickel prices put a spanner in Musk's dream of affordable EVs
The rising nickel prices, owing to the Russian invasion of Ukraine, have thrown a spanner in Elon Musk and other automakers' dream of introducing affordable electric cars soon. Nickel prices surged as much as 111 per centAon Tuesday during the Asian trade to breach $100,000 per tonne.Reports said that the rising raw materials costs have hampered Musk and other automakers' plans to introduce more affordable electric vehicles (EVs).
Ukraine war, FII sell-off push gold price to Rs 55K per 10 gm
The fears of supply shortages due to the Russia-Ukraine conflict along with robust demand has kept prices higher. Sanctions on Russia, which is a major producer of gold, is expected to reduce the supply. Besides, a sell-off in equity markets by FIIs has triggered a rush for safe haven investment. The FIIs net sold Rs 8,142.60 crore worth of equities. Last week, MCX gold prices had increased sharply by 4.66 per cent to Rs 52,559 levels.
Metal Mayhem: EV, steel industry to take hit over soaring nickel prices
Production of batteries for electric vehicles as well as stainless steel, paint and alloy-based industries are expected to take a hit, as prices of a key raw material -- nickel -- have zoomed over 100 per cent in the past few days. The Russia-Ukraine crisis has triggered the shortage which in turn led to a massive spike in prices. On Tuesday, nickel prices surged as much as 111 per cent to trade briefly above $100,000 a tonne.
Ukraine war will have impact on Indian economy: Sitharaman
The ongoing Russia-Ukraine war will certainly have an impact on the Indian economy, Union Finance Minister Niramala Sitaraman said on Tuesday. "Prices of crude oil prices are rising due to the Ukraine crisis and the Central government is looking up parallel sources," she said. Oil marketing companies fix oil prices based on a 15-day average.
Big four consultancy firms withdraw from Russia & Belarus
The big four consulting firms -- Deloitte, KPMG, EY and PwC -- have announced they were ceasing operations in Russia and Belarus over Moscow's invasion of Ukraine. A spokesperson for KPMG International said that they have a responsibility, along with other global businesses, to respond to the Russian government's ongoing military attack on Ukraine.
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