BUSINESS
Integrity of Budget numbers under threat as oil prices spike
The basic assumption in formulating the Budget that the crude oil prices will remain in the range of $ 75-80/barrel, has become unrealistic, not long after the Budget was presented. However, the breaking of war between Russia and Ukraine has created grave uncertainty and poses a serious threat to both growth and stability. The war has driven the prices to USD 130/barrel; this is likely to have a significant impact on transportation and energy costs and the manufacturing output, Rao said.
Sri Lanka allows currency to devalue
The bank said that it will closely monitor the emerging macroeconomic and financial market developments, both globally and domestically, and will stand ready to take further measures as appropriate, Xinhua news agency reported. The aim is to achieve stability in inflation, the external sector, the financial sector, and real economic activity, according to the bank. In that context, greater flexibility in the exchange rate will be allowed to the markets with immediate effect.
Staggered petrol hike expected as crude still above $125
A staggered rise in domestic transportation fuel prices are expected soon as Brent Crude oil price remains above $125 per barrel. At present, India imports 85 per cent of its crude oil needs. It is estimated that the high crude oil prices will raise prices of domestic transportation fuels in the range from Rs 10 to Rs 32 per litre.
Removing Russian oil from market would raise prices to over $300/barrel
Removing Russian oil from the market would make energy prices skyrocket to over $300 per barrel of oil, Russia's deputy Prime Minister Aleksandr Novak has said, adding that Russia is not dependent on the West and can "reroute" its supplies elsewhere. Russia is not that dependent on the West and "knows where to reroute" its supplies if needed. Still, Moscow will not take reciprocal measures against Europe in this case, he added.
BharatPe Board not to intervene in Bhavik-Ashneer stake issue
As the Ashneer-BharatPe fight now on a legal course, the Board of the company is not going to intervene in a new controversy regarding the fintech company's original founder Bhavik Koladiya and his stake in the firm. Sources said, on Tuesday, that this is something Bhavik and Ashneer have to sort out among each other and the Board will stick to the internal governance review done by third-party law and risk assessment firms.
Ukraine conflict could send global food prices soaring: WFP chief
David Beasley, head of the World Food Programme (WFP), has warned that the conflict in Ukraine could send global food prices soaring, with a catastrophic impact on the world's poorest, the BBC reported. Beasley said the conflict was putting more people at risk of starvation worldwide. Russia and Ukraine, once dubbed "the breadbasket of Europe", export about a quarter of the world's wheat and half of its sunflower products, like seeds and oil. Ukraine also sells a lot of corn globally.
Vishal Garg-run Better.com to 'lay off' 4,000 people this week
Indian-American CEO Vishal Garg-run Better.com is reportedly planning to lay off nearly 4,000 employees or nearly 50 per cent of its current staff this week. Better.com has employees around the world, including in the US and India. According to TechCrunch, the move comes three months after the New York-based digital mortgage lender laid off 9 per cent of its staff -- 900 people -- during a Zoom call that went viral and led to several lay-offs at the top.
World Bank approves $723mn for Ukraine
The World Bank announced that it has approved a $723 million financial package for Ukraine as the country is fighting the ongoing Russian invasion. In a statement posted on its website, the global lender said that World Bank Board of Executive Directors on Monday approved a supplemental budget support package for Ukraine, called Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine – for $489 million.
Indian equity indices extend losses
India's key indices -- S&P BSE Sensex and NSE Nifty50 -- extended their losses from the previous trading session and declined in early trade on Tuesday. Skyrocketing crude oil prices amid war weighed on the investors sentiment. The Ukraine crisis pushed Brent crude oil price to $130 a barrel on Monday.
Ukraine crisis: Growth, demand to take a hard hit, deficit to soar
The Russia-Ukraine crisis-led global hike in crude oil prices to $130 per barrel is expected to trigger an inflationary trend in India which will dent growth as well as demand recovery. The inflationary blow is expected to push up prices of everything from food items to manufactured goods. Besides, the trend might force the Reserve Bank of India's Monetary Policy Committee to raise key lending rates, thereby hitting automobile and housing markets.
Don't Miss
Advertisement