BUSINESS
Concern about stagflation, where growth falls & prices rise
The soaring cost of oil and other key commodities in the wake of the invasion threatens to unleash another bout of damaging inflation and supply shortages on the global economy, The Guardian reported. The price of benchmark Brent crude oil added another 3.4 per cent in early trade on Thursday to climb to $116.80.
Indian manufacturers should move towards reducing import dependency, says PM
Prime Minister Narendra Modi, while giving the examples of new demand and opportunities in sectors like semi-conductors and electric vehicles, said manufacturers should move with a sense of removing dependencies on foreign sources.The budget for FY23 had many significant provisions towards 'Aatmnirbhar Bharat' and 'Make in India' initiatives, he said.
India to benefit from increased global demand for metals, foodgrains
India is well positioned to benefit from the increased global demand for steel, aluminium and foodgrains -- wheat and rice, said brokerage house ICICI Securities. India is an alternative supplier of many mineral products where Russia typically dominates.
Google tells employees to return to offices in US
Tech giant Google said it will end the voluntary work-from-home period and start having employees in the Bay Area and several other US locations return to the office starting the week of April 4. Google's latest guidance comes a week after CNBC reported that the company had been relaxing some of its Covid-19 mandates in preparation for a return.
Reliance Retail Ventures Limited Joins Hands With Abraham & Thakore
Reliance Retail Ventures Limited (RRVL) has invested in Abraham & Thakore Exports Pvt Lmt for a majority stake. RRVL seeks to leverage its subsidiary Reliance Brands Limited's (RBL) deep understanding of the affluent Indian customer and their heft across digital, retail operations, marketing, and supply chain platforms, to build brand Abraham & Thakore's global appeal in the fashion and lifestyle category.
Reliance, Sanmina Corporation to create JV to manufacture electronic products
Nasdaq-listed integrated manufacturing solutions company Sanmina Corporation and Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries have entered into an agreement to create a joint venture through an investment in Sanmina's existing Indian entity named Sanmina SCI India
Russia's central bank announces a host of measures to protect economy, support local currency
The value of the ruble is now less than 1 US cent. The Russian currency on Tuesday was pegged at over 105 to a dollar, up from about 75 just a month ago after companies and even households came under severe pressure with the US and EU thrashing out sanctions against Russia and barring many Russian banks from accessing the SWIFT payment system.
Ford to invest $50 bn in EV biz to compete against Tesla
In its bid to catch up with Elon Musk-run Tesla, Ford Motor Company has announced to increase its electric vehicle (EV) investment to $50 billion through 2026, up from the previous $30 billion investment announcement by 2025. The automaker aims to produce more than 2 million electric vehicles annually by 2026, representing about one-third of Ford's global volume, rising to half by 2030.
India's 10-15 minute delivery market to reach $5.5 bn in 3 yrs
As quick grocery delivery under the 10-15 minutes time period becomes the new growth arena globally, India's quick commerce market is all set to witness 15 times growth by 2025, reaching a market size of nearly $5.5 billion, a new report showed on Thursday.
It gives people exactly what they want, when they want it, without forcing them to wait days or weeks for delivery.
Homegrown audio OTT platform Pocket FM raises $65 mn
Homegrown audio OTT platform Pocket FM on Thursday said it has raised $65 million to expand into new languages and help creators monetise on the platform. Homegrown audio OTT platform Pocket FM on Thursday said it has raised $65 million to expand into new languages and help creators monetise on the platform.
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