BUSINESS
Collateral Damage: High crude prices to weaken rupee
Higher prices of global crude oil, gold and other commodities is likely to weaken the rupee. Presently, India imports 85 per cent of its crude oil needs. Higher crude oil prices are expected to add Rs 8 to Rs 10 in petrol and diesel's domestic selling prices. Besides, the cascading effect of expensive fuel cost will trigger a general inflationary trend.
Air India to operate more flights to Romania, Hungary to evacuate Indians
The airline operated a direct flight from New Delhi to Bucharest on early Sunday morning, while another one departed for the Romanian capital the afternoon. Besides, the airline will operate one flight from New Delhi to Budapest in the evening. These flights are operated as special government charters to bring back stranded Indians, who managed to find their way out of the hostilities between Russia and Ukraine.
After Meta, YouTube blocks Russian state media from monetising
Video streaming giant YouTube said that it will temporarily halt the ability of a number of Russian channels, including state-sponsored RT, to monetise their content on the platform, media reports say. YouTube will also be "significantly limiting" recommendations to those channels, the video streaming giant said in a statement.
Shares of Dhani Services decline 40% in a week on reports of unaccounted loan disbursal
Shares of Dhani Services declined 40 per dent in the week that ended on Friday (i.e five active trading sessions) after several people took to Twitter to raise red flags over some unaccounted loans in their names, via the misuse of their PAN details by fraudsters. The shares of the company settled at Rs 73.75 on Friday, as against Rs 123.45 at the start of the week on Monday. For availing loans, a user needs PAN and address proof details.
Adani Wilmar shares rally as Russia-Ukraine war threatens India's sunflower imports
At a time when the equity segment has been going through a sharp correction amid the Russia-Ukraine war, shares of Adani Wilmar rose around 10 per cent overall in the trading week that ended on Friday. The shares of the company rose as the ongoing war may hit India's sunflower imports. Russia and Ukraine are the major suppliers of sunflower oil to India.
Russian bank customers barred from using Apple, Google Pay
Customers reported they were unable to use their bank cards with Google Pay and Apple Pay. According to a statement, customers of banks that fell under the sanctions will not be able to pay with cards of these banks abroad. "Also, the cards of these banks will not be able to be used with Apple Pay, Google Pay services, but standard contact or contactless payment with these cards is available," the Central Bank informed.
Ukraine raises over $15 mn in crypto post Russian invasion
The global crypto community has also extended its support to Ukraine. Vitalik Buterin, the creator of Ethereum, tweeted that the invasion was a "crime" against Ukrainian and Russian people, adding "Glory to Ukraine." More than $15 million in cryptocurrency has been donated to Ukrainian groups since Russia attacked the country on February 24, according to research firm Elliptic.
Prolonged Russia-Ukraine war likely to hurt India's tea exports, dent its prices
Russia and CIS nations are India's largest export destination of tea and a very important market, said Dinesh Bihani, Secretary at Guwahati Tea auction Buyers association. The Indian tea industry has been stuck in a perfect storm for the past several years on concerns such as uncompetitive prices, lack of quality crops, rising labour costs as well as subdued export demand.
US sanctions head of Russia's largest social media network
The US Department of the Treasury has divided sanctioned entities into two categories: "major Russian financial institutions" and "elites and families close to Putin." The US sanction on Kiriyenko has stopped one of Russia's most powerful tech honchos from doing business with any US entity. VK -- originally known as VKontakte -- is the dominant social media platform in Russia and claims to have around 70 million monthly active users.
India's Jan M&A deals rose 100% YoY: Grant Thornton Bharat
India Inc saw a robust rise in monthly deals in January 2022 with M&A segment's volumes rising by 100 per cent on a year-on-year basis. As per Grant Thornton Bharat, the M&A deal volumes witnessed a 100 per cent increase compared to January 2021 on account of over 2x increase in the domestic deal activity and 78 per cent increase in cross-border deal volumes.
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