Tuesday, August 09, 2022
Business

Jeff Bezos, Bill Gates funding massive treasure hunt in Greenland

Some of the world's richest men, including Jeff Bezos and Bill Gates, are funding a massive treasure hunt, complete with helicopters and transmitters, on the west coast of Greenland.
WASHINGTON: Some of the world's richest men, including Jeff Bezos and Bill Gates, are funding a massive treasure hunt, complete with helicopters and transmitters, on the west coast of Greenland.

Delhi HC allows Vivo entities to operate frozen bank accounts on conditions

The Delhi High Court on Monday permitted 14 entities of Chinese smartphone maker Vivo to operate their frozen bank accounts on a condition of maintaining bank accounts' balances, which were shown during the Enforcement Directorate (ED) search in a money laundering probe.
NEW DELHI: The Delhi High Court on Monday permitted 14 entities of Chinese smartphone maker Vivo to operate their frozen bank accounts on a condition of maintaining bank accounts' balances, which were shown during the Enforcement Directorate (ED) search in a money laundering probe.

MSME, powerloom units oppose proposed power tariff hike in TN

The MSME units and the powerloom units in Tamil Nadu have strongly objected to the proposed power tariff hike.
CHENNAI: The MSME units and the powerloom units in Tamil Nadu have strongly objected to the proposed power tariff hike.

Prudent financial management helps Reliance Jio reduce running costs

Reliance Jio Infocomm Limited prepaid entire deferred liabilities pertaining to spectrum acquired in auctions of year 2014, 2015, 2016 and the spectrum acquired in year 2021 through trading of right to use with Bharti Airtel Limited aggregating to Rs 30,791 crore (including accrued interest) in FY2021-22.
NEW DELHI: Reliance Jio Infocomm Limited prepaid entire deferred liabilities pertaining to spectrum acquired in auctions of year 2014, 2015, 2016 and the spectrum acquired in year 2021 through trading of right to use with Bharti Airtel Limited aggregating to Rs 30,791 crore (including accrued interest) in FY2021-22.

Reliance builds technology & innovation portfolio for Green Energy foray through partnerships, acquisitions, R&D

In his letter to shareholders, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said "we entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain".
NEW DELHI: In his letter to shareholders, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said "we entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain".

Will high interest rate regime coexist with equity market uptrend?

The interest rates and the equity market have an inverse relationship, but this time it has proved wrong because even after the Reserve Bank of India (RBI) hiked repo rate by 50 basis points, the equity market have jumped.
MUMBAI: The interest rates and the equity market have an inverse relationship, but this time it has proved wrong because even after the Reserve Bank of India (RBI) hiked repo rate by 50 basis points, the equity market have jumped.

Bank of Baroda to raise Rs 1,000 cr via infrastructure & affordable housing bonds

Bank of Baroda, the second largest state-owned bank, is planning to raise Rs 1,000 crore through issuance of infrastructure and affordable housing bonds on August 12, a source close to the development told IANS.
MUMBAI: Bank of Baroda, the second largest state-owned bank, is planning to raise Rs 1,000 crore through issuance of infrastructure and affordable housing bonds on August 12, a source close to the development told IANS.

Crypto firm Binance says it doesn't own India's WazirX after ED raids

India-based crypto platform WazirX has courted massive controversy, first after Enforcement Directorate (ED) raids on its parent company Zanmai Lab and then world's largest crypto exchange Finance completely disowning the Nischal Shetty-run platform.
NEW DELHI: India-based crypto platform WazirX has courted massive controversy, first after Enforcement Directorate (ED) raids on its parent company Zanmai Lab and then world's largest crypto exchange Finance completely disowning the Nischal Shetty-run platform.

Policy rate hike to control inflation, 50bps the new normal with many central banks: RBI Governor

With the inflation at an unacceptable 7 per cent, the monetary policy has to act and hence the repo rate has been hiked by 50 basis points (bps) to 5.40 per cent, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday.
CHENNAI: With the inflation at an unacceptable 7 per cent, the monetary policy has to act and hence the repo rate has been hiked by 50 basis points (bps) to 5.40 per cent, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday.

Loan EMIs to rise as RBI increases repo rate by 50 bps

The EMIs on the loan will rise as the Reserve Bank of India (RBI) on Friday hiked the repo rate by 50 basis points to 5.40 per cent to contain inflation.
MUMBAI: The EMIs on the loan will rise as the Reserve Bank of India (RBI) on Friday hiked the repo rate by 50 basis points to 5.40 per cent to contain inflation.

Benchmark bond yield rises 9 basis bps post RBI hikes repo rate

The yield on benchmark government bond yields rose sharply by 9 basis points in the morning trade after the Reserve Bank of India (RBI) announced an increase of the repo rate by 50 basis points.
MUMBAI: The yield on benchmark government bond yields rose sharply by 9 basis points in the morning trade after the Reserve Bank of India (RBI) announced an increase of the repo rate by 50 basis points.

RBI hikes repo rate by 50 basis points to 5.40% 

The monetary policy committee (MPC) of the Reserve Bank of India (RBI) has unanimously voted to increase the policy repo rate by 50 basis points to 5.40 per cent. Consequently, the Standing Deposit Facility (SDF) rate adjusted to 5.15 per cent and Marginal Standing Facility (MSF) rate and the Bank Rate adjusted to 5.65 per cent.
MUMBAI:The monetary policy committee (MPC) of the Reserve Bank of India (RBI) has unanimously voted to increase the policy repo rate by 50 basis points to 5.40 per cent. Consequently, the Standing Deposit Facility (SDF) rate adjusted to 5.15 per cent and Marginal Standing Facility (MSF) rate and the Bank Rate adjusted to 5.65 per cent.

Indian rupee falls 30 paise to close at 79.46 against US dollar

The rupee has depreciated 30 paise against the US dollar on Thursday as sentiments of investors dampened due to weak macroeconomic data and tensions between US-China.
MUMBAI: The rupee has depreciated 30 paise against the US dollar on Thursday as sentiments of investors dampened due to weak macroeconomic data and tensions between US-China.

Frequent tinkering of windfall tax creates uncertainty: Experts

India is not the only country to implement the windfall tax on domestic fuel but frequent tinkering with the tax rates creates uncertainty, said experts.
CHENNAI: India is not the only country to implement the windfall tax on domestic fuel but frequent tinkering with the tax rates creates uncertainty, said experts.

42% Indians experienced financial fraud in last 3 years: Report

While digitisation of payments and banking undoubtedly has benefitted both common people and the government, financial fraud has been on the rise, with nearly 42 per cent of Indians becoming victims in the last three years, a new report showed on Thursday.
NEW DELHI: While digitisation of payments and banking undoubtedly has benefitted both common people and the government, financial fraud has been on the rise, with nearly 42 per cent of Indians becoming victims in the last three years, a new report showed on Thursday.

RBI names minority-dominated regions for banks' priority lending schemes

In a significant move, the Reserve Bank of India (RBI) has released a list of states, Union Territories and districts dominated by different minority communities for extending priority lending schemes implemented by scheduled commercial banks in the country.
MUMBAI: In a significant move, the Reserve Bank of India (RBI) has released a list of states, Union Territories and districts dominated by different minority communities for extending priority lending schemes implemented by scheduled commercial banks in the country.

Uber cancels Zomato ride, sells 7.8% stock for $390 mn in big block deal

Ride-hailing platform Uber, which suffered around $707 million loss in its Zomato investment in the first half of this year, on Wednesday sold its 7.8 per cent stake worth over $390 million in the Deepinder Goyal-run company.
NEW DELHI: Ride-hailing platform Uber, which suffered around $707 million loss in its Zomato investment in the first half of this year, on Wednesday sold its 7.8 per cent stake worth over $390 million in the Deepinder Goyal-run company.

14 new Code C aircraft stands commissioned in Delhi Airport's Terminal 1

The Indira Gandhi International Airport here has successfully commissioned 14 new Code C aircraft stands at its Terminal 1.
NEW DELHI: The Indira Gandhi International Airport here has successfully commissioned 14 new Code C aircraft stands at its Terminal 1.

Crypto service Nomad loses $200 mn in hack: Report

Cryptocurrency service Nomad has suffered a "chaotic" attack, with hackers draining almost $200 million in digital funds from the company within a few hours.

San Francisco:Cryptocurrency service Nomad has suffered a "chaotic" attack, with hackers draining almost $200 million in digital funds from the company within a few hours.

Spicejet clears all outstanding principal dues of AAI

Low-cost carrier SpiceJet has entered into a full and final settlement with the Airports Authority of India (AAI) and cleared all outstanding principal dues of the airport operator.
NEW DELHI: Low-cost carrier SpiceJet has entered into a full and final settlement with the Airports Authority of India (AAI) and cleared all outstanding principal dues of the airport operator.

Delhi: Kitchen commodity prices record substantial rise in July

Amid the debate over inflation and price rise, the latest data from the Consumer Affairs Department revealed that prices of kitchen commodities including wheat, rice, sugar, edible oil and essential vegetables such as potato recorded substantial jumps in the month of July as compared to the last year, in Delhi.
NEW DELHI: Amid the debate over inflation and price rise, the latest data from the Consumer Affairs Department revealed that prices of kitchen commodities including wheat, rice, sugar, edible oil and essential vegetables such as potato recorded substantial jumps in the month of July as compared to the last year, in Delhi.

'With global positive cues rupee to trade 79.15 to 79.75 band against dollar'

The Indian rupee is expected to trade against the US dollar in the range of 79.15 - 79.75 in this fortnight supported by positive global cues, said Bank of Baroda in a research report.
CHENNAI: The Indian rupee is expected to trade against the US dollar in the range of 79.15 - 79.75 in this fortnight supported by positive global cues, said Bank of Baroda in a research report.

Inflation is in double digit since past 14 months 

Congress MP Manish Tewari on Monday said that during the past 14 months, the inflation rate in the county has been in double digit making it the highest in 30 years.
NEW DELHI: Congress MP Manish Tewari on Monday said that during the past 14 months, the inflation rate in the county has been in double digit making it the highest in 30 years.

Nearly 350 aircraft inspected in last few months, says Aviation Ministry

Aviation regulator DGCA conducted two special drives of spot checks in the last few months to ensure safety of flight operations, the Centre informed the Rajya Sabha on Monday.
NEW DELHI: Aviation regulator DGCA conducted two special drives of spot checks in the last few months to ensure safety of flight operations, the Centre informed the Rajya Sabha on Monday.

Load factor of SpiceJet on July 30, 31 was 81% and 82.4% respectively

Aircraft occupancy or passenger load factor (PLF) of SpiceJet on July 30 and 31 was 81% and 82.4% respectively. The airline on Monday said that all its flights have departed on time, as per schedule and there have been no cancellations.
NEW DELHI: Aircraft occupancy or passenger load factor (PLF) of SpiceJet on July 30 and 31 was 81% and 82.4% respectively. The airline on Monday said that all its flights have departed on time, as per schedule and there have been no cancellations.

RCAP resolution plan submission deadline likely to be extended yet again

The deadline for the submission of Resolution Plan for Reliance Capital (RCAP) is likely to be extended yet again as bidders seek more time to complete the due diligence process.
MUMBAI: The deadline for the submission of Resolution Plan for Reliance Capital (RCAP) is likely to be extended yet again as bidders seek more time to complete the due diligence process.

OPPO to invest $60 mn under 'Vihaan' initiative to boost smartphone industry in India

Smartphone brand OPPO India on Friday launched a new initiative -- Vihaan -- to empower small-to-medium enterprises (SMEs) and micro, small and medium enterprises (MSMEs) to amplify their operations and, in turn, strengthen the local supply chain for a robust smartphone eco-system in the country.
NEW DELHI:Smartphone brand OPPO India on Friday launched a new initiative -- Vihaan -- to empower small-to-medium enterprises (SMEs) and micro, small and medium enterprises (MSMEs) to amplify their operations and, in turn, strengthen the local supply chain for a robust smartphone eco-system in the country.

India sees 5G spectrum bids worth Rs 1,49,855 cr, Reliance Jio leads

The 5G spectrum auction saw bids worth Rs 1,49,855 crore after 23 rounds on Friday, with the government saying the bids will continue on Saturday.
NEW DELHI: The 5G spectrum auction saw bids worth Rs 1,49,855 crore after 23 rounds on Friday, with the government saying the bids will continue on Saturday.

 LG Electronics posts 12% drop in profit on weaker demand

Seoul:LG Electronics on Friday said its second -quarter operating profit decreased 12 per cent (on-year) amid rampant inflation that hurt consumer demand for TVs and other home appliances.

Small cap funds are offering 28% returns in 3 yrs, highest in equity segment

MUMBAI: Small cap funds has come under the spotlight after it is offering just over 28 per cent returns in the last three years. The returns on these funds are the highest in the equity segment. These funds have a potential to generate higher returns if an investor have a patience to tolerate volatility and ready to take some extra risk.

After PMC Bank, Wadhawans duped Indian Bank of Rs 279 crore

The Chennai-based public sector Indian Bank has admitted to a major loan default of Rs 279 crore by the realty group, Housing Development & Infrastructure Ltd (HDIL) Mumbai, and its suspended Directors -- Rakesh Kumar Wadhawan and son Sarang Wadhawan.
MUMBAI:The Chennai-based public sector Indian Bank has admitted to a major loan default of Rs 279 crore by the realty group, Housing Development & Infrastructure Ltd (HDIL) Mumbai, and its suspended Directors -- Rakesh Kumar Wadhawan and son Sarang Wadhawan.

Sensex ends 1,000 points up, Nifty closes above 16,900

Benchmark indices ended higher for the second consecutive day on Thursday with Sensex ending 1,000 points up and Nifty ending above 16,900 on back of positive cues from global market after US Fed policy outcome, good earnings in large cap space, partly short-covering and partly investment buying in some segments.
MUMBAI: Benchmark indices ended higher for the second consecutive day on Thursday with Sensex ending 1,000 points up and Nifty ending above 16,900 on back of positive cues from global market after US Fed policy outcome, good earnings in large cap space, partly short-covering and partly investment buying in some segments.

Meta crosses $1 bn annual revenue run rate for Reels ads

Meta has crossed $1 billion annual revenue run rate for ads on its TikTok rival short-video making platform Reels, and Reels now has a higher revenue run rate than Facebook/Instagram Stories at identical times post-launch, its Founder and CEO Mark Zuckerberg has revealed.
NEW DELHI: Meta has crossed $1 billion annual revenue run rate for ads on its TikTok rival short-video making platform Reels, and Reels now has a higher revenue run rate than Facebook/Instagram Stories at identical times post-launch, its Founder and CEO Mark Zuckerberg has revealed.

Indian IT sector top revenue generator, job creator

The already buzzing Indian Information Technology (IT) sector got a shot in the arm when the industry body National Association of Software and Service Companies (Nasscom) predicted that the sector will grow twice as much the Indian gross domestic product (GDP) in the last financial year.
MUMBAI: The already buzzing Indian Information Technology (IT) sector got a shot in the arm when the industry body National Association of Software and Service Companies (Nasscom) predicted that the sector will grow twice as much the Indian gross domestic product (GDP) in the last financial year.

Already rescheduled operations due to lean season, flights as per schedule, says Spicejet

A day after the aviation regulator's order on restriction on the number of flights, budget carrier Spicejet on Thursday said that all its planes departed on time, as per schedule and there were no flight cancellations.
NEW DELHI: A day after the aviation regulator's order on restriction on the number of flights, budget carrier Spicejet on Thursday said that all its planes departed on time, as per schedule and there were no flight cancellations.

IT raids two business groups, finds evidence of irregularities

The Income Tax Department on Monday said that it has carried out a search and seizure operation on two groups - one engaged in agro and textile business, and the other of business faciliatation.
NEW DELHI: The Income Tax Department on Monday said that it has carried out a search and seizure operation on two groups - one engaged in agro and textile business, and the other of business faciliatation.

IRDAI looks to revise startup capital for insurers, experts ask about pricing method

The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to examine the capital needs of different types of insurers to increase the insurance penetration in the country, said a senior official.
CHENNAI: The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to examine the capital needs of different types of insurers to increase the insurance penetration in the country, said a senior official.

Rectified defects identified in 10 aircraft, says SpiceJet

Budget carrier SpiceJet said that it rectified the defects and malfunctions identified in 10 planes by the DGCA and all these ten aircraft are back in operation. The rectification had been done immediately after the DGCA observation.
NEW DELHI: Budget carrier SpiceJet said that it rectified the defects and malfunctions identified in 10 planes by the DGCA and all these ten aircraft are back in operation. The rectification had been done immediately after the DGCA observation.

Zomato was game over on listing itself: Shankar Sharma quotes Amitabh Bachchan from 'Deewar'

Amid the plunge in Zomato shares, stock market investor Shankar Sharma has said that it reminds him of what Amitabh Bachchan said in the epic 1975 hit, 'Deewar'.
NEW DELHI: Amid the plunge in Zomato shares, stock market investor Shankar Sharma has said that it reminds him of what Amitabh Bachchan said in the epic 1975 hit, 'Deewar'.

Smartphone brand Honor says 'maintaining' India business operations 

As reports surfaced that Shenzhen-based Honor, formerly under Huawei, has pulled out its team from India, the company said on Monday that the company is 'maintaining business operation' in the country.
NEW DELHI:As reports surfaced that Shenzhen-based Honor, formerly under Huawei, has pulled out its team from India, the company said on Monday that the company is 'maintaining business operation' in the country.

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