Business Standard - March 04, 2023

In this issue

March 04, 2023

TO FUND PUMPED STORAGE PROJECTS...Greenko raises ₹5.7K cr from GIC, Orix and founders

Hyderabad-based Greenko Holdings has raised Energy $700 million (about 25,700 crore) equity funding from the founders, along with GIC, a wholly owned subsidiary of the Abu Dhabi Investment Authority, and Japanese financial group Orix Corporation.

2 mins

Markets soar over 1.5% as Adani concerns ease

Sensex, Nifty log best single-day gains in nearly 4 months; bank stocks lead

2 mins

BIG SHIFT FROM CHINA: Foxconn commits $700 mn for new plant in Karnataka

Apple partner Foxconn is stepping up its India business plans and investments significantly, in a move that is being seen as a shift from China just like its key customer. In the latest development, Taiwanese electronics contract manufacturer Foxconn has decided to invest an estimated $700 million to set up a new plant in Karnataka. The proposed plant, to be located near the Bengaluru airport, is expected to manufacture and assemble devices including the iPhone.

2 mins

Turmoil in Nigeria looms over Indian pharma, auto firms

Exports of Indian automotive, pharmaceutical, and consumer goods companies are likely to be impacted in the near-term by the political uncertainty, demonetisation, and poor economic growth in Nigeria.

1 min

British Scotch makers seek safeguard against duty hikes

The Scotch Whisky Association (SWA), the trade body representing Scotch producers of the UK, has urged the British government to negotiate safeguards with its Indian equivalent under the ongoing trade talks to prevent further increase in excise and other taxes on alcohol at state level.

2 mins

Free markets may not create competition on their own, says CEA

‘Morality, ethics should undergird free-market economy’

2 mins

Quad announces working group on counter-terrorism

BLINKEN SAYS RUSSIA MUST BE PUNISHED FOR UKRAINE WAR. QUAD STATEMENT: THREAT OF USE OF NUCLEAR WEAPONS 'INADMISSIBLE'

2 mins

Chatbots may bring $12-bn biz for digital commerce firms

With a rising number of digital commerce firms employing their services, chatbots may bring them about $12 billion in business revenue. This is according to Swapan Rajdev, the chief technology officer and co-founder of Haptik, a leading player in the chatbot world. Digital commerce firms range from companies engaged in e-commerce and insurance to financial services, banking, travel, hotels, and gaming.

2 mins

RBI penalises Amazon Pay, Ola, 2 others

The Reserve Bank of India on Friday imposed a penalty of Rs 3.06 crore on Amazon Pay (India) Pvt Ltd for non-compliance with provisions of the Prepaid Payment Instruments (PPIs) norms and Know Your Customer (KYC) norms.

2 mins

Boeing vs Airbus: 'IndiGo in talks for over 500 jets'

Indian budget carrier IndiGo is in talks with both Boeing and its current supplier Airbus to order more than 500 passenger jets, potentially smashing an industry record set by domestic rival Air India a few weeks ago, industry sources said.

1 min

Services PMI hits 12-year high of 59.4 in February

The Purchasing Managers' Index (PMI) for the India's dominant services sector touched a 12-year high of 59.4 in February, as a survey by the credit rating agency S&P global, released on Friday, showed strong demand and easing of price pressures amid mild job creation in the country.

2 mins

It's a shame only Ukraine is of interest to G20: Lavrov

Russian Foreign Minister Sergey Lavrov Lon accusing them of raking up the Ukraine issue during G20 meetings and claiming that nobody \"gave a damn\" over the situation in Iraq, Afghanistan, and Yugoslavia in previous deliberations of the grouping.

1 min

₹ records best one-day rise in nearly 4 mnths

Adani-related flows, weaker dollar index push ₹ up to one-month high

1 min

India looks to partner Embraer, Sukhoi to make small jets locally

The central government is looking to partner global aircraft manufacturers, including Embraer SA and Russia's Sukhoi, to make small planes locally as it seeks to improve connectivity tiny towns and far-flung areas, according to people familiar with the matter.

1 min

Zoom fires president Tomb 'without cause'

Zoom Video Communications Inc. abruptly terminated the employment of President Greg Tomb, a former Google executive who had only started at the videoconferencing company in June.

1 min

Xi ousts tech bosses in favour of chip execs

Economy showing signs of recovery from its Covid slump

1 min

Putin orders new rules for defence firms in case of martial law

Russian President Vladimir Putin signed a decree Friday laying out new rules for tightening control of companies that fail to fulfill defense contracts in the event martial law is imposed, the latest step in the Kremlin's preparations for militarising the economy as its invasion of Ukraine stretches into a second year.

1 min

Bailout bid: Lanka hikes interest rates by 100 bps

Sri Lanka's central bank raised interest rates in an unexpected move on Friday in a bid to help the country secure a bailout package from the International Monetary Fund (IMF) to stabilise its crisis-hit economy.

1 min

As AI booms, lawmakers struggle to understand tech

In recent weeks, two members of Congress have sounded the alarm over the dangers of artificial intelligence. Representative Ted Lieu, Democrat of California, wrote in a guest essay in The New York Times in January that he was \"freaked out\" by the ability of the ChatGPT chatbot to mimic human Another writers.

1 min

PBOC signals stable policy as economy rebounds

China's central bank Governor Yi Gang signaled monetary policy will largely be stable this year, saying interest rates in the economy are appropriate, inflation will remain under control and the currency's volatility wasn't a concern.

1 min

Russians pound access to Bakhmut

US readies $400 million in new military aid

1 min

Icra turns 'negative' on 2 Adani firms

Icra has revised the rating outlook on two Adani group entities - Adani Ports and Special Economic Zone (APSEZ) and Adani Total Gas (ATGL) - from \"stable\" to \"negative\". This is on account of deterioration in the group's financial flexibility.

1 min

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