Operations of public sector banks (PSBs) may be impacted as bank union AIBEA has given a strike call for Saturday to oppose incessant outsourcing of jobs. Although the officers are not part of the strike, there may be some impact on cash deposit and withdrawal, clearing of cheques etc. Several banks, including Bank of Baroda and Punjab and Sind Bank, have already informed their customers about the potential impact on services if November 19 strike materalises.
Posts tagged Rediff
iPhone’s price markup remains way below inflation rate (17-11-2022)
The price of the base model of the iPhone increased 25 per cent between 2017 and 2022, whereas inflation rose 29.7 per cent between September 2017 and September 2022.
Pandemic boom: How Big Tech, start-ups got it wrong (17-11-2022)
Mark Zuckerberg, founder and CEO of Meta, summed it up well as he explained the reason for the company sacking 13 per cent of its employees. He said no one predicted that the boom for digital services during the Covid pandemic would die out. “Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended.
Don’t Make It A Pre-Election Budget, Nirmalaji (17-11-2022)
The need of the hour for the government would be to tighten its fiscal belt, recommends A K Bhattacharya.
‘PV sales could hit over 38 lakh units in FY23’ (16-11-2022)
Passenger vehicle sales in India could hit a record of over 38 lakh units in FY23 but the strong growth momentum is not expected to carry over to 2023-24 with pent-up demand already been released, according to Tata Motors Passenger Vehicles managing director Shailesh Chandra.
FPI investment in Indian equities rises to $566 bn (16-11-2022)
After declining for three consecutive quarters, the value of FPI investment in Indian equities rose 8 per cent quarter-on-quarter to $566 billion in the July-September period, according to a Morningstar report on Wednesday. A fast-changing global macroeconomic landscape, sentiments and opportunities that the Indian equity markets have to offer impacted the direction of flows by Foreign Portfolio Investors (FPIs). Through the quarter, the value of the FPI holdings in domestic equities surged by 8 per cent to $566 billion from $523 billion recorded in the previous quarter.
After 2 years, BMW India turns the corner, logs profit (16-11-2022)
After incurring losses for two years on the trot, German luxury automotive company Bayerische Motoren Werke AG (abbreviated as BMW) has posted net profit in India in 2021-22 (FY22), primarily due to high demand of its top-end vehicles, cost optimisation, and price hikes, Business Standard has learnt. BMW India said in its FY22 financial statement that the company is focusing on growth and achieving profitability through induction of new products in the market, strengthening its dealership network, and improving customer satisfaction while reducing costs. The company posted its highest-ever revenue in India in FY22 at Rs 4,365.8 crore.
India’s air safety scores to improve big time: DGCA (16-11-2022)
India’s scores in the ICAO’s air safety oversight audit will improve substantially as the international watchdog’s just-concluded validation mission was highly successful as per the initial reports, regulator DGCA said on Wednesday. ICAO is the International Civil Aviation Organisation. Under its Universal Safety Oversight Audit Programme (USOAP) Continuous Monitoring Approach, an ICAO Coordinated Validation Mission (ICVM) was undertaken from November 9 to 16.
Rotomac Global booked in Rs 750 crore bank fraud case (16-11-2022)
The CBI has booked Kanpur-based Rotomac Global and its directors for Rs 750.54 crore for alleged fraud in Indian Overseas Bank, officials said. The company, which was in the business of writing instruments, has a total outstanding of Rs 2,919 crore against a consortium of seven banks led by Bank of India in which Indian Overseas Bank has an exposure of 23 per cent. The agency has booked the company and its Directors – Sadhna Kothari and Rahul Kothari – under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act.
Sensex settles at fresh life-time high; gains 108 pts (16-11-2022)
Equity benchmark indices ended the trade in the positive territory on Wednesday, with the BSE Sensex closing at its fresh life-time high of 61,980.72, helped by buying in banking counters. After facing highs and lows during the day, the 30-share BSE Sensex finally ended 107.73 points or 0.17 per cent higher at 61,980.72. During the day, the index hit its 52-week high of 62,052.57, higher by 179.58 points.