Many banks’ profits will take a hit and a few of them could even end up being in the red because of treasury losses, triggered by a sudden spike in government bond yields in the rising interest rate cycle, notes Tamal Bandyopadhyay.
Posts tagged Rediff
World’s 4th Richest Man With Friends (20-07-2022)
Gautam Adani is now the fourth richest person on the planet. The chairman of the Adani group overtook Bill Gates — once the richest man in the world — this week.
ED arrests Mumbai’s ex-police chief Sanjay Pandey (19-07-2022)
The Enforcement Directorate (ED) on Tuesday arrested former Mumbai police commissioner Sanjay Pandey in connection with a money laundering case linked to the alleged illegal phone tapping of NSE employees, officials said.
Around 1,000 passenger complaints received against A-I (19-07-2022)
Around 1,000 passenger complaints have been received against Air India during the last three months related to various issues, including refund of fares, overbooking of flights, and staff behaviour, Minister of State for Civil Aviation V K Singh said on Monday. The Tata Group on January 27 took control of Air India after winning the bid for the airline on October 8 last year. “Ministry of Civil Aviation has been receiving grievances related to air transport, including Air India, on the various issues such as refund of fares, flight issues, staff behaviour, baggage issues, overbooking of flights, etc,” Singh said in his written reply to a question in Rajya Sabha.
Musk’s alarm over Twitter bots takes lid off ad frauds (19-07-2022)
Elon Musk’s decision to drop the idea of acquiring Twitter over purported under-reporting of fake accounts due to the use of bots has opened a can of worms on what is a growing and crucial problem – advertisers who put in money based on these falsified numbers (which is the mainstay revenue of these platforms) are making losses; they are paying for bots in the guise of viewers. mFilterIt – a global digital and advertising (ad) fraud detection and protection company in India – says search engines like Google have the lowest average ad fraud rate of 10-12 per cent, based on the inference arrived at while working with clients that use these platforms. This means 10-12 per cent of the ad viewership is generated by machines.
India’s passenger vehicle exports jump 26% in Apr-Jun (19-07-2022)
India’s passenger vehicle exports rose by 26 per cent in April-June 2022 aided by enhanced shipments to Latin America and Africa and a low base of the year-ago quarter that was hit by the second wave of COVID-19. As per the latest data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle shipments rose to 1,60,263 units in the April-June period of this fiscal as compared with 1,27,083 units in the same quarter of 2021-22. Passenger car shipments saw an 88 per cent year-on-year growth at 1,04,400 units while utility vehicle exports rose 18 per cent to 55,547 units during the period under review, SIAM data showed.
Russia defaults on LNG supplies to India (19-07-2022)
Russia has defaulted on the supply of at least 5 cargoes or shiploads of LNG to India after its retaliatory sanctions hit one of the companies that supply gas to India, sources said. India’s largest gas firm GAIL has a long-term deal to import 2.85 million tonnes of liquefied natural gas (LNG) per annum from a Singapore-based unit of Russian gas producer Gazprom. The company has since June defaulted on the supply of 5 cargoes of LNG under that contract citing difficulty in sourcing gas due to sanctions, two sources briefed on the matter said.
‘Our most important client is India’ (19-07-2022)
‘We actually have a problem because there may be too much activity in India.’ ‘Markets don’t like too much concentration. But we are very happy with our collaborations in India.’
Sensex recovers smartly, ends up 246 points (19-07-2022)
Equity indices overcame a wobbly start to clock gains for the third session on the trot on Tuesday, propped up by banking, metal and energy stocks amid a mixed trend in global markets. A recovery in the rupee also bolstered sentiment, traders said. The 30-share BSE Sensex advanced 246.47 points or 0.45 per cent to settle at 54,767.62 after starting the trade on a weak note. In a volatile session, the benchmark hit a high of 54,817.52 and a low of 54,232.82 during the day.
10 years on, ex-Kingfisher staff wait for their dues (19-07-2022)
Ten years after Kingfisher Airlines was grounded, its former employees continue to wait for their dues. On Monday, the Supreme Court awarded a four-month sentence to the grounded airline’s flamboyant owner Vijay Mallya in a contempt case. The apex court also ordered him to deposit $40 million plus interest in four weeks to avoid attachment of his properties.