Global corporate profits to fall 8% in Q3 after record Q2
Global corporate profits in the third quarter are likely to fall for the first time in 18 months after record earnings in April-June as the spreading COVID-19 Delta variant squeezes supply chains and raises labour costs, according to a Reuters report.
The combined net profits of 2,542 global companies with market capitalisation of at least $1 billion surged to a record $734 billion in the quarter ended June, the report noted. But profits are estimated to fall 8% on average to $678.2 billion in the July-September quarter.
Curefoods raises $13 milion funding from Iron Pillar, Binny Bansal, others
Curefoods, which operates the cloud kitchen brand EatFit, on Wednesday said it has raised $13 million (about ₹96.4 crore) in funding, led by Iron Pillar. The Series A round also saw participation from Nordstar and Flipkart co-founder Binny Bansal, a PTI report noted.
Curefoods has raised $20 million between seed and Series A funding. The company is also looking at closing a $10 million debt raise in the coming weeks, it said.
India’s July oil imports hit 1-year low on refinery maintenance
India’s July crude oil imports slumped to their lowest in a year, tanker arrival data from industry sources showed, and are likely to rebound in August as refiners are expected to boost runs after maintenance of units, Reuters reported.
Crude imports in July fell 12.5% month-on-month to 3.4 million barrels per day (bpd), but rose 12.8% year-on-year, as refiners shut units for maintenance and cut crude imports anticipating lower fuel demand during the monsoon season, the report noted.
U.S. approves licenses for Huawei to buy auto chips
U.S. officials have approved license applications worth hundreds of millions of dollars for China’s blacklisted telecom company Huawei to buy chips for its growing auto component business, Reuters reported, citing two unnamed sources.
The approvals come as Huawei pivots its business toward items that are less susceptible to U.S. trade bans. According to the report, the government is granting licenses for chips in vehicles that may have other components with 5G capability.
Rupee falls 5 paise to 74.24 against U.S. dollar in early trade
The rupee declined 5 paise to 74.24 against the U.S. dollar in opening trade on Wednesday, tracking the firm American currency.
At the interbank foreign exchange, the rupee opened at 74.20 against the dollar, then fell further to 74.24, registering a fall of 5 paise over its previous close, a PTI report noted.
S.Korea parliament committee votes to curb Google, Apple commission dominance
A South Korean parliamentary committee voted early on Wednesday to recommend amending a law, a key step toward banning Google and Apple from forcibly charging software developers commissions on in-app purchases, the first such curb by a major economy, Reuters reported.
Based on South Korean parliament records, the amendment bans app store operators with dominant market positions from forcing payment systems on content providers and “inappropriately” delaying the review of, or deleting, mobile contents from app markets, the report noted.
Flipkart Wholesale brings in credit programme for kiranas, retailers
Flipkart Wholesale, the digital B2B marketplace of the Walmart-owned company, has announced a new credit programme to help kiranas manage their working capital requirements and grow their business, PTI reported.
Through these new offerings, kiranas can avail credit at zero cost through end-to-end digital onboarding in partnership with IDFC FIRST Bank and other fintech institutions. The credit line will range from ₹5,000 to ₹2 lakh with an interest-free period of up to 14 days.
FM to meet CEOs of public sector banks on August 25
Finance Minister Nirmala Sitharaman will meet heads of public sector banks (PSBs) on Wednesday to review the financial performance of the lenders and progress made by them in supporting the pandemic-hit economy, PTI reported citing sources.
The meeting with MD and CEOs of PSBs assumes significance given the importance of the banking sector in generating demand and boosting consumption.
Supreme Court asks DoT not to invoke bank guarantees of Airtel for three weeks
The Supreme Court on Tuesday directed the Department of Telecommunications (DoT) to not invoke bank guarantees of Bharti Airtel for three weeks, towards recovery of ₹1,376 crore in AGR dues of Videocon Telecommunications Ltd. Videocon had sold its mobile spectrum to the Bharti group.
Open digital systems to unlock $700-billion opportunities by 2030: Nasscom
Open digital ecosystems will unlock more than $700 billion worth of business opportunities for India by 2030 across sectors such as healthcare, agriculture, MSMEs, education, and e-land records, industry apex body Nasscom said in a report on Tuesday.
Three of the largest public digital platforms in the world — Aadhaar, UPI, and CoWIN — were from India, which had significantly fast-tracked the country’s pivot to digitalisation and become integral to its $5-trillion dollar economy aspiration, the report titled Digital India: The Platformisation Play, said.
Indian benchmark indices open higher, rise in early trade
Indian indices opened higher on Wednesday. BSE Sensex opened at 56,067.06, up 108.08 points, while Nifty opened at 16,654.00, up 29.40 points.
In Wednesday’s early trade (at 9:31 A.M.), Sensex gained 220.62 points or 0.39% to reach 56,179.60, while Nifty rose 73.90 points or 0.44% to reach 16,698.50.
On Tuesday, the 30-share BSE index ended 403.19 points or 0.73% higher at its lifetime peak of 55,958.98, while the broader NSE Nifty surged 128.15 points or 0.78% to its all-time closing high of 16,624.60.
Asian stocks hold gains on easing Fed taper worries
Asian shares held onto their recent gains on Wednesday after last week’s pummelling, as global equities rebounded thanks to a combination of positive COVID-19 vaccine news and easing worries over tapering of Federal Reserve stimulus, a Reuters report noted.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last off slightly, but still up 3.7% so far this week. Markets were mixed with Australian shares gaining 0.16%, but Chinese blue chips losing 0.24%.
Wall St extends rally, pushing S&P 500 to 50th all-time high close this year
Wall Street ended higher in a light volume rally on Tuesday as the FDA’s full approval of a COVID-19 vaccine on Monday and the absence of negative catalysts kept risk appetite alive ahead of the much-anticipated Jackson Hole Symposium, Reuters reported.
All three major U.S. stock indexes advanced higher, with the S&P 500 and the Nasdaq closing at all-time closing highs. The session marked the S&P 500’s 50th record high close so far this year.
The Dow Jones Industrial Average rose 30.55 points, or 0.09%, to 35,366.26, the S&P 500 gained 6.7 points, or 0.15%, to 4,486.23 and the Nasdaq Composite added 77.15 points, or 0.52%, to 15,019.80.