Mint Afternoon Digest: Airfares rise sharply, recession fears hit global markets


SC judge MR Shah suffers heart attack, condition extremely critical

Supreme Court judge MR Shah has suffered a heart attack on Thursday. He is being rushed to Delhi in an air ambulance from Himachal Pradesh. Read more

GST faces its biggest challenge yet after a top court ruling

Several Indian states are pressuring Prime Minister Narendra Modi’s government to extend a program to continue compensation for losses from a goods and services tax or risk a stalemate in attempts to further simplify the structure. Read more

Monsoon to advance into these states in next 3 days

Conditions are favourable for further advance of monsoon into more parts of north Arabian Sea, Gujarat, Madhya Pradesh, remaining parts of Vidarbha, Andhra Pradesh and west-central and north-west Bay of Bengal, the IMD has predicted. Read more

Power demand will continue to rise, 205 GW is new baseline

India’s power demand will continue to grow and largely remain above 205 GW going ahead, union minister for power R.K. Singh said on Thursday. Read more

Airlines on ATF price hike

In the wake of rising prices of jet fuel, budget carrier airline SpiceJet today called for 10-15 per cent hikes in airfares to sustain the operation. Read more

After SBI, ICICI Bank hikes FD interest rates

Private sector lender ICICI Bank is the latest to join the bandwagon of hiking fixed deposit interest rates. ICICI’s new FD rates have come into effect from Thursday onward. Senior citizens are set to benefit the most from the rate hike. Read more

Why Sensex, Nifty fell below 52-week lows today

Investors weighed risks to growth from surging inflation after the Federal Reserve went ahead with the biggest rate increase and in India, the sustained FPI selling is a major headwind, says analysts. Read more

Mint Mid day Digest

Rakesh Jhunjhunwala-backed Akasa Air takes delivery of its first Boeing 737 Max aircraft

New airline Akasa Air on Thursday took delivery of the first 737 Max aircraft from Boeing in Seattle, USA. The airline had signed a deal with Boeing on November 26, 2021 to purchase 72 Max planes, after Indian aviation regulator DGCA gave the green light to Max aircraft. Read more

Gold prices rise today but still down 1,200 in 2 days

Gold and silver rates today edged higher in Indian markets after recent volatile sessions. On MCX, gold futures were up 0.4% to 50,670 per 10 gram while silver futures went up by 0.6%. Gold had hit a one-month high of 51,800 per 10 gram on Friday. Read more

Revlon files for bankruptcy due to high debt and supply chain pain

Revlon has filed for Chapter 11 bankruptcy, unable to manage its heavy debt load amid the supply chain crunch and steep inflation. According to reports, Revlon had long-term debt of $3.31 billion, as of end-March. Read more

ATF prices at all-time high: Flight tickets to cost you more. What SpiceJet CMD says on increase in airfares

Airfares may rise further in the coming days after the latest hike in jet fuel price. State-backed oil marketing companies (OMCs) have announced a hike in the aviation turbine fuel prices effective today, June 16. After this hike, jet fuel prices have reached an all-time high. Read more

Top five soft skills that companies are struggling to find in candidates in India

Global talent shortages are at an all-time high, with 83% of employers reporting difficulty in filling roles, however, a six percent decrease compared to last year, as per ManpowerGroup Employment Outlook Survey. Read more

After IT, these sectors to see strong hiring demand

Hiring optimism is being tempered by the highest levels of global talent shortages in 16 years. Shifting demographics, including shrinking birth rates and the rise in early retirees, means talent is scarcer than ever before, as per ManpowerGroup Employment Outlook Survey. Read more

Mint Morning Digest

5 pressure keys to watch in Asia after Fed’s rate hike

Asia traders are waking up to a relief rally across the Pacific after Federal Reserve Chair Jerome Powell promised the biggest rate hike since 1994 won’t be the rule. But nerves are frayed after this month’s market volatility and his warning that growth will slow and unemployment climb could still result in new bouts of risk asset selling. Read more

US Fed hikes interest rate by 75 bps, biggest since 1994

The US Federal Reserve raised their main interest rate by three-quarters of a percentage point – the biggest increase since 1994 – as widely expected by traders. The data suggest the Federal Open Market Committee (FOMC) may need to act more decisively, slowing consumer and business spending and the job market to bring prices under control. Read more

Ashneer Grover plans new startup, looks to raise $200 mn

Former BharatPe chief executive and co-founder Ashneer Grover is in talks with US-based family offices and offshore private equity players to raise $200-300 million for starting a new business, two people with direct knowledge of the matter said on the condition of anonymity. Read more

MF unit holders must furnish declaration form for opting out of nomination: Sebi

The Securities and Exchange Board of India (Sebi) has come out with a circular stating that the mutual fund unit holders must furnish a separate declaration form if they do not want to file a nomination for their holdings. Read more

E-scooter maker Ather Energy tests IPO waters

Bengaluru-based electric 2-wheeler maker Ather Energy has initiated discussions with investment banks, exploring the possibilities of going public in the near future, said two people aware of the development, speaking on the condition of anonymity. Read more

Battle for 5G starts in July, in test for telcos

India will auction 5G airwaves beginning 26 July as the government set the ball rolling for the next round of spectrum sale following an approval from the Union Cabinet on Wednesday. Final bids from interested parties have been called by 8 July. Read more

Elon Musk or Warren Buffett? Who’s got it right on EVs

Over a decade ago, Elon Musk scoffed at the idea that China’s BYD Co. was a legitimate competitor. Oh, how the mighty have fallen. Now, Warren Buffett-backed BYD is set to wash out its closest rival in China, Tesla Inc. Last week, a BYD executive said that his company was “preparing to supply batteries to Tesla very soon.” The potential deal will catapult BYD to become one of the world’s most prominent and largest EV and battery manufacturers. Read more

 

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Divyansh Singh

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