Another RBI hike expected, Companies slash spending and more: Mint Morning Digest
Premium- Mint Morning Digest: Read top business news, equity market precursors, and economic and banking news updates from India and across the world for 8 June, 2022
Mint Morning Digest
RBI to hike repo rates, raise inflation prediction today: Experts
According to market experts and economists, the Reserve Bank of India (RBI) is expected to raise the policy repo rate by 40 basis points to 4.80 percent on June 8 and raise the inflation prediction for the current fiscal year to above 6 percent from its previous expectation of 5.7 percent. Read more
Companies apply brakes on spending, slash discretionary expenses
Firms are tightening their purses and dialling down discretionary spending like offsites, travels and big-budget events, warning of choppy quarters ahead. Read more
FM asks regulators to stay ahead of digitization curve
Finance minister Nirmala Sitharaman urged regulators to stay ahead of the curve when dealing with digitization while emphasizing the critical role they played during the lockdown when companies were allowed to complete compliances virtually.Read more
SBI steps up infra financing on signs of private capex pickup
State Bank of India (SBI), the country’s largest lender, has doubled down on loans to the infrastructure segment comprising roads, ports and power in FY22, amid renewed demand for credit from private companies. Read more
Consensus eludes WTO ahead of ministerial
With five days to go for the World Trade Organization’s ministerial meeting, a consensus is yet to evolve on key issues, including India’s proposal for a permanent solution on public stockholding for food security and patents waiver on covid-19 vaccines, amid major differences between Western countries and the developing nations. Read more
Tokyo stocks open higher, extending US gains
Tokyo stocks opened higher on Wednesday, tracking Wall Street rallies, with a cheap yen giving some support to exporters. The benchmark Nikkei 225 index was up 0.61 percent, or 169.99 points, at 28,113.94, while the broader Topix index was up 0.45 percent, or 8.71 points, at 1,955.74. Read more