PremiumThe recent demonstrations in China are the greatest show of public dissent against the ruling Communist Party in decades. Xi's response could have a tremendous effect on the Chinese economy, which would hurt oil prices and global economic growth.
Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. Brent crude futures fell 45 cents, or 0.5%, to trade at $82.74 a barrel at 0113 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 51 cents, or 0.7%, to $76.73 a barrel. (Read More)
In a series of tweets, CEO Elon Musk has claimed that Apple threatened to ban Twitter from its app store without providing any explanation. He also claimed that the iPhone manufacturer had ceased running advertisements on the social networking site. The world’s richest man said Apple was putting pressure on Twitter over requirements for content control.
Apple has not confirmed the action, but the move would not be out of the ordinary - given that it regularly enforces its policies. It earlier deleted applications like Parler and Gab. in 2021, Apple reinstated Parler, a social networking service popular with American conservatives, after the app had changed its content and moderation procedures. (Read More)
With a market valuation of ₹378.25 Cr, Dhanlaxmi Bank Ltd. is a small-cap company that operates in the financial services industry. Dhanlaxmi Bank Ltd. was founded in Thrissur, Kerala, in 1927, and it currently has 532 touchpoints around India. The company has informed stock exchanges that the Bank's Board of Directors has fixed Monday, December 5, 2022, as the date on which they will consider or approve the Bank's application to raise funds through the issuance of Non-Convertible Debentures (NCDs) in the form of Tier 2 Bonds that comply with Basel III and total Rs. 200 crores. (Read More)
Tata Consultancy Services has launched the TCS Quantum Computing Lab on Amazon Web Services to help enterprises explore, develop, and test business solutions and accelerate the adoption of quantum computing, the Indian IT major said on Monday.
While quantum computing is still in its nascent stages, it has the potential to help solve challenges too difficult for classical computers to solve in a timely manner at present, such as enhanced detection of surface anomalies or optimization problems.
The TCS Quantum Computing Lab on AWS enables customers to evaluate with agility, the true potential of what quantum technology can realize for their core business operations, it said.
It provides a collaborative ecosystem to ideate, incubate, and test new ideas on Amazon Braket. (PTI)
China reported 38,645 new COVID-19 infections for Nov. 28, of which 3,624 were symptomatic and 35,021 were asymptomatic, the National Health Commission said on Tuesday.
That is compared with 40,347 new cases a day earlier – 3,822 symptomatic and 36,525 asymptomatic infections, which China counts separately.
Excluding imported infections, China reported 38,421 new local cases, of which 3,561 were symptomatic and 34,860 were asymptomatic, down from 40,052 a day earlier.
There were no deaths, compared with zero the previous day, keeping fatalities at 5,233. (Reuters)
The rupee strengthened by 3 paise to close at 81.68 against the US dollar on Monday as lower crude prices in and a firm trend in domestic equities boosted investor sentiment.
Besides, a weak American currency and foreign fund inflows also supported the domestic unit, forex traders said.
At the interbank foreign exchange market, the local unit opened weak at 81.81 and touched an intra-day high of 81.61 and a low of 81.83 against the greenback.
The local unit finally settled at 81.68, registering a rise of 3 paise over its previous close of 81.71. (PTI)
New Delhi Television Ltd (NDTV) said on Monday an entity backed by its founders had issued shares to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a step closer to taking over the media firm.
The transfer of shares will give Adani control over a 29.18% stake in the news group. Adani is also conducting an open offer running between Nov. 22 and Dec. 5 for a 26% stake in NDTV. (Read More)
Three senior executives of BharatPe—chief technology officer Vijay Aggarwal; head of PostPe Nehul Malhotra; and chief product officer for lending and consumer products Rajat Jain —have put in their papers, two people aware of the matter said.
Aggarwal joined BharatPe in March 2020 quit to start his own venture, the people cited above said on the condition of anonymity. Former Paytm executives Jain and Malhotra are “also moving out to pursue their own entrepreneurial journey", the persons added. (Read More)
India's domestic air traffic has shown recovery in air passenger traffic. The domestic carriers flew more than 4 lakh passengers for two consecutive days. After being severely hit by the Covid-19 pandemic, air traffic is picking up but is yet to reach the pre-COVID level when the daily average passenger number was more than 4 lakh.
Currently, the average passenger number is around 3.70 lakh and the same is expected to rise in the coming months as generally December and January witness higher air traffic, according to a senior civil aviation ministry official. (Read More)
The hydrocarbon business of L&T has secured two offshore orders with an estimated cost in the range of ₹1,000-2,500 crore, it said in a regulatory filing to the stock exchanges on Monday.
It has received India's first contract for decommissioning of offshore facilities from British Gas Exploration and Production India (BGEPL, part of Shell Plc Group of Companies).
The contract involves engineering, preparation, removal and transportation of five offshore wellhead platforms and associated facilities at the Tapti field, off India's west coast, which is being operated by the Joint Venture of BGEPL, ONGC, and RIL, the filing said. (ANI)
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest industry casualty after the firm was hurt by exposure to the spectacular collapse of the FTX exchange earlier this month. The filing in a New Jersey court comes as crypto prices have plummeted. The price of bitcoin, the most popular digital currency by far, is down more than 70% from a 2021 peak. (Read More)
ICICI Bank, ITC, Reliance Industries, Adani Enterprises, Axis Bank, and State Bank of India (SBI) are the stocks that have fuelled Nifty’s rally to a high, with the banking sector expected to continue its outperformance even as market experts remained divided over the revival of the IT sector amid global headwinds. Earnings growth will determine the market’s course, the experts said.
Of the Nifty’s 1,509 point or 8.84% rally from a year ago, ICICI has topped with a 317-point contribution, followed by ITC (314 points), RIL (281), Adani Enterprises (153), Axis Bank (139.5) and SBI (114 points). Together, the top six companies accounted for 87% of the Nifty rally, according to Capitaline data. (Read More)
A broad slide on Wall Street left stocks lower Monday as global financial markets reacted to protests in China calling for President Xi Jinping to step down amid growing anger over severe COVID-19 restrictions.
The S&P 500 fell 1.5%, clawing back all of the benchmark index's gains from last week. The Dow Jones Industrial Average finished 1.4% lower, while the Nasdaq composite slid 1.6%.
The world's second-largest economy has been stifled by a “zero COVID" policy which includes lockdowns that continually threaten the global supply chain at a time when recession fears hang over economies worldwide. The recent demonstrations there are the greatest show of public dissent against the ruling Communist Party in decades.
The unrest stoked worries on Wall Street that if Xi cracks down even further on dissidents there or expands the lockdowns, it could slow the Chinese economy, which would hurt oil prices and global economic growth, said Sam Stovall, chief investment strategist at CFRA.
“A lot of people are worried about what the fallout will be, and basically are using that as an excuse to take some recent profits," he said.
More than 90% of the stocks in the S&P 500 closed in the red, with technology companies the biggest weights on the broader market. Apple, which has seen iPhone production hit hard by lockdowns in China, fell 2.6%. (AP)
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