A round-up of the big stories
Here is a collection of the most important stories this evening:
CPI inflation edges down to 6.44% in February
India's headline retail inflation rate edged down to 6.44 percent in February from January's three-month high of 6.52 percent, data released on March 13 by the Ministry of Statistics and Programme Implementation showed. Read more
Silicon Valley Bank's all deposits transferred to new bridge bank, normal operations to resume: FDIC
The US Federal Deposit Insurance Corporation (FDIC), which has been made the receiver of the crisis-hit Silicon Valley Bank, on March 13 said all deposits of the lender have been transferred to a new bridge bank. Read more
Credit Suisse default swaps hit record as SVB failure hurts banks
The cost of insuring the bonds of Credit Suisse Group AG against default climbed to the highest on record as the collapse of Silicon Valley Bank sparked concern about broader contagion in the banking industry, Bloomberg reported. Read more
CBI inquiry into 'corruption' launched at 5 state branches of Red Cross
A CBI inquiry has been launched at the regional branches of the Red Cross Society in four states and a Union Territory over complaints of corruption and financial irregularities. Read more
Centre seeks Parliament nod to spend Rs 2.71 lakh crore more in 2022-23
The Union government has sought the Parliament's approval to spend an additional Rs 2.71 lakh crore on a gross basis in 2022-23. In the second Supplementary Demands for Grants for 2022-23 tabled in Lok Sabha on March 13 by Finance Minister Nirmala Sitharaman, the government said that the net cash outgo would be Rs 1.48 lakh crore. Read more
Power Demand: NTPC subsidiary floats tender to buy 4 GW gas-based power for 'crunch period'
NTPC Vidyut Vyapar Nigam Ltd (NVVN), a subsidiary of India’s largest state-owned power generator NTPC Limited, has floated a tender for procurement of 4 gigawatt (GW) electricity from gas-based power (GBP) plants on a competitive bidding basis to help the government meet the “crunch period”, projected from April 10 to May 16. Read more
Pfizer to buy Seagen for $43 billion to deepen its reach into treating cancer
Pfizer will spend $43 billion to buy Seagen and deepen its reach into treating cancer. The pharmaceutical giant said on March 13 that it will pay $229 per Seagen share. Read more