Sensex dives 1,155 points in early trade amid weak global markets

Yesterday, the equity benchmarks surrendered early gains to close with modest losses, snapping their two-day winning streak. The 30-share BSE Sensex soared in opening trade yesterday, before succumbing to bouts of volatility in the afternoon session. It finally settled 109.94 points or 0.20 per cent lower at 54,208.53. On similar lines, the broader NSE Nifty dipped 19 points or 0.12 per cent to finish at 16,240.30 yesterday.

UAE Crown Prince directs government employees to work remotely. Here's why

Sheikh Ammar bin Humaid Al Nuaimi declares April 16, 2024, as a remote working day for Ajman government employees due to weather changes. This decision applies to all government departments in Ajman, except for essential roles that require on-site presence.

Rupee falls to a record low of 83.51 against US dollar

The rupee fell 9 paise to 83.53 against the dollar due to a strong US currency and high crude oil prices. Foreign fund outflows and negative equities trend also impacted. Dollar index rose to 106.34, while Brent crude futures hit USD 90.58. FIIs sold shares worth ₹3,268.00 crore. Wholesale inflation rose to 0.53%, and India's exports dipped in March.

Meta to temporarily shut down Threads in Turkey. Here's why

Meta Platforms Inc. will shut down Threads in Turkey due to data sharing concerns from local authorities. The Turkish Competition Authority fined Meta and ordered compliance by mid-December. Meta plans to appeal and stated that the suspension only affects Threads in Turkey. Threads will be unavailable from April 29.

Pakistan hikes fuel prices: Petrol at PKR 293.94, diesel at PKR 290.38 per litre

The Pakistani government increased petrol prices by PKR 4.53 per litre and high-speed diesel by PKR 8.14 per litre for the next fortnight, citing international market price changes. Petrol now costs PKR 293.94 per litre, and HSD costs PKR 290.38 per litre. The decision affects transport costs and inflation, impacting middle and lower-middle-class budgets. The government did not disclose kerosene and LDO prices.

Creating sexually explicit deepfake images to be criminalised in UK

The UK will criminalize sexually explicit deepfake images to tackle violence against women. Offenders face prosecution and fines for creating such content without consent. The government aims to combat the rise of deepfake technology used to humiliate victims. New laws will also target those capturing intimate images without consent. Aggravating factors will be considered for offenders causing harm through sexual misconduct.

Adidas Could Benefit From Nike’s Innovation Struggles, Morgan Stanley Says

Adidas AG is gaining favor in sports footwear fashion trends over Nike Inc. due to product innovation struggles. Morgan Stanley analysts upgraded Adidas stock, citing strong sell-out trends and a more rational pricing approach. Nike faces criticism for lacking freshness, with Adidas now seen as a more promising investment. Adidas shares rose 4.0% in Frankfurt, while Nike has fallen 14% this year.

Wholesale inflation inches up marginally to 0.53% in March

Wholesale inflation in India rose to 0.53% in March due to increased prices of vegetables, potato, onion, and crude oil. Food inflation increased to 6.88%, with vegetable prices rising by 19.52%. Meanwhile, retail inflation dropped to 4.85% in March, attributed to lower food prices. The Consumer Price Index for food was at 8.52% in March.

Apple’s iPhone shipments fall 10% as android rivals rise: What's happening?

Apple Inc. faced a nearly 10% decline in iPhone shipments in Q1, losing ground as global smartphone market rebounded. Samsung Electronics Co. reclaimed top spot, while Transsion and Xiaomi Corp. saw significant growth. Apple struggled in China, shipping 5 million fewer iPhones year-over-year. IDC reports rising average selling prices for premium models. Apple resorted to discounts to boost sales, with some partners in China offering $180 off regular prices.

India biz helps TCS post 9 pc jump in Q4 net profit; company says FY25 to be better

TCS reported a 9% growth in net profit in Q4 FY24, with domestic business strong amid struggles overseas. Annual net profit rose 9%, revenue increased. Workforce declined by 13,000 in a year. North America and Europe saw revenue dips, but domestic business grew. CEO optimistic for FY25. Company focusing on new deals, improving margins. Plans to hire 40,000 freshers, offer pay hike. Deal with BSNL facing some delays.

Solid profits at banks as execs debate US economic risks

Large American banks reported solid earnings driven by high interest rates, with varying views on the possibility of a near-term recession. JPMorgan Chase saw higher profits, while Citigroup and Wells Fargo reported lower profits due to increased costs. Despite concerns about inflation and geopolitical risks, officials suggest a "soft landing" for the economy is possible. Shares of the banks reacted differently to the news.

Swedish Inflation Surprise Spurs Bets on Rate Cut Next Month

Sweden's underlying inflation rate fell in March, prompting expectations for the Riksbank to cut interest rates before major peers. Economists predict a rate cut in May due to weaker-than-expected inflation data. The Swedish krona weakened, and traders anticipate an 82% chance of a rate reduction in May. The central bank remains cautious, considering risks of boosting spending and price increases.

Moody's maintains stable outlook for India

Moody's maintains stable outlook for Indian government with Baa3 and P-3 ratings, citing gradual fiscal improvement and robust growth prospects. India's economy is stronger post-pandemic, with projected GDP growth at 8% for FY 2023-24. Moody's expects sustained growth above 6% for the next two fiscal years, despite high debt levels and low per capita income. India's economic growth outpaces other G20 peers, fueled by strong domestic demand.

World's largest renewable energy park- 5 times bigger than Paris- now in India. There's a Gautam Adani connection

Adani Group transforms barren land near Pakistan border into a renewable energy park at Khavda in Gujarat's Kutch. The park, spread over 538 sq km, will be capable of generating 30 GW of clean electricity, with plans to expand further. Adani Green Energy Ltd invested Rs 1.5 lakh crore in the project and aims to generate 500 GW of electricity from non-fossil sources by 2030. The innovative project faces challenges including dust storms and lack of infrastructure.

Report links H&M, Zara to environmental destruction in Brazil

Environmental group Earthsight's report "Fashion Crimes" reveals H&M and Zara sourced cotton linked to deforestation and corruption in Brazil's Cerrado savanna. Despite being labeled ethical by Better Cotton, the cotton came from farms with a history of violations. The companies are urged to address the issue, while Better Cotton conducts an audit. Brazilian Cotton Producers' Association denies allegations.

Digi Yatra likely to be rolled at 14 more airports in April

Digi Yatra, a contactless system using Facial Recognition Technology for airport passengers, is set to expand to 14 more airports by the end of April. The facility aims to enhance user experience and privacy measures. Discussions are ongoing to make it available for international travelers. The Digi Yatra Foundation assures that passenger data is encrypted and under user control.