- May retail inflation has dipped to 4.25% and that is a good sign. Further drop in inflation could result in a fall in the intererst rates sooner than later and that will help the economy move forward.
- Inflation rate in the US has dropped to 4% in May and that is another good sign that the interest rates in the US may have peaked.
- WPI inflation has declined to a 9 month low of -3.48% in May, which means deflation at the producer price levels.
- Mirae Asset infuses fresh capital of Rs 1240 crore in its Indian broking arm.
- RBI to look into companies that do not co-operate with the credit rating firms. 50% of the rated firms have not co-operated fully with the credit rating agencies.
- As per the commerce ministry, India, UAE Central Banks discussions on rupee dirham trade progressing very fast.
- JLR will recruit around 1000 people globally in 2023. The company said in the last annual report that there would be a record intake and a 55% increase as compared to the last year. JLR has also hired more than 80 digital and engineering people to work on technologies including autonomous driving, artificial intelligence, electrification, cloud software, data science, machine learning etc.
- India to lose around 6500 millionaires in 2023, Dubai and Singapore are the top choices.
- As EV vehicles gain ground, TRAM that is electric run in Calcutta is losing its charm, may be because of its low speed.
- EU asks Google to sell part of ad business to address competition concerns. So, want to break the monopoly.
- As per SEBI rules, a mutual fund scheme cannot invest more than 10% in a single security. However, exchange traded funds and funds that invests in particular sectors are exempt. India’s market regulator is unlikely to give special exemption to mutual funds if they breach the norms for maximum permitted holdings.
- India’s Oil demand growth to overtake China by 2027 as per IEA.
- Despite the best growing and the most stable economy in the World, global rating agencies give lower ratings to India due to perceived weak government’s fiscal ratios, as well as lower per capita GDP. The Government finances in many cases globally are much worse than India and yet they receive higher ratings. So, lot of injustice done to India.
- ECB has raised interest rates by 25 bps to 3.5%.
- China unemployment has reached a record rate of 20.8%. It seems that the Chinese bubble is about to burst. Their overdependence on the foreign markets, huge capacities and overheads and World trying to find an alternative to China and China plus strategy.
- Glenmark Pharma slashed prices of breast cancer drug Trastuzumab. Huge slashing from Rs 54000 to Rs 15749 for a 440 mg vial. Per mg cost will be Rs 35 and it will be the lowest in the market as of now. A patient need to undergo a minimum 18 cycles of treatment taking the costs to Rs 4-5 lakhs for breast cancer. This will be a much needed relief to patients.
- Indian ports saw 2.4% rise in traffic for April and May.