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In signs of more trouble for electric car maker Tesla it has been sued over an alleged suspension failure in a crash that killed driver and a passenger in Florida state last year, incident sparked a federal probe in US.

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AirAsia Aviation Group unveiled plans for a low-cost air ridesharing service in Southeast Asia after signing a non-binding deal with lessor Avolon for at least 100 Vertical Aerospace VX4 electric vehicles.

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According to the National Association of Software and Services Companies (Nasscom), India's technology sector crossed $200 billion in revenue in the financial year to record $227 billion.

The technology industry grew over 15 per cent with incremental revenue growth of $30 billion. "A combination of digital and innovation was the industry’s winning formula," NASSCOM said, adding,"platformisation and XaaS were instrumental in accelerating tech adoption."

The report said it was the "year of startups" with&nbsp;"tech startups leapfrogging into scale-up mode" even as the e-commerce sector saw deeper penetration.

<a href="https://www.wionews.com/business-economy/how-will-union-budget-2022-2023-impact-non-resident-indians-nris-449602">Also Read:&nbsp;How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)?</a>

The tech industry also crossed 5 million in total direct workforce with "hybrid work models" helping to scale up the industry’s digital capability.

"The share of digital to total revenue stands at 30-32 per cent with 1 in 3 employees being digitally skilled," the report noted while informing that India's share of global sourcing market now stands at 59 per cent.

NASSCOM said: "over the next few years, the enterprise sector is expected to contribute $350-400 Bn to India’s dream of becoming a $1 trillion digital economy."

NASSCOM President Debjani Ghosh said: "2021 has been a great run for the year with our combined revenue crossing $200 bn. While exports did play a large part in this growth, domestic market emerged as a great propeller."

(With inputs from Agencies) 
&nbsp;

According to the National Association of Software and Services Companies (Nasscom), India's technology sector crossed $200 billion in revenue in the financial year to record $227 billion.

According to the National Association of Software and Services Companies (Nasscom), India's technology sector crossed $200 billion in revenue in the financial year to record $227 billion. The technology industry grew over 15 per cent with incremental revenue growth of $30 billion. "A combination of digital and innovation was the industry’s winning formula," NASSCOM said, adding,"platformisation and XaaS were instrumental in accelerating tech adoption." The report said it was the "year of startups" with "tech startups leapfrogging into scale-up mode" even as the e-commerce sector saw deeper penetration. Also Read: How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)? The tech industry also crossed 5 million in total direct workforce with "hybrid work models" helping to scale up the industry’s digital capability. "The share of digital to total revenue stands at 30-32 per cent with 1 in 3 employees being digitally skilled," the report noted while informing that India's share of global sourcing market now stands at 59 per cent. NASSCOM said: "over the next few years, the enterprise sector is expected to contribute $350-400 Bn to India’s dream of becoming a $1 trillion digital economy." NASSCOM President Debjani Ghosh said: "2021 has been a great run for the year with our combined revenue crossing $200 bn. While exports did play a large part in this growth, domestic market emerged as a great propeller." (With inputs from Agencies)

Indian IT sector crossed $200 billion revenue mark in FY22: Nasscom

Trouble for the British PM Boris Johnson is not limited to the partygate scandal. The United Kingdom has also hit the highest inflation levels in the last three decades adding pressure to the cost of living and also to the Bank of England to keep raising rates.

UK inflation hits 30-year high

High bonuses to already well-paid British bankers are creating a lot of negative buzz with at least one workers' union describing it as a 'kick in the teeth for everyone suffering with the cost of living crisis'. The top bankers will collect their fat bonuses this week.

As per figures stated by The Guardian, mergers and acquisitions (M&amp;A) bankers in London earned fees of USD 3.5 billion in the year 2021. These M&amp;As were triggered by corporate takeovers fuelled by money from American buyers. The money collected in fees will soon be given to the bankers in form of high bonuses.

Four big banks (HSBC, Barclays, Lloyds Banking Group and NatWest) are expected to award bonuses totalling more than GBP 4 billion. These banks are expected to announce their annual results in next fortnight.

Annual profits of these four banks combined are expected to exceed GBP 32 billion.

The workers' unions are not too happy with the situation, especially after governor of the Bank of England, Andrew Bailey's appeal to workers across the country to not ask for pay hikes from&nbsp;employers. He said he made this appeal to keep inflation in check. Bailey himself was paid £575,538 last year.

“These sky-high banker bonuses are a kick in the teeth for everyone suffering with the cost of living crisis. I hope Andrew Bailey tells his banking mates to show the same ‘restraint’ he so readily demands from underpaid workers in the rest of the economy," said Gary Smith, general secretary of the GMB union. He was quoted by The Guardian. The union represents 600,000 workers.

High bonuses to already well-paid British bankers are creating a lot of negative buzz with at least one workers' union describing it as a 'kick in the teeth for everyone suffering with the cost of living crisis'.

High bonuses to already well-paid British bankers are creating a lot of negative buzz with at least one workers' union describing it as a 'kick in the teeth for everyone suffering with the cost of living crisis'. The top bankers will collect their fat bonuses this week. As per figures stated by The Guardian, mergers and acquisitions (M&A) bankers in London earned fees of USD 3.5 billion in the year 2021. These M&As were triggered by corporate takeovers fuelled by money from American buyers. The money collected in fees will soon be given to the bankers in form of high bonuses. Four big banks (HSBC, Barclays, Lloyds Banking Group and NatWest) are expected to award bonuses totalling more than GBP 4 billion. These banks are expected to announce their annual results in next fortnight. Annual profits of these four banks combined are expected to exceed GBP 32 billion. The workers' unions are not too happy with the situation, especially after governor of the Bank of England, Andrew Bailey's appeal to workers across the country to not ask for pay hikes from employers. He said he made this appeal to keep inflation in check. Bailey himself was paid £575,538 last year. “These sky-high banker bonuses are a kick in the teeth for everyone suffering with the cost of living crisis. I hope Andrew Bailey tells his banking mates to show the same ‘restraint’ he so readily demands from underpaid workers in the rest of the economy," said Gary Smith, general secretary of the GMB union. He was quoted by The Guardian. The union represents 600,000 workers.

UK: High bonuses to top management in banking draws ire of unions

Chief Executive Elon Musk donated Tesla shares worth $5.7 billion to charity last year.

Filing with the US Securities and Exchange Commission (SEC) showed that this donation took place last year from November 19 to November 29.

Shares donated to charity are not subject to capital gains tax and analysts have said there would be a tax benefit for Musk potentially gifting Tesla stock.

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"His tax benefit would be huge," said Bob Lord, an associate fellow at the Institute for Policy Studies who studies tax policy.

"He'd save between 40 per cent and 50 per cent of the $5.7 billion in tax, depending on whether he could take the deduction against his California income and he'd avoid the gains tax he would have to pay if he sold the stock."

It comes after Musk asked on Twitter poll if people thought he should sell 10 percent of his stake in Tesla. Most people who responded said he should.

Since conducting that survey Musk has sold more than 11 million shares in Tesla. He hit 10 percent of his stake when he sold 6 million more.

This is more than he needs to pay current tax obligations, and experts say he’s either converting part of his fortune from stock to cash, or he’s saving for bigger tax bills that will come due next year.

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The sometimes abrasive and unpredictable Musk, whose net worth is around $300 billion, said he proposed selling the stock as some Democrats have been pushing for billionaires to pay taxes when the price of the stocks they hold goes up, even if they don’t sell any shares.&nbsp;

However, the wording on unrealised gains, also called a “billionaires tax,” was removed from President Joe Biden’s budget, which is still being negotiated.

Musk traded barbs with politicians Bernie Sanders and Elizabeth Warren who called on wealthy people to pay more taxes.

Despite various controversies, shares of Tesla have soared over the last two years, making Musk the world's richest person.

(With inputs from agencies)&nbsp;

Chief Executive Elon Musk donated Tesla shares worth $5.7 billion to charity last year. Filing with the US Securities and Exchange Commission (SEC) showed that this donation took place last year from November 19 to November 29.

Chief Executive Elon Musk donated Tesla shares worth $5.7 billion to charity last year. Filing with the US Securities and Exchange Commission (SEC) showed that this donation took place last year from November 19 to November 29. Shares donated to charity are not subject to capital gains tax and analysts have said there would be a tax benefit for Musk potentially gifting Tesla stock. Also read | 15 out of 23 monkeys die in Neuralink's trial to link human brain to computer "His tax benefit would be huge," said Bob Lord, an associate fellow at the Institute for Policy Studies who studies tax policy. "He'd save between 40 per cent and 50 per cent of the $5.7 billion in tax, depending on whether he could take the deduction against his California income and he'd avoid the gains tax he would have to pay if he sold the stock." It comes after Musk asked on Twitter poll if people thought he should sell 10 percent of his stake in Tesla. Most people who responded said he should. Since conducting that survey Musk has sold more than 11 million shares in Tesla. He hit 10 percent of his stake when he sold 6 million more. This is more than he needs to pay current tax obligations, and experts say he’s either converting part of his fortune from stock to cash, or he’s saving for bigger tax bills that will come due next year. Also read | SpaceX installing satellite internet constellation to restore Tonga's internet The sometimes abrasive and unpredictable Musk, whose net worth is around $300 billion, said he proposed selling the stock as some Democrats have been pushing for billionaires to pay taxes when the price of the stocks they hold goes up, even if they don’t sell any shares. However, the wording on unrealised gains, also called a “billionaires tax,” was removed from President Joe Biden’s budget, which is still being negotiated. Musk traded barbs with politicians Bernie Sanders and Elizabeth Warren who called on wealthy people to pay more taxes. Despite various controversies, shares of Tesla have soared over the last two years, making Musk the world's richest person. (With inputs from agencies)

Elon Musk donated Tesla shares worth $5.7 billion to charity last year

Global stock markets have been on a recovery part since the Russian defense ministry published footage to demonstrate that it was in returning some troops to base after exercises. Shares in Asia Pacific rose today morning on signs of easing tensions.

Global stock markets on a recovery path as Russia-Ukraine tensions

The US Federal Reserve will kick off its tightening cycle in March with a 0.25% interest rate rise, but a growing minority say it will opt for a more aggressive half-point move to tamp down inflation.

US Fed to raise rates 0.25% in March: Poll

The US Federal Aviation Administration said it would perform final inspections on new Boeing 787 Dreamliner aircraft, and will not allow the plane maker to self-certify the jets.

'Boeing cannot self-certify,' US to inspect new 787 Dreamliners

India's largest life insurance company is going public in March, it's expected to make its initial public offering now there are a lot of unknowns about this decision and questions are there why is LIC going public, how big will be the IPO and how many shares will be on offer?

Why is LIC going public, how big will be the IPO?

South Korea's antitrust regulator is investigating US electric car maker Tesla over allegations that the company exaggerated the specifications of its batteries, an official at the Korea Fair Trade Commission (KFTC) said.

South Korea investigates Tesla on mileage

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India.&nbsp;

"We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may be even be worse," T. Rabi Sankar said.

"All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India."

India's central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip - in a reference to a speculative bubble that gripped the Netherlands in the 17th century.

Indian Finance Minister Nirmala Sitharaman, earlier this month, presented Union Budget 2022. In this year's budget, the Indian government has announced its decision of taxing gains from cryptocurrency investments at a steep rate of 30 per cent. However, full legality of cryptocurrencies that are not issued by the government is still in question.

India is also going to launch digital rupee. Sitharaman said on Monday that discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations.

She said the discussions with the RBI regarding the CBDC (Central Bank Digital Currency) were going on prior to the Budget announcement, and they are continuing.

RBI Governor Shaktikanta Das added that like several other issues, this particular issue is internally under discussion between the RBI and the government.

"Whatever points we have we discuss with the government," he added.

CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency that have mushroomed over the last decade. Private virtual currencies do not represent any person's debt or liabilities as there is no issuer. They are not money and certainly not currency.

(With inputs from agencies)

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India.

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India. "We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may be even be worse," T. Rabi Sankar said. "All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India." India's central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip - in a reference to a speculative bubble that gripped the Netherlands in the 17th century. Indian Finance Minister Nirmala Sitharaman, earlier this month, presented Union Budget 2022. In this year's budget, the Indian government has announced its decision of taxing gains from cryptocurrency investments at a steep rate of 30 per cent. However, full legality of cryptocurrencies that are not issued by the government is still in question. India is also going to launch digital rupee. Sitharaman said on Monday that discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations. She said the discussions with the RBI regarding the CBDC (Central Bank Digital Currency) were going on prior to the Budget announcement, and they are continuing. RBI Governor Shaktikanta Das added that like several other issues, this particular issue is internally under discussion between the RBI and the government. "Whatever points we have we discuss with the government," he added. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency that have mushroomed over the last decade. Private virtual currencies do not represent any person's debt or liabilities as there is no issuer. They are not money and certainly not currency. (With inputs from agencies)

Reserve Bank of India deputy governor equates crypto with Ponzi schemes

Life Insurance Corporation of India (LIC) has filed its draft share sale prospectus with the capital markets regulator SEBI, paving the way for India’s largest initial public offering (IPO).

Life Insurance Corporation of India files $8 billion IPO papers

The market is abuzz today with one positive development. Want to know what it is? &nbsp;

Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares. &nbsp;&nbsp;

The papers have been deposited with the market regulator in a bid to raise nearly $8 billion. &nbsp;&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/up-goa-assembly-polls-2022-polling-underway-in-two-indian-states-55-seats-in-up-40-in-goa-up-for-grabs-453098" hreflang="en">UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs</a>

The move seems to have dwarfed the biggest IPO in third-largest economy of Asia by a great margin. &nbsp;

It is crucial for the Indian PM Narendra Modi-led government's efforts to meet sharply trimmed divestment target in the current financial year. It will also provide a measure of the success of the pro-market policies of the government.&nbsp;

According to the draft prospectus filed on Sunday, India's largest insurer will sell 316.25 million shares. It will amount to nearly 5% of the post-offer paid up share capital. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/marvellous-accomplishment-in-2022s-maiden-mission-isro-puts-three-satellites-into-orbit-successfully-453091" hreflang="en">Marvellous accomplishment: In 2022's maiden mission, ISRO puts three satellites into orbit successfully</a>

An embedded value of 5.39 trillion Indian rupees ($71.56 billion) was also stated in the filing. It is a measure of future cash flows in life insurance companies. This is an important financial gauge for insurers. &nbsp;&nbsp;

The government may raise around Rs 600 billion ($7.97 billion) from the issuance and not Rs 900 billion, which was the target of the initial plan as it has trimmed the offering due to market conditions, Reuters reported, citing a government source. &nbsp;&nbsp;

By the end of March, the listing may get completed, the source added. &nbsp;

(With inputs from agencies)&nbsp;

The market is abuzz today with one positive development. Want to know what it is? Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares.

The market is abuzz today with one positive development. Want to know what it is? Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares. The papers have been deposited with the market regulator in a bid to raise nearly $8 billion. Also Read | UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs The move seems to have dwarfed the biggest IPO in third-largest economy of Asia by a great margin. It is crucial for the Indian PM Narendra Modi-led government's efforts to meet sharply trimmed divestment target in the current financial year. It will also provide a measure of the success of the pro-market policies of the government. According to the draft prospectus filed on Sunday, India's largest insurer will sell 316.25 million shares. It will amount to nearly 5% of the post-offer paid up share capital. Also Read | Marvellous accomplishment: In 2022's maiden mission, ISRO puts three satellites into orbit successfully An embedded value of 5.39 trillion Indian rupees ($71.56 billion) was also stated in the filing. It is a measure of future cash flows in life insurance companies. This is an important financial gauge for insurers. The government may raise around Rs 600 billion ($7.97 billion) from the issuance and not Rs 900 billion, which was the target of the initial plan as it has trimmed the offering due to market conditions, Reuters reported, citing a government source. By the end of March, the listing may get completed, the source added. (With inputs from agencies)

New IPO in market: India's LIC files draft papers to sell 5% shares to raise $8 billion

Reacting to Ukraine-Russia tensions, oil prices have climbed towards their highest level in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger sanctions from US and Europe and it could disrupt energy exports from world's top producer as well.

Russia-Ukraine tensions: Brent crude up 1.4%, WTI crude gains 1.6%

India's luxury car market which is around 40,000 cars has increased 40 percent last year, it's hoping to have a decent growth this year as well. To talk about this and much more today we are joined by Balbir Singh Dhillon, head of Audi India.

Luxury car sales in India witnessed 40% growth in 2021

The global stock market stumbled this morning as investors concerned over escalating Ukraine-Russia tensions led to bloodbaths across stock markets from Asia to Europe.

Global stocks down on Ukraine-Russia tensions

New York's Nasdaq is all set to see its first initial public offering by a Chinese company in seven months.

According to the New York Stock Exchange's online IPO hub, healthcare supplies maker Meihua International Medical Technologies is on track this week to price its debut share sale.

A security review of all platform companies before they list overseas is needed as per the new rules of the Cyberspace Administration of China (CAC).

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Chinese firms raised $12.8 billion in the United States in the first seven months of last year, but the deals halted after the New York debut of Didi Global in late June triggered a regulatory backlash by Beijing. That brought tighter scrutiny for all offshore listings.

Some smaller Chinese companies are now reviving efforts to sell shares in the United States, confident they are not targeted by the new rules seeking to block offshore listings by firms handling large amounts of data or posing national security risks.

The US Securities and Exchange Commission has stepped up its supervision of Chinese companies listed overseas, including reviews of their cybersecurity.

SEC Chair Gary Gensler is especially critical of Chinese businesses that use shell companies to get around Chinese rules blocking foreign ownership for their industries.

<a href="https://www.wionews.com/world/didi-to-delist-from-new-york-stock-exchange-after-chinese-regulator-pressure-433722">Also read |&nbsp;Didi to delist from New York Stock Exchange after Chinese regulator pressure</a>

Under these deals, the Chinese business forms a shell company in the Cayman Islands or somewhere else. The shell company then sells its stock to investors after listing in New York.

The shell company has no ownership of the Chinese company. Instead, it has service contracts with it. These arrangements are called variable interest entities, or “VIEs.”

“I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company,” Gensler said.

"I think both US and Chinese regulators hope legitimate, law-abiding companies like us can grow bigger and stronger through listings," Zhang Jiulin, chairman of insurance broker Hengguang Holding Co.

His company filed a draft IPO prospectus on Jan 18 with the Securities Exchange Commission (SEC), aiming to raise up to $19.6 million via its Nasdaq listing later this year.

Zhang brushed aside concerns that tighter Chinese control of cross-border data transfer will hamper the firm's U.S. listing, saying Hengguang did not collect sensitive individual customer data.

Apart from the new IPO applications, more than a dozen Chinese companies have also amended IPO papers this year, SEC filings showed.

"Market participants are seeing the light at the end of the tunnel," said Ming Liao, founding partner of private equity firm Prospect Avenue Capital. 
&nbsp;

(With inputs from agencies)

New York's Nasdaq is all set to see its first initial public offering by a Chinese company in seven months. According to the New York Stock Exchange's online IPO hub, healthcare supplies maker Meihua International Medical Technologies is on track this week to price its debut share sale.

New York's Nasdaq is all set to see its first initial public offering by a Chinese company in seven months. According to the New York Stock Exchange's online IPO hub, healthcare supplies maker Meihua International Medical Technologies is on track this week to price its debut share sale. A security review of all platform companies before they list overseas is needed as per the new rules of the Cyberspace Administration of China (CAC). Chinese firms raised $12.8 billion in the United States in the first seven months of last year, but the deals halted after the New York debut of Didi Global in late June triggered a regulatory backlash by Beijing. That brought tighter scrutiny for all offshore listings. Some smaller Chinese companies are now reviving efforts to sell shares in the United States, confident they are not targeted by the new rules seeking to block offshore listings by firms handling large amounts of data or posing national security risks. The US Securities and Exchange Commission has stepped up its supervision of Chinese companies listed overseas, including reviews of their cybersecurity. SEC Chair Gary Gensler is especially critical of Chinese businesses that use shell companies to get around Chinese rules blocking foreign ownership for their industries. Also read | Didi to delist from New York Stock Exchange after Chinese regulator pressure Under these deals, the Chinese business forms a shell company in the Cayman Islands or somewhere else. The shell company then sells its stock to investors after listing in New York. The shell company has no ownership of the Chinese company. Instead, it has service contracts with it. These arrangements are called variable interest entities, or “VIEs.” “I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company,” Gensler said. "I think both US and Chinese regulators hope legitimate, law-abiding companies like us can grow bigger and stronger through listings," Zhang Jiulin, chairman of insurance broker Hengguang Holding Co. His company filed a draft IPO prospectus on Jan 18 with the Securities Exchange Commission (SEC), aiming to raise up to $19.6 million via its Nasdaq listing later this year. Zhang brushed aside concerns that tighter Chinese control of cross-border data transfer will hamper the firm's U.S. listing, saying Hengguang did not collect sensitive individual customer data. Apart from the new IPO applications, more than a dozen Chinese companies have also amended IPO papers this year, SEC filings showed. "Market participants are seeing the light at the end of the tunnel," said Ming Liao, founding partner of private equity firm Prospect Avenue Capital. (With inputs from agencies)

New York poised for first IPO by Chinese company in seven months after regulatory crackdown

Securities and Exchange Board of India (SEBI) has made a striking revelation. The one that nobody can&nbsp;ignore. &nbsp;

In a probe, the market regulator has found that the former head of one of India's largest stock exchanges used to share confidential information with a yogi to seek his advice on crucial decisions. &nbsp;

It is a case of "bizarre misconduct" and "glaring breach" of regulations. This comes ahead of the market's much-awaited public listing. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/new-ipo-in-market-indias-lic-files-draft-papers-to-sell-5-shares-to-raise-8-billion-453134" hreflang="en">New IPO in market: India's LIC files draft papers to sell 5% shares to raise $8 billion</a>

Former chief executive of National Stock Exchange (NSE) Chitra Ramkrishna shared crucial information including the market's business plans, financial projections and board agenda with a purported spiritual guru in the Himalayas, the SEBI said. &nbsp;

In an order, SEBI said, "The sharing of financial and business plans of NSE ... is a glaring, if not unimaginable, act that could shake the very foundations of the stock exchange." &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/up-goa-assembly-polls-2022-polling-underway-in-two-indian-states-55-seats-in-up-40-in-goa-up-for-grabs-453098" hreflang="en">UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs</a>

The guru was running the exchange, and Ramkrishna was "merely a puppet in his hands", the SEBI added. &nbsp;&nbsp;

The regulator has also imposed penalties on Ramkrishna, the market and other top former executives for the lapses.&nbsp;

In 2016, Ramkrishna quit NSE citing "personal reasons". &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

Securities and Exchange Board of India (SEBI) has made a striking revelation. The one that nobody can ignore. In a probe, the market regulator has found that the former head of one of India's largest stock exchanges used to share confidential information with a yogi to seek his advice on crucial decisions.

Securities and Exchange Board of India (SEBI) has made a striking revelation. The one that nobody can ignore. In a probe, the market regulator has found that the former head of one of India's largest stock exchanges used to share confidential information with a yogi to seek his advice on crucial decisions. It is a case of "bizarre misconduct" and "glaring breach" of regulations. This comes ahead of the market's much-awaited public listing. Also Read: New IPO in market: India's LIC files draft papers to sell 5% shares to raise $8 billion Former chief executive of National Stock Exchange (NSE) Chitra Ramkrishna shared crucial information including the market's business plans, financial projections and board agenda with a purported spiritual guru in the Himalayas, the SEBI said. In an order, SEBI said, "The sharing of financial and business plans of NSE ... is a glaring, if not unimaginable, act that could shake the very foundations of the stock exchange." Also Read: UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs The guru was running the exchange, and Ramkrishna was "merely a puppet in his hands", the SEBI added. The regulator has also imposed penalties on Ramkrishna, the market and other top former executives for the lapses. In 2016, Ramkrishna quit NSE citing "personal reasons". (With inputs from agencies)

Ex-chief of India's largest bourse NSE let a 'guru' to control her decisions, fined

Hit by the sanctions from the United States, Iran's bookstores fear washout. The increased production cost is expected to have a wider impact.

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Biden administration has unveiled its plan to award nearly five billion dollars. The money will be used over five years to build thousands of electric vehicle charging stations.

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The state of California in the US is suing Tesla over allegations of racial discrimination at its factory near San Francisco. California's department of fair employment and housing has filed a lawsuit alleging that widespread discrimination and harassment of black employees is happening, the lawsuit follows complaints from hundreds of tesla workers.

Tesla workers complain of discrimination, harassment of black employees

The Reserve Bank of India`s monetary policy committee (MPC) stuck to its accommodative policy stance to help the economy recover from the pits of the pandemic, keeping the key lending rate at record lows on Thursday.

As expected, the MPC held the lending rate, or the repo rate, at 4 per cent. The RBI, however, surprised some economists by also leaving the reverse repo rate, the key borrowing rate, unchanged at 3.35 per cent.

The MPC voted unanimously to maintain the status quo on the repo rate and by a majority of 5-1 to retain the accommodative policy stance.

Continued policy support was warranted for a durable and broadbased recovery, RBI governor Shaktikanta Das said, noting an improving inflation outlook, prospects for economic growth and uncertainties posed by the fast-spreading Omicron variant of COVID-19, and the global economy.

"Private consumption, the mainstay of domestic demand, continues to trail its pre-pandemic level. The persistent increase in international commodity prices, surge in volatility of global financial markets and global supply bottlenecks can exacerbate risks to the outlook," he said in his policy address.

"Overall, there is some loss of the momentum of near-term growth while global factors are turning adverse. Looking ahead, domestic growth drivers are gradually improving."

India`s 10-year benchmark bond yield fell 8 basis points to 6.72 per cent by 0610 GMT, in reaction to the policy, while the rupee weakened just slightly to 74.91 per dollar.

The NSE Nifty 50 index rose 0.84 per cent to 17,610.20, while the S&amp;P BSE Sensex was up 0.83 per cent at 58,953.65.

Retail inflation accelerated to a five-month high of 5.59 per cent&nbsp;in December from a year earlier, while wholesale price-based inflation, a proxy for producer prices, eased marginally to 13.56 per cent, but remained in double-digits for nine straight months.

Rising oil prices pose a major upside risk to inflation but it should peak in the current quarter and then moderate closer towards the 4 per cent&nbsp;target in H2 of 2022/23 providing room for monetary policy to stay accommodative, Das said.

Real GDP growth is projected at 7.8 per cent in 2022/23 compared to expected growth of 9.2 per cent this year, he added.

"The somewhat comfortable inflation trajectory provides RBI space to withdraw monetary support only gradually and reduces the need of any sudden tightening actions," said Sakshi Gupta, senior economist at HDFC bank in Gurugram.

"We expect the RBI to support growth and raise the repo rate only by the August policy once there are greater signs of a more even recovery."

The central bank has slashed the repo rate by a total of 115 basis points (bps) since March 2020 to soften the blow from the coronavirus pandemic and tough containment measures. The rate is now 250 bps below its level at the beginning of 2019, when the easing cycle began. 
&nbsp;

The Reserve Bank of India`s monetary policy committee (MPC) stuck to its accommodative policy stance to help the economy recover from the pits of the pandemic, keeping the key lending rate at record lows on Thursday.

The Reserve Bank of India`s monetary policy committee (MPC) stuck to its accommodative policy stance to help the economy recover from the pits of the pandemic, keeping the key lending rate at record lows on Thursday. As expected, the MPC held the lending rate, or the repo rate, at 4 per cent. The RBI, however, surprised some economists by also leaving the reverse repo rate, the key borrowing rate, unchanged at 3.35 per cent. The MPC voted unanimously to maintain the status quo on the repo rate and by a majority of 5-1 to retain the accommodative policy stance. Continued policy support was warranted for a durable and broadbased recovery, RBI governor Shaktikanta Das said, noting an improving inflation outlook, prospects for economic growth and uncertainties posed by the fast-spreading Omicron variant of COVID-19, and the global economy. "Private consumption, the mainstay of domestic demand, continues to trail its pre-pandemic level. The persistent increase in international commodity prices, surge in volatility of global financial markets and global supply bottlenecks can exacerbate risks to the outlook," he said in his policy address. "Overall, there is some loss of the momentum of near-term growth while global factors are turning adverse. Looking ahead, domestic growth drivers are gradually improving." India`s 10-year benchmark bond yield fell 8 basis points to 6.72 per cent by 0610 GMT, in reaction to the policy, while the rupee weakened just slightly to 74.91 per dollar. The NSE Nifty 50 index rose 0.84 per cent to 17,610.20, while the S&P BSE Sensex was up 0.83 per cent at 58,953.65. Retail inflation accelerated to a five-month high of 5.59 per cent in December from a year earlier, while wholesale price-based inflation, a proxy for producer prices, eased marginally to 13.56 per cent, but remained in double-digits for nine straight months. Rising oil prices pose a major upside risk to inflation but it should peak in the current quarter and then moderate closer towards the 4 per cent target in H2 of 2022/23 providing room for monetary policy to stay accommodative, Das said. Real GDP growth is projected at 7.8 per cent in 2022/23 compared to expected growth of 9.2 per cent this year, he added. "The somewhat comfortable inflation trajectory provides RBI space to withdraw monetary support only gradually and reduces the need of any sudden tightening actions," said Sakshi Gupta, senior economist at HDFC bank in Gurugram. "We expect the RBI to support growth and raise the repo rate only by the August policy once there are greater signs of a more even recovery." The central bank has slashed the repo rate by a total of 115 basis points (bps) since March 2020 to soften the blow from the coronavirus pandemic and tough containment measures. The rate is now 250 bps below its level at the beginning of 2019, when the easing cycle began.

Post-Budget, RBI keeps lending rate unchanged

Information technology sector is optimistic about the year ahead as its business has increased in lockdown period and it's also looking forward to more orders this year. To know more about the Indian IT sector, we are joined by Mr CP Gurnani, MD & CEO of Tech Mahindra.

'Digital money a favorable move for the economy,' says CP Gurnani, MD & CEO of Tech Mahindra

Tesla is recalling 26,681 vehicles in the United States because a software error may result in windshield defrosting problems, the National Highway Traffic Safety Administration (NHTSA) stated.

Tesla recalls 26,681 US vehicles