The Federal Reserve, led by Chair Jerome Powell, plans to cut interest rates from their 23-year high, with potential reductions slated for mid-September. This decision follows a decline in inflation and a slowdown in hiring. The move aims to stabilize inflation at 2% and sustain economic growth and job markets, despite some concerns about potential recession.
BlackRock Inc. signed a five-year lease for 42,700 sq ft office space in Mumbai’s Worli area. The lease includes rent escalations and a 36-month lock-in period. This move mirrors the robust demand in India's office sector, boosted by improved infrastructure. BlackRock, present in India since 2008, seeks to leverage the nation's growing financial markets.
Amazon India unveiled Project Ashray to set up rest points for its delivery associates in various cities, providing amenities like clean drinking water and phone charging stations. The initiative starts in Delhi NCR, Bengaluru, and Mumbai, with plans to expand nationwide, enhancing working conditions for delivery personnel.
JSW Sports and Inspire Institute of Sport founder Parth Jindal leads fresh funding in PadelPark India, a leading Padel sport ecosystem in India. PadelPark plans to expand with over 100 clubs, 40 courts in 3 months, and 15 clubs in 60 days. The company, with notable clients like Willingdon Sports Club and Marriott Suites, aims to boost Padel's popularity in India. Padel, a fast-growing global sport, is projected to reach a $6.6 billion industry by 2026.
Trent and Bharat Electronics have been added to the Nifty 50 index, replacing LTI Mindtree and Divi's Laboratories. This update, effective from September 30, 2024, follows a review based on market capitalization and liquidity.
Federal Reserve Chair Jerome Powell stated that the central bank is set to reduce interest rates. Citing increased risks to employment and nearing the 2% inflation target, Powell emphasized the importance of supporting the job market to prevent further weakening. He noted the unemployment rate is at a level that aligns with stable inflation.
Auxano, LetsVenture, Mavuca Capital, and angel investors Ruchi Deepak of Acko, Prashant Tandon of 1mg, and Pankaj Vermani of Clovia also participated in this round of equity and debt.
Goldman Sachs lowered India's economic growth projection by 20 basis points for the next two years, highlighting a significant drop in government spending as a key factor. The new forecasts are 6.7% for 2024 and 6.4% for 2025. The Reserve Bank of India's stricter lending rules and fiscal constraints are expected to slow growth, despite potential easing of monetary policy.
Starbucks is frequently criticised for its emphasis on sugary drinks and its dubious environmental pledges. Despite trying to project a green image, the company's actions such as permitting its new CEO to travel by private jet, reflect a sharp contrast between its rhetoric and actual behaviour, sparking suspicions of hypocrisy.
The defence minister enumerated the steps taken by the government to achieve 'Aatmanirbharta' in defence, including the notification of Positive Indigenisation Lists comprising over 5,000 items. He emphasised that the consistent efforts are being made to ensure that state-of-the-art defence items are manufactured on Indian soil by domestic companies.
Ex-Delhi University professor G N Saibaba disclosed that he was deprived of necessary medical care while incarcerated in Nagpur Central Jail for nine months, leading to paralysis. Arrested in 2014 for alleged Maoist ties, he was later acquitted as the prosecution couldn't substantiate the charges. Saibaba has recounted his harrowing experience after release.
Mumbai police issued notices to Maha Vikas Aghadi leaders regarding the planned August 24 bandh protesting a sexual assault in Thane. The Bombay High Court restrained the bandh, stating future shutdowns would be unconstitutional. Prohibitory orders are already in force in Mumbai until September 1 to maintain law and order.
Months after winning the Lok Sabha polls from Sirsa, the former Union minister and the Congress' prominent Dalit face also indicated her desire to contest the upcoming assembly elections and said she wishes to work in the state but the high command will take a final call on the matter.
Maruti Suzuki launched its NEXA retail channel in July 2015 to attract new categories of customers through unmatched car buying experience. Within a year of launching NEXA, the company successfully set up 100 NEXA sales outlets covering 94 cities. In FY 23-24, with sales of over 5.61 lakh vehicles, NEXA posted a growth of 54% over the previous financial year, outpacing the industry growth*.
Wall Street's main indexes opened higher on Friday as investors looked to a speech from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium for clues on the pace of rate cuts in the world's biggest economy.
Adani Group's Holderind Investments sold approximately 68 million shares. Following the transaction, Ambuja's stock initially jumped 4%. The Adani Group now holds a 70.33% stake. Recently, Ambuja enhanced its market share by acquiring Penna Cement, broadening its influence in southern India.
Janmashtami commemorated the birth of Lord Krishna, marking the occasion with children dressing up as deity figures, participating in the Dahi Hadi ceremony, and singing songs. Devotees observed a 24-hour fast, followed by a midnight feast named 'bhog'. The festival included sharing quotes and greetings to honor Krishna's significance.
Union commerce minister Piyush Goyal said ecommerce firms are operating in an opaque manner, and that quick commerce platforms need to integrate kirana stores in their supply chain. This and more in today’s ETtech Top 5.
Former Jharkhand Chief Minister Champai Soren announced plans to form a new political party, clarifying he has no grudges against JMM. He mentioned support from thousands of workers and the possibility of alliances before the 2024 state elections. This decision has stirred the political landscape in Jharkhand.
Earlier, Axio had raised $137 million in equity and $671 million in debt. In 2021, it received $50 million in equity funding led by Lightrock India, besides existing and new investors for a post-money valuation of $201 million. The new funds will be used to drive growth, scale lending, expand use cases for checkout finance, and introduce more credit products to customers.
Netflix viewers can watch movies and shows on the OTT streaming service, as per an offer from Verizon.
Delhi Traffic: Delhi faced significant traffic congestion and flooding due to heavy rains on Friday. Waterlogging disrupted traffic in areas like South Moti Bagh, Dhaula Kuan, and GTK Road. The Delhi Traffic Police issued advisories and suggested diversions. The India Meteorological Department forecasted light to moderate rainfall and thunderstorms in several city areas and nearby regions like Noida and Faridabad.
Religare Enterprises Limited confirmed that the Enforcement Directorate raided the residences of top officials including Dr. Rashmi Saluja, Nitin Agarwal, Nishant Singhal, and Chirag Jain. The ED seized documents, including demat and bank accounts. The case stemmed from an FIR filed by an office assistant alleging fund siphoning. No incriminating evidence was found during the search. ESOP Shares of Care Health Insurance Limited were frozen, unrelated to the FIR.
Max Verstappen headed into the Dutch Grand Prix at Zandvoort under pressure, having not won in the last four races. McLaren and Mercedes were closing in, threatening Red Bull's dominance. Rain impacted the first practice session, and Sergio Perez's continued poor performance added to Red Bull's concerns about maintaining their lead.
