Business & Market News

Diners may soon have to shell out as much as 15% more when eating out as several eateries across Metro cities are planning to increase prices to offset the impact of rising raw material costs. Since January this year, raw material costs for restaurants have risen between 5% and 20% as vendors are renewing contracts at higher rates given the rising inflation. “When it comes to our restaurants, The Bombay Canteen and O Pedro, we have seen an 8-11% increase in input costs since January 2022. These include increase in ingredient costs, beverage and fuel prices,” said Yash Bhanage, founder and COO of Mumbai-based Hunger Inc Hospitality. Acknowledging that there will be a price hike at the restaurants, Bhanage said instead of a blanket price increase across all items on the menu, the company will look at the input or ingredient cost for each dish and hike prices accordingly, adding, “The cost of vegetable oil, for example, has gone up by 80%, which impacts the entire menu.” Bengaluru-based...

So-called "pay-to-pay" or "convenience" fees often violate the Fair Credit Reporting Act, according to the Consumer Financial Protection Bureau. from US Top News and Analysis https://ift.tt/Gj6Ntiw https://ift.tt/6iHs7Jk

CBO score on reconciliation bill could take until Thanksgiving as Biden, Pelosi scramble for votes If a handful of House moderates stick to their demand that the chamber wait until a CBO score comes out to pass the bipartisan infrastructure bill, there won't be a vote until the week of Thanksgiving. via FOX BUSINESS NEWS https://ift.tt/pvNg84n

Uddhav Thackeray on Wednesday resigned as the Chief Minister today, two and a half years after the Maha Vikas Aghadi government was formed in Maharashtra. While announcing his resignation un a social media post, an emotional Thackeray told the rebel Shiv Sena MLAs that he was not interested in their “game,” and will step down, a day ahead of the floor test. Here are the top remarks by the outgoing Maharashtra CM: “When everything was going well for us, this move was very surprising. I have no interest in the MLC seat as well. I am now with the people.” While asking the rebel MLAs to return to Mumbai as there is no threat to their lives, Thackeray said, “Today you need paramilitary forces’ protection to come to Mumbai? Please come to Mumbai, we will not stop you. “Has democracy boiled down to only numbers? Even if one Shiv Sainik is against me, I will feel ashamed.” “Don’t want to part of this game. I know who are your allies and I know you have the majority. You have all benefitted...

Celebrations broke out at the Taj President hotel where former Maharashtra Chief Minister Devendra Fadnavis and other BJP legislators were housed as Uddhav Thackeray resigned from the Chief Minister’s post and stepped down as a member of the Vidhan Parishad. After 30 months of waiting since Fadnavis resigned from the post after remaining Chief Minister for only a week, the BJP leader, along with the state party unit chief Chandrakant Patil, are attending a legislative meeting to chart out the future course of action. Fadnavis is expected to reach the Raj Bhavan to stake claim to form the government, according to reports. However, when he is going to stake claim is still not clear. Just after the Supreme Court refused to stay the floor test, Thackeray, in a first, stepped down from the Chief Minister’s post on social media. Thackeray will shortly be submitting his resignation letter to the Governor at the Raj Bhavan. Uddhav said that there were only four Shiv Sena ministers present wit...

It's not easy to purchase Series I bonds online through TreasuryDirect, a 20-year-old platform. Here's how to avoid common pain points. from US Top News and Analysis https://ift.tt/5KS0Hnd https://ift.tt/6iHs7Jk

Barely three months after raising Rs 3,951 crore through government-serviced bonds, Uttar Pradesh Power Corporation (UPPCL) — the umbrella body of the state’s five electricity discoms is all set to issue another tranche of bonds worth Rs 4,000 crore to meet its working capital requirements – mainly to clear dues of the generation companies (gencos). The issue is likely to hit the market in early July. According to sources, UPPCL had initially planned to raise Rs 8,000 crore in one go from the markets in March itself but the state government allowed it to raise only Rs 4,000 crore in the first tranche. “A team of UPPCL officials have gone to Mumbai to finalise the issue but all other details pertaining to the issue are going to remain the same as they were in March, including its merchant banker Trust Investment,” said an official, adding that the bonds have already been rated ‘A+ (CE)’ by India Ratings. In March, UPPCL had borrowed Rs 3,951 crore through bonds maturing in 10 years, ...

Intel CEO Pat Gelsinger minced no words on his decision to potentially delay a plan to build semiconductor fabs in Ohio as Congress "dithers" on the CHIPS Act. from US Top News and Analysis https://ift.tt/oKx45ph https://ift.tt/zhbqyk7

The government has selected 15 companies, including Adani Copper Tubes, LG Electronics, Mitsubishi Electric, Jindal Poly Films Crompton Greaves, and Wipro, in the second round for incentives under the Rs 6,238-crore production-linked incentive (PLI) scheme for white goods. Together, the selected companies have pledged investments of Rs 1,368 crore in making air-conditioner (AC) components and LED bulbs, which will lead to incremental production of Rs 25,583 crore over the next five years. The investments will create direct employment opportunities for 4,000 people. The applications of four other investors, including Zeco Aircon and EMM ESS Aircon, with pledged investments of Rs 181 crore are being referred to a committee of experts. In the first round, 46 applicants — including Daikin, Hitachi, Panasonic, Voltas, Blue Star, Mettube, Dixon and Havells, with committed investment of Rs 5,264 crore — had been selected. Of the companies chosen in the second round, six have pledged to in...

Singapore-based growth-stage investment firm Panthera Growth Partners on Tuesday announced the first close of its second fund, having secured commitments for more than half of the target raise. The fund’s target has been set at $250 million, and is expected to be reached by end of this fiscal year. The fund will offer up to 100% of fund commitments in co-investment opportunities. Shilpa Kulkarni, founder and managing partner, Panthera Growth Fund, told FE that the fund plans to invest in emerging “next-generation” consumption and enterprise services businesses with growth potential. “Essentially, we are looking at both consumer internet and SaaS businesses. According to us, next-generation consumption areas specifically in India include fintech, agritech, insuretech, and consumer tech. Around 60-70% of the capital allocation would be reserved more towards consumer areas while the allocation is dedicated towards B2B and SaaS segments,” Kulkarni said. The fund’s capital will be invest...

Tech firms are laying off workers and Wall Street may be next. Here are key financial moves to make if you lose your job. from US Top News and Analysis https://ift.tt/axQwbp1 https://ift.tt/zhbqyk7

The financial performance of India’s state-owned refining and marketing companies will remain weak as long as their net realised prices for petrol and diesel are lower than international market prices, Moody’s Investor Services said on Monday. “Nonetheless, we do not expect this situation to be sustained. We expect that the Indian government will eventually allow fuel retailers to adjust selling prices, but the price increases will be implemented gradually,” it said. Lending support to the government’s effort to contain inflation, PSUs like Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum have kept retail fuel prices on hold since May 22. The retail price of diesel and petrol in Delhi stands at Rs 89.62 and Rs 96.72 per litre, respectively. Moody’s said despite high refining margins, refiners or fuel retailers that are subject to price ceilings because of government policies will reap limited benefits, without naming Indian OMCs. “In the week through 24 June, Asia ...

In addition to an ongoing gender pay gap, women also trail men in their general financial knowledge and how much they're saving for retirement. from US Top News and Analysis https://ift.tt/4rGDT5u https://ift.tt/AJ2EVqu

Commercial real estate investment platform PropShare has raised $47 million in equity at a valuation of roughly $170 million in its Series B round led by WestBridge Capital, the company told FE. Existing investor Pravega Ventures participated in the round too. The company will use these funds to expand its distribution channels, invest in technology and people, add new product lines and strengthen investor relations. Bengaluru-based PropShare allows “ordinary users access to institutional grade assets with 8-10% in-place rental yields and 17-20% returns”. It assumes complete responsibility of sourcing, due diligence, property management and sale on behalf of users trying to make commercial real estate-related transactions simple and transparent. “PropShare’s aim is to become the single largest platform for real estate investments globally. Raising capital in what has been a challenging time for tech companies globally is also testament to the quality of what we have built at PropShar...

Amazon is increasingly looking beyond Prime Day to drum up sales and attract new members to its discount club. from US Top News and Analysis https://ift.tt/o6SybND https://ift.tt/AJ2EVqu

We need more oil. But the unfortunate reality is that we probably won't be getting more supply out of U.S. producers anytime soon. from US Top News and Analysis https://ift.tt/DaIMxLO https://ift.tt/AJ2EVqu

Oil prices fall as data shows big build in US inventory via FOX BUSINESS NEWS https://ift.tt/6APBXru

Cost remains one of the most important determinants when it comes to accessing healthcare in India. According to the Lancet Commission on Global Surgery, the strength of the specialist surgical workforce in India stands at 7 per 100,000 people. A report published by Niti Aayog has said that only 30-35 % of patients undergo surgery in India as compared to 60-65% globally. As a country with a high disease burden, India is expected to see a huge number of short-stay elective surgeries, but these are yet to become a priority for the masses. “The high cost of elective surgeries, coupled with the lack of accessibility and quality healthcare, forces a large number of people in the middle- and lower-income segments to ignore treatment in fields like proctology, urology, laparoscopy, and ophthalmology,” says Bidhan Chowdhury, founder of healthtech startup TaCa Healthcare (India). His venture proudly claims to be a patient-centric, surgeon-driven company that is addressing the issues of trust, ...

IT modernisation over the past two years was a necessary response to the ravages of the pandemic, but in many cases it has also expanded the digital attack surface, giving threat actors more opportunities to compromise key assets. As per a new study by Trend Micro, organisations are struggling to define and secure an expanding cyber-attack surface, hampering risk management. It revealed that on average, organisations in India have only 67% visibility of their complete attack surface, while 95% of organisations have been able to define their attack surface to an extent. Over 39% of organisations feel completely exposed to cyber risk in case of a cloud outage. Visibility challenges appear to be the main reason organisations are struggling to manage cyber risks. Around 92% of respondents were concerned about the ever evolving and broadening attack surface. Another 64% of the survey respondents said that while their organisation’s digital attack surface is complex it can be controlled. V...

As interest rates are rising, should I invest in liquid funds for the short term without taking a long term exposure in any funds? — Piyush Sharma Bond prices are inversely related to interest rates, i.e. as interest rates rise, bond prices fall and vice versa. Additionally, higher the duration of a bond, the greater is the mark-to-market loss during rising interest rates and vice-versa. Recently, the interest rate cycle turned a corner and is now on the upswing. The sovereign yield curve has seen an upward shift and has also flattened somewhat following a sharper rise in yields at the shorter end amid measures by the RBI such as repo rate hike, CRR increase, lowering of systemic liquidity, etc., in response to concerns over inflation and monetary tightening by global central banks. Longer duration funds witness a higher fall in value than shorter duration funds for the same rise in interest rates. Hence, investors typically tend to gravitate towards lower duration portfolios when t...

RBC Capital Markets' top banking analyst Gerard Cassidy expects strong revenue growth and optimism surrounding credit will boost banks. from US Top News and Analysis https://ift.tt/LGwa1BZ https://ift.tt/Te7HXp1

We hosted Shishir Shrivastava, Managing Director of Phoenix Mills, for a deep- dive chat into the DNA of the company, its evolution and vision beyond the visible future. Key takeaways: Company believes its core vision is to create iconic city-centric, mixed-use developments with retail as the core and offices and hotels as complementary assets. However, post the pandemic, it is looking to evaluate diversification into warehouses and residential assets by leveraging its land acquisition, retailer relationships and hospitality skills. The company will continue to deploy capital in new malls rather than go for asset-light operatorship roles. They believe that their ability to take projects with large capital infusion, invest four-year plus gestation time, and focus on mall curation, and their steady leadership team set them apart. Partnership with global sovereign funds like CPPIB and GIC not only gives them access to funds but also insights on global practices which help improve perform...

With the end of the pandemic-induced pause on all forms of leisure travel, a number of Indians are now raring to go on a foreign trip. However, travelling to another country is not the same as travelling within India. Not just passports and travel visas, you may also have to buy a travel insurance plan that has been made mandatory for inbound travellers by many countries. Countries, where travel insurance cover is mandatory for inbound travellers, are Cuba, the USA, UAE, Qatar, Russia, Turkey, Ecuador, Galápagos Islands, and Schengen countries. Travel insurance is also mandatory if you are planning to travel to Antarctica, according to a recent report by Digit Insurance. What travel insurance covers A typical travel insurance plan provides cover for expenses incurred in medical assistance, cancellation cost, loss of passport, baggage loss and flight delay. Travel insurance is a must even if you are travelling to a country not mentioned above as medical emergencies during travel can ...

Mark Zuckerberg was just 20 years old when he started his company Facebook in 2004. The following year, he dropped out of Harvard University to focus on his venture. In just three years’ time in 2007, Zuckerberg became a self-made billionaire at 23. Elon Musk, too, started his first venture in 1995, when he was in his early 20s, and is today the world’s richest man curating trips to space.  Closer home, Ritesh Aggarwal started OYO Rooms in 2013 when he was just 20 years old. Today, it has grown into a global chain of hotels and rooms. Ola Cabs co-founder Bhavish Aggarwal was only 26 years old when he launched the popular ridesharing platform. These are the kind of stories that have always inspired the young to follow their dreams. But now, more than ever, youngsters have the confidence of ditching the traditional and safe route of a securing a job, with or without a backup plan, to launch their own businesses. You may also call it the pandemic effect, or the result of startup-fri...

By Shubhangi Shah What if you could sell a JPEG image, a meme, or a GIF for tens of thousands of dollars? Welcome to the world of non-fungible tokens, better known as NFTs. For the uninitiated, NFTs are digital assets, which can be anything, from a piece of digital artwork, a JPG image, memes, or GIF to music, videos, and video game collectibles. These are traded in cryptocurrency. Hence, NFTs sound great on two fronts: For the creators, such as artists, it gives them an avenue to sell their artworks. For buyers, they can not only collect such assets that they are passionate about but can also sell them at a higher price, thus earning a profit. Clean, isn’t it? Yes, NFTs can be a good tool for sellers, buyers, and NFT marketplaces to earn money. But doesn’t anything lucrative attracts its share of scammers and fraudsters? The same is the case with NFTs. Off lately, several NFT marketplaces have come under fire after customers were siphoned off their NFT and cryptocurrency collect...

The WHO did not activate its highest alert level in response to the global monkeypox outbreak, called a public health emergency of international concern. from US Top News and Analysis https://ift.tt/nycIKXj https://ift.tt/dihFkD1

“Powerful words cannot be distinguished,” says a remark in the video of veteran author Margaret Atwood, who, in collaboration with Penguin Random House, announced an ‘unburnable’ edition of her most famous work, The Handmaid’s Tale. This edition was not just meant for a burning act to signify censorship against dystopian literature conveyed in Atwood’s book, but was specially auctioned for $130,000 in New York this month. The amount raised will support PEN America’s crucial work to counter the national crisis of censorship. However, in reality, the author hopes to raise awareness about the proliferating book banning and educational gag orders in American schools nationwide with the video that has already garnered over 5 billion potential views. “Free speech issues are being hotly debated… We hope it raises awareness and leads to reasoned discussion,” Atwood said in a statement. PEN America has been at the forefront of the fight against this wave of censorship in American schools. Its...

Fresh outdoor air is always cleaner and better unless you are allergic to the budding blooms which can lead to runny nose, watery eyes, sneezing or wheezing. This is especially true when the pollen season is in full swing. Adding to your woes, now climate change is making these allergies worse. While the pollen season in India goes on till October, the change in climate has resulted in increased pollen levels. The intensity of the season increases as the extended growing season makes plants produce more pollen for a longer period. More pollen levels mean worsening air pollution, which in turn increases the risks of asthma and other allergic attacks. A natural disaster A major reason for the allergy seasons and worsening air quality is rising temperature caused by climate change. New research from the University of Michigan on pollen emissions published by climate and space professor Allison Steiner in the journal Nature Communications estimated that by the end of this century, polle...

Jen Rourke said she was "violently attacked" after her speech outside the state house in Providence protesting the Supreme Court ruling overturning Roe v. Wade. from US Top News and Analysis https://ift.tt/Xi7u315 https://ift.tt/dihFkD1

Most of the large merchants have implemented the Reserve Bank of India (RBI’s) card-on-file tokenisation norms, sources familiar with the matter said. The RBI on Friday extended the deadline for merchants to delete the card storage data of their customers under the card-on-file tokenisation system by three months till September 30. As many as 195 million tokens have been issued so far and the number is going up fast, they said, adding that the system is already well-prepared to adopt the new mechanism. Card-on-file typically refers to card information stored by payment gateway and merchants to process future transactions. To curb frauds, the central bank had directed all merchants and payment gateways to remove sensitive details of the credit and debit cards of customers that are saved at their end, and comply with its tokenisation norms by June 30, 2022. Tokenisation usually refers to the replacement of actual credit and debit card details with an alternate code called the ‘token...

The Dow rallied 800 points on Friday to cap a big rebound week for the markets. from US Top News and Analysis https://ift.tt/3VW8lHn https://ift.tt/u5wUDSH

Sowing of kharif crops such as paddy, pulses, oilseeds, coarse cereals and cotton has seen a slow progress the first two weeks of this month. According to agriculture ministry data on Friday, kharif crops have been sown in 14.05 million hectares (MH), around 24% less than corresponding period last year. An agriculture ministry official, however, said that these are early days as the window for sowing of kharif crops is till the end of July. Kharif crops are sown in around 106 MH. With the exception of sugarcane, which has been planted in 5.07 MH till now, at par with planting area in the corresponding period a year ago, sowing of paddy, pulses, oilseeds, coarse cereals and cotton has been lagging compared to last year. Traders said that the monsoon rains in last one week in the key pulses (especially arhar and urad) growing areas such as Maharashtra, Madhya Pradesh and Karnataka is expected to give a boost to sowing. “With the monsoon rains reviving in the last one week, the kharif...

We're pleased to see a shakeup at Bausch Health and its majority-owned recent IPO Bausch + Lomb, but we're not ready to buy more yet. from US Top News and Analysis https://ift.tt/D73xUvN https://ift.tt/u5wUDSH

The Supreme Court's decision to overturn Roe v. Wade may cause financial hardship for many women, especially those already facing economic instability. from US Top News and Analysis https://ift.tt/i7bJDs1 https://ift.tt/u5wUDSH

Nearly half the states are expected to outlaw or severely restrict abortion as a result of the Supreme Court's decision, CNBC reports. from US Top News and Analysis https://ift.tt/KVFHTSy https://ift.tt/u5wUDSH

Trump nominated three of the Supreme Court justices who voted to overturn Roe v. Wade, the 1973 case that affirmed a constitutional right to abortion. from US Top News and Analysis https://ift.tt/Glg1nUJ https://ift.tt/u5wUDSH

Amazon said Thursday that it's giving minority-led organizations $23 million to build and preserve more than 560 affordable homes in Seattle. from US Top News and Analysis https://ift.tt/pf7zlr5 https://ift.tt/v9JCYHy

State-owned Bharat Petroleum’s sister firms – Indian Oil (IOC) and Hindustan Petroleum (HPCL) – are also exploring possibilities to enter into term agreement with Russia for imports of crude oil. On Wednesday, a source confirmed BPCL’s plan to enter into a term contract with Russia, not on government’s direction, but considering the cost advantage that the Russian crude can offer now. While both IOC and HPCL declined to comment on the matter, a source aware of the development said, “Indian oil companies have never had term contract with Russia for imports of crude. Whatever quantity is procured from Russia is from the spot market. However, new avenues for term can always be looked at.” The lion’s share of India’s import of crude oil is from the Middle East on term contract. India is the third largest importer of crude oil in the world. from | The Financial Express https://ift.tt/kQxUj04 https://ift.tt/v9JCYHy Anish Mondal

Personal finance expert Suze Orman calls nearly risk-free government series I bonds "a fabulous investment" to have amid record high inflation. from US Top News and Analysis https://ift.tt/UCBHVSi https://ift.tt/v9JCYHy

It's not just crypto companies. People in health care, commerce and management are losing new jobs before they even start. from US Top News and Analysis https://ift.tt/Oj1bIUJ https://ift.tt/v9JCYHy

The Reserve Bank of India (RBI) on Thursday said that banks and other financial institutions outsourcing their information technology (IT) services to third parties must take care that such arrangements do not impact their obligations towards customers. The banks will not have to take approval from the central bank for entering into such outsourcing agreements, the RBI clarified with a caveat that such arrangements will be subject to periodic inspection. The central bank, in its monetary policy in June, highlighted the issue stating that outsourcing of IT services expose financial institutions to certain risks. The RBI has therefore issued the guidelines for financial institutions to deploy risk management systems to cover outsourced IT services. “Outsourcing of any activity of the RE (regulated entity) shall not diminish its obligations as also of its board and senior management, who shall be ultimately responsible for the outsourced activity,” the RBI said in a master circular. As...

Epic Cleantec removes solids from wastewater and turns them into soil, then treats the water to be clean enough for uses like toilet flushing and irrigation. from US Top News and Analysis https://ift.tt/XtWNO6j https://ift.tt/v9JCYHy

With regularisation of remote work, rapid digitisation and the diminishing effect of corporate firewalls, identity has become the new perimeter. Balancing security and flexibility at workplaces hinges on the convergent inclusivity of people and data. And cybersecurity has become an imperative in the journey of adapting to a hybrid work culture. “Enterprises must bolster their cybersecurity postures and embrace zero trust architecture on a priority basis to thrive in today’s digital world,” said Vishal Salvi, chief information security officer & head of cyber security practice – Infosys. Adopting a cloud-first strategy or zero trust paradigm helps enterprises follow a holistic cyber resilience approach to improve the scalability and simplicity of business contingency operations while enabling secure collaborations across digital functions. Enterprises can follow some key practices to safeguard their businesses in the era of hybrid working: Secure by design: CXOs must work with b...

The Harry E Reed Insurance Agency of Millinocket, Maine, is facing criticism for posting a racist sign on Juneteenth. from US Top News and Analysis https://ift.tt/Qsbe9Fk https://ift.tt/j5tyuql

By Nayan Dave Due to the limited availability of cotton, majority of ginning and pressing mills across India have halted operations till fresh cotton crop arrives in the market in October this year. Of the nearly 3,500 ginning and pressing units across the country, hardly 5-7% are operational as cotton prices are extremely high in domestic market, says Atul Ganatra, president of Cotton Association of India (CAI). “Prices of cotton are artificially high in Indian market due to speculative activities. In the last one week, price of December futures has gone down from 123 cent to 112 cent (Rs 68,000 per candy) at US based Intercontinental Exchange (ICE). Despite this global trend, prices of cotton in India are ranging around Rs 98,000 to Rs 100,000 per candy (356 kg per candy). As a result, operation of ginning and pressing mills have become completely unviable,” Ganatra said. Generally, ginners sell their end products to spinners. But spinning mills’ consumption has drastically reduc...

With the national average for a gallon of gas hovering around $5, President Biden has called for a temporary suspension of the federal gas tax. from US Top News and Analysis https://ift.tt/0baNIA9 https://ift.tt/j5tyuql

The Calf Canyon/Hermits Creek blaze has burned more than 341,000 acres and destroyed hundreds of homes in New Mexico. from US Top News and Analysis https://ift.tt/TaB0Vep https://ift.tt/j5tyuql

Two proxy advisory firms have recommended Asian Paints’ shareholders to vote against the reappointment and remuneration of its CEO and managing director Amit Syngle, citing lack of disclosures on salary. The advisories by Institutional Investor Advisory Services (IiAS) and InGovern Research Services comes ahead of Asian Paints annual general meeting (AGM) convened on June 29. Apart from other resolutions — declaring of final dividend and re-appointment of non-independent directors — the company is also seeking reappointment of Syngle for five years from April 1, 2023, with a modified pay structure. Asian Paints has sought to modify Syngle’s pay structure by including stock options worth up to 0.75% of the net profit of the given fiscal, provided the value of the stock options do not exceed 35% of the total remuneration. The resolution was passed with an 82.8% overall majority. He was appointed as CEO and MD for three years from April 1, 2020. “We estimate Amit Syngle’s FY23 and FY24...