Saturday, November 30
Hotel room rates in major cities, including Buenos Aires, Mumbai, and Boston, are expected to increase by double digits, according to a report by American Express Global Business Travel. Factors influencing the price hikes include hyperinflation in Buenos Aires and a post-pandemic travel recovery in Mumbai. Other cities experiencing significant rate increases include Chennai, Delhi, Cairo, Chicago, Paris, and Boston.
The RBI has doubled the lending limits for gold loans under the bullet repayment scheme for urban cooperative banks (UCBs) to Rs 4 lakh. This decision comes as a part of the RBI's plan to provide incentives to UCBs that have met the prescribed Priority Sector Lending (PSL) targets. Additionally, the RBI will be issuing a comprehensive regulatory framework for project finance and allowing non-bank lenders to use Credit Risk Mitigation instruments.
Oil prices dropped more than 4% on Wednesday due to reports of Russia potentially lifting its diesel ban and weak gasoline demand in the US. Brent crude oil futures fell by 4.3% to settle at $87.04 per barrel, while US West Texas Intermediate crude dropped by 4.3% to $85.36. The decline in prices is coinciding with concerns about high interest rates and the global economy.
Tata Elxsi and the Indian Institute of Science (IISc) have announced a joint development project to create an automotive cyber security solution. The partnership will utilise Tata Elxsi's expertise in artificial intelligence (AI) and machine learning (ML), as well as its focus on software-defined vehicles and electric vehicle solutions.
The 30-share BSE Sensex plunged 533.13 points to 64,978.97. The Nifty declined 153.35 points to 19,375.40. Among the Sensex firms, NTPC, Axis Bank, IndusInd Bank, Maruti, UltraTech Cement, ICICI Bank, Tata Steel and Bajaj Finserv were the major laggards. Nestle, Hindustan Unilever, HDFC Bank and Asian Paints were among the gainers.
X Corp, formerly Twitter, has been ordered to pay $1.1 million in legal fees to a group of its former top executives. The executives, including ex-CEO Parag Agrawal and former top lawyer Vijaya Gadde, argued that Twitter violated its duties by refusing to cover their legal expenses tied to investigations of the company.
The sell-off in US Treasuries has caused 30-year yields to reach 5% for the first time since 2007, leading to shockwaves in global financial markets. This has also impacted the Indian stock market, with the BSE Sensex falling and Nifty ending lower. The rise in US bond yields has led to continuous selling by foreign institutional investors (FIIs) and increased pressure on domestic stocks.
The sell-off in US Treasuries has caused 30-year yields to reach 5% for the first time since 2007, leading to shockwaves in global financial markets. This has also impacted the Indian stock market, with the BSE Sensex falling and Nifty ending lower. The rise in US bond yields has led to continuous selling by foreign institutional investors (FIIs) and increased pressure on domestic stocks.
RBI typically conducts six bi-monthly meetings in a financial year, where it deliberates interest rates, money supply, inflation outlook, and various macroeconomic indicators. According to SBI Research, the Indian central bank is expected to yet again pause the key repo rate this week. RBI in its past three meetings - April, June, and August - held the repo rate unchanged at 6.5 per cent.
