Business

• ISMC announces $3bn Semiconductor Fab Investment in Karnataka
  
  The ISMC announced an investment of Rs 22,900 crore ($3 billion) investment in a 65 nm Analog Semiconductor Fabrication plant in Karnataka.
• Nasdaq posts worst month since October 2008 amid recession fears
  
  US stocks plunged, with the Nasdaq marking its worst month since October 2008 and the S&P notching its worst month since March 2020 at the onset of the Covid pandemic.
• Oil prices will remain above $100/barrel as long as Ukraine war rages on
  
  The most serious effect of the Russia-Ukraine war for the world economy will be higher commodity prices. Oil prices will remain above $100/barrel for as long as the conflict rages on.
• Twitter 'inching closer' to finalise $46.5 bn deal with Elon Musk
  
  Despite internal disagreements, the Twitter board is reportedly inching towards finalising the hostile takeover deal worth $46.5 billion made by Tesla CEO Elon Musk.
• Walmart opens platform for Indian sellers to reach 120 mn US consumers
  
  Retail giant Walmart on Thursday said that it is now offering manufacturers and trading firms in India to reach a growing market of more than 120 million US consumers each month.
• Apple confirms manufacturing top-selling iPhone 13 in India
  
  In a major fillip to India's dream to become a global manufacturing hub, Apple on Monday confirmed it has started manufacturing its top-selling iPhone 13 smartphone in India.
• Strong dollar dents India's foreign reserves, forex down by over $11 bn
  
  Global currency fluctuations, due to a rise in US dollar strength, depleted India's foreign reserve by over $11.173 billion during the week that ended on April 1.
• Elon Musk will not join Twitter's board, says CEO Parag Agrawal
  
  In a dramatic twist, Twitter CEO Parag Agrawal has announced that Tesla and SpaceX CEO Elon Musk will not join the board of the company, saying that "he believes it is for the best".
• Why HDFC merger is beneficial for macro economy, shareholders
  
  The mega merger of HDFC twins -- HDFC and HDFC Bank -- promises to be a win-win scenario for both these companies, shareholders as well as the economy.
• Musk buys 9.2% stake worth $3 bn in Twitter, stock soars 23%
  
  Tesla and SpaceX CEO Elon Musk who used Twitter for various reasons -- from infuriating the US regulators with business-related tweets to making fun of world leaders -- has acquired 9.2 per cent share worth nearly $3 billion in Parag Agrawal-run platform, Twitter announced on Monday.
• HDFC announces merger with HDFC Bank, shares surge
  
  Housing loan major Housing Development Finance Corporation (HDFC) on Monday said its Board has approved merger of its wholly owned subsidiaries HDFC Investments and HDFC Holdings with HDFC Bank.
• Indian-American Raj Subramaniam takes over as FedX President, CEO
  
  Indian-American Raj Subramaniam has become the President and CEO of FedEx, the US-based multinational transportation and courier delivery giant has announced.
• Air fares to go sky-high as jet fuel prices surge
  
  Exorbitant jet fuel prices on the back of high crude oil costs are expected to drive up domestic air fares from their current levels.
• Vishal Garg-led Better.com fires workers in US, India in mass layoff
  
  Indian-American CEO Vishal Garg-run digital mortgage company Better.com on Wednesday started laying off thousands of employees in the US and India who received severance cheques in the payroll app.
• Apple to lose $3mn in iPhone sales daily after Russia pull out
  
  Apple might lose at least $3 million in iPhone sales revenue daily or $1.14 billion annually as it announced to pull out from the Russian market in the wake of Ukraine invasion.
• Stock Markets: Sensex, Nifty crash as crude prices soar
  
  India's key indices -- S&P BSE Sensex and NSE Nifty50 -- fell sharply during the opening session on Monday amid skyrocketing crude oil prices.
• Aviation veteran Sanjiv Kapoor appointed as Jet Airways CEO
  
  The Jalan Kalrock Consortium, the Successful Resolution Applicant and the new proposed promoters of grounded airline Jet Airways, on Friday announced the appointment of Sanjiv Kapoor as the airline's Chief Executive Officer.
• Russia's credit ratings downgraded to 'junk' by Moody's and Fitch
  
  Russias credit ratings have been downgraded deep into the 'junk' territory by Moody's Investors Service and Fitch Ratings, with the duo highlighting the economic toll inflicted by wide-ranging sanctions and rising doubts about whether Moscow will honour its debts.
• Being forced to bid adieu the company I founded: Ashneer
  
  Fintech platform BharatPe Co-founder and Managing Director Ashneer Grover has finally quit minutes after receiving the agenda for upcoming Board meeting, saying that he was being forced to bid adieu to a company he had founded.
• 10% rise in oil prices leads to an increase of $15 bn in India's current account deficit
  
  For every 10 per cent increase in crude oil prices, the wholesale price index in India increases by 0.9 per cent - 1 per cent and the consumer price index by 0.4 per cent - 0.6 per cent.
• Russia-Ukraine war boosts gold, silver prices
  
  Prices of precious metals like gold and silver accelerated on Thursday after Russia declared war on Ukraine.
• GLOBAL MARKETS: Stocks Dive, Oil Jumps above $100 as Russia Invades Ukraine
  
  Putin said he had authorized what he called a special military operation and the Ukraine government accused Moscow of launching a full-scale invasion.
• Ex-NSE CEO's residence searched by I-T sleuths
  
  The Income Tax department on Thursday conducted a search operation at the residence of Chitra Ramakrishna, the former Managing Director and Chief Executive Officer of National Stock Exchange (NSE).
• Now ED lodges money laundering case against ABG Shipyards
  
  In a key development in ABG Shipyards loan fraud case, the Enforcement Directorate (ED) on Wednesday lodged a case under the Prevention of Money Laundering Act.
• UP to emerge as hub for EV, drone units
  
  The Yogi Adityanath government in Uttar Pradesh plans to make the state a hub of electric vehicles and drone units.

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