Business News #9 | NF World Latest News

Stock market shortfall - Business News #9 | NF World Latest News

Check out below to read the Top 5 Prime Business News of the Week in the NF World Latest News section. In this section, you can read the daily news and updates of Economy, Stocks, Industry and Cryptocurrency related Business News in the week.

Stock Market Crash: Experts say this may be due to Russia-Ukraine Conflict

There was a huge market crash on Dalal Street, India on February 14, 2022. The Sensex fell 1,747 points to settle at nearly 56,406. The Nifty50 fell 531 points and finished below 16,900 at 16,843.

According to The Economic Times, this is the weakest Nifty50 closing since April 12, 2021. TCS was the only Sensex stock to close in the green.

According to media reports, escalating tensions between Russia and Ukraine have significantly influenced the markets.

According to many media sources, an attack on Ukraine is imminent. Russia has deployed over lakh troops throughout Ukraine. Further, US President Joe Biden has repeatedly warned Russia of sanctions in an attack.

Former Turkish Airlines Chairman now becomes the MD and CEO of Air India

The Tata Group has chosen former Turkish Airlines Chairman Ilker Ayci as Air India’s Managing Director and CEO. He will be effective in this position on or before April 1. The move is consistent with the Tata Group’s ambitions to pick an expatriate CEO to lead the airline it took over from the Indian government last month.

Ilker Ayci has been the chairman of Turkish Airlines since 2015. Moreover, he resigned from the post on January 27 this year — the same day the Centre handed over Air India to Tatas.

Ilker Ayci worked as an advisor to the then-Mayor of Istanbul, Recep Tayyip Erdogan, at the Metropolitan Municipality of Istanbul. He was involved in several development projects in Turkey’s largest city. Erdogan is the current President of Turkey.

India’s WPI and retail inflation spikes in the first month of 2022: Government Analysis

According to figures issued by the Ministry of Commerce and Industry, wholesale inflation surged to 12.96% in January.

The wholesale pricing index (WPI) increased 13.56 per cent in December 2021. While the WPI for November last year was amended to 14.87 per cent from 14.23 per cent, according to the statistics. In January 2021, the WPI was at 2.51%.

Beginning in April 2021, WPI inflation has been in the double digits for the ninth consecutive month.

As measured by the Consumer Price Index (CPI), retail inflation in the country climbed to 6.01 per cent in January. According to figures issued on February 14 by the Ministry of Statistics and Programme Implementation (MoSPI).

Furthermore, retail inflation for December 2021 was revised to 5.66% from 5.59%.

₹23,000 crores scam accusation filed against ABG Shipyard Ltd

The Federal Investigation Agency of India has filed a police charge against ABG Shipyard Ltd and its proprietors, accusing them of defrauding banks for ₹22,842 crores ($3.03 billion).

According to the report from the Central Bureau of Investigation website. A forensic audit report received from the banks two years ago discovered cases of theft between April 2012 and July 2017.

According to forensic audit data included in the CBI charge, the company owes ICICI Bank ₹70.89 billion, IDBI Bank ₹3,634 crores, State Bank of India ₹2,925 crores, Bank of Baroda ₹1,614 crores, Punjab National Bank ₹1,244 crores, and Indian Overseas Bank ₹1,228 crores.

Central Govt plans to built at least one semiconductor manufacturing unit by 2024

According to top government sources, the Ministry of Electronics and Information Technology (MeitY) plans to build the country’s first semiconductor production plant in 2024.

The ministry intends to accept at least one sizeable global semiconductor fabrication company’s application before March 31. And give the winning bidder 700-750 days to finish the new unit’s construction. According to an official, a design for on-site accommodation for all employees may be authorised.

In recent weeks, senior MeitY officials have also met with officials from the Labour Ministry to study and finalise the change in rules required to licence factories where 40,000-1,000,000 people may work and reside on the same grounds.

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