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PM Modi launches India's 1st International Bullion Exchange In Gujarat

India's First International Bullion Exchange WHAT’S HAPPENING ? On July 29, Prime Minister Narendra Modi will launch India’s first bullion exchange — the India International Bullion Exchange (IIBX) — at Gujarat’s GIFT City (Gujarat International Finance Tec-City), India’s maiden International Financial Services Centre (IFSC) located between Ahmedabad and Gandhinagar. The bullion exchange, which was announced in the 2020 Union Budget, has not only enrolled jewellers to trade on the exchange, but has also set up necessary infrastructure to store physical gold and silver. GIFT City has set up the first International Financial Service Centre in India (IFSC) in accordance with the SEZ Act 2005. WHO CAN TRADE ON IIBX ? Qualified jewellers will be permitted to import gold through the IIBX. To become qualified jewellers, entities require a minimum net worth of Rs 25 crore and 90 pe...

US economy still in recession | Declining in 2nd quarter too | What will be effect on India ?

Recession begins in USA Impact on India WHAT HAS HAPPENED? The US economy shrank for a second straight quarter, raising chances of a recession, As decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied business investment and housing demand. Gross domestic product fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year. The median projection in a Bloomberg survey of economists called for a 0.4% advance in GDP and a 1.2% rise in consumer spending. The report is likely to add to political headaches for President Joe Biden and complicate the Federal Reserve's calculus over how aggressively to raise interest rates. In addition to the slowdown in household spending, the report also showed declines in business investment, government outlays and housing. INFLATION In its continuing bid to cool down raging inflation in the United States - at 9.1% in June, the inflation rate is ...

Why Zomato’s shares fallen to lowest ever?

Why Zomato’s shares fallen to lowest ever? WHAT HAS HAPPENED ? Zomato’s shares fell to under Rs 50, an all-time low, on Monday (July 25), as the year-long lock-in period for its pre initial public offering (IPO) ended on Friday (July 22). In the early hours of trading, the company’s scrip fell to as low as Rs 46, nearly 40 per cent down from its issue price of Rs 76. WHY THIS SELL OFF IN ZOMATO STOCK ? On Friday, the mandatory lock-in for promoters, employees, and other shareholders who bought Zomato’s stock before its IPO, ended. This means that these shareholders are now free to sell their shares — which, according to analysts, is the major reason behind Monday’s massive sell-off. According to rules laid down by the Securities and Exchange Board of India (SEBI), if a company has no identifiable promoters, then its pre-IPO shares are locked in for a period of one year....

Tata Steel threatens to shut UK operations

Tata Steel threatens to shut UK operations WHAT HAS HAPPENED ? Tata Steel has threatened to shut its UK operations unless the British government extends aid around £1.5 billion (about ₹14,400 crore), Within the next one year to help the owner of the UK’s largest steelworks reduce its carbon emissions, the Financial Times (FT) reported. "A transition to a greener steel plant is the intention that we have... But this is only possible with financial help from the government,“ N Chandrasekaran, chairman of Tata Sons, told FT. "We have been in discussions over the last two years and we should come to an agreement within 12 months. Without this, we will have to look at closures of sites," he said. WHAT TATA STEEL NEEDS TO DO ? As part of its decarbonisation effort, Tata Steel would close its two blast furnaces at the Port Talbot plant, Stop primary steelmaking and instead build two ele...