Top headlines: Fed hikes rate, law firms plan fee hike to retain talent

Business Standard brings you the top headlines at this hour

US Federal Reserve raises policy rate by 25 bps; 9th straight hike

US Federal Reserve raised the policy rate by 25 basis points. The Federal Open Market Committee said in the statement, "The Committee will closely monitor incoming information and assess the implications for monetary policy." Read more

Law firms plan fee hikes to retain talent amid 'foreign entry'

The Centre’s decision to allow foreign law firms to establish offices in the country is set to shake up its legal services industry, with local firms fretting star performers could soon be poached and predicting that fees will shoot higher to retain them. Read more

Coming to a kirana near you: Reliance Consumer expands FMCG play

After making a splash with the relaunch of iconic beverage brand Campa, Reliance Consumer Products (RCPL) — the fast-moving consumer goods (FMCG) arm and wholly-owned subsidiary of Reliance Retail Ventures — is set to expand its packaged consumer goods portfolio to neighbourhood mom-and-pop stores (kiranas) with the launch of home and personal care products, keeping “Real India’s consumer problems” in mind. Read more

Another report coming soon, says US short-seller Hindenburg Research

Hindenburg Research will soon release a new report on another target, the US short seller said in a tweet a few hours ago without offering any more details. Read more

No thaw seen in start-up funding winter despite 231 deals this year

For a segment that thrives on promise more than performance, the country’s start-up ecosystem is refusing to get carried away by the funding this calendar year. This has created the highest level of uninvested venture capital in seven years as investors wait for corrections in the working and — more importantly — valuation of start-ups while looking for cockroaches instead of unicorns. Read more

Serum Institute tops profit charts among unlisted firms amid Covid war

Pandemic-led changes in the global and domestic economy have yielded big gains for corporations across many sectors. Pune-based vaccine maker Serum Institute of India (SII) seems to be one of the biggest gainers among them. The global surge in demand for its Covishield vaccine, a prophylactic for Covid-19, led to a big spike in SII’s revenues and profits in the last two years. Read more