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The Federal Reserve raised interest rates by a quarter percentage point and signaled hikes at all six remaining meetings this year, launching a campaign to tackle the fastest inflation in four decades even as risks to economic growth mount. More on that story in our top headlines.
Fed lifts interest rates a quarter point, signals more hikes to come
The Federal Reserve on Wednesday raised interest rates for the first time since 2018 and laid out an aggressive plan to push borrowing costs to restrictive levels next year in a pivot from battling the coronavirus pandemic to countering the economic risks posed by excessive inflation and the war in Ukraine. Read more
India may import 15 million barrels of cheap Russian oil
Taking advantage of a Russian offer to sell its crude oil cheap and bear the cost of insurance and transportation, India may import as much as 2 million tonnes (mt), or roughly 15 million barrels of crude, from the sanctioned nation in 2022, Business Standard has learnt. This comes after reports that Indian Oil Corporation (IOC) bought 3 million barrels of Russian Urals from trader Vitol for May delivery. Read more
Future Retail to take steps needed to get back stores from Reliance Group
Kishore Biyani-led Future Retail (FRL) said on Wednesday that it was committed to taking all actions necessary to seek value adjustments and reversal of takeover of stores by the Reliance group. The beleaguered retailer said its board had held two meetings and notified Reliance that such a “drastic and unilateral action” had not only come as a “surprise” to FRL. Read more
Banks, corporate treasuries dial in for LIC IPO, signal all-round interest
Banks and corporate treasuries have approached the government to participate in the initial public offering (IPO) of Life Insurance Corporation of India (LIC), signaling all-round interest for the country’s largest listing. “Treasuries of banks and companies including Reliance Industries Ltd (RIL), through merchant bankers, have sought an audience of the government to participate in the roadshows for the IPO,” said a government official. Read more
ATF price hike may delay the recovery seen by airlines recently
The market was braced for a price hike across fuels but the extent of the 18 per cent hike in Aviation turbine fuel (ATF) today was a negative surprise. This is likely to impact the civil aviation sector badly, at a point of time when it looked to be just starting to recover from the terrible effect of lockdowns. Read more
