Top headlines: Economic recovery underway: RBI; Aryan Khan absolved

The Reserve Bank of India , in its annual report for 2021-22, said India's economic recovery is going on despite risks from geopolitical shocks. Ankiti Bose, the former CEO of Singapore start-up Ziliongo, says that she will keep fighting to clear her name.

Read more on these and other top headlines for Friday evening.

RBI annual report: Economic recovery is underway despite headwinds

The Reserve Bank of India will follow a nuanced approach in the wake of inflation risks emanating from high commodity prices while ensuring adequate liquidity in the banking system to support the need of the productive sectors of the economy, the central bank’s annual report for 2021-22, which was released on Friday, said. “…the year gone by brought many challenges, but a recovery is underway in spite of headwinds. The future path of growth will be conditioned by addressing supply-side bottlenecks, calibrating monetary policy to bring inflation within the target while supporting growth and targeted fiscal policy support to aggregate demand, especially by boosting capital spending,” the report said. Read more

Mukesh Ambani set to benefit as Issa brothers, TDR mull quitting Boots race

A consortium backed by the billionaire Issa brothers is considering dropping out of the bidding for Walgreens Boots Alliance Inc.’s international arm due to disagreements over price, people with knowledge of the matter said. The Issas, who were bidding together with TDR Capital, balked at a request by Walgreens to increase their offer for the Boots drugstore chain and are now thinking about walking away, the people said. Shares of Walgreens pared earlier gains and closed up 1.4% Thursday in New York. Read more

Single bid for BPCL wouldn't have helped fetch a better price: DIPAM Secy

Only one bidder vying for BPCL would have not helped in better price discovery and commanding a premium, Department of Investment and Public Asset Management (DIPAM) Tuhin Kanta Pandey told Nikum Ohri in an interview. The government will wait for a while to assess the situation and decide how to proceed further. Pandey also said LIC investors should be patient and look at the insurer’s long-term prospects. Read more

Aryan Khan given clean chit by narcotics bureau in drugs-on-cruise case

The Narcotics Control Bureau on Friday cleared Aryan Khan, son of Bollywood actor Shah Rukh Khan, of all charges in the drugs-on-cruise case, reports news agency PTI. Khan was also excluded in the chargesheet filed by the NCB related to the case. All accused in the case related to a seizure of drugs from a cruise ship were found in possession of narcotics, except Aryan Khan and Mohak, NCB's DDG (Operations) Sanjay Kumar Singh said in a statement. Read more

I am grieving and fighting for myself: Zilingo's ex-CEO Ankiti Bose

Ankiti Bose, who was fired last week as chief executive officer of the Singapore startup Zilingo Pte, says she’ll keep fighting to clear her name. The fashion e-commerce platform terminated her employment after an investigation into claims of what it called “serious financial irregularities” and said it “reserves the right to pursue appropriate legal action.” The probe included questions about Zilingo’s accounting practices and payments to several service providers of more than $7 million that were signed by her without the knowledge of senior executives, according to people familiar with the matter. Read more