Rating agency Fitch on Thursday lowered China's 2023 GDP growth forecast to 4.8 per cent from 5.6 per cent earlier. The agency attributed the cut to the fading effect of removal of Covid-19 restrictions. The agency affirmed China's long-term foreign currency issuer default ratings at 'A+' with a stable outlook, supported by the country's strong external finances.
Engine Lessor Willis Lease Finance Corporation (WLFC) Tuesday argued that the insolvency petition filed by the company against airline Spicejet before the National Company Law Tribunal was maintainable, and the demand notice issued by the lessor could not be questioned. The reply came in response to the arguments made by Spicejet questioning the maintainability of WLFC’s petition to initiate insolvency proceedings against the airline for failure to pay lease rent.
The International Monetary Fund on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook. The IMF in its latest World Economic Outlook said inflation was coming down and acute stress in the banking sector had receded.
The numbers indicate that the GDP growth in the fourth quarter of FY23 is better than what the RBI had expected at 5.1 per cent. Here are the details:
Travel agents, who are likely owed more than ₹500 crore by Go First Airlines, aren't willing to sell its tickets despite verbal requests from the airline, which has filed for bankruptcy protection. "The airline executives have told us it is trying its best to start operations from May 27. But at this point, we have no clue how Go will resume and sustain them," said a person in the know.
The International Monetary Fund (IMF) on April 11, released its latest World Economic Outlook report, projecting that the Indian economy will grow by 5.9 per cent in the current fiscal year, making it the fastest-growing economy in the world. Nonetheless, the organization also warned that disruption in the financial system could have a detrimental effect on overall global growth.
The volumes were tepid in January, but with flu, Covid-19 and other viral infections spreading fast, February and March saw spikes in volumes of anti-infectives, respiratory and pain medicines, AWACS said in its report.
Indian companies are introducing stricter measures after a rise in Covid-19 cases in the country. Measures include work-from-home policies, regular testing and temperature checks, and mask mandates. Companies such as Jindal Steel and Power are advising employees on Covid-appropriate behaviours and organising regular testing at corporate offices.
“There is no impact whatsoever. In fact, we also spoke to our travel partners to assess if the pace has slowed down for forward bookings and we are told there is no diversion. All our bookings are on track and we haven't seen any cancellations,” said Vikramjit Singh, president, Lemon Tree Hotels.
"Many SPSEs were not filling their annual accounts and the audit process was not very prompt. We have asked all the states to make the whole process electronic and file all the updates by June 30," a senior government official told ET, adding that over 30 SPSEs had not updated their annual accounts post Covid.
"Tyre industry had undergone a bit of a rough patch in the last couple of years back when the auto industry was in a bit of a slowdown due to Covid and all that... Now with the economic activity improving the tyre industry is coming back on full swing," Singhania said.
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