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Headline CPI inflation might have peaked out

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Economy.

Economy.

 The headline retail price inflation based on the consumer price index might have peaked out, said Motilal Oswal Financial Services.

According to MOFSL research, the peak out trend might provide some relief to market participants, especially in the bond segment.

“We expect IIP to remain broadly unchanged in YoY terms in June’21, before reporting marginal growth of 1-2 per cent YoY over July-Aug’21.”

“Overall, we do not see RBI hiking rates in FY22.”

Recently, CPI-based retail inflation came in unchanged at 6.3 per cent YoY in June 2021.

“The number was marginally above our expectation of 6.1 per cent, but below the Bloomberg consensus of 6.6 per cent YoY in Jun’21. More importantly, price data for Jun’21 was collected from 80 per cent of the markets, compared with 68 per cent in May’21, implying better reporting as lockdown rules eased in several states last month.”

The food inflation came in at 5.2 per cent YoY in June 2021 vis-a-vis 5 per cent inflation in May, fuel and light inflation rose to 12.7 per cent YoY and inflation in clothing and footwear to 6.2 per cent YoY.

“On the other hand, inflation in miscellaneous items came in flat at 7.3 per cent YoY in Jun’21.”

“Within miscellaneous items, education and household goods and services were the only sub-components to have reported higher YoY inflation in Jun’21.”

In addition, MOFSL expects IIP to remain broadly unchanged in YoY terms in June 2021, before reporting marginal growth of 1-2 per cent YoY over July-August 2021.

“Overall, we expect real GDP growth of 20 per cent YoY in 1QFY22.”

Business

WhatsApp working on new software that uses Apple Mac Catalyst

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 Meta-owned WhatsApp is working on a new Mac app that uses the Apple Mac Catalyst development environment to make better use of system resources.

According to AppleInsider, WhatsApp currently provides a web-based Electron app for Mac users in addition to its web app via browsers.

Electron and Catalyst are software development frameworks that help developers create desktop apps.

The new app has been in a closed beta for a few months, but now anyone can download the file on macOS Big Sur or later on the WhatsApp website, according to the report.

Following installation, it will display a QR code that users can scan with their iPhone to link their accounts using the WhatsApp iOS app.

The Mac app’s three-panel interface provides access to archived chats, starred messages, phone calls, and settings.

The Catalyst app includes features not available in the Electron version, such as file drag-and-drop and a spell-checker, the report mentioned.

Meanwhile, WhatsApp has reportedly rolled out some new shortcuts for group admins to quickly and easily perform actions for a certain group participant, on iOS.

The new shortcuts simplify interactions with group members as now the platform supports large groups of up to 1,024 participants, reports WABetainfo.

The new update will help group admins quickly manage and communicate with such a large number of participants in private.

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Business

Mumbai: No jumbo block on Western Railway on Sunday

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There will be no jumbo block on Sunday, January 29 over Western Railway’s (WR) Mumbai suburban section, the WR announced today.

Major block to dismantle Gokhale bridge

Earlier last week, the Western Railway had enforced a major 4.5 hour block on the down slow lines from 12.15am to 4.45am on the intervening nights of Jan 19-20 and Jan 20-21 to carry out dismantling work of the Gokhale road overbridge at Andheri.

As a result, a number of local train services were affected.

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Business

Panvel unit of employees of Bank of Maharashtra to join a day strike

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The Panvel unit of employees of the Bank of Maharashtra joined the one-day strike on January 27. All the unions operating in the Bank of Maharashtra have called for a one-day nationwide strike on January 27, 2023, mainly on the issue of adequate recruitment in all the cadres. The bank has eliminated the part-time staff cadre.

In the case of clerks and officers, the bank has not filled vacancies caused by death, retirement, resignations, or promotions, let alone vacancies caused by business growth.

During the last 10 years, banks’ business has grown by 250% while their staff has been reduced by 20%, and thus staff is hard pressed.

According to the union, employees are required to work beyond normal hours on almost all days and report to their duties on their weekly off and holidays. Employees are not able to avail of leave to their credit even for exigencies, and thus they have lost work-life balance.

Due to acute staff shortages, employees are unable to provide efficient customer service, despite their sincere efforts. Employees are working under immense pressure and thus are undergoing physical and mental stress.

The unions have been raising this issue of recruitment individually and collectively, but management is adamant and stubborn; thus, the January 27, 2023, strike has become inevitable.

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