Top Business and Finance News Highlights of the Week: 27 April 2024

In the world of business and finance, the week of April 27, 2024, has been filled with interesting developments. Let’s dive into the highlights:

1. Koo, the homegrown microblogging platform, has announced that it has stopped paying salaries to its workforce due to financial constraints. The company is currently in negotiations with potential strategic partners, and once the partnership is finalized, salaries will resume. Despite rumors of layoffs, Koo reassured that the platform will remain operational.

2. Mandi prices of mustard seed are below the minimum support price, despite government procurement efforts. Lower price realization is attributed to bumper output, cheaper imports, and slow government purchases. However, significant purchases have been made in states like Haryana and Madhya Pradesh.

3. Foreign investors have shown increased interest in public sector banks in the fourth quarter, while their stake in private lenders has decreased. The cleaning of books and focus on retail loans by PSBs have brightened their prospects, while private banks face challenges in net interest margins and deposit mobilization.

4. Several companies, including Reliance Industries and JSW Neo Energy, have bid for the Production Linked Incentive scheme to manufacture Advanced Chemistry Cell Battery Storage. The government aims to provide incentives for setting up 10 gigawatt hour capacity.

5. The Competition Commission of India has initiated a study on the impact of artificial intelligence on goods and services markets. The study will focus on fostering innovation and fair competition within AI ecosystems.

6. The India-UAE Comprehensive Economic Partnership Agreement has boosted silver imports through the UAE route due to lower duties. This comes at a time when silver imports have significantly increased in India.

7. SHRM India hosted the PSE Leadership Forum, bringing together HR leaders from Public Sector Undertakings to discuss strategies and innovations in people leadership. Key speakers highlighted the evolving landscape of leadership within PSUs.

These highlights showcase the dynamic and evolving nature of the business and finance world, with companies adapting to challenges and opportunities in the market.