Hey folks, welcome to this week's rundown of the top news.
[Economy] China unveiled a growth target of about 5.5 per cent, its lowest in three decades, as Beijing seeks to buttress its economy after a sharp loss of momentum last year and fallout from Russia’s invasion of Ukraine. The Chinese economy has outperformed much of Asia in recovering from the pandemic but Li’s announcement marked the first time since 1991 that the GDP target was set below 6 per cent.
Over60: FT
[Luxury Brands] Hermès, Chanel, and Cartier-owner Richemont have temporarily suspended operations in Russia, citing operational challenges and concerns about staff as the fallout from the invasion of Ukraine spreads. LVMH, the biggest luxury group by sales, and Gucci-owner Kering, the second-largest, followed with similar announcements late on Friday, as did Britain’s Burberry. In addition to these brands, Apple, Nike, Microsoft and Ikea have suspended sales in Russia.
Over60: FT
[Money Laundering] The global financial crimes watchdog has placed the United Arab Emirates on its grey list, dealing a blow to the Middle East’s premier finance and trade hub. The Paris-based Financial Action Task Force (FATF) said in a report on Friday that it had added the oil-rich Gulf state to other nations “subject to increased monitoring”, putting the UAE on a list of 22 other nations that includes Syria, Albania, Panama and South Sudan.
Over60: FT
[C-Suite] BharatPe is looking to claw back its cofounder Ashneer Grover’s restricted shares in the company. Earlier on Wednesday, the Delhi-based company said Grover and his family members had engaged in “extensive misappropriation of funds” and “siphoned money away from the company’s accounts”. Grover owns approximately 8.5% of BharatPe and previously demanded a $6 billion payment from the company to buy him out.
Over60: Economic Times
[Oil] A recent survey conducted by LocalCircles has revealed that one in two Indian households believe that their earnings and savings will reduce in 2022. Prices of petrol and diesel in India witnessed a record high in 2021 hovering between Rs 100 and Rs 110 per litre in most cities for petrol and for diesel between Rs 90 and Rs 100. With the price of oil touching record highs due to the Russia-Ukraine war, 42% of Indian households would cut discretionary spending if fuel prices continues to rise.
Over60: Moneycontrol