Moneycontrol Selects: Top stories this evening

Most important news stories at Moneycontrol Selects (Representative Image)

Here is a collection of the most important stories this evening:

Exclusive: Banks, LIC appoint SBI Capital Markets as merchant banker for stake sale in UTI mutual fund, say sources

Three state-owned banks and Life Insurance Corporation of India (LIC) have appointed SBI Capital Markets Ltd as a merchant banker for the stake sale in UTI Asset Management Company (AMC) and the process of stake sale will be completed in the next three to six months, people aware of the development told Moneycontrol on June 15.

“We have appointed SBI Capital Markets. The process for the stake sale has started, and we expect it to get completed in 3-6 months,” the source cited above said. More here

Landfall process of cyclone Biparjoy begins

The landfall process of cyclone Biprajoy over the Gujarat coast has begun, the India Meteorological Department (IMD) said on Thursday evening. The 'very severe' cyclonic storm Biparjoy is centred over the north Arabian Sea but it is coming closer to the Saurashtra coast with a wind speed of 115-125 kmph, gusting to 140 kmph, it said in a statement. More here

ECB hikes rates again to battle inflation after US Fed hits pause

The European Central Bank (ECB) pressed ahead with another interest rate hike on Thursday and pledged more are on the way, aiming to crush inflation that is driving up the cost of groceries, utility bills and summer vacations even after the US Federal Reserve took a break from its own string of increases. The boost of a quarter-percentage point, to 3.5 percent, is the eighth straight increase since July 2022 for the 20 countries that use the euro currency. More here

Image: Moneycontrol

As Apple nears $3 trillion market cap let’s take a look at the top 5 most valuable companies in the world

Apple shares closed near an all-time high, putting the company within striking distance of achieving a historic $3 trillion valuation. Shares of the tech giant rose 0.35 percent to end the session at $183.95 on June 14, 2023, bringing its gain to 47 percent this year. The new high comes less than a week after Apple unveiled new products, including its Vision Pro headset, with the hope of it becoming the next big hit. More here

RBI adopting AI, machine learning to gain deeper insights into banks' operations, says deputy governor

The Reserve Bank of India (RBI) is in the process of adopting advanced analytics, artificial intelligence, and machine learning into supervisory data, while taking necessary safeguards, to gain even deeper insights into the operations of supervised entities, a top RBI official said. "These initiatives reflect the Reserve Bank's commitment towards harnessing the power of technology and data-driven approaches to strengthen its supervision," said Deputy Governor MK Jain. More here

Hero Motocorp under govt radar, corporate affairs ministry initiates probe: Sources

Automobile major Hero Motocorp is under the government's radar, with the Ministry of Corporate Affairs (MCA) initiating a probe against the company, CNBC TV-18 reported on June 15, citing sources who are privy to the development. The investigation has been launched by the MCA after taking cognisance of an earlier probe conducted by the Income Tax department into certain transactions of Hero Motocorp, the persons said. More here

Why Sweden is blaming Beyoncé for its high inflation

Swedish economists are pointing fingers at none other than pop superstar Beyoncé for causing a spike in local hotel prices and subsequently driving up inflation in the country. The economists at Danske Bank have identified Beyoncé's decision to kick off her highly-anticipated world tour in Stockholm as the catalyst behind the unexpected surge in prices. More here