Federal Reserve hikes rates by 75 bps and rattles nerves with an aggressive rate hike projection. Budget carrier SpiceJet announces a pay hike for pilots weeks after the aviation company certain pilots on leave without pay for a period of three months, as a temporary measure to rationalise costs. The Supreme Court continued with the stay on Malaysia’s IHH’s open offer for Fortis Healthcare, as it directed the Delhi High Court to consider the issue. U.S.-based think tank reports North Korea may be preparing to launch a new submarine believed to be capable of firing ballistic missiles.
This is the Daily Edit from the economic times your quick capsule of daily business news. It is September 22. And here is what we are tracking. The currency market in focus as the rupee on Thursday hit a fresh record low of 80.285 against the US dollar at open. The move comes after the US Federal Reserve hiked interest rates by 75 basis points, but gave a more hawkish than expected projection. The US Dollar index hit a new 20 year high Reserve Bank of India has been selling dollars to moderate the depth recession in the Indian rupee. A Reuters report. Quoting a government official said the Indian government is not averse to a weaker rupee in line with global market fundamentals. In corporate news, budget carrier SpiceJet has announced a 20 percentage salary hike for pilots from October et now reported on Thursday. SpiceJet reportedly received the first tranche of emergency credit line guarantee scheme that's a CLGs payment of around rupees 125 Crore last week, the Gurugram headquartered airline recently decided to place certain pilots on leave without pay for a period of three months as a temporary measure to rationalize costs. Meanwhile, in the US aviation regulator, the Directorate General of Civil Aviation that's DGCA on Wednesday, extended the cap on SpiceJet operating capacity till October 29. The Supreme Court on September 22, continued with the stay on Malaysia's i H H. SS open offer for Fortis healthcare as it directed the Delhi High Court to consider the issue. The court has asked for the executing code to consider the appointment of forensic auditors to examine the transactions involved in the deal. Malaysian major IHH healthcare acquired 31% stake in Fortis healthcare in 2018 for $1.1 billion. Through a bidding process, the acquisition triggered a mandatory open letter for IHH, which remains stalled since 2018. With Japanese drugmaker Daiichi, Sankyo challenging the deal. North Korea may be preparing to launch a new submarine believed to be capable of firing ballistic missiles, a US based think tank reported on Thursday, citing commercial satellite imagery, images of the simple South Shipyard on the east coast of the country from September 18 revealed six barges and vessels gathered around the construction Hall Kobe said 38 North which monitors not Korea, North Korea has a large submarine fleet, but only one unknown experimental submarine capable of carrying a ballistic missile. You have been listening to Roopsha Dasguupta, tune into at play Economic Times latest platform for all audio content.