Ukraine’s economic output will likely contract by a staggering 45.1% this year as Russia’s invasion has shuttered businesses, slashed exports and rendered economic activity impossible in large swaths of the country, the World Bank said on Sunday. The World Bank also forecast Russia’s 2022 GDP output to fall 11.2% due to punishing financial sanctions imposed by the United States and its Western allies on Russia’s banks, state-owned enterprises and other institutions.

The World Bank’s “War in the Region” economic update said the Eastern Europe region, comprising Ukraine, Belarus and Moldova, is forecast to show a GDP contraction of 30.7% this year, due to shocks from the war and disruption of trade. Growth in 2022 in the Central Europe region, comprising Bulgaria, Croatia, Hungary, Poland and Romania, will be cut to 3.5% from 4.7% previously due to the influx of refugees, higher commodity prices and deteriorating confidence hurting demand. For Ukraine, the World Bank report estimates that over half of the country’s businesses are closed, while others are operating at well under normal capacity. The closure of Black Sea shipping from Ukraine has cut off some 90% of the country’s grain exports and half of its total exports.

The World Bank said the war has rendered economic activity impossible in many areas, and is disrupting agricultural planting and harvest operations. Estimates of infrastructure damage exceeding $100 billion by early March – about two-thirds of Ukraine’s 2019 GDP – are well out of date “as the war has raged on and caused further damage.” The bank said the 45.1% contraction estimate excludes the impact of physical infrastructure destruction, but said this would scar future economic output, along with the outflow of Ukrainian refugees to other countries.

Equity benchmark indices opened in the green on Thursday with Sensex up by 873.74 points and Nifty up by 246.60 points.

At 9:21 am, the BSE Sensex was up by 873.74 points or 1.54 per cent at 57690.39.
The 50-scrip NSE Nifty was trading at 17221.90, at 9:21 am, up by 246.60 points or 1.45 per cent. (ANI)

Financial creditors realised 221 per cent of liquidation value and 51 per cent of admitted claims through the corporate insolvency resolution process, Union Minister of State for Finance Bhagwat Kisanrao Karad said on Tuesday.

In a written reply to a question in the Rajya Sabha, the minister noted that as per inputs received from the Ministry of Corporate Affairs (MCA), the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), was initiated by banks in the 12 large accounts that were referred by the Reserved Bank of India.
Financial creditors had an aggregate outstanding claim of Rs 3.45 lakh crore against these corporate debtors. Out of these 12 corporate debtors, resolution plans have been approved in respect of eight corporate debtors, CIRP is ongoing in respect of two corporate debtors, and two corporate debtors are undergoing liquidation process.

With regard to resolution and settlement in these accounts, the eight corporate debtors, which were resolved through the market-driven CIRP, owed a total of Rs 2.26 lakh crore to financial creditors while their liquidation value was Rs 0.52 lakh crore, the minister said.

“Further, realisable value for financial creditors through the approved resolution plans was Rs. 1.16 lakh crore, which is 221 per cent of the liquidation value and 51 per cent of the admitted claims,” Karad added. (ANI)

Birla Niyaara, the flagship project of Birla Estates Pvt Ltd, has received an overwhelming response and recorded sales of INR 1000 crore booking value making it the most successful launch in MMR in the recent times. The 14-acre integrated development in Worli, South Mumbai’s most sought-after neighbourhood, has sold over 150 units till date in Phase 1.

Birla Niyaara is also one-of-a-kind in the luxury segment, being India’s only USGBC LEED pre-certified platinum residential project making it one of Worli’s landmark integrated developments.
KT Jithendran, CEO, Birla Estates said, “We are overwhelmed with the outstanding response for Birla Niyaara. The numbers, despite the 3rd wave of pandemic, is a testament to the strength of the Birla Brand as well as our philosophy of Life Designed that caters to consumer needs. Through Birla Niyaara, we promote sustainable living and offer an unrivalled lifestyle through best-in-class services, innovative amenities, and world-class design.”

The project is a mix of contemporary and modern high-rise living spaces, high-end retail, and fine office buildings, all imagined and designed by world-renowned architects Foster and Partners. Sasaki and Coopers Hill oversee the master planning and are detailing the landscape. The multi-tiered amenities, such as the hi-line experience, bespoke social, sports and children’s clubs, and a themed garden landscape, are specially curated wellbeing spaces that encourage people to live an active and healthy lifestyle.

Birla Estates currently has five residential developments spread across MMR, Bengaluru, and NCR region. They will be launching new projects in each of these markets soon.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

The Indian rupee weakened by 22 paise to 76.16 against the US dollar on Friday as a sharp rise in crude oil prices amid the ongoing Russia-Ukraine conflict dampened investors’ sentiments.

At the interbank foreign currency market, the rupee opened the trade weak at 76.06 against the US dollar. It slipped to a low of 76.22 against the US dollar in the intra-day.
The rupee also touched a high of 75.99 against the US dollar in the intra-day.

The rupee ended the day at 76.16 against the US dollar, which is 22 paise down from its previous day’s close. (ANI)

Equity indices opened in red on Friday with Sensex down by 698.60 points and Nifty down by 207 points.
The 30-scrip BSE Sensex was down by 698.60 points or trading at 54404.08 and down by 1.27 per cent at 9.40 am. Similarly, 50-scrip NSE Nifty was trading at 16291 at 9:40 am, down by 207 points or 1.25 per cent.
On the Sensex, all sectors other than the metal sector are trading with negative bias. (ANI)