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Gold in India trading at six-year high discounts

Physical gold dealers in India were forced to offer the steepest discount in six years last week to lure customers put off by a jump in domestic prices, with some people in top Asian hubs selling their bhttps://readselective.com/india/gold-in-india-tr…r-high-discounts/ullion to cash in on the rally.

Appreciating asset: Gold coins and bars sit on a tray inside a jewellery store in Mumbai. A bullion dealer says some consumers are selling their old jewellery to take advantage of elevated prices. — Bloomberg

Earlier last week, global benchmark spot gold prices rose to near an all-time high of US$2,020.47 (RM8,474.86) as investors sought refuge from uncertainties spurred by the Ukraine crisis.

Local gold prices in India, traditionally the biggest gold consumer after China, jumped to 55,558 rupees (RM3,036) per 10 grammes, not far from the all-time high of 56,191 rupees (RM3,071) hit in 2020.

The price surge hammered demand and prompted dealers to offer discounts as high as US$77 (RM322.98) an ounce over official domestic prices – inclusive of 10.75% import and 3% sales levies – versus US$27 (RM113.25) in the week prior to last week.

China Locks Down iPhone, Tech Hub Shenzhen as Covid Cases Jump

China placed the 17.5 million residents of the southern city of Shenzhen into lockdown for at least a week, seeking to halt a growing Covid-19 outbreak with a move that could cause disruption and production delays in the key technology hub and port.

The lockdown, which came after virus cases doubled nationwide to nearly 3,400, will be accompanied by three rounds of city-wide, mass testing, according to a government notice. The measure, announced Sunday, followed earlier restrictions placed on Shenzhen’s central business district, and will last until March 20.

All bus and subway systems were shut, and businesses, except those providing essential services, have been closed. Employees were told to work from home if they can. Residents will be barred from leaving Shenzhen — home to the headquarters of giants Huawei Technologies Co. and Tencent Holdings Ltd., as well as one of China’s busiest ports — except in limited situations.

The city is home to the China headquarters and a key manufacturing facility of Hon Hai Precision Industry Co., Apple Inc.’s main maker of the iPhone and other products. The surge in infections in the city is thought to be linked to an unbridled outbreak in neighboring Hong Kong, where about 300,000 people are currently in isolation or under home quarantine. A Covid flareup in Shanghai has also seen most schools returned to online learning and travel into the city restricted. Bus services from other provinces were halted, and China’s aviation regulator is in discussion with airlines about diverting all international flights into the financial center, Bloomberg News reported Friday.

Source: https://www.bloombergquint.com/business/china-places-all-shenzhen-residents-under-lockdown-afp

Ashneer Grover bought Porsche, told BharatPe staff he spent $130K on dining table

Ashneer Grover, who quit fintech platform ‘BharatPe’ that he co-founded amid serious allegations of financial wrongdoings against him and his wife Madhuri Jain Grover, allegedly “purchased a Porsche” when he was at BharatPe and “told multiple people at the company that he spent $130,000 on a dining table”, media report said.

According to Bloomberg, office frugality clashed with the couple’s apparently glitzy lifestyle, rubbing some employees the wrong way.

Grover and his wife upgraded their modest home for a rented penthouse and renovated another luxury property.

He also purchased a Porsche and told multiple people at the company that he spent $130,000 on a dining table, the report said citing employees.

As the startup expanded, the company’s staff said Grover pushed them relentlessly.

source: https://www.businessinsider.in/business/startups/news/ashneer-grover-bought-porsche-told-bharatpe-staff-he-spent-130k-on-dining-table-report/articleshow/90128539.cms

8 Missed Calls From Mom? Ola’s Marketing Stunt Draws Twitter’s Ire

Nothing could have prepared Ola customers for the alarming notification that popped up on their mobile phones yesterday. The cab aggregator company — in a move that has been widely criticised on social media — decided to share a notification reading “8 missed calls from mom” with several of their customers. Needless to say, the clickbait not go down well. Where a single missed call from one’s mother is enough to induce anxiety, Ola’s notification had people panicking until they realised it was nothing more than a marketing ploy promoting a 40 per cent discount on certain services.

“‘8 missed calls from mom’, followed by a 40% off promo! This is a terrible clickbait by Ola,” one Twitter user wrote while sharing a screenshot of the notification.

Source: https://www.ndtv.com/offbeat/8-missed-calls-from-mom-olas-marketing-stunt-draws-twitters-ire-2814844

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