SBI ranks second among the highest profit making companies in the country

SBI ranks second among the highest profit making companies in the country

State Bank of India has come second among Indian companies with the highest profit at the end of the financial year 2022-23. Until now HDFC Bank was on top of this rank. Reliance Industries tops the list with a profit of Rs.66,702 crore. After this the profit of State Bank of India was Rs. 55,648 crore followed by private bank HDFC with Rs.45,997 crore. The fourth position in the list is followed by government-owned ONGC (Rs. 45,522 crore) and fifth position by Tata Group's TCS (Rs. 42,147 crore).

Fiat founder Enyali family's wealth tussle in court

Fiat was a global identity for Italy after World War II. The Enyali family, the founders of Fiat, is currently at loggerheads. The family's son is the chairman of Ferrari and his relatives are fighting for wealth in court. The inheritance case is likely to be decided within a month in the court of Turin, Italy. Margherita, the daughter of Fiat founder Gianni Enyali, has already signed an agreement for a share of the assets, but has now also sought rights to five children from another marriage.

Instagram will now compete against Twitter

Twitter is currently the top text based social media. People can express their personal opinion here and discuss with each other through short messages. There have been some changes since Elon Musk bought Twitter, and more changes are in the pipeline. However, investors are skeptical about Twitter's profitability. At this time, there is a discussion that a company with a big power in social media will enter the competition through Facebook, WhatsApp and Instagram. Instagram is most popular among youth for generating reels, news and small business inquiries. The brand, which has about 1.6 billion users, will launch an app with short text messages and go head-to-head with Twitter, reports Bloomberg. Currently, this app is being tested and there is a possibility that we have to wait for some time for the public launch.

The poster boy of startups 'Byju' is not abating

By bringing online classes, smart technology and acquiring companies one after the other in the education sector in India, Byju became a prime example of the country's startup system and education sector. The company has now faced problems like massive damages, forced marketing, firing employees from jobs. A new challenge has now been added to this series. An American investor has filed a case in Delaware against Baiju for hiding the loan of 50 million dollars and its details. In the American financial system, the interests of investors are given top priority, so this loan can be a headache for Baiju. At one time, the company was preparing for listing in America with a value of 48 billion dollars (Rs. 3.93 lakh crores), but after one problem, investors are estimating its value at only 22 billion dollars.

The world's eyes are on Janet Yellen this week

The limit of how much debt the American government can raise is ending on May 31. President Biden and the administration are negotiating with the opposition to increase this limit. In the administration, Treasury Secretary Janet Yellen has been warning for two months that if the cap is not raised, America will default, the government will not be able to pay interest on its debt, government workers' pay will freeze and the economy will suffer a major shock. On Friday, Yellen held a meeting with American banks and called on them to be prepared for risk conditions. The world's eyes will be on Yellen, her statement, throughout this week. Yellen, who was the chairman of the American Federal Reserve at one time, is known as a clear speaker and he believes that if America defaults, it will have a huge impact not only on banking or finance, but on the entire economy and the world.

Which central bank bought the most gold in the world?

The demand for gold has been increasing in the world since Corona. Investments in exchange traded funds and continued purchases by the world's central banks are the main reasons for this growth. But, the largest amount of gold has been bought by the Central Bank of Turkey in the last five years. According to the report of the World Gold Council, in five years, the banks of the world have bought 2,522 tons of gold, of which Turkey has bought 17.5 percent or 441.5 tons of gold. India has also purchased 229.6 tonnes of gold in these five years. The American Federal Reserve has the most gold in the world at 8133.5 tonnes, India ranks 10th in the world with a total of 794.6 tonnes of gold. Turkey has a total of 572 tonnes of gold, most of which has been bought in the last five years.