Top market news: Business brief for May 28; from GDP cuts to warnings for startups

Top news making a mark on the markets: The bulls may be rejoicing with a rebound but the signs of slowdown continue to linger across the board.

India GDP Forecast Cut
Moody's investor services cuts India's GDP forecast by 30 bps points to 8.8% for 2022, sees growth at 5.4% for the next year. The international agency cites high inflation as the culprit with India facing 9 year high CPI.

Divestment Deferred
Govt has put off plans for a stake sale in fuel retailed BPCL as rising crude prices continue to add pressure to OMC balance sheets The government had planned to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation Ltd (BPCL) through the strategic disinvestment.

Startups Warned by Sequoia
PE giant Sequoia has sounded off a warning for all startup founders as they called the current environment a “crucible moment,” stating that the good times are not only over, there’s no indication when they’ll return

iPhone Demand Dwindles
What may be a first since the iPhone launched, parent is Apple is unlikely to raise production levels for the current year. Reports indicate due to the lower demand and changing economic dynamics the Tim Cook led tech giant is reworking its production numbers for the year.

One Time Tax on Oil & Gas Giants
The UK government is introducing a £5 billion ($6.3 billion) tax on the windfall profits of its oil and gas companies, bowing to pressure from campaigners to raise money to help millions of people struggling with the worst cost-of-living crisis in decades