Business News

Business

Markets Drop After Sobering News From Europe

EU says recession will be deeper than forecast.Technology companies and banks led stocks broadly lower on Wall Street Tuesday, as the market gave back some of the big gains it made the past couple of weeks. The sell-off snapped the S&P 500 index’s five-day winning streak.

The IMF's chief economist poured cold water on the Bank of England's claim the UK is heading for a V-shaped recovery

The economy could see "a spike initially, and then going forward, I think we could end up with something much more flat," Gopinath told lawmakers in Britain's parliament on Wednesday.Her comments on the UK economy are in sharp contrast to projections by two policymakers at the Bank of England.

Antique jewels the new playground for super-rich Indians amid lockdown

Affluent Indians have found a new obsession: online jewellery auction of rare and collectable pieces with pedigree and provenance. Art Deco masterpiece which epitomises a classic synergy between Indian royalty and the French watch and haute joaillerie house — sold for a staggering $1.34 million, far beyond its reserve price between $600,000 and $800,000.

US adds 4.8 million jobs as unemployment falls to 11.1%

But, the Wall Street Journal said that the US labour market is operating with millions fewer jobs than in February, the month before the coronavirus pandemic struck the country's economy.

Oil prices drop on prospect of returning Libyan supplies

The more-active Brent crude futures for September fell 24 cents, or 0.6%, to $41.61 a barrel by 0610 GMT, paring Monday's 92 cent gain. The August contract, which expires on Tuesday, fell 24 cents to $41.47.

How to prepare for the next market crash

Heightened optimism among investors without backing of strong economic data is worrying experts, who say the current stocks rally may not sustain.

Muted economic sentiment will move customers towards value purchase: Walmart India CEO

The company expects a pent up demand for in the short-term, for non-essential categories such as small kitchen and home appliances.

$500 billion and counting: If dollar fall over time, India reserves to enjoy huge passive swelling

Over the long term (10 years) the correlation between USD-INR and EUR-USD was as high as 81%; over a shorter horizon, the correlation is much lower (20-25%).Thus,while the $500 bn number is certainly something to celebrate,we need to understand that $8.4 bn did not flow into India that week.

IMF sees 'profound uncertainty' about global recovery

Gita Gopinath cited a striking divergence of financial markets from the real economy, which could portend greater volatility in financial markets.

IMF chief economist Gita Gopinath said the current economic crisis was more global and playing out differently than past crises.

RBI spared no expense in hosting Raghuram Rajan

The Reserve Bank of India spent almost Rs 71 lakh in shifting the household items of its former Governor, Dr Raghuram Rajan from Chicago to Mumbai and back when he was appointed the Governor in August 2013. It amounted to be more on transporting his household goods than what it paid him as salary in three years.

Centre May Bring In Law To Ban Cryptocurrencies In India

The Centre is planning to introduce a law to ban cryptocurrencies in India,as reported. This follows the Supreme Court's March 4ordersetting aside the Reserve Bank of India's (RBI) 2018 circular prohibiting banks and financial institutions from dealing in or providing services related to cryptocurrencies.

FM Sitharaman Tells Historian Ramchandra Guha:Don't Worry Economy Is In Safe Hands

Guha had posted a tweet quoting British writer Phillip Spratt. “Gujarat, though economically advanced, is culturally a backward province. Bengal, in contrast, is economically backward but culturally advanced,” Tweeted Guha quoting the British writer.

GST Council meeting to discuss issue of compensation to states, revenue generation; rate tweaks unlikely

The Finance Ministry is not in favour of increasing GST rates on non-essential items, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19.

BSE changes expiry of weekly derivatives contracts from Thursday to Monday

S&P BSE Sensex measures the performance of the top 50 largest stocks from the largecap and midcap space by float-adjusted market capitalisation.The BSE on June 10 decided to change the expiry of weekly contracts from Thursday to Monday for the equity derivatives segment.

RBI proposes major changes in securitisation norms Amazon Eyes Bharti Airtel's Stake For $2 Billion Rupee Ends Lower At 75.57 Per Dollar Google pulls down the 'Remove China Apps' and the 'Mitron' app from Play Store Moody’s Downgrades India Rating to 22 Years low. Shocks Analysts. Adds To Worries Amid Pandemic Gold prices rise today as US riots trigger safe-haven demand; silver rates gain 23% in May India Govt. Releases Dismal GDP Data of Before Corona Period. Consistent Sharp Decline in Last 11 Years. Quarter 4th at 3.1 percent Worst affected. Google-Vodafone Idea deal – all the banks and mutual funds that are waiting for it to happen RBI slaps Rs 5 crore fine on Bank of India for non-compliance Bank of America, Citi, Chase & Wells Fargo Have Shifted Employees To Dealt With Defaulted loans Time To Go Digital: Important For SME Sector In India For Transformation RBI's Repo Rate Cut A Good News For Borrowers India faces economic catastrophe, PMO can't handle it by itself: Rajan Gold price headed for Rs 50,000 per 10 grams in next quarter: Best performing asset in 2020 Alibaba, Baidu, Chinese firms under attack in US. Legislation passed to delist Chinese companies from Stock Exchanges RIL shares at discount, get at only one-fourth the price: Issue opens Modi’s economic package may fail to lift spirits; India’s macro-fundamentals at risk Rolls-Royce to cut some 9,000 aerospace jobs due to virus, decline in air travel Startups staring at revenue decline, many in process of closing down India Lockdown impacts Flipkart. Walmart International’s growth also affected Icra revises steel sector outlook to negative. Demand likely to fall by record 20 pc in FY21 IFSC bank units to report all OTC forex deals to CCIL platform from June 1: RBI RIL now a software firm first, oil & gas biz later; flaunts ‘Made in India’ tag NBFCs’ liquidity stress to increase further amid COVID-19 disruptions: Moody’s Thai Airways will be saved from the brink of bankruptcy: Check Thai govt’s plan Moderna shares jump 20pc on promising COVID-19 vaccine trial STOCKS CRASH: Only two IT stocks end in green as share markets dive over 1,000 points India Govt Suspends Filing of Bankruptcy Cases Under IBC For 1 year Banks Stressed. US-based General Atlantic invests Rs 6598 Cr in Jio. Reliance total raising rises to Rs 67194.75 Crores. In India, 72% of outstanding bank credit in red zones