Economy News

BP to Lay Off Hundreds of Workers to Cut Costs and Cope With Tumbling Oil Prices

BP will cut several jobs globally, including those in its London, Aberdeen and Sunbury offices on mounting costs and plummeting oil prices.

Dec 8, 2014

Maldives Water Crisis: Business Takes Hit as Water Shortage Enters Fourth Day

Business in Maldives, the honeymoon islands, is hard hit as the water crisis entered its fourth day on Monday.

Dec 8, 2014

Centre Clears Long Pending Defence Proposals, Indigenous Companies allowed Foreign Partners For Tech Transfer

Many proposals for local production and import of defence equipment see light of day after years of wait.

Dec 6, 2014

White Label ATM Operators can Serve International Customers, Says RBI

RBI allows white label ATMs to offer services to holders of international debit, credit and prepaid cards and these ATMs are free to choose any bank to partner with.

Dec 6, 2014

2015 US Housing Market Outlook: Steady Economic Recovery to Fuel Real Estate Growth

The U.S. housing market is expected to grow significantly in 2015 as the economy adds more jobs and wage improve for most households.

Dec 6, 2014

World Bank Team Visits India to Help Improve Country's 'Doing Business' Ranking

A team of experts from the World Bank Group are visiting India, to study and offer suggestions to help improve the business climate in the country and suggest macroeconomic reforms.

Dec 6, 2014

Bebe Fashion Stores Confirm Credit Card Breach

Bebe Stores Inc, the American women's fashion retailer, confirmed on Friday that some of its stores had been hit with a data breach exposing credit and debit card information of several customers.

Dec 6, 2014

Disinvestment: SAIL Stake Sale Fetches ₹ 1,715 Crore; ONGC, Coal India in Line

The Narendra Modi government's maiden disinvestment initiative is a success, 5% stake sale in state-run SAIL nets ₹1,715 crore. Prospects for offloading stakes in other PSUs brighten.

Dec 6, 2014

India Poised to Grow Faster Than China From 2016, Says Goldman Sachs

Goldman Sachs chief India economist Tushar Poddar expects India's growth to overtake China starting 2016. Structural reforms could provide further impetus.

Dec 5, 2014

SBI Cuts Interest Rates By 25 Basis Points

SBI has cut deposits with tenure exceeding one year by 25 basis points. Short term deposits see no change. Improved fund liquidity proved beneficial.

Dec 5, 2014

India to Export Buffalo Meat to Russia; More Products to Follow

In the face of retaliatory sanctions by Russia on EU, India set to benefit from an increase in trade of agricultural and dairy products

Dec 5, 2014

SAIL Floor Price Set at ₹83; Government Lines Up ONGC, CIL and Others

The floor price for the SAIL auction has been set at ₹83 and retail investors will receive 5% discount.

Dec 5, 2014

Delhi To Scrap Cars Over 15 Years In A Move To Reduce Pollution. Will Car Sales Pickup?

The National Green Tribunal banned vehicles older than 15 years off the streets of Delhi, with its unenviable record of being the world's worst polluted city. Will the move help more cars remains to be seen

Dec 4, 2014

Term Deposit Rates Cut By ICICI And HDFC

HDFC and ICICI cut term rates to 8.75% across tenures; base rate remains unchanged.

Dec 4, 2014

NDA Disinvestment Agenda Back on Track; SAIL Kicks off Process with 5% Stock Sale

The government disinvestment agenda picks up pace with the sale of 5% of shares in SAIL; ONGC, Coal India and Hindustan Zinc lined up.

Dec 4, 2014