Economy News

India's rank in global competitiveness improves – by one notch; USA returns to top spot

IMD World Competitiveness Center's global competitive rankings are based on various parameters in diverse areas. India, which slipped to 45th rank in 2017, has now climbed to 44th rank. A total of 63 countries were assessed.

29 days ago

Indian Oil to turn to traditional suppliers to meet Iran oil shortfall

Indian Oil Corp controls 1.6 million barrels per day (bpd) of refining capacity or about a third of the country's overall capacity.

May 23, 2018

No cancellation fee on flight tickets cancelled within 24 hours of booking: Jayant Sinha

Ticket booked 96 hours (4 days) before the flight will not be eligible for the cancellation fee waiver

May 22, 2018

Oil prices rise on worries over Venezuelan supply

The United States is actively considering oil sanctions on Venezuela, where output has dropped by a third in two years to its lowest in decades.

May 22, 2018

Oil Minister Dharmendra Pradhan says considering steps to keep fuel prices in check

Opposition leaders have criticised the Indian government for failing to rein in rising fuel prices, which is a politically-sensitive issue in the country.

May 21, 2018

Oil prices boosted by news China, U.S. put trade war 'on hold'

Analysts say there is enough supply to meet demand despite ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC), plunging output in crisis-struck Venezuela and looming U.S. sanctions against major oil producer Iran.

May 21, 2018

Tata Steel completes $5.2 billion purchase of bankrupt Bhushan Steel

The Tata Steel unit will raise a bridge loan of 165 billion rupees to help fund the acquisition, while Tata Steel is investing the remainder in the unit, Bamnipal Steel.

May 19, 2018

Here's how Kerala's Pinarayi Vijayan govt plans to revive Neera

Neera is tapped from palm trees just before dawn. Marketing Neera under a unified brand was primarily initiated by the UDF government. Kerala agricultural minister has now confirmed the LDF government's visions to take the strategies forward.

May 19, 2018

Saudi Arabia gives assurances on supply as oil hits $80 per barrel

The statement came as oil prices surged to $80 per barrel for the first time in four years due to rising concerns over disruptions to Iranian oil exports because of new U.S. sanctions. The crude oil output has also declined in Venezuela.

May 18, 2018

CBI charges jeweller Choksi, others in PNB fraud case

The bank has been conducting a separate internal probe into the fraud and has already suspended over 20 officials.

May 17, 2018

Former RBI boss Raghuram Rajan says won't apply for top BoE job

Rajan is a former chief economist at the International Monetary Fund, and warned of financial imbalances in the run-up to the 2007-08 global crisis.

May 17, 2018

Sensex, Nifty rise on likely BJP win in Karnataka

The 10-year benchmark bond yield rose 7 basis points to 7.90 percent, its highest in nearly 33 months, while the rupee fell to a near 16-month low of 67.7975 against the dollar before recovering sharply to 67.5350 on likely intervention by the central bank.

May 15, 2018

Walmart may launch IPO for Flipkart in as early as 4 years

Walmart announced earlier this week that it will pay $16 billion for a roughly 77 percent stake in Flipkart in what is the US retail giant's largest-ever deal and a move to take on arch-rival Amazon.com Inc in a key growth market.

May 13, 2018

Bad loans push four Indian state banks to combined $1.74 billion fourth-quarter loss

Canara Bank said its net loss was Rs 48.6 billion for the three months to March 31, compared with a net profit of Rs 2.14 billion a year earlier. Allahabad Bank reported a net loss of Rs 35.1 billion and UCO Bank a Rs 21.34 billion loss.

May 12, 2018

India fastest growing economy at 7.4% in 2018: IMF

The IMF's Asia and Pacific Regional Economic Outlook report said that India was recovering from the effects of demonetisation and Goods and Services Tax.

May 9, 2018