Economy News

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

Total revenue collection under GST for 8 months was Rs 7.19 lakh crore

Of the total revenue collection, Central GST was Rs 1.19 lakh crore, State GST was Rs 1.72 lakh crore, Integrated GST was Rs. 3.66 lakh crore (including Rs. 1.73 lakh crore on imports) and cess was Rs. 62,021 crore (including Rs. 5702 crore on imports).

Apr 27, 2018

Siddaramaiah taps into techies' sentiments, questions work permits to expatriate spouses

Speaking of the Donald Trump administration's plans to restrict spouses of H-1B visa workers from getting a job in the United States, Karnataka CM Siddaramaiah took to Twitter and asked why spouses of US expatriates were allowed to work in India.

Apr 26, 2018

Indian immigrants sent the most money home in 2017, ahead of Chinese

Remittances to India picked up sharply by 9.9 percent, reversing the previous year's dip, but were still short of $70.4 billion received in 2014.

Apr 24, 2018

TCS worth $100 billion: First Indian IT company to touch this value

Shares of the Mumbai -based company moved nearly 4 percent higher Monday, extending their Friday's surge, making it the first Indian company in a decade to achieve this mark.

Apr 23, 2018

Petrol price hits highest level since 2013, diesel touches fresh high

Petrol and diesel prices were increased by 10 paise per liter across New Delhi, Mumbai, Kolkata, and Chennai on Monday (April 23). The skyrocketing fuel prices have now renewed the call for excise duty cut.

Apr 23, 2018

Inter-state vehicle transfer to get cheaper: Govt to introduce uniform tax rates

A group of ministers (GoM) has been constituted by the ministry of road transport and highways to look after the road transport sector in India and to initiate reforms to make the inter-state transfer of vehicle cheaper for the common man.

Apr 21, 2018

TCS set to become 1st Indian company with $100 billion market cap

By scaling $100 billion, TCS is set to join the league of the 100 most valuable companies in the world. TCS will be the 2nd Indian company to achieve the milestone after Reliance Industries. Mukesh Ambani-led Reliance Industries had crossed the mark in October 2007.

Apr 21, 2018

KYC norms: RBI makes Aadhaar-bank accounts linking mandatory

The RBI's new direction comes at a time when the Supreme Court is in the final stage of hearing petitions challenging the validity of Aadhaar.

Apr 21, 2018