Economy News

PNB scam: MEA requests Antigua to detain fugitive diamantaire Mehul Choksi

Mehul Choksi and his nephew Nirav Modi are under the scanner of the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) for their alleged involvement in the Punjab National Bank (PNB) scam.

Jul 30, 2018

Banks, lessors serve default notices to debt-ridden Air India

The country's national carrier has failed to generate enough profits to cover the interest it has to pay on its whopping Rs. 466.69 billion debt.

Jul 30, 2018

Equity indices continue to set fresh benchmarks; Sensex breaches 37,500 mark

The barometer S&P BSE Sensex breached the 37,500-mark for the first time, touching an all-time high of 37,511.39 points and the NSE Nifty50 touched a record level of 11,318.50 points.

Jul 30, 2018

Spurred by trade war fears, US economy sees fastest growth rate in four years

The US economy saw its biggest rise in four years, with the GDP 4.1 percent as fears of the trade war hit domestic production. A sharp increase in consumer spending and the boost in exports of soybeans to China have been the biggest factors in the growth.

Jul 28, 2018

Panel raises concern over Chinese imports affecting domestic industry

A parliamentary panel recommended the government to be more proactive in protecting the local business by introducing measures such as anti-dumping and anti-subsidy actions while imposing other restrictions.

Jul 27, 2018

Trade war: US hints at waiving duty on Indian steel with conditions

The development has come at a critical point as any further delay in the tariff deliberations would lead to further escalation in the trade war which is already sending shock waves across world markets.

Jul 26, 2018

Drug-makers to take a hit? Govt may ban 343 'irrational' medicines

The Chandrakant Kokate committee found out that these drugs are irrational and pose health risks, post which the ministry of health and family welfare banned 349 FDCs.

Jul 26, 2018

Venezuela to remove zeros from its currency as inflation set to breach one million percent in 2018

President Nicolas Maduro said that the country will remove five zeros from its currency, the Bolivar, to battle the rising inflation projected to reach 1 million percent this year.

Jul 26, 2018

HDFC AMC IPO subscribed 43% in first 3 hours

IPO received a positive response from the investors as 81,00,560 shares were subscribed against the issue size of 1,88,04,290 shares.

Jul 25, 2018

Flipkart to bring down the curtain on eBay India in August

Flipkart had bought the Indian operations of California-based eBay in 2017 and received $500 million as a trade-off for a 5 percent stake for the American E-commerce player.

Jul 24, 2018

Q1 Results: IT and FMCG companies post strong show

The first quarter of the FY19 so far has been driven by IT and FMCG players. The sectors also registered double-digit growth in sales and profit against the drop it witnessed last year in the same quarter.

Jul 23, 2018

Neemuchwala's turnaround strategy for Wipro stands on aggressive mergers and acquisitions

Bengaluru-based Wipro expects revenue from its key IT services business for the quarter ending September to be in the range of $2.01 billion to $2.05 billion.

Jul 23, 2018

Domestic spending to get a boost after GST rate cuts

The recommendation to cut goods and services tax on more than 50 goods could not have come at a better time when the festive season is about to kick off.

Jul 23, 2018

Dubai hits rough patch as markets slump; economic slowdown on the cards?

Dubai is going through a rough patch as residential property prices have dropped by more than 15 percent since late 2014 and are still falling. The stock market is down 13 percent this year, the worst performance in the region.

Jul 22, 2018

US oil giants to lobby against tighter Russia sanctions

Oil companies such as Exxon Mobil have been vocal about their stance against Russia sanctions. Opponents claim sanctions unfairly penalise U.S. companies.

Jul 21, 2018