Category: BUSINESS

The Indian rupee opened on a cautious note and fell 9 paise to 71.03 against the US dollar in early trade on Wednesday amid rising demand for the US dollar vis-a-vis other currencies overseas and unabated foreign fund outflows. Forex traders said trading in emerging market currencies were subdued after the British Prime Minister Boris Johnson lost the crucial Brexit Bill timetable vote.“I must express my disappointment that the House has voted for delay rather than a timetable that would have guaranteed the UK could leave on 31 October with…

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Thousands of bankers of public and private sector refused to report to work on Tuesday in Patna and Bengaluru protesting the merger of ten government banks into four. “There is a chance that we lose our jobs after the merger of the banks. This move by the Centre will create unemployment and make their condition worse,” said Jiyan Lal, General Secretary, Bihar Bank of Baroda. “Our customers are also being charged with high taxes. The merging of the move will only help the corporates and will have a harmful effect…

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The G7 Summit in 2020 would be held at President Donald Trump’s golf resort in Florida and would cost half the amount than hosting the event at another place, the White House has claimed, rejecting criticism that he “used” his public office to secure big contract for himself. Acting White House Chief of Staff Mick Mulvaney told reporters on Thursday that the 46th G7 Summit, a grouping that comprises of world’s largest developed economies, would be held from June 10 through June 12 at the Trump National Doral facility in…

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Domestic equity market extended its gains for the sixth straight session on Friday, with the benchmark Sensex rising 246 points on sustained buying across sectors.The 30-share BSE Sensex ended 246.32 points, or 0.63 per cent, higher at 39,298.38. It hit an intra-day high of 39,361.06 and a low of 38,963.60.The broader NSE Nifty too spurted 75.50 points, or 0.65 per cent, to settle at 11,661.85.Yes Bank was the top gainer in the Sensex pack, rallying up to 8.44 per cent, followed by Maruti, PowerGrid, NTPC, L&T and SBI. Shares of…

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The Indian rupee opened 5 paise higher at 71.38 against the US dollar in early trade on Thursday tracking positive opening in domestic equities and foreign fund inflows. Forex traders said rupee was trading in a narrow range as market participants remained cautious ahead of the Brexit summit scheduled later this week and on the domestic front, the RBI meeting minutes that will be released on Friday. At the interbank foreign exchange, the rupee opened on a positive note at 71.38 then lost momentum and fell to 71.47 against the…

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Air-conditioning and commercial refrigeration major Blue Star Ltd on Wednesday said it plans to expand retail footprint to 250 stores by end of the current financial year. Blue Star under the next phase of growth aims to accelerate growth by penetrating deeper into the length and breadth of the country. The company, by leveraging its brand salience, intends to garner a mass appeal cutting across geographies, an official said. Blue Star currently has 200 exclusive brand stores in the country and work is in progress to increase it to 250…

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The rupee on Tuesday dived 31 paise to end at a nearly one-month low against the US currency due to heavy dollar buying amid fresh concerns over the progress of China-US trade talks.Crude oil prices dropping more than half a per cent and gains in the equity markets, however, helped the local unit contain losses.The rupee closed at 71.54 to the dollar, down by 31 paise or 0.44 per cent — the biggest one day loss in this month. This is the lowest closing level since September 17 when the…

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India will see a massive investment of USD 118 billion in oil and gas exploration as well as in setting up of natural gas infrastructure in the next few years as the country prepares to meet the needs of a fast growing economy, oil minister Dharmendra Pradhan said on Monday.As much as USD 58 billion will be invested by 2023 in oil and gas exploration and production, while, another USD 60 billion will be put in creation of natural gas infrastructure such as pipelines, import terminals and city gas distribution…

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Prime Minister Narendra Modi is believed to have cancelled a brainstorming meeting with global oil and gas experts and CEOs, which was slated for October 14, over scheduling issues, sources said.The fourth annual meeting that coincides with the CERAWeek – the world’s premier energy event – was scheduled for Monday afternoon but was cancelled due to the Prime Minister’s engagements, they said.The meets, held under the aegis of Niti Aayog, have been a sounding board for the government to reorient policies to attract the illusive investment in finding new oil…

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Amazon took an unusual step to respond to its many critics Thursday afternoon, posting something of a manifesto of its positions on a variety of hot-button issues on which it has faced criticism.  The statement, posted on the company’s corporate website, covers everything from its stance on minimum wage (it should be increased) to climate change (it’s real) to regulating facial-recognition technology (it’s necessary). None of the policy positions are new. But the company, which declined to comment beyond the position statement, wrote that it created the page to present…

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