IMF countries vow to boost slowing world growth

Key countries in the International Monetary Fund (IMF) have pledged to pursue “growth-friendly” policies to kickstart the slowing world economy. The IMF’s steering committee, made up of 25 of the world’s largest economies, said the global outlook was fraught because of weak trade and a series of risks including a UK exit from the EU. It urged countries to boost ... Read More »

US jury imposes $940mn penalty on two Tata Group firms in trade secret case

A US grand jury has slapped two companies of India’s Tata group – Tata Consultancy Services and Tata America International Corp – with a $940 million fine in a trade secret lawsuit filed against them. After days of hearing, the federal grand jury in the US State of Wisconsin ruled that Tata Consultancy Services and Tata America International Corp. must ... Read More »

Right time to reevaluate fiscal policy: Arun Jaitley at G20

Finance Minister Arun Jaitley on Friday addressed the G-20 Finance Ministers and Central Bank Governors meeting WASHINGTON: Emphasising the need for globally coordinated policy decisions to remedy the global economic turbulence, Finance Minister Arun Jaitley on Friday said that the time is ripe for a reevaluation of the fiscal policy space. “We feel that the efficacy of monetary policy instruments ... Read More »

Egypt, Saudi Arabia sign 60 billion Saudi riyal investment fund pact

Egypt and Saudi Arabia signed an agreement late on Saturday to set up a 60 billion Saudi riyal investment fund among other investment agreements including an economic free-zone to develop Egypt’s Sinai region, Egyptian state television reported. The signing of the agreements took place in Egypt’s Abdeen palace in the presence of Egypt’s President Abdel Fattah al-Sisi and Saudi’s King ... Read More »

UK fraud prosecutors obtain arrest warrants for ‘Euribor five’

The Serious Fraud Office (SFO) has obtained arrest warrants in its bid to bring four Germans and one Frenchman to Britain to face charges of conspiracy to rig Euribor benchmark interest rates. James Waddington, a lawyer for the SFO, told Southwark crown court on Friday that the prosecutor had been granted European arrest warrants for formerDeutsche Bank employees Kai-Uwe Kappauf, ... Read More »

Forex reserves up by $2.539 billion to $355.947 billion

The reserves had risen by $419.4 million to $315.55 billion for the week ended Nov 14. MUMBAI: The country’s foreign exchange reserves surged by $2.539 billion to touch an all-time high of $355.947 billion in the week ended March 18, on account of rise in foreign currency assets (FCAs), the Reserve Bank said. The reserves had touched a high of ... Read More »

Hard cash may worry logistics firms: Nielsen

The e-commerce industry is expected to reach $100 billion by 2019 The country’s logistics service providers will need to address the key issue of use of cash as working capital as they are likely to handle about $14 billion in currency by 2018 with online shoppers continuing to rely on cash-on-delivery as payment method, according to a report. The report ... Read More »

NHAI’s public issue of tax-free bonds oversubscribed

National Highways Authority of India’s (NHAI) public issue of tax-free bonds saw considerable response on Wednesday even as investors bid 2.76 times the notified amount of Rs 3,300 crore, according to information provided by bond arrangers by evening. The highest subscription came from the corporates category at 6.6 times the allotted size of Rs 660 crore. This was followed by ... Read More »

Indian rupee hits new 30-month low at 68.72, down 15 paise against US dollar

The rupee today plunged to a fresh 30-month low of 68.72, dropping 15 paise against the US dollar on fresh demand for the American currency from banks and importers in view of persistent fall in domestic equity market amidst foreign capital outflows. Strong month-end dollar demand from importers, mainly from oil refiners, affected the rupee value against the dollar, a ... Read More »

GDP to exceed 7.3% in this fiscal, to go higher next yr: FM Jaitley

The economic growth is expected to exceed 7.3 per cent in the current fiscal year and go higher still in the next one, Finance Minister Arun Jaitley said on Monday. “(The) Indian economy is expected to grow better than 7.3 per cent – the level achieved last fiscal year – and at an even higher level next year,” Jaitley told ... Read More »