Business

Crash of TerraUSD shakes Crypto


New York: Crypto-currency markets are being rocked after a popular token lost 99 percent of its value, dragging down a so-called "stablecoin" with it. The Terra Luna token fell from a high of $118, last month, to $0.09 on Thursday. The collapse had a knock-on effect on a linked token, TerraUSD, which is normally stable....

Campbell Wilson appointed CEO & MD of Air India


Tata Sons today announced Campbell Wilson’s appointment as the Chief Executive Officer (CEO) & Managing Director (MD) of Air India. The Air India board approved the appointment subject to requisite regulatory approvals.   Wilson, 50, has 26 years of aviation industry expertise across both full service and low-cost airlines. He is the CEO of Scoot, the wholly-owned...

LIC IPO issue subscribed 2.89 times on final day


New Delhi: The initial public offering of Life Insurance Corporation of India has received robust response from investors with the insurance major's offer having been subscribed 2.89 times. It received bids for 46.77 crore equity shares against IPO size of 16.2 crore equity shares. The portion set aside for policyholders has been subscribed 5.97 times, employees...

Morgan Stanley lowers India’s GDP growth forecast


New Delhi: Morgan Stanley has lowered India's GDP growth forecasts to 7.6 per cent for F2023 from 7.9 percent and to 6.7 per cent for F2024 (from 7 per cent) due to higher oil prices and slower global growth. The foreign brokerage said slower global growth, adverse terms of trade shock, and impact on business...

US federal budget deficit reaches $360 billion


Washington: US federal budget deficit totalled $360 billion in the first seven months of fiscal year 2022 (from October 2021 through April 2022), according to Congressional Budget Office (CBO) estimates. That amount is about one-fifth of the $1.9 trillion shortfall recorded during the same period in fiscal year 2021, the CBO said in its monthly...

RBI steps in as rupee in free fall against dollar


Mumbai: After the rupee hit an all-time low and breached the 77 per dollar mark this week, the Reserve Bank of India (RBI) intervened heavily across foreign exchange markets — spot, futures, and off-shore — which stopped the rupee from going past the 77.50 per dollar level, currency dealers were quoted as saying in...

Musk seeks to put in less money in $44 billion Twitter deal


San Francisco: Elon Musk is in talks with large investment firms and high net-worth individuals about taking on more financing for his $44 billion acquisition of Twitter Inc and tying up less of his wealth in the deal, reports Reuters, citing people familiar with the matter. Musk is the world's richest person, with Forbes estimating...

LIC IPO: Policyholder, employee portion oversubscribed


New Delhi: The biggest initial public offering (IPO) in the history of Indian markets, the LIC IPO, was subscribed 67 per cent on Wednesday, the first day of bidding. The LIC policyholders led the initial share of buying in the insurance major's IPO as they subscribed 1.99 times the portion reserved for them. The LIC employees'...

RBI hikes repo rate by 40 bps on inflation worries


New Delhi: Reserve Bank of India Governor Shaktikanta Das said that the Monetary Policy Committee (MPC) of the central bank, in an off-cycle meeting, hiked the repo rate by 40 basis points (bps) to 4.40 per cent with immediate effect. Repo rate is the rate at which the central bank lends short-term funds to banks....