Business

Reliance Jio leads India’s mega 5G spectrum auction


New Delhi: Mukesh Ambani-led Reliance Jio emerged the top bidder in India's 5G spectrum auction, acquiring 24,740 MHz spectrum worth Rs 88,078 crore, IT Minister Ashwini Vaishnaw announced. Sunil Mittal's Bharti Airtel was the second-highest bidder with 19,867 MHz spectrum in various bands worth Rs 43,084 crore, in the auction that spanned for seven days...

Indian economy doing better than developed nations: Sitharaman


New Delhi: Federal finance minister Nirmala Sitharaman asserted that the Indian economy is ‘doing much better’ compared to the situation prevailing in many developed nations.  Replying to a short-duration debate on inflation in the Rajya Sabha during the ongoing Monsoon session, Sitharaman stressed that the fundamentals of the Indian economy are strong, and ‘nobody is...

China hits Taiwan with fresh trade curbs amid Pelosi’s visit


Beijing/New York: China halted some trade with Taiwan in retaliation to the high-profile visit of US House Speaker Nancy Pelosi to the island. China’s General Administration of Customs said in a statement Wednesday that some fish and fruit imports were suspended due to excessive pesticide residue detected “multiple times” on products since last year, as...

Apple saw ‘a near doubling of revenue in India’ in April-June quarter: CEO Tim Cook


Despite a challenging operating environment including supply constraints, strong foreign exchange headwinds and the impact of their business in Russia, Apple has once again registered a strong June quarter with a revenue record of $83.0 billion, up 2 per cent year over year, and quarterly earnings per diluted share of $1.20. Along with registering...

Reliance to launch Italian luxury brand Maison Valentino in India


Reliance Brands Limited (RBL) has inked a long-term distribution agreement with Valentino to bring to India the most established Italian Maison de Couture. Through this long-term partnership, RBL will partner with Valentino to open its first boutique in Delhi, followed by a flagship store in Mumbai. The first store is due to open in 2022...

Indians lead immigrants in creating unicorns in US: Report


New Delhi: Indians lead immigrants in the US who founded more than half of America's startups valued at $1 billion or higher (unicorns), and four out of 10 immigrants who have founded multiple billion-dollar enterprises are from India, a new report has revealed. A report by the National Foundation for American Policy (NFAP) said that...

IMF slashes India’s 2022 growth forecast to 7.4%


Washington: The International Monetary Fund (IMF) has slashed its annual growth projection for India by 0.8 percentage points to 7.4 per cent for 2022 and forecast "increasingly gloomy developments" for the global economy such as high inflation, downturn in China because of Covid and spillovers from the war in Ukraine. The fund cut its 2023...

RBI wants govt to ban cryptos: Nirmala Sitharaman


New Delhi: Union finance minister Nirmala Sitharaman said the Reserve Bank of India (RBI) is in favor of banning cryptocurrencies because it is concerned about their destabilising effect on monetary and fiscal stability. “In view of the concerns expressed by RBI on the destabilising effect of cryptocurrencies on the monetary and fiscal stability of a...

Britain’s inflation hits fresh 40-year high


London: Amid rising prices for motor fuels and food, Britain's Consumer Prices Index (CPI) rose by 9.4 per cent in the 12 months to June, hitting a fresh 40-year high, official statistics showed. On a monthly basis, the country's CPI rose by 0.8 per cent in June 2022, compared with a rise of 0.5 percent...