Business

Fed hiking rates may move dollar index to levels of 112.60 -113.30


Mumbai: The dollar index, which gauges the strength of greenback against the basket of six major currencies, is expected to remain in the range of 112.60-113.30, if the US Federal Reserve continues its tightening going forward, according to a report by Emkay Wealth Management. "Given the resolution of the Fed to enhance the rates to...

American Express India appoints Sanjay Khanna as chief executive officer


American Express Banking Corp on Monday appointed Sanjay Khanna as its chief executive officer (CEO) and country manager, the company announced in a statement.  Khanna, at present, heads the country executive team and is responsible for driving growth across the organization’s consumer and commercial businesses.  In his new role, Khanna will be leading several business development initiatives for American...

US may need 7.5% unemployment to curb inflation: Research


New York: The US unemployment rate may need to reach as high as 7.5%, double its current level, to end the country's outbreak of high inflation, according to new estimates from a team of researchers including two staff economists from the International Monetary Fund, Reuters reported. That would entail job losses of perhaps 6 million...

India’s external debt grew by 8.2% in 2021-22


Mumbai:  India’s external debt grew by 8.2% at $620.70 billion on March 31, 2022 as compared to $573.7 billion on March 31, 2021.  However, external debt as a ratio to gross domestic product (GDP) fell marginally to 19.9% at the end of March 2022 from 21.2% a year ago, Union finance ministry said. “While 53.2% of it...

IMF chief says India ‘a bright spot’ in global economy


New Delhi: International Monetary Fund's (IMF) Managing Director Kristalina Georgieva on Thursday said that despite global uncertainty and headwinds, India continues to be a bright spot in the global economy. She made the statement during her meeting with Finance Minister Nirmala Sitharaman, where India's upcoming G-20 Presidency was also discussed and the IMF reiterated its...

Former Tata Sons chairman Cyrus Mistry dies in car accident


Cyrus Mistry, the scion of one of India’s most prominent empires, died in a road accident on a highway near Mumbai on Sunday, according to Maharashtra police.  Mistry, 54, was one of two people who died when the car they were traveling in hit a barrier between two lanes, according to Shrikant Shinde, a Maharashtra...

Mukesh Ambani makes succession clear to shareholders at Reliance AGM


Mumbai: Twenty years after being appointed chairman and managing director of Reliance Industries (RIL), Mukesh Ambani has announced the family succession plan for his group when he listed the separate businesses his three children would lead. Akash will head the digital business housed in Jio, his twin sister Isha the retail division. Their younger sibling...

IMF expects US economy to face high inflation for up to 2 years


New York: The International Monetary Fund (IMF) expects the U.S. economy to experience high inflation for at least another year or two. “I would be careful about looking at one data point for the U.S.,” IMF First Deputy Managing Director Gita Gopinath cautioned. The first deputy managing director of the International Monetary Fund (IMF), Gita...

India’s GDP logs impressive 13.5% growth


New Delhi: India’s economic growth rose to 13.5 per cent in the first quarter of the current fiscal (2022-23), a huge jump from 4.1 per cent growth recorded in the final quarter of 2021-22. However, experts said that the GDP growth number was lower than what the market had expected earlier. This is the first double...