Business

Indian investors scaling up exposure in ETFs in US markets


New Delhi: Indian investors, especially millennials, are increasingly scaling up their participation in the US markets for portfolio diversification, the UK-headquartered financial services firm Winvesta has said in its latest report. The Winvesta Investor Pulse Report' June 2021 is based on aggregated data from retail investors across India who invest in fractional shares of the...

FedEx invests $100 Million in Indian startup Delhivery


IPO-bound Delhivery is all set to receive a $100 million investment from American giant, FedEx Express. The Indian startup, the American company has agreed to make a joint investment in Delhivery. Delhivery had previously raised about $277 million funding from a group of investors. The partnership between FedEx Express, which is a subsidiary of FedEx Corporation, and Indian startup company Delhivery will...

Flipkart raises $3.6 bn, valuation surges to $37.6 bn


Bengaluru: Flipkart Group has raised $3.6 billion in funding as it continues to grow and advance the digital commerce ecosystem in India. The investment values the group at $37.6 billion post-money. The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers in addition to Walmart, said a company statement. This round of...

US budget deficit soars to $2.24 trillion


  Washington: The US budget deficit soared to $2.24 trillion during the first nine months of fiscal year 2021, which ends on September 30, the US Treasury Department said. Federal revenue for the nine-month period ending in June rose to 3.05 trillion dollars, while total outlays rose to 5.29 trillion dollars, driven by payments for jobless...

S&P retains India’s lowest credit rating


New Delhi: S&P Global Ratings has affirmed its lowest investment-grade sovereign rating (BBB-) for India with stable outlook, holding that the country’s recovery will gain pace through the second half of the fiscal year 2021-22 (FY22) and into the following year, helping stabilize its overall credit profile. “The stable outlook reflects our expectation that India’s...

How India’s current account can go back to deficit in FY22


Mumbai: The healthy growth in exports during the April-June quarter notwithstanding, the country's current account deficit could see a big turn in FY22, changing from a surplus position in Covid hit FY21 back to a deficit situation in the current year, a report on the country's trade position has said. According to a report from...

New India e-commerce rules create furore


New Delhi: Amid reports that demands have been made from certain quarters to extend the deadline for submission of comments and suggestions on the draft e-commerce rules, the Confederation of All India Traders (CAIT) has described such requests as delaying tactics and said that there is no need for any extension of deadline. In a...

Pentagon kills $10 bn cloud contract awarded to Microsoft


Washington: In a significant development, the US Department of Defense announced that the Pentagon has canceled a $10 billion JEDI (Joint Enterprise Defense Infrastructure) contract that was given to Microsoft in 2019, leaving the favourite Amazon out of the race during the Donald Trump administration. According to a report in CNBC, the Pentagon said that...

Bezos retires, Andy Jassy takes over as Amazon CEO


San Francisco: Jeff Bezos who founded Amazon exactly 24 years ago on July 5, 1994, has officially stepped down and former AWS executive Andy Jassy has taken over as the CEO of the commerce behemoth. On Amazon investor relations' website, Jassy is now listed as President and CEO of Amazon.com and also serves on the...