Washington: The US economy grew more slowly in the second quarter than previously estimated -- a good sign for the Federal Reserve, which is attempting to cool demand to bring down price increases, a media report said. Gross domestic product, the broadest measure of economic output, rose at an annualised rate of 2.1 per cent...
New Delhi: Global uncertainty and domestic disruptions may keep inflationary pressures elevated in coming months, the finance ministry said, adding that this warrants greater vigilance by the government and the Reserve Bank of India. India’s retail inflation, as measured by the Consumer Price Index, jumped to a 15-month high to 7.44% in July from 4.87%...
New York: U.S. business activity approached the stagnation point in August, with growth at its weakest since February as demand for new business in the vast service sector contracted, Reuters reported. S&P Global said its flash U.S. Composite PMI index, which tracks manufacturing and service sectors, fell to a reading of 50.4 in August from...
New Delhi: The Union Cabinet has cleared seven railway projects with an estimated cost of Rs 32,500 crore, which will add 2,339 km to the existing network covering states namely Uttar Pradesh, Bihar, Jharkhand, West Bengal, Telangana, Odisha and Gujarat. The projects, which include upgradation of the existing railway lines including their quadrupling and doubling,...
Mumbai: The Securities and Exchange Board of India (SEBI) has asked the Supreme Court for 15 days more to complete its inquiry into a report by U.S.-based Hindenburg Research accusing the Adani Group of “brazen stock manipulation and accounting fraud schemes over the course of decades”. A report by the court’s own six-member expert committee,...
New York: Fitch Ratings analyst Chris Wolfe warned that the US banking industry has inched closer to another turbulence — the risk of rating downgrades on dozens of US banks that could even include JPMorgan Chase, a report from CNBC said. In June, the ratings agency lowered the score of the US banking industry's "operating...
New Delhi: Leading industry leaders and stakeholders hailed the passing of Digital Personal Data Protection Bill (DPDP) 2023 by the Parliament as it secured the Rajya Sabha's nod this week, terming it a “watershed moment”. Nasscom said this marks a significant leap forward for India to establish a robust framework for personal data protection and...
New Delhi: It is not often that another Indian company gets to pip Reliance in the profitability sweepstakes. But, in the June 2023 quarter (Q1FY24), the State Bank of India (SBI) has reported higher profits than Reliance Industries. For the quarter, Q1FY24, Reliance had reported net profits of Rs 16,011 crore while SBI had reported...
New York: Moody’s has put the credit ratings of six large US banks, including Bank of New York Mellon, State Street and Northern Trust, under review for a possible downgrade, sending stocks tumbling as investors worried about more banking sector pain ahead, the media reported. The credit ratings agency said that its warning on the...
