Business

Musk-run Tesla hits $1 trillion market cap for first time


San Francisco: Elon Musk-run electric car company Tesla has hit the $1 trillion market cap for the first time. Tesla becomes the fifth US company to join the $1 trillion club, after Apple, Microsoft, Amazon, and Alphabet. Its stock soared to a new record-high after it crossed $950 during the trading -- up more than 9...

US growth slows amid supply chain disruptions, labor shortages


Washington: US economic growth slowed from mid-August through September, constrained by supply chain disruptions, labour shortages, and a Delta variant-fuelled Covid resurgence, according to a Federal Reserve survey. "Outlooks for near-term economic activity remained positive, overall, but some Districts noted increased uncertainty and more cautious optimism than in previous months," the Fed said in its...

Yellen expects US inflation to fall to acceptable levels soon


Washington: US Treasury Secretary Janet Yellen said that she expected the country's inflation rates to fall to acceptable levels in the second half of next year. "Monthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer. On a 12-month basis, the inflation rate...

Sitharaman holds marathon meet with US businesses


New York: Finance Minister Nirmala Sitharaman's meetings with US businesses and institutions continued at a feverish pitch, including talks with two key investors asking them to broaden their world view and look at India for investment. As part of this, Sitharaman met Scott Sleyster, Executive Vice President and Chief Operating Officer of Prudential Financial and...

US lawmakers protest more intensely than Indians over Amazon: CAIT


New Delhi: Describing a well-planned conspiracy on the country's business sovereignty by foreign-funded companies like Amazon and Flipkart since 2016 to poison the e-commerce business, the Confederation of All India Traders (CAIT) told Union Commerce Minister Piyush Goyal that American lawmakers have announced to present a bill whereas in India not only the government...

US welcomed India’s economic reforms: Nirmala Sitharaman


Washington: Finance Minister Nirmala Sitharaman has said that the Biden administration as well as leaders from the corporate sector in the United States have welcomed as a very positive step the reforms undertaken by the Indian government, particularly the withdrawal of the retrospective tax. In August, Parliament passed a bill to scrap a tax rule...

US businesses suffer setback due to Biden’s China policy: Media


New York: US businesses are feeling the effects of President Joe Biden's trade policy on China, voicing the hope for some relief from the US tariffs on Chinese goods, Arkansas-based public radio station KUAR has reported. Biden will keep the Trump-era tariffs on billions of dollars of Chinese goods in place, US Trade Representative Katherine...

Reliance says unnecessary gets dragged into ZEE-Invesco tussle


Mumbai: Reliance Industries, which got drawn into the ZEEL-Invesco tussle by virtue of its February proposal to merge its media properties with Zee, said that it has never resorted to any hostile transactions and regretted being drawn into the dispute now. The statement came a day after the ZEEL board considered a note from the...

India keeps top global spot with 9.5% GDP growth


United Nations: India has emerged from a "very tough second wave" of Covid-19, Gita Gopinath, the International Monetary Fund's (IMF) Chief Economist, said at the release of the flagship report that showed India continuing to be the world's fastest growing major economy clocking a growth rate of 9.5 per cent this fiscal year and...