Page 2331 - Business Finance
IMF not formally approached by Pakistan for financial assistance - chief economist
NUSA DUA, Indonesia (Reuters) - International Monetary Fund Chief economist Maurice Obstfeld said on Tuesday the fund has not been formally approached by Pakistan for financial assistance, and the country's cooperation with China has both financial benefits and risks.
Asia stocks at 17-month low as China lets yuan slip
SYDNEY (Reuters) - Asian shares hit 17-month lows on Tuesday as China allowed its currency to slip past a psychological bulwark amid sharp losses in domestic share markets, a shift that pressured other emerging currencies to depreciate to stay competitive.
No respite from skyrocketing fuel prices despite rate cut
Despite the Centre announcing a Rs. 2.50 per litre reduction in the prices of fuel, common man are yet to experience any relief, as skyrocketing prices of petrol and diesel are continuing to burn holes in their pockets.Fuel prices continued the upward march on Tuesday, with petrol being sold 23 paise higher at Rs 82.26 per litre, and diesel at Rs 74.11 after a 29 paise hike in New Delhi.In Mumbai, petrol is retailing at Rs 87.73 per litre and diesel at Rs 77.68 per litre after revisions of 23 paise and 31 paise, respectively.In the wake of increasing fuel prices, Finance Minister Arun Jaitley, earlier this month, had announced a cut of Rs 2.50 per litre on both petrol and diesel prices and directed the state governments to implement the same.While the revision in prices has been implemented in Gujarat, Chhattisgarh, Bihar, Uttar Pradesh, Tripura, Jammu and Kashmir, Himachal Pradesh, Assam, Jharkhand and Goa, a number of states are yet to implement the decision.
IMF gives credit for reforms under Modi, projects India as fastest growing
The International Monetary Fund (IMF) on Tuesday acknowledged the economic reforms carried out under Prime Minister Narendra Modi and projected India to be the world's fastest growing major economy this year and next.
Gold inches higher on safe-haven demand amid China worries
BENGALURU (Reuters) - Gold prices edged higher on Tuesday, drawing some safe-haven bids from risk-averse investors as Asian stocks fell amid worries over a potential slowdown in China's economic growth.
Dollar dips against yen amid China, Italy woes
TOKYO (Reuters) - The dollar slipped against the safe-haven yen in Asia on Tuesday on simmering anxiety about higher U.S. bond yields, the Sino-U.S. trade war and political turmoil in Europe.
Microsoft to invest in Southeast Asian ride-hailing firm Grab
SINGAPORE (Reuters) - Microsoft Corp is investing in Southeast Asian ride-hailing firm Grab as part of a partnership that the two companies said will allow them to collaborate on technology projects, including big data and artificial intelligence.
Trump to lift ban on higher-ethanol gasoline ahead of Nov. elections
NEW YORK (Reuters) - U.S. President Donald Trump will seek to lift a federal ban on summer sales of higher-ethanol blends of gasoline on Tuesday, a senior White House official said, delivering on a move long-sought by anxious Midwest farmers ahead of November's elections.
Oil prices steady after Iranian exports fall further
TOKYO (Reuters) - Oil prices held little changed on Tuesday, as more evidence emerged that crude exports from Iran are declining in the run-up to the reimposition of U.S. sanctions, while a hurricane moved across the Gulf of Mexico.
US dollar rises after strong jobs report
The US dollar increased against most other major currencies as investors continued to digest the country's nonfarm payroll report for September.
IMF projects India's growth at 7.3 per cent in 2018 & at 7.4 per cent in 2019
The International Monetary Fund (IMF) on Tuesday forecasted a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019. In 2017, India had clocked a 6.7 per cent growth rate. "India's growth is expected to increase to 7.3per cent in 2018 and to 7.4per cent in 2019 (slightly lower than in the April 2018 World Economic Outlook [WEO] for 2019, given the recent increase in oil prices and the tightening of global financial conditions), up from 6.7per cent in 2017," the IMF said in its latest World Economic Outlook report. This acceleration, the world body said, reflected a rebound from transitory shocks (the currency exchange initiative and implementation of the national Goods and Services Tax), with strengthening investment and robust private consumption. India's medium-term growth prospects remain strong at 7 per cent, benefiting from ongoing structural reform, but have been marked down by just under percentage point relative to the April 2018 ..
Dubai South to be world's largest vertical farm facility
Dubai South has announced that it has signed a Memorandum of Collaboration with Emirates Flight Catering. Under the agreement, Emirates Flight Catering will expand its operations in the aviation district to build the world's largest vertical farm in a joint venture with Crop One Holdings.The facility, which will cover 130,000 square feet, represents an investment of AED146.8 million (US$40 million).Today's announcement marks an important milestone in the two companies' long-standing partnership. Emirates Flight Catering already operates a transit restaurant and has also opted to establish its new ventures at Dubai South.Commenting on the MoU, Khalifa Suhail Al Zaffin, Executive Chairman of Dubai Aviation City Corporation, said, "The construction and operations of the world's largest vertical farm in Dubai South will benefit the district and airlines flying from Al Maktoum International Airport and Dubai International Airport, where Emirates Flight Catering is considered one of the ...
William Nordhaus, Paul Romer bag Nobel Prize in Economics
William D Nordhaus and Paul M Romer bagged the Nobel Prize in Economic Science for addressing the need to create long-term sustainable economic growth, broadening the scope of economic analysis. They have constructed models that explain how the market economy interacts with nature and knowledge.Romer demonstrated how knowledge can function as a driver of long-term economic growth. Previous macroeconomic research lacked the details about economic decisions determining the creation of new technologies. Paul Romer solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas.Romer's solution, initially published in 1990, laid the foundation of contemporary endogenous growth theory. The theory explains how ideas are different to other goods and require specific conditions to thrive in a market.Nordhaus' findings deal with interactions between society and nature. He had become increasingly worried about the combustion of fossil fuel resulting
CBS to look for potential buyers after Moonves probe ends - Fox journalist
(Reuters) - CBS Corp would look for potential buyers for the cable company after a probe on its former Chief Executive Officer Leslie Moonves ends, a Fox journalist tweeted on Monday.
US stocks close mixed amid rising rates
US stocks closed mixed on Monday as investors continued to fret over rising interest rates.
Global shares slip on China growth fears, dollar gains
NEW YORK (Reuters) - Global equity markets fell on Monday amid unease over the impact of the U.S.-China trade war on China's growth, while the dollar gained against the euro as Italian bond yields spiked on a brewing spat over Italy's budget plans.
Global shares slide on China growth fears, dollar gains
NEW YORK (Reuters) - Global equity markets slid on Monday amid unease over the impact of the U.S.-Sino trade war on China's growth, while the dollar gained versus the euro as Italian bond yields spiked on a brewing spat over Italy's budget plans.
Nasdaq drops for third day on global growth worries
NEW YORK (Reuters) - The tech-heavy Nasdaq fell on Monday for the third straight day as a sell-off in Chinese markets sparked concerns about slowing global economic growth, though the S&P 500 pared losses to end nearly flat.
Fortune 500 medical technology firm announces new India head
Michigan-based Fortune 500 medical technology firm Stryker has announced a new head of Indian operations as part of its plan to tap the highly lucrative market, especially after the recent launch of Ayushman Bharat. As Stryker's new managing director for India, Meenakshi Nevatia will be responsible for building business strategy and setting up the organisation for a long-term, sustainable growth in the Indian market, a media release said Monday. Additionally, one of Nevatia's priorities will be to cultivate a strong commitment to Stryker's mission and values in India, it said. Prior to joining Stryker, Nevatia had a 15-year stint with Novartis. In her last assignment as the country president and pharma division head for Novartis in Thailand, she led a strong business performance. She has also served in various leadership positions at Novartis across Spain, Portugal, the UK and Switzerland. "Customers and patients are at the heart of everything we do, and I look forward to bringing ...
Fed's Bullard says rates won't have to rise much higher - Bloomberg
(Reuters) - The U.S. Federal Reserve will not need to raise interest rates much more to keep inflation under control, St. Louis Federal Reserve President James Bullard said on Monday.