Economy Financial News

Also read: Heatwave alert: IMD says temperature to soar in Bengal, Odisha, and other states "Consequently, retail inflation in FY2023-24 witnessed a significant decline, reaching its lowest level since the covid-19 pandemic, with core inflation dropping to 3.3% in March 2024," it added. Core inflation strips out the prices of food and energy that tend to be volatile.

US GDP Growth: The US economy grew last quarter at the slowest pace in two years as consumer and government spending cooled amid a sharp pickup in inflation. The US gross domestic product (GDP) increased at a 1.6 per cent annualized rate in January-March 2024, missing Wall Street expectations of a larger 2.4 per cent rise seen in the quarter-under-review.

The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace

Amazon’s cloud computing unit Amazon Web Services plans to invest $11 billion to build a data center in northern Indiana that will create at least 1,000 new jobs

Fewer Americans applied for unemployment benefits last week as the labor market continues to hold up despite higher interest rates imposed by the Federal Reserve in its bid to curb inflation

Markets on Wall Street gave back some of this week’s gains ahead of another heavy slate of corporate earnings and the government’s initial estimate of how the U.S. economy fared in the first quarter of 2024

Simplify Asset Management portfolio manager Mike Green discusses how tech stocks will fare in a higher interest rate environment on 'Making Money.'

The rupee closed at 83.3150 against the U.S. dollar, barely changed from its close of 83.3225 in the previous session.

Bangladesh's economic progress, during the conference, and said, the country that was once known as ‘East Pakistan’, and a burden on West Pakistan, has now a better economic stability than his country. The Prime Minister Shehbaz Sharif-led government hopes to secure another staff-level agreement on a new long-term larger loan with the International Monetary Fund by early July, in order to reduce inflation and stabilise the economy. Pakistan and India's trade talks nosedived when India revoked the special status of Jammu and Kashmir, abrogating Article 370 of the Constitution.

The surging dollar has hurt stocks outside the US but one group at least stands to gain: companies that export to the world’s largest economy.

ITC plans to open more hotels overseas with neighbouring countries and the Middle East as primary target markets after opening of its first international property here, company Chairman and Managing Director Sanjiv Puri said on Thursday. The company's arm ITC Hotels, which had opened 22 new properties in the last 24 months, plans to add another 70 hotels in the next five years in India as part of expansion plans in the hospitality sector. Besides the hotels business, the company will look for opportunities to expand the presence of FMCG and other verticals in new overseas markets as well. «We are open to exploring opportunities that come about. I think we have strong credentials in hospitality which we can take outside India now. Very clearly at the moment the focus is on proximal markets, be it for hospitality, be it for FMCG...,» Puri said here at a press conference after the opening of the 352-room luxury property, ITC Ratnadipa here.

Investing in mutual funds can be a powerful tool for wealth creation, especially in a country like India with a growing economy and a burgeoning middle class. However, the question of when to start investing in mutual funds is one that many individuals grapple with. The simple answer? The sooner, the better. Let’s delve deeper into why and how to get started.

Is there anything that Federal Trade Commission Chair Lina Khan doesn’t think she can do? Apparently not. On Tuesday she and her fellow Democratic commissioners effectively invalidated tens of millions of employment contracts without authority from Congress. The FTC’s 570-page rule outlaws so-called non-compete agreements across the economy.

Nilesh Shah, MD & CEO, Envision Capital, says over the next 5 to 10 years, the pecking order in the Energy, Manufacturing, Infra (EMI) space will still be dominated by ABB, Siemens, L&T. These are essentially the companies which essentially are going to be the enablers of the EMI space. I do not think they are going to get bigger and bigger and you are really not seeing new players coming in there and they have the trust of their customers because these are such critical equipment that you are not going to compromise on anybody else and you are essentially going to go for the established players. It is these kinds of companies which will continue to dominate for the foreseeable future. Shah says: “Within EMI, if I were to use energy as well as infra, Hitachi Energy has been a position that we have now owned for three, three-and-a-half years. In this space, we have been owning KSB, which we have partly exited. We have been owning TD Power. We have been owning Jash Engineering” We currently are a $4 trillion economy. The financial market is about $4-4.5 trillion. In the journey from $4 to $10 trillion, when it will happen, we do not know. What will happen is what we both know, which is that $5-6 trillion will get created in the next three to five years. Do you agree with me? Nilesh Shah: Yes, that is right.

Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Brent crude futures dipped 9 cents, or 0.1%, to $86.95 a barrel at 0024 GMT, and U.S. West Texas Intermediate crude futures slipped 7 cents, or 0.1%, to $82.74 a barrel. Both benchmarks lost less than 1% on Wednesday.

yen's slide to fresh 34-year lows is likely to force Bank of Japan Governor Kazuo Ueda to walk a delicate line in guiding monetary policy this week as he tries to maintain a calibrated path to exiting ultra-easy rates without upending the currency. The BOJ chief will be mindful of avoiding the episode of 2022, when his predecessor's dovish remarks triggered a yen plunge that forced Tokyo to intervene to prop up the currency.

investors were right to back him as an agent of change, Modi’s Bharatiya Janata Party peppered its 2014 poll manifesto with 22 references to “reform.” Ten years later, very little remains of that zeal. The BJP’s 2024 manifesto still promises to “reform, perform, transform.” But the few specifics it offers on the economy are modest — such as automatic approvals for standard housing designs. Gone are the days when Modi pledged to change everything from inefficient markets in labor and farm produce to entire sectors like banking. And yet, the appetite for a third term for the Indian leader is very high in the global financial industry. “Modi has done an unbelievable job in India,” JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said Tuesday at the Economic Club of New York. Both Goldman and JPMorgan are predicting a deluge of overseas capital after general elections are over on June 4. (The BJP is favorite to win the contest.)

Temasek and US’ Fidelity are in advanced discussions to invest around $200 million in Lenskart through a secondary share sale at a valuation of about $5 billion, three people aware of the matter said. To put this in perspective, the round would take the homegrown eyewear company’s valuation to over three times that of Warby Parker, a New York-based online retailer for spectacles and contact lens. Warby Parker listed on the NYSE late in 2022 and has a market capitalisation of around $1.55 billion.

Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

U.S. stocks are drifting in mixed trading

Germany’s Cabinet has approved a 4.57% rise in retirees’ pensionsfrom this summer, an increase that is well above the current inflation rate