Contempt for regulators, airlines and their own colleagues coupled with a casual approach to safety: a series of emails by Boeing employees paint an unflattering portrait of a company culture of “arrogance” imbued with a fixation on cost-cutting. The emails underscore the task awaiting incoming CEO David Calhoun when he […]
Dollar firms as Sino-US trade deal day draws near
The dollar began the week supported by optimism on the Sino-U.S. trade front, while the pound wobbled lower after weekend hints at an interest rate cut from a Bank of England policymaker. A U.S.-China trade deal is due to be signed at the White House on Wednesday, though talks on […]
Taiwan stocks rise after Tsai election victory boosts sentiment
The landslide election victory for President Tsai Ing-wen has reinforced a winning run for Taiwan’s financial markets. Traders on Monday had their first chance to react to the victory of Tsai’s Democratic Progressive Party — which advocates for Taiwan’s formal independence. The Taiex stock benchmark rose as much as 0.6% […]
New body may settle claims if a bank fails
A draft Cabinet note has proposed the creation of an empowered Resolution Authority (RA) for timely and orderly resolution of financial troubles at banks and financial institutions that will also decide on the quantum of money depositors will receive if a bank fails, two government officials with direct knowledge of […]
India’s slowing economy led to record drop in car sales in 2019, demand likely to be flat in 2020
Car sales in India fell by a record 19% last year as a slowing economy made consumers reluctant to spend on big-ticket items and demand is likely to be flat this year, the Society of Indian Automobile Manufacturers (SIAM) said on Friday. Passenger car sales fell to 1.81 million in […]
India’s curb on import may raise palm oil prices, hit trade
India, the world’s biggest importer of edible oils, has curbed inbound shipments of palmolein or palm oil, whose main exporter is Malaysia, a move that can alter global trade in these items and can stoke inflation. According to people aware of the developments, the decision was aimed at squeezing key […]
India to double US oil imports to cut reliance on others
India plans to double crude oil imports from the US as part of its effort to reduce dependance on the volatile West Asia region, three officials with direct knowledge of the matter said. Oil purchases from the US, which started in 2017-18, have already crossed about 6 million tonnes a […]
Factory output recovers in November, expands by 1.8%
After contracting for three straight months, the Index of Industrial Production (IIP), a measure of factory output, grew at 1.8% in November 2019, according to data released by the ministry of statistics and programme implementation (MoSPI). The number underlines the signs of some sort of recovery in industrial activity, which […]
Maradu flat: 2 apartment complexes to be razed today amid tight security
More than 150 flats in two apartment complexes in Maradu, a small municipality in Kerala’s Kochi, will be razed shortly today in one of the largest demolition drives in the country involving residential buildings. The police The Maradu apartment complexes, spread on at least 800,000 square feet, will be brought […]
SC stays NCLAT order restoring Cyrus Mistry as executive chairman of Tata Group
The Supreme Court on Friday stayed the NCLAT order restoring Cyrus Mistry as executive chairman of the Tata Group. A bench of Chief Justice S A Bobde and Justices B R Gavai and Surya Kant agreed to hear Tata Sons’ plea challenging the National Company Law Appellate Tribunal (NCLAT) decision […]
Zomato to raise $150 million from investor Ant Financial
Zomato is raising $150 million from investor Ant Financial, an Alibaba affiliate, at a valuation of $3 billion for the food delivery startup. Zomato’s top shareholder Info Edge (India) Ltd said in a filing on Friday that after the funding its stake will drop to about 25.13%. It had a […]
Rupee likely to beat most Asian currencies in 2020, says top forecaster
India’s rupee will likely beat most Asian peers this year, according to Rabobank, in contrast with other top forecasters who expect the currency to continue trailing. The worst of the country’s economic slowdown has passed and the authorities are unlikely to use currency depreciation as a measure to revive growth, […]
Life on the run is proving expensive for ex-Nissan chairman Carlos Ghosn
Life on the run is proving expensive for Carlos Ghosn.The cost of his escape included $14 million in forfeited bail money while the operation that saw him celebrate New Year’s Eve in Beirut could have cost $15 million or more. That includes $350,000 for the private jet that spirited the […]
India headed for a slow economic recovery: World Bank
After growing at 5% in FY20, the slowest pace in a decade, India’s gross domestic product (GDP) growth will start increasing from the next fiscal year, the World Bank said in its Global Economic Prospects released on Wednesday, downgrading its previous estimate for the fiscal year from 5.4%. However, the […]
Adani coal import case: SC allows DRI to restart probe
The Supreme Court on Wednesday paved the way for the Directorate of Revenue Intelligence, which looks at irregularities in imports and exports (aimed at evading tax, or benefiting from incentives), to restart its investigation against the Adani group in a case concerning alleged overvaluation of coal imports from Indonesia. The […]