Boeing on Monday said it expects the 737 MAX airplane, which was grounded after two crashes killed 346 people, to resume flying in January, delaying its return by one month. In a statement, the group said it still hopes to receive certification next month from the Federal Aviation Administration (FAA), […]
Industrial output in September shrinks to lowest in seven years
India’s factory output shrank for the second straight month at 4.3% in September, recording its worst show since the present series was launched in April 2012. All components of industrial output—mining, manufacturing and electricity—fell during the month, pointing towards a deepening economic downturn. The persistent slowdown in industrial growth may […]
Auto sector shows some hope as PV sales rise slightly
India’s passenger vehicle industry barely managed to turn the corner in October after nearly a year of weak sales, buoyed by roaring demand for sport-utility vehicles and hefty discounts on several models. Though marginal, the 0.28% growth in sales in October has raised a glimmer of hope that the world’s […]
Passenger vehicle sales rise marginally in October
Domestic passenger vehicle sales witnessed a marginal increase of 0.28% to 2,85,027 units in October from 2,84,223 units in the year-ago period. Domestic car sales were down 6.34% to 1,73,649 units as against 1,85,400 units in October 2018, according to data released by the Society of Indian Automobile Manufacturers (Siam). […]
Market starts on a cautious note amid weak global cues
Market benchmarks Sensex and Nifty started on a tepid note on Monday weighed down by a sharp fall in other Asian equities amid uncertainty over US-China trade deal and escalating political issues in Hong Kong. After opening over 100 points lower, the 30-share index pared some losses to trade 4.57 […]
Centre considers raising insurance for deposits, more RBI scrutiny for banks
The government is considering increasing the insurance on bank deposits to more than the Rs 1 lakh at present, with greater protection for senior citizens, and may bring all financial institutions under the Reserve Bank of India’s scrutiny as part of measures to improve safeguards for depositors. The plans come […]
No claimants for dormant Swiss accounts of Indians; some may get liquidated soon
No claimants have come forward for about a dozen dormant Swiss bank accounts linked to Indians, leaving the funds lying in these accounts at the risk of getting transferred to the Switzerland government. The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit […]
Saudi Aramco takes another step toward first public offering
Saudi Arabia’s state-owned oil giant Aramco revealed it will sell up to 0.5% of its shares to individual investors, but in a lengthy document published late Saturday it did not disclose how much of the company will be floated when it goes public on the country’s domestic exchange. Still, the […]
Moody’s warns UK of further debt downgrade on Brexit paralysis
Moody’s warned on Friday it might further cut its rating on Britain’s sovereign debt, saying Brexit had eroded the country’s ability to tackle the challenge of its high levels of borrowing. “It would be optimistic to assume that the previously cohesive, predictable approach to legislation and policymaking in the UK […]
IMF approves $450 million loan tranche for Pakistan
The IMF on Friday praised Pakistan’s economic performance and agreed on next steps, paving the way for release of another portion of a $6 billion, three-year loan package. Once the International Monetary Fund board gives the go ahead, the Washington-based lender will provide $450 million to help right the South […]
Rupee declines most in Asia as Moody’s cuts India rating outlook
Rupee declined the most in Asia, while sovereign bonds and stocks saw modest losses after Moody’s Investors Services lowered the nation’s rating outlook to negative citing growth concerns. The reduction comes at a time when investors have been skeptical about the government meeting its budget targets amid a slowdown in […]
Nifty, Sensex slip after Moody’s cuts outlook to ‘negative’
Indian shares inched lower on Friday after Moody’s Investors Service lowered its ratings outlook to “negative” from “stable”, saying it was increasingly likely that economic growth will remain lower than in the past. Moody’s said the change in outlook partly reflected government and policy ineffectiveness in addressing economic weakness, which […]
Gold hovers near one-month low after China, US agree on tariff roll-back
Gold prices on Friday hovered near a one-month low hit in the previous session after China and the United States agreed to roll back tariffs as part of the first phase of a trade deal, stoking investors towards riskier assets. FUNDAMENTALS * Spot gold was flat at 1,467.92 per ounce […]
Domestic passenger traffic slips to 1.6% in September: IATA
Weak economic activity, along with subdued private consumption eased India’s year-on-year domestic air passenger traffic growth rate to 1.6 per cent in September from 4.5 per cent observed in August. According to the International Air Transport Association (IATA), India’s domestic air passenger volume — measured in revenue passenger kilometres (RPKs) […]
Top China chipmaker says it hasn’t defaulted, has ample cash
Tsinghua Unigroup Co. moved to reassure bondholders in the wake of a plunge in its debt that its finances are in good shape. The company has a key role building China’s domestic chip industry and will get continuous support from its controlling holders for healthy development, its listed unit Unisplendour […]