Economy News - Page 3

Coronavirus Lockdown: Commerce minister Piyush Goyal expects better exports performance in May, June

The performance of the country's exports is expected to be better in May and June as compared to the steep fall recorded in April, when the shipments contracted to an all-time high of 60.28 percent, Commerce and Industry Minister Piyush Goyal said on Thursday

US economy shrinks at 5% annual rate in Jan-Mar quarter; economists expect far worse GDP outcome in Q2

The US economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in the current April-June quarter

Income Tax Department notifies minimum fees for managers of India-based offshore funds

The income tax department has notified the minimum fee to be received by India-based fund managers of an overseas fund

Coronavirus Outbreak Impact: Nissan to close Indonesia, Spain auto plants after sinking into red for first time in 11 years

Japanese automaker Nissan plans to close auto plants in Spain and Indonesia after sinking into the red for the first time in 11 years as the pandemic squashed global demand and disrupted production

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 years: Fitch Ratings

With incremental bank lending making up the bulk of the government's nearly Rs 21 lakh crore stimulus package, lenders face significant asset quality challenges which can increase their dud loan ratios by up to 6 percentage points over the next two years, warns a report

Coronavirus Outbreak: Nirmala Sitharaman chairs FSDC panel meeting, takes stock of economy

Finance Minister Nirmala Sitharaman on Thursday reviewed the state of the economy at the meeting of the Financial Stability and Development Council (FSDC), in view of disruptions caused by the COVID-19 pandemic

Air India employee unions seek Rs 50,000 cr financial package from govt for flag carrier

A joint forum of Air India employees and staff unions has sought a Rs 50,000 crore financial succour from the government for the national carrier, stating that the airline is a necessity for the country

Rupee settles 5 paise lower at 75.76 due to escalating tension between US and China

The rupee on Thursday settled 5 paise down at 75.76 against the US dollar amid escalating tension between the US and China

Nissan Motor plans to close Barcelona factories, 3,000 jobs lost; Spain's govt urges carmaker to consider alternatives

Spain's government says that Japanese carmaker Nissan Motor Co. has decided to close its manufacturing plants in the northeastern Catalonia region, resulting in the loss of some 3,000 direct jobs

Rupee falls 19 paise to 75.90 in early trade; Asian currencies turn weak due to escalation of US-China tensions

The rupee depreciated 19 paise to 75.90 against the US dollar in opening trade on Thursday tracking weak Asian currencies amid an escalation of tension between the US and China

Govt may need to pump $20 bn into coronavirus-hit state banks; soured assets likely to double: Report

The government has already pumped in Rs 3.5 lakh crore to shore up state-owned banks in the last five years.

Govt amends norms; companies' contribution to PM CARES Fund to qualify as CSR expenditure

The government has amended the norms whereby contributions by corporates to the PM CARES Fund will qualify as CSR spending under the companies law

Investors' wealth surges by Rs 2 lakh cr as Sensex surges 996 points on firm global cues

Investor wealth surged by Rs 2,01,549.38 crore on Wednesday following a rally in the broader market

Nirmala Sitharaman calls FSDC panel meeting on Thursday, to discuss impact of COVID-19 on economy

Finance Minister Nirmala Sitharaman has called a meeting of the Financial Stability and Development Council (FSDC) on Thursday, which among other things will discuss the impact of COVID-19 on the financial sector and the economy

NTPC to foray into distribution, keen to buy majority stake in ADAG's two utilities in Delhi

State-owned power giant NTPC has decided to foray in electricity distribution business by evincing interest to buy 51 per stake in Anil Dhirubhai Ambani Group's (ADAG) two utilities in Delhi

Banks not passing lower interest rate benefits to borrowers, developers: CREDAI tells RBI

Realtors' apex body CREDAI has written a letter to RBI, complaining that banks are not passing lower rate benefits to home loan borrowers and cash-starved developers

Moderate participation expected in spectrum auctions; telecom industry's debt to elevate at Rs 4.6 lakh cr in FY21: ICRA

Rating agency ICRA expects moderate participation for the upcoming spectrum auctions at Rs 55,000-Rs 60,000 crore due to the limited financial flexibility of the industry

Rupee settles 5 paise lower at 75.71 against dollar; forex traders concerned over rising US-China tensions

The rupee depreciated 5 paise to settle at 75.71 (provisional) against the US dollar on Wednesday, as market participants were concerned about rising tensions between the US and China amid coronavirus pandemic

Gold prices hit two-week low on optimism around reopening of economies; US-China tensions temper losses

Gold prices touched a two-week low on Wednesday due to optimism around the reopening of several economies, but increasing Sino-US frictions over Beijing’s proposed security law for Hong Kong tempered losses

COVID-19 Lockdown Impact: Fitch Ratings says Indian economy to contract 5% in FY21; forecasts global GDP to fall by 4.6% in 2020

Fitch Ratings on Tuesday forecast the Indian economy to contract 5 percent in the current fiscal on account of the slump in economic activities following a "very severe" lockdown that has lasted much longer than expected

Coronavirus Lockdown: PepsiCo India partners with Dunzo to deliver food products at consumers' doorsteps

Food and beverages major PepsiCo India on Tuesday said it has tied up with on-demand delivery service platform Dunzo to deliver its products from four food brands at consumers' doorsteps

Coronavirus Lockdown: McDonald's resumes delivery service, 'drive-thru' services in select states in north, east India

Quick service restaurant operator McDonald's on Tuesday said it has resumed delivery service 'McDelivery' in select states in north and east India

Rupee slips 8 paise to 75.74 in early trade, forex traders concerned about rising US-China tensions

The rupee depreciated 8 paise to 75.74 against the US dollar in opening trade on Wednesday as market participants were concerned about rising tensions between Washington and Beijing in the wake of the coronavirus pandemic

Coronavirus Outbreak: Guidelines announced by aviation ministry for domestic flight services

In a set of detailed guidelines, the ministry advised vulnerable people like the elderly, pregnant women and passengers battling health issues to avoid air travel till the coronavirus pandemic abates

Coronavirus Lockdown: India faces worst recession in current fiscal; economy to shrink by 5%, says CRISIL

India's fourth recession since independence, the first since liberalisation and perhaps the worst to date, is here, CRISIL said on Tuesday as it predicted the economy to shrink by 5 percent in the current fiscal because of coronavirus lockdown

Coronavirus Lockdown: SC issues notice to Centre, RBI on plea against interest on loans during moratorium

The Supreme Court Tuesday asked the Centre and the RBI to respond to a plea challenging levy of interest on loans during the moratorium period, which has now been extended by another three months till August 31 due to the coronavirus pandemic

Coronavirus Lockdown: Karnataka farmers team up with Flipkart for home delivery of mangoes

E-commerce marketplace Flipkart and Karnataka State Mango Department and Marketing Corporation signed a memorandum of understanding (MoU) on Tuesday, enabling mango farmers sell their fresh produce online through the Flipkart platform

Coronavirus Lockdown: Trader's body writes to PM, suggests measures to tide over financial stress

A national body of traders has written to Prime Minister Narendra Modi, suggesting a host of measures to help the community tide over the crisis triggered by the coronavirus lockdown, including putting a cap on the value of e-commerce sales and giving access to Udyog Aadhaar cards

Mutual funds add 7 lakh folios in April; total tally surpasses 9-cr mark, reveals AMFI data

The mutual fund industry has added nearly seven lakh investor accounts in April, taking the total folio tally to 9.04 crore, amid volatility in broader markets

GDP growth seen at 1.2% for Q4 FY20; economic activity came to standstill due to nationwide lockdown: SBI report

The country's GDP is estimated to have grown at 1.2 percent in the last quarter of the previous fiscal as economic activity came to a standstill in the last week of March due to the nationwide lockdown to contain the spread of COVID-19, a report said