Economy News

Covid-19 pandemic knocks Singapore into recession with record 41.2% GDP plunge

Gross domestic product (GDP) dived by a record 41.2 per cent in the three months ended March, on a quarter-on-quarter annualised basis, the Ministry of Trade and Industry said.

Jul 14, 2020

Annual IMF, World Bank meetings to be held virtually

The 2020 annual meetings of the International Monetary Fund (IMF) and the World Bank Group will likely be held in a primarily virtual format due to the ongoing COVID-19 pandemic, the leaders of the two institutions announced.

Jul 10, 2020

Punjab National Bank reports Rs 3,688 crore DHFL loans as fraud

In a regulatory filing, the State-run Punjab National Bank said that it has already made provisions amounting to Rs 1,246.58 crore.

Jul 10, 2020

Yes Bank case: ED attaches Rs 2,203 cr assets of Rana Kapoor, others

The ED had earlier filed a charge-sheet in the case against Kapoor, his daughter Roshni Kapoor - promoter of DoIt Urban Ventures (India), DHFL's Kapil R. Wadhawan, Dheeraj R. Wadhawan, and other entities, like Belief Realtors and RKW Developers.

Jul 9, 2020

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Sensex, Nifty rise as focus shifts to corporate earnings

The NSE Nifty 50 index rose 0.64% to 10,774.50 by 0511 GMT, while the benchmark S&P BSE Sensex climbed 0.67% to 36,570.32.

Jul 9, 2020

ICICI Bank announces 8% pay hike for 80,000 employees during coronavirus pandemic

As many as 80,000 employees form more than 80 per cent of its overall workforce and the decision has been taken in recognition of the services rendered during the novel coronavirus pandemic, the sources told.

Jul 8, 2020

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Nifty, Sensex end higher for fifth day, lenders soar

Indian shares closed higher for a fifth straight session on Tuesday, as gains in IT and beaten down financial companies helped Mumbai's main indexes outperform other stock markets after a week-long rally.

Jul 7, 2020

Asia shares climb as China blue chips hit five-year peak

Asian shares scaled four-month peaks on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery, even as surging coronavirus cases delayed re-openings across the United States.

Jul 6, 2020

'Small businesses may not survive prolonged crisis': Khatabook CEO predicts

During the lockdown, retail businesses have been worst hit across all regions and categories. The two worst-hit sectors automobiles and textiles have seen a noted increase in transactions by 73% and 76% respectively, post relaxation in lockdown. Culling more insights from Ravish Naresh, CEO of Khatabook here...

Jul 3, 2020

India's factory activity contracts for third straight month in June

The virus has infected over half a million people in the world's second-most populous nation, stalling economic activity, but Wednesday's survey suggested the worst may be over for the economy, at least for now.

Jul 2, 2020

NDMC extends property tax deposit date till July 31

MCD takes property tax on buildings and vacant land. There are three ways of computing taxes -- annual rental value, capital value and unit area system.

Jun 30, 2020

Indian shares rise on recovery hopes, Nifty set for best quarter in 11 years

Indian shares rose on Tuesday, June 30 with the benchmark index set for its best quarter since 2009, as upbeat U.S. and China data renewed economic recovery hopes, while investors awaited PM Modi's speech later in the day.

Jun 30, 2020

Trump shutting doors to immigrants: Will America survive and revive itself without skilled Indians on H-1B visas?

Following the proclamation issued by the Trump administration banning temporary issuance of H-1B visas, H-2Bs, L visas and J visas with effect from June 24 to December 31, 2020, we wonder if this move will help the US economy survive and revive itself from the Covid-19 crisis.

Jun 23, 2020

PNB buys Audi cars for MD, senior executives amid coronavirus-induced financial crisis

Reportedly, the PNB took the delivery of these high-end luxury cars worth approximately Rs 1.34 crore last month, unmindful of the coronavirus outbreak, subsequent nation-wide lockdown and its crippling effect on the financial sector as well as the economy.

Jun 10, 2020

Oil prices see an increase for the second consecutive day, raised by 60 paise per litre

The increase has been made under the dynamic pricing system for daily revision of fuel prices, which OMCs resumed after over the 80 day break during the lockdown period.

Jun 8, 2020

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