Electric cab-hailing platform BluSmart remained non-operational on Thursday across Delhi-NCR, Bengaluru, and Mumbai, as the market regulator cracked down on its co-founder over alleged misuse of funds at an affiliated company. BluSmart app, that offered more than 8,000 taxis in the three metros, stopped taking bookings on Wednesday evening and remained unoperational on Thursday as well.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
India became the UAE's largest trading partner in 2009, ousting China from the top position and accounting for nearly 15 per cent of the countrys total commercial exchanges, a new study has revealed.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
Several exchanges are facing a cash crunch with committed investment not coming from venture capital funds and trading activity seeing a sharp decline, reports Rajesh Bhayani.
'The Indian side has realised that not talking to Pakistan has not served any useful purpose.'
Remittances by non-resident Indians (NRIs) saw a 27 per cent jump at $ 6.5 billion (Rs 39,991.9 crore in present valuations) between January and September this year, as against 7 per cent growth during the same period last year.
The UAE exchange will launch an innovative remittance facility called wallet telephone software in Dubai on January 10 and later extend it to other Gulf countries and India.
Dubai Gold and Commodities Exchange, the world's newest commodities exchange and the first such marketplace in the Middle East, started trading this morning.
The 16th Brics Summit beginning Tuesday in Kazan, Russia, is expected to see more focus on creating a sharper energy policy for Brics that ensures closer partnership among members in both energy security and energy transition, official sources said. The same is expected to be a part of the Kazan declaration, currently being negotiated, they added.
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SBI will hold 30 per cent in RIL joint venture
Indian students are looking at destinations that offer quality education coupled with unique cultural and career experiences, often at more affordable costs, says Gaurav Batra, CEO, Infinite Group.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
Terming his discussions as 'fruitful and productive', Modi said the discussions were wide ranging, covering the entire spectrum of the bilateral engagement.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
Prime Minister Narendra Modi on Friday met Israeli President Isaac Herzog and underscored India's support for an early and durable resolution of the Israel-Palestine issue through dialogue and diplomacy.
During his visit, first by an Indian prime minister in 34 years, Modi will seek to enhance cooperation in energy and trade and reach out to investors to hardsell India as an attractive business destination.
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
It is well known that Israel would welcome a diplomatic relationship with Pakistan and feelings of a section of the Pakistani military were likewise.
The Reserve Bank has rejected applications of Flipkart co-founder Sachin Bansal-backed company Chaitanya India Fin Credit Private Limited, and five others for setting up banks as these were "not found" suitable, an official statement said on Tuesday. The RBI in a statement said the examination of six applications has now been completed as per the procedure laid down under the guidelines. "Based on the assessment of the applications, (six) applicants were not found suitable for granting of in-principle approval to set up banks," it said.
India's merchandise exports rose by 9.1 per cent to $38.13 billion in May even as the trade deficit widened to a seven-month high of $23.78 billion during the month, according to government data. Healthy growth in sectors, such as engineering, electronics, pharmaceuticals, textiles and plastics helped register growth in exports despite global economic uncertainties.
Aravindh Chithamabaram took his tally to 3.5 points out of a possible four.
A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to $385.4 billion during January-June this year, as against $379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to $415.5 billion during the six months of this year, as against $441.7 billion in January-June 2022.
Abu Dhabi national carrier had bought 24 per cent stake in Jet Airways for $379 million in April.
With terror and investments high on his agenda for talks with the UAE leadership, Prime Minister Narendra Modi on Sunday began his two-day trip to this strategic Gulf nation with a visit to the historic Sheikh Zayed Grand mosque, the world's third largest.
'Here is a man who can steer the country out of the woods. That sense of hope towards Modi was already there. And now that he has actually visited this region, it will go to the next level.' Zafar Sareshwala, a close confidant of Prime Minister Narendra Modi, shares his impressions about the PM's historic visit to the United Arab Emirates.
'As she was dragged off the yacht, the princess cried, "I won't go back to the UAE, just kill me now!"' 'She hasn't been heard of since then.' 'Perhaps she is dead.' 'If so, Modi's government has blood on its hands,' notes Sunanda K Datta-Ray.
Sri Lanka Cricket on Wednesday informed the Asian Cricket Council that they will not be in a position to host the upcoming edition of the Asia Cup T20 because of the economic and political crisis in the island nation.
India, the world's third-biggest oil consumer, has conveyed to OPEC countries its concern over high oil prices that are threatening to impact the nascent economic recovery after the devastating pandemic. New Oil Minister Hardeep Singh Puri has made phone calls to key OPEC nations to convey the desire for an affordable price for consumers. After calling his counterparts in Qatar and the UAE, he called Organization of the Petroleum Exporting Countries (OPEC) kingpin Saudi Arabia on Thursday evening.
Indian Grandmaster D Gukesh scored a crushing victory over Alexander Donchenko in the 10th round of Tata Steel Masters in Wijk Aan Zee, Netherlands on Thursday.
India is at a "tipping point" and a major focus for Apple, the technology giant's CEO Tim Cook has said, terming the opening of its first two retail stores in the country - in Mumbai and Delhi - as a "milestone" for the company. Speaking at Apple's Q2 2023 earnings call on Thursday, Cook emphasised the dynamism and vibrancy in the Indian market, calling it "unbelievable". "Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year.
With developments like the Russia-China alliance and the rise of China in the Middle East, India's role has diminished though the India-Israel-US-UAE grouping may assume some importance in the future, observes Ambassador T P Sreenivasan.
India has taken up the issue of high oil prices with producer nations and OPEC, demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha on Monday. Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May. Petrol is retailing above Rs 100 a litre in more than a dozen states.
Contradicting reports have emerged about the ACC suggesting postponing the Asia Cup with India unable to travel.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
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Reliance, Birla Group, Airtel eye small finance banks.
The BSE Realty index on Monday soared 4.3 per cent-most among the 19-sectoral sub-indices-buoyed by the proposal to formalise fractional ownership of real estate in the country. The Securities and Exchange Board of India (Sebi) on Friday issued a discussion paper proposing to regulate online platforms offering fractional ownership in real estate, a model already popular in countries such as the United States and UAE.
The Securities and Exchange Board of India (Sebi) has for the first time proposed to regulate online platforms offering fractional ownership in real estate, a model already popular in countries like the United States and UAE. In a consultation paper floated recently, the capital markets regulator stated that such fractional ownership of real estate assets was proposed to be brought as MSM (micro, small, medium) REITs under Sebi (Real Estate Investment Trusts) Regulations. This model allows investors to own a fraction or a small share in a real estate asset like buildings and office spaces, which could include warehouses, shopping centres, conference centres.
There will be work today, there will be work tomorrow, there will be work the day after, but nothing will make up for the eternal regret of not seeing a friend when he was dying.
The Securities and Exchange Board of India's (Sebi's) investigation into the Hindenburg allegations is making slow progress when it comes to obtaining information from overseas regulators, particularly around ultimate beneficial ownerships of certain foreign portfolio investors (FPIs), said people in the know. "Establishing ultimate beneficial ownerships for FPIs is a very complex exercise. "Several jurisdictions allow omnibus structures where the end beneficiaries are not required to be captured or are based in some other geographies.
