US markets closed higher snapping 5-day slump

The US markets closed higher on Tuesday, snapping a five-day losing streak in the main US indexes. Investors brushed off softer economic reports, while focusing on the two-day Federal Reserve meeting, which kicked off on Tuesday and concludes on Wednesday with a policy statement. The expectations for a September hike have faded recently, partly because

Lupin acquires specialty portfolio from German company

Pharma Major Lupin has entered into a strategic asset purchase agreement with Temmler Pharma Gmbh & CO. KG (Temmler), a part of the Aenova Group, one of the world’s largest pharmaceutical contract manufacturers, to acquire Temmler’s specialty product portfolio subject to certain closing conditions. Based in Marburg (Germany), Temmler has a fast growing specialty portfolio

US markets extend southward journey for fourth straight session

Extending their southward journey for fourth straight session, US Markets ended the Friday’s session with a cut of around a percentage point. Sentiments remained downbeat with report from the Commerce Department showing new home sales unexpectedly fell to their lowest level in seven months in June. The new home sales tumbled 6.8 percent to an

Crude oil price of Indian basket falls 0.7% to USD 56.01 bbl

The International crude oil price of Indian Basket declined 0.70% to USD 55.62 a barrel (bbl) on Jul. 8, 2015 as against USD 56.01 a bbl on Jul. 7, 2015. In rupee terms, the price of Indian Basket decreased to Rs 3,535.76 a bbl on Jul. 8, 2015 as compared to Rs 3,549.35 a bbl

Greece to submit concrete proposals to European Union: Alexis Tsipras

Clash between the Greece government and European Union leaders came to an end after the Greece Prime Minister Alexis Tsipras said on Wednesday his government will submit concrete proposals to secure bailout from European Union in the next 2 to 3 days. He said his government has sent a crystal clear message. Earlier on Tuesday,

US says only 60 Syrians being trained to fight IS

WASHINGTON: Only about 60 Syrian rebels are being trained by the United States to take on the Islamic State group, Defense Secretary Ashton Carter said today, admitting it was far below the number hoped for. The disclosure is likely to add to criticism of the Obama administration’s military strategy, with US Senator John McCain saying

Rupee ends marginally higher by 3 paise

In restricted trading, the rupee ended marginally higher by three paise to 63.61 against the American currency on mild selling of dollars by banks and exporters on hopes of foreign capital inflows into equity in view of strong equity market. The rupee opened lower at 63.66 per dollar at the Interbank Foreign Exchange (forex) as

World Bank to lend $650 mn for freight rail corridor between Ludhiana and Kolkata

The World Bank said on Wednesday it had cleared a $650 million loan for a huge freight rail corridor that will span 1,840 kms (1,140 miles) across the northern heartland of the country. Construction of the Eastern Dedicated Freight Corridor will help speed up the carrying of goods between Ludhiana and Kolkata, and is part

HSBC ends sponsorship of key emerging market indices

HONG KONG: Banking giant HSBC has ended its five-year sponsorship of a closely watched series of business activity surveys, financial research group Markit, which compiles the data, said Friday. The HSBC Markit Emerging Markets monthly purchasing managers’ indexes (PMI) are seen by economists as a key gauge of manufacturing activity in China and other developing

Greece, creditors get closer on terms of bailout

Greece and its creditors moved closer to clinching a deal this weekend that would allow the cash-strapped country avoid a default and stay in the euro currency club, after Prime Minister Alexis Tsipras made more concessions, officials said. Greece has agreed to reforms that are very close to what creditors have demanded before they release