International

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

At least 27 dead in Tunisia resort attack: ministry

A gunman shot dead at least 27 people, including foreign tourists, in an attack today at a beach resort in Tunisia, the interior ministry said. Ministry spokesman Mohamed Ali Aroui told national television the shooting in Sousse was a “terrorist attack“. He said the assailant was killed.

Essar Oil UK posts $70-million net profit in FY’15

NEW DELHI, JUNE 26: Essar Oil UK, which owns and operates UK’s Stanlow refinery, today reported a net profit of $70 million for the year ended March 31, 2015 compared with a loss of $121 million in the previous fiscal. The profit was driven by highest-ever refining margin, the company said in a statement here.

Rajan: World economy may be slipping into 1930s depression problems

LONDON, JUNE 26: RBI Governor Raghuram Rajan has asked central banks from across the world to define “new rules of the game” as he warned that the global economy may be slipping into problems similar to the Great Depression of the 1930s. Rajan, who has been warning against competitive monetary policy easing by central banks,

Indian steelmakers upset as Japan, S.Korea eat local market share

India could raise steel tariffs further to check a surge of imports, a minister said on Friday, but local steel firms are concerned that free trade agreements with Japan and South Korea would still let those countries boost shipments. Amid a global glut, steel imports jumped 72 percent in the last fiscal year to March

Indian economy resilient but no room for complacency: RBI

The Reserve Bank of India (RBI) Thursday released the Financial Stability Report (FSR) June 2015, the eleventh issue of its half yearly publication. The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, as also the resilience of the financial system. Besides, the

Sensex rebounds 57 pts in late morning trade

The benchmark BSE Sensex rebounded by 57 points in late morning trade on fresh buying in capital goods, healthcare, refinery, power and auto stocks. Key benchmark indices had edged lower in early trade due to sustained selling in consumer durable, IT, FMCG, teck and banking shares amid tracking weakness in Asian markets and overnight slide

Saudi Arabia loses spot as top crude supplier to India

Saudi Arabia lost its spot last month as India’s top oil supplier to Nigeria for the first time in at least four years, according to ship tracking data compiled by Reuters, as the world’s top crude exporter struggles to maintain market share in Asia. The OPEC kingpin also fell behind Russia and Angola as the

Automobile exports to Sri Lanka jump four-fold in May

Sri Lanka, Italy and Spain provided traction to India’s automobile exports while Mexico, the UK, Algeria and Bangladesh witnessed a major slowdown in shipments in May, engineering exporters’ body EEPC said on Wednesday. The Engineering Export Promotion Council (EEPC) said automobile exports to Sri Lanka jumped nearly four-fold to $56.54 million in May from $14.58