Business
US Federal Reserve Unveils ‘Game Changing’ Effort to Flood Economy with Money, Stave off Depression
Like patients around the world battling the disease itself, the US economy is on life support, with some forecasters projecting a 14 percent contraction in the April-June quarter while the global economy could shrink 1.5 percent this year.
Global Stocks Crumble as More Nations Shut Business to Curb Coronavirus
MSCI's broadest index of Asia-Pacific shares outside Japan lost 3.8%, with New Zealand's market shedding a record 10% as the government closed all non-essential businesses.
SBI Opens Emergency Credit Line for Borrowers Whose Operations are Hampered by Coronavirus
The additional liquidity facility Covid-19 Emergency Credit Line (CECL), will provide funds up to Rs 200 crore and will be available till June 30, 2020, SBI said in a circular.
ICICI Bank Gets 7.97% Stake in Crisis-hit Yes Bank Through Rs 1,000 Cr Capital Infusion
ICICI Bank Ltd has acquired 100 crore equity shares pursuant to the Yes Bank Ltd Reconstruction Scheme, 2020 notified by the government under the Banking Regulation Act, 1949, it said in a regulatory filing.
IndusInd Bank Shares Climb 6.5% on Reports That Hindujas Want to Raise Stake in Bank
IndusInd Bank is seeking relaxation in rules to raise promoter stake in the lender from the mandated 15% to 26%, similar to the relief granted to Uday Kotak recently in the case of Kotak Mahindra Bank, according to a report in Economic Times.
Oil Slumps Below $30 a Barrel as Coronavirus Spreads, OPEC Rancour Remains Elevated
Brent crude settled down $3.80, or 11.2%, at $30.05 a barrel. The international benchmark fell as low as $29.52 a barrel, its lowest since January 2016.
Gold Set for Biggest Weekly Drop in Nearly Seven Years in Virus-led Sell-off
Spot gold was down 0.9% to $1,562.30 an ounce by 0139 GMT, after a more than 3% sell-off in the previous session. For the week, it was down about 6.7% - the biggest since June 2013.
Rupee Sinks to 17-Month Low Amid Mounting Fears of Coronavirus-Led Slowdown
The rupee opened at 74.25 at the interbank forex market and then fell further to 74.50, down 82 paise over its last close.
Oil Down About 30%, Biggest Since Gulf War, as Saudi Cuts Price After Failed OPEC Deal
The two main contracts were both down about 20 per cent in morning Asian trade, with West Texas Intermediate sliding to around $32 a barrel and Brent crude to some $36 a barrel.
BSNL's Loss Widened Over 2.5 Times to Rs 39,000 Crore in April-December: Minister
Minister of State of Telecommunications Sanjay Dhotre spoke about the public sector telecom's loss in a written reply to a query in the Rajya Sabha.
Vodafone Wants to Make a New Beginning in India, Says CEO after Meeting Ministers
According to sources, Nick Read met Finance Minister Nirmala Sitharaman and Telecom Minister Ravi Shankar Prasad separately on Friday and sought government assistance to keep the company afloat.
Essel, Vodafone, Anil Ambani Group, ILFS, DHFL among Stressed Firms Yes Bank Had Exposure To: FM
The RBI has said that the State Bank of India (SBI) has expressed willingness to invest in Yes Bank, as per the finance minister.
OPEC to Recommend Production Cut of 1.5 Million Barrels Per Day to Allies Amid Slump Due to Coronavirus
Countries in the OPEC+ grouping of the cartel's allies would be asked to take on 500,000 barrels of the cuts, the statement added.
Dollar's Rally Sputters as Investors Eye More Fed Cuts Amid Coronavirus Scare
A weaker dollar would be a boon for US multinationals that have already taken a hit from the coronavirus’ impact on global business conditions.
Gold Gains on Coronavirus Risks, But Uptick in Stocks Caps Gains
The US Federal Reserve's surprise interest rate cut on Tuesday to shield the world's largest economy from the economic impact of the epidemic also supported non-yielding bullion.
India's Services Sector Growth Hits Seven-year High in February: PMI
A return to growth of new orders from abroad contributed to the increase in total sales.