Economy

Gold prices touch lifetime high of Rs 60,100 per 10 grams

Ravindra Rao, CMT, EPAT VP-Head Commodity Research, Kotak Securities Ltd said the western banking crisis upended global markets, taking domestic gold prices to a record high, to above Rs 60,000 per 10 grams.

Oil hits lowest since 2021 on banking fears

In volatile trading, Brent crude futures for May fell $2.07, or 2.8%, to $70.90 a barrel at 0950 GMT.

Delhi GST officers detect Rs 17 crore tax evasion by issue of fake invoice, arrests 2

Central Goods and Service Tax (CGST) Delhi South Commissionerate conducted inspection at the registered premises of three bogus firms/company, namely M/s. NexGen Busicorp, M/s. XEL Informatics and M/s. GW Infotech Pvt., engaged in fake invoicing and circular trading, according to a statement.

China central bank warns SVB collapse shows hazard of rapid rate hikes

The abrupt collapse of SVB this month roiled global financial markets and put authorities around the world on alert for signs of contagion

China cuts reserve requirement ratio to boost economy

Economists said the cut was aimed at ensuring liquidity in the banking system to sustain the rapid pace of lending seen in January and February

India central bank may let rupee weaken past 83 per dollar amid global banking turmoil, analysts say

The rupee declined to 82.80 to the U.S. dollar on Thursday, its lowest in about two weeks.

MPC's Goyal calls out Fed on over-reaction to inflation, seeks data-dependent policy

Goyal pointed out that US actions have spillover effects for the rest of the world

Chhattisgarh roles out doles with eye on elections

TS SINGH DEO, CHHATTISGARH HEALTH MINISTER, PLACES RURAL ECONOMY AT THE HEART OF THE BUDGET. SAYS THE NEXT ELECTION WILL BE FOUGHT UNDER BHAGEL

Biden's $6.8-trillion budget challenges Republicans, raises taxes on rich

Total US debt would rise to nearly 110 percent of annual gross domestic product in 2033, a figure that rivals the peaks during the country's mobilisation for World War II

Oil slips for third day as recession fears mount

U.S. Federal Reserve Chair Jerome Powell’s comments this week on the likelihood that interest rates will need to be raised more than previously expected in response to recent strong data continued to weigh on oil and other risk assets because of the potential impact on economic and demand growth.

Global investors try to assess the impact of US rates reaching 6%

Powell’s comments set the stage for the Fed to revert to a half-point hike and put the central bank at odds with some of its peers which are preparing to halt their tightening campaign

China backs Sri Lanka debt recast, paves way for $2.9-billion IMF lifeline

The bailout will pave the way for more funding and set the bankrupt nation’s debt restructuring on a steadier path since last year’s default

IIT-M launches online BS programme, aligned with India Semiconductor Mission

The key objective of the programme, aligned with the India Semiconductor Mission (ISM), is to meet the significant and growing demand for skilled graduates in the electronics and embedded manufacturing sector in the country. It is open to all students, irrespective of age and they should have studied Mathematics and Physics in their Class 12 or equivalent.

Union govt to set up more 'technology centres' for growth of MSMEs: Minister

Verma, Minister for MSMEs highlighted the crucial role played by the sector during the COVID-19 crisis.

Goods and services exports may cross $750 bn-mark this fiscal: Piyush Goyal

The minister said that sectors which would help in promoting exports include manufactured goods, agri products, labour-intensive items, and high-quality products.

Gold heads for first weekly rise in five on dollar weakness

Spot gold was up 0.5% to $1,844.58 per ounce by 10:56 a.m. ET (1556 GMT) after hitting its highest since Feb. 15 earlier in the session. Prices have risen about 1.9% so far this week. U.S. gold futures rose similarly to $1,850.10

Oil prices down after report on UAE debating OPEC exit

Brent crude futures were down 71 cents, or 0.8%, at $84.04 a barrel by 1456 GMT. U.S. West Texas Intermediate (WTI) crude futures dipped 57 cents, or 0.7%, to $77.59. Both benchmarks had dropped more than $2 earlier.

India's forex reserves fall $325 million to $560.94 billion

In the previous reporting week, the overall reserves had declined $5.68 billion to $561.267 billion.

G20 Summit: Modi urges foreign ministers to not let difficult issues block others

Addressing the G20 foreign ministers ahead of their meeting in Delhi, the prime minister hinted that discussions around the Russia-Ukraine war should not derail the rest of the agenda of the summit

Spring cut short: Warmer days ahead for India but no heatwave likely in March

Temperatures are likely to settle above normal from March to May as a whole for most parts of India, barring southern parts of the country, says IMD.

U.S. stocks, Treasuries dip as inflation worries outweigh China rebound

China's official manufacturing purchasing managers' index (PMI) rose to 52.6 last month from 50.1 in January and was well ahead of an analyst forecast for 50.5, giving investors hope that China's recovery can offset a global slowdown.

GST collection in Himachal Pradesh rises by 25% in February

The GST collection in the current financial year so far is Rs 4,933 crore, which is 21 per cent more than the previous year, the release said.

Gold faces worst month since June 2021 as rate-hike fears dominate

Gold prices touched their highest since April 2022 in early February, but soon reversed course. Bullion has fallen more than 5% so far this month after strong economic data boosted expectations of more rate hikes.