BUSINESS
RBI extends curbs on UP-based People's Co-operative Bank
Section 35A of the Banking Regulation Act, 1949 gives the central bank power to give directions to banks and can take action, to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company.
Appreciation trend: Healthy macros, vax figures to strengthen rupee
Experts opine that these announcements might drive away FIIs from India to more lucrative markets in the developed economies. Lately, healthy FII inflows have perked-up India's stock markets and the rupee. "Rupee is expected take cues from global markets and tapering news buildup," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.
'EU economy rebounding but not yet out of danger'
Gentiloni said Europe was "not only looking for an (economic) rebound" but "a sustained and sustainable growth". He said 18 national economic recovery plans had been approved so far, with work continuing on the rest. During a meeting of the eurozone Finance Ministers, they discussed "the uneven impact of COVID-19 across economic sectors and regions", as well as medium-term policy actions to avoid further divergences.
OMCs continue to hold fuel price revision for 6th day
In tandem with petrol price, diesel rates also remained unchanged. In Delhi, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 88.62, Rs 96.19, Rs 93.26 and Rs 91.71 per litre, respectively. Retail prices remained unchanged as global oil prices continued to rise. The benchmark Brent futures are currently near the $73-per-barrel-mark backed by the continued supply concerns in the US post Hurricane Ida.
US proposes tariff-rate-quota system to resolve steel tariff dispute with EU
The report added that the US initial offer pertained to steel only and didn't include aluminium shipments. Tariff-rate quotas allow countries to export specified quantities of a product to other nations at lower duty rates, but subject shipments above a pre-determined threshold to a higher duty, it said.
Britain's GDP growth stalls amid Covid surge
The service output remained broadly flat in July following the strong growth of 1.5 per cent in June, whereas output in the production sector increased by 1.2 per cent and the construction sector decreased by 1.6 per cent, Xinhua news agency quoted the ONS as saying on Friday. As the summer slowly ends, there's little doubt that the UK recovery has stalled since our last monthly economic update in July.
Landmark breach in Apple walled garden on payments; stock dented ahead of Sep 14 even
US court tore down some of Apple's key restrictions. The decision strikes down a core part of Apple's App Store money machine. The anti-trust ruling came thanks to Epic Games. Hereon, Apple cannot bar developers from directing customers to pay outside of Apple's own in-app purchase system. Apple can appeal. It presently charges developers commissions up to 30 per cent.
Amrapali homebuyers, including M.S. Dhoni, asked to clear outstanding dues within 15 days
As per persons familiar with the development, this process has been initiated following the top court's direction to the receiver, senior advocate R. Venkataramani, to finalise the unsold inventory and sell it. Dhoni, in April 2016, had resigned as brand ambassador of Amrapali, which is now non-operational.
Portfolio inflows boost India's forex reserves by over $8 bn
The portfolio equity capital was attracted to India on the prospects of faster economic recovery. Accordingly, the Reserve Bank of India's (RBI) forex reserves increased to $642.453 billion from $633.558 billion reported for the week ended August 27.
India's July industrial production rises over 11% YoY
The Index of Industrial Production (IIP) for July rose by over 11 per cent from a decline of 10.5 per cent reported for the like month a year ago. Last year, while the country observed a full-fledged lockdown, the same was partially imposed across different regions of the country. However, the production rate was flat on a sequential basis.
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