Tipping points: U.S.’s rivalry with China, Ukraine war fuel talk of moving away from the dollar. | Photo Credit: AFP Once hurt by crises and deflation, the euro is gaining popularity among central bank reserve managers on a return to positive rates and geopolitics challenging dollar’s appeal. About one in five of the 75 central banks surveyed by the London-based OMFIF think-tank anticipate increasing euro holdings over the next…
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ABU DHABI: WTO talks ended here with ministers making no headway on key issues — agriculture and fisheries, while India and other countries are likely to agree to extension of customs duty waiver for e-commerce by another two years. Trade ministers from across the world refused to budge from their stated positions on reducing farm subsidies or lowering subsidies, resulting in the impasse continuing despite talks being extended by…
Read More »MUMBAI: The Council for Insurance Ombudsmen has said that it has no data on insurance companies’ compliance with the awards made in respect of consumer complaints. In response to an RTI query, the CIO stated a lack of information on fulfilled and pending awards.The CIO oversees 17 Insurance Ombudsman offices nationwide. Unlike courts, Ombudsman awards are binding on insurers, but the office lacks the power to seize insurer property…
Read More »NEW DELHI: Reliance Consumer Products Limited (RCPL) on Tuesday announced partnership with the Sri Lanka-based beverage maker Elephant House in a bid to introduce “new products and value propositions to Indian consumers.”The partnership aims “to manufacture, market, distribute and sell beverages under the Elephant House brand across India”, Reliance Retail said in a statement.Talking about the partnership, Ketan Mody, COO of RCPL said, “This partnership will not only add…
Read More »Amrit Bharat station scheme: Prime Minister Narendra Modi will lay the foundation stone and inaugurate approximately 2000 Indian Railways infrastructure projects, collectively valued at over Rs 41,000 crore on Monday. Among these initiatives is the ambitious redevelopment of 553 railway stations under the Amrit Bharat Station Scheme.Ahead of the foundation laying ceremony, PM Narendra Modi posted on X (formerly Twitter), “Today is a historic day for our Railways.At 12:30…
Read More »Walt Disney and Reliance Industries have signed a binding pact to merge their media operations in India, according to people familiar with the matter, as the US entertainment giant recasts its strategy amid intense competition in the country.The media unit of Reliance, controlled by billionaire Mukesh Ambani, and its affiliates are expected to own at least 61% in the merged entity, with Disney holding the rest, the people said,…
Read More »NEW DELHI: India’s steel exports reached an 18-month high of 1.1 million tonnes in January 2024, driven by increased demand from the European Union and favourable global prices, according to a report by SteelMint. “Good restocking demand from the European Union (EU) contributed 67 per cent of the 1.11 MT (export) in January. It was highest in last 18 months,” SteelMint said on the reasons behind the surge in…
Read More »MUMBAI: A day after a majority of Byju’s investors voted to remove founder Byju Raveendran as CEO and restructure the board that includes his wife Divya Gokulnath and brother Riju Ravindran, the founder wrote a letter to employees stating that the extraordinary general meeting (EGM) was a “farce” and only 35 of 170 shareholders, representing around 45% of the shareholding voted in favour of the resolution. “That in itself…
Read More »NEW DELHI: Amid allegations of using substitutes instead of real cheese, McDonald’s asserted they use quality cheese and also emphasised its commitment to ingredients transparency as well as high quality meals.In a statement released by McDonald’s India (West & South) stated that “Amid recent reports about the removal of ‘Cheese’ from our menu at McDonald’s locations in Maharashtra, we want to assure our valued customers that only genuine, high-quality…
Read More »Major Byju’s shareholders including Prosus NV and Peak XV Partners voted Friday to oust its founder as chief executive officer, escalating a battle over the fate of the once high-flying online tutoring startup that is fighting to remain in business.Byju’s rejected the resolutions, which also sought to remove Byju Raveendran from the board of the company he founded in 2015, the company said in a statement on Friday.“The resolutions…
Read More »Pamban bridge nears completion! Railway Board chairperson Jaya Varma Sinha has announced that the Pamban railway bridge, India’s inaugural vertical-lift bridge linking the mainland with Rameswaram Island, is on the brink of operational readiness. Varma, after a recent visit to Rameswaram to assess the project’s advancement said that the reconstruction progress is proceeding smoothly.“Our team has demonstrated remarkable dedication amidst numerous obstacles encountered during the bridge reconstruction.Erecting a vertical-lift…
Read More »A consortium backed by Mukesh Ambani’s Reliance Industries Ltd and India’s top engineering schools aim to launch its first ChatGPT-style service next month, a big step in the country’s ambitions to become a player in the field of artificial intelligence.The BharatGPT group, encompassing an arm of India’s most valuable company and eight affiliated universities, offered a sneak peek of the large language model Tuesday during a technology conference in…
Read More »MUMBAI: The next leg of growth for the Indian economy will come from a fresh round of capacity expansion by the corporate sector, according to the State of the Economy Report published by RBI. The fresh investment is expected to happen with consumer price inflation coming off its Nov-Dec spikes and core inflation dipping to the lowest level since Oct 2019. Lower levels of inflation increase the corporate sector’s…
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