Business

The rupee opened on a weak note at 85.69 on Wednesday and slipped further by 25 paise to hit 85.86 against the US dollar during early trading hours. The fall follows a 22 paise drop on Tuesday, when the domestic currency settled at 85.61. Currency traders attributed the rupee’s decline to ongoing outflows of foreign funds. On Tuesday, Foreign Institutional …

The UK has been temporarily spared from US President Donald Trump’s executive order doubling steel and aluminium tariffs from 25% to 50%. The order signed by Trump on Tuesday evening raises import taxes for US firms buying from other countries from Wednesday – but the levy remains at 25% for the UK. The order depends on the UK and US …

Simon Browning, Nick Marsh, and Faarea Masud BBC News Sam Williamson Train passengers are suffering unfair penalties for minor and often genuine mistakes in buying tickets, an inquiry has found. The Office of Rail and Road (ORR) said Britain’s fare system was “complex” and that rail firms must stop taking “disproportionate action” against travellers. Sam Williamson, 22, thought he’d bagged …

Getty Images US President Donald Trump has signed an order doubling tariffs on steel and aluminium imports from 25% to 50%. The move hikes import taxes on the metals – key inputs in everything from cars to canned food – for the second time since March. Trump has said the measures, which come into effect on Wednesday, are intended to …

Danai Nesta Kupemba BBC News Mondelēz International/Aldi Mondelēz International’s Oreo snack brand (R) and Aldi’s store brand chocolate sandwich cookie The corporation behind Oreo has filed a lawsuit in the US against the budget supermarket Aldi, accusing it of “blatantly” copying the packaging of its famous snacks. Court documents showed that Mondelēz International said Aldi uses similar packaging likely to …

MUMBAI: Existing shareholders in four companies are planning to sell their stakes through block trades on Wednesday, aiming to mobilise about Rs 3,500 crore, sources said. Private equity major TPG is selling its entire 2.1% stake in Tata Technologies, which could fetch about Rs 630 crore. Through another block trade, CA Dawn Investments, an arm of another PE major Carlyle, …

BENGALURU: Aakash Educational Services filed an application before the NCLT in Bengaluru, seeking to dismiss a petition filed by Byju’s and calling for the impleadment of consultancy firm EY and its partner Ajay Shah. AESL alleged a conflict of interest, citing EY’s past advisory roles in transactions now being challenged by the resolution professional (RP) of Think & Learn, Byju’s …

MUMBAI: Yes Bank’s board approved several proposals, including a plan to raise Rs 7,500 crore via equity and Rs 8,500 crore via debt, following Japan’s Sumitomo Mitsui Banking Corp’s planned entry as a strategic investor. The decisions, taken on June 3, mark a shift in the bank’s capital structure and governance framework. The proposals are subject to shareholder and regulatory …

PARIS: While acknowledging unprecedented disruption of multilateral trading system, WTO chief Ngozi Okonjo-Iweala on Tuesday raised the issue of China-backed investment facilitation. While India is opposing this, Okonjo-Iweala wants New Delhi to support the move. “We spoke about issues of reform, about issues that India is interested in, like agriculture and how India needs to be a leader for MC …

MUMBAI: There are strong signs that after a lull of a few months, companies will hit the street to raise funds from investors. Markets regulator Sebi on Tuesday said it cleared six IPOs aiming to raise more than Rs 20,000 crore in total, including the Rs 12,500-crore offer by HDB Financial, which will be the biggest such issue ever by …