Business

US President Joe Biden has formally blocked the takeover of US Steel by a bigger Japanese company, saying foreign ownership could pose risks for national security. The controversial decision comes a year after Nippon Steel first announced the $14.9bn (£12bn) deal, describing it as a lifeline for its smaller Pennsylvania-based rival. But the transaction soon ran into political trouble, after …

NEW DELHI: India’s foreign exchange reserves declined by $4.112 billion to $640.279 billion for the week ending December 27,according to the Reserve Bank of India (RBI) on Friday.This follows a previous decline of $8.478 billion, bringing the total to $644.391 billion, in last week ending on December 20.Recent weeks have shown a consistent decrease in reserves, primarily due to revaluation …

NEW DELHI: The Reserve Bank of India (RBI) is expected to lower policy rates by 50 basis points (bps) in the first half of 2025, according to a report by Jefferies. This follows the central bank’s recent shift towards eased liquidity, and a 50 bps reduction in the cash reserve ratio (CRR) during the last Monetary Policy Committee (MPC) meeting.The …

Indian banks are expected to achieve a credit growth of 12.5 per cent in the financial year 2025, according to a report by HSBC Securities and Capital Markets (India) Private Limited published on Friday. However, the report also cautioned that a slowdown in GDP growth could pose risks, keeping credit expansion range-bound in 2024-25.The report further highlighted several challenges, “Multiple …

Getty Images The number of people going to shops has fallen for the second year in a row, according to a leading data monitor, after the year ended on a “drab December” for retail. Footfall dropped 2.2% in 2024, having also fallen in 2023, the British Retail Consortium’s (BRC) analysis of Sensormatic’s data found. Experts said a combination of cost …

Getty Images Apple has agreed to pay $95m (£77m) to settle a court case alleging some of its devices were listening to people without their permission. The tech giant was accused of eavesdropping on its customers through its virtual assistant Siri. The claimants also allege voice recordings were shared with advertisers. Apple, which has not admitted any wrongdoing, has been …

Recent trials of the Vande Bharat sleeper train have demonstrated its capability to reach 180 kilometres per hour. Vande Bharat sleeper hits 180 kmph in trials! Railway Minister Ashwini Vaishnaw has shared a video of the Vande Bharat sleeper train trials which shows the train hitting a peak speed of 180 kmph during its trials. The first prototype of the …

KOLKATA: Western Carriers India Ltd (WCIL), a Kolkata-based logistics firm, has secured a material handling order worth Rs 139 crore from Vedanta Ltd, the company said on Friday. The order entails an import, finished goods domestic and export material handling contract at Vedanta’s Jharsuguda plant for a duration of four years, WCIL said in a statement. “The order strengthens our …

Indian Railways officials also confirmed that 54,337 TKM of tracks can accommodate speeds up to 110 kmph. Faster train travel! Indian Railways officials have said that over one-fifth of India’s railway tracks now support train speeds up to 130 kmph, achieved through enhanced safety measures including fencing and modern signalling systems.“Around 23,000 track kilometres (TKM) of the total 1.03 lakh …

NEW DELHI: Poverty rates in India fell below 5% and the existence of extreme poverty became almost minimal in 2024, according to a study by the State Bank of India. “At an aggregate level, we believe poverty rates in India could now be in the range of 4-4.5 per cent with almost minimal existence of extreme poverty,” the research said.The …