RBI sold a net $384 million in the spot forex market in January

MUMBAI(Reuters) – The Reserve Bank of India (RBI) sold net $384 million in the spot foreign exchange market in January, the central bank’s monthly bulletin showed on Tuesday. The RBI said it purchased $12.90 billion and sold $13.29 billion in the spot market in the month. In comparison, it bought net $3.84 billion in the spot market in December. […]

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US, Europe banking crisis likely to hit growth of Indian IT companies

The IT services sector in India may have to bear the brunt of the banking sector crisis in the US and Europe, which may affect their FY24 growth momentum. The industry counts banking, financial services, and insurance (BFSI) as its largest customer base. According to Nasscom, BFSI constituted 41 per cent of the industry’s revenue […]

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Amazon will cut 9,000 jobs in second round of layoffs, says report

Amazon.com Inc announced on Monday that it has decided to lay off an additional 9,000 employees, CNBC reported citing a memo sent to staff.  According to media reports, CEO Andy Jassy said in the memo that lay off will happen in the next few weeks, mostly in Amazon Web Services (AWS), advertising, Twitch and PXT (People Experience […]

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OilMin accepts all key recommendations of Kirit Parikh panel on gas pricing

The Petroleum and Natural Gas Ministry has accepted the main recommendations of the Kirit Parikh committee on natural gas pricing, and will be further recommended by them to the Cabinet soon, several officials said. The move is expected to have a significant impact on the energy sector, as the price of natural gas will likely increase.

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Khalistan supporter Amritpal Singh detained by Punjab Police

Amritpal Singh, self-styled radical Sikh preacher and Khalistan sympathiser, has been arrested by the Punjab Police after a dramatic chase, NDTV reported citing sources. Punjab police on Saturday suspended internet services in several parts of the state as Amritpal’s associates started circulating frantic videos appealing to supporters to reach Shahkot. Police personnel from seven districts chased Amritpal Singh and his […]

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If the OECD has its way, zooming in on the beach could land you a tax bill

When does doing a little work on vacation turn into a stay that piques the interest of local tax authorities? And does a UK company, for example, face tax complications abroad if they have staff and key decision makers are dotted across Europe working remotely? National tax authorities and the Organization for Economic Cooperation & Development are grappling with those questions […]

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Air India offers another voluntary retirement for non-flying staff

Air India on Friday made a voluntary retirement offer for its non-flying staff, the second such offer by the Tata Group after taking control of the loss-making airline in January last year. The latest offer will be available for permanent general cadre officers who have attained the age of 40 years or above and completed a […]

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RBI Governor Shaktikanta Das: Banking system remains stable, resilient

Reserve Bank governor Shaktikanta Das on Friday cautioned banks against any build-up of asset-liability mismatches, saying both are detrimental to financial stability and hinted that the ongoing crisis in the US banking system seems to have emanated from such mismatches. Delivering the annual KP Hormis (Federal Bank founder) commemorative lecture in Kochi this evening, the governor was […]

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ECB hikes rate by 50bps to 3.5% despite bank chaos; highest since Oct 2008

The European Central Bank has carried through with a large interest rate increase Thursday, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse fed fears about the impact of higher rates on the global banking system. The ECB hiked rates by half a percentage point Thursday, underlining its determination to […]

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Rajesh Gopinathan resigns as CEO of TCS; K Krithivasan appointed CEO-Designate

In an unexpected move, Tata Consultancy Services (TCS) Managing Director (MD) and Chief Executive Officer (CEO) Rajesh Gopinathan on Thursday decided to step down to pursue other interests. He has been with the company for over 22 years. The board of directors considered his request to be relieved of his positions, and accepted it. It has nominated K Krithivasan […]

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