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Category Archives: Global Economy

Dollar swoons after Trump critique; Pound rises on Brexit plan

NEW YORK :  The dollar tumbled Tuesday after President-elect Donald Trump said the American currency was too strong, while the pound rallied after British Prime Minister Theresa May released her Brexit blueprint. The fluctuations in foreign exchange came as most larger equity markets fell as markets look ahead to Friday’s inauguration of US President-elect Donald Trump. The greenback fell sharply ... Read More »

Trump under fire over business plan

 NEW YORK, Jan 12, 2017 (AFP) – Donald Trump said Wednesday he had handed complete control of his business to his adult sons but stopped short of a full divestment, earning a swift rebuke from the government ethics watchdog. Trump, the wealthiest man ever to ascend to the US presidency, has until now run the Trump Organization whose network of ... Read More »

Most Asia stocks up but Tokyo hit by Trump worries

HONG KONG, Jan 12, 2017 (AFP) – Most Asian markets rose Thursday after a pick-up on Wall Street but Tokyo tumbled as investors were left deflated by a lack of economic detail from Donald Trump at his first post-election press conference. While traders had hoped the real estate tycoon would flesh out some of his campaign promises such as tax ... Read More »

Rupee down 5 paise in subdued start to new year

 Mumbai : The rupee depreciated by five paise in early trade today to quote at 67.97 against the US dollar on the first trading day of 2017 due to fresh buying of the American currency by importers at the Interbank Foreign Exchange, reports PTI Dealers said, increased demand for the American unit from importers and a lower opening in the ... Read More »

Oil prices on track for greatest yearly percentage gain since 2009

Oil prices are on track for their biggest annual percentage gain since 2009 on the back of an agreement struck between OPEC and non-OPEC countries to cut crude production output, reports  US benchmark West Texas intermediate (WTI) crude futures were up 23 cents to $54.00 at 0746 GMT. Brent front-month March crude oil futures rose 31 cents to $57.16. ... Read More »

India to provide additional 80 megawatt electricity to Nepal from January 1

  India will supply an additional 80 megawatt of electricity from January 1, 2017 to Nepal, to minimize the energy crisis in the Himalayan nation, the Indian Embassy in Kathmandu said Friday. The Indian government’s decision to provide additional electricity to energy-starved Nepal followed Nepalese Energy Minister Janardan Sharma’s visit to New Delhi. During the visit, Sharma requested his Indian ... Read More »

Indian stone cutting hit by cash crunch dealing a blow to global diamond business

          The global diamond industry is facing disruption that could stretch through the first few months of next year, including Valentine’s Day in February, as a result of Indian Prime Minister Narendra Modi’s radical move to abolish most of the nation’s cash overnight. In the western Indian city of Surat craftsmen usually spend 10-12 hours a ... Read More »

Oil above $55 ahead of supply cut deal

World Desk Oil edged further above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday. 1 Jan is the official start of the deal agreed by the Organization of Petroleum Exporting Countries and several non-OPEC producers to lower production ... Read More »

India’s Mistry resigns from all Tata companies

MUMBAI : Cyrus Mistry, the ousted former chairman of Indian conglomerate Tata, announced Monday he had resigned from all of the group’s listed companies as he pledged to escalate his bitter dispute with company patriarch Ratan Tata. Mistry was expected to be removed from the board of several Tata companies this week, including car manufacturer Tata Motors and steel giant ... Read More »

IMF chief found guilty in French negligence trial

French judges found IMF chief Christine Lagarde guilty of negligence on Monday for failing to challenge a state arbitration payout to a business tycoon in 2008 when she was French finance minister, but they did not punish her, reports Reuters. “The context of the global financial crisis in which Madame Lagarde found herself in should be taken into account,” said ... Read More »