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Category Archives: Economic

Global cues push equities markets higher

Mumbai:  Positive global cues, coupled with a strengthened rupee, pushed the Indian equities markets higher on Wednesday. Besides, an exponential rise in Reliance Industries Ltd (RIL) stocks, a day after Reliance Jio announced its tariff plans, buoyed investors sentiments. However, caution prevailed ahead of the release of minutes of the US Fed’s Federal Open Market…

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Russia to induct largest n-icebreaker in 2019

New Delhi:  Looking to expand its reach in the Arctic region, increase the transportation of cargo and conduct year-round navigation in the ice-covered polar waters, Russia is set to commission the 33,000 tonne Arktika, the world’s largest nuclear-powered ice-breaker, in 2019, a top official has said. Not only that, Vyacheslav V. Ruksha, Director General of…

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Satya Nadella meets IT Minister Prasad

New Delhi:  Indian-born Microsoft CEO Satya Nadella on Tuesday met Union IT and Electronics Minister Ravi Shankar Prasad here. The details of the meeting and the talks were yet to emerge but Nadella, after visiting Bengaluru on Monday, was scheduled to call on the minister before heading to address “Future Decoded” –Microsoft’s two-day flagship technology…

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Social Progress Index can complement GDP

GDP is easily the most controversial measure in the field of economics. It is a measure of economic production that should have lost its relevance in a world disgusted by environmental degradation and social injustice. Despite its narrow focus, the concept of GDP has survived decades of debate on a new measure that better reflects…

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HSBC’s 2016 revenues fall 89.67%

London:  HSBC announced on Tuesday a fall of 89.67 per cent in net profit for 2016, amounting to $1.3 billion, a statement said. Its pre-tax profit was down by 62.3 per cent to $7,122 million, the company added in the statement, Efe news reported. The bank’s revenues during the 2016 financial year were $47.966 billion,…

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Swamy slams CBI, ED over probe against Karti Chidambaram

New Delhi:  BJP leader Subramanian Swamy on Monday alleged that the CBI and the Enforcement Directorate had not taken their probe against Karti Chidambaram, son of former Finance Minister P. Chidambaram, to its logical end, and noted that they had been provided details of his “21 undeclared foreign accounts”. Speaking to the media here, Swamy…

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Hong Kong Disneyland again reports loss

Hong Kong:  Hong Kong Disneyland has announced a loss for 2016, its second loss-making year in a row, losing $22 million, official results showed on Monday. Visitor numbers at the Lantau Island park dropped more than 10 per cent to 6.1 million last year according to the results. Chinese mainland tourists only accounted for 36…

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Punj Lloyd wins Rs 348 cr orders

New Delhi:  Diversified EPC conglomerate Punj Lloyd on Monday said it won two contracts worth Rs 348 crore in its verticals- pipelines from the Mumbai Port Trust and in tankage from Adani Group. “The company has received Letters of Award from Adani for EPCC (design, engineering, construction and commissioning) of refrigerated double wall storage tanks…

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Capital inflows lift equities to new highs

Mumbai:  Despite dismal corporate earnings and disappointing macro-economic data, the Indian equities markets continued their bull run for the fourth consecutive week supported by a rally in financial sector stocks and a massive influx of foreign funds. The key indices closed with gains of close to half a per cent each, and surged to new…

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