BUSINESS
OMCs continue to hold fuel price revision for 6th day
In tandem with petrol price, diesel rates also remained unchanged. In Delhi, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 88.62, Rs 96.19, Rs 93.26 and Rs 91.71 per litre, respectively. Retail prices remained unchanged as global oil prices continued to rise. The benchmark Brent futures are currently near the $73-per-barrel-mark backed by the continued supply concerns in the US post Hurricane Ida.
US proposes tariff-rate-quota system to resolve steel tariff dispute with EU
The report added that the US initial offer pertained to steel only and didn't include aluminium shipments. Tariff-rate quotas allow countries to export specified quantities of a product to other nations at lower duty rates, but subject shipments above a pre-determined threshold to a higher duty, it said.
Britain's GDP growth stalls amid Covid surge
The service output remained broadly flat in July following the strong growth of 1.5 per cent in June, whereas output in the production sector increased by 1.2 per cent and the construction sector decreased by 1.6 per cent, Xinhua news agency quoted the ONS as saying on Friday. As the summer slowly ends, there's little doubt that the UK recovery has stalled since our last monthly economic update in July.
Landmark breach in Apple walled garden on payments; stock dented ahead of Sep 14 even
US court tore down some of Apple's key restrictions. The decision strikes down a core part of Apple's App Store money machine. The anti-trust ruling came thanks to Epic Games. Hereon, Apple cannot bar developers from directing customers to pay outside of Apple's own in-app purchase system. Apple can appeal. It presently charges developers commissions up to 30 per cent.
Amrapali homebuyers, including M.S. Dhoni, asked to clear outstanding dues within 15 days
As per persons familiar with the development, this process has been initiated following the top court's direction to the receiver, senior advocate R. Venkataramani, to finalise the unsold inventory and sell it. Dhoni, in April 2016, had resigned as brand ambassador of Amrapali, which is now non-operational.
Portfolio inflows boost India's forex reserves by over $8 bn
The portfolio equity capital was attracted to India on the prospects of faster economic recovery. Accordingly, the Reserve Bank of India's (RBI) forex reserves increased to $642.453 billion from $633.558 billion reported for the week ended August 27.
India's July industrial production rises over 11% YoY
The Index of Industrial Production (IIP) for July rose by over 11 per cent from a decline of 10.5 per cent reported for the like month a year ago. Last year, while the country observed a full-fledged lockdown, the same was partially imposed across different regions of the country. However, the production rate was flat on a sequential basis.
Global oil futures rise over supply concerns in US
Currently, the November contract of Brent crude futures on the Intercontinental Exchange is trading at $72.50 per barrel, higher by 1.47 per cent from its previous close. Similarly, the October contract of WTI crude on the New York Mercantile Exchange (NYMEX) was trading at $69.13 per barrel, higher by 1.45 per cent from its previous close.
Base effect pushes up domestic PV sales in Aug
Challenges pertaining to electronic components' availability, coupled with high operating and ownership costs due to rising commodity prices capped the sales' uptrend. Accordingly, sales of passenger vehicles increased to 2,32,224 units in August as compared to 2,15,916 units sold during the corresponding period of 2020.
Q2FY22 total merchandise exports to grow 33%: India Exim Bank
Accordingly, India Exim Bank forecast total merchandise exports in Q2FY22 to grow to $98.45 billion from $74.02 billion reported for the corresponding quarter of the previous financial year. Besides, non-oil exports are expected to rise 28.3 per cent to $85.63 billion, as compared to $66.73 billion reported for the corresponding quarter of the last fiscal.
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