BUSINESS
Indian economy on rise with growing employment, spike in manufacturing: PM Modi
Addressing the newly recruits in various government departments at a 'Rozgar Mela' where more than 70,000 appointment letters were handed over virtually by him, the prime minister said that due to various government schemes like Startup India, Stand up India and Mudra Yojana, several employment opportunities have emerged in.
Oracle founder Larry Ellison now world's 4th richest person
Ellison is now the world's fourth-richest person, with a staggering $129.8 billion net worth, Bloomberg reported. He just squeaked past Gates, whose net worth -- Bloomberg reported -- is currently $129.1 billion. It's the first time Ellison is richer than Gates and ranked above No. 5 on the list, the outlet reported.
Asia leads as nanometer chips redefine semiconductor industry
TSMC, the world's largest semiconductor foundry, has unveiled advancements in 2nm technology and new additions to its 3nm family. Its 2nm technology is slated for production in 2025. "The nanometer chip revolution is here to rewrite the rules of technology. Unleashing a power surge in the AI realm, 5nm chips, for instance, are redefining speed and efficiency across industries," said Kiran Raj, Practice Head of Disruptive Tech at GlobalData.
Goldman Sachs cuts forecast for oil prices by nearly 10%
The Wall Street bank now thinks Brent crude, the global oil benchmark, will cost $86 a barrel in December, compared to its previous estimate of $95, while West Texas Intermediate (WTI) crude will fetch $81 a barrel, down from $89, CNN reported.
Retail inflation falls to 25-month low in May as food prices slide
Food inflation too slid to 2.91 per cent in May from 3.84 per cent in April. According to data released by the Ministry of Statistics and Programme Implementation, retail inflation was at a high of 7.04 per cent in May 2022, while food inflation was 7.97 per cent during the period.
Industrial production for April rises 4.2% (Bus)
According to data released by the Ministry of Statistics and Programme Implementation on Monday, the IIP growth was 6.7 per cent in April 2022. Retail inflation for May 2023 fell to a 25-month low of 4.25 per cent as food prices fell.
SEBI bans Subhash Chandra, Punit Goenka from holding position of director or key personnel till further orders
SEBI in its order said, "It is apparent that the issuance of LoC to Yes Bank by Mr. Subhash Chandra in support of Associate Entities, the default by associate entities leading to appropriation of ZEEL's FD by Yes Bank, the circuitous transactions through connected entities to show receipt of funds by ZEEL from the associate entities.
India, UAE to raise non-petroleum trade to $100 bn by 2030, agree to conduct trade in local currency
This was informed by Union Commerce Minister Piyush Goyal after his meeting with UAE's foreign trade minister Thani bin Ahmed Al Zeyoudi. The two countries are also discussing possibilities of conducting bilateral trade in local currencies under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), Goyal informed further.
Gold price rallying on hopes of a pause by US Fed
The latest data set has led to a belief that the US Fed will take a pause and hold interest rates at current levels. The treasury yields too have softened from the high levels seen in the month of March. While the Fed Chairman indirectly hinted at the possibility of a pause, the other Fed officials, quite a number of them, sounded like there is enough room for the Fed funds rate to rise even beyond the 6 per cent level, from the current range of 5 per cent -5.25 per cent.
George Soros hands over reins of $25bn empire to son
Alex, a 37-year-old who studied history at New York University and earned a PhD from the University of California, Berkeley, is the second-youngest of the 92-year-old Hungarian-born financier's five children, reports the BBC. Alex is the only family member sitting on the investment committee for Soros Fund Management, which according to The Wall Street Journal .
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