BUSINESS
India-US goods & services trade doubled since 2014, surpasses $191 bn in 2022
Co-chaired by Goyal and Raimondo, the commercial dialogue is a part of ongoing efforts to strengthen US-India Comprehensive Global Strategic Partnership. Raimondo attended the meeting before leaving for the US on Friday. She had arrived in India on March 7 at the invitation of the Indian government.
Crypto meltdown: Traditional US bank Silvergate collapses after stock plunges
Silvergate, a traditional bank founded in 1987, lent out most of its funds to crypto exchanges and the collapse of $32 billion FTX run by Sam Bankman-Fried (SBF). "In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward," the bank said in a statement.
India-Australia to finalise economic cooperation agreement by this year
"I am hopeful that we will be able to finalise it this year," Albanese said during a joint press briefing with Prime Minister Narendra Modi after bilateral talks between the two leaders. "Our teams are working on a comprehensive economic agreement between our two countries," PM Modi said during the joint briefing.
Troubles at one US bank trigger fears of a wider problem for financial sector
On Thursday, shares of Silicon Valley Bank (SVB), a key lender to technology start-ups, plunged after it announced plans to shore up its finances. This had a knock-on effect, with the four largest US banks losing more than $50bn in market value. Bank shares in Asia and Europe fell sharply on Friday, BBC reported.
Growth momentum in sale of passenger vehicles continues
As per data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday, Passenger Vehicles sales were 2,91,928 units in February as against 2,62,984 in February 2022. Similarly, three-wheeler sales were 50,382 units and two-wheeler sales were 11,29,661 units in February 2023 as against 27,074 and 10,50,079 in February 2022.
Bizman Arun Pillai moves application in Delhi court retracting statements given to ED
The court on Tuesday sent Pillai to the ED custody till March 13 after the agency arrested him late night on Monday post questioning him for hours in the case. The court on Friday issued notice to the ED over Pillai's plea. His arrest being the 11th arrest made in the matter by the ED, the agency on Thursday apprehended AAP leader Manish Sisodia also.
SVB slump roils global financial stocks
The slide came after the bank announced a $1.75bn share sale to help shore up its finances. Shares in banks have fallen around the world - with the four largest US banks, including JP Morgan and Wells Fargo, losing more than $50bn in market value, BBC reported. One venture capitalist said the day's events were "wild" and "brutal", BBC reported
India-US ink pact for setting up semiconductor supply chain
The agreement was signed between Commerce Minister Piyush Goyal and the visiting US commerce secretary Gina Raimondo. The agreement seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of US CHIPS and Science Act and India's Semiconductor Mission.
Budget to give new momentum to women-led development: PM
Addressing a post-budget webinar on "Economic Empowerment of Women", he said that the "country is seeing this year's budget as an auspicious beginning for achieving the target of a developed nation by 2047". "The results of efforts for women empowerment are visible and we are feeling a revolutionary change in the social life of the country."
Jobless claims hit record high in US, new waves of layoffs expected
Nearly 211,000 people filed initial jobless claims last week, surpassing economist projections for the first time, according to latest Labor Department data, reports Forbes. Continuing claims rose to 1.7 million from 1.6 million one week prior hitting the highest level since January 2022. According to career services firm Challenger, Gray & Christmas, the companies in the US are slashing.
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