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ED searches at Vedanta premises in three cities
Several premises of industrialist Anil Agarwal-led Vedanta Ltd in Delhi, Mumbai and Udaipur were on Monday searched by Enforcement Directorate (ED) in a suspected FEMA violation case involving transactions related to brand royalty between the UK-based Vedanta Resources and its Indian subsidiary Vedanta Ltd. The enforcement agency officials carried out a survey, searching for evidence on suspected remittances made in violation of Foreign Exchange Management Act (FEMA). A spokesperson for...
South Korea finance minister vows response to financial market volatility
South Korea finance minister vows response to financial market volatility SEOUL, June 4 : South Korea's finance minister said on Thursday authorities would closely monitor risks around domestic stock, bond and foreign exchange markets and take measures to curb excessive volatility. "Minister Koo Yun-cheol emphasised he will immediately take necessary measures to respond to excessive herd-like behaviour (in the foreign exchange market)," the ministry said in a statement after a meeting of top...
WATCH: Rubio scorches claim Trump weighed finances in Iran decisions: ‘Not even for a millisecond’
Secretary of State Marco Rubio forcefully pushed back Wednesday against a Democratic lawmaker's suggestion that President Donald Trump may have considered personal financial interests when making decisions related to the recent conflict with Iran. Rubio called the allegation "completely false" and said he has never heard the president discuss his own finances in connection with war or foreign policy. The exchange came during a House Foreign Affairs Committee hearing, when Rep. Gregory Meeks,...
WATCH: Rubio scorches claim Trump weighed finances in Iran decisions: ‘Not even for a millisecond’
Secretary of State Marco Rubio forcefully pushed back Wednesday against a Democratic lawmaker's suggestion that President Donald Trump may have considered personal financial interests when making decisions related to the recent conflict with Iran. Rubio called the allegation "completely false" and said he has never heard the president discuss his own finances in connection with war or foreign policy. The exchange came during a House Foreign Affairs Committee hearing, when Rep. Gregory Meeks,...
Foreign investors have dumped billions of dollars of Korean stocks this year despite record rally. Here's why
Foreign investors have dumped billions of dollars' worth of South Korean stocks this year, even as the Kospi has emerged as one of the world's standout performers thus far, with record year-to-date gains. On Monday, overseas investors had unloaded a net 1.24 trillion won (about $801 million) worth of Kospi-listed shares as of 11am Singapore time (11p.m. ET Sunday), according to Korea Exchange data. "Foreign investors continued to sell the Kospi market, driven by outflows for Kospi Tech and...
Rupee gains sharply as RBI unveils steps to attract foreign investors
Giving a major boost to the rupee, Reserve Bank of India (RBI) governor Sanjay Malhotra on Friday announced several steps to attract foreign capital at a time when the US-Iran conflict is putting pressure on India’s external sector resilience. The rupee gained 50 paise against the US dollar on Friday, strengthening to 95.24 after the RBI unveiled measures aimed at easing investment norms for foreign portfolio investors in government securities. Currency market participants said investor...
Keeping India's growth story intact: 5 lessons from Middle East conflict that should not be ignored
Led by a growing domestic demand and a favourable demographic dividend, the Indian economy and its growth story have been called fundamentally strong by economists. But short-term global economic shocks, like the ongoing Middle East conflict, have the potential to temporarily slow the growth story - a fact that cannot be ignored if India hopes to be among the top three world economies in the coming years. In its latest Economy Watch report, EY has pointed out the need for India to ‘recast...
RBI MPC may hike inflation forecast, trim growth rate
While the majority of forecasters and market participants expect Reserve Bank of India's Monetary Policy Committee meeting to vote for a status quo on interest rates, the forthcoming MPC statement on June 5 will be observed minutely. With disruptions owing to the West Asia conflict now approaching 100 days, this is no longer a short-term disturbance that the central bank can look through. It will now have to factor in the impact of the crisis into its growth and inflation forecasts.
'I'm not running at all': Lalit Modi on the 'fugitive' tag and whether he'll return to India
Former IPL chairman and businessman Lalit Modi has pushed back strongly against being labelled a "fugitive", insisting that he has "never been convicted" of any crime. He also dismissed the tag as a product of "media sensationalism" rather than legal reality. In an exclusive interview with news agency ANI, Lalit Modi rejected the notion that he has been on the run since leaving the country in 2010.
SpaceX IPO explained: Can Indians invest and how does it work?
SpaceX is set to enter Wall Street, with an IPO valued at a whopping $1.75 trillion! The long-awaited listing has kicked off a rush among retail investors all chasing a slice of its rockets, satellites and AI empire, turning it into one of the most talked-about market moments in recent times. Demand is already so high that bankers have reportedly received twice the number of orders compared to the shares available.