[ad_1] Sebi has corrected its May 28 order on IndusInd Bank to clarify that KPMG was appointed through an 'engagement note' signed by CFO and executives Arun Khurana and Sumant Kathpalia, not through a 'board note' as earlier stated. The original order suggested that the board was aware of the discrepancies in derivatives valuation. [ad_2] Source link
[ad_1] NEW DELH: A local factory for Tesla's electric cars may be some time away, but Elon Musk's satellite communications venture Starlink has finally received a go-ahead from govt to launch services in the country.Starlink got approval for three licences - Global Mobile Personal Communication by Satellite (GMPCS), Commercial Very Small Aperture Terminal (VSAT), and Internet Service Provider (ISP) - which will enable the company launch a slew of satellite-based communication services in India, ranging from consumer to enterprise internet solutions.TOI was the first to report in its June 4 editions that the govt has decided to approve Starlink's licence applications, which had been pending for the past three-four years, after the company agreed to abide by security and other requisite conditions. Starlink, which becomes the third telecom company to receive the GMPCS licence after Bharti group-backed Eutelsat OneWeb and […]
[ad_1] The rupee appreciated by 11 paise to close at 85.68 against the US dollar on Friday, reversing early losses after the Reserve Bank of India (RBI) delivered a surprise 50 basis point repo rate cut and announced a phased 100 basis point reduction in the cash reserve ratio (CRR).The local unit opened weak at 85.91, down 12 paise from the previous close of 85.79. But sentiment turned sharply positive after the RBI’s unexpected rate action, which supported growth prospects and lifted domestic equities. The rupee touched an intra-day high of 85.66 and a low of 86 before settling higher, PTI reported."The rupee led the pack among Asian currencies, buoyed by the RBI's surprise 50 basis point rate cut. This decisive, growth-driven policy move provided a significant boost to the local currency and fuelled optimism among domestic equity investors," said […]
[ad_1] Tata Electronics signed a memorandum of understanding (MoU) with Bharat Electronics Limited (BEL) to ramp up the development of indigenous semiconductor and electronics solutions.The agreement, signed on 5 June 2025 at Bombay House in Mumbai, brought together Tata Electronics and BEL to address India’s growing demand, PTI reported. The pact was signed by Randhir Thakur, CEO and managing director of Tata Electronics, and Manoj Jain, chairman and managing director of BEL.BEL, a Navratna public sector undertaking under the ministry of defence, is a key player in the design and manufacture of defence electronics. The partnership is expected to help BEL enhance its product range by tapping into Tata Electronics’ semiconductor design and manufacturing expertise.As part of the collaboration, the companies will make joint efforts in semiconductor fabrication (fab), outsourced semiconductor assembly and testing (OSAT), and design services. The focus […]
[ad_1] US President Donald Trump launched a sharp attack on Federal Reserve Chair Jerome Powell on Friday, calling him “a disaster” and demanding an immediate one percentage point rate cut to slash borrowing costs. His outburst came as Wall Street rallied on stronger-than-expected jobs data, with investors weighing the Fed’s next move amid rising political pressure and persistent economic uncertainty.“Too Late” at the Fed is a disaster! Europe has had 10 rate cuts, we have had none,” Trump wrote, insisting the Fed should “go for a full point, Rocket Fuel!” and sharply criticizing the Biden administration’s reliance on short-term borrowing. “There is virtually no inflation (anymore), but if it should come back, RAISE ‘RATE’ TO COUNTER. Very Simple!!! He is costing our Country a fortune.”Meanwhile, the S&P 500 index jumped 1.2% in morning trading, heading for its second straight weekly […]
[ad_1] Amid rising concern over the economic fallout of President Donald Trump’s sweeping tariffs and federal workforce cuts, US employers added 139,000 jobs in May — a slowdown from the previous month, but still a sign of resilience in a jittery economy.Hiring eased from a revised 147,000 in April, while the unemployment rate held steady at 4.2%, the Labor Department said Friday. The monthly figure undershot expectations and added to the uncertainty surrounding Trump’s evolving trade stance and aggressive policy shifts, AP reported.Trump’s “massive taxes on imports — tariffs — are expected to raise costs for US companies that buy raw materials, equipment and components from overseas and force them to cut back hiring or even lay off workers,” the original AP report noted. At the same time, Elon Musk’s Department of Government Efficiency (DOGE) has initiated sharp staff cuts […]
[ad_1] India’s foreign exchange reserves slipped by $1.24 billion to $691.49 billion in the week ending May 30, according to data released by the Reserve Bank of India on Friday. Despite the decline, the central bank said the reserve buffer remains robust. “At $691.5 billion, the reserves are sufficient to cover 11 months of imports and about 96 per cent of outstanding external debt,” RBI Governor Sanjay Malhotra said while announcing the Monetary Policy Committee's decisions earlier in the day. The decline follows a sharp $6.99 billion rise in the previous week, with the overall reserves staying near the record high of $704.89 billion registered in September 2024, ANI reported. The central bank’s data showed foreign currency assets — the largest component of the reserves — fell to $584.22 billion, while gold holdings rose to $84.31 billion. The share of […]
[ad_1] Russia’s central bank lowered its benchmark interest rate to 20 percent on Friday, easing it from a two-decade peak of 21 percent as signs of economic cooling and easing price pressures emerged.The move marked the regulator’s first rate cut since September 2022 and followed growing calls from businesses and political quarters who said the high borrowing costs were choking investment and stalling growth.According to AFP, the bank said in a statement that the economy was “gradually returning to a balanced growth path,” while also cautioning that monetary policy would “remain tight for a long period.”The inflation rate remains above 10 percent, but the central bank noted that price pressures are “continuing to decline.” Russia officially targets inflation at 4 percent but does not expect to return to that level until 2026.Since its full-scale offensive on Ukraine began in 2022, […]
[ad_1] The Reserve Bank of India once again raised red flags over cryptocurrencies, warning that these digital assets could threaten the financial stability and monetary policy.Speaking to reporters after the central bank’s monetary policy announcement on Friday, RBI governor Sanjay Malhotra said, “There is no new development as far as crypto is concerned. A committee of the government is looking after this.”“Of course, as you are aware, we are concerned about crypto because that can hamper financial stability and monetary policy,” Malhotra said, quoted by PTI.His remarks follow the Supreme Court’s observation last month, where it urged the Centre to formulate a “clear cut” policy to govern cryptocurrency usage in India, citing its potential economic impact. A bench of the apex court even compared Bitcoin trading to "hawala" transactions, calling it an "illicit trade." At present, cryptocurrencies remain unregulated in […]
[ad_1] In a bid to enforce a penalty issued over insider trading violations, Sebi has initiated recovery proceedings against fugitive businessman Mehul Choksi by freezing his financial assets, including bank, demat, and mutual fund accounts.The markets regulator issued attachment instructions on June 4 after Choksi failed to clear dues worth Rs 2.1 crore, despite a demand notice served on May 15. The dues stem from a January 2022 Sebi order that found Choksi guilty of sharing unpublished price-sensitive information in connection with trading in Gitanjali Gems shares.According to PTI, Choksi had been warned of asset seizure if the amount wasn’t paid within 15 days. The outstanding sum includes a Rs 1.5 crore fine and Rs 60 lakh in interest.Choksi, who was then the chairman, managing director, and part of the promoter group of Gitanjali Gems, is currently facing extradition proceedings […]
