Business

[ad_1] File photo - Piyush Goyal MUMBAI: Commerce minister Piyush Goyal blamed the present state of affairs on tariffs, on the world turning a blind eye to unfair trade practices adopted by China for over two decades after its admission to the World Trade Organization in 2001, driven by the narrative of low-cost manufacturing and cheap goods. He urged the world to act collectively to restore fair trade practices to preserve multilateral trade.He called upon India to turn the tariff crisis into an opportunity just like the country did during the Y2K (year 2000 IT transition) and Covid challenges. He also called upon Indian companies to be nationalistic and collaborate to support downstream and upstream players and align with national goals.Speaking at an India Global Forum event in Mumbai, Goyal said that despite Monday's stock market crash, India, with a […]

[ad_1] Mukesh Ambani who holds the position of India's wealthiest person, saw his wealth decrease by $3.6 billion. (AI image) Stock market crash impact: India’s richest persons - the top 4 billionaires - Mukesh Ambani, Gautam Adani, Savitri Jindal & family, and Shiv Nadar - have seen a collective decline of $10.3 billion in their net worth on Monday, according to Forbes' real-time billionaire tracker, amidst a significant market downturn.According to an ET report, Mukesh Ambani \who holds the position of India's wealthiest person, saw his wealth decrease by $3.6 billion, reaching $87.7 billion. The second-wealthiest Indian, Gautam Adani, witnessed his net worth reduce by $3 billion, settling at $57.3 billion.The third-ranked Indian billionaire, Savitri Jindal & family, positioned 45th globally, experienced a reduction of $2.2 billion, with their net worth settling at $33.9 billion. Additionally, Shiv Nadar's fortune diminished […]

[ad_1] India’s merchandise exports to the United States are projected to decline by a staggering $ 5.76 billion this year, primarily due to the rise in tariffs imposed by the US. According to a report by the Global Trade Research Initiative (GTRI), exports from key sectors such as marine items, gold, electronics, and electrical products are expected to bear the brunt of the tariff hike, as reported new agency PTI. However, India’s competitive edge in certain product segments could help mitigate some of these losses.Major declines in electronics, seafood, and gold exports expected The US has announced a 26% additional tariff on Indian goods (excluding pharmaceuticals, semiconductors, and certain energy products) starting April 9. This move comes on top of the 10% baseline tariffs that have been in effect from April 5-8. According to GTRI, the total impact will result […]

[ad_1] Cryptocurrencies (Representative) Cryptocurrencies, including Bitcoin and Ethereum, are witnessing a downturn on Monday as global risk sentiment soured following new US tariff announcements. The market plummeted after US President Donald Trump made it clear that he would not back down from imposing sweeping import duties, signalling a potential recession and fuelling speculation of an interest rate cut by the Federal Reserve as soon as May.In a press conference, Trump told reporters that investors would need to "take their medicine" and that he would not negotiate with China until the US trade deficit was addressed. Beijing responded, saying the markets had already spoken on their retaliation plans.The new tariff regime introduced by the US includes a baseline 10% levy on imports, with significantly higher duties on major Asian trade partners—34% on China, 24% on Japan, 46% on Vietnam, and 25% […]

[ad_1] The World Gold Council (WGC) has reassured investors that the fundamentals of gold as an asset class remain "very strong" and will continue to be robust throughout the year, despite recent volatility triggered by the imposition of reciprocal tariffs by the Trump administration. Sachin Jain, Regional CEO India at WGC, confirmed to news agency ANI that the recent decline in gold prices was anticipated and not the result of panic selling.Over the past two to three sessions, gold prices have dropped by approximately USD 200 from their peak of USD 3,201 per ounce. Jain emphasized that this correction was expected and not indicative of widespread panic. He explained, "No, it's not panic selling. There's nothing of panic selling here right now. If panic selling would have happened, then this could have dropped like very high a percentage."Jain further clarified […]

[ad_1] Gold prices saw a sharp decline of Rs 1,550, settling at Rs 91,450 per 10 grams in the national capital on Monday, driven by heavy selling from jewellers and stockists, as well as a weak global trend, according to the All India Sarafa Association. On Friday, the precious metal had closed at Rs 93,000 per 10 grams.Gold of 99.5% purity also fell by Rs 1,550, reaching Rs 91,000 per 10 grams, compared to Rs 92,550 in the previous session, as per PTI report. "Gold prices slipped as panic selling in equity markets and other asset classes continued to affect safe-haven precious metals," said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.Silver prices continued their downward trajectory for the fifth consecutive day, dropping by Rs 3,000 to Rs 92,500 per kg from Friday's closing of Rs 95,500 per kg. […]

[ad_1] NEW DELHI: Govt on Monday raised the price of household LPG (liquefied petroleum gas) for all categories, including subsidised refills supplied to poor families under the ‘Ujjwala’ scheme, and increased the special additional excise duty (SAED) on petrol and diesel by Rs 2 per litre — dashing hopes of a fuel price cut by siphoning part of the gains from falling oil prices .From Tuesday, Ujjwala households in Delhi will have to shell out Rs 553 for each 14.2-kg cylinder against Rs 503, while general category consumers, who do not get subsidy, will pay Rs 853 against the market price of Rs 1,028.50. Prices in other states will vary in accordance with prevalent tax rates. LPG prices were last revised in March 2024 when they were cut by Rs 100 per cylinder.Oil minister Hardeep Singh Puri defended the government’s […]

[ad_1] Jim Cramer (Pic credit X/ @jimcramer) Market commentator and CNBC host Jim Cramer-- who warned that a potential market crash could be the worst one-day decline since 1987's "Black Monday,"-- urged long-term investors to stay the course amid the market turmoil caused by President Donald Trump’s sweeping tariff announcement. Speaking on Squawk on the Street Thursday, Cramer advised investors to maintain their positions, emphasizing that, like during the financial crisis of 2007-2008, the market would eventually recover.In 1987, US stock market plunged over 22% in a single day. “If you were OK in 2007 and 2008, it came back,” Cramer said, referencing the market’s recovery after the financial crisis, as per CNBC report. He acknowledged that it took until 2013 for investors to recoup their losses but insisted that those with a long-term outlook shouldn’t panic. “If you need […]

[ad_1] AI generated image means for representation purpose only Goldman Sachs has raised its forecast for the likelihood of a US recession to 45%, up from 35%, marking the second time in a week the investment bank has increased its odds amid growing concerns over the trade war. This adjustment follows heightened fears that tariffs proposed by US President Donald Trump could significantly disrupt the global economy.Goldman had initially raised its recession probability from 20% to 35% last week due to concerns that Trump’s planned tariffs would create a major economic shock. However, after Trump announced even steeper-than-expected tariffs, global markets experienced a selloff, prompting further revisions to the forecast, according to news agency Reuters.At least seven major investment banks have followed suit in raising their recession risk predictions. Notably, JP Morgan now estimates a 60% chance of both a […]

[ad_1] Global bond yields have dropped sharply following US President Donald Trump's tariff announcement last Wednesday, as investors flock to safe havens amid stock market turmoil. According to CNBC, Germany's 10-year bund --the benchmark for the euro area -- saw a decrease from 2.72% on Wednesday to 2.59% by Monday afternoon. Just last month, the yield had spiked above 2.9%, as markets anticipated a fiscal spending boost in Europe’s largest economy. With lower yields indicating stronger demand for government debt, the shift suggests a rush to safer assets in uncertain times.Analysts from Rabobank noted, “The Bund rally is unwinding the region-wide tightening of financial conditions.” They added that even if Trump were to reverse his tariff stance, it might mitigate market panic temporarily, but would not prevent a slowdown due to the unpredictability of the policy environment.Recession risksAcross the Atlantic, […]