Business

[ad_1] BENGALURU: India has overtaken the UK to become the largest market by customer count for small and medium enterprises-focused (SME) fintech platform Tide, according to global CEO Oliver Prill. “India is close to 7 lakh, the same as in the UK, and is now growing over that,” Prill said during an interview with TOI, adding that the company has seen steady growth since entering the Indian market in 2022.“So the UK is a small market… India is actually bigger in terms of that,” he added. Tide, which started out in the UK in 2017, now commands a 12% market share in its home country, up from 4–5% in its early years.India's overtaking of the UK in customer count is particularly significant for the London-based neobank given the size and scope of the SME sector here. India has 63.4 million […]

[ad_1] Shares of Alphabet Inc., the parent company of Google, plunged more than 5% on Wednesday following revelations from a federal antitrust trial and developments tied to cybersecurity and energy infrastructure.As of 12:17 p.m., Alphabet Inc.'s Class C stock was trading at $151.41, marking a sharp decline of $13.79 or 8.35% for the day. At the heart of the market reaction was testimony by Eddy Cue, Apple’s senior vice president of services, who told a Washington court that Google’s search traffic on Apple products declined last month. Cue attributed the drop to growing competition from AI-powered search alternatives such as ChatGPT and Perplexity, signalling a potential shift in user behaviour away from traditional search engines."That has never happened in 20 years," legal news outlet MLex quoted him as saying.Cue was giving testimony in a trial in which US Judge Amit […]

[ad_1] Aerospace companies are bracing for a potential escalation in trade tensions as the European Union prepares to target Boeing jets with retaliatory tariffs in response to existing US import duties on European goods, including Airbus aircraft, according to industry sources.The anticipated measures, expected to be announced Thursday by the European Commission, come as part of a broader plan to counter 10% US tariffs impacting around $100 billion in European exports. The move would mark the first significant tariff action between the EU and US aerospace sectors since 2021, reviving trade friction in the $150 billion global aircraft industry.EU Trade Commissioner Maros Sefcovic, speaking in Singapore on Wednesday, confirmed news agency Reuters that the bloc would unveil its planned counter-measures if ongoing negotiations with Washington fail to ease tensions. The Financial Times earlier reported that the EU intends to include […]

[ad_1] US Federal Reserve Chair Jerome Powell (AP Photo) The US Federal Reserve, led by chair Jerome Powell, kept benchmark rate unchanged in 4.25-4.5% target range at the FOMCmeet on Wednesday. "The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook has increased further.The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen," the FOMC statement read."Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated," the release read."In support of its goals, the […]

[ad_1] Earlier this year, Reliance Jio and Airtel sealed deals to distribute Starlink's satellite internet services. (AI image) Elon Musk-led Starlink has been issued a Letter of Intent by the Indian government for satcom services. SpaceX, established in 2002 by Elon Musk, the world's wealthiest individual, has created Starlink, a satellite-based internet service. This American aerospace and space transport enterprise offers global high-speed internet connectivity with minimal delay through its satellite network.The Department of Telecom (DoT) has issued a Letter of Intent to Starlink, according to sources who spoke to PTI. Previously, the government granted licences to Eutelsat OneWeb and Jio Satellite Communications.Starlink operates differently from traditional satellite services that use geostationary satellites positioned far from Earth. Instead, it employs the largest low earth orbit (LEO) satellite network, situated 550 km above Earth.This extensive network, currently comprising 7,000 satellites and […]

[ad_1] NEW DELHI: Business-to-business ride services company Routematic has raised $40 million in a funding round led by venture capital firm Fullerton Carbon Action Fund and Shift4Good, senior company officials said on Wednesday.The company plans to use the fund to strengthen its business matrix and expedite its journey towards public listing, Founder and CEO Sriram Kannan said."We have signed a shareholder agreement for a $40 million fundraise. The fund will come in two tranches," he said.Routematic provides an AI-based technology platform to manage the commute of employees. The company's platform optimizes service routes and enhances fleet efficiency by boarding employees of different corporations as per demand. Kannan said the company has services in 23 cities in India.The company is planning to foray in overseas markets as well as expand deeper into top 5 cities -- Bangalore, Pune, Hyderabad, Chennai and […]

[ad_1] India, the world's third-largest oil importer, is poised to save up to Rs 1.8 lakh crore on its crude oil and liquefied natural gas (LNG) import bill if the current trend of declining global energy prices persists, according to rating agency Icra.In the fiscal year ending March 31, 2025, India spent $242.4 billion on crude oil imports, covering over 85% of its domestic needs. Additionally, the country spent $15.2 billion on LNG imports. However, recent softening in international oil prices has led to significant savings.Earlier this week, oil prices fell to a four-year low of $60.23 per barrel due to concerns over rising global supply amid uncertain demand. While prices have since rebounded to $62.4 per barrel, they remain approximately $20 lower than in March 2024, when petrol and diesel prices were reduced by Rs 2 per litre ahead […]

[ad_1] Global stock markets showed mixed performance on Wednesday as investors awaited the US Federal Reserve’s policy announcement, widely expected to leave interest rates unchanged, despite renewed pressure from former President Donald Trump to cut borrowing costs.In Europe, Germany’s DAX was nearly flat at 23,250.56, while France’s CAC 40 slipped 0.5% to 7,661.64. London’s FTSE 100 fell 0.3% to 8,573.67. Meanwhile, futures for the S&P 500 and Dow Jones Industrial Average each gained around 0.6%.Asian markets saw modest gains following news that the US and China plan to resume trade talks in Switzerland later this week. Hong Kong’s Hang Seng Index initially surged more than 2% after Beijing introduced interest rate cuts and other stimulus measures aimed at mitigating the impact of higher tariffs imposed by Trump on Chinese exports. However, gains were largely subdued by market close.Tokyo’s Nikkei 225 […]

[ad_1] Operation Sindoor has had minimal impact on Indian stock markets. (AI image) Operation Sindoorimpact: Market reactions to Indo-Pak military tensions have historically been measured. During past confrontations between the two nations since 1999, the Nifty 50 has typically experienced modest declines of approximately 5%, followed by robust recoveries yielding double-digit gains within six months.Despite border tensions, financial markets have maintained their focus on core economic indicators.According to an ET analysis, this pattern is being observed again following India's coordinated precision strikes against nine terrorist locations in Pakistan and Pakistan-occupied Kashmir (PoK), responding to the Pahalgam terror incident that resulted in 26 civilian casualties. Operation Sindoor has had minimal impact on Indian stock markets. The Nifty and Sensex recovered quickly after a brief initial decline, remaining focused on capital flows and economic fundamentals.This stability reflects established patterns.Also Read | Operation […]

[ad_1] Operation Sindoor impact: The defence sector stocks witnessed significant upticks. (AI image) Operation Sindoor: Defence stocks rallied on Wednesday, with key companies like Mazagon Dock Shipbuilders recording gains of up to 4%, following the Indian Armed Forces' Operation Sindoor on May 7. The military action was directed at terrorist facilities in Pakistan and Pakistan-occupied Jammu and Kashmir (PoK), which have served as bases for planning and orchestrating attacks against India.The defence sector stocks witnessed significant upticks. Hindustan Aeronautics (HAL) increased by 1.8% to Rs 4,589, Cochin Shipyard rose by 2% to Rs 1,511, and Bharat Dynamics recorded a 1.7% increase. Data Patterns saw a 1.3% rise, Mazagon Dock Shipbuilders registered a 3.7% increase to Rs 3,077.80, whilst Paras Defence experienced a 3% growth to Rs 1,393.80.The Ministry of Defence disclosed that India conducted strikes on nine terrorism-related targets in […]