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[ad_1] MUMBAI: RBI said its stance on cryptocurrency remains unchanged, even as a govt panel continues to examine the issue. "There is no new development following the Supreme Court pronouncement on the crypto matter," RBI governor Sanjay Malhotra said at the post-policy press conference. "RBI has maintained a consistent stance on this issue. A govt committee is currently examining the matter. We remain concerned about the potential risks crypto poses to financial stability and monetary policy," he said.In a recent order, an SC bench led by Justices Surya Kant and N Kotiswar Singh said that banning crypto is not a viable option given global developments in financial systems. The SC observed that the absence of a regulatory framework has created room for misuse and asked govt to act. Separately, he said RBI has rolled out a new framework for regulation-making, […]

[ad_1] Donald Trump and Xi Jinping US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer are all set to meet officials in London on Monday for trade negotiations, President Donald Trump announced on Friday."The meeting should go very well," the president wrote on Truth Social on Friday afternoon. "Thank you for your attention to this matter!"Trump's post on Truth SocialTrump disclosed the planned trade discussions following an extensive telephonic conversation with Chinese President Xi Jinping on Thursday.This scheduling update emerged amid ongoing tensions between the US and China, as both nations navigate through a significant trade dispute affecting their economies.The two nations, whose combined goods trade reached $582 billion last year, recently reduced most reciprocal tariffs after successful trade negotiations in Geneva, Switzerland, last month.However, China has since expressed concerns about American actions undermining […]

[ad_1] BRESCIA: Govt is hoping to clinch an initial tranche of the proposed bilateral trade deal with the US, govt sources said as a team of American officials landed in the Capital for negotiations. "The two countries are actively engaged in focused discussions to facilitate greater market access, reduce tariff and non-tariff barriers, and enhance supply chain resilience and integration. The ongoing negotiations aim to achieve an expeditious and mutually beneficial conclusion of the initial tranche of the BTA," said a source.Late Thursday, commerce and industry minister Piyush Goyal told reporters: "The US team has reached Delhi and we are making very good progress. They are having extensive discussions. I am very confident that very good outcomes will come out of this."PM Narendra Modi and US President Donald Trump had agreed to launch talks for a bilateral trade agreement covering […]

[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 […]