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18 Jun

US retail sales in May increase just 0.1% from April as still-high inflation curbs spending

Priyanka RoyBusiness, latest

Consumers barely up spending in May compared to April as still-high inflation and high interest rates curbed spending.According to the Commerce Department, retail sales rose 0.1 percent in May, slower than the pace expected by economists. And April sales were revised downwards – down 0.2 percent from unchanged. Sales rose 0.6 percent in March and 0.9 percent in February. This comes after a 1.1 percent decline in sales in January, which was partly due to bad weather.Excluding gas prices and auto sales, retail sales increased by the same amount. Excluding gasoline sales, whose prices are falling, sales rose 0.3 percent.…

15 Jun

SBI expansion MCLR by 10 bps for all tenors

Priyanka RoyBusiness, latest

State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) for all tenors. The MCLR hike by SBI comes days after the Reserve Bank of India (RBI) left the key policy rate unchanged.This move is likely to be followed by other lenders, resulting in loans becoming costlier for borrowers.The country's largest lender has revised the one-year MCLR from 8.65 percent to 8.75 percent. Overnight MCLR has been increased from 8 percent to 8.1 percent. One and three month MCLR has been increased to 8.3 percent from earlier 8.2 percent.The revised…

13 Jun

Retail inflation hits 12-month low of 4.75% in May 2024: Government data

Priyanka RoyBusiness, latest

Retail inflation fell to a one-year low of 4.75% in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. Consumer Price Index (CPI) based retail inflation stood at 4.83 percent in April 2024 and 4.31% in May 2023 (previous low). According to data released by the National Statistical Office (NSO), inflation in the food basket stood at 8.69% in May, slightly lower than 8.70% in April. A headline price increase has seen a gradual decline since February 2024, albeit in a narrow range from 5.1% in February to 4.8% in April 2024. The…

12 Jun

Tata Motors share prices upturn as brokerage firms maintain bullish stance; Stocks rise 7% in a week

Priyanka RoyBusiness, latest

Tata Motors share price rose more than 2% on Wednesday, adding 7% in a week, as brokerages maintained a bullish stance on the stock amid better growth prospects highlighted by the company in an investor meet. While Tata Motors' Indian business has already become net debt free by FY2024, it has set a target for Jaguar Land Rover (JLR) to become net debt free by FY2025. Tata Motors aims to grow up the passenger vehicle (PV) industry by 2X on new nameplates across ICE, CNG and EVs with a development of 80% of the addressable market by FY2030 from 53%.…

12 Jun

How much compensation will Singapore Airlines give to those injured in the plane crash?

Banasree SarkarlatestSingapore

The hand of death is in the middle of the sky! Several passengers were injured due to the overturning situation of the plane in mid-air, and now the Singapore Airlines authorities have announced that they will compensate them. Recently, a Singapore Airlines flight was flying from London to Singapore. The plane suddenly started shaking in mid-air after coming to the border area of Myanmar and Thailand. The passengers inside the plane were terrified by this incident. The 'Boeing 777-300' plane of Singapore Airlines started shaking loudly. Several passengers were injured due to the incident; a 73-year-old British citizen died. To…

11 Jun

New business premium of life insurers growth 15% to ₹27,034 Crore in May

Priyanka RoyBusiness, latest

New business premium collections of life insurance companies grow by 15.15% in the month of May 2024 compared to the same month last year, boost by strong demand for improved insurance protection from both corporate and individual consumers. According to the Life Insurance Council, new policy issuances grew by 12.45% in the same period, reflecting strong underlying demand for life insurance products. New business premium increased from Rs 23,448 Crore in May 2023 to Rs 27,034 Crore in May 2024, with year-to-date (YTD) collections rising even further to Rs 47,293 Crore from Rs 36,043 Crore. Driven by strong demand for…

10 Jun

Consumers expect spending to jump in next one year: RBI survey

Priyanka RoyBusiness, latest

According to the latest survey by the Reserve Bank of India (RBI), Indian consumers are expected to increase spending over the next one year, with both essential and non-essential items increasing.RBI's Consumer Confidence Survey (CCS) showed that the rise in consumer confidence has stalled for the current period as sentiments have declined slightly on all parameters except spending in the latest survey round.The Current Situation Index (CSI) declined to 97.1 in May 2024 from 98.5 two months ago."For the year ahead, consumer confidence remained elevated in optimistic territory, although it declined marginally due to relatively soft sentiments on general economic…

08 Jun

Bajaj Housing Finance files DRHP with SEBI to upsurge ₹7,000 Crore via IPO;

Priyanka RoyBusiness, latest

Bajaj Housing Finance IPO: Bajaj Housing Finance has filed preliminary draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds of ₹7,000 Crore through its upcoming public offering.The total public issue of up to ₹7,000 Crore includes a new issue of equity shares up to ₹4,000 Crore and an offer for sale (OFS) of up to ₹3,000 Crore by the selling shareholder with a face value of up to ₹3,000 Crore. Or the parent company, Bajaj Finance limited each equity share of ₹10.The share sale is being conducted to comply with Reserve Bank of…

07 Jun

RBI Monetary Policy 2024: RBI keeps repo rate unchanged at 6.5% for eighth consecutive time, upturn FY25 GDP estimate to 7.2%

Priyanka RoyBusiness, latest

RBI MPC Meeting June 2024: With the RBI keeping the repo rate constant, all external benchmark lending rates linked to the repo rate will not increase, providing relief to borrowers as their EMIs will not increase. RBI Monetary Policy Meeting June 2024: The Monetary Policy Committee (MPC) of the Reserve Bank of India, which began its meeting on Wednesday, has kept the repo rate unchanged at 6.5% for the eighth consecutive time. This is the first time that the MPC met after the declaration of Lok Sabha election results. In April, the central bank had determined to keep the repo…

07 Jun

First human death from bird flu in Mexico

Banasree SarkarlatestMexico

The bird flu kills a young man in Mexico. Although the young man was suffering from various physical problems, according to the World Health organization, the risk of contracting this virus in general is very low. A 59-year-old man from Mexico City contracted a fever last April, the World Health Organization said on Wednesday. Within a few days, he developed diarrhea, shortness of breath, and nausea. Relatives of the young man said he was bedridden for three weeks before his condition turned critical. The Mexican health department said in a statement that the young man had been suffering from kidney…