Thirty-five years ago, gold helped India pull back from the brink of a sovereign payments crisis, providing emergency foreign exchange at a moment when the country had only enough reserves to cover a few weeks of imports. The episode came shortly before Finance Minister Manmohan Singh announced the landmark economic reforms of 1991 that transformed India’s economic policy.
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Bank of England Holds Interest Rate at 3.75% as Policymakers Warn of Inflation Risks
The Bank of England has kept its benchmark interest rate unchanged at 3.75%, matching economists’ expectations, but a split vote and warnings from policymakers highlighted concerns that inflation could face renewed upward pressure.
US Economy Slows to 1.5% Growth in Q2 as June Core Inflation Holds at 3.3%
The US economy grew at an annualized rate of 1.5% in the second quarter, falling short of economists’ expectations, while June core inflation remained well above the Federal Reserve’s 2% target, according to economic data released Thursday.
India Climbs 25 Places to 57th in Global Rankings After Structural Reforms
New Delhi: India has improved its position by 25 places in global rankings, moving from 82nd in 2010 to 57th in 2023, according to the Ministry of Commerce & Industry. The improvement has been attributed to structural and pro-competitive reforms aimed at reducing market distortions and strengthening competition.
Microsoft Shares Jump 8% as AI Growth Boosts Azure and Copilot, Meta Falls 9%
New York: Microsoft shares surged around 8% in premarket trading, while Meta Platforms shares dropped about 8.5% as investors reacted differently to the latest results from two of Big Tech’s major artificial intelligence players. Microsoft’s growth in its Azure cloud and Copilot businesses signalled that its heavy AI investment is beginning to generate stronger returns, while Meta’s revenue guidance fell short of market expectations.
Bombay HC Seeks SEBI Affidavits in Embassy Office Parks REIT Petitions
Mumbai: The Bombay High Court has granted the Securities and Exchange Board of India (SEBI) time to file detailed affidavits in two writ petitions concerning allegations against the sponsor and promoters of Embassy Office Parks REIT. During the hearing, SEBI told the court that its decision on the representation underlying one of the petitions was unlikely to support the relief sought by the petitioner.