The Reserve Bank of India (RBI) on Wednesday unveiled fresh measures to stabilise the rupee, which touched multiple record lows against the US dollar. According to a statement released by the central bank, the overseas borrowing limit for companies has been raised. It also liberalised norms for foreign investments in government bonds, in a bid to increase foreign exchange inflows into the country.
Indian sugar mills signed contracts to export 550,000 tonnes of the sweetener in recent days, as surging global prices and a weak rupee made overseas sales lucrative, four dealers told Reuters.
In a move that will boost the wind power market in India, finance minister Arun Jaitley has said that the accelerated depreciation Scheme would be restored for the wind industry.
According to Dun & Bradstreet's Economy Forecast, the balance sheet of banks, corporate and government remains strained while the gross non-performing assets (NPAs) have increased significantly.
The Indian Wind Power Association (IWPA) has urged the Union Government to restore the 'accelerated depreciation (AD)' scheme for the wind industry.
Investment and Credit Rating Agency (ICRA) has said the discontinuation of accelerated depreciation (AD) benefit will hit the wind energy sector as addition to the capacity will be discouraged in the near term.
According to IMF, the 'effective' depreciation in the rupee has only been 6-7 % this year after adjusting it to inflation, i.e. only half of the actual drop in the value of the currency this year. The IMF, however, warned that the rupee depreciation would jack up the prices of imported goods, potentially putting an upward pressure on inflation.
The global lender said, the Indian economy appears to have recovered from the temporary disruptions due to demonetisation and introduction of the GST. However, domestic risks and a less benign external environment impact the macro-economic outlook. Growth in India is projected to reach 7.3% in the 2018-19 fiscal and 7.5% in the next two years, it said.
The railways have accelerated the pace of construction of the new railway bridge at Kiul being built parallel to the existing bridge there.
If Apple Watch battery health depreciates, users should contact customer support. Apple offers guidance for battery repair or replacement, although these services are not covered under warranty and may incur costs.
Japan falls to fourth place behind Germany. India projected to surpass both nations. Japan's GDP falls short of Germany's. Decline in yen due to negative interest rates. Germany faces obstacles. Japan's economy contracts, faces labour shortages, and experiences technical recession. India to surpass Japan and Germany in output.
Portugal's national airline TAP reported a 62% increase in net profit for the third quarter, reaching a record of €180.5 million ($192 million). The airline also achieved a record profit of €203.5 million for the first nine months of the year, compared to a loss of €90.8 million in the same period last year. TAP's operating revenue grew by 12.5% to €1.26 billion, surpassing pre-pandemic levels. The government plans to sell a minimum of 51% of TAP, with IAG, Lufthansa, and Air France-KLM expressing interest.
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Apple has announced the new operating system, iOS 17, at its annual developer conference. The older iPhone models, iPhone X and iPhone 8, will not support the stable version of iOS 17, leaving these phones more vulnerable to security threats. According to price comparison site SellCell, the resale value of both iPhone models may drop significantly leading up to the release of iOS 17.
Birkenstock Holding Plc has priced its New York initial public offering (IPO) at $46 per share, falling short of expectations. The IPO values the company at about $8.6 billion. Despite this, Birkenstock's sales have been increasing, with revenue up 21% in the first nine months of this year. The company plans to expand its sales in Asia and invest in production capabilities. However, there are concerns about the company's high valuation.