New Delhi: India’s foreign reserves crossed the $500 billion mark on Friday for the first time after registering a massive surge of $8.22 billion in the week ended June 5 aided by higher foreign inflows. According to RBI’s weekly statistical data, the overall forex reserves increased to $501.703 billion on June 5 from $493.480 billion reported for the week ended…
View More India’s forex reserves rise to $8.22 billion, crosses $500 billion for the 1st time
It remains undecided whether additional funds for hard-hit countries will be in the form of grants or loans.European Union leaders agreed on Thursday to build a trillion euro ($1.08 trillion) emergency fund to help recover from the coronavirus pandemic, avoiding another all-night bust-up but leaving divisive details until the summer. With the EU’s Brussels headquarters under lockdown – along with most of Europe…
View More DIVIDED EU LAYS OUT TRILLION-EURO CORONAVIRUS ESCAPE ROUTE
The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb ‘opportunistic takeovers’ of domestic firms following the COVID-19 pandemic, a move which will restrict Foreign Direct Investment from China. Countries which shares land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan. ‘An entity of…
View More GOVT REVISES FDI NORMS TO SHIELD FIRMS FROM TAKEOVER
Indian low-cost carrier SpiceJet has asked the government for relief that will ease the strain on its cash flow, chairman and managing director Ajay Singh said Friday. More than 50% of employees will be on leave without pay in April and the airline is running a cargo business that’s generation some cash flow, according to Singh. India’s airlines are in…
View More INDIA’S SPICEJET IS SEEKING GOVERNMENT FUNDS TO TIDE OVER CORONAVIRUS CRISIS
Facebook has made a huge bet on India by investing $5.7 billion into Jio Platforms, the tech subsidiary of multinational conglomerate Reliance Industries. Jio variously operates broadband, mobile services, and online commerce platforms, and Facebook’s investment gives it around a 10 percent stake in the company, making it the largest minority shareholder. Facebook’s primary footprint in India currently comes from…
View More FACEBOOK TAKES $5.7 BILLION STAKE IN INDIAN INTERNET GIANT RELIANCE JIO