Economy

RBI hikes repo rate by 25 basis points

RBI hikes repo rate by 25 basis points The repo rates are also hiked to contain inflation in the country. For instance, every time the RBI lowers repo rate, banks are typically expected to pass on the benefit to retail customers. Ravindra H Dholakia voted against the decision. The current rate hike comes on the back of rising crude oil prices, hike in the MSP for paddy by a record Rs 200 per quintal, rupee depriciation against th... [Full Article...]

Embattled Coles buckles with yet another plastic bag backflip

Embattled Coles buckles with yet another plastic bag backflip While customers had been growing more and more accustomed to bringing reusable bags, many were still finding themselves one or two short at the register. "We also call on the board of Coles to reconsider this decision for the sake of our planet", co-CEO Angus Harris said. So they are going to be giving away plastic bags for the foreseeable, in other words, you're never going to get your recyclin... [Full Article...]

Japan's central bank makes policy adjustment as inflation target remains far-flung

Japan's central bank makes policy adjustment as inflation target remains far-flung An increase in the number of women and seniors entering the job market and a push by companies to streamline operations through automation are keeping Japan's wages and inflation from rising significantly, the central bank said on Wednesday. [Full Article...]

Tesla posts another loss as the beleaguered automaker seeks to increase production

Tesla posts another loss as the beleaguered automaker seeks to increase production CEO Musk is under particular scrutiny after his comments during a May earnings call in which he rebuked analysts for asking "boring, bonehead" questions . It had ended the first quarter with $3.2 billion in cash after spending $656 million in capital expenses. Tesla is America's youngest major automaker and has at times been valued more than General Motors and the other Detroit auto giants it... [Full Article...]

US Treasury sanctions 2 Turkish officials

US Treasury sanctions 2 Turkish officials The sanctions against them prohibit US citizens from doing business with both men and block any of their property that rests within American jurisdiction. Late on Wednesday, Turkey's foreign ministry said it will retaliate against Washington's decision, calling it a "hostile stance". The pastor has lived in Turkey for more than 20 years. [Full Article...]

RBI governor says rate hike is primarily to maintain 4% inflation target

Still, a sizable numbers of analysts and market participants believe the RBI could hold off and not hike interest rates, noting that the recovery is nascent and bank credit to corporates is not yet free flowing. India's annual consumer inflation hit 5 percent in June, the eighth straight month it topped the RBI's medium-term 4 percent target. SBI, PNB, ICICI Bank last raised their lending rates u... [Full Article...]

Technology is looking a bit toothless

Technology is looking a bit toothless The technology sector rose 1.07 percent. Apple , which is due to report earnings on Tuesday after the bell, fell 0.6 per cent. Whether that brings complacency near-term, investors possibly viewing the stock as being simply 20% cheaper remains to be seen, but it wasn't long ago that Google faced the wrath of EU regulators, with a fine more akin to the size of fines that European banks coughe... [Full Article...]

Health alert issued for salads, wraps due to parasite concern

Health alert issued for salads, wraps due to parasite concern This time, the unfortunate honor has fallen on Walgreens, Kroger , and Trader Joe's, which have been forced to recall salads and wraps possibly contaminated with the cyclospora parasite. " Caito Foods LLC and FSIS are working together to remove the products from commerce". A list of the affected products can be seen here and here. No illnesses have been reported. [Full Article...]

How to get free guacamole for National Avocado Day

How to get free guacamole for National Avocado Day Do you like your guacamole on your entree? As long as you order a burrito, bowl, salad or tacos online or in the Chipotle app, you get to choose how to eat your free guacamole. There is a limit of one free item per customer while supplies last. Just bring the coupon code you receive from the app when you're making your purchase! Meanwhile, all Earth Origins Market locations are giving out vari... [Full Article...]

Yemen’s Houthis halt Red Sea attacks for two weeks

Yemen’s Houthis halt Red Sea attacks for two weeks Last week, Saudi Arabia alleged that the Houthis attacked two oil tankers near the Bab al-Mandeb strait, where the Red Sea meets the Gulf of Aden in the Arabian Sea. The U.N. and Western nations say Iran has supplied the Houthis with weapons, from assault rifles to the ballistic missiles they have fired deep into Saudi Arabia, including at the capital, Riyadh. [Full Article...]

Tata Motors posts ₹1863-cr loss in Q1

Tata Motors posts ₹1863-cr loss in Q1 Tata Motors has reported a consolidated net loss of Rs. 1,863 crore for the first quarter ended June 30, 2018, as compared to net profit of Rs. 3,199 crore in the same period a year ago owing to losses at its cash cow Jaguar Land Rover ( JLR ). [Full Article...]

Chinese smartphone maker OnePlus to expand retail store presence in India

Shenzhen-headquartered OnePlus, which sells a bulk of its phones through Amazon.com's India unit, plans to have 10 retail stores by the second half of 2018, Vikas Agarwal, General Manager, OnePlus India told Reuters in an interview. The OnePlus 6 comes in four colours: Red, Silk White, Mirror Black, and Midnight Black. OnePlus, the experimental subsidiary of Oppo, has its latest model OnePlus 6 ... [Full Article...]

Chipotle sickness: Hundreds report possible illness after eating at OH restaurant

The company's shares were down 5.6 percent at $439.60, erasing gains made since Chipotle reported stronger-than-expected profit and same-restaurant sales for its second quarter on Thursday. County health officials said in a statement on Tuesday that the number of people who have reported getting ill at the restaurant has jumped to 368. [Full Article...]

U.S. plans higher tariffs on US$200 billion in Chinese imports

They include food products, chemicals, steel and aluminum and consumer goods ranging from dog food, furniture and carpets to vehicle tires, bicycles, baseball gloves and beauty products. "Once you go down the road of using tariffs to disrupt the Chinese, you have to say 25% compared to 10%", Derek Scissors of the American Enterprise Institute, which advises the president, told the Wall Street Jou... [Full Article...]

Oil prices fall as OPEC increases production

Oil prices fall as OPEC increases production US crude futures were down 42 cents at $69.71 a barrel, after rising more than 2 percent the day before. In gasoline, the EIA reported a draw in inventories, at 2.5 million barrels, compared with 2.3 million barrels a week earlier. OPEC has pledged to offset the loss of Iranian supply as upcoming USA sanctions have already started to cut exports from OPEC's third-largest producer. [Full Article...]

RBI hikes repo rate: What happens to your EMIs now

Ahead of the RBI's monetary policy announcement, the country's largest lender State Bank of India (SBI) had hiked interest rate on fixed deposits by up to 0.1% on select maturities, a move likely to be followed by other banks. In the second bi-monthly resolution of 2018-19, it had projected CPI inflation for 2018-19 at 4.8-4.9 per cent in the first half of the financial year and at 4.7 per cent ... [Full Article...]

Mirror owner sees £113.5m loss due to large write-off

Mirror owner sees £113.5m loss due to large write-off It is the first half-year results released by the company since its acquisition of the Express and Star newspapers from Richard Desmond's Northern & Shell in February. In Britain it owns a range of titles including The Daily Mirror , Daily Express , Daily Star and Manchester Evening News . He said the benefit of an improved performance from national print advertising coupled with furthe... [Full Article...]

MoviePass is raising prices and limiting the movies subscribers can see

MoviePass is raising prices and limiting the movies subscribers can see So it sounds like the blacking out of new movies will be a regular practice, at least for the first two weeks of release, which will certainly be a bummer for subscribers. He also detailed numerous changes. MoviePass said a movie distributor could allow earlier viewings through the service by reaching revenue-sharing or other arrangements with MoviePass . [Full Article...]

RBI increases repo rate by 25 bps to 6.50%

The Reserve Bank of India on Wednesday raised its policy repo rate as expected for the second straight meeting, citing inflation concerns but retained its "neutral" stance. Five members of the MPC voted for the rate hike. It projected inflation at 4.8 per cent in the second half of 2018-19. Which brings one to the important question of whether EMIs (equated monthly installments) on home, auto,... [Full Article...]

Uber shuts down self-driving trucks, focuses on cars

Uber shuts down self-driving trucks, focuses on cars Uber will shut down its self-driving truck unit as it turns its autonomous ambitions exclusively towards self-driving cars. Eric Meyhofer, the head of Uber Advanced Technologies Group, said in a statement: "We've chose to stop development on our self-driving truck program and move forward exclusively with cars". [Full Article...]


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