Business

Wall Street saw a mixed trading session Friday, with the Nasdaq and S&P 500 climbing on strong Intel earnings and AI optimism. However, the Dow Jones dipped. Meanwhile, oil prices eased on potential US-Iran diplomatic talks, and a ceasefire extension between Israel and Lebanon boosted sentiment. Tech giants like Meta and Microsoft announced job cuts

The Reserve Bank of India has cancelled the banking licence of Paytm Payments Bank Limited, effective April 24. The central bank cited violations of the Banking Regulation Act, including mismanagement and failure to protect depositor interests. The RBI will initiate winding-up proceedings, assuring depositors of full repayment.

Rupee has hit a decade-low against global peers, driven by soaring oil prices and significant foreign investor withdrawals. This depreciation, reflected in a weakened Real Effective Exchange Rate, makes exports cheaper but imports costlier. Despite the current undervaluation, a swift recovery is not anticipated due to sustained dollar demand.

India’s foreign exchange reserves surged by $2.362 billion to $703.308 billion in the week ending April 17, following a previous gain of $3.825 billion. This increase, driven by rising foreign currency assets and gold reserves, marks a rebound after a decline caused by Middle East geopolitical tensions.

JPMorgan has shifted its stance on Indian equities to neutral, citing high valuations and geopolitical uncertainties. The brokerage warns of a potential 15% Nifty 50 decline in a worst-case scenario, impacting earnings due to energy supply risks. While the long-term outlook remains robust, near-term caution is advised, with other emerging markets potentially offering better opportunities.

India and the US concluded three days of trade talks in Washington, aiming to finalize an interim trade pact and advance negotiations for a broader bilateral agreement. Discussions covered market access, digital commerce, and economic security.

Finance minister Nirmala Sitharaman has directed banks to bolster cybersecurity against advanced AI threats, including those posed by Anthropic’s ‘Claude Mythos’. Emphasizing proactive measures and real-time threat sharing, she urged banks to collaborate, hire top professionals, and leverage AI for defense, ensuring robust protection of customer data and financial assets.

Tokyo’s metropolitan government is allowing employees to wear shorts to work this summer as part of an expanded “Cool Biz” energy-saving initiative. This move aims to combat rising energy costs, exacerbated by the Middle East war, and address increasingly harsh summers. The policy encourages comfortable attire, including polo shirts, T-shirts, and sneakers, alongside teleworking and

Indian consumer goods firms are grappling with soaring input costs, driven by the Middle East conflict. Companies are now tracking expenses daily and frequently adjusting prices, impacting long-term strategies. Executives fear higher prices could dampen consumer spending, which had recently shown signs of recovery. This volatility is forcing immediate, short-term decisions across various product categories.