US Fed hikes rates, Asian stocks mixed
The US Federal Reserve raised interest rates and forecast at least two more hikes for 2018, reports Reuters. The rate hike signalled growing confidence about the economy and future tightening, weighing on stocks. US stocks closed modestly lower. Asian markets opened mixed. S&P 500 at 2,711 is down 0.18%.
Trade war fears reemerge as Trump set to announce actions on China
In another report, the US President Donald Trump will announce on Thursday the actions he will take against China for its alleged theft of US intellectual property and technology, stoking fears of a trade war.
Another bank fraud surfaces
Close on the heels of the Rs12,636 crore PNB fraud case, the Central Bureau of Investigation (CBI) has unearthed another bank fraud to the tune of Rs824.15 crore, involving Chennai-based jewellery chain Kanishk Gold Pvt. Ltd. Read more.
US slaps anti-dumping duty on Chinese, Indian steel flanges
The Trump administration has decided to slap an anti-dumping duty on the stainless steel flanges imported from China and India after it found in its preliminary probe that both the countries had provided subsidies to the exporters, reports PTI.
IDFC looks to exit asset management business
IDFC has begun discussions with IndusInd Bank, among others, to merge or sell its asset management company, reports The Times of India.
Sun Pharma gets US FDA nod for plaque psoriasis drug
Sun Pharmaceutical Industries Ltd has announced its first US approval for an innovative medicine, marking a milestone in the company’s bid to diversify out of generic drugs by building a portfolio of novel ones protected by patents, reports Bloomberg.
Coal India to set up plants for coal gasification
To promote environment-friendly uses of coal, Coal India Ltd is planning to set up plants for coal gasification, parliament was informed, reports PTI.
JSW Steel to join race for Essar Steel as lenders seek fresh bids
The race to acquire Essar Steel will start all over again with new players, including the JSW Steel, evincing interest in bidding for the company, reports The Hindu Business Line. This follows the rejection of bids placed by Numetal and ArcelorMittal.
Govt approves Ayushman Bharat health protection scheme