Business

Indian property buyers in Dubai face regulatory scrutiny for using international credit cards (ICCs) for property purchases, a practice that circumvents established remittance channels. While not explicitly prohibited, this method clashes with RBI guidelines for capital account transactions. Investors are now seeking to rectify the situation through the Liberalised Remittance Scheme (LRS) to avoid penalties.

Despite pressure from the US and EU, India continues importing Russian crude oil, with multiple tankers offloading millions of barrels at Indian refineries. This ongoing trade persists amidst warnings of potential punitive measures from the US and concerns over supporting Russia’s Ukraine campaign.

Around 3,200 Boeing machinists in St. Louis initiated a strike after rejecting the company’s revised contract offer, which included a 20% wage increase and boosted retirement contributions. This action, the first in almost three decades, impacts Boeing’s defense and space division. The union, seeking a contract reflecting their critical role, last struck in 1996.

Bengaluru is gearing up for a major boost in its transport infrastructure. Prime Minister Narendra Modi will inaugurate the Yellow Line on August 10. He will also lay the foundation stone for Metro Phase 3. The Yellow Line spans 19.15 km, connecting RV Road to Bommasandra. Phase 3 will further expand the metro network by…

Faced with a 25% US tariff, the Indian government is urging exporters to develop domestic brands and is considering measures like reduced testing fees for smaller exporters. The focus is on sectors like marine products, which now face increased competition. The government is also exploring employment-linked programs and fixed-price intermediate products to support exporters.

VinFast Auto India has inaugurated its largest retail outlet in Chennai, Tamil Nadu, marking its second showroom in India after Surat, Gujarat. The 4,700 sq ft facility will showcase premium electric SUVs like the VF 6 and VF 7.

Donald Trump’s imposition of 25% tariffs on India, despite ongoing trade talks, stems from political motives, according to SBI Research. The report highlights Trump’s declining approval ratings and concerns over India’s firm stance on sovereignty. The US administration’s crypto push, Pakistan’s digital currency ambitions, and India’s growing BRICS partnership are also factors.

NSDL’s Rs 4,011.60-crore IPO witnessed overwhelming investor response, oversubscribed 41.02 times and priced at Rs 800 per share. With listing scheduled on BSE, grey market premiums indicate a strong debut. The IPO, an Offer for Sale, aims to unlock shareholder value, attracting significant interest due to NSDL’s strong financials and market position.

Foreign portfolio investors (FPI) exhibited strong interest in the Indian primary market in July, reaching a seven-month high with $1.7 billion in net inflows, driven by a surge in IPO activity. However, FPIs turned net sellers in the secondary market, resulting in a net outflow of $3.7 billion due to global uncertainties, leading to a…

US and China are engaged in tough trade negotiations, with a major sticking point being China’s oil imports from Iran and Russia. China insists on maintaining its energy supply routes, defying US pressure to cease these purchases. Despite this disagreement, both sides express optimism about reaching a deal to stabilize commercial ties, although significant challenges…