ED threatens Flipkart, founders with $1.35 billion fine: Report

NEW DELHI: India’s financial-crime agency has asked Walmart‘s Flipkart and its founders to explain why they shouldn’t face a penalty of $1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told Reuters. The Enforcement Directorate agency has been investigating e-commerce giants Flipkart and Inc for years for allegedly […]

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Coronavirus: Elderly people and workers will be given priority in vaccination, Bangladesh said.(File) Dhaka: Bangladesh extended its strict lockdown on Tuesday and announced plans to vaccinate at least 10 million people in a week as the country battles a major Covid-19 surge. The vaccination drive from August 7 will be led by tens of thousands […]


Sony Posts Record Profit on Pandemic Demand for Consoles, TVs, Music, and Movies

Sony raised its earnings outlook on Wednesday after a record first-quarter operating profit helped by pandemic stay-at-home demand for PlayStation 5 consoles, TVs, music, and movies. Operating profit for the quarter ended June 30 rose to JPY 280.1 billion (roughly Rs. 18,970 crores) from JPY 221.7 billion (roughly Rs. 15,010 crores) a year earlier, topping the JPY […]

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Flipkart and Its Founders Said to Be Threatened With $1.35 Billion Fine by Enforcement Directorate

India’s financial-crime agency has asked Walmart’s Flipkart and its founders to explain why they shouldn’t face a penalty of $1.35 billion (roughly Rs. 10,010 crores) for alleged violation of foreign investment laws, three sources and an agency official told Reuters. The Enforcement Directorate agency has been investigating e-commerce giants Flipkart and Amazon for years for […]

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Biden poll numbers on Covid and economy fall in CNBC All-America survey

President Joe Biden held on to his overall approval rating in the latest CNBC All-America Economic Survey but showed weakness in two key areas as the public’s views on the economy and the outlook for the virus soured. In the poll of 802 American adults nationwide, 48% approved of the job Biden is doing as […]


Biden’s agenda is key to keeping U.S. as ‘world’s pre-eminent economic power’

Janet Yellen, U.S. Treasury secretary, arrives at a Eurogroup meeting of European Union (EU) finance ministers in Brussels, Belgium. Bloomberg | Bloomberg | Getty Images Treasury Secretary Janet Yellen will warn on Wednesday that enacting President Joe Biden’s economic agenda is critical to maintaining America’s status as the world’s top economic superpower, according to a […]


Private companies added 330,000 jobs in July, according to ADP, far short of the 653,000 estimate

A ‘We’re Hiring!’ sign is displayed at a Starbucks on Hollywood Boulevard on June 23, 2021 in Los Angeles, California. Mario Tama | Getty Images Job creation at private companies tumbled in July as fears mounted over the spreading coronavirus delta variant, payroll processing firm ADP reported Wednesday. Employers added 330,000 positions for the month, […]


Household debt jumps by the most in 14 years to nearly $15 trillion in the second quarter

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. Mike Blake | Reuters Household debt rose by its highest dollar amount in 14 years during the second quarter, thanks mostly to a surge in the housing market that brought the collective […]


Fed Governor Waller sees reduction in bond purchases possibly starting in October

The Federal Reserve could begin slowing down its bond purchases as early as October under a scenario central bank Governor Christopher Waller set out to CNBC in a Monday interview. Should the August and September jobs report show growth in the 800,000 range, that would get the U.S. economy near its pre-pandemic level and, Waller […]


Key inflation gauge up 3.5% annually in June, fastest gain since ’91

An inflation indicator that the Federal Reserve uses as its key guide rose 3.5% in June, a sharp acceleration that was nonetheless right around Wall Street expectations, the Commerce Department reported Friday. The personal consumption expenditures price index, which excludes food and energy, was expected to increase 3.6% at a time when the U.S. economy […]


Mortgage rates at six-month low, and refinances shoot up

A real estate agent stands in the doorway as Giovani and Nicole Quiroz of Brooklyn, New York visit an open house in West Hempstead, New York. Raychel Brightman | Newsday LLC | Newsday | Getty Images The popular 30-year fixed mortgage rate fell back to the lowest level since February last week, and the 15-year […]


Rates held near zero, economy better even with pandemic worries

The Federal Reserve on Wednesday held its benchmark interest rate near zero and said the economy continues to progress despite concerns over the pandemic spread. As expected, the Federal Open Market Committee concluded its two-day meeting by keeping interest rates in a target range between zero and 0.25%. Along with that, the committee said in […]