Rupee surges to two month high

- A + A NEW YORK (June 30): Applications for US unemployment insurance fell, though remained near January levels, suggesting that labour market conditions are moderating. Initial unemployment claims decreased by 2,000 to 231,000 in the week ended June 25, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 230,000 applications. Continuing claims for state benefits fell slightly to 1.33 million in the week ended June 18. Jobless claims have been hovering in the 230,000 range for the past four weeks, a level not seen since the beginning of the year when the Omicron variant was at its peak. Demand for labour is expected to weaken further as interest rates rise and firms anticipate a potential recession. In the past week, companies including Netflix Inc and Tesla Inc have laid off hundreds of employees amid concerns about the economic outlook. The jobless claims four-week moving average, a measure which … [Read more...] about US jobless claims fall slightly, remain near five-month high

In May, the employee was paid Rs 1.42 crore (165,398,851 Chilean pesos) instead of his salary of Rs 43,000 (500,000 pesos). (Representative Image) The rupee touched a record low, sliding near 79 to a dollar, on June 29 as foreign investors continued selling local equities and crude oil prices rose. Experts say the sharp fall of the rupee can be attributed to the strength of the greenback and lower forward premiums, among others. Moneycontrol explains the reasons for the rupee’s depreciation. How much did the rupee depreciate? The rupee opened at 78.85 per dollar and slid to 78.95, an all-time high, during intra-day trade on Wednesday. On a weekly basis, the currency has depreciated 1.2 percent. Close Why is the rupee in a free fall? Central banks led by the US Federal Reserve tightening interest rates globally, increases in crude oil and commodity prices, lower forward premiums and weakening forex reserves are some of the reasons experts cite for … [Read more...] about MC Explains | Will RBI let the rupee adjust to new lows?

- A + A SHANGHAI (June 30): Chinese stocks marked their best month in nearly two years on Thursday (June 30), supported by signs of an economic recovery after the easing of Covid-19 restrictions. However, in Hong Kong, the benchmark Hang Seng Index slipped 0.62% to 21,859.79 points at the close, while Chinese H-shares listed in Hong Kong edged down 0.36% to 7,666.88 points. By the end of the session, the Shanghai Composite Index rose 1.1% to 3,398.62 points, while the blue-chip CSI 300 Index gained 1.44% to 4,485.01 points. Both indicesrecorded their biggest monthly gains since July 2020. Gains across the board came as official data showed that China's factory and service sectors snapped three months of activity decline in June as authorities lifted a strict Covid-19 lockdown in Shanghai, reviving output and consumer spending. China's central bank needs to keep cuts to interest rates and banks' reserve requirement ratio among its policy options while waiting for … [Read more...] about China stocks log best month in two years on recovery hopes, easing Covid-19 curbs

Commodity stocks including metals, miners and energy names have seen profit booking in the recent months even as supply problems are far from over while prices of commodities have been choppy. Nifty Commodities index, comprising names like Reliance Industries, ONGC, UltraTech cements, Vedanta and 26 others, has fallen about 23 per cent from 52-week highs hit in April –  at the height of Russia-Western World tensions. Commodity stocks – especially from metal and energy sectors – were among the biggest gainers in the recent boom in prices led by burgeoning demand after the pandemic. However, as the demand is plateauing, prices have also decreased for many commodities. Does that mean the super cycle in these names are over and investors should taper their expectations from now on, thus exiting the space? Not really, said analysts, who believe there could be another round of buying as the situation remains precarious. “Commodity stocks have already fallen from their recent … [Read more...] about As stocks trade off highs, is the rally in commodities over?

Founded by aerospace engineer George Powell and seminal Z-Boys skateboarder Stacy Peralta, the Powell-Peralta brand of skateboards is still one of the biggest and most popular among riders young and old alike--an impressive feat for a company that's been around for 38 years. Read on for the story of how Powell went from sanding boards in his SoCal garage to building a thriving international business. (And check out more stories in our Built From Passion series.) Where the Idea Came From In the mid 1960s, George Powell was just another teen in Southern California building skateboards out of two-by-fours in his parents' garage. He'd ride those things "until they died," he jokes, and continued skating through college, saving up Blue Chip stamps (a customer loyalty program started in the 1960s) to exchange for new boards when he shattered the others. By 1974, Powell was building boards for his son, who one day confessed he'd seen other kids riding yellow wheels that … [Read more...] about Inside the High-Flying Empire of Powell-Peralta

- A + A NEW YORK (June 30): Pfizer Inc asked US regulators for full approval of Paxlovid, its Covid-19 drug that’s now used on an emergency basis, for people at high risk of developing severe disease. Submission of a new drug application to the US Food and Drug Administration brings the New York drugmaker a step closer to securing a formal clearance that would allow it to sell and market the product outside the pandemic emergency. Pfizer is seeking approval for use in both vaccinated and nonvaccinated people. Shares of Pfizer rose 1.8% Thursday at the New York open. An oral antiviral treatment for people with mild to moderate Covid, Paxlovid is intended to prevent death and hospitalization in people most at risk, such as the elderly and those with underlying health conditions. Pfizer suggested that the market for its product is large, citing Centers for Disease Control and Prevention data showing that 60% of the US population is estimated to have at least one risk … [Read more...] about Pfizer seeks FDA approval for Covid drug in high-risk patients

(Reuters) - Mainz 05 coach Bo Svensson played down the growing expectations for the new Bundesliga season after his team kept clear of any relegation threats and eventually finished just outside the European spots for their best finish in six years. Mainz were one of the success stories of the past Bundesliga campaign along with fellow Bundesliga minnows Freiburg and Union Berlin, who earned Europa League spots. "The club had some difficult years and we kind of lost our way. But just because we had a good season does not mean we can automatically take the next step," Svensson told a virtual media roundtable. "Because we were eighth, it does not mean we will be seventh or sixth next season." The 42-year-old Dane joined Mainz in January 2021 from Austrian club FC Liefering, and his many years spent as a Mainz player and then assistant coach paid off instantly as he turned their season around and kept the team up. His work that season earned him praise from former Mainz … [Read more...] about Soccer-Mainz not setting goals too high despite strong season -Svensson

- A + A (June 30): US consumer spending fell in May for the first time this year and prior months were revised lower, suggesting an economy on somewhat weaker footing than previously thought amid rapid inflation and Federal Reserve interest-rate hikes. Purchases of goods and services, adjusted for changes in prices, decreased 0.4% after a downwardly revised 0.3% gain a month earlier, Commerce Department data showed Thursday. Spending on services advanced while outlays for goods declined. The personal consumption expenditures price index, which the Federal Reserve uses for its inflation target, rose 0.6% from a month earlier and was up 6.3% since May 2021. The core PCE price index increased 0.3%, less than expected. It was up 4.7% from a year ago, the smallest gain since November. The median forecasts in a Bloomberg survey of economists called for a 0.3% decline in inflation-adjusted spending from the prior month and for the overall price index to be up 6.4% from … [Read more...] about US consumer spending cools in sign of economy on weaker footing

Shinhan Financial Group Chairman Cho Yong-byoung speaks to reporters as he leaves the Seoul High Court in Seocho District, southern Seoul on Nov. 22, 2021. [YONHAP] The chairman of Shinhan Financial Group was acquitted by the Supreme Court of unfairly interfering in hiring processes at Shinhan Bank. In a Thursday hearing presided over by Chief Justice Lee Dong-won, the Supreme Court upheld a ruling by the Seoul High Court acquitting Chairman Cho Yong-byoung of business obstruction and violation of the Employment Equality Act. Cho and seven Shinhan Bank human resources officers were accused of manipulating the job application process at the bank between early 2013 to the end of 2016 to give preference to applicants with personal connections to bank executives, as well as the offspring of Shinhan Bank executives and department heads. Cho was found guilty by the Seoul Eastern District Court in his first trial in January 2021 and handed down a suspended sentence of six months in … [Read more...] about Shinhan Chairman acquitted by Supreme Court

Embattled businessman Vijay Mallya, who is based in Britain for over five years, is pursuing appeals in the UK courts in an attempt to overturn a bankruptcy order imposed on him by the High Court in London in July last year. At a case management hearing at the Chancery Division of the High Court in London on June 27, Justice Tom Leech concluded that a set of interlinked hearings in the matter would be heard together. The case, which involves a consortium of Indian banks led by the State Bank of India (SBI) seeking the repayment of an estimated judgment debt of around GBP 1.05 billion owed by the now-defunct Kingfisher Airlines, is now likely to come up in the courts next year. The 66-year-old businessman, separately wanted in India on fraud and money laundering charges, remains on bail in the UK while a confidential legal matter believed to be related to an asylum application is resolved in connection with the unrelated extradition proceedings. Meanwhile, his lawyers have … [Read more...] about Vijay Mallya pursues reversal of bankruptcy order in UK