India’s rupee, among Asia’s worst-performing currencies this year, could be the fastest in the region to rally as the world restarts economic activities after the coronavirus pandemic, oil prices weaken and the US dollar eases broadly, analysts said. The partially convertible Indian rupee has lost nearly 7% so far this year, despite dollar supplying intervention.
Ambani’s fortune rose about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd gained 10%. The jump put Ambani about $3.2 billion ahead of China’s Jack Ma, according to the Bloomberg Billionaires Index.
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented” toll on the region’s service sector and major export destinations, the International Monetary Fund said on Thursday.
India is moving the oil to the SPR to help the country’s refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19, the respiratory disease caused by the new coronavirus, has dented transportation and industrial fuel consumption in Asia’s third-largest economy.
Business tycoon Anil Ambani has had his application to appeal a $100 million (Rs 753 crore) conditional order refused by the UK Court of Appeal. Ambani, the brother of one of Asia’s richest men, had been ordered at a February 7 hearing to pay the court $100 million by 4 pm local time (9.30 pm
Reliance Group chairman Anil Ambani is running out of time. The brother of one of Asia’s most wealthy men and a one-time billionaire himself lost an attempt to appeal a UK court order that he set aside $100 million in his dispute with three Chinese banks.
Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks. The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to
Authorities may deploy some of the stockpile to steady the rupee, which has tumbled more than 2% over the past week as more locals are diagnosed with the coronavirus. The currency is the worst performer in Asia this month after having escaped relatively unscathed in February when most regional peers were hit by the contagion.
Companies will increase average pay by 9.1% in 2020, down from 9.3% in 2019 and 9.5% the previous year, Aon Plc said in a report published on Tuesday. The small increase reflects a deep slowdown in Asia’s third-largest economy, where growing pessimism about job prospects have led many to cut down on consumption — the
Distressed oil supplies are being offered to India as the spread of the coronavirus crimps fuel consumption across China, prompting requests for cargo deferrals and cancellations by Asia’s No. 1 importer.
Consumer sentiment in India worsened to an almost five-year low and manufacturing slack at companies widened to the most on record, indicating Asia’s third-largest economy is yet to put a floor under growth. The current situation index fell to 83.7 in Jan, the lowest since March 2015, according to the RBI’s consumer confidence survey.
Finance minister Nirmala Sitharaman’s new Budget is unlikely to drag Asia’s third- biggest economy out of its worst slowdown in more than a decade as the government has proposed only moderate spending increases and small cuts in personal taxes, economists said on Sunday.
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