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[ad_1] NEW DELHI: Prime Minister Narendra Modi has said that India's economic growth is a “natural by-product” of his nine-year-old government's political stability, as he expressed optimism that it will be a developed nation by 2047 with "corruption, casteism and communalism" having no place in our national life. In an exclusive interview with PTI late last week, the prime minister also stressed on the need for timely and clear communication of policy stance by central banks, and policy actions by each country in their fight against inflation so that it can prevent negative repercussions on others countries. While most advanced economies are facing an economic slowdown, chronic shortages, high inflation, and ageing populations, the Indian economy is acknowledged to be the fastest-growing large economy with the largest youth population. "For a long time in world history, India was one of the top economies of the world. Later, due to the impact of colonisat

[ad_1] The snack aisle is seen during a tour of a new Amazon Go store in the Capitol Hill neighborhood of Seattle, Washington, U.S., on Monday, Feb. 24, 2020. Chona Kasinger | Bloomberg | Getty Images For more than a century, frosted cornflakes have been the backbone of Kellogg's business. That changes Monday, when the company will spin off its stable cereal business in favor of its faster-growing snack unit and rename itself Kellanova . The spinoff comes weeks after another wager that consumers will graze between meals, when J.M. Smucker bought Twinkie maker Hostess Brands for $5.6 billion in a bid to expand its snack lineup. But food companies' major bets on snacking come as investors fear the looming danger of Big Pharma's blockbuster obesity and diabetes drugs Wegovy and Ozempic. Many investors have high hopes for the pharmaceuticals' future, but their success could mean slower sales for the companies that produce Oreos, Doritos and Hershey's Kisses. Bi

[ad_1] During the 2008 financial crisis, so-called too-big-to-fail banks were deemed too large and too intertwined with the U.S. economy for the government to allow them to collapse despite their role in causing the subprime loan crash. Yet 15 years later, the forced sale of 166-year-old Credit Suisse — one of 30 banks around the world designated by regulators as "globally significant," as well as the startling failure of regional lender Silicon Valley Bank (SVB) — are rekindling concerns about the risk of financial institutions defined as too big to fail.  One thing that's changed in the intervening years since the housing bust: The nation's largest banks have only grown larger. JPMorgan Chase now has $2.6 billion in assets, a 16% increase from 2008, while Bank of America's assets have jumped 69% to $3.1 trillion. At the same time, lawmakers in 2018 weakened the post-crisis regulations enacted in what came to be known as Dodd-Frank, a sweeping law pa

[ad_1] Last Updated: July 06, 2023, 02:30 IST Saudi Arabia, the world's biggest crude exporter, on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August. (Photo: Reuters) U.S. West Texas Intermediate crude (WTI) rose $2 from Monday's close, or 2.9%, to settle at $71.79 a barrel U.S. crude oil gained about 3% on Wednesday, narrowing the price gap with global benchmark Brent in a post-holiday response to supply cuts announced on Monday by Saudi Arabia and Russia, as market participants awaited U.S. demand data for the Fourth of July weekend. U.S. West Texas Intermediate crude (WTI) rose $2 from Monday’s close, or 2.9%, to settle at $71.79 a barrel. Brent crude futures rose 40 cents, or 0.5%, to settle at $76.65 a barrel, after gaining $1.60 a barrel on Tuesday. There was no WTI settlement on Tuesday because of the U.S. holiday, so trade on Wednesday had it catching up with Brent’s gains the previous day. Both benchmarks hit their