An Aramco employee walks past near an oil tank at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia. Reuters
Reliance Industries’s June-quarter profit rose 7 per cent, as double-digit growth in the Indian conglomerate’s retail and telecoms businesses helped offset its worst oil refining margins in 18 quarters.
Rebutting rumours about the financial health of Reliance Group, its Chairman Anil D. Ambani on Tuesday said the Group has met debt servicing obligation of Rs 35,000 crore during the period from April 1, 2018 to May 31, 2019.
The end on Thursday of US sanctions waivers for purchases of Iranian oil is likely to hit India’s economy hard, increasing fuel costs and quickening inflation, analysts say.
India’s Reliance Industries, operator of the world’s biggest refining complex, posted a record net profit on Thursday as strong growth in retail and telecom businesses offset the impact of 17-quarter low refining margins. Reliance, controlled by billionaire Mukesh Ambani, said
In a major move Volkswagen (VW) to acquire 20 per cent stake in a Chinese battery maker. VW is set to buy a stake in Chinese electric vehicle battery maker Guoxuan High-tech Co, according to some sources.
The United Nations (UN) projects India’s economy to grow by 5.7 per cent in the current fiscal year and expects it to rise to 6.6 per cent in the next. The global body also suggested the county should uplift social conditions of labour class especially women.
Egypt’s central bank left its key interest rates unchanged, unexpectedly halting an easing cycle that began in August. The bank kept its deposit rate steady at 12.25% and its lending rate at 13.25%, the bank’s Monetary Policy Committee (MPC) said in a statement.