Apple announced first-quarter revenue of USD 90.8 billion, down 4% compared to the same period last year, indicating ongoing growth challenges, especially in China. The tech giant’s net income dropped to USD 23.6 billion from USD 25 billion the previous year. CEO Tim Cook cited the global economic climate and rising competition as contributing factors. …
Elon Musk is no stranger to making headlines, but this time it’s not about rockets or electric cars. The Tesla CEO recently postponed his much-anticipated trip to India, citing “very heavy Tesla obligations.” However, the timing is curious, given that Tesla is about to announce its quarterly results, addressing challenges like competitive pressure from Chinese …
The Indian currency has demonstrated remarkable stability in comparison to its emerging market counterparts this quarter. This stability can be primarily attributed to significant inflows into the country following its inclusion in the bond index. These inflows, amounting to nearly $10 billion, have played a crucial role in maintaining the currency’s stability. Emerging Market Currency …
In a stunning surge, gold prices soared to a record high at the start of the second quarter, driven by a combination of factors including expectations of Federal Reserve rate cuts and escalating geopolitical tensions. The precious metal reached as high as $2,259.69 an ounce on Monday, marking a 1.3% increase from Thursday’s closing price …
UBS, the Swiss banking giant, recently finalized the sale of Credit Suisse’s securitised products business to Apollo Global Management, marking a significant step in its strategy to streamline operations and focus on core activities. This sale, part of UBS’s efforts to divest non-core assets following its takeover of the collapsed banking group, is expected to …
In a staggering debut on the New York Stock Exchange, Reddit Inc. saw its shares surge by a remarkable 48%, showcasing the insatiable appetite of investors for the potential of artificial intelligence (AI) in shaping the future of social media. The company, headquartered in San Francisco, closed at $50.44 per share, marking a momentous milestone …
In an unexpected twist that caught the eyes of investors and market watchers worldwide, the Japanese yen took a significant dive, reaching levels not seen since the financial crises of previous decades. This intriguing movement in currency valuation comes at a time when the Bank of Japan (BOJ) appears to be charting a new course …
In a notable turn, oil prices surged to a four-month high on Monday, fueled by a blend of factors including reduced crude exports from key producers like Iraq and Saudi Arabia, resilient demand and economic expansion in China and the U.S., and a projected supply shortfall by the International Energy Agency (IEA). Supply Constraints and …
In a landmark decision, the Bank of Japan (BOJ) recently announced the end of its eight-year-long experiment with negative interest rates, marking a significant shift in its monetary policy. This move, which is Japan’s first interest rate hike in 17 years, signifies the country’s departure from its prolonged focus on reflating growth through massive monetary …
Foreign exchange reserves, also known as forex reserves, are essentially a nation’s savings account held in foreign currencies. Countries accumulate these reserves for several reasons, including: Maintaining a stable exchange rate: By selling foreign reserves, a central bank can buy its own currency in the foreign exchange market, thus influencing the exchange rate. Managing international …
