US stocks dip after inflation data tops estimates
NEW YORK: Wall Street stocks dipped early Wednesday as markets digested sharply higher inflation data while President Donald Trump landed in Beijing for a summit with Chinese leader Xi Jinping.…
Iran military says control over Hormuz to bring significant economic revenues
TEHRAN: Iran’s military spokesman said on Wednesday that Tehran’s control over the Strait of Hormuz could generate “significant” economic revenue and strengthen the country’s international position. Iran has largely blocked…
Indian drugmaker Cipla’s fourth-quarter profit misses view on weak US sales
Cipla, India’s third-largest drugmaker by revenue, reported a weaker-than-expected fourth-quarter profit on Wednesday, as sharp weakness in its U.S. business and higher costs outweighed strong domestic demand. The drugmaker’s consolidated…
Fed’s Collins says rate hikes may be needed to quell inflation
Boston Federal Reserve President Susan Collins said on Wednesday the U.S. central bank may need to raise interest rates if inflation pressures do not abate. “While it is not in…
Families of Pakistani hostages held by Somali pirates for 23 days call for their rescue
KARACHI: Ambreen Fatima protested in Karachi with her children on Wednesday for the release of her husband, one of ten Pakistani crew aboard an oil tanker seized by Somali pirates…
Cambridge confirms leak of AS-level Mathematics paper, postpones upcoming exam as ‘precautionary step’
Cambridge International Education (CIE) on Wednesday confirmed the leak of an AS-level Mathematics exam paper held on May 12, and announced the postponement of another Mathematics paper scheduled for Friday,…
Air India cuts international flights amid Middle East conflict
BENGALURU: Air India will temporarily cut flights on several international routes between June and August, it said on Wednesday, citing airspace restrictions in some regions and record-high jet fuel prices.…
India bonds end nearly flat but outlook stays bearish
MUMBAI: Indian government bonds ended barely changed on Wednesday, with elevated oil prices and U.S. Treasury yields looming on the outlook for borrowing costs. The rupee fell to another record…
Govt weighs AI-based tax enforcement, digital monitoring reforms for budget
The government is considering the introduction of digital monitoring systems and artificial intelligence (AI)-based tax enforcement reforms in the upcoming Finance Bill to curb tax evasion, broaden the tax base…
Chinese oil tanker exits Strait of Hormuz, stops at Gulf of Oman, data shows
SINGAPORE: A Chinese supertanker carrying two million barrels of Iraqi crude sailed through the Strait of Hormuz on Wednesday after being stranded in the Gulf for more than two months…