India cuts key rate for fifth time as it lowers GDP forecast

Mumbai: India’s central bank cut its key interest rate for a fifth straight time this year, moving aggressively to revive economic growth as the banking system faces new stresses. The Reserve Bank of India lowered its benchmark repurchase rate by 25 basis points to 5.15% on Friday. A majority of the 39 economists in a […]

Weak demand growth prompts further price discounting

Dubai: UAE’s non-oil private sector economic activity moderated in September with output growth remaining relatively weak amid the slow increase in new orders. Data from HIS Markit for September showed Purchasing Managers’ Index (PMI) slipped to 51.1 from 51.6 in August. A rating of above 50 indicates growth. Weak demand growth prompted firms to respond […]

Apple to increase iPhone 11 output by up to 10% as demand surges

San Francisco: Apple Inc. has told suppliers to increase production of its latest iPhone 11 range by as much as 10% to meet stronger-than-expected sales of the new handsets, the Nikkei Asian Review reported, affirming resilient demand for the company’s most important gadget. The boost would add 7 million to 8 million units to what […]

RBI vows to ease as ‘long as necessary’ after fifth rate cut

Mumbai: India’s central bank Governor Shaktikanta Das pledged further monetary policy easing if needed after reducing interest rates for a fifth time to boost a flailing economy. The Reserve Bank of India lowered its benchmark repurchase rate by 25 basis points to 5.15 per cent on Friday, in line with the forecasts of a majority […]