Indian Business News

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Gold falls, other precious metals rise

GOLD futures have extended their losses in electronic trading after minutes from the Federal Reserve’s May policy-setting meeting showed board members considered an early end to the central bank’s bond-buying program. A number of Fed officials could be willing to reduce the pace of bond purchases as early as their next meeting if the economy

Remittances from Indians abroad rising

New Delhi: Remittances from Indians employed abroad have been steadily increasing since 2009-10, Overseas Indian Affairs Minister Vayalar Ravi said Wednesday. The amount rose from $53.6 billion in fiscal 2009-10 to $55.6 billion in 2010-11 and to $66.1 billion in 2011-12, the minister said in a statement in the Lok Sabha. The amount stood at

Australian business confidence slumps

Sydney: Australian business confidence slumped to its lowest level in more than three years in November, a business survey released Tuesday by National Australia Bank (NAB) showed. The NAB monthly survey found business confidence fell further to an index level of minus nine in November from minus one in October, indicating pessimists far outweighed optimists

Reserve Bank of Australia cuts cash rate

Sydney: The Reserve Bank of Australia (RBA) Tuesday announced its decision to lower the cash rate by 25 basis points to 3.25 per cent after its October board meeting. It is the lowest level of official interest rate in three years, reported Xinhua. The move follows a quarter of a percentage point reduction in June

Remittances to India rose to $66.13 bn in 2011-12

New Delhi: Remittances to India surged to $66.13 billion in 2011-12 as compared to $55.62 billion in the previous year, Minister of Overseas Indian Affairs Vayalar Ravi said Friday. Remittance flow has risen consistently in the last three years. In 2009-10, total remittance flow to India through private transfers was $53.63 billion, Ravi said in

Australia’s unemployment rate steady

Sydney: Australia’s unemployment rate stayed at 5.2 per cent in July, the Australian Bureau of Statistics (ABS) announced Thursday. The ABS reported that the number of people employed increased by 14,000 to 11,512,600 in July, while the number of unemployed people fell by 25,000 to 635,100 in the month, reported Xinhua. The rise in employment

Australia’s new home sales rise

Sydney: New home sales in Australia rose for a second consecutive month in June, an association said Monday. The Housing Industry Association (HIA) New Home Sales report showed a 2.8 per cent rise in June, reported Xinhua. The report found that national detached house sales increased by 0.7 per cent in June following a decline

Australian economy recovering slowly

Sydney: Australian economic conditions are at their strongest since September 2011, but the growth rate of future economic activity remains below long-term trend, according to a survey released Wednesday by the Westpac Banking Corporation and the Melbourne Institute. The Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months