Category: Beyond

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US dollar holds firm after Fed minutes

The US dollar remained steady after the Federal Reserve released the minutes of its June policy meeting, as investors found few surprises in the central bank’s cautious stance on interest rates. Currency markets showed limited movement, with traders continuing to assess when the Fed may begin easing monetary policy.

The minutes revealed that policymakers remain divided over the future path of interest rates. While several officials argued that inflation is still above the Fed’s 2% target and may require higher rates for longer, others expressed concern that prolonged tight monetary policy could slow economic growth and weaken the labour market.

The meeting, the first chaired by Federal Reserve Chair Kevin Warsh, underscored a data-dependent approach to future policy decisions. Officials agreed that upcoming inflation, employment and consumer spending data would be key in determining whether rates should remain unchanged or begin to move lower later this year.

The Fed also highlighted risks from global geopolitical tensions and trade uncertainties, saying these could affect inflation, financial markets and the broader economic outlook.

Following the release of the minutes, US Treasury yields saw only modest movement, indicating that investors had largely anticipated the central bank’s cautious tone. Analysts said the minutes offered no clear indication of an imminent rate cut but reinforced expectations that the Fed will wait for stronger evidence that inflation is moving sustainably towards its target.

Also Read: IMF cuts India’s FY27 growth forecast to 6.4%

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IMF cuts India’s FY27 growth forecast to 6.4%

The International Monetary Fund (IMF) has lowered India’s economic growth forecast for the financial year 2026-27 (FY27) to 6.4%, down from its earlier estimate of 6.6%. The revision reflects concerns over rising global energy prices, increasing geopolitical tensions and a weaker external environment that could affect economic activity.

Despite the downgrade, the IMF said India will remain the fastest-growing major economy in the world. It noted that the country’s strong domestic demand, steady investment and resilient services sector continue to support growth, even as global conditions become more challenging.

The IMF said higher crude oil and energy prices are expected to increase inflationary pressures and raise import costs for India, which depends heavily on imported oil. These factors could affect household spending, business costs and overall economic momentum in the coming months.

The global lender also pointed to uncertainty caused by ongoing geopolitical conflicts and disruptions in international trade. It warned that prolonged tensions could hurt exports, increase market volatility and slow global growth, indirectly affecting India’s economy.

However, the IMF believes India’s economic fundamentals remain strong. Government spending on infrastructure, improving manufacturing activity and healthy private consumption are expected to continue supporting growth. The report also highlighted the country’s expanding digital economy and rising investment as key strengths.

The IMF retained its growth forecast of 6.2% for FY28, indicating that the Indian economy is expected to remain on a stable growth path over the medium term. It also said inflation is likely to ease gradually if commodity prices stabilise and supply conditions improve.

Economists believe the revised forecast is more a reflection of global headwinds than weaknesses in the domestic economy. They say India is better placed than many other major economies to handle external shocks because of its large domestic market, strong financial system and ongoing policy reforms.

Also Read: SBI Funds IPO opens July 14

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Gold slips to ₹143,940, silver falls to ₹222,450

Gold and silver prices traded lower on Thursday, extending their recent decline amid weak global cues and cautious investor sentiment. On the Multi Commodity Exchange (MCX), gold futures for August delivery slipped to ₹1,43,940 per 10 grams, while silver futures fell  to ₹2,22,450 per kg. Yesterday gold was placed at ₹145,350 while silver futures stood at ₹230,160.

The latest correction comes after precious metals witnessed a strong rally over the past few months, prompting many buyers to delay purchases in anticipation of lower prices. Thursday’s decline encouraged some retail demand, although overall buying remained cautious.

Analysts attributed the fall in bullion prices to a stronger US dollar and uncertainty over the US Federal Reserve’s interest rate outlook, which reduced the appeal of non-yielding assets such as gold. Persistent geopolitical tensions, volatile crude oil prices and mixed global market sentiment also kept investors on the sidelines, resulting in profit booking across precious metals.

Silver, which has outperformed gold in recent months, continued to witness selling pressure as traders locked in gains. In Maharashtra and several other states, retail silver prices also softened in line with the decline in MCX futures and international markets.

Also Read: India hosts 180 retail GCCs, leads globally

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India hosts 180 retail GCCs, leads globally

India has strengthened its position as the world’s largest retail and FMCG Global Capability Centre (GCC) hub, with more than 180 centres employing over 2.7 lakh professionals, according to a new industry report. The milestone reflects the country’s growing importance in global business operations and digital transformation.

Retail and FMCG companies are increasingly setting up GCCs in India to manage technology, artificial intelligence (AI), analytics, finance, supply chain operations, customer experience and product development. These centres, once focused mainly on back-office work, are now playing a strategic role in driving innovation and supporting global decision-making.

The report highlights that India’s large pool of skilled professionals, competitive operating costs and mature digital ecosystem continue to attract multinational companies. Businesses are expanding their India operations to accelerate AI adoption, improve operational efficiency and build advanced technology solutions for global markets.

Bengaluru remains the country’s leading GCC destination, accounting for 30.6% of India’s retail AI talent. The city benefits from a strong technology ecosystem, world-class engineering talent and an active startup community, making it the preferred location for global retailers.

GCCs are creating thousands of high-value jobs in software engineering, cybersecurity, cloud computing, machine learning and data science. Demand for specialised digital skills is expected to increase further as companies invest more in automation and AI-powered business solutions.

The report also notes that India’s GCC ecosystem is moving beyond traditional support services. Many centres are now leading global product innovation, research and development, digital commerce and customer engagement initiatives, making India an integral part of multinational companies’ long-term growth strategies.

Experts believe the sector will continue to expand as global businesses seek resilient and cost-effective operating models. Government initiatives supporting digital infrastructure and manufacturing, combined with India’s deep talent base, are expected to strengthen the country’s leadership.

With more than 180 retail GCCs already operational and new investments on the horizon, India is well positioned to remain the preferred global destination for retail and FMCG companies looking to build future-ready technology and innovation capabilities.

Also Read: Meta says child abuse ads removed

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Meta says child abuse ads removed

Meta Platforms has rejected allegations that it knowingly allowed or targeted advertisements linked to child sexual abuse material on its platforms, saying it has strengthened enforcement after receiving a notice from the Centre over reports involving Instagram ads.

In a detailed statement, the company described child exploitation as a “horrific crime” and reiterated its zero-tolerance policy. Meta said it had already identified and removed several policy-violating advertisements and disabled the accounts behind them before the issue was flagged by authorities. A subsequent internal review led to more ads being removed, additional accounts being disabled and links associated with the content being blocked.

Highlighting its enforcement efforts, Meta said advances in its artificial intelligence systems enabled it to automatically remove more than four million suspicious accounts globally last year, along with 36 million pieces of child exploitation content. In India alone, the company said its AI-based detection systems helped remove around 1.6 lakh accounts in the past six months for suspected child exploitation-related activity.

The company also stressed that all advertisements undergo automated and manual reviews before publication and may be reviewed again after going live. It said advertisers found violating its policies can face restrictions or permanent removal from its platforms.

The clarification comes after the Ministry of Electronics and Information Technology (MeitY) directed Meta to immediately remove advertisements and content promoting or facilitating child sexual exploitative and abuse material, while seeking a detailed explanation from the company. The government has also asked Meta to strengthen safeguards to prevent similar incidents in the future.

Meta said it will continue working with law enforcement agencies and child safety organisations to improve detection systems and strengthen protections for children across its platforms.

Also Read: Titan rises 4% after strong Q1 update

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NBFC Gold loan growth surges 70% in May

Gold loans extended by non-banking financial companies (NBFCs) witnessed a sharp rise in May, with outstanding loans growing nearly 70% year-on-year, making it the fastest-growing segment in the country’s retail lending market.

According to the latest data released by the Reserve Bank of India (RBI), strong demand for loans against gold jewellery has been driven by record-high gold prices and the quick availability of credit. As the value of pledged gold has increased, borrowers have been able to secure larger loan amounts without needing additional collateral.

Industry experts said households, small traders and self-employed individuals are increasingly turning to gold loans to meet short-term financial needs. Compared with unsecured personal loans, gold loans are processed faster, carry lower interest rates and require minimal documentation, making them an attractive financing option.

The rapid expansion has also been supported by aggressive branch expansion by leading gold loan companies and NBFCs, particularly in semi-urban and rural areas where gold remains a preferred household asset. Lenders have strengthened their distribution networks and digital services to attract more borrowers.

The surge comes at a time when the RBI is closely monitoring lending practices in the sector. Earlier this year, the central bank proposed tighter guidelines on gold-backed lending to ensure prudent risk management, improve transparency and strengthen customer protection. Industry participants, however, have sought clarity on certain provisions, saying overly restrictive norms could affect access to formal credit.

Despite regulatory scrutiny, the outlook for the segment remains positive. With gold continuing to be one of the most trusted financial assets in Indian households, lenders expect sustained demand for loans backed by jewellery, reinforcing the importance of gold finance in the country’s retail credit ecosystem.

Analysts believe demand for gold loans is likely to remain healthy as long as gold prices stay elevated and consumers continue to seek quick, secured financing. The festive season and higher rural borrowing requirements could further support growth in the coming months.

Also Read: Indian auto component industry climbs 12.7% in FY26

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Indian auto component industry climbs 12.7% in FY26

ndia’s auto component industry recorded a healthy 12.7% growth in FY26, with turnover rising to ₹7.6 lakh crore, highlighting the sector’s resilience amid strong domestic demand and improving export performance.

According to industry data, higher vehicle production across passenger vehicles, commercial vehicles, two-wheelers and tractors supported the industry’s expansion during the financial year. Robust replacement demand and increased localisation of components also contributed to the sector’s steady growth.

Exports remained an important growth driver, supported by rising global demand for high-quality, cost-competitive components manufactured in India. At the same time, imports increased as manufacturers sourced specialised parts and raw materials to meet rising production requirements.

Industry leaders said investments in advanced manufacturing technologies, electric vehicle (EV) components and supply chain capabilities have strengthened India’s position as a global automotive manufacturing hub. The sector has also benefited from government initiatives promoting domestic manufacturing, localisation and exports under the ‘Make in India’ programme.

The auto component industry currently supplies a wide range of products to vehicle manufacturers in India and overseas, while also catering to the aftermarket segment. Companies have continued to invest in automation, research and development, and digital manufacturing to improve quality and competitiveness.

However, manufacturers continue to monitor challenges such as fluctuating raw material prices, global supply chain disruptions and changing trade policies, which could affect margins and production costs.

Despite these headwinds, industry representatives remain optimistic that India’s growing manufacturing capabilities, skilled workforce and expanding domestic market will help the auto component sector maintain its growth momentum.

This sector is well placed for sustained growth, driven by increasing vehicle ownership, rising exports and the rapid transition towards electric mobility. Demand for EV-related components, including battery systems, power electronics and lightweight materials, is expected to create new business opportunities over the coming years.

Also Read: Bombay HC denies interim relief against Cognizant logo

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Gold at ₹145,350, silver futures slip To ₹230,160

Gold prices remained steady in the domestic retail market on Tuesday, while silver futures traded lower on the Multi Commodity Exchange (MCX), reflecting cautious investor sentiment amid mixed global cues.

According to the latest retail rates, 24-carat gold was priced at ₹145,350 per 10 grams, while 22-carat gold continued to trade above ₹133,000 in major cities. Silver (999 purity) was quoted at around ₹245,000 per kilogram in the physical market, with prices varying slightly across locations due to local taxes and jewellers’ margins.

On the MCX, gold futures witnessed limited movement during early trade, indicating a stable trend in the precious metals market. MCX silver futures, however, slipped about 0.39% to ₹230,160 per kg at around 9:13 am, as traders reacted to a firmer US dollar and expectations around the US Federal Reserve’s interest rate path.

In Maharashtra, silver prices remained largely unchanged across key cities, with jewellers reporting steady enquiries but measured buying activity. Market participants said many consumers are waiting for a clearer price trend before making fresh purchases, although demand for weddings and upcoming festive occasions continues to lend support to the bullion market.

Analysts believe precious metals are currently moving within a narrow range as investors assess global economic data, bond yields and currency movements. While higher interest rates typically reduce the appeal of non-yielding assets like gold, ongoing geopolitical uncertainties and economic concerns continue to underpin safe-haven demand.

Also Read: Sensex falls over 450 points, Nifty drops below 24,250

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Microsoft cuts 4,800 jobs as Xbox restructures

Microsoft has announced another round of job cuts, affecting thousands of employees as the technology giant restructures its gaming business and reviews operations across the company.

The company is cutting around 4,800 jobs, representing about 2.1% of its global workforce, according to reports. The layoffs are expected to impact several divisions, including the Xbox gaming unit, as Microsoft looks to streamline costs and improve efficiency.

The latest reductions come as Microsoft continues to reshape its gaming strategy following its major acquisition of Activision Blizzard and efforts to expand its gaming ecosystem beyond traditional consoles. The company has been reassessing its studio portfolio, with some game development teams facing closures, changes or possible spin-offs.

Microsoft’s Xbox division has undergone significant changes in recent months as the company focuses on cloud gaming, subscriptions and making games available across multiple platforms. The restructuring reflects a broader shift in the gaming industry, where companies are prioritising profitability, fewer large-scale projects and more sustainable development models.

Employees affected by the cuts are expected to receive support during the transition, while Microsoft said the decisions were taken to align resources with long-term business priorities.

The layoffs follow similar workforce reductions across the technology sector as companies continue to adjust after years of rapid expansion. Rising development costs, changing consumer behaviour and increased competition in gaming have pushed major firms to reassess spending.

For Xbox, the changes come at a crucial time as Microsoft competes with rivals in the console, cloud and digital gaming markets. The company has invested heavily in building a wider gaming ecosystem, but the industry slowdown has led publishers to become more selective about new projects.

Also Read: Saudi Arabia slashes crude prices

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Saudi Arabia slashes crude prices

Saudi Arabia has announced its biggest crude oil price cut for Asian buyers in more than two decades, signalling growing pressure in global oil markets amid rising supplies and uncertain demand.

State-owned oil giant Saudi Aramco has reduced the official selling price (OSP) of its flagship Arab Light crude for August deliveries to Asia by around $1.10 per barrel. The cut brings the premium over the regional benchmark to its lowest level in years and marks one of the sharpest price reductions since the early 2000s.

The move comes as oil-producing countries face a changing market environment, with global supply increasing and demand growth showing signs of slowing. Higher output from major producers, including members of the OPEC+ alliance, has added pressure on prices, forcing Saudi Arabia to adjust pricing to remain competitive in key Asian markets.

Asia remains the largest market for Saudi crude, with countries such as China, India, Japan and South Korea among its biggest customers. The latest reduction is seen as an effort to protect market share while responding to shifting supply-demand dynamics.

The price cut reflects Saudi Arabia’s attempt to balance two competing priorities, maintaining revenues while ensuring its crude remains attractive to buyers. The kingdom has traditionally used official selling prices as a tool to influence market sentiment and manage competition among oil suppliers.

The reduction also comes despite efforts by OPEC+ producers to manage output and support crude prices. However, increasing production levels and concerns over economic growth have limited the effectiveness of supply controls.

For major oil-importing countries such as India, lower crude prices could provide some relief by reducing import costs and easing pressure on inflation. Cheaper crude can also help lower fuel-related expenses for businesses and consumers.

Also Read: Trent reports 19% revenue growth in first quarter