Business

State Bank of India (SBI) on Saturday said it has executed its first gold trade as a special category client (SCC) on the India International Bullion Exchange (IIBX), marking a key step in reshaping India’s bullion import framework.The move, SBI said, signals “a transformative era” for the bullion trade by enhancing efficiency, transparency, and accessibility,…

Warren Buffett’s Berkshire Hathaway reported a 17% rise in quarterly profit, boosted by a rebound in its insurance operations and gains from investments, even as the legendary investor prepares to hand over the reins to Vice Chair Greg Abel in January, AP reported.The company said on Saturday that it earned $30.8 billion, or $21,413 per…

In a major step towards restructuring its operations, Eastern Coalfields Ltd (ECL) has reopened two previously closed mines under the Mine Developer and Operator (MDO) revenue-sharing model. The move, inaugurated virtually by Union Coal Minister G Kishan Reddy on Saturday, marks a strategic shift aimed at reviving loss-making assets and improving operational efficiency, PTI reported…

Coal India Ltd (CIL) reported a 9.8 per cent year-on-year fall in production to 56.4 million tonnes in October, reflecting a continuing slump in operations amid subdued demand and post-monsoon challenges.According to provisional data released by the company on Saturday, coal offtake during the month also declined 5.9 per cent to 58.3 million tonnes, PTI…

India’s power consumption fell 6% year-on-year to 132 billion units (BUs) in October from 140.47 BUs in the same month last year, mainly due to lower use of cooling appliances and unseasonal rains across several regions, PTI reported.Experts attributed the decline to the combined impact of widespread rainfall and the early onset of winter, which…

India’s gross Goods and Services Tax (GST) collections rose 4.6% year-on-year to about Rs 1.96 lakh crore in October, driven by festive demand and pent-up consumption, according to government data released on Saturday.The increase came despite GST rate cuts on 375 items–from kitchen essentials to electronics and automobiles–that took effect from September 22, coinciding with…

US treasury secretary Scott Bessent criticised China’s decision to tighten control of rare earth exports, calling it a “mistake” that cautioned everyone.Reflecting on China’s decision to introduce new export restrictions in October, Bessent said the move had revealed Beijing’s willingness to weaponise rare earths, a group of minerals that are vital to defence systems, electric…

The United States is nearing the longest federal government shutdown in history, having remained closed for the entire month with no resolution in sight. Economists have warned that the longer the impasse drags on, the greater the risk that the economy, already showing signs of strain, could shift from bending to breaking. FULL: ‘Where Are…

Months after US President Donald Trump settled a $16 million lawsuit with CBS News, he is set to return to “60 Minutes” this Sunday, marking his first appearance on the programme since the dispute.CBS confirmed that Norah O’Donnell conducted the interview at Mar-a-Lago on Friday. The network has, however, not disclosed how this week’s interview…

MUMBAI: The Rs 1,668-crore IPO for Orkla India, the Indian arm of the Norwegian conglomerate, was subscribed nearly 49 times at close of bidding on Friday.Data from BSE showed that while the institutional part was subscribed almost 118 times, the portion reserved for high networth investors (HNIs) was subscribed 54 times. Data also showed that…