Business

Seoul, April 3 – South Korea's foreign reserves saw their sharpest monthly decline in about a year in March, amid a stronger dollar and authorities' efforts to manage exchange rate volatility, the central bank said on Friday.The country's foreign reserves stood at US$423.66 billion as of the end of March, down US$3.97 billion from a month earlier, according to data from the Bank of Korea (BOK).This was the sharpest decline since April 2025, when the amount fell by US$4.99 billion on a month-on-month basis, reports Yonhap news agency. Daily market newsThe reserves had fallen in December for the first time since June, and continued to decline through January before rising in February."The U.S. dollar strengthened in March...

New Delhi, April 3 – The government announced on Friday that India's fisheries sector has become a significant contributor to food security, employment, and export earnings, thanks to a record investment of ₹39,272 crore since 2015.According to the Ministry of Fisheries, Animal Husbandry and Dairying, the sector supports nearly 30 million fishers and fish farmers at the primary level, and almost twice as many across the entire value chain.India is now the second-largest aquaculture producer globally, accounting for approximately 8 per cent of world fish output, it said.Moreover, domestic fish production has increased from 141.64 lakh tonnes in 2019-20 to 197.75 lakh tonnes in 2024-25, representing an average annual growth of...

New Delhi, April 3 – Economists on Friday said they do not expect any changes in the repo rate or policy stance this time, given the geopolitical tensions, as the Reserve Bank of India (RBI) prepares for its monetary policy committee (MPC) meeting next week.According to them, the tone will be cautious, and the eagerly awaited aspect will be the RBI's forecast for GDP and inflation under the prevailing uncertainty."We do not anticipate any measures for either liquidity or currency management, as the RBI will take action as required, as we have seen recently," said Madan Sabnavis, Chief Economist, Bank of Baroda (BoB).The three-day policy meeting is scheduled from April 6 to April 8 – the first since the ongoing energy shock...

New Delhi, April 3 The Reserve Bank of India (RBI) has granted approval to Dubai-based Emirates NBD Bank to acquire up to 74% stake in RBL Bank, paving the way for the bank to become a foreign lender.The approval from the RBI came on April 1, with a validity of one year, RBL Bank said in a regulatory filing on Thursday.The approval follows Emirates NBD Bank, the second largest in the UAE, expressing its interest in October 2025 to acquire a majority 60% stake in RBL Bank for Rs 26,853 crore.According to the approval letter, Emirates NBD (ENBD) would acquire and maintain a shareholding of at least 51% of the paid-up share capital of RBL Bank, and the bank would be classified as a foreign bank in a subsidiary mode, with the Investor...

New Delhi, April 3: Global crude oil prices rose on Friday after US President Donald Trump warned of possible military strikes on Iran within two to three weeks, raising fresh concerns about supply disruptions from the West Asia region.Brent crude futures traded at $109.24 per barrel, up 8%, while US West Texas Intermediate (WTI) futures were at $111.54 per barrel by 3:39 am (local time).Until Friday, US WTI futures jumped 11.94% from the previous Friday's close during the week, while Brent crude declined 3.14% over the same period.The ongoing conflict in West Asia, now entering its fifth week, has removed millions of barrels per day from the global market, driving energy prices to multi-year highs and causing fuel shortages in...

Colombo/Washington, April 3 Sri Lanka and the World Bank Group have launched a new five-year partnership aimed at supporting the island nation's economic recovery and boosting private investment, according to a joint announcement.A new five-year Country Partnership Framework (CPF) has been launched to support "Sri Lanka's continued recovery, help achieve its 7 per cent medium-term economic growth target, and support job creation," according to a World Bank statement in Washington on Thursday."Making it easier to do business. Simplifying government regulations, modernising trade processes, and bringing more government services online will make Sri Lanka a more attractive place to do business and invest. These reforms will support Sri...

New Delhi, April 3 – The government has suspended its earlier directive to airlines to offer at least 60 per cent of seats on any flight free of charge, which was set to come into effect from April 20.The Civil Aviation Ministry, in a communication to the Directorate General of Civil Aviation (DGCA), said the matter had been reviewed following representations from the Federation of Indian Airlines and Akasa Air, which flagged the operational and commercial implications of the provision, including its potential impact on fare structures and consistency with the prevailing deregulated tariff regime.The government noted that, in view of the above, and pending a comprehensive examination of the issue, it has been decided that the...

Seoul, April 3 – The government will take stern measures, including legal action, against malicious activities aimed at exploiting recent market volatility through the spread of fake news and rumors, a senior finance ministry official said on Friday."Spreading unfounded fake news during an extraordinary crisis is a serious matter that can fuel market anxiety and undermine trust in policy," said Moon Ji-sung, deputy minister for international economic affairs, while presiding over a meeting of the task force on illegal foreign exchange transactions.The official also urged relevant agencies to take strict action, calling for immediate reporting to the task force and filing complaints with the police, according to reports from Yonhap...

Lucknow, April 3 Industrialist Gautam Adani met Uttar Pradesh Chief Minister Yogi Adityanath in Lucknow and expressed support for the state's ambitious economic growth targets, officials said on Friday.Following the meeting on Thursday, Adani posted on X, praising the chief minister's vision for transforming Uttar Pradesh into a major economic powerhouse.The Adani Group chairman highlighted the roadmap presented by Adityanath, which aims to make Uttar Pradesh a USD 1 trillion economy by 2030 and expand it further to USD 6 trillion by 2047."Some visions reshape nations. Hearing Chief Minister Yogi Adityanath lay out the roadmap for Viksit Uttar Pradesh was an unforgettable moment. A USD 1 trillion economy by 2030. USD 6 trillion by...

Mumbai, April 3 – Indian equity markets closed lower for the sixth consecutive week amid escalating geopolitical tensions in West Asia and sharp currency fluctuations, with both key indices ending in the red during a shortened four-day trading week. Business news subscriptionThe Sensex closed at 73,319.55 on Thursday, down 263.67 points or 0.35 per cent, compared to the previous Friday's close. The Nifty 50 settled at 22,713.10, a decline of 106.50 points or 0.46 per cent on a week-on-week basis.In the final trading session of the week, both benchmarks plunged in early trading – the 50-scrip basket shedding over 500 points and the Sensex declining more than 1,500 points – after US President Donald Trump warned of possible intense...

South Korean Stocks Surge Nearly 2.5% as Hopes Rise Over Strait of Hormuz Reopening KOSPI Rebounds Strongly on Positive Geopolitical Signals Seoul, April 3: South Korean equities opened sharply higher on Friday, with the benchmark Korea Composite Stock Price Index (KOSPI) climbing nearly 2.5 percent in early trade. The rally comes amid reports that Iran is working with Oman on a protocol to monitor traffic through the Strait of Hormuz, raising expectations of a potential reopening of the key global shipping route.The KOSPI rose 128.99 points, or 2.46 percent, to reach 5,363.0, according to Yonhap news agency. The index had opened with a stronger gain of 2.7 percent, recovering from a steep decline in the previous session, and...

Gautam Adani Meets UP CM Yogi Adityanath, Reaffirms Investment Commitment Across Key Sectors Adani Group Highlights Role in Uttar Pradesh’s Growth Vision New Delhi, April 3: Gautam Adani, Chairman of the Adani Group, met Uttar Pradesh Chief Minister Yogi Adityanath and underscored the conglomerate’s ongoing and planned investments across multiple sectors in the state, including power, defence, airports, and logistics.Sharing his thoughts after the meeting, Adani described the interaction as significant, pointing to the state’s long-term economic ambitions."Some visions reshape nations. Hearing Chief Minister @myogiadityanath outline the roadmap for Viksit Uttar Pradesh was an unforgettable moment," he said in a post on X.He...

Stock Market Holiday Today: BSE, NSE Shut for Good Friday on April 3 Trading Halted Across All Segments on Indian Exchanges The Indian stock market remains closed today, Friday, April 3, on account of Good Friday, as per the official holiday calendar of the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).This marks the second trading holiday of the week and the first for April. Earlier, markets were shut on March 31 for Mahavir Jayanti.All major segments, including equity, equity derivatives, currency derivatives, NDS RST, tri-party repo, commodity derivatives, and electronic gold receipts, are not operational today.Market Activity to Resume on April 6 Normal trading across exchanges will resume on Monday, April...

Bank Holiday Today: Are Banks Closed on April 3 for Good Friday? Check Full City-Wise List Banks Shut Across Major Cities on Good Friday Banks across most parts of India remain closed today, Friday, April 3, 2026, on account of Good Friday, as per the Reserve Bank of India (RBI) holiday calendar.Public and private sector banks, including SBI, HDFC Bank, PNB, ICICI Bank, and Axis Bank, are not operational in several key cities such as Delhi, Mumbai, Kolkata, Chennai, and Bengaluru.City-Wise List of Bank Closures on April 3 Banking services at physical branches are unavailable in the following cities today:Ahmedabad Aizawl Belapur Bengaluru Bhopal Chennai Dehradun Gangtok Hyderabad Imphal Itanagar Kanpur Kochi Kohima Kolkata Lucknow...

Mumbai, April 2 According to sources, the government on Thursday "put on hold" its earlier directive to airlines to offer at least 60 per cent of seats on a flight without charging any additional fees, effective from April 20.On March 18, the Ministry of Civil Aviation announced that instructions had been issued to the DGCA to direct airlines to allocate a minimum of 60 per cent of seats for selection on any flight free of any additional charges, to ensure fair access for passengers."The matter has been reviewed in light of representations received from the Federation of Indian Airlines and Akasa Air, highlighting the operational and commercial implications of the above provision, including its potential impact on fare structures...

Mumbai, April 2 The TVS Venu Group announced on Thursday that it will acquire PGIM's India asset management business for an undisclosed amount.The Chennai-based conglomerate, which operates in the auto, financial services, and real estate sectors, has entered into definitive agreements to acquire the India asset management business of Prudential Financial, which holds a 100 per cent stake in PGIM India Asset Management and PGIM India Trustees, according to a statement.The completion of the transaction is subject to regulatory approvals and other customary closing conditions.PGIM is a full-service investment manager that offers equity, fixed income, and multi-asset solutions to retail and institutional investors, and managed over...

New Delhi, April 2 The government imposed import restrictions on all forms of gold, silver, and platinum articles on Thursday, a move aimed at preventing the misuse of free trade agreements (FTAs).These restrictions will apply regardless of any prior contract, irrevocable letter of credit, advance payment, shipment status, or any other commitment, the Directorate General of Foreign Trade (DGFT) said in a notification.Accordingly, the benefits of transitional arrangements will not be available."The Import Policy and Policy Condition of items ... covered under Chapter 71 ... is revised ... with immediate effect," it said.The chapter includes natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad...

Chandigarh, April 2 Haryana recorded a 22 per cent growth in gross State GST (post-settlement) revenue in the 2025-26 financial year, the highest among all states, an official spokesperson said on Thursday.The national average growth in SGST revenues stood at 6 per cent during the same period, the spokesperson said.The state's gross SGST collection (post-settlement) rose to Rs 48,289 crore in FY26, up Rs 8,546 crore from the previous financial year.With sustained growth, Haryana improved its rank to sixth in the country in SGST collections in FY26 from ninth in FY25, surpassing states like Telangana, West Bengal, and Rajasthan, the spokesperson added.The number of registered GST taxpayers in the state reached 6,30,818 as of...

Patna, April 2 The commercial taxes department of Bihar recorded revenues worth Rs 43,324 crore in the 2025-26 financial year, achieving 93.17 per cent of the target of Rs 46,500 crore, a senior official said on Thursday.The collection was 4.09 per cent higher than the figure in 2024-25, he said.Secretary-cum-Commissioner of the department, Sanjay Kumar Singh, said it collected Rs 32,801 crore as GST in 2025-26, an increase of 11.67 per cent year-on-year."However, after deducting a central government IGST settlement amount of Rs 724 crore, the net GST revenue came down to Rs 32,077 crore, which still gives us a growth rate of 9.2 per cent," Singh told reporters.He said the 9.2 per cent growth was "outstanding", as it has been...

New Delhi, April 2 India Post Payments Bank (IPPB) opened accounts without verifying mobile numbers and linked the information of multiple customers to the same mobile number, the CAG said in a report tabled in Parliament on Thursday.The Comptroller and Auditor General of India, in the audit, found that there was widespread dormancy and inactivity in IPPB's existing customer accounts."Additionally, accounts were opened without verified mobile numbers, and multiple Customer Information Files were linked to the same mobile number. IPPB's Doorstep Banking services were found to have limited uptake, with many requests delayed, cancelled, or unattended," the report said.According to the report, IPPB has made strides in expanding its...