UCO Bank wrongly credits Rs 820 crore to many accounts
November 17th, 2023 06:27
The bank on Friday informed the stock exchanges that it recovered Rs 649 crore, which is 79% of the amount wrongly credited to account holders between November 10 and November 13. The bank has blocked the recipients’ accounts and has taken the IMPC system offline to prevent further drain.
IT gains on hopes low inflation in US can spur revival in tech spends
November 17th, 2023 06:27
The US consumer price index remained unchanged month on month and rose 3.2% on year in October, both lower than what economists had forecast, sparking a stock market rally after the numbers were published on Tuesday on hopes that the Federal Reserve may stop raising interest rates.
Low-cost funds seen to slow transmission of rate changes
November 17th, 2023 06:27
The authors pointed out that while the increase in term deposit rates in the latest tightening cycle has outstripped that in lending rates, savings deposit rates of banks - which represent a third of total deposits - stayed almost unchanged.
Wall St rally takes breather as Cisco, Walmart drop
November 16th, 2023 23:27
While money markets have fully priced in a probability that the Fed will hold rates steady in its December meeting, they see about 62% odds of an at least 25 basis point rate cut in May, according to CME Group's FedWatch tool.
Oil prices dive on US crude build and China concerns
November 16th, 2023 22:27
Brent futures were down 70 cents at $80.48 a barrel by 1250 GMT. U.S. West Texas Intermediate crude (WTI) shed 65 cents to $76.01. Both benchmarks fell more than 1.5% in the previous session.
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