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India’s job engine strains as Iran war hits remittances and trade

KANPUR, India May 22 (Reuters) – The war in the Middle East is squeezing two pillars of Indian employment, forcing Gulf-based workers home and crushing demand for the country’s manufactured exports, from leather goods to glassware. For decades, work in the Middle East and global demand for labour-intensive manufacturing in sectors such as footwear and garments gave a ​generation of Indians stable, and in some cases lucrative, incomes. Now, the foreign conflict has dealt a double blow to the economy, with returning migrant workers stuck in India and unable to find similar ‌pay in their home towns, heightening the risk

India central bank not in favour of rate hikes to defend rupee, prioritises inflation, sources say

A man speaks on his phone as he walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, February 7, 2025. (Photo: Reuters)

Mumbai, May 22 (Reuters) – India’s central bank does not see interest rate hikes as the best way to ​defend the embattled rupee, three sources said, a position at odds with markets, reinforcing that inflation – not the currency – will ‌guide policy on borrowing costs. The Reserve Bank of India has other levers it has yet to deploy, according to the sources familiar with the RBI’s thinking, which Reuters reported earlier included options such as dollar deposit schemes for non-resident Indians and tax tweaks for debt investors. All options remain on the table and are under consideration in coordination

Gold slips on stronger dollar, Fed rate-hike bets

New Delhi, May 22 (Reuters) – Gold edged lower on Friday, pressured by a stronger ‌U.S. dollar and as elevated oil prices have raised expectations for interest rate hikes by the U.S. Federal Reserve. Spot gold was down 0.3% at $4,527.60 per ounce, as of 0411 GMT. The ​metal has shed about 0.2% so far in the week. U.S. gold futures ​for June delivery lost 0.3% to $4,529.10. The dollar held near a six-week ⁠high, making greenback-priced bullion more expensive for holders of other currencies. “What’s been driving (gold) ​lower has been the stronger dollar, which in turn is being

Matt Brittin takes over as BBC director general – will the former Google exec’s tech world experience be right for the job?

Matt Brittin arrives for his first day on the job.

The BBC started a new chapter on May 18 when Matt Brittin took over as director general. The former senior Google executive has come to the broadcaster at a time of profound change in both media and technology. While the worlds of media and big tech face different challenges, their corporate and competitive strategies are becoming more and more intertwined. When his appointment was first announced, Brittin stated in the press release that “now, more than ever, we need a thriving BBC that works for everyone in a complex, uncertain and fast-changing world.” Here, Brittin finds himself on very familiar

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