Tuesday, March 10
Gold prices are poised for gains this week, driven by anticipation of a US Federal Reserve interest rate cut and sustained central bank buying. A weaker rupee further bolsters domestic gold prices, making it more expensive in Indian currency. Meanwhile, silver continues its impressive rally, hitting record highs due to robust industrial demand and tight supplies.
Indian airports witnessed passenger distress as IndiGo faced widespread flight cancellations and delays due to pilot shortages following new duty rules. Stranded travelers expressed anger and desperation, with major hubs severely impacted. IndiGo is working to stabilize operations, aiming for network recovery by mid-December, while the DGCA investigates planning failures.
Foreign investors offloaded Rs 11,820 crore from Indian equities in the first week of December, primarily due to a depreciating rupee and global year-end portfolio adjustments. Despite this, domestic institutional investors stepped in, buying Rs 19,783 crore worth of equities. The RBI's rate cut and improved growth forecast offered a brief respite, with attention now on global monetary policy shifts.
India is sending accident investigators to Washington to review data and present their analysis on the June Air India crash. The Aircraft Accident Investigation Bureau will join the NTSB and Boeing representatives in a review meeting. This follows reports of tension between Indian and US authorities over the investigation's conduct.
SpaceX is reportedly seeking an $800 billion valuation in a new secondary share sale, potentially surpassing OpenAI as the US's most valuable private company. This move comes as the company weighs a potential IPO next year, fueled by the success of its Starlink service and its crucial role in government missions.
Elon Musk denounced the EU's $140 million fine on X as "crazy" and "insane," criticizing the penalty for violating transparency rules under the Digital Services Act. Regulators cited deceptive design practices with the blue checkmark system and shortcomings in X's ad database. The ruling has drawn criticism from US officials who view it as an attack on American tech platforms.
