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Zara founder Amancio Ortega bought a 51-storey Chicago skyscraper for $550 million. His family office, Pontegadea Inversiones SL, acquired the One North Wacker tower in the city's business district. This major deal adds to his growing global property portfolio, which already includes many hotels, residential blocks, and large shopping centers.
HDFC Asset Management Company reported a 4 per cent rise in net profit to ₹749 crore for the September quarter. Revenue grew 14 per cent to ₹1,170 crore, helped by higher assets under management. The firm also reversed a tax provision of ₹47 crore, which added to the final profit figure.
India’s BoP surplus jumped to $45 billion in August, driven by massive FCNR inflows. The FCNR window, which closed on August 31, brought in around $133 billion in deposits. Net NRI deposits surged to $83 billion, helping the capital account. Meanwhile, the current account deficit narrowed to $5.2 billion in August.
IndiGo cancelled Saudi Arabia flights until October 24, while Akasa Air and Air India also extended suspensions due to regional tensions. IndiGo said, "The safety and well-being of our customers and crew remain our highest priority." Airlines are offering full refunds to passengers as they monitor the evolving security situation.
RBI Deputy Governor Swaminathan said institutions must ensure oversight keeps pace with their growth. At the Financial Express Modern BFSI Summit in Mumbai, he noted, “Oversight and controls should also grow, commensurate with or keep pace with the growth of the organisation.” He added that building trust remains essential for sustainability.
The Reserve Bank of India on Thursday clarified that banks must maintain a 20 per cent foreign exchange risk reserve in their cash reserve ratio accounts. This rule applies over and above mandatory balances. The move pushed up forward premiums, as a treasury head said, “The RBI has now clarified.”
Chief Minister Joseph Vijay launched the Tamil Nadu Semiconductor Ecosystem Scheme on Wednesday to boost local manufacturing. The plan offers customised incentives for projects, including those outside federal schemes. TN Industries Minister S. Keerthana said, “We are building the industries of tomorrow in Tamil Nadu,” aiming to create many high-value jobs.
Jio has filed 7,220 patents, making it India’s only company in global top 20 rankings. Akash Ambani said, “The proprietary end-to-end technology stack has given us the ability to play across the value chain.” Over 12,000 engineers helped build this stack, which now supports 55 crore Indians across the country.
The Reserve Bank of India clarified on Thursday that the new foreign exchange risk reserve does not apply to banks doing market-making or proprietary trades. The central bank said the rule also excludes interest on External Commercial Borrowings and dividends. These funds must stay in a current account without interest.
Grid connectivity, land and water availability are major hurdles for India’s data centre expansion, says Crisil Intelligence. Ashish Mittal said, "Challenges on the data centres are around grid connectivity, site location, and water availability." State governments must provide support to help these projects get off the ground amid rising demand.
Nigeria’s headline inflation rate slowed to 14.63% in September from 15.39% in August, data showed on Thursday. Despite this small dip, many citizens still struggle with high costs. "The common man is suffering. Everything has sky-rocketed," said Michael Udoariri. These stubborn price pressures remain a major worry before the national election.
India’s balance of payments recorded a surplus of $45.4 billion in August, compared with a deficit of $5.6 billion a year earlier. The Reserve Bank of India showed this data on Thursday. The country’s external position got better after the central bank started policy measures to attract many capital inflows.