Economy news

• BRICS adopts Indore Declaration; India to lead seed rights, digital agriculture initiatives

  13-06-2026 19:49 via timesofindia.indiatimes.com
  
  BRICS nations have adopted the "Indore Declaration," pledging enhanced cooperation in agriculture and launching new initiatives like a global forum on farmers' seed rights and a digital agriculture network. These decisions, made under India's presidency, aim to strengthen food security, support small farmers, and promote sustainable farming practices across member countries.
  
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• Hardeep Singh Puri says India has over 60 days of crude, gas stocks; rules out any energy supply crunch

  13-06-2026 19:13 via timesofindia.indiatimes.com
  
  India assures ample energy supplies, with over 60 days of crude oil and natural gas reserves. Domestic LPG production has significantly reduced import reliance, ensuring 75-80 days of stock. Despite global price hikes due to the Iran conflict, India has kept domestic fuel prices stable, even seeing a slight decrease due to excise duty cuts.
  
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• No fertiliser shortage for kharif, rabi crops; govt prepared for El Nino, says Shivraj Singh Chouhan

  13-06-2026 18:45 via timesofindia.indiatimes.com
  
  Union Agriculture Minister Shivraj Singh Chouhan assured farmers that urea and DAP will remain affordable, with the government absorbing price increases. He stated India has sufficient fertilizer stocks for the current kharif season and is ensuring supplies for the upcoming rabi cycle. The minister also addressed El Nino concerns, highlighting adequate government preparations and international cooperation.
  
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• Will India-US trade deal be announced at G7? USTR signals more talks, says pact not imminent

  13-06-2026 18:06 via timesofindia.indiatimes.com
  
  Prime Minister Narendra Modi and US President Donald Trump will discuss trade at the G7 summit. A final trade agreement is not anticipated during the meeting. US Trade Representative Jamieson Greer will visit India the following week. Negotiations are ongoing as both nations aim to strengthen economic ties. A beneficial deal is considered possible.
  
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• AI chip boom yet to lift South Korea's wider economy, Nomura economist sees limited spillover into demand

  13-06-2026 16:25 via timesofindia.indiatimes.com
  
  South Korea's AI-driven semiconductor boom is not yet translating into broad economic gains, according to Nomura. Despite strong chip exports and equity markets, domestic demand shows limited improvement, with luxury spending and business investment being key drivers. Concerns over the won and financial stability may prompt a Bank of Korea rate hike.
  
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• Explained: Layman’s guide to India’s 3Fs stress - why fuel, fertilisers and forex are so important right now

  13-06-2026 15:34 via timesofindia.indiatimes.com
  
  Finance Minister Nirmala Sitharaman recently urged the country to focus on fuel, fertiliser and foreign exchange and underlined that PM Narendra Modi’s appeal to conserve foreign exchange was "very important" amid the Middle East conflict.
  
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• US-China friction returns: Beijing protests Pentagon's military-company label for BYD, Alibaba and Baidu

  13-06-2026 15:18 via timesofindia.indiatimes.com
  
  China has opposed the US for adding BYD, Alibaba, and Baidu to a Pentagon list of firms allegedly linked to the Chinese military. Beijing argues this move undermines agreements made during President Trump and Xi Jinping's recent summit, harming bilateral economic and trade relations.
  
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• SpaceX made Musk a trillionaire, but what else does he own? A look at his business empire

  13-06-2026 14:53 via timesofindia.indiatimes.com
  
  Elon Musk's vast business empire, encompassing SpaceX, Tesla, Neuralink, and The Boring Company, is expanding rapidly. Despite recent losses in some ventures like xAI and X, SpaceX's successful IPO highlights investor confidence in its ambitious goals for AI and space exploration. Tesla continues to navigate competition and expand into robotics and solar energy.
  
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• Venezuela oil rush: US investors chase Trump's $100 billion call as funds target energy assets - report

  13-06-2026 13:06 via timesofindia.indiatimes.com
  
  US investment groups are actively pursuing opportunities in Venezuela's oil sector following the lifting of sanctions and a new hydrocarbons law. Lionheart Capital is leading the charge with a proposed merger to create the first Nasdaq-listed company offering direct access to Venezuelan oil assets, aiming for a $1 billion valuation.
  
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• SpaceX's $75 billion IPO could get an $11 billion boost — here's how

  13-06-2026 12:14 via timesofindia.indiatimes.com
  
  SpaceX's IPO raised $75 billion, with a greenshoe option potentially adding another $11.2 billion. This mechanism allows underwriters to buy additional shares from the company if the stock price rises above the IPO price, boosting the total funds raised. The next few weeks will reveal if SpaceX's landmark fundraising event grows larger.
  
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• How rich is a trillionaire? Elon Musk can sponsor IPL for 17,000 years, spend Rs 1 crore daily for 23,500 years

  13-06-2026 11:24 via timesofindia.indiatimes.com
  
  Elon Musk's ascent to trillionaire status, driven by Tesla, SpaceX, and xAI, redefines immense wealth. A trillion dollars, approximately Rs 86 lakh crore, dwarfs national economies and government budgets. This fortune could fund multiple Apollo missions, build numerous advanced telescopes, or purchase over 75 aircraft carriers, illustrating wealth on a scale previously unimaginable.
  
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• 'Mega bubble or fairy tale?': Uday Kotak reacts to SpaceX's historic IPO

  13-06-2026 10:37 via timesofindia.indiatimes.com
  
  Veteran banker Uday Kotak questioned SpaceX's massive valuation, calling it a "huge bet on the future" that defies traditional metrics.Elon Musk's company debuted on Wall Street, making him the world's first trillionaire.Despite concerns about unproven technologies and cash burn, investor faith remains strong, highlighting a debate on future value versus current metrics.
  
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• Reinsurance buffers crash claim, Tata AIG logs Rs 1,008 crore profit

  13-06-2026 02:46 via timesofindia.indiatimes.com
  
  The General Insurance Corporation had estimated claims of over $400 million last year from the Air India Ahmedabad crash. Since then, reinsurers have settled some claims. Tata AIG, which was the lead insurer, had a 45% share of the risk. “We fully provided for it in that same quarter itself. Net of reinsurance, our exposure was less than Rs 50 crore,” said Amit Ganorkar, MD & CEO, Tata AIG General.
  
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• AI overload: CVs no more a selling point

  13-06-2026 02:44 via timesofindia.indiatimes.com
  
  The London-based company which has been operating in India for more than a decade now said that the volume of interviews that recruiters today conduct have gone up because corporates are mandating them to look beyond CVs when shortlisting a pool of candidates for a job. “Earlier CVs used to be unique but technology has changed that. Resumes are no longer a selling point.
  
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• Retail inflation inches up to 5-month high in May

  13-06-2026 02:29 via timesofindia.indiatimes.com
  
  Despite the staggered increase in retail fuel prices during the past month in the backdrop of persisting conflict in West Asia, fuel inflation remained contained at 0.8% in May, though marginally higher than 0.7% in April. Economists expect the pass through to become visible in June. Dipti Deshpande, principal economist at Crisil said food inflation rose due to persistent high temperatures, which drove up prices of vegetables, dairy products and eggs.
  
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• Byju’s founder gets relief as S’pore court stays order

  13-06-2026 02:26 via timesofindia.indiatimes.com
  
  In a statement on Friday, his legal counsel, Lazareff Le Bars, said the General Division of the Singapore High Court stayed the committal and surrender provisions of the May 25 contempt order on June 10. As a result, Raveendran will not be required to surrender on June 15 as previously directed. The law firm also said it filed an appeal against the contempt ruling.
  
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• Despite rocky year, Tata Sons records high profit growth

  13-06-2026 02:24 via timesofindia.indiatimes.com
  
  Tata Sons is understood to have recorded high-teens profit growth in FY26, a result that strengthens Chandrasekaran’s hand as he faces questions from Noel Tata, chairman of principal shareholder Tata Trusts, over losses at the company’s new businesses, including Tata Digital. Growth came despite lower dividend income from operating companies, including a reduced payout from TCS.
  
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• Tata Group tells Air India to focus on cutting losses

  13-06-2026 02:18 via timesofindia.indiatimes.com
  
  The carrier is also reevaluating plans to fly to new domestic and international destinations, pruning some routes and postponing launches at some airports, such as the new Noida International Airport, the people familiar with the matter said. Air India’s cowed ambitions follow a series of challenges that have pushed it deep into the red.
  
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