Economy news

• SpaceX IPO: Could Elon Musk become world's first trillionaire? Decoding the math

  11-06-2026 14:00 via timesofindia.indiatimes.com
  
  Elon Musk may soon become the world's first trillionaire. This is due to the upcoming initial public offering of his company SpaceX. The IPO is expected to be the largest in history. If valuations hold true, Musk's personal fortune could surge past the trillion-dollar mark. This event could reshape global wealth rankings and create new millionaires.
  
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• Forex reserves slip by $711 million to $681.6 billion, fall in foreign currency assets weighs

  12-06-2026 13:55 via timesofindia.indiatimes.com
  
  India's foreign exchange reserves saw a decrease of $711 million, reaching $681.610 billion in the week ending June 5. This decline was primarily driven by a significant drop in foreign currency assets, though a rise in gold reserves partially offset the overall reduction.
  
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• Retail inflation climbs to 3.93% in May as food prices accelerate

  12-06-2026 12:41 via timesofindia.indiatimes.com
  
  Retail inflation climbed to 3.93% in May 2026, up from 3.48% in April, driven by a surge in food prices to 4.78%. While rural areas saw higher overall inflation, urban areas experienced a notable increase in housing costs.Precious metals and certain vegetables like tomatoes and ginger saw significant price hikes, contrasting with sharp drops in potato and peas prices.
  
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• Pakistan eyes higher donkey meat, other related products export to China

  12-06-2026 12:01 via timesofindia.indiatimes.com
  
  Pakistan is exploring the export of donkey meat and related products to China, driven by demand for their perceived nutritional and medicinal benefits. The government has established sanitary protocols with China and licensed a new slaughterhouse in Gwadar, aiming to boost foreign investment and local livelihoods.
  
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• SpaceX share listing: Analysts predict $2 trillion valuation for Elon Musk-led space firm

  12-06-2026 11:36 via timesofindia.indiatimes.com
  
  SpaceX's impending Wall Street debut is generating significant investor excitement, with shadow and prediction markets valuing the aerospace giant at over $2 trillion. Derivatives and perpetual futures suggest a substantial gain from its IPO valuation, indicating strong pre-trading momentum. A successful listing could reshape investor flows and set a precedent for future mega-IPOs.
  
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• Why is stock market rallying today? BSE Sensex rises over 1,500 points, Nifty50 back above 23,500 - top reasons for rise

  12-06-2026 11:26 via timesofindia.indiatimes.com
  
  The sharp rally boosted the cumulative market capitalisation of BSE-listed firms by more than Rs 7 lakh crore, taking the overall valuation to nearly Rs 460 lakh crore.
  
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• How US went from barring oil exports to becoming world's top crude seller

  12-06-2026 10:01 via timesofindia.indiatimes.com
  
  The US has surged to become the world's top oil exporter, surpassing Saudi Arabia and Russia. This significant shift, driven by robust domestic production and strategic reserve releases, marks a dramatic reversal from past dependence. Disruptions in the Middle East and sanctions on Russia have reshaped global energy dynamics, granting the US new geopolitical leverage.
  
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• SpaceX listing: Should Indian investors buy the stock that is set to make Elon Musk a trillionaire?

  12-06-2026 09:50 via timesofindia.indiatimes.com
  
  At the IPO price of $135 a share, SpaceX commands a market valuation of around $1.75 trillion, placing it among the most valuable publicly traded companies globally despite not yet turning profitable.
  
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• Rupee in green: Currency jumps to 95.20 against US dollar on Middle East peace hopes

  12-06-2026 07:06 via timesofindia.indiatimes.com
  
  The Indian rupee strengthened significantly on Friday, gaining 65 paise to trade at 95.20 against the US dollar. This surge was propelled by a drop in global crude oil prices and positive signals from US President Trump regarding a potential Iran deal. A weaker dollar and buoyant domestic stock markets further bolstered the rupee's recovery.
  
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• Elon Musk's SpaceX raises $75 billion in record IPO debut: 10 things to know

  12-06-2026 06:29 via timesofindia.indiatimes.com
  
  SpaceX is poised for a historic Wall Street debut, aiming to raise $75 billion and achieve a valuation of nearly $1.8 trillion. The company, now encompassing rocket launches, satellite internet, and AI, has seen significant revenue growth but reported a net loss. Institutional investors are showing strong demand for the offering.
  
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• Top stocks to buy today: Stock recommendations for June 12, 2026 - check list

  12-06-2026 05:01 via timesofindia.indiatimes.com
  
  Stock market recommendations: HDFC Bank, and NBCC are the stocks that Bajaj Broking Research recommends buying on June 12, 2026. The brokerage also shares views on Nifty and Bank Nifty:
  
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• Govt bars industries from buying petrol, diesel at pumps; mandates bulk purchase route

  12-06-2026 04:33 via timesofindia.indiatimes.com
  
  Government has restricted industrial, commercial, and institutional users from buying petrol and diesel at retail fuel stations. This move aims to curb abnormal demand growth, particularly in diesel, driven by price differences between retail and bulk sales. The order, effective for up to 90 days, ensures equitable fuel availability for ordinary consumers.
  
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• Oil prices slip below $90: Brent, WTI tumble after Trump announces ‘ending war with Iran’

  12-06-2026 03:41 via timesofindia.indiatimes.com
  
  Oil prices dropped below $90 per barrel as US President Donald Trump announced a framework agreement with Iran, signaling an end to the conflict and the expected reopening of the Strait of Hormuz. This development follows a week of heightened tensions and Iran's earlier threat to close the vital shipping lane, which had previously kept oil prices elevated.
  
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• Strong domestic travel since West Asia war: Marriott

  12-06-2026 02:43 via timesofindia.indiatimes.com
  
  After slipping in March, business has returned to normalcy. “Right as the conflict started, we saw a lot of cancellations. In March, the first full month, we were projecting double-digit revenue per available room (Revpar) growth in India. That turned negative. Then we saw people pivoting. Travel didn’t stop and plans got shifted. In April, Revpar growth shifted from flat to marginally positive and last month we were back to double digit growth.
  
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• No further excise on E22, higher grades ethanol/petrol

  12-06-2026 02:38 via timesofindia.indiatimes.com
  
  The Central Board of Indirect Taxes and Customs (CBIC) issued notifications on Wednesday, exempting ethanol blended petrol (EBP) grades E22, E25, E27 and E30, containing 22% to 30% ethanol, from applicable central excise duties, subject to excise duty having already been paid on petrol and GST having been paid on the ethanol used for blending.
  
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• FMCG companies raise prices by 4-11% after fuel price hike

  12-06-2026 02:22 via timesofindia.indiatimes.com
  
  Leading consumer goods companies, including HUL, Colgate-Palmolive, Emami, Dabur and Marico, are increasing prices, as higher crude prices, freight and commodity inflation triggered, amid the West Asia conflict, pushed up input costs. For instance, Hindustan Unilever has hiked prices of Dove and Pears soaps by 4–5% and of Rin and Wheel detergents by 5–11%. Colgate-Palmolive has raised toothpaste prices by 4–9%, with higher increases on premium variants.
  
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• India central to EY’s AI strategy: Truncale

  12-06-2026 02:21 via timesofindia.indiatimes.com
  
  Truncale says more than a quarter of its four lakh employees are based in India, and its workforce here is among some of the fastest adopters of new technologies. Company has launched the EY. ai Centre for Reimagination in Bengaluru, a client experience centre designed to help companies move from isolated AI pilots to full-scale business transformation. The centre is part of EY’s planned $1.4 bn investment in AI.
  
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• Credit surges 17.7% as deposit slowdown widens funding gap

  12-06-2026 02:05 via timesofindia.indiatimes.com
  
  Credit growth stood at 17.7% for the fortnight ending May 31, 2026, the highest recorded so far in the current financial year and the strongest year-on-year expansion since June 2024. Outstanding bank credit rose by Rs 1.5 lakh crore since March 31, 2026, marking a 0.7% increase (year-to-date), with total credit touching Rs 215.2 lakh crore. Bankers said demand is being driven partly by oil marketing companies facing lower realisations after the surge in crude prices. They added that govt suppor
  
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• Countries protecting domestic industries, India no exception: Piyush Goyal on global trade

  11-06-2026 19:47 via timesofindia.indiatimes.com
  
  India navigates global trade challenges by fostering dialogue and partnerships, even as nations increasingly protect domestic industries like steel. Minister Piyush Goyal highlighted that despite a less effective WTO, international trade largely operates under its framework. India is actively pursuing free trade agreements to boost market access and attract significant investments, underscoring a commitment to innovation and long-term global integration.
  
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• Seeds of change: How India’s agriculture went high-output in 12 years

  11-06-2026 19:30 via timesofindia.indiatimes.com
  
  India's agriculture sector has seen remarkable growth over the past decade, fueled by increased government investment and record foodgrain production. Policies now prioritize productivity, market access, and farmer income security. This transformation, marked by doubled GVA and enhanced crop yields, aims for a resilient, technology-driven farm economy crucial for national development.
  
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• India retains growth edge with 6.6% growth, World Bank forecasts; cuts global outlook

  11-06-2026 16:57 via timesofindia.indiatimes.com
  
  Global growth forecasts are down to 2.5% for 2026, with the Middle East conflict and rising energy prices cited as key reasons. Despite this, India is set to remain the world's fastest-growing major economy, projected at 6.6% in fiscal year 2026-27. However, higher energy costs may moderate India's growth, while fiscal deficits are expected to widen across South Asia.
  
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• SpaceX IPO tomorrow: Could Elon Musk become world's first trillionaire? Decoding the math

  11-06-2026 14:00 via timesofindia.indiatimes.com
  
  Elon Musk may soon become the world's first trillionaire. This is due to the upcoming initial public offering of his company SpaceX. The IPO is expected to be the largest in history. If valuations hold true, Musk's personal fortune could surge past the trillion-dollar mark. This event could reshape global wealth rankings and create new millionaires.
  
  Read more

• Wipro Rs 15,000 crore buyback opens - what it means for retail investors

  11-06-2026 12:42 via timesofindia.indiatimes.com
  
  Wipro's Rs 15,000 crore share buyback is now open, offering shareholders Rs 250 per share, a significant premium over the current market price. The offer, valid until June 17, presents a potential arbitrage opportunity for retail investors. However, analysts suggest limited gains, with acceptance ratios expected around 20%, and caution about risks associated with unaccepted shares.
  
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• Boost for litchi exports! Assam’s GI-tagged Tezpur litchi reaches Dubai, Singapore

  11-06-2026 11:56 via timesofindia.indiatimes.com
  
  Assam's prized Tezpur litchi has made its international debut with the first export consignment reaching Dubai. This milestone, facilitated by APEDA, highlights efforts to boost Northeast agricultural exports. The GI-tagged fruit, celebrated for its exceptional taste and aroma, fetched farmers higher prices, promising enhanced livelihoods and opening new global markets for this century-old cultivation legacy.
  
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• Are you a contract worker? What new labour codes mean for your wage safety, overtime & other benefits - explained

  11-06-2026 10:30 via timesofindia.indiatimes.com
  
  At its core, the law defines a contract labour as someone who is hired through a contractor to work in connection with the business of an establishment.
  
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• 'LPG well covered, crude not a problem': How much energy supplies is India left with?

  11-06-2026 09:20 via timesofindia.indiatimes.com
  
  Indian refiners have secured sufficient crude oil and LPG supplies to last through August and mid-July respectively, mitigating concerns from the ongoing Middle East crisis.Purchases from ADNOC and other suppliers, including significant crude acquisitions from the UAE and Brazil, have bolstered inventories.India and the UAE are also expanding strategic oil reserves to enhance energy security.
  
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• 30 million barrels of oil storage: India, UAE work to expand strategic reserves - here’s why it’s significant

  11-06-2026 08:28 via timesofindia.indiatimes.com
  
  As India moves to strengthen its energy security amid persistent geopolitical risks in the Middle East, New Delhi and Abu Dhabi have started implementing initiatives announced during PM Modi's visit to the UAE last month.
  
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• Gold, silver price prediction: Will gold, silver rates continue to move down? Check outlook on June 11, 2026

  11-06-2026 07:31 via timesofindia.indiatimes.com
  
  Gold and silver price prediction today: Gold prices are seeing a bearish structure with the downtrend in place. Silver prices are trading cautiously, though with a negative bias, says Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group.
  
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• Trump asked if he is concerned about the latest inflation numbers. His answer: 'I love it'

  11-06-2026 06:42 via timesofindia.indiatimes.com
  
  President Trump expressed an unexpectedly positive view on recent inflation data, "loving" the rise in consumer prices despite it being the fastest annual pace in over three years. He attributed the increase primarily to energy costs linked to the Iran conflict, claiming his administration's actions would stabilize oil markets and ease inflationary pressures.
  
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• ITR filing FY 2025-26: What is Form 26AS & what if it has errors? Things taxpayers should do to avoid getting a tax notice

  11-06-2026 06:16 via timesofindia.indiatimes.com
  
  First, let’s understand what Form 26AS is – it’s essentially a tax statement that is linked to the taxpayer’s PAN. It shows details of tax dedicated at source and tax collected at source. It’s a key document that is essential for taxpayers when filing their income tax return.
  
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