These are the top five business stories of the day.
These are the top five must-reads of the day.
1) Sahara's Subrata Roy gets 4-week parole to perform mother's last rites
SC directs release of jailed Sahara chief Subrata Roy on parole for four weeks to attend rituals following the death of his mother early this morning.
The Supreme Court had agreed to hear the plea of Sahara Chief Subrata Roy seeking parole to perform cremation rites of his mother who passed away in the wee hours this morning.
Roy has been in Tihar jail since March 4, 2014 on the orders of the apex court in relation with a long running dispute with market regulator SEBI. Read more here.
2) Rapid oil production cuts by Americas, Asia could solve supply glut
The 60% price slide of the last 23 months has been consistently pegged to one problem: current global supply exceeds demand by 1.5 million barrels per day (bpd).
But oversupply could evaporate quite quickly when seen through the prism of current disruptions and declines in the Western Hemisphere.
"Unplanned oil supply disruptions have been a key element so far this year that have contributed to a tighter oil market than was otherwise expected," analyst Guy Baber of Simmons & Co. told clients on Thursday. Read more here.
3) Tata Steel UK: Liberty House assures no job cuts, Excalibur Steel sees 1,000 pink slips
Two steel companies in the UK are in the race to buy out Tata Steel's UK assets after they were put up for sale as struggling British steel sector was showing no signs of a turnaround despite the Tata Group company pumping billions of rupees into the business over several years. While Liberty House says that its focus is to retain every job at the company after a possible takeover, Excalibur head in an interview said that he sees atleast 1,000 job cuts at the UK operations. Read more here.
4) Narendra Modi to address US-India Business Council's 41st leadership summit on June 7
The US-India Business Council (USIBC) announced that Prime Minister Narendra Modi will address its 41st Annual Leadership Summit in Washington DC.
The anniversary event of USIBC will witness top business and government leaders as a forum for engaging in discussions on deepening US-India commercial and strategic ties.
The Prime Minister's address will be on June 7th, ahead of his address to the Joint Session of the US Congress. As part of the USIBC annual summit, Prime Minister Modi will also participate in a roundtable with top global CEOs. Read more here.
5) India, Iran to clear over Rs 43,000 crore in oil payments via European banks
The central banks of India and Iran have reached an arrangement to use European banks to process pending oil payments to Tehran, India's Oil Minister Dharmendra Pradhan told Reuters, unlocking $6.4 billion in stalled funds.
Buyers of Iranian oil were prevented from using global banking channels to clear their transactions after sanctions were imposed on Iran in 2011 over its nuclear programme. With the end of those sanctions in January, after an agreement to curb the programme, Iran is finally gaining needed access to the funds. Read more here.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Representational image")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}