Newsmakers: Fed announces historic interest rate hike, Gold prices up and more

The Federal Reserve hiked interest rates for the first time in nearly a decade on December 16, 2015 night, signaling faith that the US economy had largely overcome the wounds of the 2007-2009 financial crisis.

RBI on December 17, 2015 said all banks will have to follow a new and uniform methodology from April next year to calculate base rate as per the marginal cost of funds.

Apart from helping borrowers reap the benefit of lower rates, the step will also improve transparency in the methodology followed by banks for determining interest rates on advances

Minority shareholders of Maruti Suzuki India have approved a move by the company to let its Japanese parent Suzuki invest and own the upcoming plant in Gujarat.

The shareholders approved the move with 89.75 per cent through a postal ballot that took place from November 16 to December 15.

Google will train two million new Android developers in the next three years, its chief executive Sundar Pichai said in New Delhi.

Speaking at the Shri Ram College of Commerce (SRCC), the Indian-origin CEO said: "It is the largest (such) project in the world wherein 400 railway stations will get Wi-Fi internet."

Snapping the three-day losing run, gold prices recovered by Rs 40 to Rs 25,640 per 10 grams at the bullion market, largely due to fresh purchases by jewellers and retailers.

Silver followed suit and rose by Rs 350 to Rs 33,850 per kg.