City New Delhi Financial News

NEW DELHI : Samhi Hotels Ltd, which plans to raise ₹1,370 crore by selling shares, will continue to expand its portfolio of business hotels in India’s top cities, Ashish Jakhanwala, the chairman, managing director and chief executive, said. Most of the proceeds — ₹1,100-1,150 crore—will go towards reducing debt, he said. The Gurugram-based company has 31 hotels, both owned and leased, across the country with 4,800 rooms.

NEW DELHI : Hotel management company Hyatt Hotels, which operates brands like Hyatt Regency and Alila Diwa, is looking to expand its presence from the existing 43 properties to 50 by the end of the year, and up to 100 over the next five years, Sunjae Sharma, managing director, India and Southwest Asia, Hyatt India Consultancy Pvt. Ltd, said. Last year, the company opened nine hotel properties, and it will add 10 more to achieve its target of 10,000 rooms in India, he said.

NEW DELHI : India and Saudi Arabia agreed to link their power grids, underscoring a deepening energy alliance that could significantly boost the reliability of power grids in both countries and foster economic development. The agreement on linking power grids follows another more expansive infrastructure connectivity project plan to develop an India-Middle East-Europe economic corridor. The project, announced on 9 September during the G20 summit, envisages a rail and shipping corridor connecting India, the United Arab Emirates (UAE), Saudi Arabia, the European Union, France, Italy, Germany and the US.

NEW DELHI : India and the UK have launched an infrastructure financing bridge to plan and implement major infrastructure projects, finance minister Nirmala Sitharaman said on Monday. The two countries have also agreed to conduct investment negotiations in parallel with the goods negotiations to conclude their free trade agreement (FTA) talks.

NEW DELHI : The global proliferation of digital public infrastructures (DPIs) can be part of India’s soft power projection, in turn helping “increase our influence" around the world, said Ram Sewak Sharma, former chief executive of the Centre’s National Health Authority (NHA). In an interview on the sidelines of the first Digital Public Dialogues, a government-backed discussion forum in Delhi on Monday, Sharma underlined the importance of DPIs, which were a part of India’s agenda during its G20 presidency that concluded on 10 September. “China has a huge amount of money, which can be used to influence global stakeholders.

NEW DELHI : Bhashini, the government’s national language translation project, will release data on early adoption among private companies, as well as on the size of repositories on Indian languages collected and generated by the project in October this year, said Amitabh Nag, chief executive of Bhashini. “The internet does not have data repositories in languages such as Manipuri, which Bhashini is now building. It is still early days for the size of repositories in certain languages, but Bhashini will be making an announcement on the details of this by October this year," Nag told Mint . The executive affirmed that Bhashini now has data for text-to-text translations in 22 languages, while data for voice-to-text translations are available in 14 languages.

NEW DELHI : A global tax convention to tackle aggressive tax avoidance by the top 100 multinational corporations, especially tech giants, is likely to be signed by as many as 138 countries by the end of the year for implementation in 2025, David Bradbury, deputy director of the Organisation for Economic Cooperation and Development’s (OECD) Centre for Tax Policy and Administration said.8 [email protected] A separate but related framework for individual countries to enforce a 15% minimum global corporate tax rate is also being given finishing touches, he said in an interview after discussions on the subject by G20 leaders on Saturday. Bradbury, who was in New Delhi for the summit, said that the two elements of the proposed tax reform--pillar one which gives taxation rights to countries like India where people consume services of MNCs incorporated abroad, and pillar two prescribing a global minimum corporate tax rate--could come as separate measures. Edited excerpts: G20 leaders have said significant progress has been achieved on global tax reform. What is the status now? What we reported to the G20 leaders on Saturday is that a significant milestone has been reached by the inclusive framework on Base Erosion and Profit Shifting (BEPS, or the global initiative to tackle MNC tax avoidance).

NEW DELHI : India and Saudi Arabia have begun discussions on trading in national currencies, officials from the ministry of external affairs said after a visit by Saudi Crown Prince Mohammed Bin Salman. The idea was currently in the “discussion stage", said Ausaf Sayeed, secretary in the ministry. “The Saudi side is aware that we have worked out similar arrangements with other countries in the region.

NEW DELHI : Equity mutual funds attracted net inflows of ₹20,133.3 crore in August, the highest in five months, up 168.25% over July, according to latest data from the Association of Mutual Funds in India (Amfi). The strong traction in equity funds was led by mid-cap and small-cap funds which continued to attract investor interest during August even though large cap funds saw continued outflows amidst profit booking. “In the month of August, the equity markets exhibited a risk-on sentiment, which is also reflected in the mutual fund flow.

MUMBAI—The financial capital of India has become a colossal construction site. The barriers that try to keep daily life on track in the metropolis on the country’s west coast proclaim: “Mumbai is upgrading." A new road being built along the Arabian Sea is aimed at easing congestion in a city where three-lane roads are frequently occupied by five lanes of honking traffic. A rapid-transit metro system is being extended to ease pressure on suburban trains overflowing with people.

New Delhi: Saudi Arabia said it will consider setting up an office of its sovereign wealth fund (SWF) in Gujarat International Finance Tec-City (GIFT) to facilitate investments. Investment minister of Saudi Arabia Khalid A.

Jharkhand Mukti Morcha patriarch and former chief minister Shibu Soren was admitted to Sir Gangaram Hospital in New Delhi following health complications, an official said. His son and Jharkhand Chief Minister Hemant Soren accompanied the 79-year-old to the hospital, the official added. The chief minister later returned to Ranchi from where he was to fly to Hazaribag to attend a function but could not do so after his helicopter developed a technical snag, officials said. On Saturday, the chief minister had attended the dinner hosted by President Droupadi Murmu on the occasion of the G20 summit. After attending the dinner, he had posted on X, «Today evening, I had pleasure to attend the G20India2023 official dinner hosted by Hon'ble @rasthtrapatibhavan President Smt Droupadi Murmu Ji.

macroeconomic risks of this domain. As India navigates emerging facets of the crypto world, it is imperative to craft a regulatory framework that respects the capacity constraints of an emerging market.

G20 meeting in New Delhi. Xi has not missed a single G20 since he came to power in 2012. Whether Xi’s absence is a snub aimed at India or whether China is turning against the construct of the G20 itself, only time will tell.

G-20 Summit, describing its outcome as a diplomatic victory for Prime Minister Narendra Modi who is pushing to increase the country's influence on the world stage and pressing for reforms in global institutions, including the United Nations. India managed to hammer out the unexpected consensus among the G20 countries on the contentious Ukraine conflict through a series of hectic negotiations with emerging economies such as Brazil, South Africa and Indonesia playing a leading role in reaching the agreement on the declaration on the first day of the summit. The New Delhi summit declaration also called for reforming of international financial institutions, managing debt vulnerabilities of low and middle-income countries and the start of the exchange of tax-relevant information on crypto assets by 2027. «Some experts saw the agreement as a win for Russia, while others read it as an achievement for the West.

G20 Summit as ‘InkeG20’, to Congress leader Adhir Ranjan Chowdhury questioning West Bengal Chief Minister Mamata Banerjee attending the G20 Summit dinner, and Congress MP Shashi Tharoor lauding the New Delho G20 leaders Declaration. "This is what happens when you have no vision or mission.

Justin Trudeau after his plane broke down Sunday, leaving the Canadian delegation stranded in India.It’s adding another complication to an already rocky trip to the country.A spokesperson with the Department of National Defence told Global News in an email Monday that a problem with a component was discovered with the prime minister’s Royal Canadian Air Force CC-150 Polaris. That part must be replaced before the plane is able to fly again, they said.Trudeau was planning to return home after attending the G20 summit in New Delhi.“The Canadian Armed Forces continue their best efforts to get the Canadian delegation home.

ET has gathered that the India-US Global Challenges Institute will soon take off as a virtual platform with a ten-member Governing Council co-chaired by the two countries and a physical secretariat/program office expected to be housed in New Delhi. While IIT Kanpur will lead the initiative from India with Director Abhay Karandikar representing Indian institutes as India’s co-chair, the US side is expected to bring in Association of American Universities President Barbara R Snyder as co-chair. The Institute will start off with a $10mln seed funding- jointly pitched by the US and India- to fund collaborative R&D in five-six key areas across partner institutes in the two countries. The first set of areas identified for collaboration are- sustainable energy and agriculture, health and pandemic preparedness, semiconductor technology and manufacturing, advanced materials, telecommunications, artificial intelligence, and quantum science. ET gathers that the Institute will start off with five joint research projects- funded with $2million each. The idea is have two lead institutes from both countries for each project and these in turn will be linked to several other project specific institutes- like a hub and spoke model. A Memorandum of Understanding (MoU) has already been inked between Indian universities, represented by the Council of Indian Institutes of Technology (IIT Council), and the Association of American Universities (AAU) to establish the India-U.S.

Saudi Arabia have signed a memorandum of understanding on cooperation and investment in renewable energy, energy efficiency, hydrogen, electricity, and grid interconnection. The pact also includes cooperation on petroleum, natural gas, strategic petroleum reserves and energy security, sources aware of the development said. Circular carbon economy and technologies like carbon capture, utilization and storage also found place in the agreement. The move comes right after the G20 New Delhi declaration, where a consensus was formed on various issues, including an effort for tripling renewable energy capacity by 2030 and phasedown of unabated coal power. India’s National Green Hydrogen Mission aims for at least 5 million metric tonnes of annual production capacity by 2030 through renewable energy sources, whereas Saudi Arabia’s clean hydrogen is likely to be based on low carbon emission technologies. Partnership on localising sourcing material, products and services related to the energy sector, and supply chains and its technologies, were agreed on. The countries will strengthen the cooperation with energy companies, promote digital transformation, innovation, cyber-security, and artificial intelligence in the energy sector. As per India’s green hydrogen mission, the country aims to be an export hub for the fuel.

New Delhi: Air India on Monday said that it has deployed specially trained service assurance officers at 16 major Indian airports to offer on-ground assistance, aimed at elevating airport experience by providing personalised and hassle-free on-ground services to Air India to its passengers. “Flying is a wonderful experience, and we want our guests to enjoy it in the most seamless ways possible.

In their joint declaration, the leaders stressed on strengthening primary healthcare, health workforce and essential health services to better-than-pre-pandemic levels, ideally within the next two to three years. Besides focusing on epidemics such as tuberculosis and AIDS, the grouping of emerging and developed economies recognised the importance of research on long COVID-19. The G20 leaders committed to improve access to medical countermeasures and facilitate more supplies and production capacities in developing countries to prepare better for future health emergencies. The G20 New Delhi Leaders' Declaration highlighted the need to promote the One Health-based approach driven by the quadripartite One Health Joint Plan of Action (2022-2026) and enhance the resilience of health systems. It also stressed the need to support development of climate-resilient and low-carbon health systems in collaboration with multilateral development bank (MDBs), and support the work of the WHO-led Alliance for Transformative Action on Climate and Health (ATACH). It also stressed on implementing and prioritising tackling antimicrobial resistance (AMR) following the One Health approach, including through research and development, infection prevention and control, as well as antimicrobial stewardship efforts within respective national action plans through AMR and antimicrobial consumption surveillance. The Declaration called for facilitating equitable access to safe, effective, quality-assured, and affordable vaccines, therapeutics, diagnostics, and other medical countermeasures, especially in low-and middle-income countries and least developed countries. The declaration recognised the potential role of evidence-based traditional and