City New Delhi Financial News

Joe Biden who departed to India to attend the G20 Summit does not intend to meet with Chinese Premier Li Qiang this weekend, as reported by Bloomberg. The president’s national security advisor, Jake Sullivan, briefed reporters on the summit agenda after the president left Washington on the trip, which will also take him to Vietnam. “We don’t have a plan for the president to engage with the Chinese premier at this time," Sullivan said as quoted by Bloomberg.

Manmohan Singh and HD Deve Gowda have also been invited to the G20 Summit dinner, according to ANI news agency report. The national capital is all decked up magnificently to hold the G20 Summit on September 9 and 10. Meanwhile dignitaries from across the world have started arriving in Delhi to participate in the mega event.

G20 Summit. As reported by PTI, "the Chamber of Trade and Industry (CTI) has partnered with these women entrepreneurs, fashion designers, influencers, bloggers, salon and boutique owners who are fluent in languages such as English, French, Spanish and German to work as translators, its chairman Brijesh Goyal said. “These women will assist the traders of Chandani Chowk market in communicating with foreign visitors on September 8-10, he said.

Asian markets go into the final trading day of the week unable to escape the downbeat mood rooted in worries over high U.S. bond yields, a rampant dollar, China's economic funk and now the potential inflationary impact from spiking oil prices. Brent crude oil is now higher than it was a year ago, the first time since January that year-on-year price changes have been positive.

Lady Jill Biden tested negative for Covid-19- three days after being tested positive for the infection, the First Lady's office said on Thursday. She was tested positive for Covid-19 on Monday. «This evening, the First Lady tested positive for Covid-19. She is currently experiencing only mild symptoms.

President Joe Biden wants to show the world at the Group of 20 summit in India and during a stop in Vietnam that the United States and its like-minded allies are better economic and security partners than China. White House officials said Biden, who departed Thursday evening for New Delhi, will use the annual G20 gathering as an opportunity for the U.S. to highlight a proposition for developing and middle-income countries that would increase the lending power of the World Bank and International Monetary Fund by some $200 billion.

Delhi district on Friday morning while online delivery services, except for medicines, have been barred in the area where the G20 summit venue and hotels for delegates are located, officials said. The New Delhi district has been designated as Controlled Zone-I from Friday 5 am till Sunday 11.59 pm because of the summit.

By Jamie McGeever

Joe Biden leaves for the G20 in India on Thursday, aiming to boost alliances at a summit where global tensions will be highlighted by the absence of the leaders of China and Russia. Biden will try to show that on big transnational issues, Washington is a better partner than Beijing or Moscow -- and that the G20 remains a key forum.

Chinese smartphone brand Realme is looking to expand local manufacturing in India through contract manufacturers several of whom are domestic companies besides asking its global suppliers to set up shop in the country, founder and global chief executive officer Sky Li said. The company aims to fully localize production of hearables and wearables in India after achieving complete local manufacturing of smartphones and televisions, Li said. «In terms of manufacturing, we are working to establish a strong manufacturing ecosystem all across India.

IMF) and the Financial Stability Board (FSB) has set out a roadmap to coordinate measures to stop crypto assets from undermining macroeconomic and financial stability. However, the synthesis, put together at the request of the Indian G20 presidency, stopped short of endorsing a blanket ban on such assets, saying it can be “costly and technically demanding to enforce”. The crypto asset regulation is a key part of the agenda for G20 leaders when they meet in New Delhi this weekend. The IMF-FSB Synthesis Paper: Policies for Crypto-Assets provides comprehensive guidance to address the macroeconomic and financial stability risks posed by crypto-asset activities and markets, including those associated with stablecoins and those conducted through so-called decentralised finance (DeFi). The paper cautioned that these digital assets could have significant implications for monetary stability and capital flows, especially if they are granted official currency or legal tender status.

G20 Summit in Delhi. Some New Delhi-based retailers have also started seeing fewer footfalls because of ramped up security in the city and its neighbourhoods, impacting sales. «The event is expected to impact the supply chains of various brands whose stocks are sourced from Noida and Delhi factories.

NEW DELHI : Many national capital region (NCR) residents seeking a quick getaway to nearby resorts to take advantage of the long weekend and escape the G20 summit-related curbs were left stranded at home as their preferred properties were either fully booked or offered only a few rooms at exorbitant rates. Check-ins at Gurugram’s ITC Grand Bharat resort this weekend will cost approximately ₹40,000, including taxes a night for a room for two, while Heritage Village Resort & Spa in Manesar-Gurugram will charge above ₹19,000.

NEW DELHI : Foxconn Technology Group chairman Young Liu has backed India as an important country for the future of manufacturing, saying that the opportunities for the development of electronics manufacturing and industrial chains were huge. Speaking to reporters at an event in Taipei, Liu said India could build the ecosystem faster than China—which took 30 years—on the back of experience and new technologies such as artificial intelligence (AI). “Some of India’s developments over the past few years, everyone can see that.

Indian Prime Minister Narendra Modi says his country is “becoming the voice of the Global South."

NEW DELHI, MUMBAI : Private equity (PE) and venture capital (VC) funds registered as alternative investment funds (AIFs) are forming shadow investment committees (IC) as formal appointments of foreign nationals in such panels have been barred, pending an opinion from the Reserve Bank of India (RBI) about the validity of such hiring, two people familiar with the development said. In October 2020, the Securities and Exchange Board of India (Sebi), India’s markets regulator, wrote to RBI seeking its view on whether having non-residents on the IC would make the AIF foreign-controlled. In the meantime, Sebi prohibited AIFs from hiring foreign nationals on their ICs.

NEW DELHI : A blanket ban on crypto assets may be hard to pull off, and nations must instead apply rules on money laundering and terror finance to these assets and service providers, an influential policy paper said, while noting that increased adoption of these assets could undermine monetary policy transmission. The joint paper from the International Monetary Fund (IMF) and G20’s risk watchdog, the Financial Stability Board (FSB), has attempted to offer a roadmap for regulating crypto assets and helping nations integrate virtual digital assets into their digital financial systems.

G20 summit. While official delegations are bringing their own teams of translators, the city’s various tourist attractions and businesses are hiring guides who can assist in translating for visitors, and ensuring no business opportunities are lost. A travel agency involved in organizing the G20 summit said India will provide interpreters and machines to assist with real-time translation during the sessions.

NEW DELHI : India’s retail inflation likely eased to 7% in August from July’s 15-month high of 7.44% as vegetable prices cooled off from recent highs, according to the median of estimates by 18 economists in a Mint poll. However, this will still be the second straight month when inflation will be above the critical 6% mark. The poll predicts consumer price inflation (CPI) will range between 6.8% and 7.3%, with six economists giving the 7% figure, and only four seeing it lower.

NEW DELHI : Cash transfers to landholding farming families under the PM Kisan scheme should be raised from ₹6,000 per year at present to ₹10,000, noted agricultural economist Dr Ashok Gulati has recommended in ongoing deliberations with the government, saying measures to check food inflation have come at the cost of farmers’ earnings. The economist’s inputs were earlier taken by Prime Minister Narendra Modi’s office ahead of the farmer income support scheme’s roll-out in the run up to the 2019 Lok Sabha elections.

NEW DELHI : In order to strengthen the domestic production of Active Pharmaceuticals Ingredients (APIs), the Department of Pharmaceuticals is conducting a first-of-its-kind study on the gaps and challenges in the sector. In this regard, all pharma companies and drug manufacturing associations have been asked to share the import and export data of APIs for analyzing the domestic industry, financial gaps and technological challenges to make India future-ready in the global market.