City New Delhi Financial News

20.07 / 17:03

COST UPS Lowe's CEO country Govt bans non-basmati rice exports to check price spike

NEW DELHI : Days after Russia pulled out of the Black Sea grain deal, risking further global food inflation, the government on Thursday banned the export of non-basmati white rice in a bid to check rising prices. Mint on 18 July reported large companies, traders and exporters are rushing to secure letters of credit (LCs) for future shipments, fearing that rising prices may trigger export curbs on some varieties of non-basmati rice.

20.07 / 14:01

COST Citi Waters Manufacturing Action Climate change: Delhi may suffer losses of Rs2.75 trillion by 2050

₹2.75 trillion by 2050 due to the impacts of climate change, with changes in precipitation and temperature patterns posing significant threats to the lives of the most vulnerable populations. "At an aggregate level, the total cost of climate change for Delhi by mid century is expected to be ₹2.75 trillion," the draft action plan states.

20.07 / 14:01

Target FIVE Citizens Mobile country social end EV industry to create 5 million jobs by end of next decade: Suman Bery

New Delhi: The electric vehicle industry’s growth in India is expected to create around five million jobs by the end of next decade, an official statement from NITI Aayog said on Thursday. The statement quoted Vice Chairman Suman Bery speaking at a conference in Goa highlighting the growth prospects of the emerging sector.

20.07 / 13:19

COST FIVE Manufacturing Airlines Boeing cover Deal Air India finalises deal with CFM for 400 aircraft

New Delhi: Air India has finalized the agreement with US-based engine manufacturer CFM International for engines for 400 aircraft, the engine maker said on Thursday. CFM's LEAP engines will power the Tata Group-backed airline's new fleet of 210 Airbus A320neo/A321neos and 190 Boeing 737 MAX family aircraft. The deal was first announced in February. The two companies have also signed a multi-year services agreement that will cover the airline’s entire fleet of LEAP engines.

20.07 / 12:31

UPS Provident Airlines Assurant SPY country Power Talks on trade, power, China on the cards as Sri Lanka president visits India

New Delhi: India and Sri Lanka are expected to discuss economic connectivity and China during the visit of president Ranil Wickremesinghe, who arrives in New Delhi today. This is Wickremesinghe’s first visit to India since taking office after his predecessor, Gotabaya Rajapaksa, was swept from power after mass protests in 2022. The visit comes even as Sri Lanka continues to grapple with a protracted economic crisis.

20.07 / 08:59

Cooper country India, Germany to strengthen bilateral ties, increase investments: German Vice Chancellor

Robert Habeck on Thursday said India and Germany want to further strengthen bilateral cooperation and increase investments and collaboration among companies. He arrived on a three-day visit to India on Thursday. Talking to reporters on the sidelines of the Indo-German Business Forum in New Delhi, Habeck also said China is Germany's biggest trading partner and a lot of German and European companies have invested in that country.

20.07 / 08:11

Digital CEO Platform country Deaths Unsafe food causes 600 million infections & 4.2 lakhs deaths every year: FSSAI CEO

New Delhi: Unsafe food is the reason behind a staggering 600 million infections and 4.2 lakh deaths every year, G Kamala Vardhana Rao, chief executive, Food Safety and Standards Authority of India (FSSAI) said on Thursday at the first Global Food Regulators Summit 2023. The summit aims to create a global platform of food regulators to exchange perspectives on strengthening food safety systems and regulatory framework across the food value chain.

20.07 / 02:49

Citi Art awards love Celebrity The Leela Palaces, Hotels and Resorts voted among the top 3 world's best hotel brands, thrice over

Leela Palaces, Hotels and Resorts has once again been recognized among the top 3 World's Best Hotel Brands by the readers of Travel+Leisure USA. Voted the World's #1 Hotel brand in 2020 and 2021, the brand has once again won top accolades, ranking #3 in the Top Hotel Brand in Travel+Leisure World's Best Awards Survey 2023.The Leela Palace Udaipur has also been featured in the 100 Best Hotels in the World and in the 5 Favourite Resorts in India while The Leela Palace New Delhi has been included in the 3 Best City Hotels in India and the 15 Best City Hotels in Asia.

20.07 / 01:09

MET Aware Manufacturing Apple HON Foxconn unit looks to build facility in Tamil Nadu by next year

Foxconn unit, which sells components to the likes of Apple and Lenovo to garner about a third of the Taiwanese contract manufacturer's aggregate revenue, is looking to build an operational facility in Tamil Nadu by next year, multiple people aware of the discussions told ET. Foxconn's parent company Hon Hai Technology already has large existing facilities in Tamil Nadu and is looking to further ramp up these sites. For instance, it manufactures iPhones for Apple exclusively in a facility in Sriperumbudur near Chennai.

19.07 / 19:43

UPS Manufacturing Intel Micron stage electronic ‘Announcements on chip fabs soon’

NEW DELHI : India will soon announce a 40 nanometre (nm) semiconductor fabrication unit and multiple compound fab proposals under the modified semiconductor investment scheme, minister of state for electronics and IT Rajeev Chandrasekhar said. “We will certainly have, very soon, an announcement of a 40nm silicon fab. We will also have multiple compound fab proposals," Chandrasekhar said in an interview.

19.07 / 19:43

UPS Provident Cooper Aviat Aware Manufacturing Airlines Leases Go First may have to sign new leases before relaunch

NEW DELHI : Go First must sign fresh lease agreements for 30-35 aircraft since lessors have already terminated the previous ones following its insolvency filing, two people aware of the development said, delaying the low-fare airline’s plans for a quick return to skies. “While the airline is making active efforts to relaunch flight operations, it will need to re-enter into fresh lease agreements or get the termination revoked by the lessors in case it wants to operate these 30-35 aircraft whose lease agreements were terminated around the time the airline filed for insolvency," one of the two people said. Go First filed for insolvency on 2 May and suspended operations with effect from 3 May, leaving a void of 6.8% in the domestic civil aviation market.

19.07 / 19:43

UPS Maxim Manufacturing Mobile country Tata Sons to set up £4 bn battery factory in UK

NEW DELHI : Tata Sons on Wednesday said it would invest £4 billion ($5.16 billion) to establish a new 40GW battery cell gigafactory in the UK. The cells will be utilized to supply to group companies Tata Motors and Jaguar Land Rover for their electric vehicles, as well as cater to renewable energy storage solutions for customers in Europe and the UK, the company said in a press release. “JLR and Tata Motors will be anchor customers, with supplies commencing from 2026", it said.

19.07 / 19:43

BLOCK Aware DCGI DCGI warns doctors, patients to stop using pholcodine containing cough syrups citing safety concerns

New Delhi: The Drugs Controller General of India (DCGI) Rajeev Raghuvanshi has issued advisory for doctors, medical professionals and patients using pholcodine containing cough syrups and cold remedies by recommending them stop using such cough syrups after World Health Organsiation (WHO) alerted about the safety concern in cough syrups. WHO has warned healthcare professionals and regulatory authorities of the risk of anaphylactic reactions in the people who have taken pholcodine containing cough syrups and cold remedies atleast 12 months prior to surgical procedures involving the administration of general anesthesia with neuromuscular blocking agents (NMBAS).

19.07 / 19:43

Target Aware Manufacturing country New stainless steel policy to target 5X jump in capacity

NEW DELHI : The Union steel ministry has started industry consultations to frame India’s first stainless steel policy, an official aware of the matter said. The policy will aim to raise domestic capacity by nearly fivefold by 2047, from the current 6.6 million tonnes (mt) to 30 mt. A key objective of the policy is to reduce dependence on China for nickel, silicon and chromium, which are used to make stainless steel.

19.07 / 19:41

BLOCK Assurant Apple country WTO US at WTO: India allows GM cotton, mustard at home but blocks imports

New Delhi mandates a non-GMO and GM-free status certificate from exporting countries for 24 food products, including apples, wheat, rice, tomato and potato. In a submission to the WTO on Tuesday, it asked India to revoke the measure.

19.07 / 18:13

UPS Provident Digital Booking Cabinet nod for press, mediation bills

New Delhi: The Union cabinet on Wednesday approved two key bills to be introduced in the monsoon session of Parliament, for which a heavy legislative agenda of 30 bills has been drawn up. Though a short one, the monsoon session is likely to be a significant one given the bills that are listed for discussions. The Union cabinet cleared both the Press and Registration of Periodicals Bill, 2023 and the Mediation Bill, 2021, which has now been reworked to incorporate suggestions from a Parliamentary panel, said two persons informed about the development.

19.07 / 18:13

Extreme Strategy Mobile MDBs should partner private cos for development: Report

New Delhi: Development banks should change their approach in order to bring the private sector into the centre of efforts to mobilise finance for sustainable development strategies, according to the independent panel that advise G20 nations on improving the balance sheets of multilateral institutions. In the report titled ‘Strengthening multilateral development banks-the triple agenda’ presented to G20 finance ministers and central bank governors, the nine-member committee argued that development banks should engage with the private sector in a new way, including by co-creating investment opportunities and programmes.

19.07 / 17:47

Waters Extreme BEAS Indus stage cover Flooded paddy fields in Punjab, Haryana to depress crop yields

New Delhi: Paddy farmers in Punjab and Haryana are in distress as 60% of their cultivated land is under water after the extremely heavy rainfall between 7 July and 10 July. This may hit yields significantly resulting in lower crop production if the paddy fields are not affected further. Punjab and Haryana have witnessed rainfall in large excess of 96% and 91% above the long period average (LPA), respectively during 1 June to 12 July.

19.07 / 17:41

COST Citi Provident Digital Strategy Enterprise country Centre ‘Doubling data centre capacity’

New Delhi/Bengaluru NTT Ltd, which merged its data centre and information technology (IT) services divisions last October, is bullish on India, having announced a five-year, $2.5 billion investment in January to build data centres in Maharashtra. In a recent interview, Abhijit Dubey, global chief executive NTT, and NTT India CEO, Avinash Joshi, shared the company’s roadmap while explaining why India is NTT’s largest employee base outside its home turf of Japan, and how artificial intelligence (AI) will influence demand for data centres, among other things. Edited excerpts: What is the extent of operations for NTT in India? Dubey: We have about 40,000 employees in India, and it’s the largest outside NTT’s home base in Japan.

19.07 / 16:45

COST Manufacturing performer Cautious outlook for specialty chemical manufacturers

NEW DELHI : Multiple specialty chemical manufacturers are staring at weak prospects in the near term, led by weak global demand and destocking of inventory. Declining chemical prices and increased competition from China post opening of the Chinese economy are putting pressure on their margins. The only solace for now comes from some decline in raw material prices.

19.07 / 16:45

UPS Booking NIFTY SENSEX performer Markets hit new record, Sensex closes above 67,000 mark

NEW DELHI : Indian stock markets continued their rally for the fifth straight session as benchmark indices marked fresh record highs on Wednesday. The Sensex breached the 67000-mark and Nifty crossed the 19800 level. Sensex scaled a record high of 67171.38, before closing at 67097.44, up 0.45%.

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