County Summit Financial News

G20 Summit in Delhi was the committment to build a rail-and-port network that will connect India to the Middle-East and the Middle-East to Europe and the US. It has been named the India-Middle East-Europe Economic Corridor (IMEC).

Coinbase is set to discontinue its operations in India, the firm has informed some customers through email. According to a TechCrunch report, the crypto exchange has now warned customers in India that the Coinbase crypto exchange is about to discontinue its operations in India, and users will be able to use the app only till September 25. “Please note that you will be able to access Coinbase.com or Coinbase app until September 25, 2023, and should withdraw funds held in your account by such date,” the email said, as cited by the TechCrunch report. Coinbase has also disabled users in India from signing up to its exchange, and asking them to download Coinbase Wallet, the report said on Monday.

Indian Railway Finance Corporation’s market capitalization cross the Rs 1 lakh crore-mark for the first time ever since the company went public in 2021. Shares of the company were locked in the 10% upper circuit on Monday at Rs 84.80 on the National Stock Exchange. At the lifetime high of Rs 84.80, the stock more than trebled in value from its issue price of Rs 26. Year-to-date, the stock has risen a whopping 158%. The government’s increasing focus on boosting infrastructure spending in the country has played a major role in lifting railway and rail-related stocks on Dalal Street. In the Union Budget for 2023-24 (April-March), the government announced an outlay of Rs 2.40 lakh crore for Indian Railways, which is the highest capital outlay for railways and is 9x over FY14 allocation. The ongoing G20 Summit was nothing less than a shot in the arm as the government announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe on the sidelines of the Summit in New Delhi over the weekend. The announcement of a new corridor will lead to a comprehensive rail and shipping connectivity network linking US, India, Saudi Arabia and Gulf and Arab states, and European Union. The plan aims to integrate railway routes and port linkages, spanning from India to Europe, traversing through the United Arab Emirates, Saudi Arabia, Jordan, and Israel. Not only IRFC, but all other rail-related stocks danced on Dalal Street on the back of this news. Shares of Rail Vikas Nigam rallied more than 9% while Titagarh Wagons rose 5%.

The Hindustan Times, this development coincided with Prime Minister Narendra Modi expressing India's deep apprehensions regarding the ongoing anti-India activities involving extremist factions in Canada to Canadian Prime Minister Justin Trudeau on the same day. The voting occurred at the Guru Nanak Sikh Gurdwara in Surrey, the very gurdwara that was previously led by Hardeep Singh Nijjar, the prominent figure of SFJ in the province.

G20 summit gave another reason for multibagger railway stocks to fly off the charts and rally up to 15%. PSU rail stock IRCON International, which has already doubled investors' wealth in the last 6 months, rallied up to 15% on Monday to hit a fresh 52-week high at Rs 154.65.IRFC shares zoomed 10% to hit the upper circuit limit at a fresh high of Rs 84.76.

Brazil's leader withdrew on Monday his personal assurance that Russia President Vladimir Putin would not be arrested if he attends next year's G20 summit in Rio de Janeiro, saying it would be up to the judiciary to decide. Putin missed this year's gathering in the Indian capital New Delhi, avoiding possible political opprobrium and any risk of criminal detention under an International Criminal Court (ICC) warrant. Brazil is an ICC member but President Luiz Inacio Lula da Silva raised eyebrows at the weekend when he told Indian news network Firstpost: «If I'm the president of Brazil and if he comes to Brazil, there's no way that he will be arrested.» He changed tack on Monday, telling reporters: «I don't know if Brazil's justice will detain him.

Lula da Silva on Monday said that Brazil will put the inequality issue as the core issue during the G20 Summit under its Presidency and said it was a huge challenge for Brazil to take over the G20 presidency. «We will put inequality at the top: inequality of gender, race, education, health, poverty and hunger. The world needs balance,» the Brazilian President said addressing a press conference today after the conclusion of the two-day long G20 Summit in New Delhi on Sunday. «I'm one of the founder member of G20,» said Lula da Silva pointing out that an important meeting like the G20 showed the importance of the multipolar world. Prime Minister Narendra Modi on September 10 handed over the ceremonial gavel to Lula, intiating the process of transition of the President's chair for the next round of the G20 to be held in Brazil. «I would like to congratulate India for organising the Summit exceptionally well.

da Silva, on Monday expressed his wish for the Russia-Ukraine war to conclude and for a return to normalcy when the next G20 Summit in Brazil begins. As reported by ANI, Lula said, “I do not know the reason why President Putin and Xi Jinping did not participate here but I will invite them and I hope that they will come to Brazil and participate in the Summit. I hope that when we open the Summit in Brazil, the war has ended and we are back to normal times." Luna further added, “I would like to congratulate India for organising the Summit exceptionally well.

China has lashed out at media reports alleging a man who was arrested on suspicion of espionage was gathering intelligence for Beijing, labelling the claim a «political farce».UK police said over the weekend that they had arrested a man in his twenties at his home in Edinburgh for spying, with the Sunday Times reporting he was a researcher in Britain's parliament. Officers from the Metropolitan Police Service arrested him, and another man in his thirties, in March on suspicion of offences under the Official Secrets Act and both have been bailed until October. The arrests led British Prime Minister Rishi Sunak to tell Chinese Premier Li Qiang at the G20 summit in New Delhi that he had «very strong concerns» about Beijing's «interference» in democracy. Asked about the media reports that the British pair were «arrested on suspicion of providing intelligence to China», a spokesperson for the Chinese embassy in London said it was «malicious slander». «The claim that China is suspected of 'stealing British intelligence' is completely fabricated and nothing but malicious slander,» the spokesperson said in a statement published late Sunday. «We firmly oppose it and urge relevant parties in the UK to stop their anti-China political manipulation and stop putting on such self-staged political farce.»

G20 Summit in Delhi on Friday. Speaking to ANI, Rishi Sunak said, "Both Modi Ji and I are keen to see a comprehensive and ambitious trade deal concluded between our two countries. Both of us think that there is a good deal to be done." The British premier stressed there was “still hard work to do" and said an agreement had to “work for both countries", as per Bloomberg reports, citing ANI. “I think there is an enormous opportunity for both India and the UK to strengthen our economic cooperation which will bring real benefits to our citizens in both countries," the UK PM added.

India’s Prime Minister Narendra Modi touted his country as well-placed to bridge gaps in the Group of 20 top economies and solve global problems

By Jamie McGeever

Prime Minister Justin Trudeau’s return to Canada from the G20 summit in India has been delayed by problems with his plane.

By Katya Golubkova, Michel Rose and Manoj Kumar

China came around to support the New Delhi declaration at the G20 summit in the backdrop of paragraph eight in the document that deals with the Ukraine situation differently than the Bali declaration. The Chinese were satisfied with the formulation on Ukraine and the Chinese premier Li Qiang, who addressed leaders, emphasised the need to make the bloc an economic forum rather than a political platform, which was later reflected in the New Delhi declaration, ET has learnt. «Concerning the war in Ukraine, while recalling the discussion in Bali, we reiterated our national positions and resolutions adopted at the UN Security Council and the UN General Assembly (resolution nos. ES-11/1 and ES-11/6) and underscored that all states must act in a manner consistent with the purposes and principles of the UN Charter in its entirety,» the New Delhi declaration said. The Bali declaration was more sharply worded against Russia with specific mention of voting patterns in the UNSC. The New Delhi declaration also reaffirmed that G20 is the premier forum for international economic cooperation.

Joe Biden on Sunday said he held «substantial discussions» with Prime Minister Narendra Modi on ways to strengthen the Indo-US partnership and thanked him for his leadership and hosting the G20 Summit in New Delhi. Biden told reporters here in the Vietnamese capital that he also raised the importance of respecting human rights with Prime Minister Modi. Biden, who arrived in New Delhi on his first visit to India as the US President, held wide-ranging talks with Modi and they vowed to «deepen and diversify» the bilateral major defence partnership while welcoming forward movement in India's procurement of 31 drones and joint development of jet engines. «I want to once again thank Prime Minister Modi for his leadership and his hospitality and hosting the G20.

India and Canada. On Sunday during a press conference Canadian Prime Minister Justin Trudeau said that Canada would defend the freedom to expression, and peaceful protest, the north American country's government would also push back any kind of hatred that was perpetrated. India's Prime Minister Narendra Modi met PM Trudeau to express his concern about continuing anti-India activities of extremist elements in Canada as they are promoting secessionism and inciting violence against Indian diplomats and threatening the Indian community in Canada.

G20 Summit: The plane of Canadian Prime Minister Justin Trudeau has suffered from some technical snag and the delegation of Canada which was scheduled to return on Sunday will stay back in India till the engineering team on the ground rectifies the issue, the officials from the airport told news agency ANI. Justin Trudeau landed in New Delhi on Friday for the G20 Summit and he was received Union Minister Rajeev Chandrasekhar. The G20 Summit under India's presidency concluded successfully on Sunday.

ekla chalo re (walk alone) policy. On 26 September 1999, the G20 was founded with this goal in mind. The world then was reeling from the Asian financial crisis.

Joe Biden insisted Sunday he does not want to «contain» China, as the two powers face deepening divisions on trade, security and rights. Biden said he had met Chinese Premier Li Qiang at the G20 summit in New Delhi — a meeting the White House had not announced — and discussed «stability». The president revealed the encounter in Hanoi, where earlier in the day he agreed a deal to deepen ties with Vietnam as Washington looks to bolster its network of allies around Asia and the Pacific in the face of Beijing's rising influence. Washington and Beijing are at loggerheads on a range of global issues, and Biden accused China of seeking to bend the international order to its will. «One of the things that is going on now is China is beginning to change some of the rules of the game, in terms of trade and other issues,» Biden told a news conference. Washington has invested heavily in building alliances as part of its Indo-Pacific strategy, including the Quad security dialogue with India, Australia and Japan, and the AUKUS pact with Britain and Australia. But he insisted the United States is not seeking to box China in, but rather to establish clear ground rules for relations. «I don't want to contain China.

Black Sea grain deal that excludes Russia will not be sustainable. «A process for the grain issue that excludes Russia is unlikely to be sustainable,» Erdogan said at a press meet after the G-20 summit in India. This July, Moscow suspended its participation in the Black Sea grain deal, brokered by Türkiye and the UN, to resume grain exports from three Ukrainian Black Sea ports that were paused after the Ukraine war in February 2022. Moscow has complained that the West failed to meet its obligations on Russian grain exports and that not enough Ukrainian grain was going to countries in need. It says restrictions on payments, logistics, and insurance have stood in the way of its shipments. Türkiye says the deal should be resumed by addressing deficiencies, and there is no alternative as other proposals have failed to offer a «sustainable, secure and lasting» model. «We are making intense efforts to end the Russia-Ukraine war, which has cost hundreds of thousands of lives.