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Piyush Goyal on Friday said he has invited the steel industry to discuss about the «unfair» competition that some of them are facing to take appropriate steps with a view to promote the sector's growth. Certain steel industry players have raised concerns over rising imports from China at lower rates. «I have invited the steel industry...to understand the unfair competition that some of them are facing and take appropriate measures so that the steel industry remains vibrant, continues to grow and adds jobs to the Indian economy,» Goyal told reporters here. On September 5, he mooted the idea of introducing a border adjustment tax to protect the domestic players by providing a level-playing field against increasing imports.

shares slipped for a fifth straight session on Friday as caution prevailed ahead of the crucial U.S. jobs data, the last such labour market report before the Federal Reserve's monetary policy decision on Sept. 18. The pan-European STOXX 600 index fell 0.4% by 0711 GMT. The index has dropped 3% so far this week, set to snap its four-week winning streak.

upcoming interest rate cut by the US Federal Reserve has been a key talking point in the Indian stock market over the past few weeks. While discussions around Fed rate cuts have been recurring for over a year, it appears that the much-anticipated shift is finally on the horizon. The US Fed is poised to initiate its rate-cutting cycle, with the first reduction expected on 18 September, coinciding with the next Fed meeting.

Markets Today asked our Instagram followers what they wanted to know. The questions ranged from how to gauge the outlook for the economy and currencies, to trends in stock trading and how to approach a company earnings report. Here — in a lightly edited transcript — are our answers. What are the risks of a recession? As luck would have it, Bloomberg tracks the aggregate view of economists on this very question, so we can see what the current view is, and how that has changed over time.

Data from the Institute for Supply Management (ISM) revealed that U.S. manufacturing remained subdued in August, signaling ongoing weakness in the sector.

Bengaluru, relocated to Luxembourg in 2020. The decision came after considering various factors, including bigger salaries in India or other countries like the US and Dubai. Their move was driven by the desire for a higher quality of life, even though it meant leaving behind potential financial gains. Prateek, a senior analyst at Amazon, and Neha, a finance manager for a German real estate company, admitted that staying in India or moving to other countries could have resulted in higher earnings. «Continuing in India or moving to the US would have given us more career and earning opportunities. But we wanted to taste the superior quality of life, which Europe offers,» Prateek explained to Live Mint.

capital gains in the total personal income of individual investors is expected to jump to 12-15% in FY24, according to Jefferies estimates. The brokerage has premised its findings on a four-to-five-fold increase in the number of individuals reporting short- and long-term capital gains in the period between FY19 and FY23. Jefferies’ head of India research Mahesh Nandurkar, in the latest Greed & Fear report, puts forth his analysis on the personal income tax data, highlighting the jump in capital gains from 4% in FY19 to 11% in FY22 while pegging the the capital gains share at 12-15% in FY24E.

International Solar Festival 2024 features a futuristic solar city in which the sun powers everything. It also has virtual-reality devices depicting solar parks and agriculture solar, and a solar smash game that gives visitors on an experiential journey of transition from fossil fuel-based power to clean and renewable solar energy, reported TOI. The first edition of the two-day event is being hosted by New Delhi’s Bharat Mandapam. The festival displays innovation in the solar sector that can drive a greener future. Among the displays is a virtual flipbook, which educates people about successful case studies from around the world. It also includes Modhera village, which is India's first solar-powered village. Further, it depicts how solar water purifiers installed in water kiosks, hospitals, schools and residences enabled safe drinking water in Tanzania.

Fed Chief Jerome Powell unambiguously stated at the Jackson Hole Economic Symposium that “the time has come for policy to adjust.” Clearly, barring unforeseen circumstances, the rate-cutting cycle in the US will start in September. Powell’s comment, “the upside risk to inflation has diminished and the downside risk to unemployment has increased,” is, without any doubt, a more dovish message than the markets had expected.

internet censorship evasion tools. The tools, supported by the U.S.-backed Open Technology Fund (OTF), have seen a surge of usage in Russia, Iran, Myanmar and authoritarian states that heavily censor the internet. OTF's pitch to tech companies at the meeting was to help offer discounted or subsidized server bandwidth to meet the fast-growing demand for virtual private network (VPN) applications that OTF funds, the organisation's president, Laura Cunningham, told Reuters.

The Indian stock markets felt a jolt after the US markets fell overnight due to recession concerns. The Asian indices were also trading lower, following the overnight fall of US markets. Wall Street fell as investors are concerned over the US economy’s outlook ahead of Friday’s labor report. 

Tamil Nadu Chief Minister MK Stalin on Friday said that the state has secured MOUs (memorandum of understanding), worth Rs 850 crores with US-based companies Lincoln Electric, Vishay Precision, and Visteon. In a post on the social media platform «X», the Tamil Nadu CM said, «In the land of opportunities, every new dawn ignites fresh hopes. We've secured MoUs worth Rs850 crores with Lincoln Electric, Vishay Precision, and Visteon, bringing us one step closer to realising our vision. Through relentless effort and determination, we continue to turn our dreams into reality.» On Thursday, Tamil Nadu secured a Rs 2000 crore Memorandum of Understanding (MoU) with Trilliant to establish a manufacturing unit as well as create their Development and Global Support Centre in the state.

Sabalenka reached a second successive US Open final on Thursday when she defeated a battling Emma Navarro as well as a partisan crowd to move one win away from her third Grand Slam title. Double Australian Open champion Sabalenka triumphed over the 13th-seeded American 6-3, 7-6 (7/2) and will face either Jessica Pegula of the United States or the Czech Republic's Karolina Muchova in Saturday's final. Navarro, playing in her first semi-final at the majors, went down fighting, however, when she clawed her way back from 3-5 down in the second set to take her chances in a tiebreak.

«There is nothing which signals a slowdown. All leading indicators just say that it is just back to getting normal. The other point Federal Reserve has to keep in mind is, what is the runway they have? Look, they started from zero percent and which was anyway a very abnormal emergency measure,» says Anurag Singh, Managing Partner, Ansid Capital. At Jackson Hole, we heard the Fed chair, Jerome Powell, saying that the time has come for policy to adjust. The direction of travel is clear, he said, and the timing and pace of rate cuts is going to depend on incoming data. The evolving outlook, the balance of risks and he also said that it seems unlikely that the labour market is going to be a source of elevated inflationary pressures any time soon. We do not seek, he says, or welcome further cooling in the labour market conditions. But looking at the labour data now with some pockets in the market supporting this 25 basis point rate cut in September, November, and December, what is your sense of the size and pace of rate cuts that the Fed will go with? Anurag Singh: First of all, there is no panic in the economy anyways. So, there is no point, markets can behave and do what they do. But the economy overall is just getting back to normal. I mean, you see all the unemployment rate, quits rate, hiring rate, ratio of unemployed to jobs those kind of numbers are just about getting back to where they were in 2019 or 2020, just before the pandemic started.

Arvind Sanger, Founder & Managing Partner, Geosphere Capital Management, says India benefits from moderate crude prices, but it does not benefit when crude prices are showing weakness because there are concerns about global recession. So you should be careful what you wish for. You do not want crude to be crashing to a level that would suggest that global economies are in a concerted fashion going through a major slowdown. If crude stays moderate in the $70-80 range but does not meaningfully roll over, that would be probably the best outcome from an Indian standpoint.

silver December futures contracts were trading at Rs 85,005/kg, up by 0.06% or Rs 49. In the last 2 days, the prices of gold have gained Rs 500/10 gm while silver has gained Rs 1,440 per kilogram.

Asian shares are trading mixed ahead of a highly anticipated U.S. jobs report that’s expected to influence how the U.S. Federal Reserve will move on interest rates

US Presidential Election 2024: Presidential debates have a history of creating defining moments, both triumphant and disastrous, for candidates. These unscripted live television events can highlight a candidate's relatability or expose their lack of preparedness, with past debates featuring instances that swayed entire election campaigns. Will the upcoming debate between Vice President Kamala Harris and former President Donald Trump in Philadelphia on Tuesday follow this trend? «Being live television events, without a script, without any way of knowing how they are going to evolve — anything can happen,» said Alan Schroeder, author of «Presidential Debates: 50 years of High-Risk TV.» One of the most recent impactful moments came from the June debate in Atlanta between President Joe Biden and Trump, which might go down as one of the most consequential political face-offs in history. Biden, at 81 years old, began the debate with a series of stumbles, including misstating figures and seeming to lose his train of thought during his response on handling COVID-19.

Rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday amid a weaker dollar against major currencies overseas. An upward movement in the international crude oil prices, negative domestic equity markets and outflow of foreign capital capped gains in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the greenback. The domestic unit had settled 4 paise higher at 83.97 on Thursday.

Geoff Dennis, Independent Emerging Markets Commentator, says the Chinese economy is struggling, and there is no obvious reason why that growth rate is going to turn upward in the near term. Also, although the US economy is in reasonable shape and ought to avoid recession, the chances of an acceleration in growth in the US are relatively limited. So, he does not see a big surge in oil prices despite delay in output increase. What is your reading of OPEC Plus's decision to stall the hike in production by two months? This has had a knee-jerk reaction on crude oil prices, which were on a very slippery slope. But do you think the price rise will be sustained? Geoff Dennis: What is happening here is that they are forming the bottom end of a trading range. It was inevitable at some point that OPEC Plus would delay this output increase because there have been several factors pulling crude oil prices lower in the last few weeks, including worries about the US economy, worries about the Chinese economy, expectations that Libyan oil will come back on the market shortly – although that is not a big factor. Also, US inventories have been pretty strong.

YouTube said on Thursday it was terminating the Tenet Media channel and four channels operated by Tenet owner Lauren Chen, following an indictment from the U.S. Department of Justice. The Justice Department on Wednesday filed money-laundering charges against two employees of Russian state media network RT for what officials said was a scheme to hire an American company to produce online content to influence the 2024 presidential election. Justice Department officials said the two employees used shell companies and fake personas to pay $10 million to an unnamed Tennessee company to produce online videos aimed at amplifying political divisions in the United States.