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Global Fintech Fest 2023: Union Finance Minister Nirmala Sitharaman said on Tuesday that India’s financial ecosystem has made a giant stride. Delivering the inaugural address of Global Fintech Fest 2023 in Mumbai, FM said, “There was a time when conventional financial activities were the backbone of the financial ecosystem but today Fintech has become a more robust and dynamic financial inclusion tool." 

A record selloff in Chinese stocks by global funds has pushed their positioning to the lowest since October, with money managers unswayed by the stimulus measures that have been coming through over the past few weeks. 

Olympic gold medalist Adam Peaty, 28, and fellow Team GB swimmer Luke Greenbank, 25, has come to light. The incident reportedly ensued after Peaty allegedly made a provocative comment about Greenbank's partner and then slapped Greenbank on the backside. The tense clash occurred during a British Swimming training camp.

US Open 2023. Novak Djokovic vs Taylor Fritz men's singles quarter-final match will be played at Arthur Ashe Stadium after 12 pm (local time) on Tuesday, September 5. Djokovic, who has won three of his men's record 23 Grand Slam titles at Flushing Meadows, defeated qualifier Borna Gojo 6-2, 7-5, 6-4 to reach the US Open quarterfinals. Fritz eased past Swiss qualifier Dominic Stricker 7-6(2) 6-4 6-4 on Sunday to secure his place in the last eight in New York, where the 25-year-old is bidding to become the first American man to win a Grand Slam singles title in two decades.

macroeconomic data. Mid-caps and small-caps outperformed the blue-chips setting new highs. The 30-share BSE Sensex ended higher by 152.12 points or 0.23% 65,780.26 level while the Nifty also closed at 19,574.90 level, up 46.10 points or 0.24%.

Australia Post is seeking a 25 per cent increase in the price of basic stamps to $1.50 but unions, the electoral council and former chief executive Christine Holgate suggest it is part of a calculated plot to kill off letters.

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Taiwan’s government is racing to counter China, buying nearly $19 billion in military equipment from the United States, and extending military conscription for men to a year starting in 2024

“Indian services companies achieved a remarkable milestone in August, as they welcomed a series record surge in new export business. Several regions contributed to the upturn, including Asia Pacific, Europe, North America and the Middle East,” said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence. The seasonally adjusted S&P Global India Services PMI Business Activity Index also recorded a consecutive 25-month of expansion in new business, as advertising and robust demand kept the index above the 50-mark. A value of above 50 denotes expansion. “Demand strength also fostered a heightened sense of optimism regarding the outlook, boding well for economic growth prospects,” De Lima said. Strong services growth and capital spending pushed India’s GDP growth to a four-quarter high of 7.8% for the first quarter of FY24, according to data released last week. Financial, real estate & professional services grew in double digits at 12.2% in Q1, whereas trade hotels, transport, communication and services related to broadcasting expanded 9.2%. Among the four sub-sectors of PMI services index, finance & insurance led growth of both total new business and output in August. The employment situation was better, as the rate of job increase was fastest since November. On the inflation front, output inflation rose at the joint quickest pace in nearly six years. “Anecdotal evidence indicated that robust demand conditions facilitated the passing on of cost increases to clients,” the report indicated.

Stock market today: Vishnu Prakash shares listed on Indian stock market exchanges at a robust premium during special pre-open session on Tuesday. Vishnu Prakash share price opened on BSE at ₹163.30 apiece levels whereas it opened on NSE at ₹165 per share levels.

Paytm on Tuesday announced its business operating performance metrics for quarter to date (July-August period). The fintech giant continues to solidify its leadership of payment monetisation with 87 lakh devices deployed.

New vehicle sales in August climbed by 15.4 per cent compared with a year ago to set a record for the month as buyers shrugged off cost-of-living pressures and supply logjams eased.

India's overall auto sales in August registered an annual growth of 9 per cent, marginally lower than previously reported figures, said the Federation of Automobile Dealers Association (FADA) on Tuesday. The uptick was consistent across multiple vehicle categories, with 2W seeing a 6 per cent increase, PV at 6.5 per cent, Trac rising 14 per cent, and CV up by 3 per cent. Sequentially, the industry saw a 3 per cent growth in total auto retail sales, although the tractor segment experienced a substantial 19 per cent contraction. The three-wheeler (3W) sales jumped 66 per cent on an annual basis in August, setting a consecutive all-time high retail records in the month.The 3W sales for August peaked at 99,907 units, marking a 6 per cent month-over-month growth. «In the PV arena, improved vehicle supply, bolstered by expanded customer schemes, has maintained positive market dynamics. Despite such advances, supply chain bottlenecks persist, particularly in timely deliveries.

Growth in India's dominant services industry lost some steam in August but overall conditions remained strong despite elevated inflationary pressures, according to a business survey that showed exports were at a record high on robust foreign demand. Tuesday's findings, coupled with a sister survey on Friday which found factory growth expanded at its fastest pace in three months, suggest Asia's third-largest economy will be the fastest-growing major country despite slowing global growth. The S&P Global India services Purchasing Managers' Index fell to 60.1 in August from 62.3 in July, lower than the Reuters poll expectation of 61.0. Still, the reading was above the 50-mark separating growth from contraction for a 25th consecutive month — the longest stretch since August 2011. «This spike in international demand supported one of the best sales performances recorded over the past 13 years, and acted as a catalyst for firms to expand their workforces as well as output,» noted Pollyanna De Lima, economics associate director at S&P Global. «Demand strength also fostered a heightened sense of optimism regarding the outlook, boding well for economic growth prospects.» A sub-index monitoring overall demand slowed slightly in August compared to the previous month.

InterGlobe Aviation: IndiGo Airlines board of directors have approved an additional purchase of 10 A320 NEO family aircraft from French aircraft maker Airbus. The order for ten more aircraft adds to the already placed order for 300 aircraft, as per the company filing. IndiGo in 2019 had placed a record order of over 300 Airbus A320 NEO family aircraft worth around $33 billion at notional catalogue prices with France's Airbus.

UNO Minda, a prominent player in the auto component space, has witnessed a breakout from a bullish Pennant formation on the monthly Heikin Ashi charts, which has opened room for the stock to head towards 700 levels, suggested experts.The stock hit a fresh record high of Rs 660 on 17 August 2023 but failed to hold on to the momentum.

Los Angeles Dodgers pitcher Julio Urias was arrested on suspicion of felony domestic violence. He was booked and later released on a personal bond of $50,000. He pitched last time against the Braves on Friday. He will appear in court on September 27, in the last week of the MLB regular season.

Uday Kotak’s successor as chief executive of the bank he founded could be quicker than otherwise — at least in theory — since the due diligence on ‘fit and proper’ criterion for both internal candidates isn’t expected to be unusually lengthy. Kotak Mahindra Bank’s nomination and remuneration committee has offered the Reserve Bank of India (RBI) the names of two internal candidates — KVS Manian and Shanti Ekambaram — to succeed Asia’s richest banker at the corner office at India’s third-most valued private lender. The nominations are seen as a departure of sorts from recent trends wherein most lenders offered at least one external candidate as potential successors to outgoing chief executives.

Hong Kong experienced its hottest summer on record this year, with the city seeing «record-breaking» temperatures, the government said Monday, the latest region to experience the impact of a warming planet.Climate change has fuelled searing temperatures across the globe already this year, with India, Japan and Australia last week announcing recent temperature records toppled. In the semi-autonomous Chinese region of Hong Kong, officials declared on Monday that «together with the exceptionally hot weather in June and July, Hong Kong experienced the hottest summer on record from June to August 2023». The city recorded a monthly mean temperature of 29.7 degrees Celsius (85 degrees Fahrenheit) last month, the hottest August on record, according to the Hong Kong Observatory. This year also saw the third-hottest July and fourth-hottest June since records began in 1884. The top three warmest years in Hong Kong's history were all recorded after 2018. August was also «much drier than usual with a total rainfall of 5.5 inches,» the Observatory added.

climate change, it coincided with the spread of uncommon diseases as well. Health experts in the US have warned of the health consequences of not addressing climate change. Malaria, a disease of tropical regions and other warmer areas was detected in Texas and Florida. These are also the states that have registered record temperatures, as per reports.

Coal stocks at power plants fell by over 6 million tonnes since July end as peak power demand rose exponentially through August amid deficient rainfall and sultry weather. Coal stocks at power plants stood at 28.9 million tonnes as on Friday against 35.2 million tonnes on July 31, as per data from the national power portal. «There are concerns with regards to the current level of coal stocks, but it is not an alarming situation,» a government official told ET. The government on Friday asked power generation companies to import 4% of their coal requirement till March 2024.