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Car dealers in India are estimated to end the current month with a four-year high stock as automakers resorted to pumping up inventory in anticipation of a good festive season, driven by pricier SUVs. They are estimated to end the current month with stocks of 310,000-325,000 units worth ₹24,000-26,000 crore, equivalent to 8-9% of annual sales of a car company, as per industry estimates. The expected inventory is a 7.6% jump from September 2019 levels when car inventory had reached around 300,000 units. The sales push also comes as companies seek to make the most of the new model launches and an eased availability of semiconductors.

By Safiyah Riddle

NEW DELHI : Electricity usage that began rising in July touched record levels of demand in August as rains waned, driving stocks of power companies to new highs. As demand surged, power shortage also shot up. According to data from the Grid Controller of India, the country saw a record peak shortage of 9.11 gigawatts (GW)—or over 4% of the peak demand—on 21 August, when peak demand was 226GW.

Bank of Montreal reported record revenue in its Canadian banking businesses during its fiscal third quarter, but the gains were offset by rising expenses and greater provisions for credit losses that pushed adjusted earnings lower.

New Delhi: As the monsoon trough continues to run along the foothills of the Himalayas, the India Meteorological Department (IMD) has predicted heavy rainfall over Northeast India and the extreme Southern Peninsular region. However, this may not make a significant improvement as far as rainfall distribution is concerned, meteorologists said.

MEXICO CITY (Reuters) — Mexico's economy grew 0.8% in the second quarter from the previous three-month period, national statistics agency INEGI said on Tuesday, slightly below its preliminary estimate and prompting analysts to warn of a slowdown.

Goldman Sachs Group Inc. agreed to pay $5.5 million to settle a US regulator's allegations that it failed to fully record and retain thousands of phone calls. The Commodity Futures Trading Commission alleged on Tuesday that two separate outside systems the Wall Street giant relied on to record some audio conversations, as required by the the regulator, sometimes failed during 2020.

China's state banks are throwing nearly all they have at seeking to boost consumer spending, directed by policymakers who are digging deeper into their toolkit to shore up growth in the world's second-largest economy. As soon as Tuesday, China may announce that the big state-owned banks are cutting rates on the majority of the nation's 38.6 trillion yuan ($5.3 trillion) of existing mortgages, according to people familiar with the matter. The reductions will only affect loans on first homes, according to two of the people. At the same time, lenders such as Industrial & Commercial Bank of China Ltd.

UBS Group investors are bracing for plenty of superlatives and drama as the Swiss lender prepares to unveil the first quarterly results since taking over Credit Suisse in an unprecedented government-led rescue.

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NEW DELHI : The ministry of heavy industries (MHI) may combine the standards required for the FAME-II and production-linked incentive (PLI) scheme for advanced automotive technologies as it weighs the contours of the next phase of its plan to push manufacturing of hybrid and electric vehicles, a senior government official said on Tuesday. The move is seen as a way to streamline processes for auto and auto parts makers who currently have to obtain separate certifications from government-affiliated testing agencies in order to qualify for incentives under FAME-II and the PLI for auto, Kamran Rizvi, secretary, MHI said. The government schemes as they currently stand, including Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME), make for cumbersome form-filling for manufacturers.

(Reuters) — Goldman Sachs will pay a $5.5 million civil penalty to settle alleged recording-keeping violations and for violating a prior order, the U.S. Commodity Futures Trading Commission (CFTC) said on Tuesday.

Digital Economy Working Group and Global Partnership for Financial Inclusion—there is now almost universal alignment on the importance of DPI and the many ways in which it can be used. India’s diplomatic success in raising a buzz on a topic that the rest of the world had heard little of until recently has surprised many. Not only does India not have a track record of demonstrating such leadership at global fora, it has, to the contrary, remained non-committal on issues one might have expected it to take a firm stand on.

Investing.com — U.S. job openings dropped to their lowest level in more than two years in July, but remain relatively elevated, potentially prompting Federal Reserve officials to keep interest rates higher for longer to help loosen a tight labor market.

Delhi Metro Rail Corporation (DMRC) Tuesday announced that Delhi Metro will be running around 106 extra train trips on its corridors to facilitate passengers on the festival of Raksha Bandhan on Wednesday, August 30, 2023. DMRC also said additional standby trains will also be kept for induction into services to clear the rush, if required.

IPO listing date has been fixed for tomorrow i.e. Wednesday, August 30 on NSE SME. Crop Life Science IPO subscription opened on Friday, August 18, and closed on Tuesday, August 22.

driest August since 1901 which, senior meteorologists say, is a clear result of intensifying El Nino conditions. Also, the monsoon this year may end up being the driest since 2015, which recorded a rainfall deficit of 13 per cent, they said. With a 32 per cent precipitation deficit in August so far and the prediction of only subdued rainfall activity over a large part of the country in the next three days, India is on track to record the driest August since 1901, an India Meteorological Department (IMD) official said, requesting anonymity. August receives 254.9 mm of rainfall, accounting for around 30 per cent of the precipitation during the monsoon season. India recorded a rainfall deficit of 25 per cent in August 2005, 24.6 per cent in 1965; 24.4 per cent in 1920; 24.1 per cent in 2009 and 24 per cent deficit in 1913, according to the IMD data. IMD chief Mrutyunjay Mohapatra said the primary reason for below-normal rainfall in August was El Nino — the warming of waters in the Pacific Ocean near South America — besides the «unfavourable phase of the Madden Julian Oscillation (MJO) which is known to reduce convection in the Bay of Bengal and the Arabian Sea». El Nino is generally associated with the weakening monsoon winds and dry weather in India. The MJO is a large-scale intraseasonal atmospheric disturbance originating in tropical Africa and travelling eastwards.

IPO listing date has been fixed for tomorrow i.e. Wednesday, August 30 on BSE SME. Bondada Engineering IPO opened for subscription on Friday, August 18, and closed on Tuesday, August 22.

OpenAI announced the launch of ChatGPT Enterprise, a business-oriented iteration of its widely acclaimed artificial intelligence system. This move comes as ChatGPT has faced a decrease in user engagement nine months after its groundbreaking introduction. OpenAI's latest offering, ChatGPT Enterprise, will provide business users with an upgraded version of the chatbot, featuring robust security and privacy enhancements, building upon the lessons learned from its previous versions, as detailed in their recent blog post.

(Reuters) -3M said on Tuesday it had agreed to pay $6 billion to settle nearly 260,000 lawsuits accusing it of selling defective combat earplugs that caused hearing loss in hundreds of thousands of current and former U.S. military service members.