Citi Financial News

Rio de Janeiro is currently in a major fix due to the increasing monkeypox cases in the city, which is now becoming a rising concern for health officials across the country. Thousands of cases have been detected till now and is increasing by the day. Local reports have claimed that a sum total of 3,800 reports of monkeypox virus transmission have been made with seven new confirmed cases in August, according to a DailyStar UK report.

Andhra Pradesh and Telangana have sounded a red alert and are preparing for any possible outbreak of water-borne diseases as unprecedented torrential rains have battered the states leading to widespread damage to roads, crops, homes and vital installations. The rainfall has broken records with officials citing pre-Independence rainfall figures to compare what the two states have received since August 30. Andhra Pradesh CM N Chandrababu Naidu and Telangana CM Revanth Reddy are travelling across districts overseeing the relief works. ET spoke to Andhra Pradesh chief secretary Neerabh Kumar Prasad and Telangana special chief secretary (disaster management) Arvind Kumar, who are spearheading relief measures in the two states to check the extent of damage and why the worst may not be over:

As they position themselves for a possible new domed stadium, the Cleveland Browns are renaming their current one

SoftBank-backed OfBusiness, an Indian shopping website that offers raw materials to businesses, is planning an Indian stock market offering worth up to $1 billion and is close to appointing bankers, a top executive told Reuters on Tuesday. The company is in active talks with Bank of America, Citi, JP Morgan and Morgan Stanley to manage the offer and plans to list on the Indian bourses in the second half of 2025, its Chief Financial Officer Bhavesh Keswani said. The initial public offering is expected to total between $750 million and $1 billion, with about $200 million in new shares and the rest shares offered by existing shareholders to new investors, Keswani said.

Ayodhya, which had witnessed the historic 'pran pratistha' of Lord Ram in January this year, is all set to host four-day Deepotsav celebrations beginning October 28, the first such event after the consecration ceremony. The Deepotsav celebrations will be held from October 28 to October 31, the UP government said in a statement. In a grand and spectacular display of devotion and festivity, more than 25 lakh diyas will illuminate various ghats, including Ram Ki Paidi and Naya Ghat. This year's Deepotsav in Ayodhya will be marked by modern lighting and artistic installations aimed at transforming the city into a visual glory. The celebrations will feature intelligent dynamic colour-changing LED panels and multimedia projections that will adorn not only the main venues but also various locations throughout Ayodhya.

Water-themed decor can be a bit kitschy, but for one of the sharpest legal minds with a brand-new address in posh Lutyens, it was a downright furnishing tragedy. One of Delhi’s recent downpours flooded the home, destroying furniture and art worth crores, leading to angry letters and furious calls to the guardians of the capital city, spurring immediate action. Tons of sludge had to be removed and blocked drains unclogged. Last heard, a high-powered committee has been set up to take stock of the fluid situation in this VVIP borough.

BEIJING — China's property struggles and U.S. sanctions have significantly affected some of its cities, even as others benefit from Beijing's tech push, Milken Institute's best performing cities China index showed Tuesday.

Aerospace (FWDA) on Tuesday announced the successful maiden flight of indigenous unmanned bomber aircraft, the FWD 200B. Classified as a Medium Altitude (15,000 feet) Long Endurance (MALE) Unmanned Aerial Vehicle (UAV), the FWD 200B is equipped with optical payloads for surveillance and missile-like weapons for air strikes and bombing, the FWDA Founder and CEO Suhas Tejaskanda told reporters here. «The aircraft's aerodynamics design, airframe, propulsion systems, controls systems, electronics are all made in India at FWDA's state-of-the-art manufacturing facility of 12,000 sq.ft built on 1.5 acre land, located at Electronic City, Bengaluru,» he said. FWD 200B features a wingspan of five metres and a length of 3.5 metres. It has a maximum take-off weight of 102 kg and a payload capacity of 30 kg, the company said.

international travel. A recent report by MakeMyTrip, covering the period from June 2023 to May 2024, highlights a significant rise in the number of Indians taking international trips, with a 32% growth in people going on two or more international journeys. Those taking three or more trips have grown by 37%, underscoring India's growing appetite for global travel.

Delhi Jal Board (DJB) has planned to employ the Water Corporation of Odisha (WATCO), a non-profit under the Odisha government, to address the problem of loss of drinking water during transmission, reported TOI. About 58 per cent of water is wasted in transmission in the city, much higher than the national average of around 20 per cent. WATCO has been able to address a similar problem by bringing the loss of water rate down to 15 per cent from 50 per cent, said officials.

Kalna Dhanu Parole, situated south of the Pir Panjal range, is a village difficult to access, with inconsistent or nonexistent cell and internet service, according to the report (Sanjay Khajuria). The residents, accustomed to uncertainty and wary of nightly door knocks, live in precarious conditions, especially following a deadly terrorist ambush near Badnota on July 8 that killed five soldiers of the 22 Garhwal Rifles. A resident from the village was arrested on suspicion of aiding Pakistani terrorists. This summer has been particularly deadly for the Jammu region, with 15 security personnel killed since May and a total of 52 such casualties since 2021. Civilians have also suffered from terrorist attacks, leaving deep scars on the community. In response, the administration has increased security efforts, deploying additional paramilitary forces across districts with heightened terrorist activity such as Rajouri, Poonch, Doda, Kathua, and Reasi.

Tech Mahindra, while Kotak Securities has an add rating on Kaynes Technology and has also initiated coverage on Aadhar Housing with a buy rating. Citi has a buy rating on 360 One.

Home prices in India are set to rise steadily over the next few years, driven by demand for luxury properties from cash-rich individuals, according to a Reuters poll of housing experts who forecast rent increases will outpace consumer inflation. While economic growth in Asia's third-largest economy is likely to outpace its major peers, policy experts warn the benefits are increasingly being funnelled to a select few, leaving millions of job-seekers, especially young people, out of the growth story. With a supply of affordable homes dwindling and those with cash cornering the property market, many aspiring first-time buyers are being forced to keep renting.

Jignanshu Gor, Group Analyst, Bernstein SocGen, believes that discretionary spending is waiting to grow at the bottom of the pyramid or in the middle of the pyramid and outside of metro cities. It is not just a metro story. It is a story of the affluent, in both urban and rural India. The recovery for the discretionary from a narrative perspective is going to happen in the next 12 to 18 months, which makes him confident of the prospects of this sector itself. At a time when people are looking at staples, talking about rural recovery, monsoon, election, and all of that, you have initiated coverage on urban discretionary stocks, which were well for the last couple of years. What makes you sanguine about retail, and restaurant over staples? Jignanshu Gor: If I look at how the discretionary spending in India is construed today, the coverage for the sector across retailers, and restaurants, including digital and offline, is restricted to the top 10% of the population. We think that as the increasingly affluent people, both in the top of the pyramid and the middle of the pyramid, are looking to express themselves, that is being expressed in eating out and buying trendier clothes.

Sanjay Singh, CEO and head of territory, BNP Paribas India, also confirmed the bank has recently received a ₹300-million capital infusion from its Paris-based parent group. The lender has carried out equity capital market deals worth $4.2 billion over the past year, and is noticing optimism among clients for the future pipeline. Edited excerpts from an interview with Bhaskar Dutta. ET has learnt that BNP Paribas India has received ₹300 million worth of additional capital over the past couple of months. What triggered the decision and what are the India plans for the bank?

IMD) has forecasted heavy to very heavy rainfall across several states, including Maharashtra, Gujarat, Andhra Pradesh, Telangana, Meghalaya, and Mizoram on Monday. These areas have already been experiencing severe flooding due to prior heavy rain. Additionally, Cyclone ASNA has weakened, bringing some relief to affected regions. The IMD announced the weakening of Cyclone ASNA in a post on X. «Deep Depression (Remnant of CS ASNA) over northwest Arabian Sea weakened into a depression & lay centered at 05.30 hrs IST of 2 Sep over the same region about 200km southeast of Ras Al Hadd (Oman). Likely to weaken gradually into a well-marked low-pressure area during next 6 hours,” the agency stated.

More than 10,000 workers at 25 U.S. hotels are on strike after choosing Labor Day weekend to amplify their demands for higher pay, fairer workloads and the reversal of COVID-era cuts

Calcutta High Court on Monday asked the West Bengal government to produce all documents related to the arrest of four persons in connection with the August 27 march to state secretariat Nabanna to protest the rape-murder of a doctor in R G Kar hospital. The court questioned the justification for their arrest and subsequent release 24 hours later, and enquired whether proper procedures were followed by police in detaining them. The state told the court that it was a preventive arrest on part of the Howrah city police, who anticipated that the persons might cause serious disturbances during the protest march to Nabanna under the banner of 'Paschim Banga Chhatra Samaj'. Justice Rajarshi Bharadwaj questioned what specific disturbances were anticipated and why the persons were released 24 hours ahead of the August 27 protest march.

Worries of being uprooted from their jobs have returned for Laura Dodson and other federal workers, who have long been the economic backbone of the nation’s capital and its suburbs

China’s property crisis has hit local governments hard, drying up a key source of income as land sales crumble. Fiscal reform plans have sparked hope relief is on the way, but economists see little progress. Cash-strapped and indebted, regional governments are seeking alternative revenue streams to compensate for falling land and tax income.

Wealth management in India is experiencing rapid expansion, becoming one of the fastest-growing sectors within the financial services industry. This growth is fuelled by the country's robust economic development and a rising number of ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs).