Citi Financial News

Up to two additional offshore wind projects are being proposed for the New Jersey coast, and the developers of a third project that already has preliminary approval want to re-bid its terms

food services sector is expected to be worth Rs 7.76 lakh crore by 2028 up from Rs 5.7 lakh crore currently, as per a new food services report released Tuesday by the National Restaurant Association of India (NRAI). As per the India Food Services Report 2024 released by NRAI, the growth of the sector at a CAGR of 8.1% over the next four years will beat the overall GDP growth estimates forecast by RBI. RBI estimates real GDP growth of India at 6.7% in 2024-2025 and 6.5% in 2025-2026. The size of the sector was Rs 4.23 lakh crore in 2019 as per the report and will grow to Rs 6.12 lakh crore in 2025. It is the third largest industry after retail and insurance and will employ about one crore people in the next four years, up from 85.5 lakh currently.

Marriott International sees India as a significant market for branded residences and plans to launch a dozen projects in the next few years, including a property in Gurugram that will be the biggest Westin Residences project in the world, a top executive said. The Gurugram property, with an investment of more than Rs 5,600 crore, will be developed in phases with local developer Whiteland Corporation and will encompass an area of 6 million square feet, Trinh Quynh Phuong, vice president of mixed-use development for Asia Pacific at Marriott International, told ET. «In terms of hotel development, our second biggest market in Asia Pacific is India, and that's why we want to grow the branded residences market here as well. We believe this is the right time to enter India, as every project launched by a reputable developer is seeing a very good absorption rate,» Phuong said.

Opposition BJP demanded a reply from Chief Minister Siddaramaiah on his wife accepting 14 expensive plots in an upscale locality in Mysuru in return for the Mysore Urban Development Authority (MUDA) taking over 3 acre 16 guntas of her land in a village on the city outskirts. Opposition leader R Ashoka, who led protests earlier in the day, accused the CM’s family of accepting pricey plots measuring 38,824 sq. ft in Mysuru, and sought to know from the CM if it was not an act of corruption. He also demanded an answer from the CM as to why his close friend, urban development minister Byrathi Suresh did not act on 15 letters written by the Mysuru deputy commissioner recommending cancellation of plots MUDA allotted to beneficiaries on a 50:50 ratio basis. He wondered how these plots came to be allotted without sanctions from the government. The CM, in a post on X, said he did not accept the MUDA plots when he was in power. The previous BJP regime formulated the land compensation scheme on a 50:50 ratio basis and allotted the plot in a lawful manner. What is wrong with this?, he said.

record number of around 28 Indian-origin members of Parliament have been elected to the House of Commons in the UK's general election as results were announced on Friday, with several Conservatives surviving an overall brutal outcome for their party. Outgoing prime minister Rishi Sunak leads the Tory charge of British Indians holding on to their seats, with a decisive win in his Richmond and Northallerton constituency in Yorkshire. It would have come as small consolation for the Tory leader, who saw his party haemorrhage over 200 seats as the Labour Party's landslide victory unfolded. «On this difficult night, I would like to express my gratitude to the people of the Richmond and Northallerton constituency for your continued support. Since I moved here a decade ago, you have made me and my family feel so at home and I look forward to serving you for years to come,» said Sunak, in a message clearly aimed at dismissing pre-election chatter around his future plans as a politician. Other prominent British Indian Tories holding on to their seats included former home secretaries, Suella Braverman and Priti Patel, as did Sunak's Goan-origin Cabinet ally Claire Coutinho.

Vodafone Idea's financial health is set to get a much-needed boost from latest tariff increases and easing competitive intensity with analysts predicting the debt-laden telecom operator's average revenue per user (ARPU) to rise to ₹171-180 by this fiscal-end, from ₹143 in April. Brokerage Citi Research projected rising revenues, operating income, capex, and narrowing losses for the telecom joint venture between India's Aditya Birla Group and UK's Vodafone Plc. «The peak of competitive intensity is now likely behind us, evidenced not just by the latest tariff action but also the recent spectrum auction,» Citi said in a report. «With Jio taking the lead in initiating the latest round of tariff hikes, a shift in stance of the market leader towards monetisation is now clearly evident, which also improves visibility of future hikes,» it said, adding that last week's price increase were slightly ahead of market expectation in terms of both magnitude and timing.

The Supreme Court has opened the door to new, broad challenges to regulations long after they take effect, the third blow in a week to federal agencies

The Ministry for the Future, by author Kim Stanley Robinson. The book, published in 2020, narrates how ‘The Great Indian Heatwave’ pushed the world to stop dragging its feet and find a way out of the climate crisis. But truth is stranger than fiction.

optimistic growth projections for India's GDP. The expectation is that it may surpass many developed countries such as Germany and Japan. Which sector could benefit the most from this anticipated growth in GDP? The wire industry is poised to be a frontrunner.

Mumbai police has arrested Mihir Shah, the main accused in the Worli hit-run-case. Shah (24) fled from the scene of crime and has been absconding since Sunday. Police sources told ET that Shah was arrested from Shahpur on the outskirts of Mumbai. According to the police, around 5.25 am on Sunday, near Worli, Shah rammed his speeding BMW into a scooter on which a couple was travelling. The woman, identified as Kaveri Nakhwa, was dragged for around 100 meters on the bonnet of the car, leading to her death. Her husband, Pradeep, has been injured. By the evening, the city police arrested Rajesh Shah (Shiv Sena leader of the Eknath Shinde faction) and their family friend-cum-driver, Rajrishi Bisawat in the case.

Two aid workers have been killed in eastern Congo when their convoy was attacked

title deeds of the plots on which their apartments stand be transferred to their association by executing a registered conveyance deed. This move comes in response to the alleged reluctance of many builders in Bengaluru and other parts of Karnataka to comply with this legal requirement, allowing some promoters to mortgage the land or initiate new construction projects even years after the apartments have been sold. According to Sections 11 and 17 of the Real Estate Regulatory Authority (RERA) Act, promoters or builders are mandated to execute a registered conveyance deed of the undivided proportionate title in common areas to the association of allottees within three months of obtaining the occupation certificate or the completion certificate. Despite this legal obligation, many builders have failed to comply, leaving apartment owners in a precarious position regarding their ownership rights. This issue was a focal point during a session organized by the Bangalore City Flat Owners’ Association (BCFOWA), a not-for-profit organization dedicated to spreading awareness about the ownership, management, and maintenance of apartments and properties. Over 30 members from various apartment associations attended the session, highlighting the widespread concern among flat owners.

White House account on social media site X had some embarrassing moments when one of the posts went viral for all the wrong reasons. The official handle @POTUS was commenting on a judicial verdict pertaining to energy exports. In recent times, the Biden administration has put a temporary hold on the exports of Liquified Natural Gas (LNG) due to environmental reasons. Many of the Republican states have opposed this judicial verdict. The post on X has now been deleted after the faux pas was observed by social media users. Here is what transpired. Post on X: The official handle @POTUS was commenting on a ruling by a court in the state of Louisiana which lifted the Biden’s administration embargo on exports of LNG. He termed the decision of the court as incredibly disappointing. He assured the people that he will do his best to work towards ensuring energy security as well as protection of the environment.

Maharashtra government will soon unveil a policy regarding hoardings in the Mumbai Metropolitan Region (MMR), state Minister Uday Samant told the legislative assembly on Monday. Samant made the statement during a discussion about hoardings erected in the city by violating rules and the hoarding collapse incident in which 17 people lost their lives last month. «A policy will be unveiled once the code of conduct for the legislative council polls ends after the results are declared for the graduates and teachers constituencies,» the minister said.

India will struggle to create enough jobs for its growing workforce over the next decade even if the economy grows at a rapid pace of 7%, Citigroup Inc. said, suggesting the world’s most-populous nation will need more concerted steps to boost employment and skills. Citi estimates India will need to create about 12 million jobs a year over the next decade to absorb the number of new entrants to the labor market. Based on a growth rate of 7%, India can only generate 8-9 million jobs a year, the bank’s economists Samiran Chakraborty and Baqar Zaidi wrote in a report this week.

Police from across Canada will be descending upon Lethbridge this weekend as members of the Hells Angels and supporters of the motorcycle gang roll into the southern Alberta city.

presidential vote on Friday, an Iranian source told Reuters. «The vote counting has ended and the rival candidates have been informed about the result. Pezeshkian is around three million votes ahead of his hardline rival Saeed Jalili,» said the source, who asked not to be named. Earlier, the interior ministry said that Pezeshkian was leading the race in early results, adding that the initial reports showed turnout was around 50%, higher than the first round.

solar-powered EV charging infrastructure and vertical forests are among the new ideas the Delhi government is contemplating to address the twin challenges of air pollution and climate change. The other innovative ideas include creating charging sites and battery-swapping stations by repurposing lamp posts, parking spots and petrol stations. Also, "smart poles" combining fast-charging functions, public Wi-Fi, and the internet of things could soon become a reality in Delhi, a government official said. These ideas were discussed at a meeting of Delhi's State-Level Steering Committee on Climate Change in June and are likely to be incorporated in the city government's new action plan on climate change. While climate change is exacerbating heatwaves and heavy rain events in the crowded and land-locked city, studies show that air pollution is shortening the lives of Delhi residents by 11.9 years.

Melania Trump's conspicuous absence from the most recent presidential debate sparked concerns about her potential position if Donald Trump wins the presidency again in 2025. According to reports, she has negotiated a less conventional first lady role by giving herself and her son Barron more priority, as reported by Yahoo Entertainment.

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Israel carried out deadly air strikes in the Gaza Strip as the war entered its tenth month on Sunday, with fighting raging across the Palestinian territory and fresh diplomatic efforts under way to halt the violence. Israel has said it will send a delegation in the coming days to continue truce talks with Qatari mediators that began recently in Doha. But Prime Minister Benjamin Netanyahu's spokesman said «gaps» remained with Hamas on how to secure a ceasefire and hostage release deal.