Citi Financial News

dark stores in view of three-day restrictions announced for the G-20 Summit even as they try to convince the authorities to exclude delivery personnel from the curbs. These companies are also expecting a business impact ahead of the closure period from September 8-10 as well given the traffic restrictions in and around central Delhi, industry insiders said. «We are stocking our dark stores with fewer items for the coming week,» an executive at a quick commerce platform said on condition of anonymity. «Delivery of groceries like milk and vegetables has been allowed but there is a worry that delivery personnel might face difficulties in moving around.» The person said «Movement of delivery people as well as demand is getting impacted» due to the restrictions.Food and grocery delivery platforms operating in the capital include Zomato, Swiggy, Blinkit, Zepto, Swiggy Instamart and BigBasket's BB Now. «Business will be hit,» Rashmi Daga, founder and chief executive of cloud kitchen platform Freshmenu, said.

Dilli Haat, New Delhi is all decked up to host the who's who of global politics. The country will focus on 3Cs — culture, crafts, and cuisine — to entertain global leaders at the G20 summit this weekend, officials told ET. Areas in New Delhi that have been transformed with plants and pots include Sardar Patel Marg, Mother Teresa Crescent, Teen Murti Marg, Dhaula Kuan-IGI Airport Road, Palam Technical Area, India Gate C-Hexagon, Mandi House, Akbar Road roundabout, Delhi Gate, Raj Ghat and the ITPO. Thematic murals have been painted on the walls across the city. These include landmarks from India and other G20 member countries such as the Taj Mahal, London Bridge, Leaning Tower of Pisa, Eiffel Tower and Christ the Redeemer. Metro stations have also got a makeover. Almost 10,000 guests will be in the city this week.

Lulu Group plans to expand the reach of hypermarkets to smaller towns of Kerala and Uttar Pradesh besides proposed significant mall developments in Ahmedabad and Greater Noida, said a senior executive. The company is considering cities like Prayagraj, Gorakhpur, Kanpur, and Banaras for small-scale malls with a hypermarket focus. Additionally, the company is in the process of building five similar properties in Kerala. «We have successfully secured partnerships with the government for Banaras, Prayagraj, Gorakhpur, and Noida. The food park in Noida is in its final stages,» said Jayakumar Gangadharan, regional director of Lulu Lucknow.

By Pete Schroeder

Nirmala Sitharaman has emphasized that the focus of the Indian G20 presidency’s finance track was to strengthen multilateral development banks (MDBs) to address the mounting debt challenges faced by developing economies. The G20 under Indian presidency is also working on solutions that can constructively contribute to the efforts that MDBs are undertaking.

₹112,419.33 per kilolitre, marking a 14.12% increase from August’s ₹98,508.26. The same trend was observed in other major cities like Mumbai, Kolkata and Chennai. This recent surge in airline fuel prices is the highest seen since December 2022.

Texas, grapples with a concerning uptick in urban crime and crippling staffing shortages, the Austin Police Department has unveiled an unconventional approach to handling robbery incidents. In a stark departure from the norm, the department is urging victims of robberies near ATMs not to dial 911, the emergency hotline, but instead, to utilize the less urgent number, 311.

China's Country Garden made interest payments on U.S. dollar bonds hours ahead of a grace period deadline, a person close to the firm said, pulling back from the brink of default for the second time in four days and bringing some relief to the country's crisis-hit property sector. China's largest private property developer failed to pay coupons on the bonds totalling $22.5 million due on Aug. 6, exacerbating fears over how much cash it has left and keeping markets on tenterhooks throughout the bonds' 30-day grace periods. Though the amount was modest, failure to pay would have undermined fragile hope in financial markets that China's steady drip feed of policy stimulus was starting to stabilise the economy and its struggling property market. It would also have raised the prospect of default on other dollar bonds as well as creditor calls to accelerate payments, bondholders and lawyers said, while heightening concern of a spillover into the banking system in the world's second-largest economy. Country Garden also offered on Tuesday to extend repayment of eight onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years, according to people with knowledge of the matter and documents seen by Reuters.

All types of goods vehicles, commercial vehicles, interstate buses and local city buses shall not operate on Mathura Road (beyond Ashram Chowk), Bhairon Road, Purana Quila Road and inside Pragati Maidan Tunnel from 00:00 hours on the intervening night of 07 & 08.09.2023 to 23:59 hours on 10.09.2023.

Interior designer startup Flipspaces on Tuesday said it has raised $4 million in a mix of equity and debt from a consortium of existing investors led by former IIFL AMC chief executive Prashasta Seth. Other family groups and funds also participated, as per a statement. Flipspaces operates a platform that manages interior designers, product suppliers and contractors for SME clients. “We’ve seen rapid growth in the US market combined with robust India numbers. Leveraging this momentum, our impetus is to enhance our focus on tech to enable processes at scale and double down on building on our supply chain capability to serve global demand,” Kunal Sharma, founder and CEO of Flipspaces, said.

Greece was struck by tragedy as relentless downpours triggered flooding, claiming at least one life, according to reports from the country's fire brigade. These inundations came just a day after Greek officials reported progress in taming the colossal wildfires, now dubbed the «largest ever» in European Union history, that had wreaked havoc across the nation.

SEOUL—For more than four years, Kim Jong Un has stayed inside his country’s borders, focused on a deadly virus, a stifled economy and a corrupt elite. Now, the North Korean leader, U.S. officials said, could be planning his first foreign trip to Russia for a meeting with Vladimir Putin.

Cities across the U.S. have found relief from this summer’s record-setting heat with the help of technologies that shield roofs, pavement and other surfaces from the sun’s scorching rays.

Zika virus has been found in Mumbai, the Brihanmumbai Municipal Corporation (BMC) said on Tuesday. The first case was reported on August 23.

Are you looking for a bridge? Iowa has one for you. It’s a 128-foot bowstring-shaped Warren pony truss from 1912. If that’s not your style, you can get a 183-foot trapezoid Pratt through-truss from 1892.

'Dahi-Handi' to be recognised as sport in Maharashtra: CM Eknath Shinde The celebrations start with Govindas forming teams, each with a unique name and costume. They gather at various locations across cities and towns.

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." 

net absorption of office leasing across the top six cities in India is likely to decline by 10% from a year ago in the ongoing financial year 2023-24. This along with an influx of huge supply, would result in a marginal rise in vacancy levels by 60 basis points to 15.5% by the end of the year, said ratings agency ICRA. The office developers are expected to witness a revenue growth of 11-13% during the year, supported by scheduled rent escalation and improvement in occupancy levels of reputed office players.

Ahmedabad Municipal Corporation (AMC) is planning on two crucial projects in the city, which will lead to the permanent closure of a 750-meter stretch of Ashram Road, from Cargo Motors to the RTO, beginning this December. In response to the impending closure of Ashram Road, an 18-meter-wide road is being created adjacent to Cargo Motors. This new route will be seamlessly linked to a proposed 24-meter-wide road via the Prabodh Raval bridge, eventually connecting it to the 132ft Ring Road. Furthermore, the road on the west bank of the Sabarmati riverfront will directly connect to a 24-meter road through Ramapir Tekra, providing direct access to the main Ranip GSRTC bus stand.

Vikas Gupta and Aswath Venkataraman from WestBridge Capital, Ecoworld, Bengaluru, have clinched the winner position in a corporate quiz organized on India’s glorious past, vibrant present and promising future. Commercial real estate developer and operators, Brookfield Properties conducted the quiz across Bengaluru, Chennai, Delhi, Gurugram, Kolkata, Mumbai and Noida for employees at its tenant companies across these cities.

Manchester, has long reflected the city’s ambitions. Thanks to its proximity to the River Irwell, the site became a hub for the booming cotton and timber trades during the Industrial Revolution. After the second world war, as the city’s economy turned towards services, Britain’s first purpose-built television studios were set up there.