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Anura Kumara Dissanayaka on Monday appointed a 21-member Cabinet in the new NPP government, keeping with his pre-election promise to streamline the governance system and ease the burden on taxpayers. The National People's Power (NPP) has been advocating a smaller government to reduce costs for the public. Since the NPP won the presidential election in September, the government functioned with just 3 ministers, including the President. As per the island nation's Constitution, there is a provision for appointing a 30-member Cabinet. Dissanayaka retained the finance and defence portfolios, while appointing 12 new parliament members to key positions and entrusting eight veteran members, who have served since 2000, with significant responsibilities.

The Commerce Department releases data on housing starts Tuesday

HSBC Holdings Plc has asked hundreds of managers to reapply for jobs in the firm’s newly formed corporate and institutional banking division as Chief Executive Officer Georges Elhedery continues his hunt for ways to make the bank run more efficiently. Interviews are already underway, according to people familiar with the matter, essentially pitting senior staff who came from the commercial banking division against those from the global banking and markets unit to compete for the jobs available in the combined CIB division. The process will result in the British bank beginning to dismiss several hundred managing directors and other senior bankers in the coming weeks, the people said, asking not to be identified discussing private deliberations. As part of the shake-up, HSBC will phase out its use of the general manager titles that it gives to some of its most senior staff and will instead give those employees managing director titles, a common rank at many major financial services businesses, the people added.

Subscribe to enjoy similar stories. As the dust settles after one of the most turbulent presidential elections in American history, many are asking whether US president-elect Donald Trump will deliver on his economic agenda and—assuming he follows through on his campaign promises—what impact his policies will have on the United States and rest of the world. On the campaign trail, Trump repeatedly pledged to create manufacturing jobs by imposing a 10% tariff on all imports and up to 60% on Chinese goods.

As a 27-year-old, Bivin Sonthalia already owns three apartments in Kolkata, two funded by him and the third bought jointly with his brother. He didn’t hit a lottery or get a windfall from stock options.

Amazon India is moving its headquarters from the World Trade Centre in the northwest part of Bengaluru to a location close to the city’s airport in a bid to cut costs, according to a report by Mint. The ecommerce and cloud computing giant currently occupies half a million square feet of office space across 18 floors in a 30-floor building by Brigade Enterprises. Amazon’s new office is a 15-minute drive from the Bengaluru airport. It is likely to cost the company a third of the Rs 250 per square feet rent it paid in the WTC office. The relocation will begin in April and be completed by 2026, the report said.

COP29 summit concluded in Baku without significant breakthroughs, as deep divisions between developed and developing nations stalled progress on key issues like climate finance, trade measures, and equitable responsibility for climate action. India, representing the G-77/China and BASIC blocs, demanded accountability from wealthier countries on unmet financial commitments. The G-77/China bloc reiterated the call for $1.3 trillion annually in climate finance, with an emphasis on grants and concessional funding to avoid burdening vulnerable economies already grappling with the impacts of climate change. «Loans make up nearly 70 per cent of climate finance provided so far. This is unacceptable and places undue pressure on developing economies,» an Indian negotiator had asserted, urging developed nations to move away from debt-inducing mechanisms.

IMEEC represents a breakthrough in India-Europe trade relations, creating an efficient, streamlined corridor that enhances speed, reduces costs, and increases trade reliability. This project is more than infrastructure; it’s a vision of growth and cooperation that opens up endless possibilities for industries, technology, and innovation between the two continents, connecting the Indo-Pacific and the Mediterranean area, Marco Dreosto is a Senator of the Italian Republic and secretary of the Permanent Commission for Defence and Foreign affairs told ET’s Dipanjan Roy Chaudhury ahead of proposed meeting between the PMs of India and Italy on G20 Summit sidelines. 1. What are prospects of India-Italian partnership in IMEC Historically, Italy and India have been connected for thousands of years; we share an ancient trade heritage that dates back to the Roman Empire, proven by Roman coins discovered in Indian lands. Today, we have the chance to revive and strengthen these bonds through IMEC. The Italian government has repeatedly underscored the strategic importance of this corridor, seeing it as a project that can redefine global trade routes. This isn’t just a trade route; it’s a chance to deepen a partnership rooted in shared history and geared toward a prosperous future.

Telangana government has issued orders sanctioning Rs 205 crore for acquiring over 280 acres of land for the development of Mamnoor Airport at Warangal, after GMR Group which manages Hyderabad Airport issued «No Objection» certificate for operation of the aerodrome. According to the GO issued on Sunday, the Airports Authority of India (AAI) in July 2022, informed the state government that it is ready to develop Warangal Airport for A-320 type of aircraft for IFR (instrument flight rules) operations and is ready to bear the infrastructure cost, operational and maintenance of the proposed airport. A master plan has been prepared for the operation of A-320 type of aircraft for which an additional land measuring 253 acres is required from the state government of Telangana, free of cost and free from all encumbrances. The AAI also wanted the state government to take up the proposal and expedite handing over of the required land to the airports body and no objection certificate from Hyderabad International Airport Ltd.

Charlie Munger authored a book titled Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger. While the title plays on Benjamin Franklin’s Poor Richard’s Almanack, some might argue it had an unintended double meaning. Recently, Helios Mutual Fund’s CEO, Samir Arora, raised an intriguing question on X about Munger’s relatively ‘modest’ net worth of $2.6 billion, compared to his long-time partner Warren Buffett’s fortune. It turns out that on a relative scale, compared to what people expect, he really was ‘Poor Charlie’! However, I think investors should ignore Munger’s poverty entirely. The real wealth he created wasn’t just about his net worth, but in the intellectual capital he gave to generations of investors. Consider the investment principles Munger outlined in a speech summarised by John Templeton, a reference in the same X post. These eight commandments of investing are worth more than any billion-dollar fortune because they’ve helped countless investors build their wealth. Let’s examine why these principles are so valuable. First, Munger’s emphasis on specialisation and understanding your ‘circle of competence’ has saved many investors from costly mistakes. His anecdote on Bobby Fischer brilliantly illustrates this: When asked how to beat the chess champion, his answer was simple, ‘Get him to play you at any game except chess.’ The lesson? Stay within your domain of expertise.

Substantial FPI outflows, weak September quarter results, and high valuations have driven the recent market correction. A JM Financial report highlights slowing urban demand across FMCG, retail, auto and mall sectors, based on the September quarter earnings from 157 companies. Demand moderation is seen in chemicals and consumer durables, while the financial sector shows stress in unsecured portfolios of MFIs, certain private banks and NBFCs. The beat-to-miss ratio has been adverse so far, with 150 companies out of 268, or 56%, reporting earnings that are less than the estimates compiled (for more than two analysts) by Reuters-Refinitiv. Experts expect volatility to persist, but remain optimistic about long-term growth. Higher government spending and festive season consumption are expected to boost India Inc.’s earnings in the second half of 2024-25.

NIPPON INDIA LARGE CAP BASIC FACTS DATE OF LAUNCH 8 AUG 2007

Subscribe to enjoy similar stories. Hero MotoCorp Ltd’s shares are down 26% from its 52-week high of ₹6,246.25 per share on 24 September. It appears that the stock, too, has been suffering due to the general downturn in the stock market as there is no other apparent reason.

Subscribe to enjoy similar stories. New Delhi: The Centre is working on green steel mandates for the local steel industry, supported by government procurement and financial incentives, as the world's second-largest maker of the alloy works to prepare the sector for the future. The upcoming National Green Steel Mission is likely to mandate steelmakers to make a fixed share of their overall output green, the people cited above said on the condition of anonymity.

Subscribe to enjoy similar stories. Vedanta is one lucky company. It has a monopoly on nickel production in India, is the largest private crude oil producer and iron ore miner in India, has the lowest cost of production, and pays incredible dividends.

Subscribe to enjoy similar stories. If you’d asked anyone before covid about the movie exhibition business, the answer would’ve been simple: single screens were fading and multiplexes were booming. And they weren’t wrong.

Subscribe to enjoy similar stories. Stock market investors have seen their wealth erode by close to ₹50 trillion in the past seven weeks amid a flurry of primary market issuances and foreign institutional investor (FII) selling fuelled by India Inc's tepid earnings growth and rising bond yields in the US. Though analysts are not ruling out a rebound after the brutal sell-off over seven weeks, they doubt the durability of one.

Subscribe to enjoy similar stories. Mumbai: The Reserve Bank of India’s (RBI) push for stricter compliance with know-your-customer (KYC) norms, and its crackdown against the ‘exuberance’ in personal loans have had an unlikely fallout: a dip in demand for off-roll workers. These are employees who work for banks and non-bank lenders but are on the payrolls of large staffing companies that supply such workers.

Subscribe to enjoy similar stories. New Delhi: India has adopted the global standard for CubeSat—a class of small satellites—as part of the Union government’s efforts to expand the country’s share in the global space economy, two people aware of the development said.

Subscribe to enjoy similar stories. Bengaluru: Amazon India is moving its corporate headquarters from its longtime base in the northwest part of the city to close to the city's airport as part of the e-commerce and cloud computing giant's cost-cutting exercise, a development that has disturbed the idyllic setting of the bohemian residential community. Significantly, Amazon India's plan to move out of the World Trade Centre, where it occupies nearly half a million square feet of office space across eighteen of the thirty-floor building owned by Brigade Enterprises Ltd, raises questions about how the publicly-traded real estate developer would find a new tenant and on the rental income of adjoining flats.

Subscribe to enjoy similar stories. Nerf guns. Monopoly board games.