COST Financial News

The Czech government says South Korea’s KHNP has won a lucrative public tender to build at least two nuclear reactors in the Czech Republic as the country tries to become more energy independent and wean itself off fossil fuels

Loretta Mester, having worked in the Federal Reserve system her entire career, rose to become president of the Cleveland Fed for a decade until her retirement on June 30

United Airlines has reported higher profit in the second quarter, thanks to record crowds at U.S. airports

The Bank of Canada needs to wrap up its quantitative tightening program or fix distortions in short-term funding markets that are keeping effective interest rates higher, according to Canadian Imperial Bank of Commerce strategists.

Canada is reviewing how many long-term visas it grants to foreign students, underscoring the government’s desire to slow immigration and population growth.

Godrej Consumer Products said its global manufacturing footprint will reduce by 40% by FY26, part of its broader strategy to make more products in India and cut costs to improve profitability. At present, the maker of Cinthol and Good Knight has 36 plants including 14 in India. It also invested Rs 1,000 crore in two manufacturing sites in India last fiscal. «We are also reassessing our manufacturing footprint. We are questioning how much of what we make in international geographies can be made in India and exported out,» Sudhir Sitapati, MD at GCPL, said in its latest annual report.

state government has modified its apprenticeship scheme 'Mukhya Mantri Yuva Karyaprashikshan Yojana' under which unemployed youths who have completed Class 12 or HSC or diploma or degree holders will be paid a stipend between ₹6,000 to ₹10,000 per month. The scheme is for six months and would provide benefits to 10 lakhs youths per year, chief minister Eknath Shinde said on Wednesday while addressing a rally in Pandharpur. «The state will extend ₹6,000 to those who have passed class 12, ₹8,000 to those with ITI and diploma holders and ₹10,000 for those with a degree and post graduation as a stipend,» said Shinde.

Labour Party government promised to calm the country's febrile politics and ease its cost-of-living crisis as it set out its plans for "national renewal" at the grand State Opening of Parliament on Wednesday. Stabilising public finances and spurring economic growth were at the centre of Prime Minister Keir Starmer's legislative agenda, announced in a speech written by government officials and delivered by King Charles III. «My government will seek a new partnership with both business and working people and help the country move on from the recent cost of living challenges by prioritizing wealth creation for all communities,» the king said in a speech to hundreds of lawmakers and members of the House of Lords. Charles traveled from Buckingham Palace to Parliament in a horse-drawn carriage — past a small group of anti-monarchy protesters with signs reading 'Down with the Crown' — before donning ceremonial robes and the Imperial State Crown to deliver his speech.

loan demand and the high interest they paid to hold on to deposits, but a flurry of bond sales boosted their investment banking units. Citizens Financial, US Bancorp, First Horizon and Synchrony Financial all paid higher rates compared with a year earlier on their customers' deposits, they said on Wednesday.

This is part of a special series of articles by the country's foremost voices, ahead of Union Budget 2024, aiming to draw attention to the critical reforms that can help India in its journey to become a developed nation by 2047. In the last decade, India’s gross domestic product (GDP) has nearly doubled to $3.5 trillion, showcasing our resilience as one of the world’s fastest-growing major economies. As we envision Viksit Bharat by 2047, increasing our economic growth from 8% to 12% could transform India into a $50 trillion economy. The global landscape is witnessing rapid technological advancements, particularly in artificial intelligence (AI) and new energy.

Mumbai, India – 17th July 2024 – TaxBuddy, a leading provider of expert-assisted Income Tax Return (ITR) filing services, has announced the launch of its special "Filing Mahotsav" campaign. From 13th to 25th July, taxpayers can take advantage of a 25% discount on all assisted ITR filing services, making tax season more manageable and affordable.As the deadline for ITR filing approaches, TaxBuddy aims to ease the stress and complexity associated with tax filing by offering professional assistance at a reduced cost.

₹2,415 crore in the June quarter (Q1FY25) beat analysts’ estimates and was primarily driven by price realisation. The two-wheeler (2W) manufacturer is expected to maintain this momentum amid a recovery in the export market and from sales of the CNG bike it launched earlier this month. Still, an inadequate pick-up in rural demand or the export market remains a risk.

₹5.5 to ₹8 per kilowatt-hour (kWh), while WHRS power costs ₹1 per kWh and solar power costs (under a power purchase agreement) ₹4 to ₹4.5 per kWh, according to Motilal Oswal Financial Services. The brokerage house estimates the share of green energy in the sector’s total power consumption will rise from 35% in FY24 to 50% by FY27. Also read: Is HDFC Life a new competitor to the mutual fund industry? Power and fuel costs are estimated to comprise about 35-40% of the sector’s total production cost.

The world’s biggest source of renewable energy has been going through a dry patch. Generation from solar farms roughly tripled between 2018 and 2023, while the output of wind turbines almost doubled. That provided enough extra clean energy to power Japan and Russia put together.

₹50,000 crore till then. That said, the upcoming budget is likely to include substantial measures to bolster the country's data centre ecosystem, underscoring the government's commitment to advancing digital infrastructure here.

Coal: The challenge in weaning away from coal for power generation (accounts for 75% generation, 50% carbon emission) lies in developing round-the-clock (RTC) alternate supplies at affordable prices. While solar tariffs are competitive, for the short to medium term, the complementing low-carbon capacities for RTC supplies are currently expensive (battery), or risk laden (hydel resources). The supply security in meeting the rising demand is equally important.

The 33.5 km line will run from Aarey Colony to Cuffe Parade and will have 27 stops. The new line is set to transform urban transit in Mumbai, making travel easier across the city's streets and cutting down traffic congestion, the post further said. Mumbai is set for a transformative change in its transportation network with the launch of its first underground metro line in July.

inflation. According to the latest notification, petrol prices have increased by 9.99 Pakistani rupees per liter, setting the new price at Rs 275.60 per liter. High-speed diesel prices have also risen significantly, with an increase of 6.18 Pakistani rupees per liter, bringing the new price to Rs 283.63 per liter. This rise in petroleum prices is expected to have a cascading effect on the cost of goods and services, further straining household budgets and impacting economic stability. In contrast, petrol and diesel in India are retailing at Rs 94.72 per liter and Rs 87.62 per liter respectively, based on Delhi rates. Currently, one Indian rupee is equivalent to 3.32 Pakistani rupees in currency market.

solar power generation. While the cost of photovoltaic cells has come down dramatically, electricity generation is limited to the period when the sun shines. In a year, this works out to around 18-20% utilization of the panels, compared to 80% for a coal-fired plant.

President Joe Biden is ready to propose a 5% cap on annual rent increases for tenants of major landlords

Though infrastructure is financed jointly by central, state and local governments through grants and transfers, the operational and maintenance costs must be met by the cities. However, these cities are already struggling with limited municipal revenues. Accordingly, the basic urban infrastructure in India is poorer than those in the OECD and BRICS nations.