COST Financial News

RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. The Public Tech Platform would enable delivery of frictionless credit by facilitating a seamless flow of required digital information to lenders, the Reserve Bank said.

Economic Advisory Council to the Prime Minister (EAC-PM), are regulations and restrictions that ensure quality of products and protect human, plant and animal health. These measures are largely used for agriculture or animal-origin products that are directly used for human consumption. The EAC-PM report further clarifies that there exists a thin line between non-tariff measures and non-tariff barriers and that all non-tariff measures cannot act as non-tariff barriers.

RBI's move to raise incremental CRR that has come as a shock to banks could also end up increasing transmission of deposit rates as the move will force banks to review their deposit rates to absorb more durable liquidity. In his latest monetary policy statement, governor Shaktikanta Das imposed a temporary incremental cash reserve ratio (I-CRR) of 10% on incremental deposits received between 19th May and 28th July 2023 given the surge in surplus liquidity in the system.

Good morning, 

Fitch’s recent downgrade of U.S. public debt, dropping it one notch below “AAA,” is good reason to examine the relationship between U.S. debt and the dollar’s future as a reserve currency. The greenback is just the latest in a series of preferred currencies that have been used for foreign exchange reserves and to denominate other assets. But reserve currencies, unlike diamonds, aren’t necessarily forever, and that affects their issuers’ capacity to manage their public debt.

(Bloomberg) — Inflation ticked back above the Bank of Canada’s control range in July, but progress on underlying price pressures leaves room for policymakers to pause interest-rate hikes. 

India's population growth and economic development requires robust infrastructure in roads, railways, aviation & ports etc. There has been emphasis on balanced development in all sectors of infrastructure whether it is roads, railways, ports, real estate, water, aviation, energy or even buildings of national importance. India on cusp of returning to high growth trajectory, will become world’s third largest economy by 2027-28 as mentioned by Arvind Panagariya, Eminent economist.

By Deborah Mary Sophia

Trained scent dogs exhibit a remarkable ability to detect COVID-19 infections with higher accuracy and efficiency compared to conventional RT-PCR tests, according to a review of studies.This innovative approach not only promises quicker results but also holds the potential to substantially reduce diagnostic costs, the researchers said A growing number of studies over the last two years has highlighted the power of dogs in detecting the stealthy virus and its variants, even when they are obscured by other viruses, like those from common colds and flu. «It went from four papers to 29 peer-reviewed studies that include more than 400 scientists from over 30 countries and 31,000 samples,» said Tommy Dickey, Distinguished Professor Emeritus at the University of California (UC) Santa Barbara, US. Dickey and collaborator Heather Junqueira from BioScent, Inc. noted that the collective research demonstrates that trained scent dogs are «as effective and often more effective» than the antigen tests we're keeping handy at home, as well as the gold-standard reverse transcription polymerase chain reaction (RT-PCR) tests deployed in clinics and hospitals. According to the study, published in the Journal of Osteopathic Medicine, not only can dogs detect the SARS-CoV-2 virus faster, they can do so in a non-intrusive manner, without the environmental impact that comes with single-use plastics.

Russia's central bank made a big interest rate hike Tuesday, an emergency move designed to fight inflation and strengthen the ruble after the country's currency reached its lowest value since early in the war with Ukraine. The ruble has lost more than a third of its value since the beginning of the year as Moscow increases military spending and Western sanctions weigh on its income from energy shipments. The flagging currency does not mean the Russian economy is in freefall — though it is facing challenges, including rising prices for households and businesses, according to analysts who study Russia.

Investing.com — U.S. futures fell Tuesday, ahead of the release of key retail sales data, while weak Chinese economic data raised concerns about slowing global growth.

WASHINGTON (Reuters) — U.S. import prices rebounded more than expected in July amid higher costs for petroleum products and food, but underlying imported inflation pressures remained muted.

By Elisha Bala-Gbogbo

Red Fort on the 77th Independence Day on Tuesday, Prime Minister Narendra Modi has said that his government is working with Women's Self-Help Groups (SHGs) with the aim of creating two crore 'Lakhpati Didis' in villages. The PM observed that 10 crore women are today associated with Women's Self-Help Groups. «In villages today, one can find a Didi in the Bank, in the Anganwaadi and a Didi to provide medicines.» Also, PM Modi spoke about agri-tech and made a pitch for leveraging the potential of science and technology in rural development.

13F reports for Q2 are out, bringing more clarity on what the biggest funds and investment companies in the market bought and sold during the 3-month period spanning from May to June, which encompassed a roughly 9% rise in the S&P 500.

World Economic Forum warned that the global rise in public debt was a ‘fiscal ticking bomb’. The sudden increase in indebtedness was driven by two developments. First, governments around the world unleashed fiscal stimuli to support their economies during the pandemic.

By Mrinmay Dey and Akash Sriram

Government bonds or stocks: If you were picking an asset class to outperform over the next 18-24 months, which would you choose?

Edtech unicorn, Unacademy has elevated Sumit Jain, who leads the company's Graphy division to partner or cofounder status, group chief executive Gaurav Munjal announced on Tuesday. According to Munjal, “partner at Unacademy is like a cofounder who joined at a later stage”. “I have some news to share.

Falling prices in the world’s second-largest economy are likely to translate into lower costs across the globe given China’s status as the factory of the world, according to EdenTree Investment Management and Gama Asset Management SA. Easing inflation will allow central banks to refrain from further interest-rate hikes, and possibly pivot to an easing, to shore up slowing growth.

China’s yuan extended its losses for a fourth day and erased all of its post-reopening gains even after authorities cut a key interest rate and began considering a stamp-duty reduction for stock trades. But data releases offered further evidence of a failed economic recovery, leaving investors craving for a big bazooka of stimulus rather than half-hearted darts thrown in the dark. Russia witnessed the same reactions.