Country Financial News

The German government has drawn up legislation to ease deportations of unsuccessful asylum-seekers and plans to discuss measures to tackle migration with the opposition as it tries to defuse what has become a major political problem

The Treasury Department has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap

Sri Lanka says that it has reached an agreement on key terms and principles on its debt restructuring with the Exim Bank of China

Federal regulators fined credit-reporting agency TransUnion a total of $23 million for tenant screening and security freeze failures on Thursday

The Internal Revenue Service says Microsoft owes the U.S. Treasury $28.9 billion in back taxes, plus penalties and interest

The International Monetary Fund says Middle East economies are gradually recovering as external shocks from the war in Ukraine and global inflation fade

Most of the population in conflict-affected countries like Niger, Mali, Burkina Faso, Chad and northern Nigeria depends on climate-vulnerable agriculture

Malaysian budget carrier MYAirline has abruptly suspended operations less than 11 months after it took to the skies

(Corrects spelling of Morley (not Morely) in paragraph 5)

electric cars, a move aimed at laying a level playing field for the industry. Local manufacturing will also boost employment generation while bringing down overall car prices. The Department for Promotion of Industry and Internal Trade (DPIIT), which operates under the aegis of the ministry of commerce & industry, has commenced discussions to put in place a scheme for subsidising electric four-wheeler makers linked to investments made by these companies for producing vehicles in the country, senior officials in the know told ET.

EY go ahead of its peers with a top line of about Rs 11,400 crore. Combined revenues of EY, KPMG, Deloitte and PwC crossed Rs 32,700 crore last year, highlighting the expansion in the scope of services being offered by the Big 4 in a country that ranks among the top three in the world on the number of listed firms. Traditionally, the Big 4 firms have primarily been associated with audit and tax services, while the MBB (McKinsey, BCG and Bain) were the undisputed leaders in strategy consulting. Over the past few years, however, the Big 4 have quickly transformed into high-demand advisory and technology services firms, with consulting and technology emerging as the most rapidly expanding revenue streams in the post-Covid era.

Domestic consumption and investment demand will continue to drive growth though global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, finance minister Nirmala Sitharaman said Thursday. The finance minister also added that the situation warrants greater vigilance by the government and Reserve Bank. Calling for timely consensus on the transformation of the World Bank for accelerating progress towards the achievement of the 2030 Sustainable Development Goals (SDGs), Sitharaman during her in her address at the meeting of the World Bank's Development Committee, said, «The government has already taken pre-emptive measures to restrain food inflation which is likely to subside price pressure in the market soon.» The body is a joint ministerial committee of the boards of governors of the World Bank and the International Monetary Fund on the transfer of real resources to developing countries. She said the external sector required a closer watch, observing that the global economic landscape was still marked by unprecedented challenges to economic growth and stability. Sitharaman said India's growth prospects remain strong, and domestic economic activity is maintaining resilience with a healthy balance sheet of the private sector and increased capex spending of the government, crowding in private investment. On Tuesday, the IMF raised India's real GDP growth forecast for FY24 to 6.3% from 6.1%. Forecasts by other international organisations are higher, Sitharaman said, adding the robustness of domestic investment is the result of the government's continued emphasis on capital expenditure, which is expected to drive growth in the coming years. Given the

FRANKFURT (Reuters) — Lufthansa on Thursday extended its suspension of flights to Israel until Oct. 22 over security concerns, the company said.

NEW DELHI : Brazilian agriculture and livestock minister Carlos Favaro is expected to meet Indian consumer affairs, food and public distribution minister Piyush Goyal in New Delhi during a 1-3 November visit. Favaro’s visit comes as countries eye open, unimpeded and reliable food supply chains amid pressures to ensure that agricultural trade is not affected by unilateral restrictions and protectionist measures.

New Delhi: India said the Global Hunger Index suffers from “serious methodological issues" after the 2023 edition saw the country slip four places to rank 111 out of 125 countries. India ranked 107 out of 121 countries in 2022. This year, the GHI ranked Pakistan at 102, Bangladesh at 81, Nepal at 69 and Sri Lanka at 60.

NEW DELHI : Coal stocks continued to shrink with power demand across the country hitting a peak of well above the 200 GW mark this week. Thermal power plants across the country have coal stocks to last just 7.5 days, showed data from the Central Electricity Authority (CEA). Analysts said the decline in stocks comes on the back of a number factors, including rising demand, supply constraints and logistical issues.

NEW DELHI : Qualcomm intends to build its China model in India where it will support the local semiconductor ecosystem by licensing technologies to local companies and startups, and bring volumes for production at semi conductor fabrication units that are expected to come up in the country in the long run, Qualcomm’s newly-appointed India president Savi Soin said in an interaction with Mint. “Our CEO has said that if fabs or Outsourced Semiconductor Assembly and Testing (OSATs) come to India, we are going to bring business here. Any conversation we’re having with partners or government is that we bring tech and volumes.

As FTX executives testify to the sheer magnitude of ex-boss Sam Bankman-Fried’s seismic crypto fraud during his trial, some can’t help but wonder what legitimate purpose the industry can ever actually serve.

Israel on Thursday with the scheduled departure of two Canadian evacuation flights and as more countries say they will also work to evacuate citizens after a deadly Hamas attack on Saturday.The departures list at Tel Aviv’s Ben Gurion airport has two Canadian Air Force flights scheduled for 2:30 p.m. and 7 p.m.

Small finance banks such as AU, Equitas and Ujjivan, which aspire to become "universal banks" as they complete the mandatory five-year cooling off period, are now awaiting the regulator’s signal before they officially seek licence upgrades. Although these banks have almost every product in their suite for the retail customer, they would prefer to drop the ‘small bank’ tags attached to their names and be in the same league with others to win over stakeholders, particularly depositors. Some of these so-called small banks are already bigger in size than quite a few old-generation private sector lenders, while a universal bank licence would test their skills on underwriting and bandwidth to handle bigger businesses. The licensing window for universal banks is open on-tap, which means that the applications can be submitted to the regulator any time. However, as things stand now, there is no specific communication from the Reserve Bank of India (RBI) on conversion of small finance banks into a universal lender, which would allow the current set of ‘small’ lenders more flexibility in the way they do business and leverage capital. Most importantly, captains of every small bank highlighted that the ‘small’ tag is hurting them in the perception game.

Home prices should remain relatively stable throughout the rest of the year, according to Royal LePage, which is downgrading its end-of-year forecast amid slower real estate activity and high rates of borrowing.