Country Financial News

By Timothy Gardner and Daphne Psaledakis

₹1.5 lakh a month. At some distance, there would be a local agglomeration of shops: such as an apparel store stocked largely with unbranded and regionally made clothing turning over ₹5 lakh a month, a mid-sized metals and plastics store selling wares of ₹3 lakh a month, among other small shops.

By Aftab Ahmed

By Balazs Koranyi and Francesco Canepa

Jettwings Airways on Thursday said it has submitted an Expression of Interest for the grounded Go First, which is undergoing an insolvency resolution process. The carrier, which has its base in Guwahati, recently received a No Objection Certificate (NOC) from the civil aviation ministry to operate as a scheduled commuter airline.

OECD has come out with a new multilateral convention to check base erosion and profit shifting to ensure that MNCs pay a fair share of taxes in the country of operation. «The… convention moves the international community a step closer towards finalisation of the Two-Pillar Solution to address the tax challenges arising from the digitalisation and globalisation of the economy,» OECD said in a statement.

Shivakumar on Thursday claimed that more than 40 BJP and JD(S) leaders opposed to the recently struck alliance between the two parties are willing to join the Congress. Shivakumar spoke to reporters after former BJP MLA Ramappa Lamani, who was denied a ticket by the saffron party to contest the May assembly elections from Shirahatti segment joined the grand old party. Lamani said he was joining the Congress without any condition.

Karnataka, state’s Industries Minister MB Patil and IT/BT Minister Priyank Kharge said on Thursday. The ministers shared details of their interactions with top executives during their recent US tour at a media conference. Some of these companies were already in the process of investing about $ 1 billion in the state.

External Affairs Minister S Jaishankar has been upgraded from the 'Y' category to 'Z', official sources said on Thursday. The Union home ministry has asked the Central Reserve Police Force (CRPF) to take the charge of his security, currently provided by the Delhi Police, they said.

Sharad Pawar on Thursday said his nephew and rebel NCP faction leader Ajit Pawar will never become the chief minister of Maharashtra. Speaking to reporters, he also said that the Bharatiya Janata Party (BJP) does not rule in 70 percent of states in the country and it would lose power in Maharashtra too.

General Liu Zhenli, the head of the military body responsible for China's combat operations and planning, has emerged as the top contender to replace the country's defence minister, who has not been seen in public for more than six weeks, according to five people familiar with the matter. The appointment of Liu to replace Defence Minister Li Shangfu — which one of the people said was likely to happen before Beijing holds an international security forum later this month — could boost military engagement with the United States amid regional tensions, three military analysts told Reuters. Li was sanctioned by the U.S. in 2018 for an arms deal he secured with Russia in an earlier role.

Belgium’s prime minister says his country, which has the biggest interest in the global diamond trade in the European Union, is supporting a ban on Russian diamonds as part of sanctions targeting President Vladimir Putin’s government for its war agains...

By Andrea Shalal

Battery-swapping solutions provider SUN Mobility on Thursday said it has partnered with electric vehicle fleet operator Bluwheelz to deploy over 16,000 EVs in the next 12 months. Under the partnership, the companies are looking to deploy over 15,000 electric two-wheelers and 1,000 electric three-wheelers in all metropolitan cities through the next 12 months, SUN Mobility said in a statement.

IEA) on Thursday lowered its forecast for growth in oil demand in 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. In its monthly report, the IEA forecast demand for oil will rise by 880,000 barrels per day (bpd) in 2024, down from its previous forecast of 1 million bpd, based on broader economic concerns and a faster adoption of electric vehicles among other energy efficiency measures. However, the Paris-based agency that advises the United States and other industrialised countries, raised its 2023 demand forecast to 2.3 million bpd, from a previous estimate of 2.2 million. OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to support prices. In September, global benchmark Brent hit 10-month highs after Saudi Arabia and Russia extended their combined 1.3 million bpd cuts until the end of the year. «If extra cuts are unwound in January, the balance could shift to surplus, which would go some way to help replenish depleted inventories,» the agency said. Although Russia pledged to cut crude exports until the end of 2023, according to the IEA's estimates Moscow's total exports of crude oil and products in September rose by 460,000 bpd to 7.6 million bpd, with crude accounting for 250,000 bpd of the increase. The jump in exports highlights the difficulty the West has faced in trying to reduce Russian exports and revenue to Moscow amid its war with Ukraine. Last year, the IEA predicted harsh Western sanctions would lead to a collapse in Russian energy exports. ECONOMIC HEADWINDS, GEOPOLITICAL RISK Oil prices fell sharply last week as a darkening economic outlook intensified fears of slower growth in demand, eclipsing supply concerns.

IEA) on Thursday lowered its forecast for growth in oil demand in 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. In its monthly report, the IEA forecast demand for oil will rise by 880,000 barrels per day (bpd) in 2024, down from its previous forecast of 1 million bpd, based on broader economic concerns and a faster adoption of electric vehicles among other energy efficiency measures. However, the Paris-based agency that advises the United States and other industrialised countries, raised its 2023 demand forecast to 2.3 million bpd, from a previous estimate of 2.2 million. OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to support prices. In September, global benchmark Brent hit 10-month highs after Saudi Arabia and Russia extended their combined 1.3 million bpd cuts until the end of the year. «If extra cuts are unwound in January, the balance could shift to surplus, which would go some way to help replenish depleted inventories,» the agency said. Although Russia pledged to cut crude exports until the end of 2023, according to the IEA's estimates Moscow's total exports of crude oil and products in September rose by 460,000 bpd to 7.6 million bpd, with crude accounting for 250,000 bpd of the increase. The jump in exports highlights the difficulty the West has faced in trying to reduce Russian exports and revenue to Moscow amid its war with Ukraine. Last year, the IEA predicted harsh Western sanctions would lead to a collapse in Russian energy exports. ECONOMIC HEADWINDS, GEOPOLITICAL RISK Oil prices fell sharply last week as a darkening economic outlook intensified fears of slower growth in demand, eclipsing supply concerns.

to safeguard the charged assets" of Great Learning Education Pte. Ltd. and Byju’s Pte.

By Uditha Jayasinghe, Jorgelina do Rosario and Leika Kihara

Income from capital gains reported by Indian taxpayers surged in the financial year 2020-21 (assessment year 2021-22), the year ravaged by the pandemic, while “salary income” of individuals grew at a much lower pace, as per the statistics released by the tax department recently.

Pakistan has chosen Erica Robin to represent the nation at the Miss Universe beauty pageant, igniting a wave of controversy. According to the BBC, this decision has not been well-received by several conservatives within the country who argue that Robin, aged 25, is representing a nation that doesn't wish to be represented. Pakistan, a predominantly Muslim nation, rarely participates in beauty pageants, as per the BBC report.

Israel-Hamas war dragged on to the sixth day, many countries, including India, are making arrangements to repatriate their citizens from Israel. In a show of solidarity, US Secretary of State has arrived in Israel.