Country Financial News

Aam Aadmi Party on Tuesday claimed 95 per cent of cases registered by central probe agencies CBI and Enforcement Directorate are against opposition leaders, and asserted its MLA Amanatullah Khan was being raided by the ED in a case he was granted bail in last year. The Enforcement Directorate on Tuesday raided Khan's premises in Delhi as part of a money-laundering investigation against him and some others, official sources said. The 49-year-old legislator represents the Okhla constituency in the Delhi Assembly.

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Shoogloo Group launches its new venture Broadband.asia in India, Singapore, UAE, Saudi Arabia, Kuwait, Bahrain, and Qatar. Broadband.asia, a one-of-a-kind online comparison website, is designed to filter, select, and compare broadband plans based on users’ preferences. By personalizing broadband plans, Broadband.asia helps consumers meet their internet demands. Users can now search for plans available in their area, decide on the price range and features to find an internet plan that meets all their needs.

₹1,000 crore each as of 31 August 2023, according to an annual list published by Hurun India on Tuesday. These entrepreneurs comprised 66% of the 1,319 such super-rich individuals in the country, up from54% five years ago. The list saw 278 new entrants, a sharp recovery from the drop seen last year owing to volatility in financial markets.

Israel intensified airstrikes on Gaza on Tuesday while the Israeli military prepared for a ground invasion of the Palestinian enclave that Israeli officials warned could be more destructive than any offensive there in recent history. Israeli airstrikes reduced parts of an exclusive Gaza City neighborhood to rubble as the Israeli government stepped up its reaction to this weekend’s cross-border incursion by Hamas gunmen who killed more than 900 Israelis and took more than 100 hostage. Israeli strikes have killed more than 780 people in Gaza since, according to the enclave’s health ministry.

Mint breaks down how. Hassan’s visit drove India’s relationship with Tanzania forward in key ways. First, bilateral ties were elevated to the level of a strategic partnership.

Investing.com — PepsiCo Inc (NASDAQ:PEP) has posted better-than-expected core income in the third quarter and raised its full-year profit guidance, as the beverage maker was boosted by higher pricing that helped offset a drop in volumes.

A day after the ECI announcement of the Assembly elections dates, Congress leader Rahul Gandhi visited poll-bound Madhya Pradesh to address a rally where he slammed Shivraj Singh Chauhan’s governance in the state. He also vowed that the Congress will conduct a caste survey in Madhya Pradesh if it comes to power.

Bank of Baroda has increased interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 50 basis points across various tenors of up to 3 years. In a statement, the bank said these rates are applicable on deposits below Rs 2 crore, with effect from October 9, 2023.

Investing.com -- U.S. stock futures inched higher, with investors closely monitoring policy commentary from Federal Reserve officials and ongoing developments in the conflict in the Middle East. Traders hunt for safety in U.S. Treasuries as bond markets return from the Columbus Day holiday, while Country Garden shares slump after the cash-strapped Chinese developer misses an international debt payment.

China is touting its 10-year-old Belt and Road Initiative as an alternative model for economic growth as it seeks to win friends and strengthen its leadership of the developing world

The International Monetary Fund warns that the world economy has lost momentum from the impact of higher interest rates, the invasion in Ukraine and widening geopolitical rifts

The annual meetings of the International Monetary Fund and World Bank kick off this week against a backdrop of escalating global conflict and debt distress.

Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL) may remain volatile in the near term looking at uncertainties pertaining to the oil prices amidst geopolitical stress caused by Israel Hamas Conflict, said analysts. Brent that was $70-75 a barrel levels in June had risen to more than $95 a barrel by the end of September.

The World Bank has suggested closing all tax exemptions and bringing agriculture, retail, and real estate under a tax bracket that can fetch three per cent of GDP in the cash-strapped Pakistan's kitty, media reports said on Tuesday. “The people in two major areas in the provincial jurisdiction — real estate and agriculture — had most of the untaxed wealth, which should be taxed by the provincial governments to be able to improve services and reduce the financial burden on the centre, which was financing these services,” newspaper Dawn quoted WB's Country Director Najy Benhassine and senior economist Tobias Haque as saying. The lender has projected that if agriculture income and properties tax is enforced properly then it could fetch three per cent of GDP in the tax collection on an annual basis, equivalent to slightly over Rs 3 trillion, the Dawn newspaper quoted Haque as saying. He said real estate and agriculture should yield revenue of two per cent and one per cent, respectively, of the GDP (or about Rs 2.1 trillion and Rs 1 trillion, respectively, according to official GDP size). Referring to a detailed policy paper that the World Bank has submitted to the Pakistan government, Haque said, the paper “advocates increasing revenues through improved, expanded and progressive agriculture income taxation.” “This should be done immediately to reduce or refine the current 12.5-acre tax exemption threshold to bring more agricultural land into the tax net and ensure appropriate categorisation of land on the basis of size, location, irrigation status and area-based productivity aspects into tax rates,” the World Bank official was quoted as saying. Newspaper The News International said the World Bank is also expecting the

Tamil Nadu Assembly Edappadi Palaniswami on Tuesday requested the DMK-led government in the state to ensure proper implementation of safety measures in the firecracker manufacturing factories and shops. Speaking on the recent incidents of explosions in Ariyalur and Hosur, Palaniswami said, «State government to increase the ex-gratia amount announced for the affected in the explosion incidents.

India-UK free trade agreement as the two countries are considering a visit by UK Prime Minister Rishi Sunak later this month, a TOI report stated. Sunak was invited by Prime Minister Modi during their meeting on the sidelines of the G20 summit.

Radhika Gupta, MD & CEO, Edelweiss AMC, says “I do not think the portfolio for a future India can only be a largecap centric portfolio which is what they used to be. The portfolio is going to be a lot more balanced. It cannot be a fully mid and smallcap portfolio, perhaps. But it probably will be an equal weight portfolio of large, mid and small caps. The Indian opportunity is truly multi-sectoral and multi-cap in nature.” You have come out with a very interesting note and research. What are those factors which are coming together to make this decade a potentially good decade for corporate India, for macros and which will be getting reflected in markets as well? Finally markets are an outcome of corporate profitability and of what the economy is going to deliver and as people, we spend a lot of time talking about short-term markets but really what we are investing in when we are investing in funds is investing in India and India's decade.

Mint has reported about the fifth round of this exchange of information, with Switzerland sharing the details of nearly 36 lakh financial accounts with 104 countries. Funds parked by Indian citizens and companies in Swiss banks, including through India-based branches and other financial institutions, are reported to have declined by 11% in 2022 to 3.42 billion Swiss francs (nearly ₹30,000 crore) from 3.83 billion Swiss francs in 2021, according to data from Switzerland’s central bank in June. This was largely due to a steep drop in customer deposits.

India's space economy has the potential to reach USD 44 billion by 2033 with about eight per cent of the global share. Presently, the country's share in the global space economy is 2 per cent, said a top government official on Tuesday.

Visiting Tanzanian President Samia Suluhu Hassan who was on Tuesday conferred with an Honorary Doctorate by the Jawaharlal Nehru University said that the honour will be forever etched in her memory as it is the first award to her in a foreign country. Speaking at JNU's Special Convocation ceremony conferring the Honorary Doctorate to her, President Hassan expressed her gratitude for the honour, which she termed added «colour» to her life history. «Namaste everybody,» the Tanzanian President said at the beginning of her speech. «The world says, there is no midway in falling in love with India, be it an Indian song, an Indian movie, or Indian cuisine, it is very difficult to resist an Indian charm. I experienced it when I came to India for the first time in 1998 to study in Hyderabad.