Country Financial News

China’s investment in the Lithium battery industry is seemingly coming back to haunt the country’s smaller battery manufacturers who have invested billions to take advantage of the growing demands as well as the subsidies provided by the government. China’s battery manufacturers are expected to produce 4,800 gigawatt-hours (GWh) of batteries by 2025 while the demand for such batteries is shrinking by the hour. This is not only quadruple of the demand sought by the country’s EV makers, but is also ultimately going to lead to the closure of battery manufacturers that operate in smaller sizes. As per reports from private companies operating in the lithium industry, the production capacity at China’s battery factories is estimated to reach more than twice the demand levels in the country, approximately for 22 million EVs. China, globally accounts for the largest share in processing some of the most essential materials required to produce batteries; such as 65% of the world’s lithium, 74% of cobalt, 100% of graphite and 42% of copper processing units.

India's coal imports declined 12.08 per cent to 18.26 million tonnes (MT) in August this year over the corresponding month of the previous fiscal. The country's import of fossil fuel stood at 20.77 MT in August last year. Overall coal imports during April to August also declined by 10.3 per cent to 103.93 MT, over 115.93 MT in the year-ago period, according to data compiled by mjunction services ltd.

Nushrratt Bharuccha, who was stranded in Israel following the attack on the country by Hamas militants, is «safe» and on her way to India, her publicist on Sunday. The actor was in Israel to to attend Haifa International Film Festival. «We have finally managed to get in touch with Nushrratt and with the help of the Embassy, she is being safely brought back home.

India's suspension of visa processing will hinder face-to-face connection. Speaking to PTI, Vice-President International, University of Toronto, Professor Joseph Wong said, “We know that many members of the University of Toronto community are watching relations between the governments of Canada and India with concern." “The situation is evolving rapidly, causing uncertainty and stress, and we do not yet have answers to many of the pressing questions it raises," Prof Joseph said, adding that the varsity is proud to be home to more than 2,400 international students from India.

Reserve Bank of India (RBI) to exchange and/or deposit Rs 2,000 notes expired yesterday (October 7, 2023). It may happen that you still have Rs 2,000 notes with you. The banks can neither accept it to deposit in your bank account nor exchange it, as per RBI rules. It is important to note that Rs 2,000 note continues to remain legal tender even now. Here is what you can do after the expiry of the Rs 2,000 note exchange, deposit deadline. As per the RBI notification dated September 30, 2023 «With effect from October 8, 2023, banks shall stop accepting Rs 2000 banknotes for credit to accounts or exchange to other denomination banknotes. Rs 2000 banknotes shall continue to be allowed to be presented at the 19 Regional Offices of RBI having Issue Departments (RBI Issue offices) for credit to the bank accounts in India or exchange.»

Amit Shah, Defence Minister and Uttar Pradesh Chief Minister Yogi Adityanath on Sunday extended greetings to all Indian Air Force personnel on 91st Air Force Foundation Day. Indian Air Force on Sunday morning started the 91st-anniversary celebration with a ceremonial parade at Bamrauli Air Force Station in Prayagraj. Taking to X, Union Home Minister Amit Shah wrote, «Greetings and warm wishes to all Indian Air Force personnel and their families on the occasion of the #91stAnniversary of this amazing force.

Click here! NCS is the nodal agency of the Government of India for monitoring of earthquake activity in the country. Earlier in September, two earthquakes of magnitude 4.4 and 4.3 had struck the Andaman Sea, NSC had said. According to NCS, the 4.4 earthquake had occurred at a depth of 93 km.

polls in Rajasthan, the Congress government on Saturday night issued an order for the conduct of a caste survey in the state. The order came just days after Bihar released the findings of its caste survey. Rajasthan will be the second state in the country to conduct such a population count.

British Parliament that both sides had already closed the majority of chapters, but added that his country would accept only a “fair and reciprocal” trade deal. A year later, hard negotiations are still continuing. UK PM Rishi Sunak said last month that there was progress in talks but he “won’t rush” into a deal.

The Albuquerque International Balloon Fiesta is bringing colorful displays to the New Mexico sky

Shares in the troubled British lender Metro Bank have bounced back by a third on reports that it has been sounding out bigger rivals to buy a chunk of its assets

Tourism in China has bounced back to pre-pandemic levels during a recent eight-day national holiday, giving a temporary boost to the nation’s flagging economy

Ivory Coast President Alassane Ouattara has removed the country’s prime minister and dissolved the government, according to a senior public official

BJP is set to launch a special minority outreach programme — Alpsankhyak Sneh Samvad — in the run-up to the 2024 general election, under which it will organise a series of closed-door meetings in each Lok Sabha constituency from December. The decision was taken after a meeting of the BJP Minority Morcha in Delhi on Thursday. During the meeting a detailed presentation was made about the programme and its objectives, said party functionaries. In the past the BJP has run similar campaigns, such as Pashmanda Muslim outreach, Modi Mitra and Sufi Samvad. People from the minority communities who cannot join the party because of their professional or government job but like PM Modi are given Modi Mitra certificate by the minority morcha. The new outreach programme has been planned to take this a step further and try to convince a section of voters which are considered to be against the BJP. The theme of the outreach program will be 'Santushtikaran' (satisfaction) by Sabka Sath Sabka Vikas. The words have been chosen carefully as the BJP accuses the opposition parties of «tushtikaran» (appeasement) politics. Minority morcha leaders will spend time among the community members and highlight the fact that the BJP stands for collective justice and appeasement of none. For the outreach, the entire country has been divided into six clusters and a team will be formed in each cluster to conduct the programme.

External affairs minister S Jaishankar defended the government's decision to suspend issuance of visas to Canadian citizens, telling members of Parliament from across the political spectrum that the «temporary arrangement» was unavoidable for the safety of Indian diplomats, said people privy to the information. He also said Canada has generally not been cooperative and has denied several requests for extradition of suspects wanted in India, they said. Jaishankar chaired a parliamentary consultative committee meeting on Saturday to discuss the G20 summit hosted by India and the country's presidency of the grouping of 19 nations, the European Union and the African Union. During the meeting, which was attended by MPs from six parties, majority of them from the opposition, several MPs, including Rajya Sabha member from Punjab Vikramjit Singh Sahney of the Aam Aadmi Party, raised the issues of suspension of visas to Canadian citizens and safety of Indian students in Canada.

Hamas attack targeting Israel and the retaliation that followed, but others blamed Israel itself and some celebrated the surprise assault. The early morning Hamas offensive by air, land and sea was met by Israeli air strikes on the blockaded coastal enclave, in the bloodiest escalation since May 2021. «We are at war,» Israeli Prime Minister Benjamin Netanyahu said, promising that «the enemy will pay an unprecedented price». Here is a roundup of reactions from the region: — Egypt - The foreign ministry appealed to «both the Palestinian and Israeli sides to exercise the utmost restraint», warning of the «dire danger of ongoing escalation». Cairo has historically been a key mediator in conflicts between the two sides. Foreign Minister Sameh Shoukry made a series of calls to regional and international leaders, including his Jordanian, UAE, Turkish, German and French counterparts, and to European Union foreign policy chief Josep Borrell. A foreign ministry statement said Shoukry sought to rally «international actors» to «intervene immediately». — Jordan - Foreign Minister Ayman Safadi warned of the «volatility» of the situation, «particularly in light of what cities and areas of the West Bank are witnessing of Israeli attacks and violations against the Palestinian people». The Hamas assault follows months of surging violence in the Israeli-Palestinian conflict, with fatalities in the occupied West Bank reaching a scale not seen in years. Jordan and Egypt were the first two countries in the region to agree peace deals with Israel. — UAE - The United Arab Emirates called for «an immediate ceasefire» and «exercising the utmost restraint,» state news agency WAM reported. «The UAE has expressed its sincere

FTA journey can be divided into three distinct phases. 1975-2004: In this phase, the focus was on reducing tariffs to promote merchandise trade. India embarked on its FTA journey in 1975 by signing the Bangkok Agreement with Bangladesh, Sri Lanka, and S Korea.

illegal immigrants living here in Pakistan's biggest city are spending their days and nights in fear following the government's announcement that some 1.7 illegal Afghan refugees will be sent back to their country by the end of this month. For most of the Afghan men, women and children living in the Hijra Colony and Afghan Basti nestled on the northern outskirts of Karachi, life has become hell since the government announcement as, according to them, the police have started a witch-hunt against them.

Israel to India, Naor Gilon on Saturday asserted that his country would act against the rocket attack and punish perpetrators to stop any further attacks. «Israel will retaliate. Israel will go after the perpetrators and make sure they cannot repeat this kind of atrocities again,» he said. Israeli envoy went on to mention the situation that engulfed after the terror attack in the country and said, «Early this morning, when Israeli citizens were still in their beds.

Israeli diplomat and former Deputy Chief of Mission (DCM) Maya Kadosh has stressed the involvement of Iran behind the deadly strikes. In an interview with ANI, Kadosh said, «It's definitely something that was well prepared and well sponsored. And we assume that Iran was behind this move.

Gaza Strip carried out an unprecedented attack on Israel at daybreak Saturday, firing thousands of rockets as dozens of fighters infiltrated the heavily fortified border in several locations by air, land and sea, catching the country off guard on a major holiday.Several hours after the invasion began, Hamas militants were still fighting gunbattles inside several Israeli communities in a surprising show of strength that shook the country. Israel’s national rescue service said at least 40 people have been killed and hundreds wounded, making it the deadliest attack in Israel in years.At least 561 wounded people were being treated in Israeli hospitals, including at least 77 who were in critical condition, according to an Associated Press count based on public statements and calls to hospitals.The Palestinian Health Ministry in Gaza says at least 198 people have been killed and at least 1,610 wounded in the territory in Israel’s retaliation.Social media was replete with videos of Hamas fighters parading what appeared to be stolen Israeli military vehicles through the streets and at least one dead Israeli soldier within Gaza being dragged and trampled by an angry crowd of Palestinians shouting “God is Greatest.”Videos released by Hamas appeared to show at least three Israelis captured alive.