Country Financial News

Shares of China Evergrande plunged as much as 24% on Monday after the embattled developer said it was unable to issue new debt due to an ongoing investigation into one of its subsidiaries, dealing a fresh blow to its restructuring plans.

prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Brent crude futures climbed 48 cents, or 0.5%, to $93.75 a barrel by 0110 GMT after settling 3 cents lower on Friday. U.S. West Texas Intermediate crude futures extended gains for a second straight session, trading at $90.53 a barrel, up 50 cents, or 0.6%. «Crude oil prices have started the week on the front foot, as the market continues to digest Russia's temporary ban on diesel and gasoline exports, into an already tight market, offset with the Fed's hawkish message that rates will stay higher for longer,» IG Markets analyst Tony Sycamore said. Both contracts snapped a three-week winning streak to fall last week after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns. Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. Last week, Moscow temporarily banned gasoline and diesel exports to most countries in order to stabilise the domestic market, fanning concerns of low products supply especially for heating oil as the northern hemisphere heads into winter. In the United States, the number of operating oil rigs fell by eight to 507 last week, their lowest since February 2022, despite higher prices, a weekly report from Baker Hughes showed on Friday. Expectations of better economic data this week from China, the world's largest crude importer, also lifted sentiment.

India's G20 Presidency, the minister highlighted how India was ‘the voice of the Global South’ and how it steered the global conversation back to global growth and development issues. “To get the G20, to talk about what the world wanted to talk about, that was the real problem with the G20. Our Prime Minister put it very well, he said first let’s talk to the people who are not going to be on the table.

Top ten stocks that are likely to be in focus on Monday include SBI, Reliance, Delta Corp, Bajaj Finance, JSW Steel, SJVN, LIC, ICICI Lombard, and Blue Star. Canara Bank, Delta Corp, Granules India, Hindustan Copper, Indiabulls Housing Finance, and Manappuram Finance are the six stocks that are a part of the F&O ban list by the stock exchange today.Asian stocks traded on a cautious note on Monday as central banks around the world warned of higher interest rates for longer and investors braced for key inflation data from the US and Europe.

State Bank of India: The country's largest lender raised a whopping ₹10,000 crore through an infrastructure bond issue on Friday, with bids exceeding the initial target by over five times. The bonds, which will carry a coupon rate of 7.49%, will be used to fund infrastructure projects and affordable housing. This is the fourth infra bond issue by SBI, underscoring the growing demand for such instruments from investors.

Australia and the UK. As Indians students explore alternative destinations amid heightened India-Canada tensions, the trio is likely to benefit the most if the situation doesn't improve soon, more than half-a-dozen educational consultants told ET. All of them said a large number of Indian students who were looking to study in Canada are now looking at other options due to the deteriorating situation, lack of safety and uncertainty about the immediate future. The US is the first choice for many. «Given the speed at which the situation has escalated, almost every student who was considering Canada is keeping a back-up option,» said Karan Gupta, founder of study abroad career consultancy Karan Gupta Consulting.Variety of Courses in US «A majority of these students will apply to the US,» he said.

India as «important», Canada's Defence Minister Bill Blair on Sunday said that his country will continue to pursue partnerships like the Indo-Pacific strategy while the investigation of the killing of a Sikh separatist leader continues. Tensions flared between India and Canada following Canadian Prime Minister Justin Trudeau's explosive allegations of a «potential» involvement of Indian agents in the killing of Khalistani extremist Hardeep Singh Nijjar, 45, on his country's soil on June 18 in British Columbia.

Khalistan if he supported the ‘anti-India Khalistanis’. "If Canada's PM loves Khalistanis, then why doesn't he break up a part of Canada and create a new Khalistan country? We will be the first to give him recognition," said Jai Bhagwan Goyal as quoted by ANI.

2.Depository receipts trade in the local market in which these are issued, and are denominated in local currency. 3.A company delivers equity shares to a bank that places the security in its custodian account in the domicile country.

SCL) in Mohali is underway and a committee has been formed to assess the bidders, a senior government official told ET. On September 22, the ministry of electronics & information technology (MeitY) issued an expression of interest (EoI) seeking commercial and technology players with necessary technological and operational expertise to modernise SCL.

JHESL) is looking to export oil country tubular goods from its plant located at Nashik.

Ana Rodriguez. India accounts for 11% of Lladro's global sales. The company generates 69% of its business from heritage concept (high porcelain, classic sculptures, home and licences), 21% from new concept (design sculptures, scent and jewellery), and 10% from lighting. Lladro will also have an «important» investment plan for developing online sales in the country next year, besides launching more mono-brand stores in the country, according to Rodriguez. With the new boutique, Lladro now has eight own-brand stores in India in markets such as New Delhi, Gurugram, Mumbai, Bengaluru, Hyderabad, Chennai and Kolkata. «For us, India is not only a key market but a very strategic market,» Rodriguez told ET.

BetterPlace. About 6.60 million frontline jobs — which include essential customer-facing roles such as sales and business development executives, call centre workers, delivery personnel, marketing executives, and housekeeping staff among others — were created in the country last fiscal year compared to eight million in FY22, according to BetterPlace's Frontline Index Report based on more than three million data points. «The decline in the overall number of frontline jobs during last fiscal can be attributed to cautious hiring by companies due to the macroeconomic headwinds,» said Pravin Agarwala, cofounder and group CEO of BetterPlace. Also, it comes after a year of aggressive hiring during FY22 when businesses opened up post-Covid, he said. The numbers may improve in the current year as the ongoing festive season is leading to a surge in demand for manpower with companies across all segments looking to hire a combination of on-roll, on third-party roll, and gig workers to meet the rise in consumption, Agarwala said. In FY23, the logistics and mobility sector replaced ecommerce as the highest employment industry for frontline workers with total demand increasing by more than 111% during the year, the BetterPlace survey showed. While demand created by ecommerce fell by 52% on year, it was still the second-largest employer, contributing to 33% of the total jobs.

FDI) policy for the space sector by allowing up to 74% overseas ownership through the automatic route and up to 100% through the government route to attract top dollars from marquee global investors in satellite communications, senior officials told ET. Liberalised FDI limits are on the cards so that companies based in India can access the latest global technologies in a host of space-sector activities, including satellite manufacturing, satellite communications/operations and local production of satellite components, user devices and ground segment systems such as earth stations. Foreign direct investment up to 49% may also be permitted in satellite launch vehicle and associated system operations. «We expect the new FDI policy for the space sector to be approved soon.

TPG Capital’s $1.8 billion buyout offer for Australia’s largest funerals company is clearing a string of potential hurdles, with an independent expert saying the $12.70 per share cash offer is “fair and reasonable”.

S Jaishankar said. Jaishankar was speaking in US at a think tank event titled 'South Rising: Partnerships, Institutions and Ideas'. «Those who are occupying positions of influence, we see this in the UN Security Council most of all, are resisting the pressure to change. Those who are economically dominant today are leveraging their production capabilities and those who have institutional influence or historical influence have actually weaponised a lot of those capabilities as well,» he said. In another event, 'India-UN for Global South: Delivering for Development' in New York on Saturday, Jaishankar said India does «walk the talk» when it comes to South-South cooperation.

The alliance of G33, African Group and the ACP (African, Caribbean and Pacific) group at the World Trade Organisation (WTO) has proposed a new method to calculate subsidies given to purchase, stockpile and distribute food to ensure food security for developing and poor nations. It has also proposed that exports of foodgrains from public stocks to needy countries be allowed for international food aid and humanitarian purposes. The alliance is keen to get more support for its proposals, officials said. «The cosponsors of the proposal are reaching out to 6-7 LDCs and the Arab Group who have given support from the floor,» an official said. The coalition has suggested that a permanent solution for public stockholding should account for inflation and be based on a recent reference price. At present, the external reference price (ERP) used for calculating subsidies is based on 1986-88 prices. «Production of staples has been hit in many countries and they are now concerned about their food security.

G20 Independent Expert Group on strengthening multilateral development banks (MDBs) will next month come out with a roadmap and a detailned plan to reform these institutions including the World Bank and Asia Development Bank. The details include proposals that would enable MDBs to harness private capital apart from stepping up their financial capacity, the group's co-chair NK Singh said. «We are going into greater granularity on how you really achieve this private capital--- what incentive, risk mitigation can you do,» Singh, who is also chairman of the Fifteenth Finance Commission, told ET in an interview. The report would dwell on an efficient operating model for the MDBs that would be appropriate to meet emergent challenges and develop the ability to harness innovative capital — hybrid and blended — and coordination among them. It would also consider cohesion and symmetry of purpose that can «come within the MDB family to improve the overall capability and reach», Singh said. The group, co-chaired by Singh and former US Treasury secretary Larry Summers, had submitted the first volume of its report at the G20 finance ministers and central bank governors meeting in July. The recommendations figured in the New Delhi G20 Leaders' Declaration. The report put private capital requirement of MDBs at $500 billion. Singh said the roadmap specified in the second part of the report will also detail the sequencing of the reforms. "...the low-hanging fruit, in my view, is clearly the optimisation of the balance sheet," Singh said, adding that other issues including getting more out of the existing equity itself, recalibrating risk appetite, and creative use of guarantees would be in focus. MDBs' record in being able to get only 0.6

₹113 -119 and the bidding for the issue will be open from 25 to 27 September 2023, the company said in a press meet while announcing the IPO. “Some of the key details of the IPO are-the price band ₹113-119 with a bid lot of 126 shares, the total offer size ₹2,800 crore and the entire offering is primary," the company said.

Mint explains: In 2022, an estimated 277,291 foreign tourists landed from Canada in India. This makes the country the fifth largest source nation for tourists behind the US, Bangladesh, UK and Australia. The number of tourists from Canada has grown over three-fold from 2021, when only 80,437 tourists had come.

Hardeep Singh Nijjar, it is perhaps time for Canada to implement a 'foreign policy reset', shedding off its 'middle-power approach' and focussing more on 'Indo-Pacific diplomacy', Japan Times reported. Prime Minister Trudeau's allegation of an Indian role in the assassination of Khalistleader Nijjar on Canadian soil, triggered a broader deterioration in relations between Ottawa and New Delhi, the report noted. Notably, a similar episode also led to a deteriorating trend in China-Canada relations, the report stated, adding that Michael Spavor, a businessman, and Michael Kovrig, a former diplomat, were arrested by Beijing on espionage charges.