Country Financial News

Reserve Bank of India (RBI) on Friday approved the appointment of Dipak Gupta as interim MD and CEO of Kotak Mahindra Bank. Gupta have been assigned the position for two months, as of now. The appointment comes after billionaire Uday Kotak, who founded and led Kotak Mahindra, resigned as the managing director and CEO earlier this month, before the end of his term in December. Kotak's early exit from the country's fourth-largest bank is due to personal reasons, as per the lender, but analysts said it will quell concerns that his presence will loom large over his successor. India's banking regulation limits the tenure of lenders' CEOs to 12 years if they are also large shareholders. The bank has sent recommendations for its next full time MD to the RBI and is awaiting approval, it said, without disclosing details, adhering to RBI norms.

UK-based electric bus player Zenobe Energy is readying a push into the competitive grid-scale battery sector in Australia after raising about £870 million ($1.7 billion) from investors led by private equity giant KKR.

Battlegrounds Mobile India) quickly rose to prominence in India after the ban on PUBG Mobile. Despite facing its own ban, the Indian government decided to allow BGMI back into the country with certain modifications around 10 months ago. Similar to other popular battle royale titles like Garena Free Fire, BGMI developers regularly release redeem codes that grant players access to a wide range of enticing rewards and freebies.

G20 Summit scheduled for September 9-10. Minister of State for Steel and Rural Development, Faggan Singh Kulaste, warmly welcomed Fernandez at the Delhi airport. Following the 15th BRICS summit, the five-member BRICS (Brazil, Russia, India, China and South Africa) invited Argentina along with five other countries to join the alliance.

Manmohan Singh and HD Deve Gowda have also been invited to the G20 Summit dinner, according to ANI news agency report. The national capital is all decked up magnificently to hold the G20 Summit on September 9 and 10. Meanwhile dignitaries from across the world have started arriving in Delhi to participate in the mega event.

China’s exports are faltering and its consumers are spending less at home, the country is flooding the world with cars. Overseas demand for inexpensive vehicles made in China, mostly gasoline-powered models that Chinese consumers now shun in favor of electric cars, is so great that the biggest obstacle to selling more abroad is a lack of specialized ships to carry them. Chinese automakers have leaped to dominance in Russia since war began in Ukraine, transporting cars by train. The companies have also captured large shares of markets in Southeast Asia, Australia, South America and Mexico.

Gross domestic product rose only 0.1% in the three months through June, compared with a prior increase measured at 0.3% — an outcome that had surprised to the upside when first published in late July. Economists had anticipated that the reading would be repeated in fuller data, according to the median estimate in a Bloomberg survey. The report on Thursday will provide European Central Bank policymakers with harder evidence of the weakness taking hold in the euro-zone economy, a week before they prepare to decide whether another interest-rate increase is warranted to tame inflation. There was a worry at the last ECB meeting in July that stagflation may be threatening to take hold — a prospect that the new numbers may make more ominous.The remainder of the year looks similarly bleak, with PMI data signaling private-sector activity in contraction and surveys pointing to further anemic expansion of just 0.1% in the current quarter.

climate change and environmental degradation, the G20 serves as a key platform to mainstream climate and environment across the development agenda. It is a balancing act for India – taking into consideration the needs of the Global South on climate finance, technology transfer and capacity building, while pushing the Global North to fulfill its commitments. The world needs direction and G20 needs to deliver it.

G20 Summit. As reported by PTI, "the Chamber of Trade and Industry (CTI) has partnered with these women entrepreneurs, fashion designers, influencers, bloggers, salon and boutique owners who are fluent in languages such as English, French, Spanish and German to work as translators, its chairman Brijesh Goyal said. “These women will assist the traders of Chandani Chowk market in communicating with foreign visitors on September 8-10, he said.

G20 Summit scheduled to take place in India. In a post on to X (formerly Twitter), Sánchez said, "This afternoon I have tested positive for COVID and will not be able to travel to New Delhi for the G20 Summit. I feel fine." At the G20 Summit, Spain will be represented by the First Vice President Nadia Calvino and Minister of Economic Affairs and the Minister of Foreign Affairs, EU and Cooperation, he added.

Angel Di Maria is preparing to bid farewell to the Argentina national team after the conclusion of the 2024 Copa America. This revelation has left fans both saddened and reflective on social media, with some drawing comparisons to Cristiano Ronaldo. Di Maria, a seasoned footballer who has graced clubs like Real Madrid, Manchester United, Paris Saint-Germain (PSG), among others, is currently plying his trade with Benfica in Liga Portugal.

Asia Summit on Thursday that «the need of the hour is an Indo-Pacific where international law, including UNCLOS (United Nations Convention on the Law of the Sea), applies equally to all countries, where there is freedom of navigation and overflight, and where there is unimpeded lawful commerce for the benefit of all». He also addressed the India-Asean Summit in Jakarta, where he unveiled a 12-point plan across sectors ranging from connectivity to digital public infrastructure (DPI) and counter-terrorism. "India believes that the Code of Conduct should be effective for the South China Sea, be UNCLOS compliant and, in this, the interests of those countries which are not part of the discussions should also be kept in mind," the PM said. At the East Asia Summit, the PM pitched for everyone's commitment and joint efforts to strengthen the sovereignty and territorial integrity of all countries against the backdrop of China's increasing military assertiveness in the South China Sea.

Bangladesh Prime Minister Sheikh Hasina, a close ally of India, is visiting India as a G20 invitee and her meeting with Prime Minister Narendra Modi on Friday assumes significance ahead of the parliamentary election in her country in January 2024. Over the past decade India has launched several cross-border connectivity and energy projects to boost the Bangladesh economy, complementing efforts undertaken by the Hasina government. Bangladesh is emerging as a link to landlocked Northeast India. Japan, Bangladesh and India have formed a trilateral to connect Northeast India via Bangladesh to the Bay of Bengal.

Navarro, US former President Donald Trump's trade advisor, has been convicted of contempt of Congress for refusing to cooperate with the White House committee investigating the US Capitol attack that took place on January 6, 2021, CNN reported. «It's a sad day for America, not 'cause… they were guilty verdicts because I can't come out and have an honest, decent conversation with the people of America,» Navarro told reporters outside the courthouse after he was interrupted by protesters. «People of America, I want you to understand that this is the problem we have right here — this kind of divide in our country between the woke Marxist left and everybody else here. And this is nuts,» CNN quoted Navarro saying. After the verdict was read, Navarro's lawyers sought a mistrial, raising concerns about any influence alleged protestors may have had when jurors took a break outdoors Thursday afternoon.

President Joe Biden wants to show the world at the Group of 20 summit in India and during a stop in Vietnam that the United States and its like-minded allies are better economic and security partners than China. White House officials said Biden, who departed Thursday evening for New Delhi, will use the annual G20 gathering as an opportunity for the U.S. to highlight a proposition for developing and middle-income countries that would increase the lending power of the World Bank and International Monetary Fund by some $200 billion.

G20 Summit Delhi: The national capital has been decked up royally to welcome foreign delegates for the G20 summit. The G20 Leaders' Summit will be held on September 9-10 in the national capital, for which security has been tightened. The summit will be held at the newly inaugurated Bharat Mandapam, Pragati Maidan.

₹319.10 lakh crore on Thursday, driven by an optimistic trend in equities, where Sensex recorded its fifth straight day rally.On Thursday, FIIs continued to divest from the Indian market as FIIs offloaded ₹3,245.86 crore. Meanwhile, DIIs infused ₹10,202.87 crore and offloaded ₹247.46 crore.Oil prices fell for a second session weighed down by lingering concerns over slower global demand, but were still headed for a second consecutive weekly gain amid expectations of tightening supplies.On Thursday, SBI Funds Management Ltd, the country's largest asset management company, acquired approximately 8% of the stake in Nazara Technologies Ltd, an online gaming firm, for a total of ₹410 crore.

Investing.com-- Consolidation in oil markets continued in Asian trade on Friday, with prices falling further below 10-month peaks as a mix of profit taking, strength in the dollar and fears of an economic slowdown in major consumers weighed. 

The United States' decision to provide Ukraine with depleted uranium weapons has Russia fuming, labelling it as a "criminal act." This decision by the US has heightened tensions in the ongoing Ukraine crisis, and it raises concerns about the environmental and security implications. The Pentagon, the US defense department, announced a new security aid package worth up to $175 million for Ukraine. This package includes depleted uranium ammunition specifically meant for US Abrams tanks.

In a bid to counter growing dominance of the US and Asian allies, North Korea launched its new purported nuclear attack submarine, reported North Korea's official Korean Central News Agency on Friday. The country has been developing the submarine with an aim to create a nuclear armed navy to counter the United States and its Asian allies.

music industry and the scandal, which emerged fully earlier this year, has horrified the country. Julie K. Fujishima, 57, bowed deeply as she faced reporters, and apologised for the abuses, saying she stepped down on Tuesday.