Country Financial News

Leadership Initiative. As a chief executive officer in one of the world’s most exciting and rapidly changing economies, India, one is faced with a multitude of challenges. With other economies slowing down, an exponential rate of technological progress and a shifting culture in a post-pandemic business environment, it is imperative to remain ahead of the curve.

Delhi government on Tuesday issued a notice announcing that all shops in the national capital will have to remain closed from 8 September to 10 September in view of the G20 Summit that will be held in Delhi. The Notice also mentioned that all employees in Delhi be granted ‘paid holidays’ on these days. “All employers of Shops, Commercial and Business Establishments functioning in New Delhi, District of NCT of Delhi shall close their Shops, Commercial and Business Establishments from 08/09/2023 to 10/09/2023 and grant paid holiday to their employees/workers." the notice read.

climate change to create a multifaceted crisis. Addressing this demands a coordinated but customized approach to debt restructuring tailored to the unique circumstances of each nation’s debt structure. At the Voice of the Global South Summit, Prime Minister Narendra Modi in January 2023 stated, “As India begins its G20 presidency this year, it is natural that our aim is to amplify the Voice of the Global South." Reflecting this aim and guided by the theme of ‘One Earth, One Family, One Future,’ managing global debt vulnerabilities was adopted as a key priority of the Indian presidency.

Digital Economy Working Group and Global Partnership for Financial Inclusion—there is now almost universal alignment on the importance of DPI and the many ways in which it can be used. India’s diplomatic success in raising a buzz on a topic that the rest of the world had heard little of until recently has surprised many. Not only does India not have a track record of demonstrating such leadership at global fora, it has, to the contrary, remained non-committal on issues one might have expected it to take a firm stand on.

₹200 is separate from existing targeted subsidy of ₹200 per cylinder to Ujjwala households. Following the announcement the price of a 14.2 kg LPG cylinder has dropped from ₹1,103 to ₹903 per cylinder in the national capital.

New Delhi: India and New Zealand are discussing introducing Unified Payments Interface (UPI) in the island nation, which would promote ease of doing business, trade and tourism between both countries, the commerce ministry said in a statement on Tuesday. "Ministers (Indian and New Zealand trade ministers) welcomed early discussions between National Payments Corporation of India (NPCI) and Payments NZ regarding the Unified Payments Interface (UPI) system and agreed that both sides should continue deliberations on this issue," the statement said.

driest August since 1901 which, senior meteorologists say, is a clear result of intensifying El Nino conditions. Also, the monsoon this year may end up being the driest since 2015, which recorded a rainfall deficit of 13 per cent, they said. With a 32 per cent precipitation deficit in August so far and the prediction of only subdued rainfall activity over a large part of the country in the next three days, India is on track to record the driest August since 1901, an India Meteorological Department (IMD) official said, requesting anonymity. August receives 254.9 mm of rainfall, accounting for around 30 per cent of the precipitation during the monsoon season. India recorded a rainfall deficit of 25 per cent in August 2005, 24.6 per cent in 1965; 24.4 per cent in 1920; 24.1 per cent in 2009 and 24 per cent deficit in 1913, according to the IMD data. IMD chief Mrutyunjay Mohapatra said the primary reason for below-normal rainfall in August was El Nino — the warming of waters in the Pacific Ocean near South America — besides the «unfavourable phase of the Madden Julian Oscillation (MJO) which is known to reduce convection in the Bay of Bengal and the Arabian Sea». El Nino is generally associated with the weakening monsoon winds and dry weather in India. The MJO is a large-scale intraseasonal atmospheric disturbance originating in tropical Africa and travelling eastwards.

monsoon, which is affecting sowing, and global developments will keep the food inflation at elevated levels and would also hit the demand in rural India owing to lower income and inflation, said CARE Ratings in a report. The government's budgeted cuts on subsidies introduced during the pandemic can further weaken rural demand, it added. According to the report titled 'Erratic Monsoon, Food Prices, and Rural Demand', an uneven monsoon increases the risk to domestic food prices, while global developments don't support domestic inflationary conditions either. CARE Ratings said the food inflation will maintain an elevated trajectory in the coming months, gradually receding by October in conjunction with the influx of fresh harvest into the market. «Our analysis indicates that food and beverage inflation is projected to peak, reaching an average of 9.4% in the second quarter of FY24. Subsequently, we expect a gradual cooling, with an estimated 6.9% in the third quarter of FY24, followed by a further decline to 5.9% in the fourth quarter of FY24,» the report said. The risk to global food prices remains elevated with recent weather-related disruptions in South Asian countries and geopolitical developments. «Higher global food prices can pass through to domestic consumption baskets as import dependency remains high on some items like edible oil and pulses.

International Day Against Nuclear Tests is being observed on Tuesday, August 29 across the world. The main aim of observing this day is to increase awareness about the impacts of nuclear tests and nuclear explosions. It also aims to increase awareness about a nuclear-weapon-free world. The U.S.A. is the only country to have used nuclear weapons. It dropped nuclear bombs on the Japanese cities of Nagasaki and Hiroshima during World War II. Though no nuclear weapon has been used since then, many more countries have developed nuclear weapons.

BEIJING (Reuters) -Some Chinese state-owned banks will soon lower interest rates on existing mortgages, three sources familiar with the matter said on Tuesday, as Beijing ramps up efforts to revive the debt crisis-hit property sector and bolster a sputtering economy.

Hero MotoCorp plans to roll out new models and ramp up the sales network as it looks to have a substantial market share in the premium bike segment in the domestic market, CEO Niranjan Gupta said on Tuesday. The country's largest two-wheeler maker currently has just 4-5 per cent market share in the premium bike segment which has been growing at a rate of 20-25 per cent per year. The company, which is a leading player in the entry-level and commuter segments below 150 cc, is looking to introduce a new product every quarter in the next one year to ramp up its presence in the 150cc to 450cc bike segment. «The game for us (premium segment) is just starting.

India and New Zealand have been exploring the possibility of introducing the Unified Payments Interface (UPI) in the island country with a view to promoting ease of doing business, trade, and tourism between the countries, the commerce ministry said on Tuesday. The two countries are also looking at ways to allow the import of wooden logs from New Zealand, PTI reported. These issues were discussed during a bilateral meeting between Commerce and Industry Minister Piyush Goyal and New Zealand's Minister for Trade and Export Growth, Damien OConnor, on Monday. «Ministers welcomed early discussions between the National Payments Corporation of India (NPCI) and Payments NZ regarding the UPI system and agreed that both sides should continue deliberations on this issue. They agreed that the introduction of UPI in New Zealand would promote ease of doing business between both countries and promote trade and tourism as well,» the ministry said. In 2022, the National Payments Corporation Of India (NPCI), the umbrella organisation offering UPI services, signed a memorandum of understanding (MoU) with France's fast and secure online payment system, called Lyra.

Gillette India Limited (GIL) posted a 12% increase in sales during the quarter ended June to Rs619 crore, attributing it to strong brand fundamentals and superior retail execution. Profit after tax (PAT) for the quarter was up 36 per cent to Rs92 crore. During the year ended June, the country's biggest shaving products maker posted sales of Rs 2477 crore, up 10% versus a year ago, despite unprecedented headwinds from macroeconomic challenges and commodity inflation during the year.

Solana is a high-performance blockchain that aims to provide fast, scalable, and low-cost transactions. Solana uses a novel consensus mechanism called Proof of History, which allows Solana network to process thousands of transactions per second. Solana has attracted a lot of attention from developers and users, especially in the fields of decentralized finance (DeFi) and non-fungible tokens (NFTs).

Gokaldas Exports Ltd (GEL) on Tuesday jumped 20 per cent after the company said it has entered into an agreement through its wholly-owned subsidiaries to acquire Atraco Group for USD 55 million. The stock rallied 20 per cent to settle at Rs 736.30 — its 52-week high — on the BSE. On the NSE, it zoomed 20 per cent to end at its 52-week high of Rs 735.35 apiece. Headquartered in Dubai, apparel manufacturer Atraco operates with a network of four manufacturing units in Kenya and one in Ethiopia, GEL said in a statement. The equity value of the transaction is USD 55 million (around Rs 455 crore) and the same will be funded by a mix of debt and internal accruals, it said. The transaction will consist of the acquisition of shares and assets and will be subject to customary regulatory approvals.

Morgan Stanley Advantage Services has renewed its lease for commercial office space in Bengaluru for about 136,000 square feet. The property, in Ecoworld on Outer Ring Road, was leased from RMZ Corp for 120 months with 15% escalation every three years. The company will pay a rent of Rs 116 per sq ft during the lease tenure, as per the lease renewal document shared by Propstack. Morgan Stanley is also preparing to relocate its existing India headquarters, operational for 13 years, to a larger office space in Mumbai, said people aware of the matter. The move reaffirms the American investment bank and financial services company’s growing headcount and footprint in the country. The company, which has operated in the country for about three decades, will relocate to a new office spread over about 86,000 sq ft in Altimus Worli.

Convincing everyone to adopt a new technology can be a slog at first. The humble microwave oven, for example, took two decades of lukewarm sales to reach just a tenth of U.S. households. But then came the 1980s, and quicker than you could say “Hot Pockets,” microwaves had spread to nearly every kitchen.

Miss World 2023 contest is set to be held in Kashmir later this year with 140 participating countries, thanks to the G20 meet held here in May. This was disclosed at a breakfast press briefing in Srinagar on Tuesday. The press briefing was attended by Miss World, Karolina Bielawski, Miss India, Sini Shetty, Miss World Caribbean, Emmy Pena and Miss World England Jessica Gagen and Miss World America Shree Saini and Miss Asia Pricilia Carla Saputri Yules. “Kashmir has everything and it is the best place to host an event like Miss World.

UAE Navy Subject Matter Expert delegation led by Colonel Dr Ali Saif Ali Mehrazi arrived in India on August 27 on a four-day visit to specialised meteorology, oceanography and weather modelling units of Indian Navy (IN) at Kochi, Goa and New Delhi. This visit signifies the beginning of a new chapter in professional cooperation between the two navies, with the goal of exchanging professional knowledge, expertise, training and collaboration in the fields of meteorology, oceanography and weather and ocean modelling, a Defence Ministry release said. The UAE Navy delegation visited Kochi on August 28 where they met senior officers of the Navy for professional interaction at the Naval Operations Data Processing and Analysis Centre (NODPAC), which is a dedicated unit for aspects of oceanography, ocean state forecast and ocean modelling. They also visited the Indian Naval Meteorological Analysis Centre (INMAC), which looks into the aspects of weather forecasts and atmosphere modelling. The release said the UAE Navy delegation also visited the School of Naval Oceanology and Meteorology (SNOM), which caters to the Meteorological, Oceanographic and Numerical Weather Prediction (NWP) training needs of the Indian Navy. The Indian Navy over the years has accrued knowledge, expertise and skills in the domain of meteorology and oceanography, the release said. Through its dedicated units, the Indian Navy has also been supporting many countries in the Indian Ocean Region (IOR) with training in the fields as well as daily weather forecast services to ensure maritime safety in the region. The delegation would also be visiting Air Squadrons and Met Office at INS Hansa, Goa, which is the premier Naval Air Station of the Navy followed by a

Assam Rifles has slapped a legal notice against a Manipur politician for harming the «reputation of the organisation» and discouraging and demoralising the Central armed police force. The notice by a Shillong-based lawyer was served on Maheshwar Thounaojam, national secretary of the Republican Party of India (RPI-Athawale), on August 18. The notice said the country's oldest paramilitary force has been serving the nation, playing a crucial role in ensuring peace, security, and development in various regions, including Manipur. «It is also pertinent to mention that although the State of Manipur is not a notified area under AFSPA [Armed Force Special Powers Act], the competent magistrate had specifically issued requisitions dated May 3 and May 5, for the armed forces to be deployed there for aiding in maintenance of law and order,» the notice said. Thounaojam told PTI he will not apologise and he was entitled to free speech in a democratic country like India. «I did not make any statement, I had asked a question.

Putin is not planning to attend the funeral for Yevgeny Prigozhin, the Kremlin said, following reports that the mercenary chief who challenged the Russian leader's authority would be buried Tuesday. Kremlin spokesman Dmitry Peskov wouldn't say where or when the chief of the Wagner Group military company would be buried, adding that he couldn't comment on a private family ceremony. St. Petersburg's Fontanka news outlet and some other media said the 62-year-old Prigozhin could be laid to rest as early as Tuesday at the city's Serafimovskoye cemetery, which has been used for high-profile military burials.