Country Financial News

rupee closed at an all-time low versus the dollar Thursday as the likelihood of a prolonged phase of higher US interest rates and deepening concerns over the Chinese economy prompted global investors to reduce exposure to emerging market currencies. The rupee closed at 83.15 per US dollar on Thursday versus 82.95 per dollar at previous close. The previous record closing low for the Indian currency was 83.02 per dollar on October 19, 2022.

The pilot will begin on 15 August and involve select clients of the participating banks. It will test the opening of digital ruble accounts and money transfers to them, person-to-person transfers, bill payments, and QR code-based payments.

By Andrew Hayley

By Jonathan Stempel, Dietrich Knauth and Manya Saini

(Reuters) — Moderna (NASDAQ:MRNA) said on Thursday an initial study data showed its updated COVID-19 vaccine to be effective against the «Eris» and «Fornax» subvariants in humans.

Chinese leader Xi Jinping has called for patience in a speech released as the ruling Communist Party tries to reverse a deepening economic slump and said the West’s pursuit of material wealth led to “spiritual poverty.”

(Reuters) -Semiconductor equipment maker Applied Materials (NASDAQ:AMAT) on Thursday forecast fourth-quarter results above market estimates on strong demand from chipmakers setting up new plants.

DC Studio has taken out a decade-old character from oblivion and made its first live-action Latino super hero film. With this, it also embarked on a journey with James Gunn, the popular movie maker.

Indian officials are considering a plan to reallocate as much as 1 trillion rupees ($12 billion) from the budgets of various ministries to contain a surge in food and fuel costs without imperiling the federal deficit target, according to people familiar with the matter. Prime Minister Narendra Modi will take a decision in the coming weeks, which could include lowering taxes on local gasoline sales and easing import tariffs on cooking oil and wheat, the people said, asking not to be identified as the discussions are private.

Contract negotiations between the country’s largest locomotive manufacturer and its striking unions are continuing in Erie, Pennsylvania, nearly two months after some 1,400 workers walked off the job

PGA Championship 2024 is slated to happen from May 13 to 19, 2024, at Valhalla Golf Club in Louisville, Kentucky. It's the second major event of the year, showcasing top golf talent. Defending champion Brooks Koepka returns after winning the 2023’s championship at Oak Hill Country Club. This marked his fifth major victory, solidifying his elite status. Valhalla Golf Club, the 2024 venue, has a history of hosting championships. It held the PGA Championship in 1996, 2000 and 2014, along with the 2008 Ryder Cup. Established in 1986, Valhalla is known for its excellence. The championship's past highlights luminaries like Walter Hagen and Jack Nicklaus, each with five wins. Hagen's four consecutive match play victories from 1924 to 1927 are impressive. Tiger Woods' back-to-back stroke play wins in 1999-2000 and 2006-2007 are also legendary. Specifics of the PGA Championship 2024 schedule are undisclosed. However, excitement surrounds the event. With confirmed dates and Valhalla Golf Club as the host, anticipation is high. The championship's history with iconic moments and champions builds excitement. Golf enthusiasts worldwide eagerly anticipate watching top players on this grand stage. The PGA Championship's competitive legacy ensures the 2024 edition will be extraordinary.

Murmu launched INS Vindhyagiri at Garden Reach Shipbuilders & Engineers Ltd (GRSE) in Kolkata. West Bengal Governor CV Ananda Bose and state Chief Minister Mamata Banerjee were also present at the programme. President Droupadi Murmu said that India is poised to become the third largest economy in the world and the launch of INS 'Vindhyagiri' will strengthen Indian navy and help India become «Atmanirbhar Bharat» through indigenous ship-building.

Matildas captain Sam Kerr has urged Australia to invest more money in grassroots football as the team’s heartbreaking loss to England at the FIFA Women’s World Cup shattereda two-decade long television ratings record.

Congress leader Rahul Gandhi arrived in Leh to a rousing welcome from locals on Thursday, on a two-day visit to Ladakh during which he will chair a party meeting and meet other social and political leaders of the region. Party leaders said Gandhi's visit should be seen in continuum with the Bharat Jodo Yatra which infused fresh energy in the party cadres in Ladakh and across the country.

Nirmala Sitharaman on Thursday asked chartered accountants to adequately familiarise themselves with new and growing areas of auditing, including ESG (environmental, social, and governance) and carbon accounting, and to adopt technology to improve their productivity. Developing expertise in new areas will help not just their clients but also the broader ecosystem, Sitharaman said at an event held by Institute of Chartered Accountants of India (ICAI) in Bhubaneswar.

long period average (LPA), rainfall has gone down to 6% below LPA in the last two weeks of August in India. While soil moisture and reservoir levels have risen during July and sowing is almost over, agricultural experts are concerned about the yield of some crops such as pulses and spices in case a prolonged dry spell adds to inflationary pressures.

UBS report released on Thursday. While the report noted that no single country can replicate China's success in manufacturing, it said India could benefit from supply chain shifts and reforms, which could also result in job creation. «Growth could rise to 6.25-6.75% YoY by 2030 under an optimistic scenario and 6.75-7.25% YoY under a blue-sky scenario, leading to job creation,» Tanvee Gupta Jain, chief India economist, UBS, said.

By Kate Abnett

NEW DELHI : A recent government notice saying Bollywood songs can be played at weddings without a copyright licence has revived an age-old tussle between the event management industry and music copyright societies. The public notice issued by the Department for Promotion, Industry and Internal Trade is a blow to the music industry facing minuscule revenues from streaming services, radio and television, and battling piracy, say copyright societies.

Finance minister Nirmala Sitharaman has urged chartered accountants (CAs) in the country to familiarize themselves with new-age concepts and areas of accounting and compliance including carbon accounting, CSR (corporate social responsibility) accounting and auditing as well as due diligence related to ESG (environmental, social and governance) to be at par with their counterparts in other nations amid changing global practices and compliance needs. “There are newer areas with which chartered accountants will have to familiarize themselves, especially given global developments, to better advise clients on new greenfield areas.

MUMBAI : The Indian diamond trade, which produces nine out of 10 of the world’s polished diamonds and employs over 4 million, could face collateral damage from the Russian war. The Group of Seven (G7) nations, an informal bloc of advanced democracies led by the US, is threatening to halt the imports of certain grades of polished diamonds from India that use rough diamonds indirectly sourced from Russia.