Country Financial News

World Economic Forum warned that the global rise in public debt was a ‘fiscal ticking bomb’. The sudden increase in indebtedness was driven by two developments. First, governments around the world unleashed fiscal stimuli to support their economies during the pandemic.

AIIMS Delhi due to a cardiac arrest, according to a close aide as reported by news agency PTI. The 80-year-old was the founder of Sulabh International, an India-based social service organisation which works to promote human rights, environmental sanitation, waste management and reforms through education. The aide said that Pathak hoisted the national flag in the morning on the occasion of Independence Day and collapsed soon after that.

Himachal Pradesh, the death toll due to rains in the past two days has climbed to 55. The landslides, flash floods, and cloudbursts are leading to serious losses of lives, damages to properties, and displacement of people. 1.

By Natalie Grover

Poland is deploying thousands of troops to its border with Belarus, calling it a deterrent move as tensions between the two neighbors ratchet up. Those tensions between Poland — a NATO and European Union country — and Belarus, which is Russia's ally in its war on Ukraine, have been building up in recent months on the border.

Australia has managed to cut down the wait time of many of its popular visas to days, including student visas and temporary skilled visas. «The Department is streamlining Australia’s visa systems and process leading to big reductions in average visa processing times across a number of categories,» the Australian Department of Home Affairs said in a statement earlier this month. According to the statement issued on social media, Student Visas are now being processed within 16 days and Temporary Skilled Shortage 482 visas within 21 days. The Student Visa was taking up to 49 days to be processed at the start of the year. Moreover, the Employer Sponsored Skilled program: healthcare and education and Working Holiday visa (outside of Australia) are being processed within a day.

By Shashwat Chauhan

By Dhara Ranasinghe

Karnataka’s revenue collection was strong enough to support them. The CM, in his Independence Day address in Bengaluru, attacked the previous BJP regime in Karnataka, without naming the party, while insisting that about 1.30 crore poor families would participate in the development process the government was trying to create through the schemes. These families will enjoy the benefits without any middlemen in between, he added.

Falling prices in the world’s second-largest economy are likely to translate into lower costs across the globe given China’s status as the factory of the world, according to EdenTree Investment Management and Gama Asset Management SA. Easing inflation will allow central banks to refrain from further interest-rate hikes, and possibly pivot to an easing, to shore up slowing growth.

China’s yuan extended its losses for a fourth day and erased all of its post-reopening gains even after authorities cut a key interest rate and began considering a stamp-duty reduction for stock trades. But data releases offered further evidence of a failed economic recovery, leaving investors craving for a big bazooka of stimulus rather than half-hearted darts thrown in the dark. Russia witnessed the same reactions.

Akshay Kumar on Tuesday announced that he has once again become an Indian citizen, a news that he shared with his fans on Independence Day. Kumar, who has often faced criticism over his Canadian citizenship, shared a photo of his Indian citizenship certificate on X, formerly Twitter. «Dil aur citizenship, dono Hindustani (Heart and citizenship, both Indian). Happy Independence Day! Jai Hind!» the 55-year-old actor said. Kumar had previously said that he went through a lean phase in his career in the 1990s when he delivered over 15 consecutive flops and it pushed him to apply for the Canadian citizenship. His citizenship status had come under intense scrutiny after he did not vote during the 2019 Lok Sabha elections. The matter also became a topic of debate after he conducted a «non-political» interview of Prime Minister Narendra Modi before the elections. During an event in 2019, the actor had revealed that he had applied for an Indian passport.

European stocks fell and government bond yields climbed as inflationary fears fueled bets interest rates will stay higher for longer. China’s yuan retreated to its weakest since November after a surprise interest-rate cut. 

BRICS Leaders’ Summit is set to be held from 22 August to 24 August, with leaders from Brazil, South Africa, India and China expected to meet in Johannesburg. Mint looks at what is the agenda. – Leaders of the BRICS nations, minus Russian president Vladimir Putin, will meet in later this month in South Africa for the 15th Summit.

India has gained a new strategic strength in recent years and the country's borders are now more secure than ever, Prime Minister Narendra Modi said on Tuesday, in his Independence Day address from the ramparts of Red Fort. The prime minister said a number of military reforms are being undertaken to modernise the armed forces and make them young and battle ready to deal with the future challenges. He also reiterated the government's unwavering resolve to ensure national security amid the current global security scenario.

Corporate Debt Market Development Fund’ (CDMDF) as an institutional framework to enhance secondary market liquidity in the corporate bond market during stressed market situations.Why CDMDF?Investors in India distinctly (and not so fondly) remember the sudden winding up of six debt mutual fund schemes by Franklin Templeton Mutual Fund, resulting in net market redemptions of INR 80,000 crores across all debt schemes. Unlike RBI’s asset purchase programme under the open market operations for purchase of government securities during Covid-19 as a lender of the last resort, bond markets in India were left in the dark without a Carpathia to sail them through the crisis.

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Reuters reported. The Russian rouble, having experienced a depreciation of over 20% against the US dollar since the commencement of the Ukraine conflict, exhibited a 0.2% decline, settling at a rate of 97.82 against the dollar. On Monday, the currency reached a point close to its lowest value in 17 months, reaching 101.75, and briefly exhibited a trading rate of 92.60 on the following Tuesday morning, displaying considerable volatility as market response followed the unexpected intervention by the central bank.

Chief Justice of India (CJI) D Y Chandrachud on Tuesday said the greatest challenge before the Indian judiciary is to eliminate the barriers to accessing justice and make sure that judiciary is inclusive and accessible to the last person in the line. He also said that there is a need to overhaul the infrastructure on a priority basis to make courts accessible and inclusive.

Narendra Modi on Tuesday underlined the need to address regional aspirations, and said if any part of Bharat Mata remains underdeveloped, the country will remain weak. Addressing the nation from the ramparts of Red Fort on the 77th Independence Day, he said, "India is a diverse nation.

Gautam Adani's renewable energy company is targeting to set up 45 gigawatts (GW) of renewable energy capacity by 2030, as it looks to cut emissions and help India meet its carbon neutrality target. Adani Green Energy Ltd has 8,316 megawatts (8.3 GW) of operational renewable energy capacity and another 12,118 MW either nearing construction or under execution, sources close to the company said. The target is to take this 20,434 MW (operational plus under execution projects) to 45,000 MW or 45 GW by 2030, they said, adding AGEL is looking to build roughly 3 GW of capacity to generate electricity from solar and wind energy every year.