Country Financial News

Indonesian President Joko Widodo has met with Chinese President Xi Jinping in southwestern China for talks about joint projects that include Indonesia’s development of a new capital

Narendra Modi launched a scathing attack on the Opposition at Rajkot on Thursday, saying «at a time when so much of work is happening and the country is moving ahead, it is only natural that some people will have troubles». While inaugurating the Rajkot International Airport and projects worth over '860 cr, Modi took a dig at the Opposition and said «those who kept the people of the country ever longing, those who had nothing to do with the aspirations and desires of the people are a little extra angry today seeing the dreams of the people coming true.» Keeping up the attacks, Modi said: «The corrupt and dynasts have even changed the name of their gang. The faces are old, sins are old, ways are old, only the name of the gang has changed.

BENGALURU : Tech Mahindra Ltd’s managing director and chief executive officer (CEO) designate Mohit Joshi has been offered a ₹7 crore joining bonus and stands to earn as much as ₹46.8 crore in his first year, making him one of the highest-paid professional CEOs in the country. The current CEO, C.P. Gurnani, earned ₹674.5 crore in remuneration between 1 April 2013 and 30 March 2023, largely on account of stock options exercised over the past decade, according to Mint’s analysis of company filings.

NEW DELHI : Reforming India’s administrative machinery and the legal system, along with making the rupee a hard currency, widely accepted for global transactions, are top on the government’s next reform agenda, said Sanjeev Sanyal, a member of Prime Minister Narendra Modi’s Economic Advisory Council. In an interview, Sanyal said that maintaining macroeconomic stability and taking care of the bottom of the pyramid are the two key pillars of the government’s economic management strategy. Edited excerpts: Our GDP (gross domestic product) rowth will be somewhere in the 6.5-7% range.

Nirmala Sitharaman Thursday said the government is considering a production-linked incentive (PLI) scheme for the chemicals and petrochemicals sector to promote manufacturing and to reduce import dependency. “We are in favour of having India becoming a manufacturing hub and therefore of course we will consider the PLI also for the chemicals and petrochemicals,” Sitharaman said at the 'Global Chemicals and Petrochemicals Manufacturing Hubs in India' summit, organised by Federation of Indian Chambers of Commerce & Industry's (Ficci). She said global manufacturers in the chemical industry are looking to diversify their production capabilities and India stands out as an alternative destination for manufacturing. The minister said the government is focussed on green growth and industry should keep in view energy efficiency and renewable energy commitments of India and the Hydrogen Mission. “We should remember that India has set its sights on becoming energy independent by 2047 and achieving net zero by 2070. So net zero cannot be achieved unless each industry and each sector contributes to it. “We are very focused on green growth. Carbon intensity has to be reduced and therefore each one of the sectors will have to contribute to this,” she said. The government has approved a Rs 19,744-crore incentive plan to promote the manufacturing of green hydrogen in the country in a bid to cut emissions. The National Green Hydrogen Mission seeks to promote development of green hydrogen production capacity of at least 5 million metric tonnes per annum and renewable energy capacity addition of about 125 GW in the country by 2030.

SBI Research economists in a note on Thursday. «The Indian economy continues to enjoy a period of sustained goldilocks,» SBI Research economists said, pointing out that India will surpass Japan and Germany at the current growth rate and account for a 4% share of global GDP. SBI economists said India will likely grow 8.1% in the first quarter of FY24, pushing the overall growth rate to 6.5%.

NEW DELHI : India has unfairly withheld from South Korean companies the incentives they were promised under the government’s production-linked incentive (PLI) schemes, the New Delhi chief of a top Korean trade body said. Arbitrary policy changes are a key concern for Korean companies investing in India, Lee Young-Ho, chief trade representative at the New Delhi office of the Korea International Trade Association (KITA), said in an interview. This is the first time that a Korean trade body has remarked on the challenges related to the PLI scheme.

Investment professionals in both China and India are largely bullish on Central Bank Digital Currency (CBDC), according to a new survey from the CFA Institute.

New Delhi: India’s foreign portfolio investors (FPIs) have opposed a recent proposal by the market regulator that requires offshore funds to place at least 10% of their secondary market bond trades through the Request For Quote (RFQ) platform. In a consultation paper floated on 5 July, the Securities and Exchange Board of India (Sebi) said the move would ensure enhanced transparency in the bond market and improve liquidity. RFQ is a centralized trading platform launched by the stock exchanges.

Queensland-headquartered telco Pivotel, which specialises in servicing customers outside the catchment of regular mobile phone coverage, has drafted boutique corporate advisor TMT Partners to oversee a capital partner search.

G20 Summit in New Delhi and the UN Climate Summit during the high-level General Assembly session are among the “critical opportunities ahead” for accelerated action on climate change, UN chief Antonio Guterres said as he warned that the world has moved from the era of global warming into that of “global boiling.” As the World Meteorological Organisation and the European Commission's Copernicus Climate Change Service released official data confirming that July 2023 is set to be the hottest month ever recorded in human history, UN Secretary-General Guterres said humanity is in the hot seat. Guterres said that for vast parts of North America, Asia, Africa and Europe – it is a cruel summer but it is a disaster for the entire planet. “Climate change is here.

Eurozone has an increased inflation rate and the economy is going through a phase of weaker domestic demand, and dampening financial conditions, the European Central Bank (ECB) has increased its interest rate by 25 basis points. Consequently, the benchmark interest rate has gone to 3.75%. It was the consecutive ninth hike in the interest rate.

Asprius Lifesciences has announced that it has developed treatment for Diabetic Neuropathy, a condition that results in nerve damage in peripheral areas of the body. The company said it has already filed a patent for the Fixed-Dose Combination (FDC) that holds promise in treating peripheral neuropathy, a prevalent condition affecting over 2 per cent of the global population. Speaking about the development of the drug, Asprius Lifesciences' Chairman and Managing Director, Vishal Zinzuwadia said: «Our focus has always been on fostering innovation to develop groundbreaking pharma products.

₹469 crore, Union government is unlikely to relent and plans to take them to court if the penalties are not paid in next few days. Seven companies—Hero Electric, Okinawa Autotech, Ampere EV, Revolt Motors, Benling India, Amo Mobility and Lohia Auto—have been found guilty of wrongfully claiming subsidies under the FAME II scheme, after assembling vehicles in the country with imported products. Under the scheme, companies manufacturing their product completely in India are eligible for government support.

South Korea and North Korea are now two countries — different from one another. The two function differently due to cultural and political differences that have not always existed. For better understanding, let's revisit history — the conflict took place on July 25, 1950, which resulted in the killing of masses, mostly innocents, however, the fight ended on July 27, 1953. But technically the South and North continue to remain at war with the signing of the Korean War Armistice that turned into the world’s longest ceasefire – over seven decades now.

Pakistan has criticised Defence Minister Rajnath Singh's remarks that India is ready to cross the Line of Control (LoC) to maintain its honour and dignity, saying the is a threat to regional peace and stability. Speaking at the Kargil War Memorial in Ladakh's Drass town on the occasion of the 24th Kargil Vijay Diwas on Wednesday, Singh said no compromise will be made in protecting the sovereignty, unity and integrity of the country. “Our greatness is not in never falling, but in getting up every time we fall.

Spain recovered 86% of its pre-pandemic tourist arrivals in 2022, and arrivals this year already show a 28% increase over 2019 levels. France follows closely with year-to-date international visitors numbering just 3% less than before the Covid-19 pandemic and their spending at record levels, according to Atout France, a government tourism agency. The US, on the other hand, is falling behind. International tourist arrivals remain at 26% below pre-pandemic levels, according to a June 2023 monthly report from the US Travel Association, with spending slower, too. At the close of 2022, international visitor spending in the US was at $99 billion, just over 50% of where it stood in 2019. That’s a far cry from 2019, when the US received 79.4 million visitors, who spent $181 billion. “The lag is very significant, and we are very concerned,” says Geoff Freeman, US Travel’s chief executive officer. “We estimate that this year alone we’re going to lose about 2.6 million international visitors and $7 billion less in spending.” The US travel industry isn’t expected to recover to 2019 levels until 2025. Those two additional years will translate into “billions of dollars of lost spending, of lost jobs,” says Freeman.

Burger King's pink burger, the doll's popularity is soaring. The 3D advertisement of the Barbie movie in Dubai, despite its delayed release in the United Arab Emirates until August 31, 2023, is creating a significant buzz online. The presence of a giant colossal Barbie doll near the iconic Burj Khalifa has sparked a viral sensation on social media, fueling excitement around the film's release in the country. Eye Studio, a regional creative content agency, has produced a CGI video showcasing a massive Barbie doll, still in her Mattel packaging, positioned next to the iconic Burj Khalifa. The viral video on Instagram showcases the Barbie doll dressed in a strapless striped jumpsuit, white cat-eye sunglasses, and black heels as she elegantly steps out of the packaging. The video has garnered a whopping 3.5 million views on the internet.

Olympics in future, Sports Minister Anurag Thakur said on Thursday, insisting that hosting quality tournaments across various disciplines will help the country become a sporting super power. Earlier this month, Australia's Victoria state withdrew as host of the 2026 Commonwealth Games due to increasing cost. Replying to PTI's query if India is thinking of hosting the 2026 CWG, Thakur said «India will organise the Olympics in future.» «We are working in that direction and when the right time comes we will give you the good news.

Assam Tourism Minister, Jayanta Malla Baruah. He met leading tour operators from Delhi to promote Assam as tourist destination and to strengthen cooperation with tourism partners. As many as 25 Delhi based tour operators, travel agents and travel journal houses gathered at the conference hall of Assam House here late evening on Wednesday to prepare attractive packages for promoting the state in a big way. The Tourism Minister asked the tour operators to work in tandem with the Tourism department and other stakeholders to promote the tourism sector which has huge potential with its rich cultures, traditions, flora and fauna and make the state a tourist destination. Baruah asked the tour operators to come up with attractive packages that cater to the tastes of the tourists visiting different destinations. The Minister said the government would arrange to take the tour operators from Delhi to Assam for a familiarisation tour that would help them to make packages tailored to the needs of tourists.

Global food markets have been thrown into some chaos yet again —not only because of Russia’s decision to pull out of the Black Sea grain deal, but also India’s announcement that it would ban the export of many varieties of rice. The partial exit of the rice market’s largest trading nation, with about a 40% share of exports, has led to fears that food inflation will race out of control, particularly in countries of the Global South that are already struggling with very high debt levels and inflated food and fuel bills.