Country Financial News

₹6,445 per bbl, having swung between ₹6,416 and ₹6,475 per bbl during the session so far, against a previous close of ₹6,461 per barrel. The crude benchmarks have already chalked up four weekly gains in a row, with supplies expected to tighten due to output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies. Earlier-loading Brent contracts are selling above later loadings, a price structure known as backwardation indicating traders see tight supply, with the six-month spread near a two-and-a-half month high.

Nagaland Minister KG Kenye Tuesday said the state government is against the implementation of the proposed Uniform Civil Code (UCC) and has urged the Law Commission to exempt the Nagaland from the purview of implementing the UCC. Earlier on June 14, in a public notice, the Law Commission had asked suggestions from various stakeholders including public and religious organisations about implementation of the UCC across the country.

Tata Power - Delhi Distribution Ltd (DDL) said that it met the demand of 2,182 MW on Tuesday. “Today, Tata Power-DDL successfully met the demand of 2,182 MW. This has successfully demonstrated that our customers‘ increasing energy needs were taken care of without any network limitations or power disruptions." Although the peak demand this year touched a record high of 223 GW last month, the overall power demand this year has largely been in check amid the sporadic rains across the country.

Obama family's longtime personal chef, Tafari Campbell, aged 45, from Virginia. Massachusetts police confirmed that Tafari Campbell had lost his life while paddleboarding on Edgartown Great Pond, a large coastal pool connected to the Atlantic Ocean, on Monday, July 24.

milk products in the country. The milk procurement has increased in June 2023 by 5.6 per cent compared to last year," Fisheries, Animal Husbandry and Dairying Minister Parshottam Rupala said in a written reply to the Lok Sabha. The department periodically reviews the milk situation in the country, he said. «Based on the inputs received from major dairy cooperatives, the stock of Skimmed milk powder has increased from 1,16,002 tonnes to 1,30,000 tonnes during May 2023 to June 2023,» Rupala said. The Department of Animal Husbandry & Dairying does not regulate the procurement and sale prices of milk in the country, the minister added. «Prices are decided by the cooperative and private dairies based on their cost of production and market forces. Wholesale Price Index of fodder is in decreasing trend and it was 248 in January 2023, 237.4 in April 2023 and has moderated to 222.70 in June 2023. With the ensuing monsoon season, green fodder availability has improved,» Rupala said.

China as the most populous country of the world, the problem of feeding a robust 1.40 billion people in China is increasingly becoming problematic due to increasing demand, shrinking arable land, declining soil fertility, increasing fertilizer intensity amid climatic change and sustainability threats. Recently addressing a meeting of the Central Commission for Financial& Economic Affairs (CCFEA), Chinese President XI Jinping highlighted food security as “a major issue for the country.” As climatic change is becoming a reality that could not be ignored and temperature regimes and rain cycles are changing in intensity and frequency, the problem assumes further complexity.

Binance revealed that it is finally ready to roll out its full services on its recently-launched subsidiary platform in Japan. 

International Monetary Fund (IMF) bumped up India’s growth forecast for FY24, citing strong domestic investment while cautioning that the global economy is not “out of the woods” yet and that the world’s battle against inflation is far from over. The multilateral lender expects India to clock 6.1% growth in FY24, up from 5.9% estimated in April.

International Monetary Fund (IMF) has raised India’s FY24 forecast to 6.1 per cent, whereas FY25 forecast remains unchanged at 6.3 per cent. Earlier in April, in its flagship World Economic Outlook report, IMF had brought down India's growth forecast to 5.9 per cent from 6.2 per cent.

TikTok is planning to launch in early August an e-commerce platform to sell China-made goods in the United States, the Wall Street Journal reported on Tuesday, citing people familiar with the plan. The short-video app is seeking to replicate the American success of Chinese shopping platforms Shein and Temu and will be responsible for the storage and shipping of items on behalf of manufacturers and merchants in China, the report said.

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Retail milk prices that have shot up nearly 22% in three years, including about 10% in the last one year, are expected to increase further in the coming three-four months as feed and fodder prices are on the rise amid the monsoon deluge. The Department of Animal Husbandry & Dairying does not regulate procurement and sale prices of milk in the country.

Narendra Modi on Tuesday over his recent comments against the Opposition coalition. Addressing a party meeting earlier this week the PM had claimed that the newly named Indian National Developmental Inclusive Alliance was ‘completely directionless’ and linked it to reviled organisations such as the East India Company and Indian Mujahideen.

Samsung Galaxy F34 5G, but it is likely that the handset may launch soon in the country. The smartphone will be available via Walmart-owned Flipkart. Samsung says that Galaxy F34 5G will offer an ‘unparalleled viewing experience’ with 120Hz Super AMOLED display.

New Delhi: White Label ATMs (WLAs) are expected to drive ATM spread across India with a greater focus on tier III to VI centres, said Union Minister of State for Finance, Bhagwat Kisanrao Karad, in a written reply in Rajya Sabha on Tuesday. To expand ATM access in the country, the Reserve Bank of India (RBI) has granted permission to non-bank entities to establish, own, and operate White Label ATMs (WLAs) nationwide.

beneficiaries under the Prime Minister Kisan Samman Nidhi (PM-Kisan) scheme increased to 8.11 crore in the 13th instalment period December-March of the last fiscal from 3.16 crore in the first tranche, the government said on Tuesday. In reply to a written question, Union Agriculture Minister Narendra Singh Tomar said the number of beneficiaries has increased from 3.16 crore in the first period (December 2018-March 2019) to 8.11 crore in the 13th period (December 2022 — March 2023).

Hindu Undivided Families (HUFs) have filed income tax returns (ITRs) and claimed deductions worth Rs 3,803 crore during 2022-23, the Finance Ministry said on Tuesday. Minister of State for Finance Pankaj Chaudhary in a reply to the Rajya Sabha provided details of the number of Hindu Undivided Families (HUF) availing tax benefits (in the form of deduction under Chapter VIA of the Income-tax Act) during the last five years. To a question on whether the government has assessed the impact of the Uniform Civil Code on tax benefits to HUFs in the country, the minister said: «No such assessment has been made as there is no such Code at present».

Narendra Modi over his comment about the opposition coalition, West Bengal Chief Minister Mamata Banerjee on Tuesday said that she thinks likes the name 'INDIA'. Speaking to reporters after a brief meeting with Governor CV Ananda Bose at the Raj Bhavan, Banerjee said the more the BJP talks ill about the opposition coalition, the more they will prove their liking for it.

Nagaland government is against the implementation of the proposed Uniform Civil Code (UCC) in the state and has urged the Law Commission of India to exempt it, a minister said on Tuesday. A public notice was issued by the Law Commission on June 14 seeking suggestions from various stakeholders including public and religious organisations about implementation of the UCC.

soldiers who died in the Kargil war remembered the bravehearts on Tuesday, recalling their sacrifices while fighting Pakistani army personnel disguised as raiders. «He did not die… he became immortal. I cannot forget the scene at our house in Lucknow when his body draped in the tricolour arrived.

government is closely monitoring the prices as well as the demand-supply situation of all essential food items, Union Minister of State for Agriculture Kailash Choudhary on Tuesday said while asserting that it is committed to balancing the interest of both consumers and farmers. The government has formed a panel to regularly monitor the prices and availability situation, he added. «The government is monitoring the prices and availability of food items. It takes measures to boost domestic availability and keep prices under check,» Choudhary said as he was replying to a question about food inflation and the recent export ban on non-basmati white rice. He was speaking at an event to launch ITC's postal stamp on millets in collaboration with India Post. Based on the demand-supply situation and retail price, he said the government decides on imposing export duty or putting restrictions on exports. The minister said there is no problem on the supply front of food items in the country.