Country Financial News
17.11 / 09:37
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Manu Joseph: Why national pride has not cleaned up Delhi’s air
Subscribe to enjoy similar stories. When India saves a life, it’s a great spectacle. An image I can never shake off is how once India moved a beating heart in an icebox from Chennai to Bangalore within two hours.
17.11 / 09:37
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International
Avoid common mistakes that people make with NRI transactions
Subscribe to enjoy similar stories. Non-resident Indians (NRIs) receive or send money to India quite often, and usually open a non-resident ordinary (NRO) or non-resident external (NRE) bank account, or both. But a lack of understanding of their correct use may spell trouble.
17.11 / 09:27
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RBI prepares booklets in Santali language to create financial awareness among tribals
financial literacy awareness among the tribal population, the Reserve Bank of India (RBI), Odisha office has prepared five specific booklets in Santali (Ol Chik) language, an official said. Odisha Chief Minister Mohan Charan Majhi released the booklets at Bali Jatra in Cuttack on Friday. The booklets were prepared to commemorate 90 years of RBI's operation in the country, the official said, adding that the central bank had also recently organised a series of events like quiz competition among students. «Continuing with the efforts towards financial education, the RBI, Bhubaneswar has taken the initiative of translating and printing the five useful target specific booklets in Santali (Ol Chiki script) language for distribution among the people of Santali speaking community,» a senior official said.
17.11 / 09:27
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RCEP benefit minimal for India due to China's opaque trade practices: GTRI
RCEP) continues to be justified, according to a recent report by the Global Trade Research Initiative (GTRI). The study highlights that participation in the trade bloc could exacerbate India's trade deficits, particularly with China, and pose challenges to domestic industries, especially small and medium enterprises (MSMEs). India opted out of RCEP in 2019, citing concerns over trade imbalances and the potential harm to local industries. The RCEP, a comprehensive free trade agreement, includes the 10 ASEAN countries and six trade partners—China, Japan, South Korea, Australia, New Zealand, and India (which chose not to join). Together, these countries account for 30% of global GDP and nearly half the world’s population. Key Findings
17.11 / 09:27
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Retail tomato prices drop 22.4 pc on improved supplies: Govt
Retail tomato prices declined 22.4 per cent month-on-month on improved supplies across the country, the Consumer Affairs Ministry said on Sunday. The all-India average retail price of tomatoes stood at Rs 52.35 per kg on November 14, down from Rs 67.50 per kg on October 14, according to an official statement. During the same period, modal wholesale prices at Delhi's Azadpur mandi witnessed a sharper decline of nearly 50 per cent to Rs 2,969 per quintal from Rs 5,883 per quintal, driven by increased arrivals. Similar price corrections were reported from key markets like Pimpalgaon (Maharashtra), Madanapalle (Andhra Pradesh), and Kolar (Karnataka), the ministry said.
17.11 / 07:55
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Manufacturing
PAM
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International
India to be in focus for high-street fashion manufacturers: McKinsey & Company
The global consultancy firm said in the report that China's economic deceleration, changing consumer preferences and the return of international travel are making growth in the country highly challenging, leading international fashion brands to look to other Asian markets. The firm further added that the global fashion executives rank Asia growth markets as their top sourcing hotspots for the next five years, adding that the regulatory incentives in these countries fuel manufacturer capability building.
17.11 / 06:33
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consequences
Dr Reddy's, FDC recall products in US for manufacturing issues
Dr Reddy's Laboratories and FDC Ltd are recalling generic medications in the US market due to manufacturing issues, according to the US health regulator. As per the latest Enforcement Report by Food and Drug Administration (USFDA), the US-based subsidiary of Dr Reddy's Laboratories is recalling multiple strengths of Morphine Sulfate extended-release tablets in the US. The medication is used to relieve severe and persistent pain. As per the USFDA, Princeton-based Dr Reddy's Laboratories Inc is recalling 2,040 bottles of 15 mg Morphine Sulfate extended-release tablets due to «Failed Impurities/Degradation Specification».
17.11 / 04:49
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AVP
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country
India conducts successful flight trial of long-range hypersonic missile
Defence Research and Development Organisation (DRDO) successfully conducted a flight trial of its long-range hypersonic missile on November 16, 2024, from Dr APJ Abdul Kalam Island, off-the-coast of Odisha. This hypersonic missile is designed to carry various payloads for ranges greater than 1500km for all the Services of the Indian Armed Forces. The missile was tracked by various range systems, deployed in multiple domains. The flight data obtained from down-range ship stations confirmed the successful terminal manoeuvres and impact with a high degree of accuracy.
17.11 / 03:27
Citi
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President
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PAM
country
travelers
"Heartwarming": PM Modi on Indian diaspora's grand welcome in Nigeria
Modi greeted the Indian diaspora in Nigeria on Sunday upon his arrival on the first leg of his three-nation visit. In a series of posts on X, PM Modi shared pictures of his welcome by the Indian diaspora in Nigeria and said that it was «heartwarming.» «Heartwarming to see the Indian community in Nigeria extending such a warm and vibrant welcome!» he said.
17.11 / 02:41
markets
COST
UPS
Digital
Experts
PAM
country
Egypt's middle class cuts costs as IMF-backed reforms take hold
The world lender has long backed measures in Egypt including a liberal currency exchange market and weaning the public away from subsidies. On the ground, that has translated into an eroding middle class with depleted purchasing power, turning into luxuries what were once considered necessities.
17.11 / 02:41
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With Trump's return, China's Xi at APEC criticises protectionism
Donald Trump's imminent return to the US presidency looming over the Asia-Pacific Economic Cooperation (APEC) summit in Lima, Chinese President Xi Jinping said on Friday that unilateralism and protectionism needed to be rejected in favour of economic globalisation. Xi's critique of protectionism at APEC offers a preview of how China will seek to position itself once Trump takes office in January. Trump has pledged to impose tariffs on Chinese imports in excess of 60% but Beijing and Chinese companies are hoping that his protectionist policies will also irk US allies in Europe and Asia — giving China an opening to increase its global influence and improve trade ties. In a speech read out to business executives by Chinese commerce minister Wang Wentao on Friday at the APEC CEO Summit, Xi said that economic globalisation was facing «countercurrents», without specifying any particular country or leader.
17.11 / 02:41
markets
Digital
Experts
PAM
country
Arsenal
Biden, Xi agree that humans, not AI, should control nuclear arms
Joe Biden and Chinese President Xi Jinping agreed on Saturday that human beings and not artificial intelligence should make decisions over the use of nuclear weapons, according to the White House. «The two leaders affirmed the need to maintain human control over the decision to use nuclear weapons,» the White House said in a statement. «The two leaders also stressed the need to consider carefully the potential risks and develop AI technology in the military field in a prudent and responsible manner.» An official Chinese government summary of the meeting echoed this point. The Chinese foreign ministry did not immediately respond to a request for comment.
17.11 / 02:41
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Digital
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economy
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PAM
country
G20 role in climate finance critical: UN body chief
UN climate chief Simon Stiell on Saturday urged them to send a strong signal that climate action is core business for the world's biggest economies and step up climate finance globally as it requires action both inside and outside the COP process. His remarks come as negotiators here continue to brainstorm on finalising post-2025 climate finance goals without making much headway on the latest iteration of the draft decision text during multiple negotiations at CO. It is believed that the leaders' declaration by G20 leaders at Rio may give a push to the ongoing negotiation here. «Here in Baku negotiators are working around the clock on a new climate finance goal. There is a long way to go, but everyone is very aware of the stakes, at the halfway point in the COP. Climate finance progress outside of our process is equally crucial, and the G20's role is mission-critical,» said Stiell.
16.11 / 20:45
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UN climate process needs urgent overhaul: Experts
fossil fuel deals, a group of prominent scientists, advocates, and policy leaders — including former UN secretary-general Ban Ki-moon, former head of the UN climate change body Christiana Figueres, and former Ireland President Mary Robinson — have called for an urgent overhaul of the UN climate process. They argue that it needs «a shift from negotiation to implementation». «28 COPs have delivered us with the policy framework to achieve this. However, its current structure cannot deliver change at exponential speed and scale, which is essential to ensure a safe climate landing for humanity. This is what compels our call for a fundamental overhaul of the COP,» they said in an open letter to UN secretary-general Antonio Guterres and executive secretary of UN climate change secretariat Simon Stiell. Calling for "COP reform", they said the shift is needed to enable the COP to deliver on agreed commitments and ensure urgent energy transition and phase-out of fossil energy.
16.11 / 17:33
Fox
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Olav Thon, billionaire Norwegian real estate developer, dead at 101
Olav Thon, a billionaire entrepreneur recognizable for his bright red cap who went from selling leather and fox hides in his youth to build one of Norway’s biggest real estate empires, has died
16.11 / 17:33
markets
Digital
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Experts
PAM
country
gatherings
Cedar-IBSi Capital to fund 10-15 startups in fintech sector
Cedar-IBSi Capital on Saturday said it is looking to invest in 10-15 startups working in the banking and insurance technology segment to expand its footprint in the country. «The fund plans to build a portfolio of the companies, allocating a budget within the range of Rs 4-10 crore, with an intensified focus on financially strengthening 8 to 10 high-performing companies,» it said. The fund has already gathered commitments in the range of Rs 50-75 crore from its Rs 240 crore early-stage fund launched in 2023, it added. «We are focusing on investing in startups which offer unique products and innovative tech to help improve efficiency at financial institutions. We have made our first investment in Cogniquest, an intelligent document processing tech company and are looking forward to announcing our second investment shortly,» Sahil Anand, Founder and Managing Partner, Cedar-IBSi Capital, said.
16.11 / 14:41
security
Strategy
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Justice
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Courts
Investigations
Foreign companies need Union govt nod to do surveys in India: Kerala HC
central government is necessary. The ruling from the High Court came while disposing of a plea seeking quashing of criminal proceedings against an Indian company for conducting a survey in Thiruvananthapuram in 2010, which according to the police was aimed at «injuring the emotional feelings of the Muslim community». The survey was conducted by the Indian company — Taylor Nelson Sofres (TNS) PLC-- for US-based Princeton Survey Research Associates (PSRA). Rejecting the Indian company's plea to quash the criminal proceedings against it, Justice P V Kunhikrishnan said that if such surveys were allowed to continue, they «will affect the security of our country and importantly religious harmony». «The central government should take it very seriously, and if there is any intention to topple the integrity of our country by conducting such surveys, appropriate steps should be taken in accordance with the law,» the High Court said in its order of November 4. It also noted that in the instant matter, there was no sanction from the central government for conducting such a survey.
16.11 / 14:41
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Extra time for students with type 1 diabetes in CBSE exams: Kerala SHRC seeks report
Central Board of Secondary Education (CBSE) on a plea seeking extra time in exams for students with type 1 diabetes. SHRC chairperson Justice Alexander Thomas sought the report within a month, from the CBSE and the Principal Secretary of the General Education Department, a statement issued by the Commission on Saturday said.
16.11 / 14:11
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Industries left Maharashtra as MVA govt did not support them: CM Shinde
Eknath Shinde on Saturday claimed that industries migrated out of the state as the previous Maha Vikas Aghadi (MVA) government did not support them, but the situation has been reversed now. Speaking at a campaign rally in Guhagar assembly constituency in this coastal district ahead of the November 20 state elections, Shinde also said that Maharashtra has regained its top position in the country and accounts for 52 per cent of the total Foreign Direct Investment flow. «Industries left the state because of the Maha Vikas Aghadi as they did not get support (from the government) and we are being blamed for that. You (the MVA) show what you did in two-and-half years. I am ready to give an account of industries brought to the state and ones that are operational. Let people know the truth,» he said.
16.11 / 13:07
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UPS
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Fighting
Experts
country
Protesters gather at UN climate talks in global day of action as progress on a deal slows
climate justice that's become an annual event. Activists waved flags, snapped their fingers, and hummed and mumbled chants in a silent protest, with many covering their mouths with the word «Silenced.» Demonstrators held up signs calling for more money to be pledged for climate finance, which involves cash for transitioning to clean energy and adapting to climate change.
16.11 / 12:11
markets
UPS
Manufacturing
Strategy
awards
country
Schools
Aditya Birla Group makes USD 20 bn investment as it sets eyes on scaling biz: KM Birla
Aditya Birla Group has invested about USD 20 billion, mainly in manufacturing space, as it looks to be among the top two players across the segments it operates in, a top company official said on Saturday. Speaking at the Hindustan Times Leadership Summit, Aditya Birla Group Chairman KM Birla said the group firm has taken tough decisions, including the acquisition of Novelis by Hindalco, to build scale and aims to expand cement business from 100 million tonnes to 200 million tonnes over the next 10 years. He said most of the group's investments are long-term, with a business outlook over the next 15-20 years, while consumer businesses have a shorter span. «We have USD 20 billion of announced investments that are on the ground. Obviously, you look at it because a lot of them are in the manufacturing space. You would look at the next 15-20 years. Shorter than that doesn't make sense in that kind of business… If, on the other hand, you're looking at fashion retail or jewellery retail or financial services, then you are looking at a much shorter time frame,» Birla said.
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