Country Financial News

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

Karachi, Dream Bazaar Mall, experienced chaos on its opening day when a large mob of people surged into the building, leading to vandalism and looting. The incident, which occurred on September 1, 2024, was marked by the apparent absence of police, leaving mall staff helpless in managing the unruly crowd. Videos of the chaos have since gone viral on social media. Dream Bazaar Mall, located in the Gulistan-e-Johar area of Karachi, was an ambitious project initiated by a Pakistani businessman living abroad. The mall's opening had generated significant anticipation due to special discounts offered to attract customers. The excitement quickly turned into disorder shortly after the mall opened its doors at 3pm. As soon as the gates were unlocked, a massive crowd surged forward, overwhelming the security personnel and forcing their way into the mall. According to videos circulating on social media, the frenzied crowd began vandalizing property and looting stores. They were seen attacking the security personnel who were attempting to control the situation.

Wealth management in India is experiencing rapid expansion, becoming one of the fastest-growing sectors within the financial services industry. This growth is fuelled by the country's robust economic development and a rising number of ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs).

«Defence as a segment, whether you take any other country companies, Lockheed Martin in the US, etc, their order book despite being mature countries grow very fast. So, there is a trading positional investment opportunity in, let us say, Bharat Electronics or HAL, but valuations are still rich,» says Chakri Lokapriya, Managing Partner, RSB LLP. What the outlook is on some of these defence stocks, given the fact that they are a buzz in today's trade, what is it that catches your eye within the sector? Chakri Lokapriya: The defence stocks, as we know, have corrected in the last month or so. The outlook remains strong, as the order book for these companies is never in question for the next three to five years. What was in question is the valuation and the ability to sustain the momentum of the order book, which I think the second question is easier to answer, which is the order book momentum will continue. Defence as a segment, whether you take any other country companies, Lockheed Martin in the US, etc, their order book despite being mature countries grow very fast. So, there is a trading positional investment opportunity in, let us say, Bharat Electronics or HAL, but valuations are still rich.

homeless, The Daily Star reported. At least 59 people died, and over 53 lakh people in 11 districts were affected by the flood. Many people have been left without homes, and low-income families, especially farmers, have lost not only their houses but also their livelihoods due to the destruction of crops and ponds, as per The Daily Star.

BEIJING – China's first attempt at a top-tier video game has smashed world records, bolstering the industry's global ambitions just a few years after Beijing's gaming crackdown.

Pakistan is facing a growing concern over the spread of mpox as Peshawar reports its fifth case this year, raising fears that the city may be emerging as a hub for patients arriving from the Gulf region, The Express Tribune reported. A 47-year-old man who recently returned from the Gulf region has tested positive for the virus and was isolated by Border Health Services staff on August 29. «This is the fifth mpox case reported in Pakistan this year and the fourth since WHO declared mpox a global health emergency,» said Dr. Shabana Saleem, Federal Director General of Health.

Thulasimathi Murugesan assured India of one more medal as she reached the finals of Women's Singles SU5 on Monday in the ongoing Paris Paralympics 2024. Murugesan defeated her compatriot Manisha Ramadass 23-21, 21-17 and went on to finish the match in just 40 minutes. Following this loss, Ramadass will now compete in the bronze medal match.

MUFG), Japan's largest mega bank with close to $3 trillion in assets, last week placed its biggest bet in India: It doubled an existing investment with a further commitment of ₹4,712 crore on DMI Finance. Masakazu Osawa, Asia Pacific CEO for the bank, tells Joel Rebello the group has only started its investment journey in India and would increase exposure in the economy tipped to be the world's third biggest soon. Edited excerpts: You doubled down on your investment in DMI Finance last week. What is the strategy for investments in India?

India will be one of the «great global superpowers» in the next few decades but it must stay the course on structural reforms to raise its economic growth rate to 8% from 6-7% now, said Nouriel Roubini, professor emeritus at Stern School of Business, New York University. In a conversation with Kotak AMC MD Nilesh Shah, Roubini shrugged off concerns about coalition politics derailing the country's reforms momentum. «I think there is some cohesive view that certain types of reforms have to be done, regardless of who is in power,» he said. China is slowing and external headwinds are gathering force, so India needs to get the reforms direction right and keep going even if the momentum may at times falter, he said. «Whether it's land reform or labour market reform or bankruptcy reform or more financial inclusion, more investment in skills and human capital, more reform of the bureaucracy and provision of public services-the list is very long,» said Roubini, making a strong case for building on the reforms already undertaken.

India has the potential to power the global artificial intelligence (AI) innovations, Microsoft Asia president Ahmed Mazhari said on Saturday. «We feel confident that India will power the AI innovation of the world because we have the skill base, the expertise and the desire to innovate at scale, and Microsoft is committed to that acceleration,» he said. Years ago, India became synonymous with creating patents and as the knowledge services capital of the world, he said, and with AI, there are going to be immense opportunities for the country. Mazhari spoke about various initiatives of Microsoft in AI that are currently operational in India.

youth employability, promoting healthy lifestyles and reducing carbon emissions are key measures for India to «power a billion dreams», prominent business leaders from the consumer sectors said on Saturday. At a panel discussion on 'The India opportunity: Empowering a billion dreams', moderated by Kaushika Madhavan, Asia Pacific leader at AT Kearney, leaders from diverse businesses spotlighted rapid growth in the world's fifth largest economy and stressed on the need for inclusive growth and development at a time when economic recovery is showing sharply divergent trends. «We have got to take India with us… India is a country of opportunities, a country of dreams… we need to have inclusive growth as a lot of India is poor,» said Raymond Ltd chairman and managing director Gautam Hari Singhania.

«This is the first time independent India has seen such impetus or focus on developing infrastructure, both from the government and the private sector, such as road network, improvement of stations, world class airports, sports stadiums, convention centers,» said Mandeep Lamba, president and CEO, South Asia, HVS Anarock, while moderating the session. Tourism in India grew 300% YoY in 2023, said MakeMyTrip executive officer Rajesh Magow. «We have to create awareness and change the perception of the country, because people (tourists) also worry about security and safety.» Tourism in India is only at 85% of what it was in 2019 before the Covid pandemic hit, he said.

Localisation and customer service are key to success in any market, Agoda chief executive Omri Morgenshtern said. «Deep local merchandising or localisation is what we do when we go to any market. Every market you go to, you have two problems: problem number one is trust… nobody knows you and, as a result, they don't trust your service,» he said. «Problem number two is customer education in a B2C (business-to-consumer) business. Educating customers about something that they are not used to doing is horrible, super painful, costly… slower adoption. What you want to do is bring yourself, as much as you can, to look and behave like a local brand. Don't educate people… slowly, start being a local.»

Prime Minister Narendra Modi said the current decade is a “lift-off ” phase for India in which the country has to move forward with the mantra of reform, perform and transform to take a giant leap toward achieving big goals. He emphasised that the aspiration of all Indians to see the country become a global manufacturing hub, leading to all-round prosperity, will become a reality. Delivering the keynote address at The Economic Times World Leaders Forum on Saturday, the PM said, “The third decade of the 21st century represents a ‘lift-off ’ decade for Bharat. How will this happen? Who will benefit? We are the ones making it happen, and it will benefit everyone—the entire country.” Modi said India is the land of biggest opportunities today and the government is supporting every effort. “We are poised to take a giant leap forward, and to do so, we are working with a long-term vision,” he added.

«Those who have climbed the ladder of power by using hatred as a political weapon are continuously establishing the reign of fear across the country. Hateful elements hidden in the form of mobs are openly spreading violence, challenging the rule of law,» said Rahul Gandhi in a post on X. Further talking on the incident, the LoP said attacks on minorities, especially Muslims, are continuing and the government machinery is watching as a mute spectator.

Namibia is planning to cull 723 wild animals, including 83 elephants, to feed the country amid the worst drought in a century, the New York Times has reported. Nearly half of the country's 1.4 million people are in a hunger crisis. The move aims to provide food and reduce dangerous encounters between humans and wildlife due to scarce resources, the report added. According to Namibia's Ministry of Environment, Forestry, and Tourism, the plan is «necessary» and aligns with the constitutional mandate to utilize natural resources for the benefit of Namibian citizens. The strategy of harvesting wild animals for food is not uncommon. Rose Mwebaza, director of the United Nations Environment Programme's Africa Office, stated, «Well-managed, sustainable harvesting of healthy wild animal populations can be a precious source of food for communities.» Drought is impacting a significant portion of southern Africa. The U.N. World Food Program noted in June that over 30 million people in the region are affected. Benjamin Suarato, spokesperson for the U.S. Agency for International Development, mentioned that droughts are a familiar issue in southern Africa, with several occurring in the past decade, including from 2018 to 2021. However, this particular drought is especially severe and wide-reaching, said Juliane Zeidler, country director of the World Wildlife Fund in Namibia.

Pakistan on Sunday reported another case of monkeypox (mpox) virus amid the confusion about the total number of cases confirmed so far in the country. The fourth case was detected in Khyber-Pakhtunkhwa (KP) province where authorities confirmed three previous infections of the virus. «The medical team at Peshawar airport transferred the patient (fourth case) to the Police and Services Hospital (PSH) after detecting symptoms of the virus during the screening,» KP Health Director Dr Irshad Ali Roghani said. Roghani said the rapid response team took samples from the patient's wound in the hospital and sent it to the laboratory which confirmed mpox in the patient, who was reported in a stable condition.

Kavach that was developed in the country will now be implemented in a mission mode, Railway Minister Ashwini Vaishnaw has said. The minister stated this in his welcome address before the flagging-off of three Vande Bharat trains by Prime Minister Narendra Modi on Saturday. Vaishnaw that India has elected the leadership of PM Modi for the third time that is decisive, visionary and forward-looking and its impact is visible in every aspect of life including in Railways. «It always lacked technology and investment and nothing changed for decades,» Vaishnaw said alleging that a technical organisation like the Railways was politicised.

Kolkata: Mauritius is inviting Indian Small and Medium Enterprises (SMEs) to set up their units in the island country to capitalise on duty-free export benefit under the African Growth and Opportunity Act (AGOA), an envoy said here. This AGOA offers duty-free shipments to the US market, presenting significant opportunities for Indian businesses, he said. Replying to a question, High Commissioner of Mauritius to India Haymandoyal Dillum said, «Indian industries should make the most of the AGOA agreement with African countries and the US.» Dillum, who visited Kolkata on Saturday to attend a programme of the Bharat Chamber of Commerce, encouraged the leather industry to explore value-added opportunities in Mauritius to gain a competitive edge in the US market.

Pawan Khera said on Sunday that the collapse of Chhatrapati Shivaji Maharaj's statue in Maharashtra's Sindhudurg district has broken the hearts of people in the country who draw inspiration from the legendary warrior king. Addressing a press conference here, Khera accused Deputy Chief Minister Devendra Fadnavis of spreading fake narratives over the incident. «The Mughals did not succeed in breaking Chhatrapati Shivaji Maharaj. But this corrupt government has done what Mughals could never do,» he said. Hitting out at Fadnavis for claiming that late prime minister Pandit Jawaharlal Nehru had shown Shivaji Maharaj in a «poor light» in his book 'The Discovery of India', Khera said the BJP leader should stop spreading fake narratives.