Country Financial News

Indian Medical Association (IMA) on Wednesday wrote a letter to Union Health and Family Welfare Minister J P Nadda requesting an Act for the protection of healthcare professionals. «We demand that the draft bill 2019 incorporating the amendment clauses of the Epidemic Diseases Amendment Act, 2020 and the Code Grey Protocol of Kerala Government 'Prevention Management of Violence against Healthcare workers' be proclaimed as an ordinance to instill confidence into the minds of the Doctors of India,» read the letter by IMA.

Manoj Bajpayee and his wife Shabana Raza Bajpayee have sold an under-construction premium residential apartment in Mumbai’s Mahalaxmi locality for Rs 9 crore. The apartment on the 47th floor of one of the wings of the upcoming tower on Boricha Marg is spread over 1,247 sq ft. The owner of the apartment will also get exclusive access to two car parking slots. The deal has attracted stamp duty of Rs 54 lakh and the same was registered on August 16, showed the documents accessed through IndexTap.com.

BP’s chief economist Spencer Dale has said. “Most of the consensus for next year is that oil demand will continue to grow. But many also point to strong growth in non-OPEC supply, with many of those scenarios suggesting the growth in non-OPEC supply will largely meet the growth in overall demand,” said Dale. “And that means the scope for OPEC to bring back production is likely to be relatively limited.” OPEC+, a grouping of nearly two dozen countries led by Saudi Arabia and Russia, has kept its production artificially low, keeping a record 5.8 million barrels per day of supply off the market. It plans to return these supplies to the market, starting October.

Indian astronaut is likely to fly to the International Space Station by April next year as part of the NASA-ISRO collaborative initiative, Science and Technology Minister Jitendra Singh said on Wednesday. Two Indian astronaut-designates Group Captains Shubhanshu Shukla and Prashanth Balakrishnan Nair are undergoing training in the US for the Axiom Space Ax-4 mission. ISRO has assigned Shukla for the Ax-4 mission while Nair would be the backup candidate. «An Indian astronaut will travel to the ISS by April next year,» Singh told a press conference here ahead of the first-ever National Space Day celebrations to mark the landing of Vikram lander on the Moon on August 23 last year. The theme for the National Space Day is 'Touching Lives while Touching the Moon: India's Space Saga'. On the occasion, ISRO will release on August 23 the scientific data collected by the Chandrayaan-3 mission that could be used by researchers.

Could Sebi’s curbs for investment advisers choke financial planning in India? A developed nation is one where land, labour, capital, entrepreneurship and technology are liberated from the mindset of an under-developed, frontier, or developing economy. India has a golden chance to achieve this, but Sebi’s role in market development, capital development and investor protection will be crucial. Developed countries are easier to do business in, and have lower fees for financial services.

Champai Soren announced on Wednesday that he is willing to start a new political party ahead of the upcoming polls in Jharkhand. “I had mentioned three options earlier, that of a friend, the prospect of retirement and an organisation. I will not retire. We may form a new party, forge a new alliance and if I meet new people, I shall forge a new friendship, too…,” he said. When asked about forming a new party, Soren stated that he might form a new political party, if need be. Further, he reiterated that he will not be retiring from politics.

Also read: KYC Maze: Investors, distributors face updating hurdles with NDML & DotEx KRAs In the Reserve Bank of India’s (RBI) KYC norms through the Master Directive in 2016 and subsequent updates, banks were mandated to ensure: that any new bank account applicant is who they say they are (proof of identity); they live where they say they live (proof of address); banks had to also conduct a physical verification for the documents (OSV, or Original Seen and Verified and CPV, or Contact Point Verification) The reason for this type of verification is to ensure that no fraudster enters the system, specifically, the government was worried about terrorism and money laundering. Along the way, RBI introduced anti-money laundering checks to enhance security. The new fraudsters found that they could use minimum KYC compliance norms using stolen IDs to open ‘burner’ accounts or mule accounts.

Tata Motors on Wednesday said it has tied up with Delta Electronics India and Thunderplus Solutions to set up charging infrastructure for its range of electric commercial vehicles (CVs). As part of the MoU inked between the parties, 250 new fast-charging stations for electric commercial vehicles would be set up across the country. Strategically located in and around over 50 cities, including Delhi, Mumbai, Chennai, Bengaluru, Pune, and Kochi, among others, these new charging stations will significantly increase the existing network of 540 commercial vehicle charging points, Tata Motors said in a statement. Basis its understanding of the commercial EV movement, the commercial vehicle major will recommend optimal locations and nearest dealerships for setting up the fast-charging stations, the company said.

kirana stores. After e-commerce, now quick commerce is eating into India's large kirana sector which comprises nearly 12 million stores, selling groceries and personal care and other items. People are starting to shift some of their grocery shopping from local stores to quick commerce platforms such as Blinkit, Instamart, Zepto and BB Now, which are often able to offer products 10%-15% cheaper than local stores. When time is money, especially in urban areas, people are willing to pay a little more to save on it. When quick commerce gained shape in India during the Covid pandemic, a large section of the industry had written it off. Their argument was that Indian consumers were not going to pay convenience fees, no matter what. Some even insisted that consumers would happily wait for a few hours or even a day, if that meant they would get their orders delivered free. Today, one after the other, leading FMCG companies in their 2023-24 earnings report state that quick commerce is now not just their fastest growing channel, it is what is driving their e-commerce business growth itself, ET has reported.

Avalara, a cloud-based tax compliance solutions provider, plans to onboard about 1,000 new employees in the next nine months across engineering, tax, content, sales support and professional services functions. The move is part of its efforts to establish India as a centre of technical excellence and its planned expansion in the Asia-Pacific region, according to a company statement. “Despite India’s competitive employment market, the US-based solutions provider remains committed to enhancing capabilities in tax technology, legislation, e-invoicing, and global tax compliance by investing significantly in the country's technological talent,” the company said.

What were your most memorable moments of the recently concluded Olympic games? Among the many, one of my most memorable moment was Novak Djokovic winning the gold in Men’s tennis. In his long career, he has won 24 grand slams. The only missing piece in his trophy cabinet was an Olympic gold medal.

China is seriously concerned about a report that said the United Stated approved a nuclear strategic plan to focus on China's rapid expansion in its nuclear arsenal, the Chinese foreign ministry said on Wednesday. «The U.S. is peddling the China nuclear threat narrative, finding excuses to seek strategic advantage,» a Chinese foreign ministry spokesperson said. According to a report by the New York Times, U.S. President Joe Biden approved in March a highly classified nuclear strategic plan that focused on China's quickly growing arsenal, but also seeks to prepare the U.S for possible coordinated nuclear challenges from China, Russia and North Korea.

Commerce and Industry Minister, Piyush Goyal raised concern about the functioning of the E-commerce sector, saying that E-commerce is eating into the small retailers by giving heavy discounts on products. Goyal charged E-commerce players with predatory pricing and not giving a level playing field to small retailers. Speaking at an event for the Report Launch on 'Net Impact of E-Commerce on Employment and Consumer Welfare in India Goyal said, «What does e-commerce do we all think that?, they are making things so much cheaper. If I go to a store and buy a five-star chocolate or a box of chocolates, It's going to cost me 500 rupees. I can get it delivered on e-commerce for 350 rupees. It's because that's the item that had the largest margin. E-commerce is eating into the small retailers, high value, high margin products, which are the only products through which it survives.»

The 3% fiscal deficit target: Is it sacrosanct? Irrespective of how the data is sliced, India’s public debt position is weak for a country of its size and potential. Of countries in the BBB category, India has the highest fiscal-deficit-to-GDP and the third-highest general-government-debt-to-GDP ratios. Among large emerging markets, its debt-to-GDP metric is much higher than that of Thailand, Mexico, Philippines, and closer to below-investment-grade Brazil.

BEIJING — China's latest export controls has rattled insiders of the critical minerals industry, and some are concerned that Beijing will leverage its global supply chain dominance in unprecedented ways.

Note that not all Indian nationals are required to obtain an ITCC prior to departing the country, despite what some recent stories claim, stated a Press Information Bureau press release on August 20, 2024. Tax clearance certificate: What was announced in Budget 2024 Finance Minister Nirmala Sitharaman introduced a significant amendment in the Union Budget 2024 for those planning to relocate from India. According to the Budget 2024 announcement, the new law requires individuals domiciled in India to clear all tax dues and get 'clearing certificates' before departing the country.

Every once in a while, you meet a friend that you won’t soon forget. For Canadian country singer Shania Twain, that friend happens to be a Newfoundland local she met on tour 40 years ago.

Piyush Goyal on Wednesday expressed concerns over the rapid expansion of e-commerce firms in India, describing it as a «matter of concern» rather than an achievement. Speaking at an event for the launch of a report on the 'Net Impact of E-Commerce on Employment and Consumer Welfare in India', Goyal raised questions about the potential social disruption that might follow this surge. «Are we going to cause huge, social disruption with this massive growth of e-commerce? I don't see it as a matter of pride that half our market may become part of the e-commerce network 10 years from now; it is a matter of concern,” Goyal remarked.

Bahujan Samaj Party on Wednesday extended support to the day-long Bharat Bandh called by some Dalit and Adivasi groups to protest against the Supreme Court's recent verdict on the sub-classification of Scheduled Castes (SCs). The party also accused the BJP and the Congress of colluding to end reservation. It said these parties and others should understand the necessity of reservation and not play with it. «BSP supports the Bharat Bandh because there is anger and resentment against the Supreme Court's August 1 decision regarding the sub-classification of SC/ST and the creamy layer among them due to the conspiracy against reservation by parties like BJP and Congress and their collusion to make it ineffective and eventually end it,» BSP president Mayawati said in a post in Hindi on X. «In this regard, the people of these classes will submit a memorandum to the government today as part of the Bharat Bandh and strongly demand that the changes made in reservation be abolished through a constitutional amendment...,» she said.

core inflation, which excludes volatile food and fuel prices, as doing so would be counterproductive, according to a study. The paper by think-tank National Council of Applied Economic Research addresses the ongoing debate among policymakers over whether food prices should be stripped from inflation targeting. Economists argue that this approach is not feasible in a country like India, where food makes up nearly half of the consumer price index basket. “Neglecting food price inflation that diverges from target for an extended period can have negative consequences,” economists including NCAER’s Poonam Gupta wrote in the study.

Neville Tata, 32, has taken charge as head of Star Bazaar, signalling the rise of the next generation of Tatas. Star Bazaar is the hypermarket unit of Trent Ltd, which houses the Tata Group’s retail businesses. Neville is the son of Trent Ltd chairman Noel Tata, the half-brother of Tata Group patriarch Ratan Tata who is chairman emeritus of Tata Sons, the conglomerate’s holding company. Neville was on the board of Trent Hypermarket, the grocery retailing subsidiary, as a non-executive director but has stepped down from that post as he takes on a more executive role, executives close to the development said. He was associated with the hypermarket business a few years back, then went overseas to study, sources said. Trent Ltd has identified its hypermarket business as the next growth driver. P Venkatesalu is the CEO of Trent Ltd.