Country Financial News

India's coal import rose by 5.7 per cent to 75.26 million tonnes (MT) in the first quarter of the current fiscal compared to 71.16 MT of coal in the same period of the previous fiscal. Coal imports in June were also higher by 6.59 per cent at 22.97 MT compared to 21.55 MT in the same month of the previous fiscal, according to data compiled by mjunction services ltd, a B2B e-commerce platform from a joint venture between Tata Steel and SAIL. mjunction MD and CEO Vinaya Varma said that given the surplus coal available in the system and the slowdown in industrial activity during monsoon, import demand is likely to remain subdued in the coming month. Of the total imports in June 2024, non-coking coal imports stood at 14.19 MT, higher than 13.29 MT imported in June last year. Coking coal imports were at 5.45 MT, against 5.33 MT imported in June 2023.

economy back on track so that it does not come to a standstill, finance and planning adviser Salehuddin Ahmed has said. Former Bangladesh Bank governor Ahmed was entrusted with the charge of the finance and planning ministries by interim leader Muhammad Yunus, who announced the portfolios of his 16-member council of advisors on Friday. The interim government was formed after the fall of the Sheikh Hasina-led Awami League government on August 5 following widespread protests against her government over a controversial quota system in jobs. Talking to reporters on Saturday for the first time after assuming office, Ahmed said the government's priority is to restore the trust of common people in the banks while resuming the operations of the central bank.

Foreign Secretary Vikram Misri arrived here on Sunday on a two-day visit to discuss with the country's leadership and officials ways to further strengthen India-Nepal relations and advance the mutually beneficial ties with the Himalayan nation. Misri was received by his Nepalese counterpart Sewa Lamsal on his arrival here. «Foreign Secretary of India @VikramMisri arrives in Kathmandu for an official visit from 11-12 August 2024. Warm reception by Nepal Foreign Secretary Ms Sewa Lamsal,» the Embassy of India in Kathmandu said in a post on X. «The visit is in keeping with the tradition of regular high-level India-Nepal bilateral exchanges & underlines India's commitment to its #NeighbourhoodFirst policy,» it said.

Michael Kugelman, Director of the South Asia Institute at The Wilson Center, said on Saturday that the longer Bangladesh's interim government stays in power, the higher the chances of the military assuming a more definitive role in the country's politics. His remarks come amid ongoing political unrest in Bangladesh, following the ousting of former Prime Minister Sheikh Hasina, which has left the timing of general elections uncertain. Kugelman emphasized that the Awami League, Hasina's party, is currently sidelined, with no representation in the interim government. However, he noted that if unrest persists, the Awami League might regain favour in future elections.

athletes with awe, to catch a glimpse of citius, altius, forties and all that stuffius. We follow the Olympics to do INDIAAAA-INDIA! And in the process if we catch something that is sportingly wonderful, well, we get lucky, whether we know it or not. Let's face it, despite the once-in-four years suppressed supply-heightened demand coverage, the Olympics as a spectator sporting event isn't as popular in this day and age of multiple fan loyalty as 'viewership' would suggest. In football, for instance, there was a time when the Indian football fan was content following the national team — and his local club, if he was Malayali, Bengali or Punjabi. Other sports that Indian fans followed were hockey and cricket — the former represented almost solely by the national squad, the latter overwhelmingly by the Indian team, and for more serious enthusiasts of the game, by national tournaments like the Ranji Trophy. The nation was pretty much the only side we had to follow.

Opel Astra? It was India’s first tryst with German technology on the roads. With automatic transmission — a rarity in those days — ventilated disc brakes and a CFC-free air-conditioning system, Astra quickly became the car to dream for. It single-handedly launched the premium luxury sedan segment in India. Opel, then owned by Detroit, US-based auto major General Motors, doubled down, launching Corsa with an ad campaign that auto enthusiasts still remember—“Achtung Baby”—flaunting its German origins. The Opel cars scored high on product satisfaction, but the sheen wore off quickly, thanks to expensive maintenance and sub-par after-sales experience, all of which affected the resale value. Opel exited India in 2006, 10 years after its entry. French manufacturer Peugeot was another early mover in the 1990s and launched the 309 —a boxy sedan with 80s design language—in India. Not even the choice of the TUD5 engine, a legendary motor, could save the Parisian car maker. You would think that after initial hiccups, things would have become different in the new millennium and the Europeans would have made the most of their early-mover advantage. But that was not to be.

Rush Doshi, a key architect of US President Joe Biden’s China policy, served in the National Security Council in 2021-24. Author of an acclaimed book, The Long Game: China’s Grand Strategy to Displace American Order, he speaks to Seema Sirohi on the US, India and China. Edited excerpts: How do you view the India-China border situation? What would US do if there was another Galwan-type situation? First, the Biden Administration has repeatedly noted the need for China to refrain from aggressive activity around the Line of Actual Control. Second, the US is not only more public about the border dispute but even includes it alongside the South and East China Seas, Taiwan Strait, as examples of provocative Chinese activity.

Vice President Jagdeep Dhankhar has condemned recent remarks by Congress leaders comparing the unrest in Bangladesh to potential scenarios in India. Speaking at the platinum jubilee celebrations of the Rajasthan High Court in Jodhpur, Dhankhar expressed his disapproval of these comparisons, which he believes undermine national stability. “Be on watch out!!! Efforts by some to infuse a narrative that what happened in our neighbourhood is bound to happen in our Bharat, is deeply concerning. How can a citizen of this country having been a Member of Parliament, and the other who has seen enough of Foreign Service takes no time in saying that what happened in the neighbourhood will happen in India!” Dhankhar said.

Muhammad Yunus condemned recent attacks on minority communities in the country, calling them «heinous,» and called on the youth to protect Hindu, Christian, and Buddhist families. Speaking at Begum Rokeya University in Rangpur, Yunus urged students to ensure the safety of minorities and not let their efforts be undermined. These remarks come following the fall of Sheikh Hasina's government on August 5, which led to at least 205 incidents of attacks on minority communities across 52 districts, according to the Bangladesh Hindu Buddhist Christian Unity Council and the Bangladesh Puja Udjapan Parishad. Thousands of Bangladeshi Hindus are attempting to flee to neighboring India to escape the violence. Yunus, addressing students who are leading protests, assured them that many were watching their efforts and encouraged persistence in their cause. «There are many standing by to make your efforts futile. Don't fail this time,» Yunus stated during his speech.

It's an open secret that vendors are offering one of the world's most sought-after technologies: the microchips that create artificial intelligence, which the United States is battling to keep out of Chinese hands. One vendor said he could order the chips for delivery in two weeks. Another said companies came to the market ordering 200 or 300 chips from him at a time. A third business owner said he recently shipped a big batch of servers with more than 2,000 of the most advanced chips made by Nvidia, the U.S. tech company, from Hong Kong to mainland China. As evidence, he showed photos and a message with his supplier arranging the April delivery for $103 million.

UK on Saturday to protest recent rioting blamed on the far-right in the wake of the Southport knife attack that killed three children. Crowds massed in London, Glasgow, Belfast, Manchester and numerous other English towns and cities, as fears of violent confrontations with anti-immigration agitators failed to materialise. It followed a similar situation unfolding on Wednesday night, when anticipated far-right rallies up and down the country were instead replaced by gatherings organised by the Stand Up To Racism advocacy group.

Mobile phones priced in the range of Rs 10,000-20,000 dominate the country's smartphone industry, constituting over 40 per cent of the total market size, according to Infinix India CEO Anish Kapoor. Kapoor said the demand for 5G-enabled handset has increased in the recent past and devices priced between Rs 10,000 and Rs 20,000 see higher demand as compared to those priced below Rs 10,000 that used to dominate the market earlier. The stagnancy, which was in the market for the past two years, has changed, and the market has once again started to grow back, said Kapoor who was in Lucknow on Thursday for the launch of the company's latest smartphone Note 40X 5G. "...earlier the phones which were priced under Rs 10,000 used to dominate the market in India, and it was around 35 per cent to 40 per cent. Now, the major market has gone to the mobile phones priced in the range Rs 10,000 to Rs 20,000 now, which is close to 43 per cent," Kapoor told PTI.

Gujarat's Rajkot among the best in the country, Union Health Minister JP Nadda said on Saturday. He also inaugurated the Virus Research and Diagnostic (VRD) Lab at AIIMS Rajkot, which aims to end the state's dependency on National Institute of Virology (NIV) in Pune in Maharashtra. «Despite suffering from delay due to the COVID-19 pandemic, the AIIMS Rajkot has emerged as one of the fastest growing institutes. Its OPD, IPD and trauma (department) have seen a sharp increase in patient visits. The government's effort is to ensure it gets the best faculty members and doctors so as to make Rajkot AIIMS a high ranking institute to serve humanity and the people of Saurashtra,» he told reporters. The VRD Lab he inaugurated is a Biological Safety Level (BSL) 2 category lab, which will soon be upgraded to BSL 3, Nadda said, adding it is a self-sufficient institution for virus detection that removes the dependency on NIV Pune.

Droupadi Murmu on Saturday lauded the «very small but active» Indian community in Timor-Leste as a 'living bridge' for its role in improving bilateral relations and announced that India will soon open its embassy here. President Murmu, who arrived earlier in the day, on the first-ever presidential visit from India to Timor-Leste, was speaking at an interaction event with the Indian diaspora in this archipelagic Southeast Asian nation. Before this event, Murmu received the Grand Collar of the Order of Timor-Leste, the country's highest honour from her counterpart Jose Ramos-Horta for her achievements in public service and dedication to education, social welfare and women empowerment. «The Grand Collar of the Order of Timor-Leste bestowed upon me is a symbol of manifestation of the warmth and special friendship between the two countries,» she said at the outset as she thanked President Ramos-Horta and the country for hosting her and the Indian delegation.

tourism sector has the potential to resolve 50 per cent of the country's employment challenges with the right government support, Lemon Tree Hotels Chairman and Managing Director Patanjali Govind Keswani said on Saturday. Delivering his address at the first National Conclave on India 2047, organised by IIM Calcutta, he said India's tourism sector is on the verge of hitting the inflexion point. Keswani pointed out that several countries have seen that the tourism sector contributes as much as 15-20 per cent to their GDP and account for 25 per cent of employment. Expressing disappointment over the government's approach towards the tourism sector, he said, «In India, tourism contributes only 6.5 per cent to GDP and a similar share in employment. This sector holds enormous potential for creating jobs.»

India-Maldives ties for the benefit of the people in the two countries and the region. Jaishankar is on a three-day official visit to Maldives to reset the bilateral relationship, the first high-level trip from India after the archipelago nation's pro-China president Muizzu assumed office last year. «Privileged to call on President Dr Mohamed Muizzu. Conveyed greetings of PM @NarendraModi. Committed to deepening India-Maldives ties for the benefit of our people and the region,» Jaishankar posted on X along with a photograph of the meeting. Meanwhile, in a post on X, Muizzu said it was a pleasure to meet Jaishankar and join him in the official handover of water and sewerage projects in 28 islands of the Maldives.

Congress on Saturday hit out at the Centre over the issue of trade deficit with China and said that while other countries around the world had taken measures to restrict uncontrolled Chinese imports, «our government has been caught napping at the wheels». Congress general secretary in-charge communications Jairam Ramesh said the data revealed by the government in the Rajya Sabha shows that India's trade deficit with China has surged by about 16% over the last two years from USD 73,306.2 million in FY22 to USD 85,079.03 million in FY24. «Governments across the world are taking note of China's industrial overcapacity and its dumping of goods overseas. However, unlike most governments that have taken proactive measures to restrict uncontrolled Chinese imports, our government has been caught napping at the wheels,» Ramesh said in a post on X. «Our domestic industries are being decimated and shutting down, unable to compete with the onslaught of cheap Chinese goods,» the Congress general secretary said.

Amit Shah on Saturday called on sugar mills to explore alternatives to sugarcane for ethanol production, pushing for a multidimensional approach to biofuel manufacturing. Speaking at an event organised by the National Federation of Cooperative Sugar Factories (NFCSF), Shah said: «The target set for ethanol blending of 20 per cent is 2030. We will achieve the target in 2025-26.» The minister highlighted that the government's ethanol blending programme has helped reduce the country's crude oil import bill and address environmental concerns. Shah emphasised the need for sugar mills to adopt a forward-looking approach, stating, «You need to be futuristic and look at opportunities and expand. ...ethanol can be made from multiple sources.»

It’s rate cuts galore this week as lenders play catch-up to the supersized drop in funding costs.

Home prices in Canada aren’t done falling this year as a lack of affordability and looming mortgage renewals weigh on markets across the country, according to an analysis from economists at Oxford Economics.

global factors like sharper-than-expected weakening of the US labor market, unwinding of Yen carry trades and rising geopolitical tensions in the Middle East, FIIs withdrew $1.3 billion from the Indian stock market in the week. However, buying of around $2.2 billion worth of equities by domestic institutional investors last week limited the downside on Dalal Street. Sensex ended 1.6% lower on a weekly basis as global markets recouped losses after ' Black Monday' sell-off.