Country Financial News

Goldman Sachs is intensifying its focus on the wealth channel as it hires a BlackRock alum to its asset management unit.

South Korean officials say providing Samsung smartphones to North Korean athletes at the Paris Olympics would violate U.N. Security Council sanctions against the country over its nuclear ambitions

Sheikh Hasina's escape to India following a coup, her arch rival Khaleda Zia, a former prime minister whose Bangladesh Nationalist Party (BNP) is the main opposition party in the country, has been released from years of house arrest. Her party is likely to win the elections which the interim government will now hold.

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Social network X has suspended its much-criticised harvesting of European users' personal data to train its artificial intelligence program, Ireland's Data Protection Commission (DPC) said Friday. The DPC, which acts on behalf of the European Union, said in a statement that it «welcomes X's agreement to suspend its processing of the personal data contained in the public posts of X's EU/EEA users which it processed between 7 May 2024 and 1 August 2024, for the purpose of training its AI 'Grok'.» The DPC, which is working in collaboration with European regulators, has made an urgent High Court application for violation of EU rules on data protection (GDPR).

Steel maker Kamdhenu on Friday posted a 28 per cent rise in profit after tax (PAT) to Rs 15.43 crore in the April-June quarter on lower expenses. It had reported a Rs 12.06 crore PAT in the April-June period of 2023-24. The company's total income reduced to Rs 191.10 crore from Rs 210.45 crore in the first quarter a year ago, the company said in an exchange filing.

Foreign Tourist Arrivals (FTAs) of 9.24 million (provisional estimates) with a growth of 43.5% over the same period of the previous year. This accounted for foreign exchange earnings of 2,31,927 crores (provisional estimates) with a growth of 65.74%, as per the annual report 2023-2024 released Friday by the Ministry of Tourism. As per the report, augmenting tourism infrastructure, easing of visa regime, projection of the country as a 365 days’ tourist destination are some of the policy areas which need to be constantly worked upon to increase and facilitate tourism in India. The report stated that identification, diversification, development, and promotion of niche tourism products in the country is the initiative of the ministry to overcome the aspect of ‘seasonality’ and to promote India as a 365 days’ destination to attract tourists with specific interest, and to ensure repeat visits. “Thus, new products may be added in due course. The Ministry of Tourism has constituted task forces and committees for the promotion of golf, medical, wellness, cruise and adventure tourism in the country,” stated the report.

Sanjay Raut on Friday emphasised on the need for the opposition bloc MVA to project a chief ministerial face in Maharashtra ahead of the assembly polls, remarks coming after party president Uddhav Thackeray meets with top Congress leaders. So far, the Maha Vikas Aghadi (MVA) has refrained from collectively pitching for a CM face in the state where polls are due in October. Asked if he was pushing for Thackeray's candidature for the top post, Raut avoided a direct reply and maintained that his party president and Congress leader Rahul Gandhi have been at the forefront of raising their voice against policies of the BJP-led government at the Centre. Talking to reporters in New Delhi, the Shiv Sena (UBT) Rajya Sabha MP said Thackeray and Rahul Gandhi, the Leader of the Opposition in the Lok Sabha, have been constantly raising their voices against the Centre's «oppression». «There has to be a face for the state (polls). Had Rahul Gandhi been the face (of the opposition) in the Lok Sabha polls, then we could have defeated (the BJP-led NDA). It was only after Rahul Gandhi accepted the Leader of Opposition's post that the country saw some sense of confidence. So a face is needed for the opposition and also for the ruling party,» Raut commented.

To assess their real estate attractiveness and growth potential for the next five to six years, Colliers India has analysed over 100 emerging cities in its latest report, «Equitable Growth and Emerging Real Estate Hotspots.» From this pool of over 100 cities, 30 emerged as high-potential growth centres. Notably, 17 of these cities are expected to witness accelerated real estate development across three or more asset classes. The 17 emerging real estate hotspots are spread across the country. They are Amritsar, Ayodhya, Jaipur, Kanpur, Lucknow, and Varanasi in the North; Patna and Puri in the East; Dwarka, Nagpur, Shirdi, Surat in the West; and Coimbatore, Kochi, Tirupati, Visakhapatnam in the South and Indore, says Colliers India report.

Arshad Nadeem has surely given Pakistan the ultimate Independence Day gift by winning the country's first-ever individual Olympic gold medal at the Paris Olympics 2024. Competing in the men’s javelin throw final, Nadeem not only clinched gold but also set a new Olympic record with an outstanding throw of 92.97 meters. In a heartfelt message after his victory, Nadeem said, «First of all, I thank Allah Almighty for this huge success. With the prayers of my parents, the prayers of the entire nation, and especially the tireless effort of my coach Mr. Salman Iqbal Butt and the support of Dr. Ali Sher Bajwa, I have achieved this massive milestone. Thank you all!» He dedicated his gold medal to the people of Pakistan, saying, «This gold medal is a gift from me to the entire nation on the occasion of Independence Day.»

Amazon India had distributed 10,890 shelter kits to over 10,000 families across 34 districts, stated the company. These kits, tailored to meet immediate needs, include essential items such as tarpaulin sheets, ropes, soaps, dental hygiene products, buckets, mosquito nets, and sanitary pads.

Walkaroo has roped in Bollywood actor Varun Dhawan as its brand ambassador and will launch an integrated marketing campaign showcasing Walkaroo's extensive product portfolio, the company said on Friday. The appointment of Dhawan as brand ambassador reinforces Walkaroo's brand presence and appeal to the younger generation and fashion-conscious consumers across the country, the company said. «We are very happy to have Varun Dhawan join us in our commitment towards promoting a healthier and active lifestyle through walking. His youthful energy and stylish persona resonate perfectly with our brand image,» Walkaroo International Pvt Ltd Managing Director V Noushad said. «Varun's strong appeal among the younger generation and his ability to connect with a diverse audience will enable us to broader our reach and achieve new milestones.» he said in a release on Friday.

Sundaram Home Finance has inaugurated its second branch in Pune as it aims to make disbursements of Rs 450 crore in Maharashtra this year, the company said on Friday. The wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd achieved disbursements of over Rs 250 crore in the Western state last year. Sundaram Home Finance currently has six branches in Maharashtra and would offer home loans targeting the mid-segment of the market with an average ticket size of Rs 40 lakh. The company achieved disbursements of over Rs 100 crore in Pune last financial year. «Pune is turning into a vibrant home finance market and its proximity to Mumbai has led to fast paced growth in terms of infra development and the increasing presence of IT companies. This expansion in Pune follows the success of our first branch in the city,» company Managing Director D Lakshminarayanan said.

manufacturing sector during 2014-24 rose by 69 per cent to USD 165.1 billion, Parliament was informed on Friday. In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that India is rapidly emerging as a preferred country for foreign investment in the manufacturing sector " FDI equity inflow in the manufacturing sectors in the last ten financial years (2014-24) has increased by 69 per cent to USD 165.1 billion as compared to USD 97.7 billion in the previous ten financial years (2004-14)," he said. He also said that the total FDI inflow of USD 383.50 billion has been reported in the country during the past five financial years (2019-20 to 2023-24).

Independence Day, the Indian national flag is being sold in post offices all around the country as part of the Har Ghar Tiranga Abhiyan 3.0. The Government of India has launched the campaign two years back to encourage all citizens to hoist the National Flag in their houses. The flags are available in India Post from August 1 to August 13, according to the website. On July 28, 2024, the Prime Minister encouraged the public in his most recent Mann Ki Baat episode to hoist the Tiranga at home in observance of Independence Day and to carry on the «Har Ghar Tiranga» tradition, which has seen a significant increase in public participation over the previous two years.

Haryana schools will change from «Good Morning» to «Jai Hind» as part of an initiative to foster patriotism among students, ToI reported on August 9. The Haryana Directorate of School Education has mandated this change, instructing school principals, headmasters, and education officers at district and block levels to implement it from August 15. The state government aims to «inculcate a deep sense of patriotism and national pride» in the students by making this shift. The department emphasised that the new greeting should be used before the national flag is hoisted on Independence Day. The idea is that using «Jai Hind» as a daily greeting will inspire students with a sense of national unity and respect for India's rich history.

Germany's proposed Low Emission Steel Standard (LESS) is expected to pose new challenges to Indian industry which is already reeling with lower exports, higher imports and Europe's carbon tax, think tank GTRI said on Friday. India's steel exports have dropped by 31.2 per cent from USD 31.7 billion in 2021-22 to USD 21.8 billion in 2023-24, while imports have increased by 37 per cent, from USD 17.3 billion to USD 23.7 billion, making India a net importer, it said. The Global Trade Research Initiative (GTRI) said that the Indian steel industry is not legally bound to follow the new German steel standard, but ignoring it could hurt domestic exports.

biotech giant Amgen on Friday announced its plans to open a new technology and innovation site in Hyderabad, India. The site, to be known as Amgen, will be located in HITEC City, a suburb of Hyderabad, occupying six floors of the RMZ Spire Tower, with a potential to accommodate up to 3,000 people. The site will be operational in Q4 2024. Amgen India will initially build and accelerate new technology solutions and digital capabilities at scale that will enhance efficiencies across the enterprise.

₹1,830 crore) to the project. The tenders are yet to be put out for the auctions. Officials at the Ministry of New and Renewable Energy and the Solar Energy Corporation of India (SECI) seemed open to explore further discussions on the matter, said Susana Moreira, executive director and co-chair of the board of H2Global Foundation.

Inner Mastery, Outer Impact: How Your Five Core Energies Hold The Key To Success. Wadhwa was recently in India to finalise a partnership with Mumbai-based Shilputsi Consultants to bring his work into the country. He spoke to Mint about his research and approach. Edited excerpts: There are five ways in which I have sought to advance the discipline of leadership to challenge the current models, to respond to the challenges that today’s leaders face. Traditional models have had a western, behavioural and outer kind of focus.

As we go to press Thursday financial investors are already choosing to forget the tremors that hit global markets Monday. The theory appears to be that after a brief period of policy-induced upset, global finance has stabilized and we’re out of the woods. Alas, dear friends, we’ve barely wandered into the forest.