Country Financial News

Ashwini Vaishnaw on Friday cited figures to show that there were about one lakh more recruitments during the past 10 years of BJP-led NDA government compared to 10 years of UPA government and said that there is an annual calendar for railway recruitment. Replying to the debate on the working of his ministry in Lok Sabha, Vaishnaw highlighted that the ratio of general coaches, including sleeper and non-AC coaches, to AC coaches is almost 2:1. He pointed out that during the UPA rule, the average number of accidents per year was 171 which has now been reduced by 68 per cent and the government is committed to the of goal of safety.

Reserve Bank of India (RBI) on Thursday said 97.92 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,409 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal was announced, has declined to Rs 7,409 crore at the close of business on July 31, 2024. «Thus, 97.92 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,» the central bank said in a statement.

domestic tourism and increasing propensity to travel overseas will expand the revenue of India's tour and travel operators by 15-17 per cent this fiscal, Crisil Ratings said on Thursday. Factors like improving infrastructure, rising disposable incomes, a behavioural shift in travel patterns, and the government's increasing focus on boosting domestic tourism will further support the sector's revenue growth. The assessment was based on an analysis of the country's four major travel operators, who account for about 60 per cent of the sector's revenue. «The credit profiles of travel operators, too, are expected to remain healthy, supported by strong balance sheets and steady operating margins of 6.5-7 per cent, in line with last fiscal, resulting in sizeable cash flows and continuing low reliance on debt,» Crisil Ratings stated.

Puravankara Limited recorded a net profit of Rs 15 crore for the first quarter of FY2025 as compared to a loss of Rs 17 crore during the same period last year. The revenue for the first quarter ending June 30, 2024 stood at Rs 676 crore a 101 percentage growth Y-o-Y with an EBITDA at Rs 148 crores, a 96% y-oy increase. The company achieved a quarterly sales value marginally increase of 0.17 percent to Rs 1,128 crore for Q1FY25 as the planned launches were deferred to Q2FY25.

European tourist hotspots struggle with the influx of visitors, Île-de-Brehat, an island off the coast of Brittany in France, is the latest to impose stricter rules on tourists.

Qualcomm forecast fourth-quarter revenue above Wall Street estimates on Wednesday, betting on strong demand for high-end Android devices and the need for more chips in smartphones that are getting AI upgrades.

Donald Trump falsely suggested Kamala Harris had misled voters about her race as the former president appeared before the National Association of Black Journalists in Chicago Wednesday in an interview that quickly turned hostile.

Sports Minister Amelie Oudea-Castera kissing President Emmanuel Macron during the Olympic opening ceremony has caused a lot of controversy in her home country. The image displays 46-year-old Oudea-Castera giving Macron a tight hug and kissing him close to the neck. This move has generated interest and concern from the media and general public, as per the reports of Yahoo entertainment.

Tether Holdings, issuer of the largest stablecoin by market capitalization, on Wednesday reported a $5.2 billion profit and a massive stash of U.S. Treasurys in the first half of the year in its latest attestation report.

Russia and China, reports the 'Daily Express US'. It has also been said that the US military may lose a future war against the arch-rivals if considerable investment is not made in the defense sector. The report has made it clear that major changes and significant investments are needed now and the country should not wait for the next Pearl Harbor or 9/11. The Imperial Japanese Navy conducted a surprise aerial assault on Pearl Harbor on December 7, 1941. The unprovoked attack sucked the US into World War II, and it immediately declared war on Japan.

Tether has reported a net profit of $5.2 billion for the first half of 2024, driven by strong revenue from traditional asset investments.

World Bank's Multilateral Investment Guarantee Agency (MIGA) is to bolster its partnership with India substantially to help boost the country's energy transition and other development initiatives, its top officials told ET on Wednesday.

Indo-Pacific Economic Framework (IPEF) bloc, the commerce and industry ministry said Wednesday. The council was set up under the IPEF Supply Chain Resilience Agreement, which aims to help mitigate risks of economic disruptions from supply chain shocks, improve crisis coordination, and reduce the member countries' dependence on China.

Nirmala Sitharaman Wednesday said the budget seeks to strike a fine balance among several overriding priorities and will provide impetus to local manufacturing, boost employment and raise India's share in global growth. «Growth, employment, welfare spending, capital investments, and fiscal consolidation are given equal place,» she said in Rajya Sabha.

Indian economy looked so good to global analysts. Yet, complaints galore have followed the budget presentation. Why has it not combated weak consumption? Or weak private sector investment? Or weak employment?

Commonwealth Financial Network, the leading independent broker dealer and RIA firm, has announced another addition to its advisory network in the Northeast.

India All Party Parliamentary Group (APPG) has been launched for the newly elected UK Parliament with a remit to promote the bilateral relationship across all sectors, from trade and investment, science and technology to healthcare and education. The India APPG was formally launched earlier this week and celebrated during an «Indian Summer» event marking the ongoing South Asian Heritage Month at the Commonwealth Parliamentary Association (CPA) Room in the Houses of Parliament complex, where several newly elected British Indian members of Parliament backed the initiative.

P Chidambaram said the entire exercise of enacting the new criminal laws was wasteful and 95 percent of the criminal procedure has been copied and pasted.

Nuvoco Vistas Corp, a leading producer of cement in east India, saw its consolidated net profit slump by more than 80% on year to 2.84 crore rupees in the June quarter, weighed down by lower volumes and weaker prices during the quarter. The fifth largest cement group in the country sold 4.8 million tonne of cement during the quarter, down from 5 million tonne in the comparable period a year ago. Its consolidated revenue from operations for the period was Rs 2,636 crores, down more than 6% from the previous year.

Fintech sector can play a prominent role in the rapid advancement of MSMEs and the digital global economy as a whole. The 9th edition of the Global Economic Summit organised by WTC Mumbai and All India Association of Industries (AIAI) from August 8-10, 2024 will highlight this critical role of fintech.