Country Financial News

U.S. Transportation Secretary Pete Buttigieg and other officials paid a visit to the port of Long Beach to break ground on a $1.5 billion railyard expansion project that will more than triple the dock’s rail cargo capacity

protests by thousands of students in Bangladesh against quotas in government jobs has brought focus to a history of violence in a country born out of a war between India and Pakistan in 1971 in which nearly 3 million people were killed. Its founding father and first prime minister Sheikh Mujibur Rehman was assassinated in 1975 in a military coup which brought in a long period of military rule. Though democracy was restored slowly by 1990, the country of nearly 170 million people has been rocked by sporadic periods of sectarian or political violence in recent years.

Arunachal Pradesh government on Friday tabled a Bill in the Assembly to curb irregularities and the use of unfair means in various public examinations in the state. The Arunachal Pradesh Public Examination (Measures to Prevent Unfair Means in Recruitment) Bill, 2024 has strict provisions for punishment like imprisonment and penalties, debarring of candidates from appearing in recruitment examinations as well as attachment and confiscation of property. The Bill has a provision for special courts for the speedy trial of such offences.

A grocery code of conduct could stabilize food prices in the future and encourage more investment in the Canadian food industry, according to the president of Kraft Heinz Canada.

India will be the engine of green energy growth for the world as the the country is expected to have an installed electrolyser manufacturing capacity of up to 100 GW by 2030, Union Minister Pralhad Joshi said on Friday. The Minister for New and Renewable Energy made the remarks while inaugurating an electrolyser manufacturing facility of a private company at Doddaballapur, in Karnataka. «India has the potential to be the driver of growth for green energy in the world. The demand for green hydrogen shall fuel demand for electrolysers in India. By 2030, it is likely India shall have installed electrolyser capacity of 60 GW-100 GW,» he added. His comments assume significance as the government has set up a target to have 5 million metric tonne (MMT) of installed green hydrogen mission capacity.

ONGC Videsh Limited, a schedule «A» Navaratna Central Public Sector Enterprise, has announced the signing of a definitive Sale Purchase Agreement (SPA) to acquire a stake in Azerbaijan's prestigious Offshore Azeri Chirag Gunashli (ACG) oil field from Equinor ASA. According to a press release, the agreement encompasses the acquisition of a 0.615 per cent participating interest (PI) in the ACG field and a 0.737 per cent shareholding in the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary, ONGC BTC Limited. The total investment for these acquisitions is projected to be up to USD 60 million, with the deals expected to be finalized in the forthcoming months.

Union Budget and the Economic Survey, to set the tone and pace of the economic path the nation will pursue in the coming years to attain its ambitious growth aspirations with a human face. The allocations and source of funds must be in sync with the vision so laid out.

Ashok Gehlot on Friday hit out at the BJP, saying the politics of religious frenzy will not be accepted in the country. His comments were apparently in the wake of the BJP losing the Uttarakhand bypolls. «BJP has always been doing politics of religion, but misleading the public and spreading hatred in the name of God is not religion but adharma,» Gehlot said on X. «In the last 10 years, the BJP has done the work of increasing religious frenzy in the country in a very planned manner. But the fact is that in the recently held Lok Sabha elections and assembly elections, the BJP has lost in most of the religious cities like Ayodhya, Chitrakoot, Sitapur, Shivganga, Prayagraj, Nashik, Ramtek, Badrinath, Shravasti, Manglore (District- Haridwar),» he said.

Budget 2024: In the past few years, India's middle class taxpayers have routinely witnessed high pre-budget expectations turning into deep post-budget disappointment. This time, however, some analysts reckon that there appears to be a more realistic chance of budget sops for taxpayers because of the relatively weak mandate that Modi govt got, which apparently underlined the discontent among some key voter groups including the urban middle class. The interim budget tabled by FM Nirmala Sitharaman ahead of the 2024 general elections did not have any significant announcement on tax matters. There, however, were a few initiatives aimed at the common man in areas such as healthcare, housing and power. Here is a look at some of the important Interim Budget announcements in areas that have a direct bearing on the common man.

Donald Trump, he has got a clear lead over his rival President Joe Biden for the November presidential elections. While Trump's re-election will be seen as favourable for India given his chemistry with Prime Minister Narendra Modi and his stance on Russia and China, there are concerns that a Trump presidency might be challenging for India on trade and tariffs.

MUMBAI: Many dream of working or studying abroad, but what happens when they decide to return home? Navigating the financial maze of starting afresh can be challenging.

BEIJING — Top Chinese officials on Friday emphasized the country would focus on its own affairs in the face of rising trade tensions.

green energy has become a pivotal area of focus. India, with its vast population and burgeoning economy, stands at a critical juncture as our energy consumption patterns evolve, with a noticeable shift towards renewable sources. Today, India's green energy sector is at a nascent stage but poised for exponential growth. The expectation from the upcoming Budget is high as stakeholders anticipate strategic initiatives from the Indian government to accelerate this transition. India's commitment to green energy sector is evident from its ambitious target of achieving 175 GW of renewable energy capacity by 2022, and the more recent goal of achieving 500 GW by 2030. Renewable energy accounts for over 42% of the country's installed power capacity at present with solar and wind energy with the largest share in the green energy mix. However, to sustain this momentum and meet future requirements, a robust policy framework and financial support are imperative. India is the third-largest energy consumer globally and the fourth-largest in renewable energy installed capacity. Many countries are taking aggressive steps to promote green energy. For instance, the US offers tax credits for renewable energy investments, and China has a comprehensive system of subsidies and quotas. In comparison, India's green energy incentives are modest. However, the country's vast market potential and strategic initiatives like the International Solar Alliance (ISA) position it as a significant player in the global arena.

But the global woes may not impact the government’s plans, says Shirish S Garud, Consultant, T.E.R.I (The Energy and Research Institute). In an interaction with ET Digital, he explains how the wind energy industry has gradually evolved in the country and the trajectory it is taking now. Edited excerpt: ET: How has wind energy development evolved over the years? SG: The wind energy development in India started in the early 1980s when the government asked PSUs like BHEL to invest in these projects. In 1993, the government came out with a policy on the tariff of wind power plants that are to be connected to the grid. This was a proactive one that gave some fixed tariff and annual increment in this tariff.

manufacturing hub providing resilient supply chain options for leading manufacturers across industry sectors. Technology enablement is critical to enable efficient and reliable supply chain operations and it is imperative for the government of India to strengthen nation’s digital backbone.

With the post-election and pre-Budget rally taking Sensex towards uncharted zone of 81,000 level, Nimesh Chandan, CIO, Bajaj Finserv AMC, says elevated valuation level is forcing him to think contrarian. «Due to high valuations in certain pockets of the market, we may see some sector rotation by investors in the coming months,» says the Dalal Street veteran. In this chat with ETMarkets, he explains what to expect from the Budget, risks for investors and view on retail-favourite PSU stocks. How are you approaching the market ahead of the Budget? Do you think the bias towards capex, infra and PSU related themes will remain intact after July 23? We prefer to be cautious and think contrarian considering the current levels of the market and the valuations. We believe the government is going to come out with a budget that continues to focus on capex and infrastructure development. Additionally, we expect some stimulus to the rural economy and some tax incentives to the low-income groups. This should be favourable for the consumer sector in the country.

Unless US President Joe Biden lets another Democrat contest this year’s election, Republican candidate Donald Trump seems all but sure to win the White House. It’s not just opinion polls. Consider the contrast in optics: A visibly ageing Biden who looked stumped at a key debate versus a fist-pumping Trump who arose unshaken from the snick of an assassin’s bullet.

Air India plane flying from Delhi to San Francisco made a precautionary landing in the Russian region of Siberia after crew detected a potential issue in the cargo hold area, the Indian airline said on Friday. It was the second time in a little over a year that an Air India flight on the same route had made an unscheduled landing in Russia. Many carriers, including U.S. and European Union airlines, do not fly over Russian airspace following the war in Ukraine, but Air India does, giving it a flying time and cost advantage on U.S. routes.

ET Intelligence Group: Ahmedabad-based Sanstar is the fifth-largest manufacturer of maize-based speciality products and ingredient solutions. The company is rolling out a ₹510-crore IPO comprising a fresh issue of ₹397 crore and an offer of sale of ₹113 crore. The public offer represents 29% of the post-IPO paid-up capital of the company. The proceeds of the issue will be used to fund expansion and repay debt. Business: Set up in 1982, Sanstar is a third-generation family business involved in manufacturing maize starch, dried and liquid glucose, gluten, fibre, and enriched protein. These ingredients have functionality in the packaged foods industry, animal nutrition products, and industrial products. Sanstar is a supplier to leading FMCG companies such as Hindustan Unilever, ITC and Nestle. Nearly 60% of the company's revenues are earned from the food industry. The company earns over a third of its revenues from exporting to 49 countries. It has an installed capacity of 1,100 tonnes per day through its two manufacturing facilities at Kutch in Gujarat and Dhule in Maharashtra.

Joe Biden is taking calls to step aside as the Democratic presidential candidate seriously and multiple Democratic officials think an exit is a matter of time, according to sources familiar with the matter. «His soul searching is actually happening, I know that for a fact,» said one of the sources, who requested anonymity. «He's thinking about this very seriously.» Biden, 81, has faced increasing pressure from heavyweights in his party to cede his position at the top of the ticket after a shoddy debate performance against former President Donald Trump, the Republican nominee, raised fears about his age and ability to win in November.

New Delhi: The regulatory scrutiny on beneficial ownership of companies is increasing with the Registrars of Companies (RoCs) issuing adjudicatory orders on as many as 20 companies since the beginning of May, suggesting that the authorities are getting stricter about disclosures of who is controlling corporate operations. If the orders issued since beginning of the year are taken into account, the figure goes up to 27. In all but three cases, penalties were imposed and in these three cases, the submissions made by the companies were accepted, showed the regulatory orders available from the ministry of corporate affairs.