Country Financial News

Panamanian court has acquitted 28 people charged with money-laundering under cases linked to the Panama Papers and "Operation Car Wash" scandals, the country's judicial branch said in a statement on Friday. It did not provide names of the people who were acquitted. Judge Baloisa Marquinez ordered that precautionary measures be lifted against all the defendants, and said one criminal process was now canceled due to the death of an unnamed defendant.

₹12,000- ₹13,000 a month, which is often barely ₹5,000 more than what they earn in their hometown. Ajit Gulabchand, chairman of engineering and construction firm HCC Ltd, noted that there was a “clear shortage of both skilled and competent workforce who are heading for not just the Middle-Eastern countries but even Russia". The chairman of the Mumbai-headquartered firm that works on highway, roads, bridges, etc., stressed on taking immediate steps to improve the gap.

₹20,000. As it turned out “Sachin Agarwal" was not just any old fellow. He contained multitudes.

₹1.75 lakh (the total savings at the time of its six founders)—was not even a speck on the global IT firmament back then. India was still two decades away from being accepted as the IT services capital of the world. Notwithstanding a bold new policy announced by the Rajiv Gandhi-led government in 1984, which enabled the import of technology for making personal computers in the country, the domestic PC market was minuscule in size, with any real progress hamstrung by opposition from powerful unions in sectors like banking.

JP Morgan bond index got off to a muted start with a lower-than-expected quantum of foreign flows on Friday, belying expectations of an immediate deluge. Bankers, including a top executive at the US bank, said however that overseas investment worth billions will steadily be pumped into the debt market of the world's fastest-growing major economy. Indian bonds debuted in JP Morgan's GBI-EM global index suite on Friday, with the country expected to reach a maximum weight of 10% in the GBI-EM Global Diversified Index over a 10-month period. JP Morgan's analysts expect foreign investment worth $20-25 billion to flow to the local bond market from the move.

Sebi) on Friday proposed that mutual funds should disclose risk adjusted return of their schemes to help investors take informed investment decision. "… it is felt that the risk adjusted return (RAR) of a scheme portfolio represents a more holistic measure of the scheme's performance because it quantifies the amount of return generated by a mutual fund scheme for each unit of risk taken to achieve that return," Sebi said in a discussion paper. The current regulatory framework does not mandate disclosure of RAR along with the returns of a mutual fund scheme.

ITC Ltd has overtaken Britannia Industries for the first time to become the second largest listed packaged foods company by sales in India, behind Nestle. ITC's foods business posted consolidated sales of Rs 17,194.5 crore for the fiscal year ended March 31, 2024, the company that owns brands such as Aashirvaad atta, Bingo potato chips and Sunfeast biscuits in the segment said in its latest annual report. This comprised both domestic sales and exports. At Britannia, consolidated sales were ?16,769.2 crore, while total income, including from outside its core foods business, was Rs 16,983.4 crore.

World Bank Friday approved a $1.5 billion loan to help India accelerate low-carbon energy development by promoting a market for green hydrogen as well as electrolysers and renewable energy penetration. The green financing will allow the country to scale up renewable energy and encourage finance for low-carbon energy investments, said World Bank India country director Auguste Tano Kouame. The bank's board of executive directors approved the second tranche of financing to support the country's low-carbon transition on Friday.

Banks across the country have been put on alert amid tip-offs received by the regulator on possible cyberattacks. They have been told to proactively monitor their systems for threat detection on a 24/7 basis. «In the light of credible threat intelligence received regarding potential cyberattacks, regulated entities are advised to put in place enhanced state of surveillance and resilience capabilities to guard against these threats,» said an advisory issued by the Reserve Bank of India to financial institutions on June 24.

Delhi airport's Terminal 1 collapsed amid record rain early Friday morning as the monsoon swamped the national capital region. The tubular structure crushed cars, including cabs, as it came down, shutting off entry into the building and leaving passengers stranded. Flights to and from the terminal at the Indira Gandhi International Airport, one of the busiest in the world, were cancelled, civil aviation minister Ram Mohan Naidu Kinjarapu told reporters after inspecting the airport. T1 is used for the domestic flight operations of IndiGo and SpiceJet, handling about 1,400 movements daily. In total, 123 flights were cancelled.

NASA astronauts who are struck on a Boeing Star liner aircraft will return by July 20. They have travelled to the International Space Station (ISS). This aircraft can spend only up to 45 days docked to the ISS. Their lift-off was on June 5. There are two astronauts on board this aircraft. Sunita Williams and Butch Willmore were scheduled to stay for a week but the stay was extended due to certain helium leaks and thruster problems. NASA is also experimenting with various US private agencies to launch their astronauts so as to cut down their reliance on the Russians. This has been reported by Fox News.

South Africa, who have a risk of getting poached by some dangerous crime rings operating there. According to reports, the isotopes being embedded will pose no harm for the animals but make them incredibly poisonous for human consumption.

troops may be moved to the warfront in Ukraine. This follows the visit of Russian President Vladimir Putin to North Korea. The two sides had signed numerous agreements with a focus on defense cooperation. It is still unclear if North Korean troops will be a part of any combat mission and also there is no clarity on the number of troops who will be moving to Ukraine. Reuters has reported that both the US and Ukraine have taken cognizance of this possibility and are working towards tackling the issue.

NSA) Vikram Misri was on Friday named as the next foreign secretary, according to an official order. From the highest decision-making office in the country -PMO to External Affairs Minister's office and ambassadorial posting in Beijing, Misri has handled India's most challenging foreign relations in the past. A 1989-batch Indian Foreign Service officer, Misri, who has served in Washington DC in the past, is often known as someone who takes a «360-degree view of things». Being in Beijing during the Galwan crisis and thereafter, he has handled the toughest period in the Sino-Indian ties in recent times. Later as the Deputy NSA, he worked closely with the NSA on various issues, including India's strategic ties with Eurasia and the Gulf, besides groundbreaking iCET with the USA.

DORTMUND, Germany: Germany takes on Denmark in the round of 16 at Euro 2024 on Saturday. Germany will have to make changes in defense for the game as it tries to carry the host-nation buzz deeper into the knockout stages. Kickoff is at 9 p.m. local (1900 GMT) in Dortmund. Here's what to know about the match: Match facts — This is the only game in the round of 16 that features two unbeaten teams. Germany finished top of Group A with wins over Scotland and Hungary and a draw with Switzerland. Denmark drew all of its games against Slovenia, England and Serbia. — Germany was eliminated by eventual runner-up England in the round of 16 at Euro 2020 and hasn't won a knockout game at a major tournament since Euro 2016.

@Krutrim AI Cloud GPUs on demand, priced not in $ but in ₹for all devs in India! Share in comments what you would build using AI for India! Top 10 innovative ideas will get their AI cloud needs sponsored completely by us! Contest ends Sunday midnight."This initiative is designed to foster innovation and support the local developer community by removing the barrier of foreign currency pricing, which often deters smaller startups and individual developers from utilizing advanced AI resources. By pricing the service in rupees, Ola Electric aims to democratize access to high-performance computing capabilities, enabling more developers to leverage AI in their projects.The announcement has already generated significant buzz, with developers and tech enthusiasts flocking to the comments section to share their ideas.

India on Friday said it opposes unilateral actions seeking to change the status quo by force in South China Sea amid concerns over China's escalatory moves against the Philippines' maritime operations in the region. Tensions between China and the Philippines escalated following an incident of violent clash between their maritime security personnel few days back in the South China Sea. «We have always emphasised on adherence to international law, respect for the rules-based order, and resolution of disputes in a peaceful manner,» external affairs ministry spokesperson Randhir Jaiswal said. «Other than that, we also believe that there should not be any incident or approach that destabilises the region,» he said.

civil aviation ministry on Friday ordered a thorough inspection of the structural strength of all airports in the country, following the roof collapse incident at the Delhi airport that left one dead and at least six persons injured. Following the incident that happened at around 5 am on Friday at Terminal 1, the operations at the terminal have been suspended and the flights that are to operate from there have been shifted to T2 and T3. Sources in the know said that more than 100 flights that were to be operated from T1 have been cancelled by IndiGo and SpiceJet. At a review meeting convened by Civil Aviation Minister K Rammohan Naidu, it was also decided that a 24x7 war room will be set up for efficient management of passengers at T2 and T3.

Vladimir Putin said Friday that Russia should start producing short and intermediate-range missiles that were previously banned under a now-defunct arms treaty with the United States. Putin was referring to missiles with a range of 500 to 5,500 kilometres (300-3,400 miles) that were banned under the Cold War-era Intermediate-Range Nuclear Forces (INF) Treaty. Washington withdrew from the deal in 2019, citing Russia's failure to comply. The Kremlin said at the time that it would abide by a moratorium on production if the US did not deploy missiles within striking distance of Russia.

JP Morgan bond index got off to a muted start with a lower-than-expected quantum of foreign flows on Friday, belying expectations of an immediate deluge. Bankers, including a top executive at the US bank, said however that overseas investment worth billions will steadily be pumped into the debt market of the world’s fastest-growing major economy. Indian bonds debuted in JP Morgan’s GBI-EM global index suite on Friday, with the country expected to reach a maximum weight of 10% in the GBI-EM Global Diversified Index over a 10-month period. JP Morgan’s analysts expect foreign investment worth $20-25 billion to flow into the local bond market from the move.

The U.K. general election on July 4 is just days away now no doubt to the relief of the party leaders who have crisscrossed the country in a grueling month of campaigning