Country Financial News

Delhi, who endured one of the worst heatwaves in history earlier this month, now face severe water-logging with record-breaking rainfall in just 24 hours, surpassing the city's average for the entire month of June. The torrential downpour caused a fatal airport roof collapse, disrupted flights, closed a metro station, blocked underpasses, and led to massive traffic jams, turning the city's relief from the heat into chaos. WHAT'S HAPPENING?

government data affected by a recent ransomware cyberattack was not backed up, officials said, in an incident that has exposed the lack of preparations for such an attack in Southeast Asia's biggest economy. Last week's cyberattack, the worst in the country in recent years, has disrupted multiple government services including immigration and operations at major airports.

GST fraud orchestrated across the country. Babar Khan, police said, allegedly floated fake firms based on stolen or forged ID cards to fraudulently avail input tax credit. On June 1 last year, Noida police claimed to have busted a gang suspected of orchestrating the GST fraud. The operation involved registering thousands of companies under stolen or fake identities and utilising these firms to generate e-way bills and obtain input tax credit from the govt. With the arrest of Khan, 47 people have been picked up in connection with the scam. They include residents of Delhi, Noida, Ghaziabad, Sirsa, Jaipur, Chhindwara and so on.

«It is good for everybody, good for investors, good for savers, good interest rate and with the rains coming I think we finally can hear sigh of relief that what was the biggest question mark in the economy possibly will get addressed in the next 30-60 days,» says Ajay Srivastava, Dimensions Corporate Finance. Take a look as to what the month of June brought us and now it looks like July as well is getting off to a stellar start. Ajay Srivastava: I tell you look at inside the screen, look at outside the screen, it has been absolutely stellar. We got rains in Delhi finally after 50 degrees centigrade. So, I know I could not have asked from the God better things in life. I do not think I will make any trip to any pilgrimage site. I think I have got everything what I wanted right here, sitting here.

Aam Aadmi Party MP Sanjay Singh on Friday launched a scathing attack against the Centre over the crumbling infrastructure in various parts of the country following the rainfall. He highlighted that Ayodhya, which the Bharatiya Janata Party hails for its development, could not withstand even the first rainfall. «We all saw that water started coming out of the Ram Mandir in Ayodhya just after the first rain. The water entered the Garbhagriha, which displeased the temple's main priest. We have seen the condition of the Atal Setu Bridge. The Jabalpur terminal collapsed. The Bundelkhand Expressway was destroyed. The entire Ayodhya, which the Centre hailed for development, got waterlogged after the first rain. The Delhi Airport Terminal 1 roof collapse incident is extremely shameful, as it was inaugurated by PM Modi on March 10. Corruption follows the BJP.», Singh said.

engineering exports bounced back in May 2024 and recorded 7.39% year-on-year growth to $9.99 billion. In April this year, engineering exports registered a 4.49% decline compared to the previous fiscal period. Significant export growth was noted in West Asia and North Africa (WANA), Latin America, and European countries outside the European Union (EU) during May this year. Exports to the EU declined significantly during this period.

Lok Sabha has been adjourned till Monday amid an uproar in the House as the opposition demanded a discussion on the alleged irregularities in the conduct of the medical entrance exam NEET. As soon as the House met, opposition members were on their feet seeking the acceptance of an adjournment motion to suspend all business and discuss matters related to the National Eligibility cum Entrance Test (NEET). Leader of Opposition Rahul Gandhi said the NEET issue is a very important issue for the whole country and they want a dedicated discussion in the House on the matter. Hence, the adjournment motion should be accepted, he said.

India is attracting more and more German companies to the subcontinent. Nearly six in ten German companies are planning to increase their investments in India during the current financial year. In addition, 78% of companies expect rising sales, and 55% forecast higher profits. Expectations for the next five years are even more positive: 82% expect an increase in turnover and 74% expect higher profits.

Facebook owner Meta is considering blocking news content from the platform in Australia if the government makes it pay licensing fees, a company representative told a parliamentary hearing on Friday. Meta's regional policy director Mia Garlick told lawmakers «all options are on the table» when asked if the company would block Australians from sharing news content to avoid paying fees.

Donald Trump has said his administration opted out of the landmark Paris Climate Accord in 2017 as it was a «rip-off» which would have cost Washington USD 1 trillion, as he claimed that India, China and Russia weren't paying for it. Trump, the presumptive candidate of the Republican Party, made the claims at the first of presidential debates with his Democratic Party rival President Joe Biden on Thursday, where the two 2024 presidential candidates sparred over the state of the economy, border, foreign policy, abortion, national security and climate change. During their roughly 90-minute debate marred by personal attacks, Trump, 78, claimed that the Paris Climate Accord would have cost USD 1 trillion and the US was the only country that had to pay.

India-Middle East-Europe Economic Corridor (IMEC) will prove to be one of the «biggest game-changers» of the 21st century, President Droupadi Murmu said in Parliament on Thursday. She also said the global order is taking a «new shape» and that the government's efforts are resulting in «Bharat» giving a new confidence to the world as a «Vishwa-Bandhu» (friend of the world). In her address to a joint sitting of the Parliament, Murmu said India today is the first responder in any crisis and has become a strong voice of the Global South in view of its human-centric approach. Outlining priorities of the Modi government in the foreign policy domain, the president said India is giving great emphasis on connectivity.

gold in the last one week has been 1.6% .whereas in the last month it has been 1.53%.The cost of silver is Rs.87220.0 per kg up by Rs.100.0 per kg. Gold Price Today in Delhi is ₹73533.0/10 grams. Yesterday’s Gold Price on 27-06-2024 was ₹73532.0/10 grams.

Bharat Heavy Electricals (BHEL), a leading engineering and manufacturing company in the energy and infrastructure sectors, have gained 4% to ₹308 apiece in today's early morning trade after the company secured a significant contract to establish a 1600 MW thermal power plant in Koderma, Jharkhand.Commensurate with the goal of the central government to ensure the energy security of the country, DVC has finalised the tender for the engineering, procurement, and construction (EPC) package of Koderma TPS (2X800 MW) in Jharkhand with Bharat Heavy Electricals for ₹13,300 crore on June 26, 2024, a power ministry statement said.With this investment, which would also have a substantial impact on the local economy and benefit people, the installed thermal generation capacity of DVC would go up to 8140 MW by 2030.The company has secured significant orders in FY24, marking a notable achievement. Among the major orders received last year are the EPC orders for Yamuna Nagar, Lara Super Critical Power Plant, and Raigad Super Critical Power Plant from the Adani Group.Additionally, the company received orders for 80 Vande Bharat trains and 20 super rapid gun mounts for naval ships, with the contractual delivery of Vande Bharat trains set to begin in June 2025.The company has focused heavily on defence, securing a large volume of orders over the past 1.5 years.

Taiwanese at a villa in Bali over alleged cyber fraud, authorities said Friday. The proliferation of cyber fraud groups in Southeast Asia has become a growing concern in recent years, and authorities in countries including China, Indonesia and Malaysia have stepped up efforts to stop them.

Last Friday, cricket buffs around the world shared a loss, one that was felt most acutely by protestors against the vagaries of weather. Frank Duckworth died at the age of 84. He was a statistician who batted for justice.

Delhi and NCR (National Capital Region) received incessant rainfall accompanied by thunderstorms and lightning beginning in the early hours of Friday. On Thursday, parts of Delhi received spells of heavy rainfall, bringing much-needed respite from the sweltering heat. The India Meteorological Department (IMD) has forecasted the weather for the next seven days in Delhi, predicting generally cloudy skies and varying intensities of rain accompanied by gusty winds.

Quant Mutual Fund said the fund house has not received any 'communication' from the Securities and Exchange Board of India (Sebi) after initial inquiries. In an email communication to investors on June 27, the fund said the net redemptions from its schemes in the past three days was 1.5% of the equity assets under management of ₹88,270 crore as of June 26. Quant schemes had liquid assets, which include large-cap stocks, T-bills, G-Secs, gold, and silver, worth approximately 53.5% of their total equity AUM, the asset manager said. The regulator is probing Quant, one of the country's fastest-growing asset managers, for alleged front-running — an illegal practice of trading in stocks based on privileged information. The capital markets regulator, as part of its investigation, has conducted search and seizure operations at Quant's head office in Mumbai and at the address of the suspected beneficiaries in Hyderabad. The fund house, owned by Sandeep Tandon, confirmed the Sebi investigation without giving details.

Mexican border using the rules framed under the US-Mexico-Canada Trade Agreement. The average price of an EV vehicle manufactured in the US is $55,000 and the Chinese vehicles are priced at half this rate. The US has many options to tackle what may be termed as an “unfair trade practice”. There are several economic and social consequences, the US will need to deal with. The primary concern is related to job loss. The American automobile industry is threatened by this.

Walgreens has shared a rather disturbing announcement, claiming that due to many of their US stores currently struggling, they have taken a call to close down some of them. According to ABC News, one out of four Walgreens stores in the US are underperforming amid stiff contest from competing retail chains like Target.

wax statue of Abraham Lincoln simply melted down due to this heat that somehow made Lincoln slump into his chair, pictures and video of which instantaneously started pouring in on social media, while netizens claiming that this was the perfect visual depiction of the heatwave rampaging across the country, says a USA Today report.

FBI is on the lookout for Ruja Ignatova who is popularly known as the cryptoqueen. She has been on the FBI’s most wanted list since 2022 for fraud and money laundering. Bulgaria has also announced its decision to prosecute her in absentia. Her whereabouts are not known. This appears to be a case out of a crime thriller. According to the investigation agencies, she is known to change her appearances and move about in various cities across the world. It has been reported that she disappeared in 2017.