Country Financial News

NEW DELHI : Official statistics can sometimes seem at odds with ground realities. This is a debate usually confined to growth numbers, with the legitimacy of high growth often questioned on the basis of anecdotal evidence or an underlying data point. However, when it comes to inflation, it is no secret that the Consumer Price Index (CPI) needs a complete overhaul.

National Bank of Canada shares are being punished too harshly after announcing its intent to buy Canadian Western Bank, according to Bank of Nova Scotia, which called the deal a “strategic winner.”

Canada’s core values have shifted so meaningfully that I am afraid they are destroying the economic future of this country for our children and grandchildren.

Canadians have remained in the dark for years about interference by China and other foreign countries in their democracy. Inquiries have been slow-walked, delayed or obstructed by the Trudeau government.

Kylian Mbappe has urged the youth of France to defeat ‘extremist forces’. The captain of the French football team also added that “extremes are knocking on the door of power” and the country is at a critical moment and these forces will need to be stopped. He made these comments ahead of the Euro 2024 tournament in Germany. These comments came ahead of various surveys which are predicting a massive loss for the Renaissance party of French President Emmanuel Macron and the victory of a far- right party led by Marine Le Pen.

Vodafone Idea (Vi) has proposed borrowing Rs 23,000 crore from banks in term loans — and sought another Rs 10,000 crore in bank guarantees — as the country's third-largest telco looks to line up the capital expenditure necessary to compete effectively with bigger rivals Reliance Jio and Airtel in a telecom market that had once threatened to slip into a duopoly. The Vodafone Plc and Aditya Birla Group joint venture, which recently satisfied long-pending demands from the lenders to commit more equity to the business, submitted the term loan proposal at a meeting of a State Bank of India (SBI)-led banking consortium a few days ago, people familiar with the matter said. The loans sought are part of the targeted Rs 55,000-crore ($6.6 billion) capex funding Vi needs to boost 4G coverage and kickstart greenfield 5G rollouts in key markets. In its presentation to lenders, Vi said it needs the money to upgrade its mobile broadband network infrastructure in its 17 priority markets. Techno-economic viability report:

LNG imports fell 7.2% year-on-year in May as domestic demand stagnated and local production expanded. India imported 2,650 million metric standard cubic meters (MMSCM) of LNG in May, lower than 2,854 MMSCM a year earlier, according to the oil ministry data. The country consumed 5,708 MMSCM of natural gas in May, 0.3% higher than in the same month a year earlier. The data showed that a sizzling summer, which has boosted electricity demand across the country, had no significant impact on gas demand. An executive at a gas marketing company found it hard to explain the decline in LNG imports and stagnation in demand. He said the power sector has increased the use of gas for generation. And the only explanation could be that some other sectors cut down on gas use. Domestic production of natural gas expanded 6.7% in May from a year earlier to 3,105 MMSCM, helping offset the decline in imports. LNG prices have risen in recent months. JKM, the Asian spot LNG benchmark, averaged $11.9 per mmbtu in May, higher than $8.4 in February and $9.3 in May 2023. In June, it rose above $12 per mmbtu.

World Trade Organization (WTO) on the concessions the bloc can offer to New Delhi to mitigate the adverse impact of duties it levies on some steel imports. The two sides conducted consultations on June 7 on the EU's recent announcement of its decision to extend the existing safeguard measures on some steel product imports beyond the current termination date of June 30 for another two years. «India and the European Union were not able to reach an agreement,» India told the WTO on Monday. The measures hurt imports from many countries including India. «India requested the European Union to put forth its proposals for maintaining substantially equivalent level of concessions and other obligations and adequate trade compensation to mitigate the adverse effects of the proposed measure,» India said. India, China and Russia, along with five others have criticised the EU's decision to extend the levy on certain steel products, arguing that the measure, imposed after the US slapped additional duties on certain categories of steel imports from the bloc, in 2018, was inconsistent with the global trade body's rules.

Ritholtz Wealth Management, the prominent RIA serving institutional and high-net-worth investors across the country, is bringing on a veteran reporter and investment analyst to a newly created C-suite role.

IFC will make the investment through long-term non-convertible debentures allocated to the project's special purpose vehicles, which are implementing the project.Megawatt peak (MWp) refers to the maximum power output capacity of a solar or wind power project that varies depending on wind speed and strength of sunlight.A joint statement from IFC and Brookfield said that following the commitment, Brookfield will provide solar power to commercial and industrial (C&I) consumers across India at more competitive tariffs through long-term power purchase agreements (PPA) and contribute to the nation’s decarbonization goals."This is IFC’s first investment in Asia and the Pacific using an innovative hybrid offtake structure where the project sells the power generated to C&I consumers under long-term corporate PPAs and merchant market through exchange. The project will be connected to the inter-state transmission system section of India’s green energy corridor," said the statement.Imad N.

Maharashtra minister Deepak Kesarkar on Monday said Germany needs four lakh trained personnel, including 10,000 in the first batch, which could provide a great opportunity to the youth of the state. Addressing reporters, the minister of school education said, «I have recently returned from Germany with encouraging news for Maharashtra's youth. That country has requested nearly four lakh trained youths, which presents a significant employment opportunity for all of us. Germany has specifically requested 10,000 trained youths in the first batch.» «There are approximately seven lakh trained youths in Maharashtra. If youth from the state secure some of these jobs, it will greatly benefit them and their families. Once the decision is approved by the state cabinet, I will be able to reveal more details,» Kesarkar added.

Army chief General Asim Munir on Monday warned that any provocation or violation of the country's territorial sovereignty would be met with a «swift and resolute response.» Gen Munir, who visited the Line of Actual Control, offered Eid prayers with officers and soldiers on the occasion of Eid ul-Azha, The Express Tribune newspaper reported. Addressing the troops, he said, «Pakistan has always supported peace and stability in the region; however, any provocation or violation of Pakistan's territorial sovereignty will be met with a swift and resolute response, with the full support of the nation, InshaAllah.» «As soldiers, we take pride in celebrating such festivities away from our homes and loved ones while on duty, ensuring the security of our country and fellow citizens,» he said.

Pakistan's Inter Services Intelligence (ISI) is running a brisk business of trapping Indian defence officials through spies who pose as beautiful girls to lure Indian defence officials. A large number of such cases have come to light in the past few years. Former BrahMos scientist Nishant Agrawal, who was sentenced to life by a sessions court in Nagpur on June 3 for leaking military secrets to Pakistan, is another prominent case of ISI honeytrap. Pankaj Awasthi, Uttar Pradesh ATS investigation officer, said in his deposition during Agrawal's trial that one 'Sejal' had set up a Facebook account from Pakistan. Using this, she chatted with Pakistani operatives and her Indian targets, including Agrawal, TOI has reported.

Trump who is also the presidential nominee of the Republican party in the upcoming US presidential election has said that he has decided on his running mate who will contest the vice-presidential elections. He added that he shall be announcing the name of the candidate in the Republican Party convention in July. Analysts opine that he will have to pick a candidate who can help his campaign consolidate votes from the minority voters, suburban woman and young voters who appear to be moving away from supporting the Democrats. There are several considerations for Trump to pick his vice-presidential candidate.

Delhi Airport briefly experienced a power outage on Monday, impacting the boarding and check-in facilities as well as the functioning of Digi Yatra. The power was restored, and no flights were affected, the airport said in a statement. However, the power outage affected baggage collection and entry at the e-gates.

—Name withheld on request The Finance Act 2020 brought about some changes in tax laws for Indian citizens residing abroad. Two important changes that refer to the threshold of ₹15 lakh relate to (a) Indian citizens visiting India; and (b) Indian citizens not paying taxes anywhere across the world, respectively.

nuclear-armed nations including the US, Russia, France, China, India and Pakistan, continued to modernise their nuclear arsenals and several of them deployed new nuclear-capable weapon systems in 2023, a Swedish think-tank said on Monday. In its analysis, the Stockholm International Peace Research Institute (SIPRI) said China's nuclear arsenal increased from 410 warheads in January 2023 to 500 in January 2024, and it is expected to keep growing. The report said some 2,100 of the deployed warheads were kept in a state of high operational alert on ballistic missiles, and nearly all of them belonged to Russia or the US. However, for the first time China is believed to have some warheads on high operational alert, it said.

Hindustan Aeronautics on Monday announced that the Defence Ministry has issued a Request for Proposal (RFP) for 156 Light Combat Helicopters. «We would like to inform that, Request for Proposal (RFP) has been issued by the Ministry of Defence for procurement of 156 Light Combat Helicopter,» the official statement of the company said. Of the 156 LCH requested by the Defence Ministry, 90 are being procured for the Indian Army (IA) while the remaining 66 are for the Indian Air Force (IAF), said HAL's official statement.

Congress on Monday demanded a thorough review of a proposed «mega infrastructure project» in Great Nicobar initiated at the «instance» of the Niti Aayog, claiming that it poses a grave threat to the island's tribal communities. Raising red flags over the proposed project, Congress general secretary and former Union environment minister Jairam Ramesh said all clearances given to the Rs 72,000-crore project should be suspended immediately and an impartial review of it conducted, including by the parliamentary committees concerned. «The Union government's proposed Rs 72,000-crore 'Mega Infra Project' in Great Nicobar Island is a grave threat to Great Nicobar Island's tribal communities and natural ecosystem. The project, initiated in March 2021 at the instance of the NITI Aayog, shows numerous red flags,» Ramesh said in a statement, which he also posted on X. «The Congress demands an immediate suspension of all clearances and conduct of a thorough impartial review of the proposed project, including by the parliamentary committees concerned,» he said.

The gun accessory the Supreme Court just ruled on allows a rifle to fire dozens of bullets within seconds

Cyprus says it won’t let up on a course of strict fiscal discipline while supporting economically vulnerable groups and the middle class after credit ratings agency Standard & Poors upgraded the country’s rating to BBB+ from BBB