Country Financial News

Narendra Modi on Tuesday lauded the entrepreneurial spirit of India's youth, and said the startup ecosystem is flourishing at an unprecedented pace. «Through Startup India mission, the government has given a platform to innovative ideas, connected them to funding channels, established incubators in educational institutions,» PM modi said on the third day of Startup Mahakumbh at Bharat Mandapam.

In major centres such as India's 'Silicon Valley' Bengaluru, home to firms like Google, water supply is already being curtailed. The 150 reservoirs monitored by the federal government -which supply water for drinking and irrigation and are the country's key source of hydro-electricity — were filled to just 40% of capacity last week, government data showed.

A South Korean altcoin issuer has been arrested on fraud charges. Prosecutors in the country have accused him of duping investors out of $16.1 million.

By Shariq Khan

Investing.com-- The People’s Bank of China kept its benchmark loan prime rate unchanged on Wednesday, as expected,  amid persistent doubts over an economic recovery in the country. 

By Ankur Banerjee

Investing.com-- Oil prices fell slightly in Asian trade on Wednesday as traders remained cautious before more cues from the Federal Reserve, although persistent signs of tight supplies kept prices pinned near four-month peaks. 

Ukraine amid the ongoing conflict with Russia, US Secretary of Defence Lloyd Austin warned that if Vladimir Putin is successful here, he will not stop there. Convening the 20th meeting of the Ukraine Defence Contact Group, Austin said that Ukraine will not back down in the face of the Russian invasion of the country, and neither will the United States, the statement from the US Department of Defence (DOD) stated. The meeting took place at Ramstein Air Base, Germany, praising the «countries of conscience» that are working together to aid Ukraine in its fight.

BEIJING — Trade tensions between Europe and Beijing will likely escalate due to China's growing ability to manufacture more cheaply in strategic industries, according to Jens Eskelund, president of the European Union Chamber of Commerce in China.

MUMBAI: Sterling and Wilson, an engineering, procurement and construction company of the Shapoorji Pallonji Group, will raise ₹700 crore from a group of strategic investors through a stake sale in its data centre business, senior company officials said. «The modalities of stake sale are still under discussion, but the strategic investors (more than one) have agreed to bring in ₹700 crore into Sterling and Wilson,» Prasanna Sarambale, CEO of data centre business at Sterling and Wilson (SWPL), told ET. For this purpose, the company will hive off the data centre business — created in 2015 — as a separate entity, he said. The company will use the proceeds from stake sale to pare overall group debt as well as towards growth capital, Sarambale said.

2024’s growth forecast for India due to stronger than expected momentum at the start of the year. An improving global economic environment and an expected gradual easing of domestic financial conditions will support economic activity," the news platform Economic Times quoted S&P Global Market Intelligence economist as saying. The revised forecast comes days after Moody raised India's growth forecast to 8% from 6.6% in FY24 on the backs of strong domestic consumption and high expenditure from the government.

₹1,440 crore from optionally convertible debentures, or OCDs, to ATC Telecom Infrastructure, the loss-making carrier told the Bombay Stock Exchange on Tuesday. ATC will hold 2.9% of the revised shareholding after conversion, the company told Mint. “As per the terms of the OCDs, on March 18, 2024, ATC has requested VIL for conversion of 14,400 OCDs amounting to ₹1,440 crore into 1.44 billion fully paid-up equity shares of face value of ₹10 each.

₹18.3 trillion, respectively. Such a large-scale shift to digital payments was unthinkable in an emerging economy like India till a few years ago. What is praiseworthy is the trust earned by this payment mode from millions of people, a large fraction of whom are not tech-savvy.

Maharashtra and Rajasthan are among India’s large states in terms of population. The former is also among the most prosperous, with its economic growth driven by the services sector, primarily financial and IT services. The state accounted for over one-third of all direct tax collections in the country and around 15% of the GST mop-up last fiscal year.

₹6,943/bbl on the multi commodity exchange (MCX). Also Read: Oil market oversupplied with record-high US output, Brent seen at $87-$92 for 2024: ShareKhan's Mohammed Imran -In Russia, exports are rising after Ukrainian drone attacks on the country's oil infrastructure putting pressure on oil prices. Traders assessed how Ukraine's recent attacks on Russian refineries would affect global petroleum supplies.

CAA rules, the Matua community's umbrella organisation on Tuesday asked its members to apply for citizenship only after the formation of a new government at the Centre if they don't have the necessary documents required to prove their previous residential addresses in Bangladesh. The Centre has launched a portal for applying for citizenship under the CAA but many Matua members have faced difficulty in Column 5 of the portal during application. All India Matua Mahasangha has asked its members to not apply for citizenship under the new law for now as many of them do not have required documents. Mahasangha's general secretary Mahitosh Baidya told ET: «Many Matua members tried to fill the online application but have faced difficulties. In column 5, documents related to Bangladesh have been sought like Bangladeshi passport, birth certificate, land deeds or business or job related documents. This column cannot be skipped as 'Not Applicable' and thus they cannot go to the next level.»

India will play a key role in Prime Video's strategy to acquire the next 250 million subscribers outside the United States (US), a top company official said at an event in Mumbai. Prime Video and MGM Studios Head Mike Hopkins highlighted India as a crucial market for the streaming platform. He also highlighted the growing popularity of streaming among Indian audiences. «As we look at the next 250 million subscribers that we're going to acquire, they are going to come from outside of the United States. And we're not going to be able to achieve that unless we do a really good job for customers in India as well,» Hopkins said in a conversation with film producer Karan Johar.

Indian government would encourage local production of premium electric cars in the country, a senior Audi AG executive said on Tuesday. Audi AG Vice-President, Sales Overseas, Andre Konsbruck said the Indian government is taking the right steps to accelerate the adoption of EVs in the country. «The government seems to be very committed to sustainability and to the electric future,» he said in an interaction here while referring to the new electric policy. Konsbruck said that India is perhaps the first market where a specific regulation is targeted towards premium cars.

Mint. A bilateral air service agreement mandates a limit on the number of seats or flights that airlines can allocate between two countries. India currently has bilateral air service agreements with 116 countries.

travel insurance policy typically covers financial losses involved while travelling, which include illness, accidents, transportation delays, and various other events. It is short-term insurance, valid for a particular time while you are travelling. It generally gets over by the end of your trip.

warmest 10-year period on record". "Earth's issuing a distress call," said UN chief Antonio Guterres, adding that the report showed "a planet on the brink". He also pointing out that "fossil fuel pollution is sending climate chaos off the charts", and warning that "changes are speeding up".