Country Financial News

India stands out as the top remittance recipient, showcasing the evolving dynamics in this financial landscape. Remittances to LMICs grew by an estimated 3.8% in 2023, totaling USD 669 billion. Resilient labor markets in advanced economies and Gulf Cooperation Council (GCC) countries played a crucial role in supporting migrants' ability to send money home. Want to know if you qualify for immigration? Click here The report suggests a potential risk of a decline in real income for migrants in 2024 due to global inflation and low growth prospects. In South Asia, remittance flows to India experienced notable growth, contributing to the region's overall positive trend.

Pinarayi Vijayan and the CPI(M)'s student outfit SFI, Kerala Governor Arif Mohammed Khan on Monday called them «bullies» and said he was «not going to be frightened» by them. The Governor referred to the CM as «a bully» while responding to a query from reporters regarding Vijayan's statement a day ago that Khan was 'attempting to destroy' the peace in the southern state by making provocative statements. «You know his (Vijayan's) history? How many murder cases he is involved in? What will a bully say? How am I provoking? If I nominate CPI(M) people to the senate, then it is ok?» Khan asked. He also referred to the Students' Federation of India (SFI) activists as bullies. «If they want to hurt me, they are most welcome. I am asking, come here. If you want to hurt me, come here.

Israeli hostage abducted from music festival found ‘murdered in captivity’ In 2022, the Gonjeshke Darande group hacked a major steel company in the southwest of the country. A cyberattack on Iran’s fuel distribution system in 2021 paralyzed gas stations across the country, leading to long lines of angry motorists. The hacking group claimed responsibility for the attack on fuel pumps.

global market macros in the coming year, foreseeing another positive period. This optimism is grounded in expectations of interest rate cuts by the Federal Reserve and a resilient performance from the US economy, avoiding a hard landing.

Spanish workers at a logistics centre of giant online retailer Amazon in northern Spain are planning a three-day strike ahead of the Epiphany feast day on Jan. 6, when Spanish children receive holiday gifts, according to labour union LAB. Around 160 workers at the Trapagaran centre in the Basque country, on the border between France and Spain, plan to strike on Jan. 3, 4 and 5 to demand higher wages, said LAB union leader Gotzon Mardarats, who represents most of the workers.

TMT rebars in India will continue to grow over the next three to four months, a senior industry executive has said. There is a good demand seen from the construction, housing, and infrastructure segments, where new projects are coming up all over the country, Ashish Anupam, Vice President — Long Products at Tata Steel Ltd, said. Besides, there is consistency in government policies.

Iran's gas stations went out of service on Monday following possible sabotage — a reference to cyberattacks, Iranian state TV reported. The report said a «software problem» caused the irregularity in the gas stations. It urged people not to rush to the stations that were still operational.

SaaS market has been experiencing remarkable expansion, with projections indicating a substantial rise from $237.48 billion in 2022 to $273.55 billion in 2023. The SaaS industry is expected to maintain this impressive trajectory, reaching an estimated $908.21 billion by 2030, boasting an 18.7% Compound Annual Growth Rate (CAGR). The Software as a Service (SaaS) sector in India is gearing up for an extraordinary phase of growth and innovation in 2024.

Moving to another country to eventually retire requires a lot of careful research and planning, taking into account social security, health care, and finances.

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Sailesh Raj Bhan, CIO, Nippon India Mutual Fund, says: “Logistics is one space which post-GST has become a scalable, large, all India opportunity which is possible. This is directly available to us. Second area is while pharmaceuticals might seem to have done well over the last 20 years, the same opportunities as young as it was maybe a decade back because the country itself is changing, the demographics are changing, the scale itself is changing there. Within manufacturing or energy transition, the power side, the activity levels in India could be way higher and way different in the next 7-10 years. That will throw in a lot of activity on transmission and power networks. Bhan also says: “These spaces appear to be extremely attractive and the most commonly talked about luxury space in India because of what is really happening in the upper end, the top 10% of India behaving exactly like how the high-income countries globally behave.” Everyone is smiling this year, do you think the smiles will last for 2024 as well? I think the micro conditions have significantly improved and policy continuity is also being anticipated by the market.

sugar production fell 11 per cent year-on-year to 74.05 lakh tonnes during the October 1-December 15 period of the current marketing year, mainly due to lower output in Maharashtra and Karnataka, according to industry body ISMA. The sugar marketing year runs from October to September. In a statement, the Indian Sugar Mills Association (ISMA) said that the sugar production till December 15 in the current 2023-24 marketing year reached 74.05 lakh tonnes against 82.95 lakh tonnes in the corresponding period of the previous year.

Kerala Chief Minister Pinarayi Vijayan on Monday said his government may consider approaching the Union Government seeking the recall of Governor Arif Mohammed Khan, who has been at loggerheads with the Left party over various issues. Vijayan, addressing the media as part of the ongoing Nava Kerala Sadas, said Khan was trying to disrupt the peaceful atmosphere in the state by creating deliberate provocation. «In order to maintain a cordial Centre-state relationship, the actions of the Governor should be rectified.

Sony group's Indian arm Sony Pictures Networks India (now known as Culver Max Entertainment) and Zee Entertainment Enterprises Ltd. is likely to be put off by several months.

EV finance and asset management platform Finayo on Monday said it has secured Rs 16 crore in funding from investors, including NBFCs F Mec and CFPl, as well as HNIs and angel investors. The funding aims to fuel technological advancements and extend the platform's presence across India, said Finayo. F Mec International Financial Services Ltd and Choice Finserv Pvt Ltd are RBI-registered NBFCs, providing funding to progressive businesses, according to the platform.

Telecommunications Bill, 2023 in the Lok Sabha. The new bill has removed over-the-top (OTT) services and apps from the definition of telecommunication services, in a big relief to communication service providers such as WhatsApp and Telegram that will thus remain out of the proposed regulation, people aware of the development told ET. The government has also proposed administrative allocation of spectrum for satellite services, they said. Global mobile personal communication by satellite (GMPCS) has been incorporated under the first schedule, wherein spectrum will be assigned administratively. The bill empowers the government to suspend or prohibit use of telecom equipment from countries or a person as may be notified in case of national security threat.

Digital will be a convenience but plastic will remain in vogue albeit the drop in their usage, says Ramanathan RV, CEO & Co-founder, Hyperface.

GoMechanic has announced the launch of ‘Electric Vehicle Services’ for India’s key fleet operators in the EV space. Under its new expansion strategy, GoMechanic will enlarge its service portfolio from ICE (Internal Combustion Engine) to EVs (Electric Vehicles) for leading Industry fleet leaders.

₹655.6 apiece, surpassing its previous record high of ₹650. The stock has experienced a notable uptrend this month, registering a gain of 15.45%, snapping a two-month declining trend. Nevertheless, looking at the yearly performance, the SBI stock has yielded a return of 6.33% in CY23 so far.

Rich countries are raising more money from taxpayers than they have in decades to finance a burst of state spending as surging interest rates make borrowing less attractive. Tax revenues have risen to record levels as a share of economic output in a number of major economies, including France, Japan and South Korea, according to data published by the Organization for Economic Cooperation and Development, the club of mainly rich countries. The increases are worth hundreds of billions of dollars in additional revenue for governments that are navigating an array of new spending needs, from military priorities to industrial policy.