Country Financial News

Myanmar owing to clashes between the Junta military and pro-democracy forces, the Manipur government has said that it is identifying illegal migrants/refugees across the state, including Kamjong and other places where recent reports suggested more people coming in from the neighbouring country. Following fresh fighting in Myanmar, hundreds of people have taken shelter in Kamjong which alone shares a 109 km border with Myanmar. A senior official, who did not want to be named, told ET, «Hundreds of refugees have entered Manipur. We are taking their biometric details.» Manipur BJP MLA Rajkumar Imo Singh took to social media about the issue and said: «Many have been asking if the state government has been identifying illegal migrants across the state.

By Sabrina Valle, Sourasis Bose and Arathy Somasekhar

general elections due next year, the government is wielding every weapon in its arsenal to tame food prices. The latest decisions on sugar and onion mean energy security and farm incomes rank lower in priority, at least for now. Mint explains the consequences: So far in December, the government has moved on multiple fronts.

US Federal Reserve and the European Central Bank (ECB). The oil prices are expected to get some support from the demand from the United States, which has sought up to 3 million barrels of crude for the Strategic Petroleum Reserve (SPR) in March 2024.

Vladimir Putin Monday promised to reinforce Russia's «military-naval might» as he attended the inauguration of two nuclear submarines in the country's Far North. The Russian leader took part in a flag-hoisting ceremony in Severodvinsk on the White Sea where the "Krasnoyarsk" and «Emperor Alexander III» were built over the past six years. «With such ships and such weapons, Russia will feel that it is safe,» Putin told navy officers, while visiting one of the submarines in the frozen Arctic waters.

Tata Power said on Monday that its unit Tata Power EV Charging Solutions Limited has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) to install more than 500 fast and ultra-fast electric vehicle (EV) charging points across India. Tata Power will install EV charging points across multiple IOCL retail outlets, the company said in a statement.

Bard, a Generative Artificial Intelligence (AI) model, had resulted in a much more formidable competitor to the Microsoft-backed Open AI’s ChatGPT. Google’s new model is called Gemini, and it can work with video, images, and of course text, and is an attempt to re-establish Google as a world leader in AI. The model is already available in over 170 largely English-speaking countries and comes as an add-on to Bard.

The growing burden of mortgage payments as homeowners renew under much higher interest rates has roused concern from policy makers to politicians.

The recent rise of gold to a record US$2,135 per ounce has led to much discussion of the reasons behind the metal’s positive run during the past few years, from central banks investing more in bullion to expectations of rate cuts next year.

Now could be a great time to buy a home if you are ready to enter the housing market, says an industry expert.

Vivo Mobile India, which is facing a probe for repeatedly reporting losses in its local operations allegedly to avoid paying tax while remitting huge amounts to its Chinese parent, posted a loss for fiscal 2022 after recording a profit in the previous year. The smartphone company reported a net loss of Rs 123 crore for FY22, as per its recent filings with the Registrar of Companies (RoC), compared with a net profit of Rs 552.5 crore in FY21, even as sales rose 9% to 26,971.11 crore. It did not give any reason for swinging back to a loss in FY22. The Enforcement Directorate (ED) had filed a chargesheet last week against the company alleging that it had remitted Rs 1 lakh crore outside India between 2014 and 2021 by showing losses to avoid paying income tax, ET among others had reported. An email sent to Vivo seeking comment remained unanswered till Monday press time. ET reviewed Vivo’s last six annual filings available with the RoC, which showed that the company reported net losses in FY17, FY18, FY19, FY20, and FY22, with FY21 being the only exception. “The company will continue its focus to reduce costs and improve efficiencies, enhance value addition to its customer base and maximise capacity utilisation with least cost to achieve higher revenue and improve profitability,” Vivo said in the latest RoC filings made on November 25. Vivo in the filings said its auditors had not made adverse observations or reservations about the company.

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By Sinan Abu Mayzer and Lucy Marks

By Harry Robertson and Rae Wee

By Kate Abnett, Gloria Dickie and David Stanway

Ahmedabad (Gujarat) [India], December 9: In response to the global imperative for sustainable practices, Ishitva Robotic Systems, headquartered in Ahmedabad, proudly introduced its pioneering waste sorting solution – Sanjivani®. It was unveiled at the Plastvision 2023 exhibition in Mumbai, on 7th December 2023. Sanjivani® represented a groundbreaking advancement in waste management and recycling, poised to redefine industry standards and contribute significantly to India's Make In India initiative.

BSE PSU index, reflecting public sector enterprise performance, surged by 46.43% this year so far, surpassing the 14.93% return of the benchmark BSE Sensex index. Out of the 55 constituents of the BSE PSU index, an impressive 53 have achieved double-digit returns in CY23, with power-related companies leading the way. Rural Electrification Corporation (REC) topped the list with a remarkable 250% return in CY23, marking its most substantial yearly gain since 2009.

WASHINGTON—U.S. public opinion remains favorable toward Israel in its war with Hamas, but just over a third of Americans say they are equally sympathetic to both the Israeli and Palestinian people, a new Wall Street Journal poll finds. Fifty-five percent of those polled said they believe Israel is taking the military action needed to defend itself and prevent another attack by Hamas, compared with 25% of respondents who said Israel’s military action is disproportionate and going too far.

workplace culture, as a significant percentage of Indian workers consider a positive organisational culture as a primary factor for their commitment, according to a report. As per the recent research conducted by SHRM, 64 per cent of Indian workers are likely to stay if given good organisational culture, significantly higher than the global average of 37 per cent among employees.

GDP growth will moderate to 6.5 per cent in FY25, mainly due to global headwinds, Axis Bank's chief economist Neelkanth Mishra said on Monday. India's GDP is 7 per cent lower than what it would have been if the pre-pandemic GDP growth trend had continued, Mishra added. It can be noted that last Friday, the Reserve Bank sharply upped its FY24 growth estimate to 7 per cent from the earlier 6.5 per cent.