Country Financial News

Investing.com-- Oil prices moved little in Asian trade on Wednesday, sticking to near five-month lows after a warning on China's economy rattled markets, while signs of an unexpected build in U.S. crude stockpiles also added to pressure on prices.

Investing.com-- Australia’s economy grew slightly less than expected in the third quarter on weak export demand, particularly in China, although domestic spending remained robust amid high interest rates and inflation. 

SHANGHAI (Reuters) -China's major state-owned banks were selling U.S. dollars in the onshore spot foreign exchange market for a second day on Wednesday to support the yuan currency, three sources with knowledge of the matter said.

Investing.com-- Most Asian stocks rallied on Wednesday as weak U.S. labor market indicators fueled more bets that the Federal Reserve had limited room to keep interest rates higher, helping investors look past a warning on China’s economy.

Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China. Brent crude futures fell 8 cents, or 0.1%, to $77.12 a barrel by 0101 GMT. U.S.

An international team of more than 200 researchers identified 26 natural processes or features at risk of being suddenly and irreversibly disrupted by climate change, including ice sheets, tropical rainforests, mountain glaciers, ocean currents and coral reefs. They found that the mass death of warm-water coral reefs is likely at current levels of warming (1.2C), while four other processes — the collapse of Greenland and West Antarctic ice sheets, disruption of the North Atlantic subpolar gyre circulation and abrupt thawing of permafrost regions — are considered possible. The researchers also identified positive tipping points, including rapid improvement in battery technologies as electric cars become more popular — a development that could in turn could make the widespread use of renewable energy easier. The report is a “tale of two future paths for humanity,” lead author Tim Lenton, a professor of climate change and earth system science at Exeter’s Global Systems Institute, said in a press briefing.

Sudhanshu Trivedi on Tuesday said the country's robust GDP numbers reflect the «growth rate of Hindutva». In a veiled dig at the previous Congress-led United Progressive Alliance (UPA) government at the Centre, Trivedi said the Indian economy was striving to go beyond 2 per cent, which was jokingly labelled as the «Hindu rate of growth». Addressing the Upper House during the discussion on the economy, the BJP MP said, «With respect to the Indian economy, I am being reminded of the days when the country was under Congress rule. Our country was made fun of back in those days and it was said, in a jocular vein, that our economy couldn't grow beyond 2 per cent.

Babri Masjid demolition, security measures have been intensified in Ayodhya, Uttar Pradesh, according to officials on Tuesday. With December 6 marking the 31st anniversary of the incident, the Ayodhya Police have implemented stringent security arrangements in the city to prevent any potential untoward events on the eve of the commemoration. Also Read: Ayodhya in 4 books: The long and winding 'mandir-masjid' trail The destruction of the Babri Masjid in 1992 resulted in widespread violence across various regions of the country.

Winter Session of Parliament, Union Finance Minister Nirmala Sitharaman will present a statement, in both English and Hindi, outlining the Supplementary Demands for Grants, 2023-24 in the Rajya Sabha. As reported by ANI, “Discussion on short duration notice on the 'Economic Situation in the country', raised by Trinamool Congress MP Derek O'Brien on 5th December to be continued today in the Rajya Sabha." Also Read: Winter session 2023: Discussion to be raised on ‘economic situation in the country’ Meanwhile, Bharatiya Janata Party MP Sumer Solanki and Biju Janata Dal MP Niranjan Bishi will present a copy, available in both English and Hindi, of the Study Visit Report conducted by the Committee on the Welfare of Scheduled Castes and Scheduled Tribes to Havelock Island, Port Blair, Mahabalipuram, and Mumbai from August 24, 2023, to August 29, 2023, to the Rajya Sabha.

Apple is scouting for new suppliers — Indian, Japanese and South Korean — which can provide crucial components to its contract manufacturers in India, people aware of the matter told ET. This comes on the back of delayed government approvals for imports from existing suppliers — primarily of Chinese origin — of batteries, camera lens, chargers and other equipment required to make its flagship iPhones and iPads in India, they said.

Smead Capital Chief Investment Officer Bill Smead discusses which stocks could be big winners in 2024 on Making Money.

₹40 crore) in a pre-Series A round led by Prime Venture Partners. Existing investors Gemba Capital and Varanium NexGen Fintech Fund also participated. The new funds will be used to enhance the company’s AceN tech platform, which connects small, rural businesses with NBFCs and banks, and scale up its distribution and service delivery model, the startup said.

UN climate conference (CO) negotiating team on Tuesday released an ambitious draft text of the global stocktake seeking countries to not only agree to trebling global renewable energy capacity to 11,000 GW by 2030 but also to brainstorm on phasing out fossil fuels. India's points on «sustainable lifestyle and sustainable pattern of consumption» — the bedrock of the country's concept of Mission LiFE (lifestyle for environment) — is also noted in the text as one of the options to address climate change issues. Though the 24-page draft text will see several rounds of updates incorporating countries' viewpoints in the next few days, the formulation on phasing out of fossil fuels (coal, oil and gas) and fossil fuel subsidies will certainly cause deep divides among participants, including India, China and the oil-rich nations, on different points until a landing zone arrives in the final text in terms of «an orderly and just phase-out» or «phase out of unabated use» or «phase-down». India has on several occasions categorically said that the country is committed to substantially increasing its clean energy capacity, but coal would continue to be the mainstay of its electricity needs and development goals. CO is expected to conclude the first ever GST, which is a mandated global report card of climate actions every five years.

Federal investigators have concluded that a 2021 rupture of an undersea oil pipeline off the Southern California coast was likely caused by the proximity of anchored shipping vessels

Bank of India (RBI) to actively manage the value of the rupee against the dollar. India imports much of the oil that it consumes. During April to September, the country imported 87.5% of the oil that it consumed.

WASHINGTON : The US State Department will impose visa bans against individuals involved in undermining peace, security or stability in the occupied West Bank, Secretary of State Antony Blinken said in a statement on Tuesday announcing a new visa restriction policy. The restrictions will target those who have committed acts of violence or taken other actions that restrict civilians' access to essential services and basic necessities and may also apply to those individuals' family members, Blinken said. President Joe Biden and other senior U.S.

WASHINGTON (Reuters) — The top bosses of JPMorgan, Morgan Stanley, Citigroup and other major banks will warn lawmakers that new regulations will hurt credit and the broader economy, according to prepared testimony published on Tuesday.

In a submission to the World Trade Organization, they said that diagnostics and therapeutics are «essential tools for a comprehensive approach to fight the pandemic, that it is not over». The submission, made on behalf of 65 WTO members on Monday, came after the US refrained from taking sides in extending the waiver, which is applicable to Covid-19 vaccines only. For almost two years, India, South Africa and 80 other WTO members have sought a response for future pandemics through exceptions in the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement but the ministerial outcome of 2022 (MC12) only covered Covid-19 vaccines, with the US delaying an outcome on therapeutics and diagnostics. «The MC12 Decision on the TRIPS agreement is extended mutatis mutandis for the production and supply of Covid-19 therapeutics and diagnostics,» India and others said in the draft decision text on Monday. They asked the WTO to promptly respond to the ongoing Covid-19 pandemic and the challenge of inequitable access to therapeutics and diagnostics, and «respond to the criticism that the decision on vaccines came too little too late». Extension of the policy tools to therapeutics and diagnostics will result in a holistic approach to enable developing countries to address those intellectual property (IP) barriers that prevent the expansion and diversification of production and increase accessibility to crucial life-saving Covid-19 tools, they said. As per the draft text, «omitting these vital tools» will deter the effectiveness of the decision that aims timely and affordable access to effective vaccines against the ongoing Covid-19 pandemic. The submission assumes significance as last week, the UK, the EU, the US,

The average productivity of Indian farmers is around 450 kg per hectare, with some states having a productivity of around 750 kg per hectare. However, this is still lower than 1,500-2,200 kg per hectare witnessed in countries like Brazil and Australia. The government is keen to bring productivity of Indian farmers on par with the Western ones and the Ministry of Textiles started the pilot study last year in association with the Ministry of Agriculture and the Indian Council of Agricultural Research.

The country's installed power generation capacity from non-fossil source is 186.46 gigawatt (GW), which is 43.82 per cent of its total installed capacity, the minister for new and renewable energy said. «India is on track for achieving its target of having 50 per cent of its installed source generation capacity from non-fossil fuel sources by 2030,» Singh, who also holds the portfolio of Power Minister said.

New Delhi: India is looking to create a tunnel safety system as part of a broader effort to fortify the extensive tunnel network across highways, railways and metro systems in the country, people familiar with the development told ET. This will include forming an audit team with experts from various IITs and setting up a world-class tunnelling centre under IIT Delhi to research and propose enhanced safety measures for tunnels that are benchmarked to international levels, the people said. They added that the move is aimed at preventing recurrence of mishaps like the recent Silkyara tunnel collapse in Uttarakhand in future.