Country Financial News

Mumbai: PPFAS Mutual Fund has stopped accepting investments from non-resident Indians based in the US and Canada, said chief executive officer Neil Parikh, at the fund house’s annual unitholders meeting recently. Parikh said this was because asset management companies are barred from marketing their fund in those countries.

By Deisy Buitrago

Chinese firms can now use the digital yuan to pay into employee housing funds, as the nation’s banks look for new CBDC applications.

Investing.com-- Oil prices steadied in Asian trade on Monday following six straight weeks of losses amid growing optimism over early monetary easing in 2024, while attacks on U.S. vessels in the Red Sea fueled some concerns over Middle East supply disruptions. 

By Clare Jim and Xie Yu

Russian firms are planning to enter into joint ventures (JVs) in India to set up units in the aluminium and beverage sectors that will give a big push to Make in India. Russia’s premium wine maker Boris Titov is entering into a JV with an Indian partner to set up a unit near Delhi to produce sparkling wine. “I was recently in India to discuss a business plan. I have received a positive response.

India by selling its controlling interest in a high-profile, six-year-old joint venture that includes Tata group, HDFC Bank and ICICI Bank. Mathew Cyriac, former PE co-head for Blackstone India, has emerged as frontrunner to buy a controlling 51% in IARC, said people in the know. The exercise values International Asset Reconstruction Company (IARC) at Rs 200 crore, people aware of the proposed deal told ET.

Myanmar, China’s gateway to the Bay of Bengal region, has emerged as a headache for Beijing in the backdrop of recent conflicts along the common land border. On November 24, there was an attack on a convoy of trucks bringing goods into Myanmar from China and this was followed by live-fire drills by the Chinese PLA along the China-Myanmar border on the very next day. These developments coincided with China’s Ambassador Chen Hai’s meeting with Myanmar’s Foreign Minister Than Swe.

By Florence Tan

CARACAS/GEORGETOWN (Reuters) -Venezuelans are voting on Sunday in a referendum backed by President Nicolas Maduro's government over a potentially oil-rich territory that is the subject of a long-running border dispute with Guyana.

By Scott Murdoch

jubilant BJP workers at the party headquarters here, Modi said the “hat-trick” of wins in Madhya Pradesh, Rajasthan and Chhattisgarh is a vote for “sabka saath, sabka vikas” and assured that all guarantees made by the party will be fulfilled. He said the results “guarantee” victory in the 2024 Lok Sabha polls, but added the party cadre should not become complacent and continue to reach out to the people. Thanking the people of the three states and underlining the growing support to BJP in Telangana, Modi cautioned people against forces that seek to divide the country on community lines. He said he would rather focus on women, youth, farmers and the poor that make up “a significant part of our OBCs and tribals”.

World Bank is working with a club of 15 finance bosses to lower the risk of investing in climate projects in emerging economies and attract private capital for cutting emissions. Ajay Banga, the World Bank's president, said the Private Sector Investment Lab is focused on «figuring out a model of originate-to-distribute» that would allow for deep-pocketed investors to put up large sums for climate deals. The creation of a «securitizable asset class in these kinds of investments, where large pension funds, large players like BlackRock will find a very attractive place to put billions to work,» is a key target, he said at the Bloomberg Business Forum at COP28. PSIL, which launched in June under the auspices of the World Bank, also includes BlackRock Inc.'s chief Larry Fink, AXA SA Chief Executive Officer Thomas Buberl and Noel Quinn, head of HSBC Plc. The group is focused on specific approaches that the World Bank can implement after years of struggling to mobilize the vast sums of money needed to help developing countries adapt to climate change and transition to clean energy. The World Bank has also stepped up action on other fronts, including allowing some vulnerable countries to potentially pause debt repayments and hosting a fund for climate damages. Shriti Vadera, who co-chairs PSIL, said the group is working on financial guarantees because these are «the most efficient and most well-known and used form of credit support.» The PSIL has looked at first-loss and whole-portfolio guarantees, said Vadera, who is chair of Prudential Plc. The goal is for the World Bank to «create a much more simplified set of guarantee products that can be used across different markets,» she said.

COP28 Declaration on Climate and Health, with sources pointing out that curbing greenhouse gas use for cooling in the health sector, which is one of the points in the document, may not be practical or achievable within the country's healthcare infrastructure in the short term.

Ericsson has signed pacts to lease up to 525,000 square feet of office space from Skootr at the Vatika One on One building in Gurgaon, in one of the biggest managed workspace deals in the country, three people aware of the development said. The company has signed an agreement to lease about 325,000 sq ft for immediate move-in and kept the right of first refusal for another 200,000 sq ft. «Ericsson already has two offices in Gurgaon, and the decision to take a large office with a manager and office space provider has highlighted the demand for managed and flexible space in the country.

GDP emission intensity by 33 per cent between 2005 and 2019, achieving the target 11 years in advance, according to a government report. The report also said India's GDP grew at a cumulative annual growth rate of 7 per cent but its emissions rose by only 4 per cent per year during this period, suggesting that the country has been successful in decoupling its economic growth from planet-warming greenhouse gas emissions.

China's regulator wants provinces to come up with their own plans to handle financial risks, according to a report, about a month after officials pledged to set up a mechanism to resolve local debt issues. The country should make a greater effort in financial risk management but the policies need to be tailored, avoiding a one-size-fits-all approach, the Xinhua News Agency cited Li Yunze, head of the National Financial Regulatory Administration, as saying in an interview. Provinces have to devise their own policies on how to handle risks, according to the report. The world's second-largest economy has struggled for traction this year as a bounceback from restrictive Covid Zero policies proved to be softer than expected and a property crisis dragged on.

MUMBAI : Corporate India has often been praised by investors for maintaining a stronger cash position and for being debt-free, Subhrajit Roy, managing director and head of global capital markets, Bank of America, said in an interview. He anticipates an acceleration in capital markets activity in 2024, in view of the deleveraging of corporate balance sheets and restarting of the capex cycle. Edited excerpts: 2023 has been interesting and the activity has been in phases.

Also Read: Chhattisgarh Election Results 2023 Live Updates The BJP, on the other hand, went into the elections without a clear candidate for the post of chief minister. In the 2018 elections, Congress had ended BJP’s 15-year run to come to power, and Bhupesh Baghel became the CM. Congress leader Bhupesh Baghel won the Patan assembly seat and defeated his distant nephew and BJP candidate Vijay Baghel by 19,723 votes.

BJP will be fulfilled. Addressing jubilant BJP workers at the party headquarters here, Modi said the “hat-trick” of wins in Madhya Pradesh, Rajasthan and Chhattisgarh has given the “guarantee” of a victory in the 2024 Lok Sabha polls. However, the party cadre should not become complacent and continue to reach out to the people, he added. Thanking the people of the three states and underlining the growing support to BJP in Telangana, the prime minister targeted the Opposition for trying to divide the people on caste lines. “For me there are only four castes- women, youth, farmers and the poor.

India is one of the bright spots in the global renewable and clean energy sector. Its RE portfolio is around 132 GW, with a target of 450 GW by 2030. India's energy basket is now 43% non-fossil fuel-based, which will be ramped up to 50% by 2030.