Country Financial News

BSE filing, the automaker informed that due to increased pressure, it has decided to hike prices of the cars."The Company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the company makes maximum efforts to reduce costs and offset the increase, it may have to pass on some increase to the market," MSI informed the stock exchanges today. The company, which sells a range of vehicles from entry-level small car Alto to multi-utility vehicle Invicto, priced between ₹3.54 lakh and ₹28.42 lakh (ex-showroom Delhi), however, did not specify the quantum of the proposed price hike.

Electric buses will be at the forefront of India’s electrification drive with the segment expected to witness healthy traction going forwards expects ICRA. 

S&P Global Ratings on Monday raised India’s growth forecast for the current financial year to 6.4 per cent, from 6 per cent, saying that robust domestic momentum has offset headwinds from high food inflation and weak exports. The US-based rating agency, however, has cut growth estimates for the next fiscal (2024-25) to 6.4 per cent, as it expects growth to slow in the second half (October-March) of the current fiscal, on higher base impact and subdued global growth. “We have revised up our projection for India’s GDP growth for fiscal 2024 (ending in March 2024) to 6.4 per cent, from 6 per cent, as robust domestic momentum seems to have offset headwinds from high food inflation and weak exports.

Why N.R. Narayana Murthy’s call for a 70-hour work week got such mixed reactions During an interview with former Infosys CFO Mohandas Pai, he stressed the need for Indian youth to work for at least 70 hours a week to boost the country’s productivity. Congress leader endorses Narayana Murthy's call for 70-hour work week After a few days, the US billionaire, Gates argued that "job is not everything" and backed a 3-day work week.

GrowXCD Finance has raised Rs 50 crore in a series A funding round from Lok Capital, of which the first tranche of Rs 30 crore has been closed. The Chennai-based firm, which focuses on micro, small and medium enterprises (MSME), plans to use the funds to set up its initial team, develop technologies and expand its footprint over the next 12-18 months.

Shashi Tharoor has offered an innovative perspective on the recent comments by Microsoft co-founder Bill Gates and Infosys founder Narayana Murthy regarding the ideal work week. Murthy had stirred the social media pot by suggesting that India's youth should commit to a gruelling 70-hour work week to enhance the country's productivity.

Karthigai Deepam', a traditional festival which has immense significance in Hindu religion is held every year on the full moon day of the month of Karthikai. The festival is dedicated to Lord Kartikeya. People light clay lamps and pray for their family's wealth. In 2023, the 'Karthigai Festival' is going to be celebrated on Kartik Purnima on November 26, 2023. When does Karthigai Deepam start and end?

tobacco products in the Union Budget 2024–25 in order to raise additional funds. It is believed that raising the excise tax is one of the most cost-effective public policy tools available to regulate tobacco consumption. In addition, they also requested an increase in health taxes on cigarettes, bidis, and smokeless tobacco in their appeals to the Finance Ministry.

A state-owned Chinese bank will link the digital yuan to the “world’s biggest small commodities market” via the latter’s payment platform.

outgoing Consul General in New York, Randhir Jaiswal, has said he has endeavoured to «tell the world what India means to the world today» as the Indian-American community members lauded his efforts to boost bilateral ties and organised receptions to bid him farewell. Several diaspora organisations have been hosting farewell receptions in and around the city in honour of Jaiswal, who will soon leave for Delhi where he will assume his new role as the Official Spokesperson, Ministry of External Affairs.

deluges, droughts and wildfires, leaders are convening for another round of United Nations climate talks later this month that seek to curb a centuries-long trend of humans spewing ever more greenhouse gases into the atmosphere. For hundreds of years, people have shaped the world around them for their benefit: They drained lakes, deforested lands and mined for metals and minerals to grow wealth and economies. They dug up billions of tons of coal, and then oil and gas, to fuel empires and economies.

North Korea warned on Monday it would continue to exercise its sovereign rights, including through satellite launches, while its troops were reported to be restoring some demolished guard posts on the border with South Korea. North Korea's foreign ministry said the launch of a reconnaissance satellite last week was prompted by the need to monitor the United States and its allies, state media KCNA reported. «It is a legal and just way to exercise its right to defend itself and thoroughly respond to and precisely monitor the serious military action by the U.S. and its followers,» the KCNA report said. Nuclear-armed North Korea launched the satellite on Tuesday, saying it successfully entered orbit and was transmitting photographs, but South Korean defence officials and analysts said its capabilities have not been independently verified. The launch prompted South Korea to suspend a key clause in a 2018 inter-Korean military agreement and resume aerial surveillance near the border. North Korea in turn declared it was no longer bound by the agreement and would deploy weapons on the border with the South. Citing South Korean military officials, Yonhap news reported that North Korean soldiers had been observed bringing back heavy weapons into the Demilitarized Zone (DMZ) border and setting up guard posts that the two countries demolished in the wake of the de-escalation agreement.

Taranjit Singh Sandhu was mobbed and heckled by a group of pro-Khalistani elements while on a visit to the Hicksville Gurdwara in Long Island, New York. The Ambassador had gone to the Gurdwara to offer prayers on the occasion of Gurpurab. According to a purported video shared on various social media accounts, Sandhu can be seen being confronted by extremist elements who were making statements about India designated terrorists Hardeep Singh Nijjar and Gurpatwant Singh Pannun. The Indian envoy could be seen leaving the premises in his vehicle, while a lone protestor raised the Khalistani flag outside the Gurdwara. Indian envoy to the US Taranjit Sandhu had visited the Guru Nanak Darbar in Long Island, New York and joined the local Sangat to celebrate Gurpurab. «Privileged to join the local Sangat, including from Afghanistan, at Guru Nanak Darbar of Long Island in celebrating Gurpurab- listened to Kirtan, spoke about Guru Nanak's everlasting message of togetherness, unity, and equality, partook langar, and sought blessings for all,» Sandhu posted on X (formerly Twitter). There has been a rise in pro-Khalistani incidents by extremist elements in countries like Canada, the UK, Australia and even the US. In a shocking incident in July, a group of Khalistan extremists had indulged in an arson attack on the Indian consulate in San Francisco. After a probe was launched into the incident, India requested evidence from the US authorities regarding suspects of the attack under the Mutual Legal Assistance Treaty (MLAT) in connection with the case. In a separate incident in March, the Indian Consulate in San Francisco came under attack from suspected Khalistani elements.

Saudi Arabia has introduced stricter rules for issuing visas to recruit domestic workers from abroad, saying that the minimum age for a single employer to obtain such a visa is 24 years. The regulations, recently announced by Musaned, a government platform overseeing domestic labor in Saudi Arabia, outline specific eligibility criteria for visa applications. Under these rules, Saudi citizens, Gulf nationals, foreign wives of Saudi men and their mothers, along with holders of Saudi premium residency permits, can apply for visas to hire overseas domestic labor, contingent on the financial capabilities of the employers. This move comes as part of Saudi Arabia's efforts to streamline and regulate the domestic labor market. The Ministry of Human Resources has established the Musaned platform to empower customers with information about their rights, duties, and related services. These services encompass visa issuance, recruitment requests, and the contractual relationship between employers and workers. The Musaned platform facilitates wage transfers to labor through digital services such as STC pay and Urpay apps. Additionally, it offers features like the transfer of a house worker's service between employers, authentication of domestic labor contracts, and the resolution of disputes. The Ministry emphasizes the necessity of conducting contracting through Musaned, which serves as the official recruitment platform for domestic labor in the country.

Christopher Luxon was sworn in as New Zealand's prime minister on Monday and said his top priority was to improve the economy. The 53-year-old former businessman leads a conservative coalition after his National Party struck a deal Friday with two smaller parties following a general election last month. After the swearing-in ceremony, which was presided over by Governor-General Cindy Kiro, Luxon told reporters the job was an «awesome responsibility.» He said he would hold his first Cabinet meeting Tuesday and look to quickly finalize a 100-day plan. He said he also planned a visit to Australia before Christmas Day. Luxon said he needed to get a Treasury briefing on the state of the government's finances. «We are concerned and worried that it's been a deteriorating picture for a number of months now,» Luxon said. Under the coalition agreement, Luxon has promised to deliver tax cuts and train 500 more police officers within two years.

Joe Biden will not attend a gathering of world leaders focused on climate change in Dubai this week, a U.S. official said on Sunday.

Benjamin Netanyahu monitored the first release of Hamas-held hostages while outside, their families in a Tel Aviv square gathered around Benny Gantz, his leading challenger for the top job. On camera Gantz, a former army chief and opposition leader who joined Netanyahu's war cabinet last month, pointedly asked a TV crew to leave him alone with the families. Photos published later showed him hugging individuals in the crowd. Facing a huge wave of criticism over his failure to prevent the shock Hamas infiltration of Israel on Oct.

Every month, Mint’s Plain Facts section brings out an update on key global economic data to thread together the biggest developments in the world that are worth paying attention to. The accompanying analysis and charts attempt to explain how each story is creating ripples on the global stage, where it is headed in the coming weeks, and whether it can impact India. This time, we explain incoming central bank decisions in various countries, and the deflation in China that’s raising questions about its growth prospects.

Ramaswamy Narayanan, CMD, GIC RE, says, “our business has been doing well. We have managed to post very good results for 2022-2023 and we are continuing that forward in the current year for the last two quarters as well. Further, we have also got a credit rating boost from US credit rating agency, AM Best, since we are an international company doing business in over 150 countries we need a credit rating from an international agency. In our case, it is AM Best and they have boosted our credit rating as well.” There is a massive re-rating going on in the entire insurance space. It was started by private sector insurance companies in the last two, three days. Even the public sector enterprises, insurance and reinsurance companies are getting completely re-rated. The view in the market and the industry is that there could be policy making plus some impetus coming in which could improve volumes. What are your thoughts on the way business momentum is at your end? We are doing well. I guess maybe the interest coming forward now is based on the fact that the insurance industry is doing well now as well as maybe the understanding of what this industry is all about is also happening in the market. From GIC's perspective, our business has been doing well. We have managed to post very good results for 2022-2023 and we are continuing that forward in the current year for the last two quarters as well.

Joe Biden said he hoped the temporary truce between Israel and Hamas can go on as long as hostages are being released, after the militant group freed 17 more people, including a 4-year-old Israeli-American girl. Hamas said it wanted to extend the pause in fighting, which will enter its fourth day and final agreed day on Monday, if serious efforts were made to increase the number of Palestinian detainees released by Israel. Thirty-nine teenage Palestinian prisoners were released by Israel on Sunday, taking the total since the truce began to 117. Hamas said it had handed over 13 Israelis, three Thais and one with Russian citizenship, and the International Committee of the Red Cross confirmed it had successfully transferred them from Gaza on Sunday. Biden said the 4-year-old hostage, Abigail Edan, had witnessed her parents being killed by Hamas fighters during their Oct. 7 rampage into Israel and had been held since then. «What she endured is unthinkable,» Biden said at a news conference in the U.S. Abigail was on her way to the hospital for checks, Israel's Channel 13 said.

Narendra Modi said on Sunday that he has been troubled by a rising trend of Indians holding weddings outside India. If these celebrations are held domestically, then Indian money will stay within the country and “the people of the country will get an opportunity to be of some service at your weddings," he said in his ‘Mann Ki Baat’ address.