Country Financial News

Narendra Modi, Union Home Minister Amit Shah, and Union Defence Minister Rajnath Singh gave their warm wishes on social media platform X to the nation on November 15, 2023. "It is a festival symbolising the sacred bond between brothers and sisters. My heartfelt wishes to all family members across the country on this auspicious occasion," PM Modi said in a post on X in Hindi.

Crisil. The play of price pressures and base effect in the coming months could keep the monetary policy committee (MPC) on its toes until its trajectory towards the medium-term aim of 4% becomes clear, economists said. What is keeping inflation still elevated is the higher prices of food items even as core inflation, which excludes food and fuel, has been consistently easing.

India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would provide benefits like potential shifting of production centres in critical sectors and mitigating risks of economic disruptions from supply chain shocks. The agreement was signed in San Francisco, where Commerce and Industry Minister Piyush Goyal is attending the ministerial meeting of the Indo-Pacific Economic Framework For Prosperity (IPEF).

Phased Manufacturing Program (PMP) for electric vehicle (EV) charger components, aligning with the FAME India Scheme Phase-II to promote domestic manufacturing. In a notification dated November 7, 2023, the government has listed various charger components and specified timelines for their indigenization, signaling a shift toward domestically produced parts. This includes crucial elements such as charger enclosures, internal wiring harnesses, and software for charge point operators (CPO) and management systems (CMS), effective from December 1, 2021.

BEIJING — The size of unfinished, pre-sold homes in China is about 20 times the size of property developer Country Garden as of the end of 2022, according to a Nomura report on Wednesday.

Suella Braverman lashed out at British Prime Minister Rishi Sunak, accusing him of not fulfilling his assurances to her over the issues of illegal immigration and rising anti-semitism. She said that Sunak's plan is «not working» and the Conservative party is heading towards «record election defeat». On social media platform X, Braverman posted a message stating, «Thank you for your phone call yesterday morning in which you asked me to leave government. While disappointing, this is for the best». She claimed accepting the offer of serving as Home Secretary on «certain conditions» and «firm assurances», despite Sunak being «rejected» by a majority of party members and having «no personal mandate» to be Prime Minister. «As you know, I accepted your offer to serve as Home Secretary in October 2022 on certain conditions.

Xi Jinping, US President Joe Biden has said that for him, the idea of a successful meeting is to get back on a normal course of corresponding, and being able to pick up the phone and talk to one another whenever there is a crisis, US-based ABC7 news reported. Even though Biden has a full schedule for the 30th APEC Economic Leaders' Meeting, his meeting with Xi Jinping on Wednesday is the most crucial one. Their four-hour meeting is scheduled to take place at San Mateo County's Filoli Estate. «To get back on a normal course of corresponding, being able to pick up the phone and talk to one another when there's another crisis,» Biden said, shortly before departing for San Francisco on Tuesday. «Being able to make sure our militaries still have contact with one another,» he told reporters at the White House. According to ABC7 News, there are reports circulating that say that an agreement could be announced on Wednesday that would address source material involved in the illegal fentanyl trade. Prior to their respective trips to San Francisco, Biden hosted meetings with fellow APEC leader Joko Widodo of Indonesia on Monday at the White House. The president of the most populous Muslim nation in the world, Widodo, has been vehemently critical of Israel's actions in the Gaza Strip; thus the visit to the Oval Office came at a rather uncomfortable time, reported ABC7 News. In contrast, Biden has not wavered in his support of Israel's right to self-defence in the wake of the 1,200-death onslaught on October 7 by Hamas terrorists.

Mukesh Aghi, CEO of the US-India Strategic and Partnership Forum (USISPF) told PTI that it is important that communication starts between the US and China, the two largest global economies. The much-anticipated summit between Biden and Xi will take place on Wednesday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, which the US is hosting in San Francisco from November 11 to 17. “I think the summit is important both from President Biden's perspective and also President Xi's perspective. China is struggling with its economy.

China is in the midst of a breakneck expansion of its copper industry that’s reshaping global flows of the essential metal for the world’s energy transition. The smelter build-up will be a key talking point for hundreds of copper-industry executives descending this week on China’s commodity hub of Shanghai for Asia Copper Week. Miners and smelters will negotiate key annual ore-supply contracts, and attendees will take the latest temperature of Chinese demand. Despite the financial toll of the pandemic and China’s property crisis, the nation’s metals consumption has been relatively strong in 2023.

European Union reached a deal early Wednesday on a law to place methane emissions limits on Europe's oil and gas imports from 2030, pressuring international suppliers to clamp down on leaks of the potent greenhouse gas. After all-night talks, negotiators from EU member states and the European Parliament agreed to a law which from 2030 will require importers of crude oil, gas and coal into Europe to prove those fuels meet a methane intensity limit. The law will now be put to the European Parliament and EU countries for final approval.

BEIJING — China on Wednesday reported better-than-expected retail sales and industrial data for October, while the real estate drag worsened. 

IndusInd/Suzlon/Paytm/Persistent Systems: MSCI is set to adjust its MSCI Standard Index, drawing attention from analysts who are closely monitoring potential inclusions such as IndusInd Bank, Suzlon Energy, Persistent Systems, and One97 Communications. Nuvama Alternative & Quantitative Research predicts significant inflows into these stocks, estimating $290 million for IndusInd Bank, $264 million for Suzlon Energy, $258 million for Persistent Systems, and $163 million for One97 Communications, the parent company of Paytm.

Subrata Roy death news: Sahara Group founder Subrata Roy passes away after battling prolonged illness A statement by the company on the matter confirmed the death of Sahara Founder. The statement read, “It is with profound sadness that Sahara India Pariwar informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar." Subrata Roy's assets once included the famous Plaza Hotel in New York, Grossvenor House in London and former Force India Formula One team, reported Reuters.

Last week, I was in Brasilia, speaking at Brazil Innovation Week, 2023. I’d been invited to talk about how India’s digital public infrastructure (DPI) offers a new approach to data governance and I was glad for the opportunity to test for myself whether the ideas I had set out in my new book held good in the Brazilian context.

climate change the «health of humanity is at grave risk». Lethal heat was just one of the many ways the world's still-increasing use of fossil fuels threatens human health, according to The Lancet Countdown, a major annual assessment carried out by leading researchers and institutions. More common droughts will put millions at risk of starving, mosquitoes spreading farther than ever before will take infectious diseases with them, and health systems will struggle to cope with the burden, the researchers warned. The dire assessment comes during what is expected to be the hottest year in human history — just last week, Europe's climate monitor declared that last month was the warmest October on record. It also comes ahead of the COP28 climate talks in Dubai later this month, which will for the first time host a «health day» on December 3 as experts try to shine a light on global warming's impact on health. Despite growing calls for global action, energy-related carbon emissions hit new highs last year, the Lancet Countdown report said, singling out still massive government subsidies and private bank investments into planet-heating fossil fuels. — 'Crisis on top of a crisis' — Last year people worldwide were exposed to an average of 86 days of life-threatening temperatures, according to the Lancet Countdown study.

Loco and Rooter, are expanding operations beyond the domestic market as they prepare to take on the likes of YouTube and Amazon’s Twitch in foreign territories, people aware of the developments said. Loco, which is backed by investors like South Korean gaming giant Krafton and Indian gaming-focused venture firm Lumikai, quietly started testing its Arabic app in multiple West Asian countries a few months ago and, according to its cofounder Anirudh Pandita, plans to expand into Latin American countries next.

Tata Consultancy Services to the very top of the valuation leader-board at the country's most-valued conglomerate, which has a market capitalisation of about ₹25 lakh crore. Other details, including pricing of the nearly 61-million share issue at the Tata Motors-owned unit, will be announced closer to the IPO date. Tata Motors said Monday its engineering services subsidiary has filed its Red Herring Prospectus with the Registrar of Companies in Pune. This IPO will entirely be an Offer for Sale (OFS) by existing shareholders, with Tata Motors intending to sell up to 46.2 million shares in the IPO, representing 11.4% of Tata Technologies' equity. Alpha TC Holdings will offload 9.7 million shares, or 2.4% of the company's equity, and Tata Capital Growth Fund 1 will sell 4.9 million shares, representing 1.2% of its equity.

oil markets won't be as tight as expected this quarter, as upward revisions to demand are outpaced by upgrades to supplies, the International Energy Agency said. The IEA boosted forecasts for world fuel consumption this year on surprising strength in China, and still anticipates a supply shortfall during the fourth quarter. But it will be roughly 30% smaller than previously projected, at about 900,000 barrels a day. «World oil demand continues to exceed expectations,» the Paris-based agency said in its latest monthly report.

Japan, Australia and the Middle East and the home market, among others, will largely help alter the geographic mix. To be sure, average contract values in these geographies will still be relative stragglers in comparison with those finalised by Anglophone clients either side of the Atlantic.

mitigation target are projected to be only 2% below those levels, shows a new UN synthesis report on countries' collective climate actions released on Tuesday. It highlights that peaking of global emissions will, however, occur within this decade. The synthesis report, released ahead of the upcoming UN climate conference (CO) in Dubai, also shows that while emissions will not increase after 2030, compared to 2019 levels, they are still «not demonstrating rapid downward trend» — a necessity of this decade to limit warming below the 'danger' level. Limiting temperature rise to 1.5 degrees Celsius by the end of this century is considered safe to avoid the worst impacts of climate change, including more frequent and severe droughts, heat waves and rainfall. The rise in earth's global average surface temperature, however, has already reached around 1.1 degrees C, higher than the pre-industrial average (1850-1900), and 2023 is already on track to be the warmest year on record.

The Australian Taxation Office has issued an update on its capital gains tax for crypto products, stating that it also extends to wrapped tokens or token interaction with decentralized lending protocols.