Country Financial News

$553 million investment from the United States government for its West Container Terminal in Colombo, Sri Lanka, Karan Adani, CEO of Adani Group told reporters Adani Ports is eyeing further “opportunities in our neighboring countries", Bloomberg reported. Speaking to reporters in Colombo Adani also said the US financing, backed by the International Development Finance Corporation, is a "reaffirmation" of international support for the Indian conglomerate's companies. According to Adani, the neighbouring countries include potential ventures in Bangladesh, Vietnam, and Tanzania, besides the existing plans in Sri Lanka and Israel.

Elon Musk's Tesla, which has made the tax break a precondition for setting up its manufacturing plant in the country, the Financial Times reported. According to the Financial Times report, Tesla has sought an initial concession on customs duty levied on imported cars in India.

By Heekyong Yang

(Reuters) — Global ratings agency Fitch said on Monday it plans to withdraw all the ratings on China's Country Garden Services Holding on or about Dec. 12 for commercial reasons.

By Libby George and Bansari Mayur Kamdar

By Phil Stewart and Suleiman Al-Khalidi

Narendra Modi on Sunday shared a glimpse from the "Deepotsav" in Uttar Pradesh's Ayodhya and noted that it was “amazing, divine, and unforgettable." In a social media post on X in Hindi, the Prime Minister also shared images from the celebrations. He captioned, “Amazing, supernatural and unforgettable! The whole country is becoming illuminated with the grand festival of lights of Ayodhya City illuminated with millions of lamps.

₹500 crore in funding. This is a testament to the enduring allure of sound business models and strong execution capabilities, even as venture capital has become a whole lot more expensive and scarce than in the prolonged period of near zero policy rates in the US, and more mature startups fail to get additional funding, thanks to an overvaluation overhang. The US Fed began raising its policy rates in March 2022, in response to rising inflation, amid expectations that the rate rising practice would continue for months on end.

United Spirits, India's biggest liquor firm, said it is witnessing lower-than anticipated demand momentum during the current quarter but expects festivities and the cricket World Cup to boost recovery. «We remain cautiously optimistic that demand will pick up, though we don't see the signs right now,» Hina Nagarajan, managing director at Diageo-controlled USL, told investors on an earnings call. «But we still have a big festival season to go through — Diwali and then Christmas, etc.

Oil prices eased on Monday, reversing their rally on Friday, as renewed concerns over waning demand in the United States and China dented market sentiment. Brent crude futures for January were down 35 cents, or 0.4%, at $81.08 a barrel at 0051 GMT, while the U.S. West Texas Intermediate (WTI) crude futures for December were at $76.82, down 35 cents, or 0.5%. Both benchmarks gained nearly 2% last Friday as Iraq voiced support for oil cuts by OPEC+, but lost about 4% for the week, notching their third weekly losses for the first time since May.

Karan Adani boasted that a newly inked $553 million US government financing deal toward a port terminal being developed by his family’s conglomerate was a “reaffirmation by the international community.” The announcement marked a welcome reprieve for India’s Adani Group following a damaging short-seller attack and a number of corporate fraud allegations leveled against it this year. It also signaled Washington’s endorsement for the port empire owned by Karan’s father and billionaire Gautam Adani — seen as a close ally of Prime Minister Narendra Modi — that would help curb China’s maritime influence in the Indian ocean. Those waters account for more than one-third of the world’s bulk cargo traffic and two-thirds of oil shipments. Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai, called Adani’s port ambitions a “strategic” play, assisting India to counter China’s own string of ports in its backyard, stretching from Sri Lanka to Pakistan. Now Adani Ports and Special Economic Zone Ltd., seen as the conglomerate’s crown jewel, is eyeing further “opportunities in our neighboring countries,” Karan Adani, the operator’s chief executive officer, told Bloomberg News in the Sri Lankan capital. Those include potential ventures in Bangladesh, as well as East African and Southeast Asian nations, including Tanzania and Vietnam, adding to its existing Sri Lanka and Israel developments, he said. In a world that’s “looking beyond China — it is indeed a Chinese-styled expansion by Adani,” said Sanjiv Bhasin, director at Mumbai-based IIFL Securities Ltd.

Protean IPO: Listing date of the initial public offering (IPO) of Protean eGov Technologies Limited has been fixed on 13th November 2023 i.e. today.

Check all the latest Israel-Hamas war LIVE Updates hereSaudi Arabia, considered as the de-facto leader of the Muslim world, along with its neighbour the United Arab Emirates, was among the countries that blocked a proposal moved at the Islamic-Arab summit to snap all ties with Israel, reports said.The proposal was to sever all diplomatic and economic relations with Tel Aviv, deny Arab airspace to Israeli flights and that the oil-producing Muslim countries should “threaten to use oil as a means of leverage" to achieve a ceasefire in Gaza, The Times of Israel reported Ehud Ya’ari, the Arab affairs analyst of Israeli news platform Channel 12, as saying.The proposal was shot down by Saudi Arabia, the UAE, Jordan, Egypt, Bahrain, Sudan, Morocco, Mauritania and Djibouti, Ya’ari reportedly added. Read the complete story.The World Health Organisation (WHO) on Sunday, November 12 reported that it has lost contact with Al-Shifa Hospital in Gaza City, ANI reported.Al-Shifa Hospital has received international attention after reports of individuals fleeing the hospital being allegedly shot, wounded, or killed.

S Jaishankar has arrived in London at the start of a five-day visit to the UK with an aim to review various aspects of bilateral ties and give «new impetus to the friendly ties». «Wishing everyone a very happy and prosperous Diwali. Hope that this Festival of Lights brings peace, prosperity and health for all,» the EAM posted on X on Sunday.

A suspected crypto fraudster accompanied South Korean President Yoon Seok-yeol on a state visit to Saudi Arabia last month.

Tens of thousands of shipping containers stuffed with consumer goods like electronics, clothing and food remained trapped at ports around the country on Sunday after stevedore DP World Australia was struck by a cyberattack on Friday.

The OECD's Crypto-Asset Reporting Framework will require crypto platforms to share taxpayer information with tax authorities.The UK government says that the standard could potentially recoup hundreds of millions of pounds in lost revenue.“Today we are sending out a strong message that we will not allow criminals to use crypto to avoid paying their fair share,” says Financial Secretary to the Treasury, Victoria Atkins.The 48 signatories to the agreement encouraged other countries to join them.

By Casey Hall

new Muslim ban. Tariffs on all imported goods and "freedom cities" built on federal land. Much of the 2024 presidential campaign has been dominated by the myriad investigations into former President Donald Trump and the subsequent charges against him.

Narendra Modi on Sunday said that the 'Deepotsav', organised by the Uttar Pradesh government in Ayodhya is «amazing, divine and unforgettable». In a post on X, the Prime Minister also shared some pictures from the celebrations. He further said that the whole country has been «illuminated» with millions of «diyas» (earthen lamps) that were lit in Ayodhya. «The energy emanating from this is spreading new zeal and enthusiasm throughout India. I wish that Lord Shri Ram does welfare of all the countrymen and becomes an inspiration for all my family members.

Gen Z slang goes, we've seen plenty of them, some flitting by faster than a trenderoo. It's still early days for 'delulu,' but this trisyllabic word — 'di-loo-loo' — that packs a punch of the lu from 'delusional' is doing the heavy spin cycle these days. So, we thought it's certainly worth our while to catch on to what it really means.