Country Financial News

IDBI Bank has petitioned the Mumbai bankruptcy bench to initiate corporate insolvency against Mumbai Metro One Pvt Ltd, which operates the metro line from Versova to Ghatkopar. The lender is seeking recovery of Rs 133.37 crore, including interest component, from Mumbai Metro One, according to stock exchange disclosure. Anil Ambani's Reliance Infrastructure owns a 74% stake in the metro line operator, while the remaining 26% stake is held by Mumbai Metropolitan Regional Development Authority (MMRDA), an apex body for planning and coordinating development activities in Mumbai. This was the first metro project awarded in the country on a public-private partnership (PPP) basis and entails the design, financing, construction, operation and maintenance of about 12 km elevated metro operating between Versova to Ghatkopar with 12 stations en-route. In August, State Bank of India filed a petition at National Company Law Tribunal (NCLT) Mumbai bench to admit the company for corporate insolvency for recovery of their Rs 416 crore debt. Other lenders include Canara Bank, Indian Bank, Bank of Maharashtra, IDBI Bank and India Infrastructure Finance Company (UK).

Optimum Nutrition, a brand owned by global sports nutrition company Glanbia Performance Nutrition, has signed India's javelin star Neeraj Chopra as its brand ambassador. The endorsement deal is for a period of one year, with the option to extend it further. The new signing adds to Chopra's brand endorsement portfolio, which comprises over 20 brands, including Tata AIA Life Insurance, Gillette, and Country Delight, among others. Chopra, who is managed by JSW Sports, charges Rs 4 crore as an annual endorsement fee.

Congress on Tuesday accused the BJP of first criticising its allies and later supporting them, and called upon people of the northeast not to vote for the regional parties like the MNF and the ZPM. Congress general secretary Jairam Ramesh said a vote for the Mizo National Front (MNF) or the Zoram People's Movement (ZPM) is actually a vote for the BJP.

immigration, particularly concerning concerns about its impact on the housing crisis. In 2023, Canada reached a historic milestone by surpassing a population of 40 million people, with a significant portion attributed to international migration. While the country has welcomed a record number of immigrants, the latest Focus Canada research indicates that there has been a notable increase in the belief that there is too much immigration to Canada, which contrasts with the trend observed in the past. Want to know if you qualify for immigration? Click here This shift in perspective is primarily driven by concerns about how newcomers might be contributing to the current housing challenges. Over the past year, Canadians have become increasingly pessimistic about the direction of the country, the state of the economy, and their confidence in the government's ability to address future challenges, the report has highlighted. Inflation, the cost of living, housing affordability, and interest rates have emerged as top concerns. While Canadians are now more likely to say there is too much immigration to the country, there has been no corresponding change in how Canadians feel about immigrants themselves or their contributions to communities and the country.

AIFs for startups, SMEs: Alternative investment firm focusing on startups and SMEs Anicut Capital, on Tuesday, announced it has received a commitment of over Rs 30 crore from the asset management company HDFC AMC’s Fund of Fund with a likely additional allocation in the near future. According to a release by Anicut Capital, the investment will be made from HDFC AMC’s Select AIF FOF-I, which invests in category I and II venture capital/private equity-oriented AIFs

KKR & Co. is raising a second Asia real estate fund, targeting $2 billion to $2.5 billion to spend across the region, according to people familiar with the matter. 

Global funds are offloading emerging Asia equities outside of China in droves as broader risk appetite cools amid concerns over a stronger dollar, higher borrowing costs and geopolitical tensions.

Central banks have loaded up on more gold than previously thought this year, offering crucial support to prices that have faced pressure from global monetary tightening.

₹11,000, showcasing a remarkable year-on-year growth of over 60%. Pune, Bengaluru, Hyderabad, Chennai and Delhi saw a decline in demand. The sharpest decline was seen in Pune and Bengaluru, between 5% and 10% in terms of occupancies, while the others were down by up to 5%.

Investing.com -- U.S. stock futures were mixed on Tuesday, with the Federal Reserve's all-important policy decision later in the week front and center. Elsewhere, economic bellwether Caterpillar (NYSE:CAT) is set to release its latest quarterly earnings, while hopes for a recovery in Chinese growth were dented by disappointing manufacturing activity data.

BRUSSELS (Reuters) — Euro zone economic growth was weaker than expected in the third quarter, a flash estimate showed on Tuesday, with gross domestic product contracting slightly quarter-on-quarter and the year-on-year growth rate slowing sharply.

Apple phones regarding a possible 'state-sponsored' hacking attack. However, the government has claimed that it is very serious about the issue and that it has issued an ordered probe into the matter. «We are serious about these allegations and we want the complainants to go through the investigation,» IT Minister Ashwini Vaishnav said at a briefing. He said that the complaints require deep technical understanding and certain agencies will be involved in the investigation. Furthermore, Vaishnaw claimed that the Opposition leaders cannot digest India's progress under Prime Minister Narendra Modi and are indulging in compulsive critique. «There are many compulsive critics in our country. Their only job is to criticise the government,» he said. «From the mail sent by from Apple, it can be understood that they have no clear information, they have sent alerts on the basis of an estimate. This is vague. Apple has released a clarification that the allegations by compulsive critics are not true. Such advisories have been sent to people in 150 countries. The people who cannot see the growth of the country are doing destructive politics,» Vaishnaw added. Earlier in the day, prominent Opposition leaders part of the INDIA bloc took to social media claiming they got a message from Apple Inc saying their phones are likely being targeted by 'state-sponsored' attackers.

gold demand in India increased 10% year-on-year in the quarter to September to 210 tonnes due to lower prices. Much of this demand came from rural India which accounts for 60% of India’s annual consumption, which is pegged at 700-750 tonnes for 2023 by the World Gold Council (WGC), a little lower than it was last year. Globally, the WGC Q3 Gold Demand Trends report reveals, support for the asset continues as central bank buying maintains a historic pace, bringing quarterly gold demand to 1,147 tonnes, 8% higher than its five-year average. Gold jewellery sales in India increased 7% year-on-year to 155.7 tonnes, aided by softer gold prices and festive demand, which was more pronounced in southern India.

Goa police have recently exposed a major criminal operation involving the filing of false rape cases across the country. As per a TOI report, the investigation, led by the special crime branch team under the supervision of Deputy Inspector General (DIG) Aslam Khan, has resulted in the arrest of Harish, an alleged pimp from Gujarat. This is the fourth arrest made in connection with the ongoing probe. DIG Khan has stated that this case involves a significant inter-state racket.

Mahua Moitra on Tuesday said she will be writing to Lok Sabha Speaker Om Birla requesting him to follow Raj Dharma to protect opposition MPs over the purported warning by Apple of «state-sponsored attackers trying to remotely compromise» her iPhone. She also urged Birla to summon the Union Home Ministry officials over the issue.

While building up a sizeable corpus is necessary to fulfil many important goals, complementing it with adequate insurance coverage is recommended to secure oneself and loved ones from the vagaries of life. 

health insurance for themselves or their dependents in India. According to a PolicyBazaar report, among NRIs, those from Gulf nations like the UAE, Saudi Arabia, Qatar, Oman, and Kuwait constitute the largest percentage of health insurance buyers, at 58%, followed by the USA/Canada (14%), the UK (8%), and Australia (6%). Think you check all the immigration boxes? Find out The appeal lies in the lower cost of health insurance in India compared to other countries, making it a viable choice for those residing abroad. Family floater health insurance plans are the preferred choice among NRIs, accounting for 40% of purchases. A significant portion of these policies (25%) is bought for parents or senior citizens residing in India. To maximize their health insurance benefits, NRIs opt for high-sum insured plans, especially crucial for severe illnesses or costly medical conditions. At least one-fourth of NRIs choose coverage of more than Rs 1 crore, while 34% opt for a sum insured between Rs 25 lacs to Rs 1 crore. Over half of the buyers opt for multi-year policies to take advantage of premium discounts. This not only locks in the premium for the chosen period but also guards against medical inflation or changes in premiums due to increasing age.

AI for positive and sustainable impact across India, as well as those working to ensure the benefits of India's digital transformation are inclusive, equitable and safe. Recently, Annie Lewin, senior director, global advocacy and head of Asia Pacific, Google.org, was in New Delhi to announce a $4 million grant to CyberPeace Foundation to help 40 million people combat misinformation across India and $3.3 million to Wadhwani AI to protect India's staple crops with AI-powered pest mitigation technology.

Madhya Pradesh assembly polls, state Congress chief Kamal Nath on Tuesday said if his party is elected to power, it will get a caste census done to ensure justice to the backward classes and set up a commission to provide them equal opportunities. Notably, Congress general secretary Priyanka Gandhi Vadra during her poll rallies in MP has also pitched for a caste census, saying the exercise is necessary to know the exact number of people from OBC, SC and ST communities in the country so that policies can be framed accordingly to provide benefits to them.

Thailand has announced the temporary removal of visa requirements for travellers from India and Taiwan starting next month and continuing until May 2024. As reported by Reuters, this decision follows a previous move in September to eliminate visa requirements for Chinese tourists, who were a significant source of visitors before the pandemic, accounting for 11 million out of the record 39 million arrivals in 2019. "Arrivals from India and Taiwan can enter Thailand for 30 days," spokesperson Chai Wacharonke said.

The share of Canadians missing payments on their mortgages is down compared to last year despite the impact of higher interest rates, according to the Canada Mortgage and Housing Corp.