Country Financial News

Narendra Modi on Tuesday extended Dussehra or Vijayadashami wishes to people across the country, saying that this holy festival brings the message of ending negative forces. In a post on X (formerly Twitter), PM Modi wrote, “Best wishes to my family members across the country on Vijayadashami. This holy festival brings the message of ending negative forces as well as adopting goodness in life.

Trump compared himself to anti-apartheid activist Nelson Mandela on Monday as he cast himself as the victim of federal and state prosecutors he alleges are targeting him and his businesses for political reasons. Returning to New Hampshire to register for its presidential primary, Trump held a rally where he railed against President Joe Biden's response to the Hamas attack on Israel and vowed to build an Iron Dome-style missile defense shield over the U.S.

“We remain overweight on sectors that will benefit from economic expansion such as banks, industrials, utilities, defence, real estate, and cement,” says Dr. Poonam Tandon, Chief Investment Officer at IndiaFirst Life. In an interview with ETMarkets, Tandon said: “We are very positive on the infrastructure and real estate cycle as the sector will continue to benefit with the government allocating higher budgets and offering various incentives” Edited excerpts: October is turning out to be a roller coaster ride for investors in equity markets. Will geopolitical concerns have a long-term impact on equity markets if things escalate? Geopolitical pressure is on the rise amid the ongoing war between Russia and Ukraine and now the Israel-Palestine conflict.

Biden and Xi have not engaged in any discussions since their last meeting in November, which took place on the sidelines of the Group of 20 summit in Bali, Indonesia. Tensions between the world's leading economies have remained consistently elevated throughout the past year.

EU Tax Observatory said on Monday. If levied, the sum would be equivalent to only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research group hosted at the Paris School of Economics said. Currently billionaires' effective personal tax is often far less than what other taxpayers of more modest means pay because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report. «In our view, this is difficult to justify because it risks to undermine the sustainability of tax systems and the social acceptability of taxation,» the observatory's director Gabriel Zucman told journalists. Billionaires' personal tax in the United States is estimated to be close to 0.5% and as low as zero in otherwise high-tax France, the Observatory estimated. Growing wealth inequality in some countries is fuelling calls for the richest citizens to bear more of the tax burden as public finances struggle to cope with aging populations, huge financing needs for climate transition and legacy COVID debt. U.S.

Israel men's and women's national teams have been rescheduled for November, world soccer's governing body FIFA said on Monday. UEFA postponed all matches scheduled in the country earlier this month due to the Israel-Hamas conflict. The rescheduled games will be played as close as possible to the existing November international windows, FIFA said. The Kosovo v Israel and Israel v Switzerland Euro 2024 Group I qualifiers will now take place on Nov. 12 and Nov.

Hamas as a barbaric terrorist organisation, an Indian American Congressman has said there is a need to eliminate the terror outfit. The Palestinian militant group Hamas launched a barrage of rocket attacks in Southern Israel on October 7. The unprecedented assault triggered retaliatory strikes from the Israel Defense Forces.

The term was coined by Goodfellows, the Tata and Hiranandani-backed company that Gosavi now works for. Goodfellows provides young companions for the elderly. «We would do everything that your grandkid would do for you,» according to its website.

supply chains on China. The Niti Aayog has been tasked with drawing up the strategy, which will focus on bridging the country's trade deficit with its neighbour over time and suggest measures to secure supply chains from risks stemming from geopolitical developments. Near-shoring, friend-shoring and localisation have gained traction globally post-Covid, with many countries looking to de-risk supply chains and reduce sourcing ties with China. The Aayog will firm up its action plan recommending policy interventions needed in the form of tariff and non-tariff barriers as well as changes to the regulatory framework, said a senior government official with knowledge of the matter. Focused Intervention As part of the exercise, the Niti Aayog will rope in a consultancy firm to review India-China trade, with its report expected in six months.

Also Read: From high inflation to import bill - the domino effect of rising crude oil prices on Indian economy With major oil producers Saudi Arabia and Russia announcing oil supply cuts of a combined 1.3 million barrels per day (mbpd) till the end of the year, the global economy already faces an oil market deficit. Now, with oil prices hovering above the $90 per barrel-mark, the escalation of the conflict towards other Middle Eastern oil producers is concerning and requires careful monitoring, especially given the global economy's 'higher for longer' interest rate scenario. The oil supply is unlikely to be threatened unless the issue expands to other nations in the region and becomes a proxy conflict between the US and Iran.

Australian fuel giant Viva Energy’s operating and shipping costs will be higher thanks to challenges linked to prolonged maintenance at its troubled flagship Victorian refiner.

Iceland is often touted for its gender equality, topping the World Economic Forum’s gender gap index for 14 years, but women across the country are set to strike this week in a protest against employment inequality and the gender pay gap.

Foreign control in the Canadian economy has been steadily declining over the last decade, government data shows.

aviation regulator has suspended operations of Redbird Flight Training Academy, taking action against India's largest flight training school after its aircraft was involved in a fifth serious incident in the past six months. «This is the fifth accident of your academy in the past six months, pertaining to engine failure or other maintenance issue,» said an order issued by the Directorate General of Civil Aviation (DGCA), after a training aircraft of the academy, on October 22, was forced to make an emergency landing in a field shortly after taking off from its centre at Baramati. «The DGCA will carry out an audit of the maintenance practices carried out by your organisation and proficiency checks of your instructors and designated examiners.» The emergency landing was reported just three days after another incident involving the academy aircraft on October 19. Redbird Aviation has bases in Baramati, Gulbarga, Lilalbari, Belgaum and Seoni in India, and one in Sri Lanka.

HSBC has nearly tripled the size of a syndicated overseas loan to retail non-banking financial company Shriram Finance to $400 million, with international financiers showing firm appetite for lending to the domestic NBFC sector amid a volatile global interest rate outlook. Senior management of HSBC, the sole arranger for the dollar loan, told ET that the facility had been upscaled from the original size of $150 million to $404 million. The deal will be concluded in the next few days. «This deal has several firsts and will surely be counted as a landmark transaction for both the borrower and the sector.

CARACAS (Reuters) — The Venezuela Creditors Committee said on Monday it is confident an orderly debt restructuring can occur, following an electoral agreement reached between the government and the opposition that led the United States to ease some sanctions in the oil sector.

Investing.com — The “no free lunch” metaphor is becoming clearer for the long-oil community that had doubled down on the crisis in Gaza to send the market higher than probably warranted. 

By Jorge Otaola

JSW Steel as the company's financial ratios remain healthy and it invests in expansion, joint managing director Jayant Acharya said. The Mumbai-based steelmaker has a consolidated net debt of ₹69,195 crore as of September 30, growing more than 5% year-on-year and almost 4% sequentially. «I don't think debt is a concern at all,» Acharya told ET in an interview. «Our cash position and undrawn lines are also quite healthy.» JSW Steel's net debt to Ebitda ratio stood at 2.52 at the end of the September quarter. While the latest numbers for peers are not released yet, as of March 31, Tata Steel and Jindal Steel and Power (JSP) had net debt to Earnings Before Interest, Taxes, Depreciation, and Amortization (Ebitda) ratios of 2 and 0.7 compared to JSW Steel's 3.6. Acharya said the company's debt ratios were in a comfortable position. «We do not see any pressure because of the debt on our brownfield expansions or any kind of acquisition which makes structural or economic sense to us,» he said. The stock of JSW Steel closed 2.9% lower on Monday at ₹747.9 on the BSE.

The Basel Committee on Banking Supervision (BCBS) has created a proposal for the banks it oversees to reveal their crypto exposure from 2025. What does this mean for the crypto market? Does this impact Bitcoin SV (BSV) and the brand-new VC Spectra (SPCT)?

Women appear to be making some advance in the broad financial advice industry, with an increase in the numbers of women getting the certified financial planning designation last year just one example of that.