Economy Financial News

Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

Nirmala Sitharaman on Thursday said micro, small and medium industries will play an important role in realising the vision to transform India into a developed nation by 2047. Therefore, she said, they have been given special priority in the Union Budget. The finance minister was addressing the discussion programme with MSME marble cluster units in Udaipur on Thursday evening. «The participation of MSME is important in realising the vision of 2047. Therefore, it has been given expert priority in the budget,» she said.

Monetary Policy Committee (MPC) member Prof. Jayant Varma raised concerns over the impact of the current monetary policy stance on the country's economic growth, the minutes of August meeting showed on Thursday. He argued that the policy, which he believes is excessively restrictive, is sacrificing growth potential at a time when India's economy could be accelerating. Varma, an external member of the MPC, had voted for a cut in repo rate during the meeting which took place on August 6-8. The committee, however, decided to keep the policy rate unchanged at 6.50 per cent with a 4:2 majority.

Monetary Policy Committee (MPC) meeting on Friday, highlighting that the headline inflation has seen upward movement in June to 5.1 per cent, as food inflation pressures increased and offset the impact of subdued core (CPI excluding food and fuel) inflation and deflation in the fuel group. On future indicators, the central bank said in its statement that headline inflation in July and Q2 of the current financial year are expected to be lower, given their base effect advantage; but with food inflation pressures showing little signs of abatement in the near-term, and household inflation expectations picking up, monetary policy has to remain vigilant to potential spillovers of food price pressures to the core components. «This is critical for the ‘last mile of disinflation’ and anchoring of inflation expectations. Food inflation may soften due to good monsoon, steady improvement in kharif sowing, rising reservoir levels and a likely favourable rabi season output. Uncertainty, however, comes from frequent recurrence of adverse weather events, resurgence of geo-political tensions and financial market volatility. Further, core inflation might just have bottomed out,» the statement read further.

QI Research CEO and chief strategist Danielle DiMartino Booth discusses how the Fed can get the U.S. economy back on track on 'The Big Money Show.'

tax disputes with major companies including Infosys Ltd. and foreign airlines, people familiar with the matter said, suggesting New Delhi is open to making accommodations to avoid hurting investor sentiment in the South Asian nation. Authorities are exploring options to settle with companies including Infosys, which last month got hit by a demand for 324.03 billion rupees ($3.9 billion) in back taxes dating back to 2017, the people said. Authorities at the time cited non-payment of taxes on expenses incurred by overseas offices of the company, which provides IT services to banks and other multinational corporations from the US to Europe. Also Read: Infosys accused of Rs 32,000-crore GST evasion: Here are 10 things to know

A key gauge of euro-zone wages eased — reinforcing the case for the European Central Bank to continue lowering interest rates next month.

The U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported, the government says

Also read: Wall Street today: US stocks mixed, Fed minutes & Jackson Hole in focus We calculate that ATI has so far reduced coupon issuance by more than $800 billion, delivering a degree of stimulus similar to that of a 100-basis-point reduction in the Fed’s policy rate. Put another way, the Treasury has effectively offset all the Fed’s 2023 interest-rate hikes. Not only that, but the ATI has been supplemented with forward guidance, indicating that it will persist for another few quarters, to the other side of this year’s US election.

insurance coverage. “Historically, only a small percentage of MSMEs provided healthcare benefits to their employees as most insurers required a minimum number of employees to extend insurance coverage,” says Yogesh Agarwal, Founder & CEO, Onsurity. “Offering comprehensive healthcare benefits is necessary to help businesses differentiate themselves in a competitive talent market.” Only 5-7% of small businesses provide health insurance coverage to their employees, say industry observers.

crude oil paused on Thursday after expectations of a rate cut by the Federal Reserve offset a bunch of weak economic data from the world's two largest economies, the United States and China. Brent crude futures were 3 cents up to $76.08 a barrel. U.S. West Texas Intermediate crude futures fell 5 cents to trade at $71.88 at 0036 GMT. Both contracts lost over $1, or more than 1%, in the previous session.

₹5 lakh) for any loss to depositors due to bank failure. That’s at the individual level. At the macro level, deposit insurance plays a key role in instilling confidence in the banking system, enabling it to lend to the real sector and thereby keep the wheels of the economy well-oiled and running.

benchmark interest rate at their next meeting in September as long as inflation continued to cool. The minutes of the Fed's July 30-31 meeting, released Wednesday, said the «vast majority» of policymakers «observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting.»

NEW DELHI : India's economic boom has opened up a lucrative new playground: the legal profession. The surge in corporate activity, fuelled by an accelerating economy and a burgeoning middle class, has created a voracious appetite for legal services. This, in turn, has sparked fierce competition among top-tier law firms to recruit law graduates.

Commerce minister Piyush Goyal has raised concerns over e-commerce platforms using predatory pricing to the detriment of traditional retailers. Goyal said the large amounts of investments being made by these platforms in India were to fund the losses that he suggested were a result of such pricing. “Are we going to cause huge, social disruption with this massive growth of e-commerce? I don’t see it as a matter of pride that half our market may become part of the e-commerce network 10 years from now; it is a matter of concern," he said.

Goyal on Wednesday alleged that Amazon's proposed $1-billion investment in India is to compensate for its huge loss that «smells of predatory pricing,» and of no great service to the economy. He also questioned the impact of ecommerce on crores of small retailers. «Are we going to cause huge social disruption with this massive growth of ecommerce?» «I don't see it as a matter of pride. It's a matter of concern,» Goyal said.

stock markets have already taken an affinity towards Kamala Harris as soon as she entered the Presidential poll race after replacing Joe Biden on the ticket. According to Market Watch, the chances of Harris winning the polls are 64% based on the stock market trends that were earlier behaving in a rather non-predictable manner. The stock market's shift towards Harris is a positive sign as it means that the investors are backing the Democrats and counting on them for the country's economy in the future. Although, this may have little impact on the polls, but the majority share of these investors are voters, and therefore some data extrapolation and analysis can help in understanding the current political landscape, ahead of the US Presidential Elections 2024.

Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

Comerica Wealth Management CIO John Lynch on the expected 2024 job revisions, his expectations for Federal Reserve Chairman Powell's Jackson Hole speech, where to allocate capital, and Target earnings.

The Bank of Canada’s view that the worst is behind us was challenged recently by warning signs from two key sectors of the economy, say economists.

There's a lot of debate about how much signal to take from the 818,000 downward revisions to U.S. payrolls — the largest since 2009. Is it signaling recession?