Economy Financial News

U.S. stocks are holding relatively steady after more big companies delivered profit reports that topped analysts’ expectations

data localisation requirements issued by RBI to be applied from January next year. Data localisation involves fragmenting operations for multinational banks, which increases costs and reduces competitiveness. Foreign banks have been winding down their presence in India, particularly in the retail segment, as local private banks have expanded their footprint.

Piyush Goyal on Wednesday questioned Amazon's announcement of USD 1 billion investment in India, saying the US retailer was not doing any great service to the Indian economy but filling up for the losses it had suffered in the country. He said that their huge losses in India «smells of predatory pricing», which is not good for the country as it impacts crores of small retailers. Launching a report on 'Net Impact of e-commerce on Employment and Consumer Welfare in India' here, the minister lambasted the e-commerce companies, questioning their business model that has been impacting small retailers in the country. «When Amazon says that we are going to invest a billion dollars in India and we all celebrate, and we forget the underlying story that the billion dollars are not coming in for great service or any great investment to support the Indian economy. They made a billion-dollar loss in their balance sheet that year, they had to fill in that loss.

Japan racked up a 621 billion yen, or $4.3 billion, trade deficit in July, as prices of imports surged

An ambitious plan to build a massive solar farm in remote northern Australia to transmit energy by a submarine cable to Singapore is a step closer after the Australian government granted environmental approvals for the $19 billion project on Wednesday

U.S. Senate candidate West Virginia Gov. Jim Justice is in a mad-dash legal fight to keep a historic hotel at his luxury resort before it’s auctioned off next week due to unpaid debts

Matt Orton of Raymond James Investment Management explains why he is optimistic about the U.S. economy on «Mornings with Maria.» 

New York Federal Reserve, 28.4% of participants said they were looking for work, which is a rise from 19.4% one year ago and the highest percentage since March 2014. That covers both those who are currently unemployed and those who are employed but looking for new opportunities. Even though some economists are lowering their predictions of a recession, the results of the New York Fed's thrice-annual Survey of Consumer Expectations Labor Market Survey provide more proof that the U.S. economic outlook is becoming worse. Although it is still relatively low at 4.3%, the unemployment rate has increased from its 3.5% post-pandemic low. Also Read: Is Prince Andrew facing an unexpected relocation? Know King Charles’ next move

A ban on noncompete agreements that would have widespread impact on employment across industries has been struck down in court.

Could Sebi’s curbs for investment advisers choke financial planning in India? A developed nation is one where land, labour, capital, entrepreneurship and technology are liberated from the mindset of an under-developed, frontier, or developing economy. India has a golden chance to achieve this, but Sebi’s role in market development, capital development and investor protection will be crucial. Developed countries are easier to do business in, and have lower fees for financial services.

Contrarian Thinking Capital founder Codie Sanchez discusses the impact of inflation on small business owners and consumers on Making Money.

Also read: Wall Street today: US stocks mixed, Fed minutes & Jackson Hole in focus While the sudden and large price dislocations were reversed, the unsettling episode felt like a warning of the inherent instability of the financial system. The insecurity was accentuated by what happened in the analyst community. Some well-known Wall Street analysts and observers of finance urged the Fed to immediately implement an emergency intra-meeting rate cut—a move that I argued was unnecessary and potentially harmful.

Recently, writing in the Economic Survey, the chief economic advisor observed that it is worth exploring whether India’s inflation targeting regime should focus on non-food inflation. The reasoning was that monetary policy is more effective in counteracting price pressures that arise out of excess aggregate demand, whereas food inflation is usually on account of supply constraints. In contrast, the Reserve Bank of India (RBI) governor recently spoke after the monetary policy meeting and observed that food inflation is a major factor in determining inflationary expectations and therefore continues to be a matter of concern.

Ola Electric successfully met the minimum localisation criteria of 50% as mandated by the Ministry of Heavy Industries. The company stands to receive incentives ranging from 13% to 18% of the determined sales value of compliant products for up to five consecutive financial years starting from Fiscal 2024. With this Ola Electric has become the only EV maker to get PLI compliance certification for four products: S1 Air, S1 Pro, and S1 X models in both 3 kWh and 4 kWh versions. The S1 Air received PLI certification earlier at the Auto PLI Conclave held in January 2024. Following this announcement, shares of Ola Electric rose by 4.4% to INR 143.8 in Wednesday trading on the BSE.

What were your most memorable moments of the recently concluded Olympic games? Among the many, one of my most memorable moment was Novak Djokovic winning the gold in Men’s tennis. In his long career, he has won 24 grand slams. The only missing piece in his trophy cabinet was an Olympic gold medal.

The 3% fiscal deficit target: Is it sacrosanct? Irrespective of how the data is sliced, India’s public debt position is weak for a country of its size and potential. Of countries in the BBB category, India has the highest fiscal-deficit-to-GDP and the third-highest general-government-debt-to-GDP ratios. Among large emerging markets, its debt-to-GDP metric is much higher than that of Thailand, Mexico, Philippines, and closer to below-investment-grade Brazil.

Santosh Rao, Head of Research, Manhattan Venture Partners, says more than 50 basis points rate cut by Fed would cause panic. It means the economy is deteriorating and they do not want that to happen. As long as they keep cutting rates, 25 bps, gold will be steady. But if they cut a lot, gold will go spike much higher. $3000 is in the bag at that point. What do you make of gold at $2,500? We understand that investors are looking at the Fed's rate cut decision to major escalations in the Middle East and the Russia-Ukraine conflict, but to what extent do geopolitical tensions drive these prices, and for how long will gold remain at these elevated levels? Santosh Rao: There is a fundamental shift in the way investors are looking at gold. It was a safe-haven trade in the past, but now it has become a big part of a diversified portfolio. It does move with the stock market, but not one-to-one correlation. When the stock market fell recently in the US, gold fell as well, but not as much. So, it outperformed the broader indexes.

okada, and boda boda. They are transforming mobility in Africa. Behind the rise is a story of supply and demand.

AUM of $150 billion) and Singapore-based Mars Growth Capital Partners (AUM $1.5 billion), according to two people familiar with the plans. Others that have set up local operations since this January include South Korea’s sovereign fund KIC, Japan’s Advantage Partners, and Singapore-based Growtheum Capital Partners.

U.S. stocks climbed, and Wall Street pulled closer to its record heights following its roller coaster of a summer

Federal Reserve officials have said they’re increasingly confident that they’ve nearly tamed inflation