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Global oil markets are poised to swing from a deficit to a surplus next quarter should OPEC+ proceed with plans to boost supplies, data from the International Energy Agency showed.

Global oil-demand growth is still forecast to slow to under a million barrels a day this year and next, with a continued slowdown in Chinese consumption weighing on the outlook, the International Energy Agency said. The Paris-based organization estimates that global demand will grow by 970,000 barrels a day this year and by 953,000 barrels a day the next—marginally lower than previous estimates of 974,000 and 979,000 barrels a day.

Global oil markets are poised to swing from a deficit to a surplus next quarter should OPEC+ proceed with plans to boost supplies, data from the International Energy Agency showed. Oil inventories are currently depleting as a result of peak summer driving demand, but should stabilize in the final quarter of the year, the Paris-based agency said in a report. That would likely tip into an overhang if the OPEC+ cartel presses ahead with provisional plans to bring back idled output starting in October, the report indicated. Oil consumption in China, the biggest importer, fell for a third month in June, the IEA said.

Central and state authorities will launch a two-month-long nationwide drive against fake goods and services tax (GST) registrations to weed out bogus entities used for evading tax, showed an official order from the Central Board of Indirect Taxes and Customs (CBIC). The drive, which will run from 16 August to 15 October, seeks to detect suspicious or fake GST registrations and conduct thorough verification to weed out entities engaging in fake invoicing, according to the order.

₹30,000 a month, which is far higher than what new employees get on average in cities. The prospect of stable employment is an added incentive. Yet, such a scramble for government employment is also a symptom of the lack of quality jobs in an economy that has otherwise had a good run since the pandemic.

Read this | In 2024, metals sector poised for gradual turnaround Between 2011 and 2020, sectors like PSU Banks, Realty, Infra, CPSE, and Metals struggled to gain traction, largely ignored by investors. However, from 2021 to July 2024, these once-overlooked sectors have made a strong comeback, displaying newfound strength and resilience. Among the resurgent sectors, the metals sector stand out.

Indian regulators and policymakers have amplified their call for banks to become innovative in raising deposits. This low-cost source of funds is trailing the pace of bank lending, and if credit-deposit gaps persist, lenders would either need to rely more on costlier sources or go slow on credit, which could drag the growth of our economy back. Over the weekend, finance minister Nirmala Sitharaman exhorted banks to pre-empt such a scenario.

Foreign investors pulled out a record amount of money from China in the last quarter. Direct investment liabilities in its balance-of-payments dropped almost $15 billion in April-June, Bloomberg reported, citing data from the State Administration of Foreign Exchange.

Mint looks at the new approach and the significance of the 3% target set by law. Governments need to live within their means. But with the ability to print money and borrow at will, they often spend more than what they earn, causing fiscal deficit.

rupee weakened to a record closing low of 83.97 versus the US dollar on Monday, mirroring the secular decline in Asian currencies that fell on risk aversion ahead of the publication of US consumer price inflation data later this week. The rupee was also pressured by a rise in crude oil prices.

What had been touted as Wall Street’s big rotation into smaller firms sputtered just as quickly as it started. 

Bank of America, Brian Moynihan, has said that he has not seen a recession on the horizon of the US economy, reports 'The Hill'. Participating in CBS’s Margaret Brennan on “Face the Nation” Sunday, he tried to defend Joe Biden and the Federal Reserve by indicating that they have managed a “soft landing” for the US economy after inflation troubles in recent years.

capital market, the condition is not good this week either. Tokyo stock exchange was the first to crash and the Nikkei Index plummeted by 12.4% on Monday. It was followed by a fall in the cryptocurrency market across the world, which represents the overall bearish sentiment spreading across the world economy, though it may not be directly related to the stock markets. The economic crisis can be understood by the fact that the Dow Jones Industrial Average closed down more than 1,000 points, registering a drop of 2.6%, the tech stock index Nasdaq tanked by 3.4% and the S&P 500 fell 3%.

It’s getting harder for young Canadians to find a job. A post-pandemic influx of cheap foreign workers in restaurants and retail stores may be making it tougher.

Circle Squared Alternative Investments founder Jeff Sica argues this weeks CPI and PPI inflation data will make or break the stock market on Varney & Co.

Bank of Nova Scotia has agreed to buy 14.9 per cent of Cleveland-based KeyCorp for about $3.9 billion as it looks to boost its focus on developed economies and strengthen its North American footprint.

Recession fears are never far away these days, as shown by last week’s market turbulence.

BJP on Monday rejected the Congress' demand for a Joint Parliamentary Committee (JPC) probe into Hindenburg's allegations and said the Opposition party was conspiring to bring about «economic anarchy and instability» in India. The Congress has been demanding Buch's resignation and that a JPC investigation be ordered to assess the full extent of what it described as the «Modani Mega Scam». Addressing a press conference at the BJP headquarters, senior party leader Ravi Shankar Prasad reiterated the party line that the short-selling firm's charge and the Opposition's criticism of the Sebi chairperson were part of a wider conspiracy. He claimed that billionaire investor George Soros is an investor in Hindenburg and is known for running a propaganda against the Narendra Modi-led government. «While India is being globally seen as a safe, stable and promising market, the Congress party wants to project that the Indian investment scenario is not safe,» he alleged, and claimed that the Opposition party was making use of the «chits» provided by foreign entities to damage the economy.

Despite the recent influx of over $192 million into U.S. spot Bitcoin ETFs, Bitcoin (BTC), the leading cryptocurrency, failed to sustain its overnight gains and started the week on a bearish note. This decline can be attributed to the news that $155.25 million in liquidations occurred across the crypto market.

Krishnamurthy V Subramanian, Executive Director of the International Monetary Fund (IMF) said on Monday. In an interactive session during the launch of his book 'India @100' at Indian School of Business (ISB) here, Subramanian said becoming a USD 55 trillion economy by 2074 may appear audacious, but it is achievable. He also said India's private credit to GDP ratio was 58 per cent in 2020, six decades behind the advanced economies which are now at 200 per cent, though there is phenomenal work being done in terms of financial inclusion through schemes like 'Pradhan Mantri Jan-Dhan Yojana'. «So in other words...while this of course appears to be audacious, it is the power of compounding that makes it happen. As long as we are able to register 8% growth, we can actually become a $55 trillion economy,» the former chief economic advisor said when asked why he thinks India has the potential to be a USD 55 trillion economy by 2047.

Indian rupee weakened to a record low versus the US dollar on Monday, as Asian currencies fell due to risk aversion ahead of the US consumer price inflation numbers expected this week. The rupee was also pressured by a rise in crude oil prices. The rupee closed at 83.9725 versus the US dollar on Monday, as against its last close of 83.955 versus the US dollar, LSEG data showed. The currency was trading in a tight three paisa range of 83.95 and 83.97