Economy Financial News

record-setting spree to surpass all the benchmarks and scaling a new all-time high in 2023 with its best annual performance ever despite higher interest rates and rising property prices. The country’s commercial capital has achieved a new peak in terms of both, registration of properties as well as state exchequer’s revenue collection through stamp duty charges. The maximum city has recorded total registrations of over 1.27 lakh real estate properties in 2023, making it the best year for property sales across primary and secondary market, exceeding last year’s peak by 4%. Total revenue collected through stamp duty rose 22% in 2023 to over Rs 10,850 crores, showed data from the inspector general of registration, Maharashtra. “The year 2023 witnessed a remarkable upswing for Mumbai’s real estate market as the city achieved its highest property registrations, driven by rising income levels, better affordability, and a positive homeownership outlook.

Lorraine ‘Lo’ StomskiSVP, Walmart Associate Learning & Leadership Furner met Stomski at company events after she joined Walmart in 2016 from a human-resources consulting firm. She suggested an “interesting, smart blend of using science and performance data," to make personnel decisions, he said. When Furner became CEO of Sam’s Club, he frequently turned to Stomski for data-driven advice on filling out what he thinks of as his “team roster." At a company with 2.2 million employees, “you can miss a lot," said Furner.

India is anticipated to experience a notable upswing in liquefied natural gas (LNG) imports in 2024, with projections suggesting a substantial 7 per cent-8 per cent year-on-year increase. This surge is expected to be driven by heightened demand across key sectors, including power, industrial, and transportation, coupled with infrastructure development in anticipation of national elections, as per S&P Global. Ayush Agarwal, an LNG analyst at S&P Global Commodity Insights, highlighted that while the fertilizer sector remains the largest consumer of LNG, the power and industrial sectors are poised to contribute significantly to the import upswing if spot prices align closely with the levels witnessed in 2023. Agarwal said, «India's LNG imports will continue to increase, with an expected 8 per cent year-on-year growth in 2024. While the fertilizer sector will remain the largest consumer of LNG, the power and industrial sectors could contribute to an increase in imports if spot prices average close to 2023 levels». India's current gas-based power capacity stands at approximately 25 GW, translating to a demand for approximately 30 million-35 million mt/year of LNG. Industry sources based in Singapore suggest that a few gas-based power units, historically reliant on domestic gas due to high LNG prices, are likely to transition back to LNG consumption in 2024 owing to the anticipated weakness in LNG prices. An industry source based in Singapore said, «India currently has about 25 GW of gas-based power capacity installed.

How premiumisation gathered pace Premiumisation is a trend that continues from the pandemic times when locked-in affluent people splurged on large TVs and washing machines and expensive food and liquor. But in 2023, the crack in India's consumer demand seemed to widen into a split, as companies struggled to sell low-priced goods while luxury, high-priced items flew off the shelves.

Gold price outlook 2024: As we welcome the dawn of 2024, the outlook for gold appears promising, poised to be shaped by a complex interplay of several variables. One pivotal determinant of gold prices in the coming year will be the monetary policies enacted by major central banks, notably the US Federal Reserve. Alongside this, the geopolitical landscape, trends in the dollar index, global growth momentum, uncertainty stemming from elections in major economies, and the ongoing gold acquisition spree by central banks will collectively shape the path of gold.

Luxury real estate has ascended to unprecedented heights, becoming the premier choice for discerning homebuyers and savvy investors worldwide. In the dynamic realm of investments, 2023 stands as a testament to the escalating interest in opulent properties across the globe. This surge isn’t happenstance; it mirrors a fusion of factors propelling affluent investors towards these esteemed assets. Notably, the Delhi-National Capital Region (NCR) emerges as the epicentre of this trend, boasting a remarkable 54% surge in luxury housing sales. Gurugram spearheads this movement, with transformative markets like Golf Course Extn Road and Dwarka Expressway emerging as the upcoming realty hotspots.

Despite hardening property prices and home loan interest rate hikes in early 2023, it has been a superlative year for Indian residential real estate. Latest ANAROCK Research data indicates that housing sales in the top 7 cities have created a new peak in 2023, breaching the previous high of 2022.

BSE Midcap index soared by 46 per cent, while the Smallcap index surged by 48 per cent, showcasing remarkable market resilience and investor confidence. The remarkable performance of the domestic market this year can be attributed to several factors, including a strong macroeconomic environment, anticipated rate cuts, and increased foreign capital inflows. However, a standout factor has been the significant surge in the number of retail investors, which has played a pivotal role in driving the market's stellar performance thus far.

Read more Tata Consumer Products has now joined the ranks of listed Tata Group companies with a market capitalization exceeding ₹1 lakh crore, making it the sixth firm to achieve this milestone. Read more Domestic equity benchmarks the Sensex and the Nifty 50 ended the year's last trading day on a negative note, snapping their five-day winning streak, on profit-booking in select heavyweights even as the mid and smallcap indices ended with healthy gains.

China faces a problem familiar to dictatorships throughout history: how to strike a balance between growth-boosting innovation, which thrives in a free society, and the paranoia of an authoritarian state. Its leader, Xi Jinping, wants the country to become a hyper-advanced economy. His government is aggressively promoting the commercialisation of high technologies it likes, from electric vehicles to quantum computing.

Mid-cap and smallcap investors saw an even faster rise in wealth. Many IPOs delivered outstanding returns as investors rushed to new offerings amid a dearth of reasonably valued stocks in secondary market.

Airport Authority of India(AAI) chairman Sanjeev Kumar affirmed that the construction was completed in a record time of 20 months. Airports Authority of India undertook the development of Ayodhya Airport as per the MoU signed with the Government of Uttar Pradesh in April last year. AAI Chairman Sanjeev Kumar asserted that air connectivity is important for Ayodhya adding that the Airport Authority is happy about the expansion. «The airport has been built in Ayodhya and AAI has completed it in a record time of 20 months,» Sanjeev Kumar said while speaking in Ayodhya. The Uttar Pradesh government provided 821 acres of land for the development of Ayodhya Airport, according to a government release. AAI Chairman Sanjeev Kumar asserted that air connectivity is important for Ayodhya adding that the Airport Authority is happy about the expansion. «The airport has been built in Ayodhya and AAI has completed it in a record time of 20 months,» Sanjeev Kumar said while speaking to in Ayodhya. «Air connectivity is important for Ayodhya. With more passenger flow, the connectivity will also improve in Ayodhya.

US stocks has showered money on the buy-and-hold faithful and made virtually every other asset class an also-ran. So great have the gains been that some fairly simple math shows that however roaring the 2020s turn out to be, reprising the last decade’s bounty will take near-miracle expansions in earnings and valuations. The math comes courtesy of Jordan Brooks, a principal at AQR Capital Management. He analyzed drivers in the market that account for gains of almost 12% a year since 2013 versus inflation-adjusted rates on cash.

equities had in December saw as many as 250 smallcap stocks giving double-digit returns in the month. However, the number was still far less than that in November. In November, when Nifty 50 gave over 5% returns, 334 smallcap stocks registered double-digit returns.

business environment. In India, where businesses thrive in a diverse and dynamic landscape, the importance of sound corporate governance cannot be overstated.

U.S. stocks closed modestly lower on Friday, the last trading day of 2023, capping a robust year-end rally as investors eyed easier monetary policy in the year ahead. The stock market has seen remarkable upward momentum in the closing months of the year, powering all three major indexes to monthly, quarterly and annual gains. For the year, all three posted double-digit growth. «On January of this year, 363 days ago, if I said I think the S&P is going to gain more than 20% in 2023, you would have put me into the slightly nutty category,» said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York.

Gold vs stock market: As we welcome the dawn of 2024, it is important to scrutinize how different risky assets delivered in 2023. After end of last trade session of 2023 on Friday, Nifty 50 index has given 19.42% return in YTD, BSE Sensex surged 18.10% in 2023 whereas Nifty Bank index gained around 11.80 per cent in 2023. In year-to-date (YTD) time, small-cap index skyrocketed 46.30% while mid-cap index shot up 44.70 per cent in this time.

equities in 2023 were the highest ever in a calendar year as optimism over the economy's prospects in a slowing world, the US Federal Reserve's signal that it will cut rates in 2024 and expectations of the Bharatiya Janata Party returning to power in the next year's general elections drove a flood of money into stocks here. Market watchers said overseas investors may be less enthusiastic about pumping similar amounts into Dalal Street in the new year with rich share valuations seen as the key deterrent to large allocations. Foreign portfolio investors poured ₹1,74,663 crore into the domestic stock market in 2023, bettering the previous record of ₹1,72,849 crore in 2020.

BOGOTA(Reuters) — Colombia's minimum wage will increase by 12% in 2024, Labor Minister Gloria Ines Ramirez said on Friday, taking the figure to 1.3 million pesos ($340) per month.

The Indian mutual fund industry has been witnessing a remarkable surge in interest among investors in recent times with the Assets Under Management (AUM) growing by nearly 21 percent to touch ₹49.05 lakh crore as on November 30, 2023, up from ₹40.38 lakh crore as on November 30, 2022. At the current levels, the industry is almost halfway through its targeted aim of achieving an AUM of ₹100 lakh crore over the next few years.

India’s foreign minister has met with Russian President Vladimir Putin, who said relations between the countries are progressing even amid turbulent times