Economy Financial News

By Tito Correa, Nyasha Chingono and Miguel Lo Bianco

By Shristi Achar A

capital markets regulator Sebi to seek inputs from shareholders while drafting norms and rework them if the proposals are perceived to be much too restrictive, finance minister Nirmala Sitharaman said on Thursday, seeking to allay industry concerns that «over-restrictive regulations» would kill innovation. Speaking at the Digital Acceleration & Transformation Expo in Bengaluru, organised by Trescon, the minister also exhorted state-run banks to further improve efficiency in drawing depositors while remaining cognisant of their role in satiating the vast credit appetite of a fast-growing economy. “Get deposits, give them (depositors) good interest rates, and then make good money out of it as well. But at the same time, be possibly conscious (of the fact that) India's growth depends on banks lending comfortably to people who want to set up units and grow them,” Sitharaman asked the public-sector banks. According to the Reserve Bank of India (RBI) data, non-food bank credit growth touched 15.3% in September, which is lower than the 16.9% a year before but well above the long-period trend. As for striking a balance between regulation and innovation, Sitharaman said: “The government has been suggesting to Sebi that before they come up with any regulation that can be perceived as being restrictive, they should actually consult industry and stakeholders.

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Major banks are secretly prying into customers’ spending – including the amount of petrol going into the family car – to identify those who are heading toward a home loan default well before they miss a repayment.

One of China’s largest shadow banks warned it’s “severely insolvent”, with a debt pile more than two times higher than assets, according to a letter seen by Bloomberg News.

The BSE Sensex was trading 117 points or 0.18% higher at 66,140. Nifty50 was trading at 19,849, up 37 points or 0.19% at around 9.17 am. From Sensex stocks, Asian Paints, Nestle, Power Grid, JSW Steel, and Wipro opened with gains, while HUL, UltraTech Cement, Bharti Airtel, and TCS opened with cuts. Honasa Consumer, which operates the Mamaearth brand, surged 10% after the firm reported a 93% YoY growth in its net profit to Rs 29.4 crore for Q2 FY24. Meanwhile, shares of Cipla lost nearly 2% after the firm's Pithampur plant got a warning letter from the US FDA.

Prime Minister Narendra Modi on Wednesday told the leaders of the Group 20 (G20) block of large economies they ought to work together for global regulation of artificial intelligence (AI).

Gold prices edged higher on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker dollar and lower U.S. Treasury yields buoyed demand for bullion. FUNDAMENTALS * Spot gold was up 0.1% at $1,992.59 per ounce, as of 0143 GMT, after hitting a three-week high of $2,007.29 on Tuesday. * U.S. gold futures were steady at $1,993.30. * The dollar was down 0.1% against its rivals after gains in the last two sessions and making gold less expensive for other currency holders.

stocks ended higher on Wednesday on optimism that the Federal Reserve may be done raising interest rates and that the economy is still resilient. Economic reports on jobless claims, durable goods, and consumer sentiment seemed to suggest the economy is easing but may stay strong enough to avoid recession. Data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week. Tuesday's minutes on the last Fed meeting showed a cautious approach toward monetary policy. Still, stocks have risen sharply in recent weeks on the view the Fed is done hiking rates. «Overall you have a solid backdrop to the market,» said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. «The signals for the market, despite concerns over the economy and consumer spending, is that this market has sustainability in what is probably the most hospitable season for the market.» She said stocks tend to rise just before the U.S. Thanksgiving holiday and also rally heading into year-end.

highs, while a slim majority of stock market experts polled by Reuters expected their markets to touch new peaks within the next six months. Much will depend on interest rate expectations now central banks are mostly done with a season of aggressive rate rises since the COVID pandemic to dampen a burst of inflation still not completely under control. Traders and analysts mostly assume the U.S. Federal Reserve will be cutting interest rates by the middle of next year, an outcome that is far from certain and does not clearly align with policy statements from top central bankers.

markets were lulled by holidays in Japan and the United States on Thursday, leaving the U.S. dollar revelling in its gains after data that cast doubts over market projections for peak Fed rates. With markets shut in Japan and the United States for the Thanksgiving holiday, currencies barely moved and cash U.S.

The Belgian government has unveiled plans to accelerate the development of a blockchain infrastructure project in Europe during its Council of the European Union presidency in early 2024.

Narendra Modi said on Wednesday. Speaking to the world leaders at the opening of the Virtual G20 Leaders Summit, Modi said the leaders have come together at the summit to find a solution to major global issues. "Disturbances and security-related issues in West Asia are a matter of concern for all of us," Modi said.

By William Schomberg

(Reuters) — Senior Cuban officials have over several weeks provided an increasingly dire snapshot of a deepening economic crisis in a series of televised prime-time appearances, revealing the extent of the downturn in unprecedented detail.

By Stephen Culp

FOX Business correspondent Madison Alworth shares why for many first-time homebuyers, the American dream is delayed as a result of high mortgage rates and home prices on 'Varney and Co.'

global economy requires consensus and consideration of the opinions of different countries, Russian President Vladimir Putin said while speaking at the G20 virtual summit. «Now the situation in the global economy, and in the world as a whole, requires collective, consensus decisions that reflect the opinion of the overwhelming majority of the international community, both developed and developing countries,» Putin said. The Russian leader pointed out that the world is undergoing processes of radical transformation. «New powerful centers of global economic development are emerging and strengthening. A significant share of global investment, trade and consumer activity is shifting to Asian, African and Latin American regions, where most of the world's population lives.

State Bank of India (SBI) chairman Dinesh Khara said it is clear that the climate risk is going to be much more pronounced and significant in the years ahead, but banks are facing challenges in funding green projects. «Multilateral agencies are unable to honour their commitments in green financing due to the situation they are facing in their home countries. In this situation, banks will have to step in.

The head of the Bank of Canada says the “excess demand” that was fuelling inflation is gone from the economy.