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Nirmala Sitharaman on Monday said that customs authorities across the globe should share “actionable” information among themselves to curb the network of illicit trade which is hurting the global economy. She added that there is a need for intergovernmental cooperation to crack the masterminds behind smuggling networks else authorities will be able to catch small fishes only. «I place a lot of emphasis on intergovernmental coop, along with WCO (World Customs Organisation), so that we are able to crack the brains behind it (smuggling), the masterminds behind it, with the help from local authorities and governments,» Sitharaman said in her address at Global Conference on Cooperation in Enforcement Matters. The conference organised by the Directorate of Revenue Intelligence, aims at creating an information network and share information to block the international chain of illicit trade. She added that exchange of information and global cooperation was one of the issues discussed during India’s G20 presidency and she proposed that global enforcement agencies must meet once in a year to discuss among themselves the measures to handle it. «Networked groups think that small fries can be sacrificed, police or customs authorities can catch hold of this small fish, the larger fish, which is the brain behind, is never going to be caught,» Sitharaman added. Sitharaman also said that the nature of smuggled or illegally traded goods has not changed over the last 50-60 years and it continues to be precious metals, narcotics, precious reserves from forest or marine life. «So largely the goods which are illegally traded remain the same. There are no newer areas on which the customs authorities are baffled.

Ola and on-demand logistics startup Porter are the worst platforms for gig workers, said research firm Fairwork India, after evaluating 12 companies. Both Ola and Porter scored zero on a scale of 1 to 10 when evaluated for minimum standards of fair work in the platform economy, according to the ‘Fairwork India 2023’ report.

tourism industry, long hailed as a cornerstone of the nation's economy, has faced unprecedented challenges in recent times, primarily due to the disruptive impact of the COVID-19 pandemic. As the industry charts its path to recovery, a crucial factor that promises to redefine and rejuvenate it is the strategic investment in upskilling and reskilling its workforce. This transformative initiative can usher in a new era of growth and prosperity for the Indian tourism industry. According to a comprehensive report by FICCI, the sector witnessed a staggering 56% reduction in revenue in 2020 due to Covid19.

The US remains the world’s preeminent power by several orders of magnitude. So when its National Security Advisor Jake Sullivan expounds on American foreign policy, the rest of the world should take note. The NSA is a political appointee.

TEL AVIV—Israel’s Prime Minister Benjamin Netanyahu issued a rare apology Sunday that inadvertently framed the political crisis that has engulfed him. A few hours earlier, facing mounting criticism for the Hamas attacks that killed 1,400 Israelis, he publicly blamed the security failures on Israel’s defense and intelligence services. He hadn’t been warned of Hamas’s intention to start a war, he wrote in a tweet on X, saying that defense and intelligence officials had “assessed that Hamas was deterred." Soon after, he deleted the tweet and apologized.

witness a slight decrease in growth from 4.1 percent in 2022 to 4 percent in both 2023 and 2024. The report highlights that global inflation is expected to gradually decrease, declining from 8.7 percent in 2022, to 6.9 percent in 2023, and 5.8 percent in 2024. Tighter monetary policies and lower international commodity prices contribute to this decline.

Mint previously reported that Gentari Sdn Bhd and GIC Holdings Pte Ltd will invest $1.75 billion in AM Green Ammonia Holdings, a company owned by Greenko Group founders Mahesh Kolli and Anil Kumar Chalamalasetty. Gentari will invest $1.5 billion for a 30% stake in AM Green Ammonia Holdings, valuing the company at $5 billion.

₹17.8 lakh crore over the course of six sessions as the total market capitalisation of the companies listed on the BSE dropped from ₹323.8 lakh crore on Tuesday, October 17, to approximately ₹306 lakh crore. The market is being held back by a number of headwinds.

Former Kansas City Federal Reserve Bank president and CEO Thomas Hoenig joins 'Maria Bartiromo's Wall Street' to discuss the Federal Reserve's next move.

The BSE Sensex was trading 168 points or 0.26% lower at 63,614. Nifty50 was trading at 19,003, down 43 points or 0.23% at around 9.18 a.m.

Hindustan Unilever's managing director Rohit Jawa has told ET that the Centre's progressive and reformer mindset, manifest in New Delhi's economy-anchored policy thrust and commentary, should bring 'considerable' overseas funds into India — a demonstrated growth outlier in an inflation-ravaged world struggling to come to grips with geopolitical uncertainties. «The Indian economy is unstoppable because of the sheer demographics of a billion people of working age,» Jawa said in his first media interview after taking over the top job at India's biggest consumer-goods company in June. «At this point of time in geopolitics, India is sweetly positioned. So, that does mean there will be considerable foreign investment coming in.»

debt that the US government is generating. The country has added nearly $600 billion debt in the last month. It adds $1 trillion debt every 45-60 days.

By Josue Decavele

Infosys co-founder NR Narayana Murthy's suggestion to India's youth to work more hours has stirred a controversy in a country that has among the world's longest working weeks, yet trails in labour productivity by international standards. The obvious analogies to rebuilding post-war Germany and Japan may be misleading, because those countries faced labour shortages. India has a problem with unemployment and underemployment that pulls down its labour productivity.

New Delhi: Amplus founder Sanjeev Aggarwal and I Squared Capital have come together again to set up a climate solutions platform—Hexa Climate Solutions—which will focus on renewable energy, water and carbon oxides; wherein the New York-based private equity fund will invest around $500 million, said two people aware of the development. New York-based I Squared Capital is no stranger to India’s green economy and invested $150 million in Amplus Energy Solutions Pvt. Ltd in April 2015.

New Delhi: A likely expansion of the economy at slower than the estimated rate of 10.5% in nominal terms this year could make it harder for the government to realize tax revenue targets for FY24, putting pressure on spending in coming months, according to experts. The wholesale price index (WPI)-based inflation, which is in the negative territory, could mean India’s gross domestic product (GDP) growth rate without adjusting for inflation may be a little more than 9% in FY24, below the budget estimates, experts said. This would necessitate re-prioritizing the spending programme to make sure funds flow to the highest priority items so that the fiscal deficit target can be achieved, experts said.

Investors face a growing risk that climate change will result in a sudden loss of value, with existing portfolio models often falling short, according to an analysis by Markus Müller, chief investment officer for ESG at Deutsche Bank.

sturdy labour market that’s powering economic expansion. Government data on Friday are projected to show payrolls in the world’s largest economy increased by about 190,000 in October, still-solid job growth that follows sizable advances in the previous three months. Hourly earnings are seen rising at the slowest annual pace in more than two years, partly a reflection of increased labour force participation. Moderating pay gains help explain why Federal Reserve policymakers are projected to again hold interest rates steady on Wednesday following their two-day meeting. The resilient labour market has been instrumental in keeping conumers spending and the economy growing as inflationary pressures gradually wane.

Stocks on Wall Street closed mostly lower on Friday to cap off another losing week as investors digested the latest round of corporate earnings results while continuing to focus on the Federal Reserve’s outlook for interest rates.

Federal Reserve will likely announce it is holding interest rates at a 22-year high on Wednesday, as it looks to tackle inflation without damaging the resilient US economy. Analysts and traders parsing recent Fed speeches overwhelmingly expect the US central bank to hold rates steady for the second meeting in a row as it looks to return inflation to its long-term target of two percent. «Fed commentary has all but confirmed that the Fed will stay on hold in November,» Bank of America economists wrote in a recent note to clients. Interest rate hikes slow down inflation by raising the cost of borrowing from the bank, which dampens economic activity and weakens the labor market. Since peaking at more than seven percent in June last year, inflation as measured by the Fed's favored yardstick has fallen by more than half — though it remains stuck firmly above three percent. Futures traders assign a probability of 99.9 percent that the Fed will vote to hold rates steady in November, according to CME Group data. In a surprising development for many analysts, the Fed's aggressive interest rate policy has not pushed the world's largest economy into a recession, and it looks unlikely to do so in the coming months. In fact, resilient consumer spending fueled higher-than-expected annualized growth of 4.9 percent in the third quarter, building on positive growth in the first half of the year. At the same time, hiring has picked up and unemployment remains close to historic lows. «I always say it is a mistake to bet against the American people,» President Joe Biden said in a statement Thursday, shortly after the latest GDP figures were released. «I never believed we would need a recession to bring inflation down — and today we

Investing.com — It’s going to be a very busy week for investors, with a Federal Reserve meeting, the latest U.S. jobs report and earnings from technology heavyweight Apple that could set the direction for stocks and bonds the rest of the year. Here’s what you need to know to start your week.