Economy Financial News

By David Randall

BRUSSELS : The Group of Seven industrial countries will on Monday agree a code of conduct for companies developing advanced artificial intelligence systems, a G7 document showed, as governments seek to mitigate the risks and potential misuse of the technology. The voluntary code of conduct will set a landmark for how major countries govern AI, amid privacy concerns and security risks, the document seen by Reuters showed.

Mumbai: Even a dead cat will bounce once if it falls far enough," goes a famous Wall Street saying. In the 1980s, the saying gained currency and came to mean a short-term recovery amid a declining trend. As the Indian stock markets closed over 1% on Friday, 27 October, after six days of bloodbath, many analysts found themselves questioning if this was indeed one of those ‘dead cat bounces’.

code of conduct for companies developing advanced artificial intelligence systems, a G7 document showed, as governments seek to mitigate the risks and potential misuse of the technology. The voluntary code of conduct will set a landmark for how major countries govern AI, amid privacy concerns and security risks, the document seen by Reuters showed.

Niti Aayog's, the government's think-tank, is finalising the draft Vison 2047, projecting India to be $30 trillion economy and will lay out a roadmap to help India escape the middle-income trap as India becomes a developed nation by 2047. The document, which will be released by PM Narendra Modi, and made public over the next three months will focus on radical restructuring of the government, NITI Aayog CEO BVR Subramanian said in a select media briefing on Sunday. The Aayog, which has harmonised and combined the recommendations of the 10 secretary-level sectoral groups, will hold final presentation to these group in the first week of November followed by meeting with thought leaders including industrialists and academia in the third week of November as it plans to finalise the draft document by December 2023. According to Subramanian, the government has projected India's population to be 150 crore by 2047 and the per capita income of $18,000-$20,000 by 2047 based on which the broad vision has been firmed up. «For India to be a developed nation, we need to recast the whole government in a way that decisions are taken at the lower level while upper level is responsible to strategise for a better future with targetted intervention,» he said. Niti Aayog has done macro modelling, fixing tangible goals for the country by 2030 and structural changes needed by 2047 to make India a Viksit Bharat as envisioned by PM Modi, Subramanian said. The Vision 2047 document, the work on which kick-started in December 2021, will see greater role of states in implementing the policies as Centre and states work together as Team India.

Congress national president Mallikarjun Kharge on Sunday took a dig at the ruling Bhartiya Janata Party (BJP) alleging that the latter «made fun» of the public over the reported inflation in the country. In a post on X, Kharge wrote, «The crying voice of the people, who have been burdened under the burden of BJP's inflation in the last nine and a half years,… Every time on the issue of inflation, Modi government made fun of the public, teased like this — »Inflation is not visible", «I don't eat onions», «It is better than other countries».

Engineering, physics, chemistry are all guided by laws, there is very little controversy. Finance on the other hand is guided a lot by human behavior. For every convincing explanation there is an equally convincing rebuttal.

Global Capability Centers (GCC), is driving the performance of commercial real estate across India’s key property markets. The resilience exhibited by the Indian economy despite the global headwinds and availability of talent continues to help the office property markets in key cities sustain the growth trend. Demand for office space in India’s largest occupier markets remained strong with over 16.1 million sq ft office space leases during the period. Robust occupiers' demand for setting up Global Capability Centres (GCC) constituted most of the leasing. Prime office rentals in the country’s key property markets Delhi-NCR, Mumbai, and Bengaluru remained strong in year-on-year terms.

As the holiday season approaches, it’s not just snowflakes and carolers that will be making an appearance. The real estate market, like the rest of the economy, experiences its own set of festive season trends and dynamics. For prospective buyers and sellers, understanding these trends can make all the difference in navigating the real estate market effectively.

NCR areas of Rajasthan, Uttar Pradesh, and Haryana, Delhi Environment Minister Gopal Rai on Sunday called for the Centre to impose a stringent ban on buses running on subpar diesel. The minister discovered that all buses registered in these areas were BS III and BS IV vehicles during an unexpected examination at the Kashmere Gate interstate bus terminal. «Vehicular emissions account for a significant portion of Delhi's air pollution.

Wang Yi said the path to a meeting between President Xi Jinping and Joe Biden was «not smooth», state media reported as the top diplomat wrapped up a rare visit to Washington. Wang met with Biden and other senior US officials this week, with both sides agreeing on Friday to set up a meeting between the leaders next month. Biden has invited Xi to San Francisco in November for the Asia-Pacific Economic Cooperation (APEC) summit at a time of tense relations between the two powers.

Marico Group Chairman Harsh Mariwala has shared his views on the X platform. According to Mariwala, it is an undeniable fact that hard work is the backbone of success but, "It is not about the hours clocked in. It's about the quality and passion one brings to those hours".

US Federal Reserve may once again choose to hold it at the 5.25-5.5% range for the second successive time in its upcoming decision on 1 November. While inflation has nearly halved since October last year, Fed Chair Jerome Powell has said it is still “too high" and the aim is to bring it down to the 2% target level. Since its last meeting in September, Fed officials have indicated a policy of ‘higher-for-longer’ interest rate regime, which means a cut is unlikely to happen anytime soon.

real estate market, individuals need to understand the various cycles that occur in the property market to make informed decisions about property investments. Before exploring the details of such cycles, it's essential to first comprehend what the term 'property cycle' actually means. Property cycle is a term used by real estate professionals to describe the process of buying, holding, or selling property.

Ashwini Vaishnaw said. According to the telecom sector industry body Cellular Operators Association of India, telecom operators have not been able to monetise 5G service since its launch last year. «From the government side we are very clear.

Israel-Hamas war on the world economy may take time to become apparent but it would worsen if it spread to the Middle East, notably Iran, a major oil producer and Hamas sponsor. The global economy would be affected by rising oil prices near $90. Further escalation of the conflict towards other Middle Eastern oil producers is concerning and requires careful monitoring, especially given the global economy's 'higher for longer' interest rate scenario.

inflation picked up along with consumer spending as the third quarter drew to a close, government figures showed ahead of the Federal Reserve’s penultimate policy meeting of the year. Consumer price growth also gathered pace in Tokyo, an indicator of nationwide inflation. Bank of Japan officials also meet next week, as do Bank of England policymakers.

policy easing expected to take effect probably in mid-2024. Monetary Policy Easing and Its Impact on Gold Monetary policy plays a crucial role in influencing the performance of various financial assets, and gold is no exception. Gold has historically thrived during times of economic uncertainty, and one of the key drivers of its value is the prevailing monetary policy.

economic stimulus measures in China. The US dollar saw a boost from a combination of lackluster corporate earnings, safe-haven demand, and signs of the US economy's resilience. Notably, the US economy posted robust annualized growth of 4.9% in Q3 2023, despite higher interest rates. Core PCE prices and personal spending further reinforced the notion of sustained economic strength. As a result, the greenback reached a three-week high, trading at 106.89.

Nifty50 ended with weekly declines of 2.5% amid the Israel-Hamas conflict, higher bond yields and the ongoing earnings season. Amid a host of important domestic and global events lined up during this week, know what lies ahead for the stock markets. After relentless selling in recent days, Nifty has temporarily paused its decline due to an oversold chart setup, Rupak De, Senior Technical analyst at LKP Securities said, adding that the index closed significantly below the critical breakdown level of 19,250.

iron ore, ready to be poured into a procession of bulk carriers bound for Asia’s steel mills. Rio Tinto Group, the world’s largest iron ore producer, shipped its first cargo of the steelmaking ingredient from this spot in 1966, at the dawn of a boom that minted billionaires and lifted the Australian economy, generating A$1.3 trillion ($820 billion) in earnings in the past two decades alone. Last year, iron ore shipments accounted for about 5% of the country’s gross domestic product. But now China is cooling, while steel producers are under pressure to clean up a sector that accounts for at least 7% of global greenhouse gas emissions, a change that will require new methods and higher-quality raw materials.