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Indian economy a boost, hospitality giant Airbnb contributed over Rs 7,200 crore to Gross Domestic Product (GDP) and supported nearly 85,000 jobs in 2022, a report by Oxford Economics said on Tuesday. According to the report, the American company has played a significant role in bolstering India’s tourism industry. The GDP contribution and jobs supported in India has more than doubled since 2019 despite the Covid-19 outbreak and international border restrictions. The report also highlighted the powerful multiplier effect Airbnb guest spending has within local communities.

By Howard Schneider

Gas producers warn the Albanese government is ignoring major Asian trading partners’ increasing demand for LNG, with a discussion paper that makes reducing demand faster than supply will fall the centrepiece of its strategy during the energy transition.

HDFC Bank Ltd. is revamping some parts of top management as the Indian bank seeks to propel its mortgages business, three months after it acquired another lender.

By Uditha Jayasinghe

Investing.com — No market operates in a vacuum — including oil, no matter what the proponents of higher crude prices think.

By Brigid Riley and Alun John

Investing.com -- U.S. stock futures point into the green, as traders look ahead to fresh job openings data out of the world's largest economy. Elsewhere, Sam Bankman-Fried's closely-watched fraud trial is scheduled to begin on Tuesday, with the former FTX cryptocurrency exchange boss possibly facing a hefty prison sentence, while shares in embattled property group China Evergrande Group (HK:3333) surge after trading resumes in Hong Kong following a recent suspension.

A leading Argentinian presidential candidate says he will launch a CBDC if he is elected – putting him on a collision course with a pro-Bitcoin dollarization advocate.

The Express Tribune newspaper said that during the meeting with the International Monetary Fund (IMF) mission, the caretaker government will also discuss reforms in various sectors, including taxes and energy. The report said once the economic review is successfully completed, Pakistan will receive the next installment of USD 700 million from the IMF after its board's approval. The Washington-based global lender transferred USD 1.2 billion to the cash-strapped country in July, as part of the USD 3 billion bailout program for nine months to support the government’s efforts to stabilize the country's ailing economy, PTI reported.

VHM Limited, a rare earths developer backed by mining billionaire Chris Ellison, has missed a third deadline to sign a deal for the sale of the majority of its products to Chinese giant Shenghe Resources.

The new head of the U.N.’s migration agency says the private sector is “desperate” for their countries to take in migrants to mop up labor shortages, especially in the West

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says “the initial part of the credit cycle growth will be led by the NBFC pack. On top of this, we are now heading into the festival season. Then in the summer, there will be demand for consumer durables. It is the election season and you will have lots of liquidity flooding the economy. So the consumption drive is also on the back of NBFCs as a clear lead over banks in terms of lending at the consumer and the retail end of it.” You understand the NBFC space so closely. In fact, one of your group companies is a big NBFC, very successful. They have been talking of a very high quality, sustainable growth going forward and one of the few NBFCs which is trading at a 52-week high. Which phase of the cycle are the top NBFCs in? Most of them are guiding towards 20%, 25% growth, while some SME ones are talking about 30-35% growth. Is it early cycle, mid-cycle or late cycle? I would say early to mid-cycle because as corporate capex goes up, banks generally come in at a late stage to finance.

“We expect sectors such as 1)IT, 2)Healthcare, 3)Manufacturing, and 4)Consumer Discretionary to drive the next leg of the rally, given their attractive valuations and strong fundamentals,” says Aditya Sood, Fund Manager- InCred Asset Management. In an interview with ETMarkets, Sood said: “We expect a mixed bag of earnings for the rest of the financial year; with the automobile and financials expected to perform resiliently, the earnings of cement and consumer companies are expected to be under pressure” Edited excerpts: What a week for Indian markets – 20,000 and then some profit taking in the week gone by. How are you looking at markets? At the current levels, we believe the markets are fairly valued and foresee limited scope for multiple expansions in the short term.

Also Read:Evergrande's billionaire chairman Hui Ka Yan is accused of crimes; stocks remain suspended: What we know so far Chinese authorities are investigating whether Hui attempted to transfer assets offshore while the company was struggling to complete unfinished projects, the Wall Street Journal reported on Monday, citing unidentified people with knowledge of the matter. Evergrande sits at the center of a years-long property crisis that has hurt the Chinese economy and hammered confidence in the housing market.

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) "This industry can change the global debate... It is time to silence the skeptics by applying scale, capital, and technology to deliver outcomes," said Sultan Al Jaber, the president-designate of the COP28 talks, who is also the head of UAE state-owned oil firm ADNOC.

Early 2023 was a relatively unstable period for debt markets fuelled by increasing interest rates, regional US bank failures and rising inflation. As a result, a number of local issuers turned to the US private placement (USPP) market in larger numbers than previous years.

Automotive News executive editor Jamie Butters discusses the expansion of the UAW strikes and its impact on car buyers.

Federal Reserve officials typically gather many of their insights and observations about the economy from some of the top Ph.D. economists in Washington

cash consequently recedes from the public sphere. But triple-sponsored payment digitalisation is not always a silver bullet. So, despite UPI — which was nurtured by RBI, catalysed by demonetisation, and last-miled by global ecommerce platforms and Big Tech — advancing at a scorching pace to record 10.59 billion transactions, aggregating ₹15.7 trillion in August, cash-in-circulation (CIC) continues to grow.

US Federal Reserve will likely need to keep interest rates higher for longer in order to firmly bring down inflation, a senior Fed official said Monday. The Fed has raised its key lending rate 11 times since March 2022, lifting rates to a 22-year high as it looks to bring inflation down to its long-term target of two percent. Higher rates lower inflation by raising the cost of borrowing, which can cause financial pain for consumers with mortgages and outstanding loans. Despite falling sharply over the last 12 months, inflation remains stubbornly above target, leading most Fed officials to predict last month that another hike is needed this year. «The most important question at this point is not whether an additional rate increase is needed this year or not, but rather how long we will need to hold rates at a sufficiently restrictive level to achieve our goals,» Fed Vice Chair for Supervision Michael Barr told a conference in New York in prepared remarks. «I expect it will take some time,» he continued, adding that his decision would be guided by «a range of incoming data.» Barr's comments echo the views of the majority of his colleagues, who recently lowered the number of rate cuts they expect in 2024, suggesting a longer period of high rates. In his remarks, Barr said recent data pointed to moderating inflation, but «resilience» in economic data. «I now see a higher probability than I did previously of the US economy achieving a return to price stability without the degree of job losses that have typically accompanied significant monetary policy tightening cycles,» he said. He added that «the historical record cautions that this outcome could be quite difficult to achieve.»