Economy Financial News

₹2,000 denomination banknote will cease to have its value after 30 September and will be just another piece of paper if one does not get it exchanged in any bank, as reported by news agency ANI. This clarification came a day after reports suggested that 30 September deadline to return ₹2000 notes is likely to get extended till October end. On 19 May, RBI removed the ₹2000 notes from circulation and gave nearly four months to deposit or exchange the notes. The last date given by RBI to exchange or deposit these notes was 30 September which is today.

Motilal Oswal Financial Services believes the RBI will keep interest rates unchanged in 2023. In an interview with Mint, he said the RBI will cut rates only after the US Federal Reserve. Talking about the IT sector, he said valuations are attractive after sharp underperformance hence long-term investors can gradually accumulate in a staggered manner.

minorities in India, External Affairs Minister S Jaishankar on Friday dismissed concerns around discrimination on grounds of religion saying everything had become fairer. Speaking at an event in Washington DC on Friday, Jaishankar said, «Today, since you brought up the issue of minorities in India, What is the test really of fair and good governance or of the balance of a society? It would be whether in terms of the amenities, the benefits, the access, the rights, do you discriminate or not and in every society in the world, at some point, there's been some discrimination on some basis.

China's factory activity expanded for the first time in six months in September, an official factory survey showed on Saturday, adding to a run of indicators suggesting the world's second-largest economy has begun to stabilise. The official purchasing managers' index (PMI) rose to 50.2 in September from 49.7, according to the National Bureau of Statistics, edging above the 50-point level demarcating contraction from expansion. The reading beat a forecast of 50.0. Beijing is seeking to get its economy back on track as it grapples with a property sector debt crisis that has rattled global markets.

Reuters. It added the "projected $3,000 average price increase over today’s vehicles is likely to decrease sales and increase the average age of vehicles on our roads.

Federal Reserve Bank of Chicago President Austan Goolsbee provides insight on the state of the U.S. economy on 'Making Money.'

FOX News senior congressional correspondent Chad Pegram reports on Congress’ efforts to avoid a government shutdown.

By Lucia Mutikani

Travel firms and operators are pushing for deferment as the October 1 deadline looms for 20% tax collected at source (TCS) on spending above Rs 7 lakh on overseas tours, citing a lack of proper mechanism to monitor spending across multiple sources. Companies and industry bodies have approached the government, suggesting that the banking system should shoulder the responsibility for tracking these expenses rather than travel operators. «Currently, the RBI (Reserve Bank of India) and banks are not equipped to track the spending limits above Rs 7 lakh per traveller and there is no mechanism to track the same,» Travel Agents Association of India (TAAI) president Jyoti Mayal wrote in a letter to the finance ministry this week. The association requested for deferment of the new rules and the creation of a mechanism for «effective» monitoring of spending without loopholes.

By Nelson Bocanegra and Carlos Vargas

By David Shepardson

Investing.com — Crude prices fell on the last trading day of September on growing uneasiness over how the world might cope in the coming months with exploding energy costs, even as the U.S. economy and inflation appeared to have escaped the worst of such impact right away. Those long oil also won big on the month and quarter, helped largely by chokes on Saudi and Russian supply.

The Fed’s “soft landing” hopes are likely overly optimistic. Such was the context of our recent report, which discussed the long record of the Fed’s economic growth projections. To wit:

₹2,751.49 crore in Indian stocks today. FIIs have sold ₹25,000 crore in cash markets so far this month, according to analysts. The US Treasury yields hit a 16-year high mark and crude oil prices almost touched $98 per barrel this week amid concerns over interest rates staying high for an extended period and its impact on the global economy.

Yields on 30-year Treasuries are on track for their largest quarterly jump since 2009, stoking anxiety that the bond rout of the past few months could reverberate across financial markets.

BlackRock Inc. Chief Executive Officer Larry Fink said he’s open to more acquisitions, as the world’s largest asset manager increasingly seeks to position itself as a one-stop shop for investors.

The Canadian economy rebounded slightly last month but still saw little growth, backing a case for the central bank to keep rates on hold despite inflation remaining elevated.

Canada’s gross domestic product was flat for July, matching Statistics Canada’s early estimate but falling short of analysts’ expectations of 0.1 per cent growth.

An inflation gauge closely tracked by the Federal Reserve rose in August, boosted mainly by higher gas prices

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Jaishankar on Friday said India-Russia ties may not be spectacular but are very «exceptional and steady», adding that in many ways Moscow's relationship with the West has «broken down». Speaking at Hudson University, Jaishankar compared Russia's ties with India to that with other countries. "...if you consider international relations over the last 70 years, the US-Russian relations, the China-Russia relations, the US-China relations, pretty much every big relationship in the last 70 years has seen a great deal of volatility, you had sharp ups and downs," Jaishankar said, adding, «India-Russia relations is very exceptional. It's been very steady.» Noting the India-Russia relations may «not be spectacular», Jaishankar said they have stabilised at a certain level, but have not seen the ups and downs that Moscow's relationships with China, US, or Europe have been through. «And that's in itself a statement,» Jaishankar added. «Now, if one looks at Russia today...as a consequence of what is going on in Ukraine...it seems to them clear that in many ways Russia's relationship with the West has broken down,» he said. On why Russia's emphasis on India is increasing, Jaishankar said, "...India will and has come into calculations as well.