Foreign Financial News

Spain says it received 37.5 million international tourists in the first half of the year

Railway engineering and consulting company Rites Ltd is close to signing international contracts to supply locomotives and wagons, even as it explores consulting services abroad, chairman and managing director Rahul Mithal said. The state-run company has emerged as the lowest-cost bidder for contracts worth Rs1,000 crore to supply locomotives and wagons to Zimbabwe and Mozambique, Mithal said in an interview.

New Delhi: To promote India as a destination for traditional medical treatments, the ministry of home affairs has announced the introduction of Ayush (AY) visa. The visa is aimed at facilitating travel for foreign nationals seeking treatment under Ayush systems/traditional systems of medicine, including therapeutic care, wellness, and yoga.

Ayush Visa" for foreign nationals seeking medical treatment like therapeutic care, wellness and yoga in India, Aayush announced on Wednesday. Ayush Visa aims to fulfill the need for introduction of a special visa scheme for foreigners visiting India for treatment under Ayush systems or Indian systems of medicine per say.

alliance with homegrown DSP Group, but left in May 2018, when the mutual fund was the ninth-largest in India. It isn’t alone. In the past two decades, at least 15 asset management firms of global repute—promoted by banks, insurance companies, investment banks—have walked away from the Indian mutual fund sector.

MUMBAI : The hike in a benchmark interest rate by the US Federal Reserve seems to have spooked Foreign Portfolio Investors (FPIs) who were punting and hedging on Indian index derivatives near record high levels. From holding most bullish positions in index futures (Nifty and Bank Nifty) contracts in four years last month, FPIs sharply cut their positions to a fraction after last Wednesday’s rate hike by the Fed. Their squaring off of leveraged bets was largely responsible for the Nifty correction from a record high of 19991.85 on 20 July to 19753.8 on 31 July because to close out a long position the FPI has to sell the contract, which adds to the overall selling pressure.

tourism ministry data. However, this was 18% lower than the pre-pandemic average of over 25 million seen between 2017 and 2019. But the pace is growing: in the first four months of 2023, nearly 8.5 million have travelled abroad, already touching two-fifths of the full-year figure of 2022.

Delhi High Court has granted bail to a foreign national found in possession of 50 cocaine capsules, which he had swallowed and concealed in his stomach, noting he has been in custody for the past more than six years. The high court noted the trial in the drugs case is yet to be concluded and asked the lower court to expeditiously record the evidence of the remaining witnesses and conclude the trial within six months.

Canada’s foreign homebuyer ban is discouraging non-Canadian athletes and executives from investing in the country, which is one reason for the current sluggish pace of luxury home sales in Toronto, according to Engel & Völkers Canada.

IMF agreement has prevented Pakistan from going into default, at least temporarily, it has also set off a vicious cycle that has happened a few dozen times before in the nation's history, reported The Diplomat. Saudi Arabia made a USD 2 billion deposit into the State Bank of Pakistan (SBP) after the IMF agreement, and the UAE had already committed to making a USD 1 billion contribution.

G20 Summit at Bali last October. India’s foreign ministry spokesperson reiterated that the two leaders exchanged courtesies but also spoke of the need to stabilise bilateral ties. Meanwhile, Indian foreign minister S Jaishankar and Doval himself have repeatedly told their Chinese interlocutors that the relationship could not return to normal without resolving the situation at the Line of Actual Control in eastern Ladakh that arose from Chinese transgressions beginning in April 2020.

Two taxi drivers have been arrested in the Mexican city of Cancun for assaulting a van carrying foreign tourists

Bhutan’s Foreign Secretary Aum Pena Choden was in the country this week for discussions with his counterpart, Vinay Mohan Kwatra. “The two foreign secretaries reviewed the entire spectrum of bilateral cooperation, and discussed ways to further strengthen it across diverse sectors," read a press release from the Ministry of External Affairs.

International Financial Service Centre (IFSC) has been lauded by market mavens, as they believe this will attract investments and growth capital. While speaking at the launch event of AMC Repo Clearing and a corporate debt market development fund on Friday, Finance Minister Nirmala Sitharaman made the announcement. «A direct listing of securities by domestic companies will now be permissible in foreign jurisdictions…This will facilitate access to global capital and better valuation,” Sitharmanan said.

Uco Bank for opening special rupee vostro accounts for facilitating bilateral trade in local currency, Uco Bank managing director Ashwani Kumar said Friday, after announcing 81% year-on-year in June quarter net profit at Rs 224 crore. Two of these banks are from Russia, he said. «We will soon approach the Reserve Bank of India for approval,» he said.

Public and privately held Indian firms can now list their shares on the International Financial Services Center at Gujarat International Fin-Tec City, Finance Minister Nirmala Sitharaman announced at a briefing Friday. “It will facilitate access to global capital and result in better valuations for Indian companies,” she said.

Anthony Albanese said he was confident a deal for the U.S. to sell nuclear powered submarines to Australia was on track, ahead of talks between defence and foreign ministers of the two nations on Friday. Twenty-five U.S.

New Delhi: Japan’s foreign minister Yoshimasa Hayashi is scheduled to visit India for two days, starting Thursday. Hayashi is expected to meet his Indian counterpart S Jaishankar during this visit, which is a part of his six-nation tour across Asia and Africa.

cryptocurrency traders who have moved their virtual digital assets (VDAs) to wallets of offshore exchanges like Binance face a dilemma as they fill their Income tax return (ITR) forms in which for the first time VDAs find a mention. They are unsure whether to disclose their ‘overseas’ crypto holdings. Does transferring the coins from a wallet in an Indian exchange to a digital purse offered by an overseas exchange makes the VDAs a ‘foreign asset’ in the eyes of the Income tax (I-T) authorities? If it does, then hiding the information would be a gross violation. However, if they disclose the VDAs (transferred through the blockchain network) as ‘foreign assets’, it may be later construed as a breach of the Foreign Exchange management Act (FEMA). Simply because moving cryptos originally purchased in India to a wallet abroad can be interpreted as cross-border flow of currency in the garb of VDAs. And, reporting of any foreign asset without any matching remittance of currency through the banking channels could be questioned later. No clear answers

HONG KONG—China’s former foreign minister, who was replaced on Tuesday after he went missing from public view for more than a month, is now disappearing from parts of the Foreign Ministry’s website—an erasure that is intensifying intrigue around what happened to him. Authorities didn’t provide a reason for their decision to removeQin Gang from his post, which has now been filled—at least temporarily—by his predecessor Wang Yi. The Foreign Ministry previously cited unspecified health reasons for Qin’s absence.

Chinese Foreign Minister Qin Gang was ousted earlier this week after merely 207 days at the job. His predecessor Wang Yi was reappointed to the top post on Tuesday and officials insist that they are releasing information ‘normally’ about the situation. But as speculation about Qin's fate and whereabouts continue, all his activities as foreign minister appear to have been erased from official records.