Foreign Financial News

BEIJING — China's Commerce Ministry on Wednesday said non-economic factors were growing and interfering with the country's foreign trade which was facing an «extremely severe» situation in the second half of this year.

Maharashtra Deputy Chief Minister Devendra Fadnavis on Tuesday said in the state assembly that detention centres would be set up for foreign nationals indulging in drug peddling, overstaying their visa limit and committing petty crimes to evade deportation. The government has also decided to appoint Anti-Terrorism Squad (ATS) as the nodal agency to control the distribution of the banned drugs, he said responding to a question raised by NCP member Rohit Pawar. “We have noticed that some Nigerians as well as other foreign nationals are involved in the supply of narcotics drugs.

Chinese Foreign Minister Qin Gang has remained wholly out of the public eye for the past month, sparking intense debate about his whereabouts. His last public appearance was on June 25 for a meeting with Sri Lankan Foreign Minister Ali Sabry in Beijing. While officials indicate that he missed the recent ASEAN Foreign Ministers’ meeting due to health reasons people have remained skeptical.

At the same time, in central Poland, a tiny village with only 200 residents is preparing for the arrival of 6,000 workers from Asia at a vast, newly built housing compound. The workers are needed by a petroleum company controlled by Morawiecki's right-wing government. State-controlled oil company PKN Orlen needs them to build a new petrochemical plant that is vital for its expansion plans.

When the son of a consumer firm’s promoter recently decided to relocate from Mumbai to Dubai, he was not looking for new real estate pastures. He wanted, instead, to take care of his crossborder family office.

Foreign portfolio investors (FPIs) continued to sell Indian equities this week, with net inflows of ₹2,636.43 crores on July 14, 2023. This brings the total net inflows for the month to ₹14,582.63 crores. The inflow was broad-based, with inflow seen across all sectors.

Sensex closing above 66,000 and the Nifty breaking past 19,500 for the first time after US inflation in June rose at the slowest pace in more than two years, fuelling bets the Federal Reserve may be close to ending its rate-hiking cycle. Foreign fund managers continued to pour money into Indian equities, buying stocks worth ₹2,636.43 crore on Friday as the dollar fell to a 15-month low on easing inflation. A weakening dollar is fuelling appetite for riskier assets such as emerging markets.

foreign banks that have shut shop in the country or scaled down their operations. So far, foreign lenders such as South Africa's First Rand Bank and Abu Dhabi Commercial Bank have completely exited India, while others such as Citi Bank, Barclays, and BNP Paribas have scaled down their operations. This leaves around 44 foreign lenders operating in the country. There have been some murmurs about how these exits are linked to stricter compliance requirements for foreign lenders, and more banks may leave Indian shores, which doesn't augur well for the economy as a whole. Foreign banks have been lobbying for changes in Indian banking regulations, arguing for a level playing field, but the fact is that most of these exits are linked to global business strategies. Supported by resilient domestic demand, India's growth story is only going to get stronger. Already, India's state-run banks have turned around, and private sector lenders are also well placed to meet the demands of a growing economy. As per a report from Goldman Sachs Research, India may emerge as the world’s second-largest economy by 2075. It makes little business sense if foreign lenders choose to stay away or continue here with restricted operations. In this context, the question arises: Do foreign banks need to reinvent themselves to stay relevant in India?

Dmitry Kuleba «will make an emergency visit to Pakistan» in a few days ostensibly to discuss procurement of additional defence equipment as Kyiv runs short of ammunition in its war against Russia. Kuleba's trip will be the first big visit from Ukraine to Pakistan since the War and the issue of defence procurement is expected to figure high on the agenda, ET has learnt.

Maldives foreign minister Abdulla Shahid on Wednesday expressed confidence that President Ibu Solih will be re-elected in the September 9 elections without any doubt. «I am very confident that President Solih will win the polls.

Indian Billionaire Mukesh Ambani's Telecommunicati...

Citigroup has promoted a long-serving executive to head up its foreign exchange business globally.

The Associated Press.  The chopper was returning to the capital Kathmandu on Tuesday morning after bringing the five tourists on a sightseeing trip to the world's highest park.  A search effort was underway involving another helicopter in the skies and police along with soldiers on the ground. Much of the mountainous area is only accessible on foot with no roads, AP reported.  Sagar Kadel, an Airport official said that weather conditions had caused changes to be made to the helicopter's planned flight route.

BEIJING — For foreign businesses in China, geopolitics hold more sway than new Chinese laws, according to analysts.

The rules for tax collection at source (TCS), announced in this year’s Budget, were revised recently. ET Wealth answers all the questions you wanted to ask.What did the Budget propose regarding TCS under liberalised remittance scheme (LRS)? The government decided to expand the scope of TCS on payments under LRS through Finance Act 2023, by amending sub-Section (1G) of Section 206C of the Income-tax Act, 1961, on: (i) Foreign remittance through LRS.

pro-Khalistani groups demonstrated controversial posters. The rally used controversial posters inciting violence with images of the Indian High Commissioner Vikram Doraiswami and Dr Shashank Vikram, Consul General of India in Birmingham, news agency PTI reported. However, it is to be noted that all the protests have fizzled out sooner than expected, also owing to the visible police presence in all the countries.

Bangladesh follows a «balanced and independent» foreign policy and is not subservient to any country, Foreign Minister Dr AK Abdul Momen said on Saturday, emphasising that his country was «not China's tail». Momen also said that its relations with next-door neighbour India are «rock-solid» and added, «We are in a golden chapter in our relations with India». «Some people think we are rushing towards China, but (actually) we are not heading towards anyone,» Momen said while speaking at an interaction with members of the Diplomatic Reporters Association of Bangladesh (DCAB) at the Foreign Service Academy here.

Nifty scaled new all-time peaks, foreign institutional investors or FIIs invested about $2.7 billion on Indian stocks in just 5 trading days of this week. The fresh round of inflow comes in even as 93% of Wall Street traders are presuming that the US Fed will hike interest rates by 25 basis points during the FOMC meeting on July 25-26. If this trend continues, monthly FII flows in July will exceed the figures in May and June, which were $5.3 billion and $5.7 billion, respectively.

Chinese Foreign Minister Qin Gang's prolonged absence from public view for 12 days has raised concerns and speculation about his well-being. Qin was scheduled to meet with the European Union's top diplomat, Josep Borrell, this month, but China unexpectedly postponed the meeting without providing further information. There have been rumors in Brussels that Qin's absence might be due to health issues, but Chinese Foreign Ministry spokesman Wang Wenbin stated that he had not heard about such reports during a press briefing in Beijing. The official website of the Chinese Foreign Ministry indicates that Qin's last official engagement was on June 25, where he met officials from Sri Lanka, Russia, and Vietnam. On the same day, he also participated in an event alongside Chinese Premier Li Qiang and Barbados Prime Minister Mia Amor Mottley. Additionally, a lunch meeting between Qin and ambassadors from the European Union in late June was abruptly canceled, according to an ambassador based in Beijing who was on the invite list.

foreign exchange reserves rose by $1.853 billion to $595.051 billion in the week ended on June 30, said the Reserve Bank of India (RBI). The overall reserve had dropped by $2.901 billion to $593.198 billion in the previous reporting week. In October 2021, the country's forex reserve had reached an all-time high of $645 billion.

economy has been growing steadily for a decade, last year by 4.7%. In 2010 GDP per person, adjusted for prices, was 53% of the EU average; by 2021 it was 74%. Meanwhile the population shrank from 23.2m in 1990 to 19m today.