Foreign Financial News

Income Tax Return (ITR-2) filing online for AY 2023-24: Users of the popular ITR filing platform Cleartax will now be able to complete automated filing of ITR-2. In a statement, Cleartax said it has one-click integrations with over 20 brokers that cover over 85% of the addressable market of brokers. 

economic growth and create an enormous burden of care. Yet when officials in Beijing mull solutions, one seems largely absent from the discussion: immigration. China has astonishingly few foreign-born residents.

foreign portfolio investment (FPI) chasing the India story in earnest. And there seems to be further legs to the rally because valuations are still some way off their pre-pandemic peaks. Earnings have powered ahead, while corporate leverage has remained largely unchanged over the medium term.

Prime Minister Narendra Modi chaired a virtual summit of the Shanghai Cooperation Organisation on Tuesday, highlighting India's contribution to the group over the past six years. He also stressed the need for the member nations to work together to eliminate the menace of terrorism.

Greece’s newly-appointed foreign minister says his country is ready to start talks with Turkey to resolve a long-standing dispute over maritime borders that has repeatedly brought the two neighbors to the brink of armed conflict

Indian equities since March this year. An analysis by Bank of Baroda shows that India has registered FII inflow (equity) of $1,220 crore for the quarter ended 30 June.  Countries such as South Korea, Taiwan and Indonesia have received far less inflows compared with India, and notably, the US and Thailand have seen foreign portfolio investors moving out of their respective countries, said the report.

Europe comes from Saxony. The state has pulled in billions in investment, and fabrication plants, or “fabs,” for companies such as Infineon, Bosch and Globalfoundries are all based in Saxony, which is rumored to be the site of a future TSMC plant. Yet a skilled labor shortage is weighing on the sector. Over 76,000 people in Saxony are employed in the local chip industry, thanks in part to nearby clusters of research institutes, semiconductor-related companies and technical universities. By 2030, lobbyists project, this number will grow to 100,000. That, however, isn’t enough – not for Germany, nor for Europe as a whole. By that year, the European Union wants to manufacture 20% of the world’s semiconductors, up from 10%. Dresden’s efforts to train talent and attract skilled workers may offer clues as to how that could happen.

Foreign Trade Policy, these companies can significantly contribute to improving the competitiveness of Indian products in the international arena. One imperative of the Foreign Trade Policy is to enhance the efficiency of export operations. Warehousing companies can play a vital role in this aspect by providing state-of-the-art storage facilities and streamlined logistics solutions.

Reliance Jio Infocomm is in advanced talks with a clutch of bulge-bracket global banks to raise around $1-1.5 billion (₹8,200-12,330 crore) through an offshore syndicated loan. The funds will be used to buy 5G network gear from Sweden's Ericsson as India's biggest telecom operator looks to roll out next-gen mobile broadband services across the country by December 2023. The likes of HSBC, JP Morgan Chase and Citi among others are set to arrange an around 3-5 year loan for Jio, which is likely to be priced above the Secured Overnight Financing Rate (SOFR), a new global rate gauge, two people aware of the matter said.

The government has issued a circular to remove the difficulty in the implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on the purchase of overseas tour program packages. One needs to adhere to RBI’s LRS rules to invest in global equities, real estate etc.

U.S. Secretary of State Antony Blinken on Sunday met with Chinese Foreign Minister Qin Gang and top diplomat Wang Yi in Beijing on a high-stakes diplomatic mission to cool U.S.-China tensions that have overshadowed geopolitics in recent months.

The popular Indonesian tourist island Bali will tighten rules around payments to make it harder for foreign tourists to pay with crypto.

Florida Governor Ron DeSantis signed a bill restricting the use of central bank digital currencies (CBDCs) in the state, according to local news sources. The governor urged state lawmakers in March to draft the bill. 

The pilot for Russia’s central bank digital currency (CBDC) pilot should have been launched on April 1, but it was delayed at practically the last moment due to the slow pace of the necessary associated legislation passing through parliament. 

The largest economy in Africa has a foreign investment problem despite the exponential growth in crypto adoption.

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BEIJING — China is pulling out all the stops to keep multinationals like Apple and its supplier Foxconn in the country.

Property developer China Evergrande is struggling to reach a deal with foreign bondholders, raising the possibility that a court will tell the company to wind down.

Crypto will play a “major role” in the United Arab Emirates' global trade moving forward, says the UAE’s minister of state for foreign trade Thani Al-Zeyoudi.

WASHINGTON—The Biden administration on Monday delayed proposing detailed rules for new tax incentives for electric vehicles, following strong pushback from European and Asian allies that the subsidy program discriminated against their companies. 

WASHINGTON—The Biden administration on Monday delayed proposing detailed rules for new tax incentives for electric vehicles, following strong pushback from European and Asian allies that the subsidy program discriminated against their companies.