International Financial News

India on Thursday described as «inaccurate» a media report that said artillery shells sold by Indian arms manufacturers have been diverted by European customers to Ukraine and New Delhi has not intervened to stop it. «We have seen the Reuters report. It is speculative and misleading. It implies violations by India, where none exist and hence, is inaccurate and mischievous,» Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said. He said India has an «impeccable» track record of compliance with international obligations on the export of military and dual-use items. «India has been carrying out its defence exports taking into account its international obligations on non-proliferation and based on its own robust legal and regulatory framework, which includes a holistic assessment of relevant criteria, including end-user obligations and certifications,» Jaiswal said.

Alternative Investment Funds (AIFs) whereby securities — other than unlisted, non-traded, or thinly-traded securities — will now be valued in line with mutual fund rules. This came after the Securities and Exchange Board of India (Sebi) received feedback from the AIF industry on challenges with the valuation framework and has made changes based on public comments and internal discussions. Modifying the rules, the regulator said, «valuation of securities, other than unlisted securities and listed securities which are non-traded and thinly traded, for which valuation norms have been prescribed under Sebi (Mutual Funds) Regulations shall be carried out as per the norms prescribed under MF rules».

Reserve Bank of India (RBI), has lifted the restrictions imposed on the gold loan business of IIFL Finance with immediate effect, the company informed in a short stock exchange notice. RBI had prohibited the company from sanctioning, disbursing, or selling any of its gold loans in March this year citing certain supervisory concerns. The central bank had cited deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default, breaches in loan-to-value ratio (LTV), significant disbursal and collection of loan amount in cash far in excess of the statutory limit among others, while announcing the ban. IIFL said that the lifting of the ban with immediate effect, allows the company to resume the its gold loans business in compliance with all relevant laws and regulations.

Oberoi Group will no longer manage The Oberoi Beach Resort, Al Zorah, after the contract between the owner investors and the group was terminated, according to sources familiar with the matter. Employees have been formally notified, marking the Oberoi Group’s exit from the UAE market. This move follows a similar transition two years ago when The Oberoi Dubai was rebranded as Anantara Downtown Dubai, with the hotel's management transferred to Minor Hotels.

bill of lading in an electronic transfer mode between the customs of both sides, a move that will help promote ease of doing business, a senior official said on Thursday. A bill of lading is a legal document that serves as a receipt, contract, and proof of ownership for shipped goods. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said as and when the system becomes a norm for all the countries, there will be no requirement for physical submission of records. «India in collaboration with South Korea has now started this concept of sharing the bill of lading in an electronic transfer mode between the customs of both sides,» he said while addressing a session in the 'Deloitte Government Summit' here.

The Bank of Nova Scotia has created a new executive position to increase its focus on Quebec, a region where the Toronto-headquartered bank feels it needs “more boots on the ground to generate more business.”

Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

Subscribe to enjoy similar stories. BEIRUT—At 3:25 p.m. Tuesday, two members of Iran-backed militant group Hezbollah were eating lunch at a shopping mall in the Lebanese capital when the pager one of the men was carrying exploded, leaving him severely injured and bleeding from the arms and eyes.

Subscribe to enjoy similar stories. NEW DELHI : The Union law ministry has sought details of all arbitration proceedings involving the Centre over the last 24 years from all ministries as part of its efforts to streamline India’s arbitration system. In a communication reviewed by Mint, the ministry sought details like legal costs, number of advocates engaged for the government, arbitration results, and subsequent appeals starting from 2000.

Honor 200 Lite 5G is set at ₹17,999 for the sole 8GB RAM and 256GB internal storage variant. Starting from September 27, the smartphone will be available for purchase through Amazon, the Honor website, and select retail stores across the country.

Canada abstained today from a high-profile United Nations vote demanding that Israel end its “unlawful presence” in the Gaza Strip and the occupied West Bank within a year.

CT scanners in a bid to detect explosives and other threats.The Canadian Air Transport Security Authority says it plans to install the technology, which provides 360-degree views via computerized X-ray imaging, at airport checkpoints across the country in the coming years.The project kicked off Wednesday at the Vancouver airport, where the first of the machines now sit astride conveyer belts in the security screening area.Vancouver International Airport CEO Tamara Vrooman says travellers no longer need to remove liquids, aerosols, gels or large electronics — laptops included — from their carry-on bags.

Hackers are demanding $6 million in bitcoin from the operator of the Seattle-Tacoma International Airport for documents they stole during a cyberattack last month

The International Brotherhood of Teamsters has declined to endorse Kamala Harris or Donald Trump for president, saying neither candidate has sufficient support from the 1.3 million-member union

Subscribe to enjoy similar stories. In 2020, theWall Street Journal reported that two senior executives at SoftBank Group—Nikesh Arora and Alok Sama—had been targeted by internal rivals in a smear campaign. According to the report, these rivals had sent letters to the Japanese investment firm’s board levelling serious allegations against the two executives, triggering investigations into their India-focussed investments.

Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

Boeing CEO Kelly Ortberg moved to Seattle while 33,000 of the company's workers took to the picket line. (Credit: Derrick Louie with Clarity Northwest Photography & Laura Halliday with Realogics Sotheby's International Realty and KCPQ)

Boeing’s CEO says the company will begin furloughing a large number of employees to save cash during a strike by union machinists

The federal government is again cutting how many international student permits Canada will issue, this time for 2025 and laying out the plan for 2026, Immigration Minister Marc Miller and Labour Minister Randy Boissonnault announced Wednesday.

UN General Assembly on a resolution that demanded that Israel bring an end, «without delay», to its unlawful presence in the Occupied Palestinian Territory within 12 months. The 193-member General Assembly adopted the resolution, with 124 nations voting in favour, 14 against and 43 abstentions, including that by India. Those abstaining included Australia, Canada, Germany, Italy, Nepal, Ukraine and the United Kingdom.

China has reduced the rate of iPhone 16, a new series from Apple before its official release because the consumers in the largest smartphone market of the world was eagerly waiting for the Apple's first on-device artificial intelligence software.