International Financial News

Indian Prime Minister Narendra Modi’s high-profile visit to Moscow last week set off a firestorm of criticism in the West. But if you look beyond the hyperbole used to describe India-Russia relations, it becomes obvious that there’s less to the connection than meets the eye. As a weakened Russia grows more dependent on China, India has no choice but to draw closer to the U.S.

tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over Rs 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on 'New Pneumatic Tyres' were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India. The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company's commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. «This initiative has witnessed investment commitments worth more than Rs 1,100 crore from leading global players like Bridgestone, Michelin and Goodyear for the development/expansion of their tyre manufacturing capacity in India,» the official said.

Sales of U.S. homes to foreign nationals have fallen to the lowest level in more than a decade, hampered by a strong dollar and many of the hurdles that have kept the housing market in a deep sales slump for over two years

Leaders of 18 Pacific island nations and areas have agreed to an enhanced role of Japan in the region’s development while opposing any attempted coercive activity, as Tokyo seeks greater engagement to counter China’s influence

State media say North Korean leader Kim Jong Un has visited a major tourism site being constructed on the country's eastern coast and discussed steps to open the zone by next year

Under current legislation, firms are required to do extra checks on PEPs – such as parliamentarians, senior public servants and their families – as part of the standards set out by the international Financial Action Task Force. FCA delays publication of politically exposed persons review until after General Election However, the FCA said there have been concerns about how firms in the UK are meeting such requirements, triggering a review into the treatment of PEPs. One of the more public disputes on the matter took place last year when now Reform UK leader Nigel Farage accused priv...

KPI Green Energy Ltd.(up 5.01%), Karma Energy Ltd.(up 5.00%), Indo Tech Transformers Ltd.(up 5.00%), Power and Instrumentation(Gujarat)Ltd.(up 1.99%), JSW Energy Ltd.(up 0.63%) and KEC International Ltd.(up 0.43%) stood among the top gainers.

Nirmala Sitharaman gears up to present the Budget, scheduled for July 23, let's have a look at what the Budget Survey by ET Online said about the good, the bad, and the ugly of the Indian economy at the moment. The good, surprisingly, is that 'inflation is under control', the bad part is the global uncertainty and coalition politics. The ugly, and predictably, is India’s jobless growth. In the run-up to the Budget 2024, ET Online conducted a survey to get a sense of what India is looking for in the upcoming Union Budget. The survey received responses from nearly 9,500 Economic Times readers. Over 34 per cent of respondents believe that inflation being under control is the best thing about the Indian economy at the moment. More than 29 per cent of respondents opted for the country's healthy forex reserves as a key strength. Nearly 24 per cent chose the healthy balance sheets of businesses, while 12 per cent appreciate the ease of doing business in the current economic climate.

Umang Dairies Ltd.(up 14.65%), JHS Svendgaard Laboratories Ltd.(up 4.98%), Gillette India Ltd.(up 3.13%), Mrs. Bectors Food Specialities Ltd.(up 2.83%), Hindustan Foods Ltd.(up 2.73%), Patanjali Foods Ltd.(up 2.66%), Marico Ltd.(up 2.63%), Emami Ltd.(up 2.42%), Bajaj Consumer Care Ltd.(up 2.03%) and Hindustan Unilever Ltd.(up 1.86%) stood among the top gainers.

Maharashtra home minister Anil Deshmukh on Thursday claimed that some BJP MLAs are keen on joining the NCP (SP). He said the «switch» to the Sharad Pawar-led outfit has started in the form of ex-corporators, referring to the resignation of Ajit Pawar-led NCP's Pimpri-Chinchwad unit chief Ajit Gavhane and two former corporators. Gavhane had said on Wednesday that they would seek the blessing of Sharad Pawar. Speaking to reporters after a press conference here, the senior NCP (SP) leader claimed that some MLAs from the BJP are also interested in being a part of his party as they are «disappointed after not getting representation in the government».

Biden's predicament comes amidst increasing frustration and anxiety within the Democratic Party, which has been simmering for nearly three weeks since his dismal debate performance in Atlanta. According to multiple Democratic officials who spoke to CNN, the atmosphere within the White House and the Biden campaign has shifted notably in recent days. A senior Democratic adviser, who requested anonymity to avoid alienating the campaign and the White House, told CNN, «The private conversations with the Hill are continuing. He's being receptive. Not as defiant as he is publicly.» The adviser elaborated, «He's gone from saying, 'Kamala can't win,' to 'Do you think Kamala can win?' It's still unclear where he's going to land but seems to be listening.»

The corporate tax landscape is undergoing a seismic shift, globally, with the advent of the Global Minimum Tax, also known as Pillar Two. By 2024, this initiative had been adopted by 30-plus countries, signalling the most significant reform of international tax regulations in a century. Prepared under the Organisation for Economic Co-operation and Development’s (OECD) Inclusive Framework, which encompasses over 140 countries, Pillar Two is poised to redefine the fiscal obligations of multinational enterprises (MNEs).

Uttar Pradesh (UP) state executive in Lucknow, UP Chief Minister Yogi Adityanath acknowledged the Bharatiya Janata Party’s (BJP) overconfidence as a factor in its unexpected reverses in the Lok Sabha (LS) polls. This meeting, attended by BJP president J.P. Nadda, highlighted internal tensions amidst accusations and the need for organizational restructuring, a TOI report stated. UP CM Yogi Adityanath candidly acknowledged the overconfidence that may have impacted BJP’s recent performance, pointing out how the opposition, previously dispirited, now appears rejuvenated after their electoral gains. He addressed the “fake narratives” pushed by the opposition, particularly concerning the controversy over reservations. «When we assume with such confidence that we are winning, naturally we have to pay the price. The opposition, which had lost heart before the election, is now working with a renewed spring in their step,» Adityanath stated in English during the meeting.

KEC International shares climbed 6% to Rs 940 in Thursday's trade on BSE after the firm secured new orders of Rs 1,100 crore for transmission & distribution (T&D) projects in India, Middle East, Australia and the America. The projects include 765 kV Transmission line and 765 kV GIS substation orders in India, from Power Grid Corporation of India Limited (PGCIL). The company also secured orders for a 132 kV transmission line in the United Arab Emirates (UAE), the supply of towers in Australia and the Americas, and the supply of Hardware and Poles in America.

Airbus is set to expand its Safety Promotion Centres (SPC) to China, the USA, Germany, and the United Kingdom, added Nicolas Bardou, the product safety communications and aircraft accident crisis response advisor, during a discussion with ANI. The Safety Promotion Centre is a specialized facility focused on enhancing safety within the aviation industry. The SPC was introduced in 2023 as a strategic initiative to disseminate safety controls. Notably, in India, Airbus operates a satellite SPC located in Bangalore, furthering its global safety outreach.

silver September futures contracts opened flat on Thursday as the former opened up by 0.4% or Rs 298 at Rs 74,435 per 10 gram while the latter opened up by 0.48% or Rs 438 at Rs 92,380 per kilogram. The yellow metal has gained Rs 1,200/10 gm in the current week after slipping slightly from its all time high Rs 74,731 while silver has surged by Rs 700/kg in the same time period.

Karma Energy Ltd.(up 5.00%), Indo Tech Transformers Ltd.(up 5.00%), KPI Green Energy Ltd.(up 4.87%), Power and Instrumentation(Gujarat)Ltd.(up 1.99%), KEC International Ltd.(up 1.98%), Torrent Power Ltd.(up 0.52%) and India Power Corporation Ltd.(up 0.24%) were among the top gainers.

Indian Navy warship INS Teg is actively engaged in a search and rescue operation off the coast of Oman after an oil tanker capsized on July 15. As of now, the mission has successfully rescued eight Indian nationals and one Sri Lankan from the stricken vessel. The Indian Navy continues to search for additional crew members who remain missing. The operation was launched immediately after the tanker capsized, with INS Teg deploying advanced equipment and personnel to locate and assist the remaining crew. The Navy has coordinated with local Omauthorities and international maritime agencies to enhance the search efforts.

Protonas, a startup specialising in low-cost polymer electrolyte membrane (PEM) hydrogen fuel cell solutions, has secured an undisclosed amount of funding in a round led by Transition VC. The funds will be used to set up initial manufacturing operations in Chennai and develop prototype systems. The company, based in Tennessee, USA, has a subsidiary in Chennai.

SpaceX will use a powerful, souped-up capsule to shove the International Space Station out of orbit once time is up for the sprawling lab

Canada is reviewing how many long-term visas it grants to foreign students, underscoring the government’s desire to slow immigration and population growth.