International Financial News

Canada is considering imposing a cap on the number of international students due to a housing affordability crisis exacerbated by high demand from foreign students. Immigration Minister Marc Miller recently announced a slew of new requirements for foreign students wanting to come study in Canada including proof of more accessible funds. The previous $10,000 proof of accessible funds has been raised to $20,635, with adjustments based on Statistics Canada's living cost benchmark.

SAW on Tuesday reported an over twofold growth in its third-quarter profit, as demand in the Middle East and North Africa (MENA) region remained steady and its order book grew. The company posted a consolidated profit after tax of 5.32 billion rupees ($64.1 million) for the quarter ended Dec. 31, 2023 from 2.14 billion rupees a year ago. The company, which makes pipes for the energy, transportation and water sectors, said its order book for iron & steel pipes rose to $1.49 billion from $1.32 billion a year ago. «Higher exports, improved volumes and range-bound raw material prices have contributed towards margin improvement,» the company said in a statement. Exports accounted for over 35% of its order book, which analysts said helped offset the effect of falling domestic steel prices, as global prices remained elevated. Its UAE-based unit recorded an order book of $135 million.

By Blake Brittain

In the ever-evolving landscape of healthcare education, Dr. Akram Ahmad, founder and CEO of Academically, is spearheading a transformative shift.

Narendra Modi today recited 'Shri Ram Jai Ram' bhajan at the Veerbhadra Temple in Lepakshi, Andhra Pradesh, today. PM Modi today visited the Veerabhadra temple in Lepakshi, Andhra Pradesh, a site with significant importance in the Ramayana.

petro cryptocurrency that President Nicolas Maduro launched six years ago to sidestep US sanctions, but which never took off and became embroiled in a graft scandal. All crypto wallets held on the Patria Platform — the only website where the petro was tradeable — will be shut down on Monday, January 15, according to a message displayed on the platform's site. Any remaining petros are being converted to bolivars, the ailing local currency. The cryptocurrency was launched with great pomp and ceremony in February 2018, backed by Venezuela's vast petrol reserves, and priced at US $60 per unit.

Pat Cummins wins ICC Men's Player of the Month award for bowling heroics in the Test triumph against Pakistan. Meanwhile, Deepti Sharma of India won the maiden ICC Women's Player of the Month award thanks to her multi-format brilliance against England and Australia, according to a release from the International Cricket Council (ICC) on Tuesday. ICC revealed the Men's and Women's Player of the Month award winners for December 2023 after shortlists were announced last week. Pat Cummins caps a spectacular 2023 with the ICC Men's Player of the Month award for December, following a supreme bowling performance in his side's victorious Test series against Pakistan. On the other hand, Deepti Sharma won her first ICC Women's Player of the Month prize after batting and bowling brilliance in all three formats secured notable victories for India over strong opposition in England and Australia. Cummins was at the forefront of Australia's Test success over Pakistan in December, demonstrating the leadership and bowling prowess that personified Australia's surge to success in 2023, winning their maiden World Test Championship mace, and their sixth Men's Cricket World Cup crown earlier in the year. The highlight of another spectacular month for Cummins came in the side's second Test victory over Pakistan in Melbourne.

Mumbai-Ahmedabad bullet train project. The company added that the order has been bagged from an authorised Japanese agency. "The railways strategic business group of L&T Construction has secured a mega contract to ....construct 508 route km of high-speed electrification system works for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project, popularly referred to as the bullet train project," the company said in a filing to BSE.

Rapid economic growth, stable monetary policies, and a boom in credit have raised the purchasing power of India's wealthiest over the past decade. The number of Indians with annual earnings exceeding $10,000 has soared from 24 million in 2015 to 60 million, now constituting 4.1% of the nation's population, a Goldman Sachs report on Friday said. The significant increase in the value of financial and physical assets in the past three years is what has powered this new affluence.

Delhi weather: 30 flights delayed, 17 cancelled due to bad weather conditions In a statement, IndiGo declared the passenger as 'unruly' and is contemplating placing him on the no-fly list for up to 30 days. The airline emphasised its commitment to passenger and crew safety, maintaining a zero-tolerance policy for such behaviour. "The incident is being referred to the independent internal committee for appropriate action and inclusion of the passenger on the 'no-fly list' as laid down in regulatory guidelines," stated IndiGo.

Farzi, streaming on Amazon Prime Video, topped India's 2023 charts as the most-watched Hindi web show with a staggering 37.1 million viewers, according to a report by Ormax, a media consulting firm. It was the first show of 2023 to surpass 30 million viewers, making it the all-time most-watched SVoD series in India.

lower import duty on edible oil by a year, till March 2025. The lower import duty structure on crude palm oil, crude sunflower oil, and crude soy oil was originally set to expire in March, this year. India is the world's biggest importer of vegetable oil.

Jio Financial Services: The company recorded a consolidated profit of ₹293.82 crore for the December quarter, against ₹668.2 crore in the previous quarter. Revenue from operations came in at ₹413.6 crore against ₹608 crore during the previous one as the company had no dividend income in the quarter, against ₹216.85 crore in the previous one. NALCO & Hindustan Copper: Khanij Bidesh India Ltd (KABIL), a joint venture between NALCO, Hindustan Copper, and Mineral Exploration Co.

Although artificial intelligence (AI) has been quietly helping us for decades, with progress accelerating, 2023 will be remembered as a ‘big bang’ year. With the advent of generative AI, the technology has broken through in popular consciousness and is shaping public discourse, influencing investment and economic activity, sparking geopolitical competition, and changing human activities from education and healthcare to the arts. Each week brings some new breathtaking development.

Department of Telecommunications has noted Vodafone Idea's failure to close a funding from the US International Development Finance Corporation (DFC) for deployment of Open-RAN and related technologies, despite assurances by the telco that it would do so four months ago. The government is the biggest shareholder in the cash-strapped carrier with a 33.1% stake. Payment moratorium ends in FY26 «Vi had reported verbally that it is in discussions with US International Development Finance Corporation (DFC) for funding Open-RAN & related technologies, but no progress has been reported even after lapse of four months,» the DoT said in a January 4 confidential report on Vi.

MUMBAI : Livspace, a new-age home interiors solutions provider backed by private equity firm KKR, is planning to shift its domicile back to India, and list on local stock exchanges. Currently based in Singapore, the firm has initiated internal processes with the aim to go public in 2025, three people in the know of the development said. The company is looking to hit profitability by the end of the current financial year and is eyeing a listing opportunity in 2025, one of the three people cited above said, seeking anonymity.

Navi Mumbai, driven by transformative infrastructure projects such as the Mumbai Trans Harbour Link (MTHL) and the forthcoming international airport. The hospitality market is witnessing a surge in investments in the region, with Navi Mumbai, Panvel and Khopoli emerging as the prime locations for investors, said hotel industry executives and transaction advisory firms. Most of the leading hospitality brands are either looking to step up their presence or are entering the region. American hotel operator Radisson Hotel Group that currently has one property, Country Inn & Suites by Radisson at Turbhe in Navi Mumbai, recently signed up for a 100-room hotel in Khopoli and has another one of similar size coming up soon. The MHTL, which opened to the public on Saturday, is set to decongest Mumbai by improving connectivity between the island city and mainland and promoting the development of Navi Mumbai region. This significant infrastructure link spans a length of about 21.8 km.

The world could have its first trillionaire within a decade, anti-poverty organization Oxfam International said Monday in its annual assessment of global inequalities timed to the gathering of political and business elites at the Swiss ski resort of Davos.

Reliance Industries' financial services arm Jio Financial Services said its profit increased eight times to ₹70 crore in the quarter ended December 2023 from ₹8 crore in the previous year due to higher interest income and gains on fair value changes. Total interest income at the financier, owned by India's most valued company, increased to ₹91 crore in December 2023 from ₹12 lakh a year ago. The non-banking finance company also gained from a ₹44 crore gain on fair value changes, up from ₹35 crore a year ago. The gains were added to the company's revenue.

₹450 crore currently, as it aims to tap into the growing demand for pre-cooked food items across international and domestic markets. Currently, 98% of the Mumbai-based company’s revenues come from overseas sales, but it is ramping up its domestic business with the newly-launched pickle and cooking pastes brand Soul, which it plans to grow to ₹100 crore in the next three years, its chairman and managing director Bimal Thakkar told Mint in an interview. The company will invest ₹100 crore over the next two years to expand its manufacturing capacity, while eyeing acquisitions for inorganic growth.

NEW DELHI : New Delhi and Tehran discussed the spate of Houthi attacks on shipping vessels in the Red Sea during external affairs minister S. Jaishankar’s visit to Iran, said India’s foreign ministry. “As you are all aware, recently there has also been a perceptible increase in threats to the safety of maritime commercial traffic in this important part of the Indian Ocean.