PAM Financial News

Diwali celebrations at the US Embassy in New Delhi, US Ambassador to India Eric Garcetti embraced the festive spirit by dancing to the popular Hindi song «Tauba, Tauba». The embassy was beautifully decorated for the occasion, reflecting the cultural exchange between India and the United States. Garcetti’s dance, captured in a video shared by the embassy, quickly garnered attention online, with netizens appreciating his lighthearted engagement with Indian culture. The Ambassador looked dapper dressed in a fawn-coloured kurta, which he teamed up with a crimson scraf. Meanwhile, the White House also hosted its Diwali celebration, recognizing the contributions of Indian Americans to the strengthening of the US-India relationship. Eric Garcetti praised the event and emphasized the importance of Diwali and the role of Indian Americans in deepening bilateral ties. In a post on X, he expressed gratitude for the festival, stating that it symbolizes light, peace, and prosperity spreading across the world.

Gaza war, the Israeli army's reservists are exhausted and it is struggling to recruit soldiers just as it opens a new front in Lebanon. Some 300,000 reservists have been called up since the Hamas attack of October 7, 2023, according to the army, 18 percent of them men over 40 who should have been exempted. Military service is mandatory from the age of 18 for Israeli men and women, though several exemptions apply.

Waqf land claim controversy, Karnataka Chief Minister Siddaramaiah reiterated on Wednesday that no notice of eviction has been issued to farmers and that no one who has possessed property will be evicted. The CM had earlier flagged off the 20 new Airavata Club class 2.0 buses in Bengaluru with Deputy CM DK Shivakumar. «I have already made a statement. We have not issued any notice to the farmers and we are not going to evict anybody who has been in possession of the property for many years,» he said.

Enter the Japanese "Arigato" philosophy, which means «thank you» in Japanese. While we often associate financial success with numbers, strategies, and investments, the Japanese approach is deeply rooted in gratitude. This powerful yet simple mindset can help Indians balance financial discipline with emotional well-being. Let's explore how the Arigato Philosophy can change your relationship with money and guide you toward a more prosperous, peaceful financial future.

Stressed assets that are going through liquidation under the insolvency law will now be listed and auctioned through a centralised electronic platform owned by a consortium of a dozen state-run banks to maximise recovery for creditors. The Insolvency and Bankruptcy Board of India (IBBI) has tied up with the Indian Banks’ Association to facilitate the auction of stressed assets through the eBKray platform run by PSB Alliance, the regulator said in a circular. eBKray has been conducting auctions for assets, mortgaged to state-run banks, under the SARFAESI Act for the past five years.

external assets grew faster than its liabilities between June 2023 and June 2024, according to the latest report from the Reserve Bank of India (RBI). The report, which provides details on India's International Investment Position (IIP) as of the end of June 2024, revealed that India's external assets increased by USD 108.4 billion over the year, while external liabilities rose by USD 97.7 billion. It said «During the period between end-June 2023 and end-June 2024, the external assets increased by USD 108.4 billion and external liabilities increased by USD 97.7 billion».

economic growth beat estimates by accelerating by 0.4% in the third quarter 2024 from 0.2% in the second quarter because of impact of the Paris Olympic Games, preliminary data from statistics agency INSEE showed on Wednesday. Economists polled by Reuters had an average forecast of 0.3% for third quarter gross domestic product (GDP) growth. An influx of tourists attending the Paris Olympics boosted consumer spending in the euro zone's second-biggest economy, which grew 0.5% in the third quarter after a flat performance in the second quarter.

gold demand in 2024 is likely to fall to its lowest in four years as a rally in prices to a record high is seen denting purchases during the peak festival season in the December quarter, the World Gold Council (WGC) said on Wednesday. Gold demand in the world's second-biggest consumer of the precious metal could stand between 700 and 750 metric tons in 2024, the lowest since 2020 and down from last year's 761 tons, Sachin Jain, CEO of WGC's Indian operations, told Reuters. Demand for the precious metal usually spikes towards the end of the year in India, as buying gold for weddings and major festivals such as Diwali and Dussehra is considered auspicious.

MG Motor India’s proposal to avail benefits of production-linked incentive (PLI) scheme is under scrutiny, according to a report by the Times of India. Quoting sources, TOI claimed the company’s foreign investment scrutiny towards availing of PLI benefits had been “held back” by an inter-ministerial panel led by the Union Home Secretary. The report cited MG Motor's China connection as the reason for the review. The panel is primarily tasked with checking if FDI proposals are in line with the government’s Press Note 3 prescription.

«Since the company has been selling the 400 ml PET bottles for Rs 25, they cannot suddenly change the packaging of the same bottles and mark the price as Rs 20. For attracting customers, they will launch a new packaging wherein they will market the bottles as 250 ml and 150 ml free (250 ml + 150 ml free will be written on the pack) and the MRP will be Rs 20,» sources told ToI. Also Read: Reliance's not-so-secret weapon makes Tata sound alarm as new disruption hits

Line of Actual Control (LAC), the US State Department welcomed the 'reduction in tensions' at the border, ANI reported early Wednesday. Matthew Miller, spokesperson of the US State Department, said that Washington is 'closely monitoring the situation and has held discussions with the Indian side on the matter. However, he clarified that the US has not played any role in the India-China resolution.

Shiv Sena's sitting MLA from Palghar, Shrinivas Vanga, who was upset after being denied ticket by his party for the upcoming Maharashtra assembly polls, has been untraceable, as per his family members. Vanga's family has so far not filed any police complaint. A senior police official from Palghar on Wednesday morning said there was no update on Vanga's whereabouts as of now. The legislator has apparently been incommunicado since Monday evening.

personal data and its protection are likely to be notified soon, a top lawmaker told ET. This could happen “well before” the Maharashtra assembly elections to be held on November 20, the person added. The Digital Personal Data Protection (DPDP) Act was enacted in August 2023 but it is yet to become operational.

Indian IT firms leveraged their partnerships with top clients to put up a strong show. From generating revenue from additional demands of existing clients, and restarting clients’ backlog projects to harvesting top clients, IT firms lapped up these incremental works with finesse. Top IT firms saw their top clients’ contribution to their total revenue jumping in the second quarter. HCLTech’s top 20 clients that contributed 27.3% of its revenue in Q2 of last fiscal, are now contributing 350 bps (100 basis points is 1%) more currently (at 30.8%). Infosys’ top 10 clients are contributing 100 bps more today than what they were contributing to the corresponding period of last year. Similarly, Wipro’s top 10 clients are contributing 230 bps more today (at 22.9%) than what they were contributing (20.6%) in the corresponding period of last year.

quick-commerce frenzy, fashion products for dogs and cats are carving a spot in people’s festive season shopping budgets. Sales of pet fashion products have doubled this festive season compared to business as usual, with quick-commerce and ecommerce platforms pushing more pet parents to explore festive-themed offerings for their beloved animals, industry executives said. On Sunday, Blinkit chief executive Albinder Dhindsa introduced a series of festival-focused pet products, including kurtas and lehengas, under the name ‘Diwali with Pets’.

Donald Trump's Truth Social is now worth more than Elon Musk's X, thanks to a recent run-up in the shares of the parent company of the former president's social media platform, as per a report. Trump Media & Technology Group is now valued at over $10 billion after its shares more than quadrupled since late September. Meanwhile, X Holdings is valued at around $9.4 billion, based on the most recent value the investment group Fidelity assigned to its stake in the company formerly known as Twitter, AP reported. The stock of Trump Media, or TMTG, tends to move more with Trump’s re-election odds than on its own profit prospects and investors have seen his chances of retaking the presidency improving of late. On Tuesday, the stock rose more than 12 per cent to $53.30, on top of a 21.6 per cent gain Monday. The stock was moving so sharply that trading was briefly halted several times during the morning. The stock had dropped to roughly $12 late last month.

Nick Offerman has signed on to star in Margo’s Got Money Troubles, a new Apple TV+ series that already includes a notable cast of Elle Fanning, Nicole Kidman and Michelle Pfeiffer. The show, based on Rufi Thorpe’s novel, highlights a young mother’s financial struggles in unique circumstances.

The result? Hundreds of people can be disenfranchised. That would shock politicians, voters and activists in any swing state, but it's garnered relatively little attention outside the 49th state.

Jimmy Kimmel makes fun of Trump's relationship with Melania. Jimmy Kimmel covered Donald Trump's recent rally at Madison Square Garden on Monday after taking a week off. He focused on an awkward moment between the former president and his wife, Melania, on stage, as quoted in a report by the Daily Beast. Kimmel joked that Melania Trump's rare appearance was in accordance with section 3, Subsection 2.7 of her prenuptial agreement. Observe the interactions between these two lovers. They have positively smoldering chemistry. Melania pushed Trump into a more formal kiss on the cheek after he appeared to try to kiss her on the lips in a rally video that Kimmel played. Watching a man and his wife attempt to avoid smudging each other's Bronson cream is the most beautiful thing in the world, stated Kimmel as quoted in a report by the Daily Beast.

Agatha All Along, a Disney Plus series in the Marvel Cinematic Universe, is set to conclude on October 30, 2024, with Episodes 8 and 9. This two-part finale will be released at 9 pm ET.

Sean Diddy Combs for a gag order to prevent the release of sensitive information which is related to his ongoing legal troubles has been eventually denied by a judge. According to Blast, Sean Diddy Combs sought for the order after he accused the government of leaking a hotel surveillance video of the year 2016 which allegedly shows him brutally assaulting his ex-partner Cassandra Cassie Ventura. The legal team of Sean Diddy Combs has made an argument that the leak was done with the intention of damaging his reputation and eventually hinder his defense against the charges related to sex crime which includes sex trafficking and sex racketeering, reported Blast. Also Read: Alpha Gang: New alien comedy’s plot, cast and production team