Progressive Financial News

Clearing Corp of India (CCIL), paving the decks for billions of dollars of trade in Indian sovereign bonds routed through London lenders that needed a mutually beneficial deal to commit personal funds and effectively discharge their custodian role. The MoU between the Reserve Bank of India (RBI) and the Bank of England (BoE), while acting as an actionable template for other regulatory regimes uncertain about oversight rights over CCIL, also helps establish a framework robust enough to accommodate the potential $25 billion in incremental inflows Indian sovereign bonds are likely to receive by mid-2025 after their inclusion in JPMorgan's keenly tracked global index. Relief for UK Banks in India «The MoU establishes a framework for the BoE to place reliance on RBI's regulatory and supervisory activities while safeguarding UK's financial stability,» the RBI said in a statement Friday. «The MoU also demonstrates the importance of cross-border cooperation to facilitate international clearing activities and the BoE's commitment to deference to other regulators' regimes.» ET had reported on November 28 that the RBI and UK regulators had made significant progress on a new MoU for the treatment of the CCIL and that the BoE would likely communicate a «hands-off» approach on potentially contentious issues, such as rights of audit over the Indian clearing house. Investor & Custodian The move is a relief to UK-based banks Standard Chartered, Barclays and HSBC, which are themselves large players in the domestic bond and derivatives markets and are also custodians of foreign investment flows into India.

The Globe and Mail, the leading news publisher in Canada, at their downtown Toronto office while on a family trip to North America. My host for the afternoon was Irish-born David Walmsley, the newspaper’s editor-in-chief.

Walmart to shift its supply chains from China to India, Thailand, and Vietnam. China is Walmart's biggest importer, but the numbers from the country dramatically dropped to just 60% in 2023 from over 80% during the year 2018. "I need resiliency in our supply chains.

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Antonio Guterres urged world leaders at the COP28 climate summit to plan for a future without fossil fuels, saying there was no other way to curb global warming. Speaking a day after COP28 president Sultan Ahmed al-Jaber proposed embracing the continued use of fossil fuels, Guterres said: «We cannot save a burning planet with a fire hose of fossil fuels.» «The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not reduce.

Though the growth rate moderated when compared with the previous few months, in terms of absolute numbers, passenger vehicle wholesales last month were the best-ever for November in the domestic automobile industry. According to industry estimates, about 335,354 cars, sedans and utility vehicles were dispatched from factories to dealerships last month, an increase of 3.9% over 322,600 units sold in the same period last year. Industry numbers were supported by market leaders Maruti Suzuki and Hyundai Motor India which reported a growth of 1.3% (134,158 units) and 3.1% (49,451 units), respectively last month. Shashank Srivastava, senior executive officer (marketing and sales) at Maruti Suzuki said, “This is the 11th straight month that the industry has reported best-ever sales for the month. Better availability of vehicles with the easing of the semiconductor shortage helped boost sales in the festive period in the first two weeks of last month.” For the whole month, demand at Maruti Suzuki remained healthy with bookings increasing by 7%, he said.

Guterres on the sidelines of the UN climate summit here and highlighted India's initiatives and progress in achieving climate goals. During the meeting, Modi thanked Guterres for his support during India's G20 Presidency. «Both leaders exchanged views on priorities and concerns of the Global South related to Climate Action, climate finance, technology and reforms of the multilateral governance and financial institutions, including the UN,» a statement by the External Affairs Ministry said in New Delhi.

Rohit Sharma, saying he should lead India at least till the T20 World Cup in June next year. Rohit, who led India to the ODI World Cup final at home, and Virat Kohli have taken a «break» and will miss the white-ball leg of the upcoming South Africa tour, beginning December 10. Talking to reporters, Ganguly said the duo deserved rest so that they come back «fresh» for the hectic calendar ahead.

Nagaland Chief Minister Neiphiu Rio on Friday greeted the people on 61st Statehood Day and reiterated his government's strong commitment to facilitate for a peaceful resolution of the long pending Naga political issue. Nagaland was created as the 16th State of the Union of India and as the second state of the North East Region after being bifurcated from Assam on December 1, 1963.

Ukraine, something akin to the sentiment that moved the EU’s founding fathers is stirring again. The talk now is of admitting as many as nine new members, including Ukraine. Joining the world’s most successful club of peaceful, prosperous democracies would set that war-ravaged country—and fellow aspirant members in the Western Balkans, Georgia and Moldova—on a new and promising path.

By Valerie Volcovici and William James

Amit Shah on Friday said the country is on the verge of winning the fight against naxalism and the Border Security Force (BSF) has played a key role in this direction. Shah said this during his address to BSF troops on the occasion of the force's 59th Raising Day here at RJhansi Parade Ground Training Centre and School at Hazaribagh «We are on the verge of winning the fight against naxalism in the country… The area of naxalism is decreasing continuously and our personnel of the CRPF and the BSF are committed to completely rooting out the naxalism,» the union home minister said. The Minister also extended his best wishes to all the soldiers of the border guarding force and their families and said that the country is proud of the BSF, which keeps the borders of the country impenetrable with its bravery and valour. «Along with the security of the country, BSF has also made many records in disaster management and environmental protection,» Shah said. «A country can never be developed and prosperous if its borders are not secure.

Aster DM Healthcare share price jumped over 11% to hit a fresh 52-week high of ₹424.00 apiece on Friday. In the past one week, Aster DM Healthcare shares have risen 20%. The rally in Aster DM Healthcare shares comes on the back of the company’s move to sell its GCC (Gulf Cooperation Council) business for over $1 billion.

By Ankur Banerjee

London, UK 12/01/2023

Narendra Modi arrived in Dubai to attend the 28th Conference of the Parties (COP28) Summit. Upon the Prime Minister's arrival in the UAE, he received a warm welcome from the members of the Indian diaspora outside a hotel in Dubai, followed by a cultural dance performance. Videos showed diaspora members raising chants of 'Modi, Modi' , 'Abki Baar Modi Sarkar' and 'Vande Mataram.' PM Modi was also seen shaking hands with diaspora members outside the hotel.

Logistics Policy in alignment with the PM Gati Shakti Framework. The Policy has aimed to “Augment integrated, multi-modal, logistics ecosystem for a ‘Developed Arunachal Pradesh 2047”’. Logistics has been a focus sector for the country for some time. In 2021, the PM Gati Shakti National Master Plan was launched to provide multimodal connectivity infrastructure to economic zones. In 2022, the National Logistics Policy was launched with focus on bringing in efficiency and reduce costs.

Cryptocurrencies faced resistance in their upward trajectory throughout the first half of November, experiencing declines that were met with progressively higher levels of support.

UN climate talks here opened with a bang with countries clinching an early deal on how to compensate developing and poor nations that bear the brunt of the climate crisis despite contributing little to it, a decision welcomed by climate activists with caution. The agreement on the operationalisation of the Loss And Damage Fund on the first day of the annual climate negotiations, called COP28, sets the stage for ambitious decisions over the next 12 days.

Kathryn Bernardo and Daniel Padilla, stars of Kapamilya, announced the end of their 11-year partnership on Thursday. Bernardo announced the news on Instagram, where she shared an old snapshot of herself and Padilla. “The chapter is finished. I hope this finally helps all of us move forward”, she said, adding that this is the last time she will discuss the matter. Bernardo also tweeted a note beside the photo, in which she reflected on her on- and off-screen relationship with Padilla. She added that she has been in show business for almost 21 years, 12 as half of Kathniel and 11 as someone who loved Deej even behind the camera.

Baird upgraded shares of Spirit AeroSystems (NYSE:SPR) to Outperform from Neutral in a note Thursday, with analysts lifting the price target on the stock to $36 from $30 per share.