Progressive Financial News

Defense Secretary, Lloyd Austin, announced on Friday that India and the US are set to collaborate on co-producing infantry combat vehicles, marking a crucial step in their defense industrial cooperation. This announcement comes in the backdrop of both nations intensifying their strategic ties in response to China's growing military assertiveness. During the '2+2' ministerial dialogue, Austin highlighted ongoing efforts to expedite the delivery of MQ-9B drones to India from the US.

NEW YORK (Reuters) — Industrial and Commercial Bank of China (ICBC) injected significant capital into its U.S. unit to help settle trades after it was hacked this week and has hired a third party to make sure its systems are safe, three sources familiar with the matter said.

NEW YORK (Reuters) -Industrial and Commercial Bank of China's hack left its U.S. unit temporarily owing Bank of New York Mellon (NYSE:BK) $9 billion as a result of unsettled trades, prompting the parent to inject capital into the unit to settle the trades, sources familiar with the matter said.

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Rajnath Singh said at a bilateral meeting with US Secretary of Defence Lyod Austin on Friday. In a bilateral meeting that followed the 2+2 dialogue between the defence and foreign affairs ministers, Singh discussed a wide range of strategic issues, including enhancing cooperation in high end defence technology. In his opening remarks, Singh made a rare, direct reference to Chinese aggression.

₹10.6 trillion, official data released on Friday showed, creating additional spending room for the government in an election year. Provisional data till 9 November showed the government has so far collected 58% of the ₹18.2 trillion budgeted for FY24. Gross direct tax receipts (without adjusting for refunds of ₹1.77 trillion) were ₹12.37 trillion, 18% above last year’s ₹ 10.52 trillion.

There’s been an unwritten rule during the past decade of climate diplomacy: Good things can happen when the world’s two biggest economies are aligned.

Investing.com -- U.S. stock futures were mixed heading into the final day of trading this week, as investors eyed Treasury yield moves and gauged the path ahead for interest rates following a closely-watched statement from Federal Reserve Chair Jerome Powell. Elsewhere, trade in the U.S. Treasury market is disrupted by a cyberattack on China's largest commercial lender by assets, while Apple (NASDAQ:AAPL) agrees to pay out a $25 million settlement over claims regarding its U.S. immigrant hiring practices.

The festive season is finally upon us. Many people believe that investing during this period, especially on the auspicious occasion of Dhanteras, is known to bring luck and prosperity. And the most obvious choice, every year, for most people, is gold. But instead of going the conventional route this Dhanteras, consider investing in something more meaningful to secure your future.

The U.S. Food and Drug Administration (USFDA) on Thursday approved Adzynma, the first recombinant (genetically engineered) protein product indicated for on-demand enzyme replacement therapy (ERT) in adult and pediatric patients with congenital thrombotic thrombocytopenic purpura (cTTP), a rare and life-threatening blood clotting disorder. The FDA granted approval of Adzynma to Takeda Pharmaceuticals U.S.A. Inc.

pollution levels in the National Capital Region (NCR). “Farm fires must stop. The decline must go on during the Diwali holidays." the court said.

(Reuters) -Johnnie Walker whisky maker Diageo (LON:DGE) said on Friday it expected organic operating profit growth to decline in the first half of its current financial year due to «materially weaker» performance in Latin America and Caribbean.

ransomware attack that disrupted trades in the US Treasury market on Thursday, the latest in a string of victims ransom-demanding hackers have claimed this year. ICBC Financial Services, the US unit of China's largest commercial lender by assets, said it was investigating the attack that disrupted some of its systems, and making progress toward recovering from it.

Sri Ram Janambhoomi Trust Champat Rai and Treasurer Govind Dev Giri Maharaj paid a visit to Uttar Pradesh Chief Minister Yogi Adityanath on Friday and invited him for the 'Pran Pratishtha' ceremony at the Ram Temple on January 22, 2024. Speaking to about the consecration ceremony, Ram Janambhoomi Trust Champat Rai said, «We had come today to invite Uttar Pradesh Chief Minister Yogi Adityanath to attend the 'Pran Pratishtha' ceremony at the Ram Temple on January 22, 2024. Ayodhya is the city of liberation and salvation which is coming back to its original form after a long time.» Treasurer of Sri Ram Janambhoomi Trust Govind Dev Giri Maharaj also spoke to ANI about the consecration ceremony and said, «Today we came here to meet and invite the Gorakhnath Temple Mahanta and UP CM Yogi Adityanath.

US Federal Reserve is prepared, if needed, to hike interest rates further in order to bring inflation down to its long-term two percent target, Fed Chair Jerome Powell said Thursday. «We know that ongoing progress toward our two percent goal is not assured: Inflation has given us a few head fakes,» Powell told a conference in Washington. «If it becomes appropriate to tighten policy further, we will not hesitate to do so,» he added, in remarks that were briefly disrupted by climate protesters. Powell's comments come just over a week after the US central bank voted to hold interest rates steady at a 22-year high for a second consecutive meeting, fueling expectations that it was done with rate hikes. While the Fed's rate-setting committee is «committed» to achieving a sufficiently tight stance of monetary policy, «we are not confident that we have achieved such a stance,» Powell said. The Fed chair's comments suggest the US central bank is still concerned about the prospect of a re-acceleration of inflation, which has more than halved since peaking last year, according to the Fed's favored yardstick. However, Powell later indicated that he felt the Fed was «probably» at a point where its monetary policy was «significantly restrictive,» suggesting that the Fed felt confident in its current stance. «We're watching the effect carefully on the economy,» he said.

Boeing Co., ION Trading UK and the UK’s Royal Mail. The prolific gang known as Lockbit is suspected to have orchestrated a ransomware attack against the US unit of ICBC, the world’s largest lender by assets, according to people familiar with the situation, who asked not to be identified because the information isn’t public. The attack has resulted in disruptions across the US Treasury market, with some transactions failing to clear and traders being asked to reroute their deals. Lockbit, a criminal gang with ties to Russia, specializes in using malicious software known as ransomware to encrypt files on its victims’ computers, then demanding payment to unlock the files.

India is considering a plan to allow surpluses in Special Rupee Vostro Accounts (SRVAs) to be invested in corporate bonds in order to give a push to international trade settlement in rupees. Under existing regulations, investment from SRVAs is restricted to government securities and treasury bills. «We have received some recommendations after deliberations with all stakeholders, including banks and trade bodies,» an official said.

By Howard Schneider and Ann Saphir

By Steve Scherer and David Ljunggren

The Biden administration says it's started 40,000 construction projects since the passage of major infrastructure legislation two years ago

Federal Reserve Chair Jerome Powell suggested that the Fed is in no hurry to further raise its benchmark interest rate, given evidence that inflation pressures are continuing to ease at a gradual pace