Progressive Financial News

Investing.com — Stocks were weaker on Tuesday, kicking off a holiday-shortened trading week as oil prices surged.

New Delhi: Industry bodies, civil society organizations and consumer groups have raised concerns to the Telecom Regulatory Authority of India over regulation of OTT apps, specifically on the selective banning of OTT apps, as has been proposed by the regulator in its ongoing consultation. In their submission to the TRAI, which is undertaking consultations over OTT regulation, the bodies including Internet and Mobile Association of India (IAMAI), Broadband India Forum, Consumer Unity and Trust Society (CUTS) and Asia Internet Coalition (AIC) comprising nearly a dozen consumer groups, have said that such apps were already regulated under the IT Act 2000 which will be replaced by the upcoming Digital India Act (DIA), hence the ongoing consultations should form part of Digital India Act and any other additional consultations by regulators like TRAI will also lead to overlap of regulatory structure.

Reserve Bank of India is in advanced talks with the European Securities and Markets Authority (ESMA) on the tussle surrounding oversight of the Clearing Corporation of India (CCIL) even as discussions with other overseas authorities on the issue have progressed far more smoothly. «Conversations regarding MoUs (Memorandum of Understanding) are going on regularly with the ESMA. The others (other global regulators) have taken a much more relaxed stance.

teacher felicitation ceremony at the Birla Auditorium on Teachers' Day, Gehlot called upon the teachers of the state to impart high values to the students and help develop the spirit of social service among them. The chief minister also honoured 149 teachers from 50 districts at the function. He said the state government has started 'Mission 2030' to make Rajasthan developed and prosperous, in which teachers will also play an important role. Realising the importance of the English language in the present times, the state government has opened Mahatma Gandhi English medium schools in the state. Presently more than 6 lakh students are studying in these schools, Gehlot said. The chief minister inaugurated robotics labs at the 300 Mahatma Gandhi English medium schools.

Indo-Pacific Economic Framework (IPEF) next week, officials have said it is not necessary for India to take a call on joining the trade pillar of the pact by the target conclusion date of November. Negotiators said India can join the IPEF trade pillar later, but there is a need to build consensus. While the supply chain agreement of the IPEF is awaiting comments from various ministries before it is sent for Cabinet approval, officials said negotiations on clean economy and fair economy are progressing well. New Delhi has an observer status on the trade pillar negotiations which deal with commitments required on environment, labour, agriculture, digital trade and public procurement.

digital economy ministers of the G20 nations have reached a consensus on the definition, framework and working principles for digital public infrastructure (DPI), minister of state for electronics and information technology Rajeev Chandrasekhar said. «India is now a case study, as a nation that employed and deployed technological tools for progress and growth. Countries that have lagged behind increasingly see this as a way to follow India's lead in DPIs, an open-source digital infrastructure, and use it to create the same impact that India has,» he said. Chandrasekhar was briefing the media on the outcome of a meeting of the digital economy ministers of G20, which had happened in August.

Vedanta Resources in talks with Standard Chartered Bank for $1.3 billion loan Vedanta Resources (VRL) is in discussions with Standard Chartered Bank for a loan of $1.2 billion to $1.3 billion against brand fee receivables without any restructuring pre-conditions. The loan deal, if sealed, will take care of debt repayments until January without the need to restructure the bonds. The discussions regarding lending rates are currently in progress and the loan could be priced around 14-15% with a duration of three years. The company has appointed advisory firm Morrow Sodali to identify the holders of its $1 billion 13.875% bonds and $1 billion 6.125% bonds due in 2024 and the $1.2 billion 8.95% bonds due in 2025, as reported earlier.

Narendra Modi at the G7 Summit in Japan. Both the leaders had discussed progress on a India-UK free trade deal, Sunak's office said.

free trade agreement (FTA) talks with India are «progressing» and Britain will only agree to a pact that works for the whole of the United Kingdom, British Prime Minister Rishi Sunak told his ministers at a Cabinet meeting in London on Tuesday. Ahead of his first visit to India as UK Prime Minister to attend the G20 World Leaders' Summit in New Delhi later this week, Sunak updated his top team on the ongoing trade talks which have completed 12 rounds of negotiations. The British Indian leader described India as an «indispensable partner» of the UK across all spheres of bilateral cooperation, which he is keen to strengthen further. «He said negotiations around a free trade deal were progressing and that he would only agree an approach which worked for the whole of the UK,» notes a Downing Street readout of the Cabinet meeting. «The Prime Minister said India was an indispensable partner of the UK, both economically and in addressing the global challenges all democracies are facing.

Greece was struck by tragedy as relentless downpours triggered flooding, claiming at least one life, according to reports from the country's fire brigade. These inundations came just a day after Greek officials reported progress in taming the colossal wildfires, now dubbed the «largest ever» in European Union history, that had wreaked havoc across the nation.

But despite making significant progress, inflation remains above the Fed's long-term target of two percent. Meanwhile, the US jobs market has shown growing signs of softening in recent months, a key precondition for the Fed to contemplate an end to its cycle of monetary tightening. «That was a helluva good week of data we got last week, and the key thing out of it is it's going to allow us to proceed carefully,» Fed governor Christopher Waller said in an interview with CNBC, referring in part to last week's jobs data. «There’s nothing that is saying we need to do anything imminent any time soon, so we can just sit there, wait for the data, see if things continue,» he added. Waller's comments follow a similarly cautious view to Fed Chair Jerome Powell, who told the Jackson Hole economic symposium in Wyoming at the end of August that the Fed would proceed «carefully» from now on. Investors and analysts overwhelmingly expect the Fed to pause its hiking cycle at its next rate-setting meeting on September 19-20, while keeping the prospect of another hike later in the year alive. Futures traders currently put the probability of a rate pause in September at 95 percent, and the chance of another hike in November at around 40 percent, according to data from CME Group. On Tuesday Waller indicated the Fed should keep its options open in the months ahead. «I don’t think one more hike would necessarily throw the economy into a recession if we did feel we needed to do one,» he told CNBC.

Karnataka has decided to bring about changes in the SSLC (class 10) and II PUC (class 12) examination system from the academic year 2023-24, under which a student will get to retain the best marks from three attempts. The Karnataka School Examination and Assessment Board (KSEAB) on Tuesday said the revised examination system will rename «supplementary examination» as «annual examination 1, 2, and 3», providing three opportunities to the students, as it takes into consideration the varying pace of learning among students. «If we adopt the revised examination system, it will provide an opportunity to improve the score by retaining the best marks scored in the 1st, 2nd, and 3rd examinations and provide better opportunities in the selection process for further study or employment,» KSEAB said in a release. Pointing out that students' learning pace and style are different, and conducting exams 1, 2 and 3 can help them adapt to their learning pace and reduce the stress caused by time constraints, it said, «by renaming supplementary examination as annual examination 1, 2, and 3, three opportunities can be provided to the students which will promote their overall performance and positive attitude.» Setting down a basic framework using which the three examinations will be conducted, the board said it will issue a circular with clear guidelines for students regarding the revised system, and that it will maintain uniformity in content and difficulty level in the question papers of these three examinations. Further stating that students will be given the opportunity to choose the subject-wise best score among the marks obtained in these three attempts, it said the students who join their next academic course late shall be provided

Article 1 of the Constitution which sets the tone for the entire constitutional framework starts with both 'India' and 'Bharat.' The particular article is considered as the foundational provision that establishes the Union of India. Conversations regarding the name change has started because of reports claiming that Narendra Modi-led government is expected to bring a resolution for changing India's official name to 'Bharat' during the special session of Parliament, scheduled from September 18-22What is Article 1?

digital public infrastructure (DPI), the minister of state for electronics and information technology Rajeev Chandrasekhar said on Tuesday. “India is now a case study — as a nation that employed and deployed technological tools for progress and growth. Countries that have lagged increasingly see this as a way to follow India’s lead in DPIs, an open-source digital infrastructure, and using it to create the same impact that India has,” he said.

The world’s biggest banks aren’t telling stakeholders what they need to know to judge how big the industry’s carbon footprint is, according to a fresh study.

MahaRera is set to introduce a project grading system to assess projects based on technical, legal, financial, and general project overviews. As per a TOI report, builders will be required to submit these details through an online system every six months.

Financial Stability Board (FSB) on Tuesday warned that higher interest rates alongside a slowing growth outlook, could impair the capacity of borrowers to service historically high levels of debt. The FSB has published two letters from its Chair, Klaas Knot, to G20 Leaders ahead of their Summit in New Delhi on September 9-10. The first letter outlines the work FSB has undertaken under the Leadership of India's G20 Presidency to address existing vulnerabilities in the financial system and enhance the resilience of the financial system to structural change. The second letter provides to G20 Leaders an update on the G20 Cross-border Payments Roadmap. FSB, in its communication to G20 leaders, stressed that a resilient and stable financial system is indispensable to sustaining economic growth, particularly in the current environment.

Huawei commenced sales of its Mate 60 Pro smartphone. While the specifications highlighted its capability for satellite calls, details regarding the chipset's power were conspicuously absent, adds the report. This processor marks a significant milestone as it is the inaugural utilization of SMIC's cutting-edge 7nm technology.

Sanatana Dharma, calling it the "kingpin of the conspiracy" against Hinduism and Sanatana. In a post on X (formerly Twitter), Assam CM said, “Rather than taking action against their alliance partners for anti-Hindu statements, Congress is seeking refuge behind the veil of “Freedom of Speech"." “Had the said leader made a comment on eradicating Islam or Christianity or any other religion, would Congress have brushed aside the issue as “freedom of speech"? In fact, it is now clear that Congress is a key conspirator in the “Annihilation of Sanatan Dharma" gang," Sarma further wrote.

G20 summit in New Delhi from September 9-10. The theme for India's G20 Presidency is 'Vasudhaiva Kutumbakam' or 'One Earth, One Family, One Future'. The country will host over 200 meetings across 13 working groups, 11 engagement groups, five initiatives and eight finance working tracks. ET looks at the agenda, developments, introductions and proposals for the finance and sherpa tracks.

G20 Summit on September 9 and 10, with leaders from 20 countries anticipated to participate in this significant event in New Delhi. Prime Minister Narendra Modi has stated that this G20 Summit in India will be historic, as it will witness the largest gathering of world leaders. According to a report by News 18, more than 40 world leaders are expected to take part in the summit in New Delhi.