Progressive Financial News

NEW DELHI : The government’s fiscal deficit has crossed ₹6 trillion or a third of the ₹17.9 trillion estimated in the union budget for FY24, data from the Comptroller General of Accounts (CGA) showed on Thursday. Fiscal deficit—the gap between spending and receipts, met through borrowings—stood at 33.9% of the full- year target in July, aided by strong tax and non-tax revenue receipts. Fiscal deficit in the first four months of FY23 was at 20.5% of the full-year target.

NEW DELHI : Highway construction continues to sputter in the slow lane even as the government pushes for a record target showcase progress ahead of the 2024 general elections. According to the ministry of road transport and highways, work has been completed on just 2,670 km of highways in the first four months of the fiscal or just about 20% of a target of building 13,800 km of highways this financial year. The award of road projects has also fallen steeply to 1,125 km from 1,975 km in the same period a year ago, indicating a thinning of the pipeline for projects that would impact construction over a longer period.

UBS shares rallied to 15-year highs on the back of what analysts branded a «historic» earnings report, though Deutsche Bank said the Swiss banking giant may remain a «construction site» for some time.

core sector registered an 8% growth in July, compared with 8.3% in the previous month, as all eight sectors recorded a positive growth for the first time in 14 months, according to data released Friday. While the continuation of government capex (both centre and states) in July led to a strong performance in steel and cement sectors, economists noted that the growth in cement and electricity sector, despite seasonal rains, indicated a progression of economic activity. “Overall, the recovery in the infrastructure industries appears to be ticking off on a pervasive note which bodes well for the private sector capex cycle which Ind-Ra believes is at the cusp of a pickup,” said Paras Jasrai and Sunil K Sinha, economists at Ind-Ra. On Friday, another data released by the government showed GDP growth rising to a four-quarter high of 7.8% on the back of rising consumption and sustained capex. Economists pointed out that a private capex revival was necessary for India to sustain growth momentum.

Malaysia is celebrating its 66th Independence Day on August 31 in Putrajaya with fanfare and festivities. This day marks its independence from colonial rule. It will be followed by Malaysia Day on September 16, to mark the day when the peninsular state of Malaya merged with Sabah, Sarawak and Singapore to form Malaysia in 1963. It will be celebrated in Kuching in the state of Sarawak.

Investing.com — Oil prices rose Thursday, boosted by a large drop in U.S. crude inventories and further signs of supply tightness, outweighing a slowdown in China's manufacturing activity.

Chandrayaan-3 rover is trying to find answers to with its scientific instruments. Alpha Particle X-ray Spectrometer (APXS) onboard the rover, was deployed to observe the lunar sample, ISRO announced on Thursday. Later in the day it also announced that the first measurements of the lunar plasma environment over the South Pole region have been carried out. APXS instrument is best suited for in-situ analysis of the elemental composition of soil and rocks on the surface of planetary bodies having little atmosphere, such as the Moon. It carries radioactive sources that emit alpha particles and X-rays onto the surface sample.

Supreme Court Committee on Prison Reforms has said, underlining that speedy trial can become an effective tool to address the issue of overcrowding in jails.

Stocks rose for a fourth straight day as another batch of economic reports pointed to moderation, cementing bets the Federal Reserve is approaching the end of its interest-rate hikes.

Vikram lander perched on the surface of the Moon. Tweeting the picture, ISRO said, “Smile, please! Pragyan Rover clicked an image of Vikram Lander this morning.

Aamir Khan will return to the big screen with his new feature project on Christmas 2024, the actor's spokesperson said on Tuesday. The untitled project, which will go on floors in January 2024, will be produced by the actor's banner Aamir Khan Productions. «Aamir Khan has locked Christmas 2024 for his next which will be Aamir Khan Productions, production No.

Manufacturers unnerved by warnings of potential blackouts as early as this summer have called for urgent intervention to remove roadblocks to new renewable energy projects and slow the retirement of coal-fired power stations.

August 2023 crypto market crash despite its progress in web3 gaming. Similarly, Bitcoin Cash (BCH) fell after a major stablecoin delisted its Simple Ledger Protocol. Analysts say the best crypto investment in Q3 2023 is VC Spectra (SPCT).

A proposal to vastly increase natural gas storage at the site of the nation’s largest-known methane leak is prompting opposition from California lawmakers

In a major win for progressive Texas cities, a district judge in Texas on Wednesday ruled that a controversial new state law targeting local regulations is unconstitutional

Chandrayaan-3's historic moon landing — a success story of India's fightback after failures, that too on a mere ₹615 crore budget — is set to provide plenty of food for thought for budding managers at the Indian Institutes of Management (IIMs). The mission, a case study in frugal innovation, has much that management students can learn from — strategy, collaboration, innovation, cost control and optimisation of resources, how leaders can process failure and move on — said professors and directors of the IIMs at Ahmedabad, Kozhikode, Sirmaur and Sambalpur. At IIM Sirmaur, the faculty members are working on developing a case study on the topic, said director Prafulla Agnihotri. «Chandrayaan-3 is an ideal example of great teamwork, charismatic leadership and how an organisation achieves its goal with minimum resources. It will be an excellent case study in the areas of corporate strategy and strategic leadership,» he said.

Hurricane Idalia made a devastating impact on Florida, Georgia and South Carolina, leaving a trail of destruction in its wake. With winds likened to a high-speed train, the storm uprooted trees, tore off roofs and transformed vehicles into makeshift boats. Belond Thomas of Perry, a paper mill worker, described the chaos to the Associated Press: "All hell broke loose." Idalia's Category 3 force struck Keaton Beach, Florida, at 7:45 AM, packing sustained winds of up to 205 kmph.

HDFC Bank has opened up space for other mortgage lenders to raise funds from the debt market at a cheaper rate as more money is now available for other companies, market participants said. The biggest beneficiary of HDFC's exit, which used to corner more than half of the market funds, is likely to be LIC Housing Finance — the largest AAA pure-play home financier currently. «After HDFC's merger with HDFC Bank, the total number of issuances has drastically come down. Yields have definitely come down following the merger because of the absence of HDFC, which was the benchmark for AAA-rated home financiers.

Dunzo Digital Pvt Ltd, the Reliance and Google-backed quick commerce startup, has pushed pending employee salary payments of June and July to October, according to a person familiar with the development. The cash-strapped startup has been trying to raise atleast $75 million to upto $150 million in fresh capital from existing and new investors, Mint reported earlier this month.

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NEW DELHI : Germany will not sign a joint statement that ignores Russia’s war of aggression against Ukraine, said Germany’s G20 sherpa Jorg Kukies. In an interview with Mint, Kukies said that while G20 countries are willing to compromise on language relating to the Ukraine war, Germany does not agree with the position, as articulated by China, that discussion of the Ukraine war does not belong in an economic grouping like the G20. Kukies, who also serves as Germany’s state secretary for finance, noted the need for reforming multilateral development banks and increasing their lending capacity.