Progressive Financial News

The Economist spoke to Mr Kissinger for over eight hours about how to prevent the contest between China and America from descending into war. These days he is stooped and walks with difficulty, but his mind is needle-sharp. As he contemplates his next two books, on artificial intelligence (AI) and the nature of alliances, he remains more interested in looking forward than raking over the past.

North Korean women often cross the border into China. Unfortunately, their hopes are shattered as they encounter even less freedom and live in constant fear of deportation. Without legal identification, these women are unable to work and become vulnerable to human trafficking, sexual violence, and other crimes. Many end up marrying Chinese citizens out of necessity or coercion by marriage brokers. Defectors spend time in China before finally arriving in South Korea. Women are told by their brokers that marrying a Chinese man was crucial for survival, so they comply. Eventually, the opportunity arise for them to leave for South Korea, their ultimate destination. However, many defectors who were born in North Korea and then escaped to South Korea are not eligible for benefits designated for North Koreans, such as special college admissions and vocational training.

Oommen Chandy passed away aged 79 in the early hours of Tuesday. Reportedly, the senior Congress leader died in a private hospital in Bengaluru at 4:25 am while undergoing treatment for cancer. Kerala government has announced Tuesday as a public holiday along with two days of mourning as a mark of respect to the former chief minister.

Narendra Modi-led NDA will convene a mega meet in New Delhi. Ahead of the 2024 General election, both groups will flex numbers.

₹5 lakh crore in Uttar Pradesh by 2024. The announcement was made during an event in Lucknow where Gadkari presented development projects valued at over ₹3300 crore. The ceremony was attended by Chief Minister Yogi Adityanath and Defence Minister Rajnath Singh.

Environment Minister Steven Guilbeault says the lack of progress in mining projects in the mineral-rich Ring of Fire region in Northern Ontario can likely be attributed to a lack of discussions with Indigenous nations.

multilateral development banks (MDBs) should be explored only after making further progress on reforms in the areas of their vision, incentive structures, operational approaches and financial capacity. Treasury secretary Janet Yellen also said the US is working with India to develop ways to lower the cost of capital and increase private investment to fast track its energy transition.

GANDHINAGAR : India and the US have agreed to collaborate on a range of issues, including strengthening multilateral development banks (MDBs), promoting climate action, and facilitating energy transition, Union finance minister Nirmala Sitharaman said. After a meeting with US treasury secretary Janet Yellen at a G20 event on Monday, Sitharaman said the two countries would also work to smoothen the consensus on indebtedness of low- and middle-income countries and harness opportunities presented by crypto assets and digital public infrastructure for financial inclusion.

New Delhi: The ministry of electronics and IT, the nodal ministry regulating online gaming, will ask the GST Council to reconsider its decision of levying 28% tax on online gaming after the regulatory framework around the online gaming rules develops, minister of state Rajeev Chandrasekhar said Monday at an event.   “We are only in the nascent stages of creating a sustainable, permissible online gaming framework. So we will do that and go back to the GST Council and maybe request their consideration on the new regulatory framework," he said.   The GST Council on July 11 said that the government will impose a goods and service tax of 28% on the turnover of online gaming companies, horse racing and casinos.   Chandrasekhar added that the GST Council, which was a federal body had been working on the issue for the past three years while the regulatory framework for online gaming only began in January 2023.  “The GST Council is not the Government of India. The council is represented by all state governments.

At the nexus of GameFi, Web3, and financial literacy lies PiP World – an immersive gaming platform set to revolutionize how we understand and interact with finance. Leveraging the power of blockchain technology, this NFT game provides an engaging medium to explore the financial world.

NITI Aayog on Monday said 135 million Indians moved out of multidimensional poverty in five years with the proportion of poor in the country down from 24.8% to 14.9% between 2015-16 and 2019-21, on the back of improvements in nutrition, years of schooling, sanitation and subsidised cooking fuel. Uttar Pradesh registered the highest decline in the number of poor with 34.3 million exiting poverty followed by Bihar (22.5 million), Madhya Pradesh (13.5 million), Rajasthan (10.8 million) and West Bengal (9.2 million), showed the National Multidimensional Poverty Index, released by the Aayog. The UNDP had in its global MPI report, released last week, said 415 million people exited multidimensional poverty in India in 15 years, from 2005-06 to 2019-21, with the incidence of poverty falling from 55.1% in 2005-06 to 16.4% in 2019-21.

Mumbai: The surge in food prices that led to higher inflation in June is in line with the view of the rate-setting panel that the fight against inflation is far from over, the Reserve Bank of India (RBI) said on Monday. “Food price spikes typical of the onset of the monsoon drove up headline inflation in June, corroborating the monetary policy committee’s (MPC) view that the fight against inflation is far from over and monetary policy has to stay the course on the arduous last leg of the journey to align inflation with the target," said the article titled ‘State of the economy’ in the central bank’s July bulletin.

The Biden administration’s potential curbs on sales of advanced semiconductors to China could undermine huge new government investments in domestic chip-making, the U.S. chip-industry trade group said Monday. The Biden administration is considering a raft of new curbs on the sale of chips to China, aiming to disrupt Beijing’s use of artificial intelligence for hacking and weapons development.

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Despite growing interest in private markets and other alternative investments, US venture capital (VC) funding activity saw a significant slump in the first half of 2023 according to new stats.

New Delhi: As many as 13.5 crore people moved out of multidimensional poverty between financial years 2015-16 and 2019-21, according to NITI Aayog’s ‘National Multidimensional Poverty Index. The report titled ‘National Multidimensional Poverty Index: A Progress Review 2023’ released on Monday showed a decline of 9.89 percentage points in the number of India’s multidimensionally poor from 24.85% in FY16 to 14.96% in FY21, according to the second edition of the National Multidimensional Poverty Index (MPI).

Stocks finished the week higher following the CPI report, which showed softer than expected core CPI. Again, as I have noted a few times, the stock market inflation fantasy will get harder from here. The easy comparables are now behind us, and to see the headline inflation rate finish the year around 3%, prices will need to be flat for the year’s balance.

By Deena Beasley

The visit of Prime Minister Narendra Modi to France on 13-14 July defined a new era in already-strong bilateral ties between the two countries. The Prime Minister’s official visit to France was significant as well as special, as it also marked the 25th anniversary of the India-France Strategic Partnership. During the visit, the importance of the partnership was highlighted in how it sought to address global challenges, including climate change, clean energy, health, food security, and development, among others.

India’s sherpa Amitabh Kant led the discussions of G20 negotiators in Hampi last week to produce a draft Leader’s Declaration for the upcoming G20 Leaders’ Summit in September. To be held in Pragati Maidan, the summit will be the grand finale of India’s Presidency. Prime Minister Narendra Modi is expecting to host US President Joe Biden, and, it is being speculated, President Vladimir Putin, which, if it happens, would open up the possibility for the two sides to come face-to-face first time since Russia invaded Ukraine in February 2022.

Eli Lilly and Co has shared full findings of its phase 3 clinical study of donanemab at the Alzheimer’s Association International Conference in Amsterdam which shows that the newly developed drug can modestly slow patients’ inevitable worsening.  To put a number, the report claims that the drug can slow down the process 35% or by 4-7 months.  Eli Lilly and Co. has said it applied for full US approval of its Alzheimer’s disease drug. If approved this will be the second effective drug to combat the mind-robbing disease, after Japanese drugmaker Eisai developed Leqembi.  More than 1,700 patients with early-stage Alzheimer’s disease or mild cognitive impairment received Lilly’s drug or a placebo in the 18-month trial.