Progressive Financial News

Gandhinagar: Most G20 member countries believe that a one-size-fits-all approach to debt restructuring may not be feasible for all vulnerable nations, considering the differing circumstances of low- and middle-income countries, a person with direct knowledge of the discussions said on Sunday. “There’s a need for distinct debt restructuring strategy for every low- and middle- income country," the person said seeking anonymity. In June, Zambia struck a deal to restructure a $6.3 billion debt owed to various governments, including China, raising hopes of similar deals for other vulnerable nations awaiting relief for several years.

NEW DELHI : Indian Railways is preparing to purchase Kavach automatic train protection (ATP) systems at a cost of ₹5,000 crore following the triple-train crash in Odisha’s Balasore that killed nearly 300 people, two people aware of the matter said. Two tenders for Kavach covering a total of 12,000 kilometres (km) will be issued within a year against a tender for 3,000 km that was issued in 2021, the people said on condition of anonymity. Kavach prevents head-on crashes even if the train pilot fails to see and act on signals.

New Delhi: The draft of the leaders’ declaration to be presented at the G20 heads of state meeting in September in New Delhi has been formulated at the three-day gathering of G20 Sherpas, that concluded on Sunday in Hampi, Karnataka, according to an official statement. Over 120 delegates representing G20 members, international organizations, and other nations collaborated in crafting the ‘Leaders Declaration,’ with Indian G20 Sherpa Amitabh Kant charing the meeting.

financial crimes, money laundering, and tax evasion in a more synchronised and effective manner. «We hope that the G20 continues exploring the options to further strengthen the global architecture to fight financial crime and assist jurisdictions in enhancing their law enforcement capacity,» finance minister Nirmala Sitharaman said at a 'G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering'.

United Arab Emirates (UAE) to trade in local currencies is the second big step towards internationalising the rupee. Russia last year agreed to sell crude oil to India in rupees after the West imposed sanctions on settlement in dollars. India is beginning at the top with the UAE, its third-largest trading partner after the US and China.

By Julie Steenhuysen

Maine. As weather conditions progress, watches and warnings have been implemented across the state. The National Weather Service has activated a tornado watch for Cumberland and York County, indicating the potential for tornado formation in these regions.

moochh-ka-sawaal (a question of honour). The case continued. In the meantime, his family and that of his rival engaged in violent conflicts.

US Federal Reserve policymakers favours more rate rises this year, saying July meeting likely to resume raising interest rates to tame the inflation. Though the Fed officials were encouraged by a slide in price pressures in June, but they’re don’t want to pronounce an end to their battle to rein in inflation that has repeatedly surprised them with its persistence.  “It’s really too early to say that we’ve declared victory on inflation," Bloomberg reported quoting Mary Daly, Federal Reserve Bank of San Francisco President’s CNBC interview.

Finance Minister Nirmala Sitharaman on Sunday made a case for further strengthening of global architecture to combat financial crimes, money laundering and sharing of information about different asset classes including crypto currencies. Addressing a 'G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering', the minister exuded confidence that G20 will continue to assist the jurisdictions in enhancing their law enforcement capacity.

India's G20 presidency intends to preserve the grouping's identity and ethos as a forum for growth that brings together developed and emerging economies on a common platform. This is stated in an official statement released on Sunday at the end of a three-day Sherpas' meeting that was chaired by India's G20 Sherpa Amitabh Kant in the historic city of Hampi.

Department of Military Affairs is working towards creating a culture of integration among the forces for which many steps have been taken and many are in the pipeline. To further strengthen integration and jointness among the defence forces, many steps have been taken like the decision to have cross postings of personnel in other services, holding of joint exercises and joint staffing in organisations, the senior government officials said.

J P Nadda charged on Sunday that the UPA of Congress stands for «utpidan, pakshpat and atyachar» — oppression, favouritism and atrocities — and that the party has no right to be in power in Rajasthan even for a minute. Addressing a rally after launching the BJP's «Nahi Sahega Rajasthan» campaign against the Congress government, he targeted the United Progressive Alliance (UPA) led by the Congress and said, «UPA of Congress stands for 'utpidan, pakshpat and atyachar'.» «Whereas the NDA (National Democratic Alliance) government led by Prime Minister Narendra Modi is working with the mantra of 'sabka saath, sabka vikas, sabka vishwas and sabka prayas',» he said.Nadda launched the party's poll campaign — 'Nahi Sahega Rajasthan' — to oust the Congress from power.

Finance Minister Nirmala Sitharaman and Canadian Deputy Prime Minister Chrystia Freeland on Sunday discussed the progress being made on ongoing bilateral trade negotiations. The two ministers met on the sidelines of the 3rd Finance Ministers and central bank governors meeting in Gandhinagar, Gujarat.

Godrej Consumer Products Ltd (GCPL) is around Rs 30,000 crore, which was bought by the group's FMCG arm in just Rs 100 crore in 1994, the company said in its latest annual report. Godrej Group had bought the Goodknight brand in just Rs 100 crore in 1994. A year later in 1995, it sold a 51 per cent stake in Goodknight to Sara Lee and started a joint venture with the US-based consumer goods company.

The Indo-France defence cooperation has reached new heights with the recent announcement by Indian and French authorities regarding the extension of their partnership in submarine building.

World leaders are all too familiar with the global community’s challenges: loss of progress in our fight against poverty, an existential climate crisis, a fledgling pandemic recovery, and a crippling war on the borders of Europe. But beneath the surface, a deep mistrust is quietly pulling the Global North and South apart at a time when we need to be uniting if we are to have any hope of overcoming these intertwined crises. The Global South’s frustration is understandable.

Bhabha Atomic Research Centre (BARC) to extend shelf life, said Consumer Affairs Secretary Rohit Kumar Singh on Sunday. In the 2022-23 fiscal, the government had maintained 2.51 lakh tonnes of onion as buffer stock. The buffer stock is maintained under the Price Stabilisation Fund (PSF) to meet any exigencies, if rates go up significantly during the lean supply season. «To meet any eventuality in the festival season, the government this year developed a robust buffer to an extent of 3 lakh tonnes. There is no problem with onions,» Singh told PTI. Onion that is procured for the buffer stock is from the just completed rabi season. Presently, the kharif onion sowing is underway and its arrival begins in October.

Kyiv has not offered much detail on how it's going. Taking place mostly out of sight of impartial observers, the fighting in eastern and southern Ukraine pits troops equipped with new Western-supplied weapons against Kremlin forces that spent months digging formidable defences and honing tactics. Here's a look at what's happening after more than 16 months of war:What are Ukraine's tactics? Fighting has intensified at multiple points along the 1,500-kilometer (930-mile) front line. Ukrainian forces are making steady progress along the northern and southern flanks of the wrecked city of Bakhmut, which Russian forces have been occupying since May. Battles are also raging along the southern front in Zaporizhzhia, where Ukrainian forces are making minimal gains and coming up against formidable Russian fortifications. Hanna Maliar, Ukraine's deputy minister of defense, recently claimed that Kyiv's forces had destroyed six Russian ammunition depots in the space of 24 hours, a remark that hinted at Ukrainian tactics.

Arvind Kejriwal on Sunday informed that the Chandrawal water treatment plant is back at work. It was one of the three plants that authorities had shut in Delhi after Yamuna River's water level surged to an unprecedented level, causing floods in several parts of the city. The Chandrawal water treatment plant was shut on 13 July as the floodwater entered the pumping stations of these plants.

Nirmala Sitharaman and the Indian delegation for hosting the G20 ministerial. “I would like to thank Finance Minister Sitharaman and the Indian delegation for hosting the G20 ministerial," she said.