Recovery Financial News

By Deborah Mary Sophia and Ananya Mariam Rajesh

European stocks rallied as investors took some comfort from assurances by the Italian government that a new windfall tax on banks will be capped.

BEIJING (Reuters) -China's consumer prices fell into deflation in July, while factory gate prices extended their declines, as the world's second-largest economy struggled to revive demand and pressure mounted for authorities to release more direct stimulus.

Public sector lender, Bank of Baroda (BoB), reported its June quarter (Q1FY24) results on Saturday. As is the case with most large banks, BoB also saw a sequential decline in net interest margin (NIM), though the fall was sharper than most analysts’ estimates. In Q1, NIM was down 26 basis points (bps) sequentially to 3.27%.

Edelweiss Group on Sunday said mounting recovery efforts from defaulters are not just a right, but also an obligation of creditors. Acknowledging that its chairman and managing director Rashesh Shah has been named along with four others in the first information report (FIR) in connection with art director Nitin Desai suicide case, Edelweiss Financial Services maintained that it did not put any «undue pressure» on Desai.

James Wan recently posted a note on his Instagram account, informing his followers about his hospitalization and subsequent recovery. The 46-year-old director, known for his work on blockbuster movies like «Aquaman» and horror classics such as «The Conjuring,» shared the news in a heartfelt message on his Instagram Stories. The note revealed that James Wan was rushed to the emergency room for an undisclosed health issue, leading to a couple of frightening and challenging days and nights for the filmmaker. The specific details of his medical condition were not disclosed in the post, which included a photo of Wan lying in a hospital bed with an IV in his right arm.

smartphone market shipped 64 million units in the first half of 2023, a decline of 10% on-year, despite the second quarter sequentially outperforming with 34 million shipments, on account of an increased focus in clearing inventory by offering discounts, special schemes and price drops before the start of the festive season, according to a new report from IDC India. The research firm also noted a decline in average selling prices after several consecutive quarters of growth, with ASPs declining 8% sequentially to $241 in Q2.

AAVE, the governance token of the decentralized finance (DeFi) protocol Aave, experienced a 17% decline between July 30 and August 1, reaching the $62 level. 

The Wilder Institute/Calgary Zoo is mourning the loss of Aslan, the 12-year-old African lion who died Monday while recovering from a veterinary exam.

China business amid a frail recovery at the world's second-largest economy from a pandemic slowdown. Following are comments from firms on their China business during the latest reporting season:Procter & Gamble: The Tide detergent maker reported an overall volumes fall of 1% in its fourth quarter, mainly due to weaker demand in the Greater China region. Intel: «The China market, I think, has been well reported, hasn't come back as strongly as people would have expected overall,» said Intel CEO Pat Gelsinger.AbbVie Inc The Botox maker said it has seen rates for aesthetics treatments in China fully recover to pre-COVID levels and continues to anticipate strong growth through the rest of the year in the country.Mastercard Inbound cross-border travel to China stood at nearly 50% of 2019 levels, while outbound travel was nearly 70%, the company said.Anglo American The global miner said it has been surprised by how slow the reopening of China has been but believed a recovery was underway.L'Oreal The Chinese market is «really picking up,» although «not at the speed everybody had hoped for,» L'Oreal CEO Nicolas Hieronimus told Reuters.Mobileye Global Saw weak demand for its driver-assistance technology in China.Coca-Cola The company saw strong demand for some juice business in China but also flagged destocking activity in the second quarter.Seagate The computer hardware maker said its fourth-quarter Technology performance was impacted due to the uneven pace of the Chinese economic recovery.LG Energy Company warned it faces weaker EV demand in China than Solution previously expected.Thermo Fisher The company witnessed significantly slower economic activity Scientific in China during the second quarter.

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chipmakers are celebrating the beginning of the end of a semiconductor supply glut, but the outlook for demand from customers outside the artificial intelligence (AI) industry remains gloomy. All the major markets for chips — smartphones, PCs and data centres — have shrunk this year, as both corporate customers and consumers scale back spending amid a weak global economy, high inflation and rising interest rates.

₹469 crore, Union government is unlikely to relent and plans to take them to court if the penalties are not paid in next few days. Seven companies—Hero Electric, Okinawa Autotech, Ampere EV, Revolt Motors, Benling India, Amo Mobility and Lohia Auto—have been found guilty of wrongfully claiming subsidies under the FAME II scheme, after assembling vehicles in the country with imported products. Under the scheme, companies manufacturing their product completely in India are eligible for government support.

New Delhi: To support economic recovery, the Nepal Rasta Bank (NRB) has announced its monetary policy for the fiscal year 2023-24, focusing on controlling inflation, stabilizing interest rates, and ensuring credit demand. The policy comes amid the government’s prudent fiscal plan aimed at rationalizing expenditure and increasing domestic revenue mobilization.

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artificial intelligence (AI) technologies following the post-Covid economic downturn. Samsung's recent financial report showed net income surpassing expectations. The company expressed confidence that AI-related applications would fuel memory demand growth by the end of the year.

Tech Mahindra Ltd. fell short of the mark in its June quarter (Q1FY24) earnings, disappointing its investors and sending shares down almost 3% in the National Stock Exchange's early trading on Thursday. The company reported a disheartening 4.2% sequential drop in constant currency revenue, failing to meet analyst expectations.

There has been a further acceleration in demand recovery in July, they added, attributing the pick-up to a slowing in inflation among other drivers. They are confident of a complete recovery in the second half of the fiscal year, as festive season spending kicks in.

ESPN Cricinfo, “Bottom line is there is potential, there is talent coming through in red-ball cricket. We’ve seen the younger lot come through, but to make the West Indies Test team a success or competitive, what they really need to do is play more and more of this format." Explaining his point further Deep Dasgupta said it is about providing the West Indies with the opportunities to play as many Test matches as possible and this thing can only move further with the approval of the Board of Cricket Control in India (BCCI).

mental healthat Vigyan Bhawan here, the NHRC chief said that a hospital is not a place where cured patients should be allowed to stay even for a single extra day. Union Minister of State for Health Bharti Pravin Pawar and other dignitaries were also present at the conference in the national capital. He referred to a report prepared by the National Human Rights Commission (NHRC) which is based on visits made by teams of the Commission and its special rapporteurs from July 2022 to January 2023 of various mental healthcare institutions in the country.

Unilever global chief financial officer Graeme Pitkethly said it can see reason for positivity in India, including recovery in villages over the past quarter, while signalling possible price cuts in the core categories of soaps and detergents to accelerate growth. «The market in India continues to grow in value, and volumes are also now recovering with rural volumes moderately positive over the last three months,» Pitkethly told analysts during first-quarter earnings call at the parent of Hindustan Unilever (HUL), India's biggest consumer goods company.