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IndiGo operator Interglobe Aviation has been allowed to wet-lease 11 A320 aircraft, CNBC-TV18 reported on Wednesday, citing sources at the Directorate General of Civil Aviation. This comes amid IndiGo grounding nearly 40 planes due to a Pratt & Whitney engine issue, the report said.

By Lucia Mutikani

India's government has told a court that Elon Musk's X is a «habitual non-compliant platform» and for years has not followed many orders to remove content, undermining the government's role, according to a legal filing reviewed by Reuters. The remarks were contained in an Aug. 24 non-public filing by India's IT ministry to the high court in the southern state of Karnataka, which is set to hear a challenge brought by the social media platform over a government fine in coming days.

China has not issued a ban on the purchase and use of foreign phone brands, the Chinese foreign ministry said on Wednesday, in response to media reports that said some government agencies and firms had told staff to stop using Apple's iPhones at work. «China has not issued laws, regulations or policy documents that prohibit the purchase and use of foreign brand phones such as Apple's,» foreign ministry spokesperson Mao Ning told a regular press briefing when asked about the reports.

By Joice Alves

Kim Jong Un is in Russia visiting President Vladimir Putin. While several reports had claimed that West fears a purported arms deal between the two nations. Reports have claimed that Kim Jong Un with the help of a translator told President Putin that Russian army and people would triumph against "evil", in what he cast as the West's imperialism in the war in Ukraine.

Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion, according to a report by news agency Reuters. MORE TO COME…

Gadkari retracts six airbag statement, says government will not make it mandatory. In 2022, Gadkari had said Indian Government has made it mandatory to have 6 airbags rule for passenger cars. The rule was reportedly set to come into force in October, 2023.

macroeconomic data. This happened despite global signals being subdued, with anticipation building around the US inflation figures, which will influence expectations regarding US interest rates. Consumer Price Index (CPI)-based inflation, or retail inflation, moderated to 6.83 per cent in August from a 15-month high of 7.44 per cent in July, thanks to a fall in vegetable prices.

Investing.com — The U.S. dollar stabilized in early European trade Wednesday, as traders cautiously awaited the latest U.S. inflation data, while sterling weakened after the U.K. economy contracted by more than expected in July . 

Investing.com — European stock markets weakened Wednesday after the U.K. contracted by more than expected in July, while investors braced for key U.S. inflation data.

By Jing Bian, Xie Yu and Carolina Mandl

Investing.com — The release of key U.S. inflation data on Wednesday is in focus, as investors attempt to gauge how the numbers could impact Federal Reserve interest policy decisions. Elsewhere, Apple (NASDAQ:AAPL) unveils incremental changes to its all-important iPhone device, while Arm reportedly gears up to price its initial public offering at the top end of its indicated range.

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₹7,405 per barrel on MCX. Crude oil price opened at ₹7,372 a barrel as compared to its previous close of ₹7,385 on the bourse. International crude oil prices rose, firming around a 10-month peak, as the market balanced supply concerns over Libya output and OPEC cuts with global macroeconomic headwinds.

Nitin Gadkari on Tuesday ignited concerns in the industry when he suggested he may propose levying an additional 10 per cent ‘pollution’ tax on sales of diesel vehicles. Well-intentioned as the warning may have been for it seeks to curb the black smoke on roads in one of the most polluted countries, automobile companies and investors were not enthused. Gadkari warned that just like India pushed through stricter fuel emission norms against opposition from the industry, it will similarly drive up taxes to push out diesel vehicles. “Today (Tuesday) evening, I am scheduled to meet Union Finance Minister (Nirmala Sitharaman).

Aeroflex Industries, whose metal hoses are used in utilities, refineries and fire fighting equipment, is in talks to enter the aerospace sector, a top company executive said, aiming to capitalise on the country's burgeoning space program. Following the recent success of its lunar mission, India launched its first solar mission, the latest step in its efforts to increase its share of the global satellite launch market by fivefold within the next decade. «It is our aim that our products be a part of India's next space mission,» Aeroflex Managing Director Asad Daud told Reuters in an interview last week. The company is in early-stage discussions with the likes of Hindustan Aeronautics Ltd (HAL) and Bharat Heavy Electricals Ltd (BHEL) and even the Indian Space Research Organisation (ISRO), Daud said. While HAL and BHEL are existing clients, the ongoing talks are a first for specific space-related projects, he said. The move will help the company, which made a stellar debut on the stock market about two weeks back, diversify its revenue stream. Aeroflex expects its total revenue to increase by 35% in the next three to four years, with at least 5% coming from aerospace, Daud said. Its revenue has surged over 86% in the past two years, to clock in at 2.69 billion rupees ($32.5 million) in the year that ended in March. Daud also said Aeroflex aims to cut imports of coils — a key raw material that accounts for half of overall raw material costs — from China in favour of local suppliers, who can deliver much faster. Aeroflex has three Chinese suppliers that, currently, meet 70%-75% of its needs for their coils.

Sugar output in Maharashtra, India's top producing state, is likely to fall 14% in the 2023/24 crop year to its lowest in four years due to lower cane yields following the driest August in more than a century, industry and government officials told Reuters on Wednesday. The reduced output could add to food inflation and discourage New Delhi from allowing sugar exports, supporting global prices which are already near their highest in more than a decade. Higher domestic prices will, however, improve margins for producers such as Balrampur Chini, Dwarikesh Sugar, Shree Renuka Sugars and Dalmia Bharat Sugar, helping them make payments on time to farmers. The western state of Maharashtra, which accounts for more than a third of India's sugar output, could produce 9 million metric tons in the 2023/24 season (which begins on Oct. 1), down from 10.5 million tons in 2022/23, said B.B.

global market as investors await US inflation data, expected later today, which could influence expectations around the interest rate trajectory in the US. "While the Fed is expected to leave interest rates unchanged at its September 19-20 policy meeting, the US central bank will probably wait until the April-June period of 2024 or later before cutting it," Reuters reported quoting a poll of economists. MCX Gold for October 5 contract traded 0.09 per cent lower at ₹58576 per 10 grams around 10:25 am.

inflation data on Wednesday, while an oil price spike stoked anxiety about persistent price pressures, complicating the interest rate outlook. The euro edged higher and markets moved to favour a hike from Europe's central bank on Thursday, following a Reuters report that the European Central Bank (ECB) expects inflation will stay above 3% next year in its updated forecasts, well above its target of 2%. MSCI's broadest index of Asia-Pacific shares outside Japan was flat while Tokyo's Nikkei eased 0.2%. Australia's resource-heavy shares lost 0.7%, Chinese blue-chips were flat but Hong Kong's Hang Seng index moved 0.6% higher. At the forefront of markets' minds is the crucial U.S. Consumer Price Index (CPI) report expected on Wednesday, which should shed further light on the inflation outlook and provide some clarity about whether the Federal Reserve is done tightening. While core CPI is seen cooling to 4.3% year-on-year in August from 4.7%, rising energy costs are forecast to keep headline inflation hot.

interest rate unchanged at the end of its Sept. 19-20 policy meeting and probably wait until the April-June period of 2024 or later before cutting it, according to economists in a Reuters poll.Fed Chair Jerome Powell underscored the «higher-for-longer» mantra for rates in a speech at the annual Jackson Hole central banking symposium in August and maintained another rate hike might still be needed to bring inflation down to the 2% target. But other members of the rate-setting Federal Open Market Committee (FOMC), including some of the more hawkish ones, have raised the possibility of holding off on another rate hike to allow more time to gauge the impact of the cumulative 525 basis points of tightening delivered by the Fed since March 2022. More than 95% of economists, 94 of 97, in the Sept.