Sustainability Financial News

Bitcoin miners are emerging as attractive partners for the construction of artificial intelligence (AI) data centers, benefiting from their available power supplies and operational capabilities.

Indians working in the Russian army after Prime Minister Narendra Modi raised the issue with President Vladimir Putin during his Moscow visit on Monday night, a development that observers described as a diplomatic victory for India. At least four Indians have died fighting the Ukraine war. Around 61 Indians are believed to be serving in the Russian army. The PM raised the issue at a private dinner hosted by Putin on Monday evening, said people familiar with the matter.

Plastic industry is one of the leading contributors to the economy and provides a lot of employment opportunities, Chemicals & Petrochemicals Secretary Nivedita Shukla Verma said on Thursday. She inaugurated a four-day Global Conclave on Plastic Recycling and Sustainability (GCPRS) organised by industry bodies All India Plastics Manufacturers' Association (AIPMA) and the Chemicals and Petrochemicals Manufacturers' Association (CPMA) at Pragati Maidan in the national capital. The event focuses on the rising use of plastic, its impact on the environment and also on the steps needed for solutions. According to an official statement, Verma in her address commended the efforts of the AIPMA and the CPMA for organising a conclave on a topic of paramount relevance, at a time when only ten per cent of the total plastic waste generated globally was recycled.

Vedanta Group chairman Anil Agarwal met Odisha Chief Minister Mohan Charan Majhi on Saturday, and held discussions on the development projects in the state. During the meeting, Agarwal reiterated Vedanta Group's unwavering commitment to the state's progress, the company said in a statement. The discussion focused on identifying new areas of collaboration that could further accelerate Odisha's transformative journey, enhancing its industrial and socio-economic development, it said. Expressing his confidence in the new government's vision and leadership, Agarwal said Odisha's remarkable growth is a testament to the sheer hard work and commitment of its people.

Stocks that were in focus include names like Persistent Systems, which rose 3.63%, Mazagon Dock, which gained 20%, and Orient Cement, whose shares gained 0.082% on Thursday.

Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved. Brent futures rose 21 cents to $84.87 a barrel by 0055 GMT, after falling 1.3% in the previous session.

financial institutions must guard against any misadventure or intelligent interpretation of regulations or accounting standards, deputy governor Swaminathan J said in his remarks at the conference of CFOs and statutory auditors organised by the Reserve Bank of India (RBI). Banks must also keep the amount of internal accounts to the minimum as some of these accounts have been found to be used as a conduit for certain fraudulent transactions, Swaminathan who is in charge of financial supervision and inspection departments with the central bank among others said. “We found certain banks having lakhs of such accounts with apparently no valid reason. Some of these accounts were also used as a conduit for certain fraudulent transactions and ever-greening of loan accounts. Internal accounts are high risk in nature on account of its potential for misuse. I therefore request the CFOs to have them rationalised completely, bring them down to the essential minimum and exercise greater control through periodical reconciliation and a proper reporting to the audit committee of the board (ACB), Swaminathan said.

A recent report from the TIAA Institute reveals that one out of three healthcare employees, including doctors, surgeons, and registered nurses, lack confidence in their retirement savings.

In keeping with the ambitions of the Paris Agreement, the Emerging Markets Climate Transition strategy retains the move toward a low-carbon economy as its raison d'etre. Meanwhile, the Transition Asian Equities fund will funnel money into companies with broader social and environmental objectives. Robeco brings multi-thematic strategy to market The EM strategy is set to be spearheaded by veteran EM fund manager  Jaap van der Hart and Rob Schellekens, current lead portfolio manager of the EM ex-China fund. Head of Asia Pacific equities Joshua Crabb will take the helm of Transition Asia...

IPO of Emcure Pharmaceuticals, the shares of the company are commanding a healthy premium of Rs 360 in the unlisted market. Considering the upper price band of Rs 960, the stock is expected to list at a premium of 37% if the current trends sustain. The company has finalised the share allotment today and listing date is fixed as July 10.

₹7.09 trillion in FY24 from ₹2.58 trillion in FY20 and ₹1.41 trillion in FY15. Kapoor expects this amount to grow significantly as PLI schemes for auto, semiconductors, medical devices, drones, white goods, and computer hardware gain traction.

Employees at Citigroup’s New York headquarters are facing multiple indignities. Not only does a growing contingent now have to be back in office full time, but to get to their desks, they must walk through a throng of protestors who have been camped outside the bank for much of June. Activists are calling the campaign the “Summer of Heat," vowing to show up outside Citi “week after week" and “month after month" to protest its funding of the fossil fuel industry.

Reserve Bank of India (RBI) has penalized five banks, including Punjab National Bank (PNB), in the first week of July for non-compliance with various RBI directions. PNB became the fifth bank to be penalized, with a penalty of Rs 1.31 crore. This penalty was imposed for non-compliance with RBI directions regarding 'Loans and Advances: Statutory and Other Restrictions' and the 'Reserve Bank of India (Know Your Customer (KYC) Direction, 2016'. Before PNB, the RBI penalized four cooperative banks with various penalty amounts. These banks include The Gujarat Rajya Karmachari Co-operative Bank, Gujarat; The Rohika Central Co-operative Bank, Madhubani, Bihar; The National Co-operative Bank, Mumbai, Maharashtra; and The Bank Employees' Co-operative Bank, West Bengal.

HCLTech chairperson Roshni Nadar Malhotra was conferred France's highest civilian honor, the Chevalier de la Légion d'Honneur (Knight of the Legion of Honour), the company said on Monday. The award, which is conferred for outstanding service to France, recognised Nadar Malhotra’s business and sustainability contributions and efforts to promote economic ties between France and India, HCLTech said.

Crisil recently pegged investments at 33.7% of GDP in 2023-24, a 1.5 percentage point jump, that translates into a 33% savings rate for a 0.7% current account deficit. That’s also a significant rise. Here’s the clincher: a rising savings rate also allows for greater investments while keeping the current account deficit at the same level.

Union Budget 2024: In the 2024 interim Budget, Finance Minister Nirmala Sitharaman allocated ₹2,449.62 crore to the tourism sector, signaling a substantial 44.7% increase from the revised allocation in the current fiscal year. This marked a significant improvement over the 2023 Union Budget, initially set at ₹2,400 crore for the tourism ministry and later revised downward to ₹1,692.10 crore. With the industry experiencing a surge in travel, the upcoming Budget announcements later this month are eagerly awaited by stakeholders in the tourism sector. Hotel operators, who significantly downsised their workforce during the Covid-19 pandemic, are now actively hiring to support expansive growth plans and address high turnover rates in India. Over the next 12-18 months, an estimated 200,000 jobs are anticipated to be generated in the hotel, restaurant, and tourism sectors, as per TeamLease Services, a staffing services firm. This surge in employment comes as hotels expand their capacities, open new locations, and experience robust demand from both business and leisure travelers.

Saurabh Mukherjea, the Founder & Chief Investment Officer of Marcellus Investment Managers, a renowned portfolio management service (PMS) player, stressed on three transformative themes driving new investment opportunities in India. These include the democratization of boardroom opportunities, the $300 billion China +1 opportunity, and the empowerment of Indian women.

agriculture sector wants the upcoming budget must prioritise funding for climate-smart agriculture, promoting innovations like solar-powered irrigation and rainwater harvesting. Moreover, the sector wants to boost the agricultural supply chain through expanded storage capacities and improved transportation networks are essential to reducing wastage and enhancing farmers' incomes. Rajesh Aggarwal, managing director, Insecticides (India) Ltd said «In anticipation of the upcoming budget, the agricultural sector eagerly awaits increased investment in rural infrastructure and comprehensive reforms. Strengthening road networks, irrigation facilities, and storage infrastructure is pivotal to minimising post-harvest losses and enhancing market access for farmers. This initiative not only intensifies productivity but also generates employment, catalysing rural economies. Collaborative efforts between the government and private sector are imperative, facilitating the integration of advanced technologies and efficient farming practices. Enhanced supply chain management, supported by public-private partnerships, ensures streamlined operations and accessibility to quality agricultural inputs, including crop protection products like insecticides and biologicals. Addressing climate resilience remains critical, necessitating robust strategies for pest management and sustainable water management.»

ESG has become one of the most divisive topics in investing and not just in the US, according to new research.

₹6-18 lakh come under the ambit of middle-income group, while those in the ₹6-12 lakh income slab are under the middle-income group-I (MIG-I) and those with income in the range of ₹12-18 lakh fall under MIG-II. Households with an annual income of ₹6-12 lakh per year can currently buy or build a property with a carpet area of up to 90 sq. m under the scheme, while households with an annual income of ₹12-18 lakh per year can build or buy a property with a carpet area of up to 110 sq.

Federal Reserve officials noted a slowdown in the US economy and diminishing price pressures during their June 11-12 meeting, yet decided to maintain a cautious stance regarding interest rate cuts, as revealed in the meeting minutes released Wednesday.