Sustainability Financial News

Rahul Gandhi on Saturday said while the Narendra Modi government is hiking the rates of the income tax and other taxes for the common man, it is giving concessions to billionaires, and claimed that it is set to introduce another slab of the GST to burden people. Gandhi said the Congress will continue to oppose this «injustice» of imposing higher tax rates on things of daily use and giving concessions to big billionaires. «See another example of concessions to capitalists and looting common people. »On one hand, the income tax is increasing constantly in comparison to the corporate tax. On the other hand, the Modi government is preparing to collect more money through Gabbar Singh Tax," he said in a post in Hindi on X.

On Saturday four ministers were inducted in the council of ministers and with these the strength of council of ministers has gone to 18. T Assam Governor Laxman Prasad Acharya administered the oath of office to the four new ministers – Prasanta Phukan, Kaushik Rai, Krishnendu Paul, and Rupesh Goala.

Foreign portfolio investors (FPIs) reversed their selling trend in December, recording net equity inflows of Rs 24,454 crore so far this month. With the latest inflows, FPIs have experienced a total net inflow of Rs 9,435 crore in 2024 so far, versus outflows of Rs 15,019 at the end of November.

Samajwadi Party's Maharashtra President Abu Azmi expressed dissatisfaction with the «communal remarks» made by Shiv Sena (UBT) and pulled out of the Maha Vikas Agadhi (MVA) alliance on Saturday. The SP Maharashtra president announced in a post on X that the party had quit the alliance in the state due to the remarks made by Shiv Sena (UBT) leader, Azmi said, «Samajwadi Party was, is and will always be against communalism. SP leaves Maha Vikas Aghadi because of Shiv Sena (UBT)» Azmi was referencing the remarks made by the Shiv Sena (UBT) that had posted a picture of the Babri Masjid and Balasaheb Thackeray, expressing solidarity with the Babri masjid demolition.

Anantha Nageswaran has pointed out that listed companies are making higher profits but they are paying less to their employees. Nageswaran nudged the private corporate sector to hire more and find the “right balance between capital-intensive and labour-intensive growth”, underling that while profits of listed companies--as a percentage of GDP--hit a 15-year high in 2023-24, their wage cost increase decelerated. Without a judicious balance between the share of corporations’ income making up their profits and that going to workers as wages, there won’t be adequate demand in the economy for companies’ own products to be bought, the CEA said at an event a few days ago. Sustained income growth bolsters both consumption and savings, eventually spurring economic expansion. “In other words, not paying workers well or not hiring workers enough will end up being actually self-destructive or harmful for the corporate sector itself and for small enterprises,” Nageswaran said, stressing that even legendary economist Adam Smith had written The Theory of Moral Sentiments before his seminal work--The Wealth of Nations. “The most important ingredient of long term growth and consumption is to ensure employment income growth and, thus, spending power growth. Otherwise, it will become a mutually self-destructive cycle,” the CEA said.

Duchess of Cambridge, has paid a heartfelt tribute to Princess Diana's enduring legacy by inheriting a remarkable collection of jewels. Among these treasures is a stunning emerald and diamond choker valued at INR Rs 14.56 crore (approximately £16 million). Originally a wedding gift from Queen Elizabeth to Princess Diana in 1981, the necklace was given to Diana on a lifetime loan. Now, this exquisite heirloom has been passed down to Kate, who has embraced its history with grace. Kate, celebrated for her impeccable style, honored the piece by wearing it during the 2022 Earthshot Prize Awards. Paired with a rented off-the-shoulder dress from Solace London, the choker became a centerpiece of her ensemble, perfectly aligning with the event’s sustainable fashion theme. The necklace, featuring dazzling emeralds and diamonds weighing approximately 10 carats each, is now estimated to be worth INR 150 crore (about $20 million). Throughout her time in the Royal Family, Kate has subtly incorporated Princess Diana’s iconic fashion elements into her wardrobe, from her engagement ring to other jewelry pieces. Her choices are not only tributes to Diana but also to Queen Elizabeth II, whom she honored during the 2022 Remembrance Sunday service by wearing sentimental earrings. Following Diana’s tragic passing, Kate thoughtfully selected heirloom pieces that reflect a deep respect for tradition and a desire to preserve the memory of her predecessors.

Nifty is likely to continue its northward journey in the next couple of trading sessions, says Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, at SBI Securities. «The zone of 24,850-24,900 will act as a crucial hurdle for the index. Any sustainable move above the level of 24,900 will lead to a sharp upside rally up to the level of 25,200, followed by 25,500 in the short term. While, on the downside, the zone of the 100-day EMA zone of 24,350-24,300 will act as immediate support for the index,» he says.

Mahatma Gandhi was unveiled in the State Capitol building in Nebraska as December 6 was proclaimed as a day of remembrance for Gandhi in the US state, honouring the principles of non-violence, tolerance and justice championed by the iconic Indian leader. Governor Jim Pillen of Nebraska unveiled the bust of Mahatma Gandhi on Friday at the Governor's Office in the iconic Nebraska State Capitol premises in Lincoln. This marks the first installation of Gandhi's bust in any State Capitol premises in the nine states that come under the consular jurisdiction of the Indian Consulate in Seattle.

The European Union has reached a blockbuster free trade agreement with Brazil, Argentina and the three other South American nations in the Mercosur trade alliance

A review of the growth-inflation dynamic by the MPC places a bigger downside risk on the former, which calls for a tactical response where a strategic one is not immediately available. Hence, the lowering of cash reserve ratio (CRR) to pull interbank rates down closer to the policy rate, and higher interest rate ceilings for foreign currency deposits to ease pressure of the dollar's rise and capital outflows on the rupee.

Subscribe to enjoy similar stories. With the Reserve Bank of India keeping its key interest rate unchanged, real estate experts and developers have stressed the need to lower the rate, citing the need to stimulate sluggish sales and ease the growing burden of borrowing costs. “At this point, a rate cut would be more beneficial for consumers," said Shishir Baijal, chairman and managing director of real estate consultant Knight Frank India.

Subscribe to enjoy similar stories. With the release of Pushpa 2: The Rule on Thursday, PVR Inox Ltd is back in the spotlight. Expectations for the movie's collections are running high as the first edition of the action film franchisewas a success at the box office.

The UN trade and development agency UNCTAD said global exchanges of goods and services are expected to reach a record level of nearly $33 trillion in 2024. «This $1 trillion increase, reflecting 3.3 percent annual growth, highlights resilience in global trade despite persistent challenges,» the UN agency said in a statement.

CTO Werner Vogels. According to him, in an era of unprecedented societal challenges and rapid technological advancements, harnessing 'technology for good' has become both an ethical imperative and a profitable endeavour. «From clean energy innovations unlocking new avenues for sustainable development to AI-powered tools tipping the scales in the fight against disinformation, we are witnessing technology augment human ingenuity in inspiring ways,» he said.

Subscribe to enjoy similar stories. Nifty 50, India's benchmark stock market index, sustained its positive momentum for the fifth consecutive session. On 5 December, Thursday, the index opened with a gap-up and formed a bullish candle on the charts.

Penn Wharton Budget Model faculty director Kent Smetters joins Varney & Co. to discuss how their research-based analysis could reduce the national debt if implemented.

Barwa Adda Expressway (BAEL), have agreed to restructure the ₹1,269 crore debt of the toll company, allowing them to classify the account as standard to recover their dues. The restructuring documents are being finalised and creditors expect to complete the process and book the recovery in the current quarter, people familiar with the plans said. An IL&FS spokesperson confirmed that lenders have approved the restructuring of its ₹1,269 crore aggregate debt.

Chief economic advisor (CEA) V Anantha Nageswaran on Thursday nudged the private corporate sector to hire more and find the “right balance between capital-intensive and labour-intensive growth”, underling that while profits of private listed companies, as a percentage of GDP, hit a 15-year high in March 2024, their wage cost increase dwindled. Without a judicious balance between the share of corporations’ income making up their profits and that going to workers as wages, there won’t be adequate demand in the economy for companies’ own products to be bought, the CEA said. Sustained income growth bolsters both consumption and savings, which eventually spur economic expansion. “In other words, not paying workers well or not hiring workers enough will end up being actually self-destructive or harmful for the corporate sector itself and for small enterprises,” Nageswaran said, stressing that even legendary economist Adam Smith had written The Theory of Moral Sentiments before his seminal work--The Wealth of Nations.

Publicis OOH India, a division of Publicis Groupe India, has developed FlexForward, a green initiative focused at recycling vinyl flexes used in the Out-of-Home (OOH) advertising market. In partnership with leading NGOs such as Goonj, FlexForward collects post-campaign flexes and repurposes them into eco-friendly utility products, including rain tarps, tote bags, and women’s utility pouches. These items are then distributed among marginalised communities, promoting sustainability while creating a positive social impact.

Mutual funds, which continue to benefit from India's increasing financialisation of savings, appear to have stepped in to fill the financing void created by circumspect banks that have slowed fund flows to non-bank lenders following regulatory scrutiny on such exposure. Their support to non-banking financial companies (NBFCs) climbed 47% in October, albeit on a much smaller base. That compares with a growth of 6% in bank lending to NBFCs, although on a much larger base, but nevertheless reflecting the impact of regulatory caution on bank exposure to this segment. To be sure, banks remain the biggest financing source for NBFCs, but the share of alternative market-driven instruments in the total funding pie will increase. «While banks will remain the dominant funding source for NBFCs, the bond market will gain market share over the near to medium term,» said Malvika Bhotika, director at Crisil Ratings. «We believe the bond market will become more attractive over the next few quarters given the expectation of a repo rate cut.»