Sustainability Financial News

ageing population and climate change, a government watchdog forecast on Thursday. The projection from the Office for Budget Responsibility comes ahead of the Labour government's maiden budget next month in which some taxes are expected to rise to help fill a blackhole estimated at £22 billion ($29 billion). Commenting on its latest annual Fiscal Risks and Sustainability report, the OBR noted that «long-term projections such as these are clearly highly uncertain».

Tata Motors on Thursday hailed the PM e-drive scheme, saying it would help in higher adoption of electric vehicles in the country. On September 11, the Union Cabinet approved two major schemes with a total outlay of Rs 14,335 crore to promote the use of electric vehicles, including buses, ambulances and trucks. The two schemes are the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme with an outlay of Rs 10,900 crore over a period of two years, and the PM-eBus Sewa-Payment Security Mechanism (PSM) scheme with a budget of Rs 3,435 crore. «With continued focused support on 2Ws, 3Ws, e-buses and the thoughtful addition of e-ambulances, the scheme will drive higher EV penetration in the country,» Mahindra & Mahindra Managing Director Anish Shah said in a statement.

Bio-E3 policy marks a crucial step in positioning India as a global bio-economy leader and is set to spark a «bio-revolution» in India similar to the IT revolution in the Western world, Union minister Jitendra Singh said on Thursday. The BioE3 policy was formally launched last month and aims to facilitate sustainable and efficient utilisation of biological resources for innovation, scaling-up and bio-manufacturing of specialty chemicals, enzymes, bio-polymers, functional foods, smart proteins, veterinary products, precision bio-therapeutics and services. Speaking at the Global Bio-India Summit 2024, Singh, the Minister of State (Independent Charge) for Science and Technology, said the policy marks a crucial step in positioning India as a global bio-economy leader. Singh highlighted the importance of the Global Biotech platform, which brings together a diverse range of stakeholders, including start ups, SMEs, large industries, research institutes, and international bodies.

Narendra Modi said. “There was a time when air travel was only reserved for the elite in India. It was limited to big cities but the middle and poor class never could use this. But today, lot of common people are flying from tier 2 and tier 3 cities,” Modi said while addressing the second Asia Pacific Ministerial Conference on Civil Aviation Thursday. The Prime Minister also announced the unanimous passing of the Delhi Declaration under which the countries agreed to work together to enhance regional cooperation, addressing emerging challenges, and fostering sustainable growth within the civil aviation sector.

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Pankaj Jain said on Thursday. “Do you think the cracks of zero or one ($/barrel) on gasoline (petrol) are sustainable? Even the cost of refining is not getting recovered on petrol,” Jain told reporters on the sidelines of an industry event. “The entire product market for exports is in complete turmoil.” Crack spreads are the difference between the prices of crude oil and refined products such as petrol and diesel. Globally, a combination of weak fuel demand and higher refinery runs has sharply pulled down margins on diesel and petrol in recent months. This hit domestic refiners’ earnings in the April-June quarter.

Microsoft Corp. said it is cutting 650 jobs in its Xbox unit, the third such layoffs this year as the company tries to rein in costs and integrate its massive $69 billion acquisition of Activision Blizzard Inc. The roles to be eliminated are in “mostly corporate and supporting functions,” according to a memo sent to staff by Xbox chief Phil Spencer on Thursday. “No games, devices or experiences are being cancelled and no studios are being closed as part of these adjustments today.” Xbox employees had been bracing for further reductions after Microsoft cut 1,900 jobs, many from Activision units and studios, in January. In May, the company announced the shuttering of four studios acquired as part of its $7.5 billion purchase of ZeniMax — one of which was ultimately sold instead. These steps, along with the decision to release some Xbox games on rival consoles, have angered some of the platform’s fans and left them questioning Microsoft’s commitment to building compelling exclusive content.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

SBI Balanced Advantage Fund has achieved a milestone of completing three years. It is an open-ended dynamic asset allocation fund. The scheme is benchmarked against NIFTY 50 Hybrid Composite Debt 50:50 Index. The fund is managed by Dinesh Balachandran, Rajeev Radhakrishnan, Mansi Sajeja, and Pradeep Kesavan. Also Read | This defence mutual fund yielded 85% return since inception. Time to make allocation in this sector?

India has demonstrated a largely successful inflation targeting regime compared to advanced economies such as the USA, Germany, and France, according to a research report by the State Bank of India (SBI). The report credits government initiatives, the RBI, and banks for addressing these issues over the past decade, allowing for better policy transmission and improved inflation management. «The success of Inflation Targeting in India is largely a byproduct of a vibrant financial ecosystem where RBI, Government and the Banks are working closely in unison in ushering in market reforms» said the report

Turkey said it condemned this week's signing of a roadmap to boost two-way defence co-operation between the United States and the Republic of Cyprus. The move came amid United Nations efforts to find common ground for the resumption of long-stalled negotiations between the rival Greek and Turkish Cypriot communities on the Mediterranean island, which has been divided for decades. The U.S. steps, including last June's announcement of the launch of a strategic dialogue with Cyprus, are detrimental to the security of the Turkish Cypriot side of the island, the Turkish foreign ministry said.

Adani Group, has been arrested by Odisha’s Vigilance Directorate for allegedly attempting to bribe an Indian Administrative Officer (IAS). Rambhav Gattu, the Chief Manufacturing Officer (East) of Ambuja Cement in Chhattisgarh, was taken into custody after he attempted to offer Rs 2 lakh in cash to the collector of Bargarh district, Aditya Goyal.

By Ben Eisen and Tegan Hill

U.S. consumer prices rose marginally in August, but underlying inflation showed some stickiness, which could discourage the Federal Reserve from delivering a half-point interest rate cut next week.

Manipur police stated that certain vested interests were exploiting the students for their own gain. Police said that protestors used petrol bombs and firearms during the protest. With Manipur witnessing drone bomb attacks and protest by the students a curfew has been imposed in three districts in Manipur on Tuesday. The Manipur State Home Department has announced a five-day suspension of internet services in five districts, citing concerns over potential disturbances to public peace and order. To disperse the protestors the security forces resorted to firing of teargas shells while in return, the protestors retaliated with stones and other objects. As many as 80 individuals sustained injuries.

Arunachal Pradesh Chief Minister Pema Khandu pointed to the success of the Vibrant Village Programme, noting the transformative changes it has brought. Ongoing projects include the construction of 1,022 km of roads to connect 124 habitations. He attended the Border Area Development Conclave today, with Union Defence minister Rajnath Singh as the chief guest. The event organized by the Indian Army and Centre for Land Warfare Studies, was also graced by Union Minister Gajendra Singh Shekhawat. Khandu emphasized the importance of the conclave in enhancing the development of border regions and outlined the critical role Arunachal Pradesh plays in national security and development.

Florilege is not just about food, it's also about conversations. Using a table dot-style setting, Chef Hiroyasu Kawate serves his creative tasting menus of contemporary, French-accented cuisine to guests seated around a single, long, 16-seater table to encourage interaction between them and the knowledgeable front-of-house team. Kawate comes from a family of chefs and opened Florilege in 2009, earning two Michelin stars in 2018 and, five years later, picking up a Michelin Green Star. Like many top chefs, Kawate advocates sustainability, and the team is committed to serving less meat, dairy and seafood. However, this doesn't impact the guest experience. What's remarkable is how even simple ingredients, such as eggplant, mushroom or soybean flan, surprise and impress diners with their complex, deep and unexpected flavours. Some of the best dishes at Florilege include shiitake mushrooms with cheese, an intricate dish that combines mushrooms, cheese and truffle shavings, and Ayu sweet fish, served with mountain vegetables and a fermented sauce. And don't miss the showstopper: the chocolate omelette dessert served with coffee glaze and Chantilly cream.

Rachel Wolfson has been covering the cryptocurrency, blockchain and Web3 sector since 2017. She has written for Forbes and Cointelegraph and is the host and founder of Web3 Deep Dive podcast.

Defence Ministry has given approval to the Indian Navy's plans worth over Rs 2,500 crore to build 100-tonne unmanned underwater vessels. The proposal for building the 100-tonne unmanned underwater vessels was given clearance at a high level defence ministry meeting held recently, defence sources told here. The underwater vessels in the Extra Large category would weigh over 100 tonnes and would be

Indian automobile industry is at the cusp of a revolution and it needs to focus on customer service, after-sales and quality assurance, Union Minister Nitin Gadkari said on Wednesday. In a video message to the Auto Retail Conclave organised by Federation of Automobile Dealers Associations (FADA), Gadkari, the Minister for Road Transport and Highways acknowledged that automotive dealers play a key role in realising the government's mission of a self-reliant India. «The automotive industry is at the cusp of the revolution, and as we look to the future, it is critical that the sector continues to innovate, especially in areas like customer service, after-sales and quality assurance,» Gadkari said. The minister further said, «As a distributor of automobiles, you play a pivotal role in the government mission of 'make in India' and contribute significantly to realising our vision of self reliant India.»

South China Morning Post, the Hong Kong daily, reported that the Malaysian Retailers Association has publicly called on Kuala Lumpur to significantly raise duties on imported goods costing $115 or less from the 10% levy imposed in January. The retailer’s association estimates it is losing 30% of its business to e-commerce portals selling goods shipped in from China. “Because we have not tightened up any rules or regulations, Malaysia has become a dumping ground for excess capacity from China," Ameer Ali Mydin of the Malaysian Retailers Association told the newspaper.