Dynatrace Global CISO Regional Bank 2023 Report Highlights Challenges in the Financial Services Sector
Introduction The Dynatra͏ce͏ Global CISO Regional͏ Bank 2023 Report she͏ds light on the persistent challenges faced͏ by Chief Information͏ Secur͏ity Officers (CISOs) within the financial services sector. Despite the implementat͏ion
Adani Energy Solutions Completes the Warora-Kurnool Transmission Project
Introduction Adani Energy Solutions Limited (AESL) has successfully completed the Warora-Kurnool Transmission project, a significant addition to India’s electrical infrastructure. This transmission line stretches over 1,756 circuit kilometres (ckm) and
Hitachi Energy Inaugurates Largest Global Technology and Innovation Centre in Chennai, India
Tamil Nadu’s Chief Minister, M K Stalin, marked a significant milestone in the state’s technological advancement on Thursday by inaugurating Hitachi Energy’s largest Global Technology and Innovation Centre in Chennai.
Financial Setbacks Resulting from Interruptions in the Supply Chain Witness a Decline of Over 50% in 2022, Yet Hindrances Persist
A recent inquiry orchestrated by Interos, a foremost entity specializing in the management of risks linked to supply chains, discloses that monetary setbacks arising from disruptions in the supply chain experienced a substantial reduction exceeding 50% on an average scale throughout 2022
Japan’s Core Inflation Softens Amid Global Economic Challenges
In the midst of global economic uncertainties, Japan’s core inflation is expected to have eased in July, as indicated by a recent Reuters poll of analysts. This softening trend can be attributed to the impact of softer commodity prices, exerting downward pressure on inflationary measures.
Global Stocks Slip Ahead of US Inflation Data Release, Dollar Eases After Chinese Deflation
Global stock markets experienced a downturn on Wednesday as investors awaited the release of crucial U.S. inflation data, while the dollar saw a slight decline following reports of deflation in the Chinese economy. The anticipation of the upcoming Consumer Price Index (CPI) report for June led to cautious trading on Wall Street, with concerns that the data could reveal a higher inflation rate despite recent dovish statements from Federal Reserve officials.
China’s Exports Face Further Contractions in July Amid Global Economic Challenges
China’s exports are projected to suffer another blow in July as the nation’s manufacturers grapple with reduced demand from international markets, where inflation and rising interest rates have created challenging conditions.
Indian Real Estate Sector Witnesses Volatile Yet Upward Trajectory in Institutional Investment
The Indian actual estate domain has launched into a rollercoaster journey regarding institutional investments in the ultimate five quarters. As per Vestian’s comprehensive file, the world managed to charm a
IMF Reaches Staff-Level Agreement with Argentina to Unlock $7.5 Billion
The International Monetary Fund (IMF) announced on Friday that it has reached a staff-level agreement with Argentina, allowing the country to access about $7.5 billion and complete the fifth and sixth reviews of its $44 billion loan program.
JSR Corp Announces $6.4 Billion Sale to Government-Backed Fund for Strategic Shift in Chip Materials Sector
In a striking move, JSR Corp (4185.T), a prominent manufacturer of photoresists crucial for chip fabrication, has astounded the industry with a momentous $6.4 billion agreement to go private, orchestrated by Japan Investment Corp, overseen by the trade ministry.
Rising Employee Turnover in India’s Private Lenders Amid Strong Loan Demand
The banking industry in India is grappling with a growing trend of attrition, particularly affecting the sales division. During an earnings call, Yes Bank’s CEO, Prashant Kumar, acknowledged the industry-wide issue and emphasized the bank’s efforts to control attrition, setting a target of limiting overall employee turnover to 25-30%.
European Companies’ Climate-Friendly Activities: A New Analysis Reveals Low Alignment with EU’s Taxonomy
In a recent analysis published on Thursday, it has come to light that approximately two-thirds of European companies lack any revenue that meets the European Union’s (EU) list of climate-friendly activities.
Asian Markets Trade Weaker Ahead of Expected Fed Rate Hike and China’s Stimulus Details
Asian markets experienced a mostly weaker trading session on Wednesday as investors awaited the U.S. Federal Reserve’s decision on interest rates later in the day and sought clarity on China’s economic stimulus package.
Hong Kong Court to Decide on Evergrande’s Offshore Debt Restructuring in September
In a significant development in the ongoing financial crisis surrounding China Evergrande Group, a Hong Kong court has announced that it will make a crucial decision in September regarding the embattled property developer’s offshore debt restructuring.
Reliance Industries Shares Slump on Disappointing Profits Amid Concerns Over Key Businesses
Shares of Reliance Industries (RELI.NS), India’s largest company by market capitalization, experienced a significant setback on Monday as the conglomerate reported a larger-than-expected drop in profit, leading to a nearly 3% decline. This comes on the back of a 3.1% slide in the stock on Friday, just before the release of the financial results. Earlier this month, the stock had rallied over 13%, reaching a record high before the demerger of Jio Financial Services last Thursday. The recent stock performance has raised concerns about the company’s flagship oil-to-chemicals (O2C) business, which had experienced record-high refining margins last year due to the surge in fuel demand following the post-pandemic recovery.
Chinese Authorities’ Measures Aim to Revive Sluggish Economy, but Investors Remain Unimpressed
As the Chinese economy faces challenges in its post-pandemic recovery, Chinese authorities have taken steps to bolster sales in the automobile and electronics sectors. However, these measures have failed to meet investor expectations, who are calling for more robust stimulus to stimulate growth.
Surat Diamond Bourse: The World’s Largest Office Space
On November 21, Prime Minister Narendra Modi is set to inaugurate the Surat Diamond Bourse (SDB), a groundbreaking project that is being hailed as the world’s biggest office space in a single development. This ambitious initiative aims to expand and relocate the diamond trading business from Mumbai to Surat, the diamond-cutting and polishing hub of India. With its grand scale, state-of-the-art infrastructure, and focus on promoting trade, innovation, and collaboration, the Surat Diamond Bourse is poised to become a central pillar of India’s diamond industry and a testament to the country’s entrepreneurial spirit.
Turkish Financial Market’s Rollercoaster Ride: Lira’s Plunge, Stock Market Rally, and Inflation Concerns
The aftermath of Tayyip Erdogan’s victory in May’s Presidential vote brought mixed fortunes for the Turkish financial market. While some sectors witnessed a surprising rally, others endured significant losses, with the lira taking a severe hit. This article explores the extreme moves in the Turkish financial Market’s Rollercoaster Ride and delves into what investors are keeping an eye on for the future.
Indian Banks Reluctant to Fund Coal Mines Amid Rising Energy Demand and Renewable Push
India’s ambitious drive to increase coal production to meet its surging energy demand is facing hurdles as banks show reluctance to finance newly auctioned mines. Despite growing pressure from global investors to reduce fossil fuel exposure, most Indian banks are yet to formulate coal divestment policies, resulting in financing delays for the majority of the mines.
China’s Economic Recovery Falters as Weak Demand Looms, Prompting Policy Stimulus Concerns
China’s economic expansion during the second quarter of the year has displayed indications of fragility as both internal and external demand experience a downturn. The post-pandemic momentum has deteriorated swiftly,
French Government to Reduce Spending by €4.2 Billion in 2024
The French administration is devising a plan to slash its expenditures by €4.2 billion ($4.71 billion) in 2024, as per the initial budget projections presented to the parliament. This marks the first reduction in spending compared to the preceding year in nearly ten years. Budget Minister Gabriel Attal disclosed that this decrease would result in a 3.5% year-on-year decline when adjusted for inflation.
China and Taiwan Apply to Join CPTPP: A Divisive Issue among Member Nations
Members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are set to convene in Auckland to discuss applications from China, Taiwan, and the United Kingdom to join the trade pact. These proposals have sparked disagreements among neighboring countries and divided the opinions of member nations.
Labour’s Danny Beales Prioritizes Economic Concerns in Battle for Uxbridge and South Ruislip
In the race to fill the parliamentary seat of Uxbridge and South Ruislip, the opposition Labour Party candidate, Danny Beales, is making the concerns of the constituency’s voters his primary focus. Rather than engaging in direct attacks on former Prime Minister Boris Johnson, Beales is concentrating on issues that he believes are troubling the electorate, such as high inflation, weak economic growth, car charges, rising taxes, and mortgage costs. While the looming general election within the next 18 months presents an opportunity for Beales to secure the seat, it also serves as a partial referendum on the leadership of Prime Minister Rishi Sunak.
China’s Exports Decline at Fastest Pace in Three Years, Prompting Calls for Stimulus Measures
China’s exports sector experienced a significant contraction last month, recording its sharpest decline since the onset of the COVID-19 pandemic three years ago. The country’s ailing global economy and persistently weak global demand have placed mounting pressure on Chinese policymakers to implement fresh stimulus measures. The momentum of China’s post-pandemic recovery has slowed, leading analysts to downgrade their economic projections for the rest of the year, particularly as factory output faces challenges in the face of sluggish global demand.
South Korean Regulator Requests $4 Billion Financing to Support Troubled Credit Cooperative
South Korea’s financial services regulator has reportedly asked major commercial banks to prepare approximately $4 billion in financing to provide support to MG Community Credit Cooperatives (MGCCC), which has been
Joe Biden Seeks to Strengthen Relationships with King Charles and Prime Minister Rishi Sunak in Meetings Dominated by Climate Change and Ukraine Crisis
President Joe Biden arrived in London on Sunday for a three-nation trip, which includes attending a NATO summit in Lithuania to show solidarity with Ukraine in the face of Russia’s invasion.
Tesla Escalates Price Battle in China’s Electric Vehicle (EV) Market with Monetary Incentives and Rebates
To further consolidate its supremacy in China’s electric vehicle (EV) market, Tesla made a notable announcement on Friday. The company revealed its plan to provide cash incentives and rebates to prospective purchasers of its highly sought-after Model Y and Model 3 cars. This strategic move aims to motivate potential buyers while intensifying the ongoing price war in the world’s largest EV market. This article delves into Tesla’s recent approach and its implications for the industry.
Pan Gongsheng’s Appointment at PBOC Spotlights China’s Emphasis on Financial Sector Perils
The selection of financial technocrat Pan Gongsheng for a paramount political role at the People’s Bank of China (PBOC) exemplifies mounting concerns within China’s leadership regarding systemic hazards in the
The surge in Sales of Mid-Segment and Premium Homes in India, Overtaking Affordable Homes
A recent report by property consultancy Knight Frank reveals a significant shift in India’s real estate market during the first half of the calendar year 2023. The sales of mid-segment and premium homes have surpassed affordable homes, despite an increase in residential property prices across major Indian cities. The surge in demand for costlier homes has come at a time when the overall sales of residential properties experienced a marginal decline. This article delves into the key findings of the report, analyzing the factors behind this trend.
Strategic Cooperation between Indonesia and Australia on Electric Vehicle Batteries a Priority
Indonesian President Joko Widodo has emphasized the importance of strategic cooperation with Australia in the field of electric vehicle (EV) batteries. The two leaders discussed this topic during an annual
China’s Export Restrictions Trigger Trade War Concerns
China’s recent move to impose export restrictions on certain metals commonly used in semiconductors, electric vehicles, and high-tech industries has escalated tensions with the United States and raised the potential for disruptions in global supply chains.
Sluggish Demand and Weak Economic Recovery Impact Asia’s Factory Activity
Asia’s Factory Activity experienced a slump in June, according to business surveys released on Monday. The outlook for the region’s exporters was clouded as demand in China and advanced nations remained sluggish, leading to a contraction in manufacturing activity in Japan and South Korea, while China saw marginal expansion. These surveys highlight the toll that China’s weaker-than-expected rebound from COVID-19 lockdowns is taking on Asia’s economy.
IMF and Pakistan Reach Staff-Level Agreement for $3 Billion Bailout
The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement for the provision of $3 billion in bailout funds under a Stand-By Arrangement (SBA). This agreement comes as an alternative to Pakistan’s Extended Fund Facility (EFF) program, which was initiated in 2019 and is set to expire soon. The IMF board is set to convene in mid-July to approve the staff-level agreement. Here are key facts about the agreement, outlining the challenging reforms, additional funding, and the importance of staying the course.
Hedge Funds’ Second Half of 2023: Strategies Amid Inflation, Rate Hikes, and Decarbonization
In the latter part of 2023, hedge funds are meticulously observing the repercussions of inflation, aggressive interest rate increases, and the ongoing decarbonization process on the global economy. Notably, major
Accounting Watchdog Fines PwC and KPMG for Audit Failings in Eddie Stobart Logistics
In a recent announcement, the Financial Reporting Council (FRC), Britain’s accounting watchdog, revealed that it had fined two of the world’s leading auditors, PwC and KPMG, for serious lapses in their auditing of Eddie Stobart Logistics (ESL) company during the years 2017 and 2018.
Generali Faces Challenges in Shedding €20 Billion Insurance Liabilities Amidst Rising Interest Rates
Italian insurer Assicurazioni Generali (GASI.MI) has encountered obstacles in its plans to divest up to €20 billion ($21.87 billion) of insurance liabilities as a surge in interest rates has complicated negotiations with potential buyers.
European Antitrust Regulators Express Concerns Regarding Orange and MasMovil Merger
Antitrust regulators in the European Union (EU) have raised alarm over the proposed merger between Orange and MasMovil’s Spanish operations, citing potential negative impacts on competition and increased prices within the telecommunications sector.
Former Samsung Executive Indicted for Alleged Trade Secret Theft in Connection with Foxconn
South Korean prosecutors have filed a sealed indictment against former Samsung executive Choi Jinseog, alleging his involvement in stealing trade secrets to benefit Taiwan’s Foxconn. The indictment, reviewed by Reuters, reveals details of the case, including Choi’s alleged actions and the damages incurred by Samsung Electronics. While Choi denies all charges, the indictment sheds light on his consultancy firm, Jin Semiconductor, and its acquisition of confidential information from Samsung’s suppliers. This article explores the key developments and legal proceedings surrounding the case.
Bank for International Settlements Urges Vigilance as Inflation Persists and Banking Sector Vulnerabilities Increase
The Bank for International Settlements (BIS), the global central bank umbrella body, has issued a call for further interest rate hikes to address the persistent inflationary pressures affecting the world economy. In its annual report, the BIS warns that the global economy has reached a critical point, with countries struggling to rein in inflation and facing widespread financial vulnerabilities.
The Dominance of Fossil Fuels Persists as Global Energy Demand Rises in 2022: Statistical Review of World Energy
The recently published Statistical Review of World Energy report, jointly authored by the Energy Institute, KPMG, and Kearny, highlights the energy landscape in 2022. Despite record growth in renewable energy capacity, fossil fuels maintained their dominant position, accounting for 82% of the global energy supply. This article provides an overview of key findings from the report, emphasizing energy consumption, the state of oil, natural gas, coal, renewables, and greenhouse gas emissions.
Joint Agreement Between GE and Hindustan Aeronautics to Produce Fighter Jet Engines in India
General Electric’s aerospace unit, in collaboration with India’s state-owned Hindustan Aeronautics, has announced a significant agreement to manufacture engines in India for the Indian Air Force’s fighter jets. This announcement
Economic Crisis in Pakistan Fuels Surge in Irregular Migration to Europe
The ongoing economic crisis in Pakistan has spurred a dramatic increase in irregular migration toward Europe, as individuals in dire circumstances seek enhanced prospects and financial stability overseas. Pakistan’s economy is grappling with severe challenges, characterized by soaring inflation and a contracting industrial sector, which has led to widespread unemployment and financial hardship. Against this backdrop, an escalating number of Pakistanis are resorting to illicit means to migrate to Europe, even at the peril of their lives.
“Explain This Bob: The Rise and Challenges of a Twitter Bot”
Prabhu P Biswal, a virtuoso developer from Odisha, has cleverly come up with an avant-garde automaton called “Elucidate Enigma Bob”. This innovative creativity overcomes the challenge of translating the weird metaphors often found in newspaper articles about finance and business. The purpose of this automaton is to summarize complex information into logical and concise paragraphs. Originally conceived as a tool to hone programming skills, it quickly gained widespread acclaim across social media platforms, attracting users worldwide, including revered visionary Elon Musk.
China Expected to Cut Key Lending Benchmarks to Boost Slowing Economy
China is anticipated to reduce key lending benchmarks in an effort to bolster it’s slowing economic recovery. The move comes after recent data indicated struggles in the retail and factory sectors, raising concerns about the potential stalling of China’s post-COVID comeback and the accompanying risk of significant job losses.
Finance Ministry Officials Meet with Moody’s to Discuss Sovereign Rating and Economic Indicators
Officials from India’s Finance Ministry held a meeting with representatives from Moody’s Investors Service Inc. to discuss the state of the country’s economy and present a case for a better sovereign rating. The meeting, which occurs annually as part of a series of interactions, aimed to explain the government’s assessment of the economy and assist credit agencies in making their assessments. It was reported that the meeting was conducted in a cordial atmosphere.
Daniel Ellsberg, Whistleblower and Activist, Dies at 92
Daniel Ellsberg, the U.S. military analyst who leaked the classified “Pentagon Papers,” exposing government deception during the Vietnam War, passed away at the age of 92. His family confirmed his death at his home in Kensington, California. Ellsberg, diagnosed with inoperable pancreatic cancer in February, had been an influential figure in the fight for transparency and freedom of the press.
U.S. Secretary of State Antony Blinken Supports South Korea’s Efforts to Foster Cooperative Relationship with China
U.S. Secretary of State Antony Blinken expressed his support for South Korea’s endeavor to develop a “healthy and mature” cooperative relationship with China, as stated by South Korea’s foreign ministry on Saturday. This affirmation came ahead of Blinken’s upcoming visit to Beijing, which marks the highest-level visit by an official from President Joe Biden’s administration.
China’s Economy Shows Signs of Weakness in May, Raises Concerns of a Double Dip
China’s Economy recovered from the COVID-19 pandemic hit a stumbling block in May, as industrial output and retail sales growth fell short of expectations. The slowdown in the second quarter has prompted the country’s central bank to cut key interest rates for the first time in nearly a year, with further cuts anticipated. Analysts are expressing concerns over a potential economic double dip and are revising their GDP growth forecasts for 2023 and 2024.
Santander Appoints Pedro Castro e Almeida as Regional Head for Europe, Focusing on Growth
Santander, the Spanish bank, has announced the appointment of Pedro Castro e Almeida as the regional head for Europe, highlighting the region as a key driver for future growth. Castro e Almeida will be taking over from Antonio Simoes, who has been selected as the new CEO of Britain’s Legal and General Group.
Centre Lowers Import Duties on Refined Soybean and Sunflower Oil to Tackle Food Inflation
In a surprising move, the Indian government has decided to lower the import duties on refined soybean oil and refined sunflower oil. This decision comes as a stark contrast to the market’s expectations, as many anticipated a duty hike. The objective behind this action is to curb food inflation, especially considering the recent decline in both domestic and international edible oil prices.
India’s Wholesale Prices Continue to Decline, Reflecting Easing Input Costs
In the month of May, Indians will witness a consecutive second decline in India’s wholesale prices, primarily attributed to the decrease in commodity prices. According to government data, the wholesale price index (WPI) experienced a significant drop of 3.48%, surpassing economists’ expectations of a 2.35% decrease. This decline follows a 0.92% fall observed in April, indicating a continued alleviation of inflationary pressures. This article delves into the key factors that have contributed to the decline in wholesale prices and analyzes its implications for the Indian economy.
Oil Prices Rise Amid Bargain Hunting, Cautious Investor Sentiment, and Economic Concerns
Oil prices witnessed a modest resurgence on Tuesday, propelled by opportunistic buying in response to the previous day’s decline. However, the extent of the gains was limited as investors maintained a prudent stance, considering the forthcoming policy determinations from central banks and lackluster economic indicators from China. Brent crude futures advanced by 1.1% to reach $72.64 per barrel, while U.S. West Texas Intermediate (WTI) crude recorded a 0.8% increase, reaching $67.64 per barrel.
Indian Rupee Stable, Forward Premiums Decline Ahead of US Inflation Data
The Indian rupee remained relatively unchanged on Tuesday, while forward premiums experienced a drop as market participants awaited the highly anticipated release of U.S. inflation data. By 10:42 a.m. IST, the rupee was trading at 82.4250 against the dollar, displaying minimal variation compared to the previous session’s rate of 82.43.
Egypt Seeks Trade in Local Currencies with India, Russia, and China
Egypt’s Supply Minister, Ali Moselhy, clarified that there is no existing credit line with India, contrary to earlier reports by Bloomberg News. However, discussions are underway to explore the possibility of using Local currencies other than the US dollar for payments regarding imports. In addition to India, similar conversations are taking place with Russia and China.
Increasing Tensions: China and India Expel Journalists in Escalating Media Standoff
The relationship between China and India has been strained since a violent clash along their shared border in 2020. The recent expulsion of journalists from both countries has further deepened the rift between these Asian economic powerhouses. In a tit-for-tat response, Chinese authorities have asked the last Indian journalist in China to leave, while Indian journalists in China faced visa denials. This article will explore the background, events, and implications of this escalating media standoff.
The Urgent Need to Address Quality Issues in Pharmaceutical Industry in India
For over a decade, the pharmaceutical industry in India has faced growing concerns regarding the quality and safety of its medicines, both domestically and internationally. This issue is particularly alarming as India’s pharmaceutical sector is a significant contributor to the country’s economy and a major supplier of generic medicines to the global market. In this article, we will delve into the pressing need for improved regulatory standards and enhanced accountability within India’s pharmaceutical industry, emphasizing the detrimental consequences of substandard medicines on patients worldwide.
IKEA Group Expands Presence in India with Ingka Investments
Swedish furniture giant IKEA is set to make India its priority market as it invites its investment arm, Ingka Investments, to establish a presence in the country. This move demonstrates IKEA’s commitment to expanding its operations in India and aligns with Ingka’s plans to finalize the second phase of expansion in the country this year.
The Impact of El Niño 2024 on the upcoming year
El Niño, a weather phenomenon with the potential to disrupt global weather patterns, has emerged and is expected to have significant consequences. The US Climate Prediction Center has confirmed that the criteria for El Niño have been met, with sea surface temperatures in the equatorial Pacific Ocean rising above normal and changes in wind patterns. This article explores the anticipated effects of the 2024 El Niño event, its potential to exacerbate global warming, and its impact on various regions around the world.
Enforcement Directorate Issues Show-Cause Notices to Xiaomi and Banks in Alleged FEMA Violation Case
In a significant development, the Enforcement Directorate’s Adjudicating Authority has issued show-cause notices under the FEMA (Foreign Exchange Management Act) to Xiaomi Technology India Private Limited, its officials, and three banks. The case revolves around alleged illegal remittances worth 5,551.27 crores made by the Chinese company. The show-cause notices have been issued to explain the contravention of FEMA provisions and non-compliance with Reserve Bank of India (RBI) directions regarding foreign outward remittances.
China Grapples with Declining Prices and Cooling Economy of China Amidst Global Demand Squeeze
The economy of China is facing a challenging scenario as rising interest rates and inflation dampen demand in the United States and Europe, while the country battles a significant decline in prices. The producer price index (PPI) fell at the fastest pace in seven years in May, indicating a slowing manufacturing sector and raising concerns about deflationary risks.
Reserve Bank of India (RBI) Targets One Million CBDC Users by June-End
The Reserve Bank of India (RBI) is aiming to onboard one million users for its central bank-backed digital currency (CBDC) by the end of June, according to T Rabi Shankar, Deputy Governor of RBI. He made this announcement during a press conference following the monetary policy announcement on Thursday.
Apple Announces Game Porting Toolkit for macOS Sonoma: Bringing Windows Games to Mac
At the Worldwide Developers Conference 2023, Apple unveiled its highly anticipated mixed-reality headset, capturing the attention of tech enthusiasts worldwide. However, this was not the only exciting announcement from the American tech giant. Apple also provided a preview of upcoming features and tools that will be available on its platforms later this year. One such tool that caught the spotlight is the Game Porting Toolkit for Macs, set to accompany the release of macOS Sonoma.
Oil Production Cut by OPEC Member Unlikely to Impact Market, Expectation of Lower Fuel Prices by Oil Marketing Companies
According to government sources, oil marketing companies (OMCs) are expected to reduce prices of petrol and diesel. The companies have shown positive quarterly results and have almost recovered their losses, indicating a return to normalcy.
The expectation for lower fuel prices stems from the fact that OMCs no longer face under-recoveries in petrol and diesel. Additionally, an oil production cut by one of the members of the Organization of the Petroleum Exporting Countries (OPEC) is believed to have minimal impact due to emerging alternative markets.
Bank of Korea (BOK) Prioritizes Dollar Liquidity Over Gold Holdings for Foreign Exchange Reserves
In a recent statement, the Bank of Korea (BOK) expressed its preference for maintaining dollar liquidity rather than increasing its gold holdings for foreign exchange reserves. The BOK’s Reserve Management Group highlighted the need for a cautious approach in determining the gold-to-reserves ratio, citing various factors influencing their decision.
Embassy Office Parks REIT Secures Interest Savings Through NCDs
Embassy Office Parks REIT, India’s first listed Real Estate Investment Trust (REIT), recently announced its successful debt raise of Rs 1,050 crore through non-convertible debentures (NCDs). This campaign is being held in order to refinance bank loans whose interest rates are about to reset.
Investor Sentiment Deteriorates in Euro Zone Amid Concerns Over German Economy
Investor sentiment regarding the euro zone economy took a downturn in June, largely driven by negative expectations for Germany, the largest economy in Europe, according to a survey conducted by economic analysis company Sentix.
The monthly survey, which assesses whether investors hold positive or negative views on growth prospects, revealed a drop in sentiment to -17 points for June, compared to -13.1 in May. This figure was even lower than the expected -15.1 predicted by analysts surveyed by Reuters.
Private Sector Economic Activity Contracts in South Africa for Third Consecutive Month
Private sector economic activity in South Africa has contracted for the third month in a row, according to the latest survey from S&P Global. The South Africa Purchasing Managers’ Index (PMI) fell to 47.9 in May, marking its lowest level since July 2021. The PMI is an indicator of economic health, with readings above 50 indicating growth in activity.
China’s Services Sector Shows Growth in May, Fueling Economic Recovery
China’s services sector experienced a pick-up in activity during May, according to a private-sector survey released on Monday. The Caixin/S&P Global services purchasing managers’ index (PMI) rose to 57.1 in May, up from 56.4 in April. This expansion in the services sector supports China’s consumption-led economic recovery in the second quarter. The survey’s findings differ from the official PMI, which was made public last week and showed a slower rate of increase in the services sector.
Expanding Indian Service Sector Shows Resilience, Despite Dip in May PMI
Indian service Sector Purchasing Managers’ Index (PMI) recorded a figure of 61.2 in May, according to S&P Global. While slightly lower than April’s reading of 62, May’s figure marks the second-highest level since June 2010. This sustained expansionary trend is significant, as a PMI reading above 50 indicates growth in the services sector. In fact, India has been in the expansion zone for 23 consecutive months since August 2021. The latest PMI data reflects the resilience of demand, impressive output growth, and job creation in India’s dynamic service sector.
Sri Lanka’s Economy Shows Signs of Improvement, but Continued Reforms Are Crucial: IMF Officials
Sri Lanka’s economy, which had been grappling with severe financial challenges, has exhibited tentative signs of improvement, according to a top official from the International Monetary Fund (IMF). The official
Government’s Disinvestment Plans for Financial Year 2023-24: Meeting Budget Targets and Potential Stake Sales
The Indian government aims to generate revenue through disinvestment in the current financial year. While plans for stake sales in IDBI Bank and Concor are underway, the government may resort
“Renowned Industrialist and Educationalist Karumuttu T Kannan Passes Away, Leaving a Legacy of Excellence”
Veteran industrialist Karumuttu T Kannan, aged 70, passed away on Tuesday morning in Madurai, leaving behind a legacy of remarkable achievements. Renowned as a prominent board member of TVS Motor
Shadowfax, a hyperlocal logistics company, plans to recruit 10,000 delivery partners
Shadowfax, a last-mile logistics enterprise supported by Flipkart, intends to employ an additional 10,000 riders and delivery associates to seize the opportunities presented by India’s state-sponsored Open Network for Digital
Indian Ministry of Corporate Affairs proposes allowing partial sales of insolvent firms under new IBC revisions
The Indian Ministry of Corporate Affairs proposes revisions to the IBC (Insolvency and Bankruptcy Code) which would allow partial sales of stressed companies under the law if a rescue plan
“NSE and BSE inform NCLT of SEBI order related to Essel Group’s Shirpur Gold Refinery during Zee-Sony merger hearing”
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) recently informed the National Company Law Tribunal (NCLT) about an order passed by the Securities and Exchange Board of India
India Woos Global Tech Companies with Incentive Schemes and Micron Technology Investment
India Woos Global Tech Companies with Incentive Schemes and Micron Technology Investment. Communications Minister Ashwini Vaishnaw is scheduled to meet top executives of tech and semiconductor companies in the US,
RBI’s Dividend to Surpass Budget Estimates with Significant Forex Trading and Lower Provisioning Requirements
The Reserve Bank of India (RBI) is poised to amass significant gains from its foreign exchange dealings and loans to domestic financial institutions, which will translate to a substantial boon
Open Network for Digital Commerce (ONDC): Bringing Digitisation to Small Businesses in India
A relatively obscure culinary delivery alternative in India, the Open Network for Digital Commerce (ONDC), has surfaced with its cost-effective food transportation facilities. Nevertheless, ONDC extends beyond the confines of
Indian Start-Up Founders Accuse Industry Body IAMAI of Promoting “Pro-Foreign” Big Tech Views
Several Indian start-up founders have spoken out against the Internet and Mobile Association of India (IAMAI), accusing the industry body of promoting “pro-foreign” Big Tech views on government regulations and
SEBI’s latest regulation: Stockbrokers prohibited from utilizing customers’ funds for bank guarantees
The Securities and Exchange Board of India (SEBI) has put forward a directive to disallow stockbrokers and clearing members from employing their clients’ funds to construct bank guarantees (BGs). SEBI
Analysts predict a decline in Bajaj Auto’s Q4FY23 revenues and margins due to weak export mix and lower operating leverage
Analysts expect Bajaj Auto, the two-wheeler auto major, to report a decline in revenues of up to 11% quarter-on-quarter (QoQ) to Rs 8,312 crore in the January-March quarter (Q4FY23), due
Indian Information Technology Firms Expected to Face High Attrition Despite Restructuring and Low Hiring Numbers in FY24
High attrition rates continue to be a problem for two of India’s three major information technology (IT) firms, TCS and Infosys, according to their Q4 financial results. However, experts predict
Apple is developing an app for the iPhone that enables users to track their physical and mental health by maintaining a journal
Apple is developing an app for its iPhone which will permit users to monitor their physical and mental well-being. The application will enable users to log their everyday actions and
India’s Economy Shows Resilience in March Despite Weakening Exports and Rising Unemployment
India’s economy showed resilience in March despite weakening exports and an increase in unemployment, according to Bloomberg’s Animal Spirits barometer. The overall activity tracker, which comprises eight high-frequency indicators, remained
India’s Telecom Equipment Manufacturing Capability and Its Competition with Global Majors
India’s Centre for Development of Telematics (C-DOT) CEO, Rajkumar Upadhyay, said that India’s push for domestic design and telecom equipment manufacturing of would help India compete with global majors. Upadhyay
“Fintech Firms Strengthen In-House Legal Teams Amid Increasing Regulations and Compliance Requirements”
Financial technology (fintech) firms are seeking to strengthen their legal teams as governments around the world increase regulations and compliance requirements. According to a report in The Economic Times (ET),
Razorpay establishes an advisory board to set the highest standards in the Indian fintech industry
Indian fintech unicorn Razorpay has established an advisory board of industry leaders from various fields to set the highest standards in customer experience, corporate governance, and risk and compliance in
Indian Federation of App-Based Transport Workers Calls for Blinkit to Reconsider Pay Cuts for Delivery Drivers
The Indian Federation of App-Based Transport Workers (IFAT) has called on Blinkit, a quick-commerce unicorn owned by Zomato, to reconsider its recent pay cuts for delivery drivers. The national general
Refineries owned by the state report an 8.4% increase in gasoil production, reaching 3.45 million tonnes in the first half of April
Indian state refiners have reported an 8.4% increase in sales of gasoil during the first half of April compared to the previous month. According to preliminary sales data, this rise
Foxconn Technology Group to Begin Construction of Mobile Manufacturing Plant in Karnataka
Foxconn Technology Group, a Taiwanese multinational electronics contract manufacturing company, is set to begin construction of its largest manufacturing unit in India. The mobile manufacturing plant, worth Rs 8,000 crore,
Twitter Former Executives Take Legal Action Against Elon Musk-owned Company Over Unpaid Legal Expenses
Former Chief Executive Officer (CEO) of Twitter, Parag Agrawal, along with two other former executives, are taking legal action against Elon Musk-owned Twitter over the non-payment of personal legal expenses
PMMY Marks 8th Anniversary, Sanctions 408.2 Million Loans Worth Rs 23.2 Trillion to Micro-Entrepreneurs
The Pradhan Mantri Mudra Yojana (PMMY) has played a crucial role in funding micro-entrepreneurs in India, according to Prime Minister Narendra Modi. The scheme, which was launched eight years ago,
Samsung, AMD sign multi-year pact to boost mobile graphics experience
Samsung Electronics and chip-maker AMD have announced that they have signed a multi-year agreement extension to bring multiple generations of high-performance, ultra-low-power AMD Radeon graphics solutions to an expanded portfolio
CRISIL Report Forecasts Deceleration in Revenue Growth for India’s IT Sector in 2023 Due to BFSI Slowdown
CRISIL Report Forecasts Deceleration, India’s Information Technology (IT), companies are anticipated to encounter a deceleration of 7-9% in revenue growth in 2023 in contrast to this year, as a consequence
Finance Minister Nirmala Sitharaman to seek approval from Lok Sabha to pass the Competition Amendment Bill Rewrite
On Tuesday, Finance Minister Nirmala Sitharaman will introduce the Competition (Amendment) Bill, 2022 in the Lok Sabha for consideration and passing. The proposed legislation seeks to amend the Competition Act,
Apple’s vendor planning to set up a second factory, Pegatron explained
Pegatron Corporation, a Taiwan-based company, specializes in the development, manufacturing, and design of computers, computer hardware, portable devices, and associated peripheral devices. The company was founded on January 1, 2008.
“Chief Minister initiates Rs 2,800 crore irrigation projects in Krishna basin in Karnataka”
On Tuesday, Chief Minister Basavaraj Bommai inaugurated a convention for the beneficiaries of State and Union Government schemes in Ilkal, Hungund Assembly constituency. During the event, he highlighted the various
Info Edge could experience a delay in gaining momentum as the tech industry’s hiring slowdown persists
Info Edge (India) Ltd, a leading online classifieds company, has faced several challenges in their key segments, including recruitment, real estate, and matchmaking. Their Q3FY23 results caused a sharp drop
“Samsung overtakes Xiaomi in India as the latter shifts focus to premium smartphones”
Chinese smartphone manufacturer Xiaomi Corp is rethinking its strategy in India after underestimating changing consumer preferences. Despite being the largest vendor in India’s smartphone market, Xiaomi has been surpassed by
Tata Consultancy Services (TCS) on the Brink of Concluding Agreements Valued at $1 Billion with Marks & Spencer
India’s preeminent information technology corporation, Tata Consultancy Services (TCS), is allegedly nearing completion of a transaction worth a staggering $1 billion with the United Kingdom-based retail giant, Marks & Spencer
“Paytm Witnesses Changes in Shareholding: Ant’s Stake Exceeds 25% and Mutual Funds Increase Their Investment”
Paytm, a digital payments and financial services firm saw an increase in stake from Chinese investor Ant Financials and domestic mutual fund players following a recent buyback. According to a
Snapdragon Satellite Technology by Qualcomm to be Integrated into Most Smartphones
Qualcomm, a semiconductor manufacturer, has revealed that its Snapdragon satellite technology will soon be available on a majority of Android smartphones. This development was confirmed by 9To5Google, which reported that
COAI Responds to IAMAI, Asserting the Justifiability of Telcos’ Request for ‘Usage Charge’ from OTTs
The Cellular Operators’ Association of India (COAI) has defended its position on the demand for reasonable “usage charges” from Over-The-Top (OTT) communication service providers, stating that it is a reasonable
Azure Operator Nexus, a next-generation hybrid cloud platform, has been introduced by Microsoft
According to TechCrunch, Microsoft is set to release a new hybrid cloud platform, the “Azure Operator Nexus,” specifically designed for communication service providers. The platform is intended to help these
According to a recent report, India’s shipments of True Wireless Stereo (TWS) devices have seen an impressive 85% growth in 2022, with boAt being the leading manufacturer
In 2022, India’s True Wireless Stereo (TWS) earbuds shipments registered an impressive 85% year-on-year growth, with boAt leading the market for the third consecutive year. This was revealed in a
A joint venture between BEL and Israel Aerospace Industries (IAI) will provide product support for India’s defense industry
Bharat Electronics Limited (BEL), a defence Public Sector Undertaking, and Israel Aerospace Industries (IAI) have recently signed a Memorandum of Agreement (MoA) to establish a joint venture. The primary objective
According to reports, Reliance JioMart has discontinued its ‘Express’ 90-minute delivery service
According to sources familiar with the matter, Reliance’s JioMart has discontinued its JioMart Express quick grocery delivery service, which was introduced in March 2022. The Economic Times (ET) reported on
“SIAM Reports Increase of 17.23% in January Domestic Passenger Vehicle Sales Due to Improved Consumer Confidence”
According to the Society of Indian Automobile Manufacturers (SIAM), the sales of domestic passenger vehicles (PVs) in January increased 17.23% compared to the same period last year, totaling 298,093 units.
“The UP Global Investors Summit Sees High Investment Proposals for Green Energy, Electronics, and Industrial Parks”
The recently concluded UP Global Investors Summit saw a significant amount of investment proposals being directed towards renewable energy, electronics manufacturing and industrial parks. These sectors emerged as the top
According to the government, the annual generation of nuclear power reached a total of 35,333 million units in the 2021-2022 fiscal year
The Union Minister, Jitendra Singh, announced on Thursday that India’s annual generation of nuclear power had reached 35,333 million units in the 2021-2022 fiscal year. This represents a significant increase
Meta Widens Availability of Its ‘Gifts’ Monetization Feature Across the United States on Instagram
Meta, a company that provides monetization features for social media platforms, has announced plans to expand its “Gifts” feature, which focuses on monetizing Reels content on Instagram, to users across
Adani Ports is aiming for an Ebitda of Rs 15,000 crore in the fiscal year of 2023 and plans to prepay Rs 5,000 crore of debt
The CEO and Whole-Time Director of Adani Ports and Special Economic Zone, Karan Adani, has stated that the company is aiming to achieve an EBITDA (Earnings Before Interest, Depreciation, Tax,
Moody’s states that a part of Adani Group’s planned capital expenditures can be postponed
On Friday, Moody’s Investors Service, a global credit rating agency, stated that a part of Adani Group’s intended capital expenditures can be postponed. Additionally, Moody’s mentioned that the unfavorable events
Cognizant’s Fourth Quarter Net Profit Decreased 9.6% Compared to the Previous Year, Achieving the Full-Year Guidance for 2022
Cognizant, a company listed on the NASDAQ stock exchange, announced its fourth-quarter financial results for the fiscal year 2022, revealing a net profit of $521 million, representing a 9.5% decrease
The 2023 Union Budget: Government places significant emphasis on Artificial Intelligence and the Internet of things
In the 2023 Budget, the government introduced a plan to support the growth of the economy through initiatives such as establishing Centers of Excellence for Artificial Intelligence. The goal is
Despite experiencing a 3% year-over-year loss in 2022, Apple has risen to become the second-largest smartphone company in China
According to a recent report, Apple has made a remarkable achievement by becoming the second largest smartphone player in China for the first time in a whole year, despite a
The subsidiary of Tube Investments acquires Cellestial E-Mobility, an electric tractor startup
Murugappa group’s subsidiary, Tube Investments of India (TII), has acquired all shares of Cellestial E-Mobility Pvt Ltd, a startup located in Hyderabad that specializes in creating and producing electric tractors,
Jyothy Labs reports a significant increase in consolidated profit, rising 77% to Rs 67.39 crore in Q3 ending December
Fast-moving consumer goods company, Jyothy Labs Ltd, has reported an impressive increase in their consolidated net profit for the third quarter ending December 31, 2022. The net profit jumped by
India’s inaugural green bond sale is expected to attract a premium, referred to as “greenium,” due to high demand
The Indian government plans to issue its initial green bond, referred to as “greenium,” with yields lower than current market rates and has identified 400 billion rupees ($4.92 billion) worth
Report suggests that Jeff Bezos may divest from The Washington Post to acquire an American football team
According to recent reports, Jeff Bezos, a billionaire American entrepreneur, is considering divesting from The Washington Post in order to acquire a professional American football team, specifically the Washington Commanders.
Apple exports $1 billion worth of smartphones in a month from India, becoming the first company to achieve this milestone
According to a report by The Economic Times, Apple has achieved a significant milestone by becoming the first company to export smartphones worth $1 billion in a single month from
According to Satya Nadella, India will take the lead in using AI to address “real” problems
Microsoft Chairman and CEO Satya Nadella is upbeat about India’s future, particularly in the technology sector, given the country’s growing base of software developers, the rise of artificial intelligence (AI)
