French finance minister says budget can still be improved
French Finance Minister Antoine Armand indicated that the 2025 budget could be improved, amid a standoff with the far-right. The government faces pressure from Marine Le Pen's National Rally to make more changes or risk a no-confidence motion, which could be triggered Monday over social security financing legislation.from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/bzv9uxU
The Eurasian Group identified over 600 people linked to global terrorist financing networks in 2023. The group discussed challenges in detecting and tracking these financiers, emphasizing risks across regions, including Afghanistan. They also addressed the complexities of regulating cryptocurrency in preventing terrorism funding.
Foreign investors aggressively sold Indian stocks, causing the sensex to plummet by 1,190 points to 79,044. All sensex constituents except SBI closed in the red, with investors losing Rs 1.4 lakh crore. Foreign funds were net sellers at Rs 11,756 crore. Market volatility was heightened by the expiry of derivative contracts.
Integrated diagnostic chain Suraksha Diagnostic Ltd raised Rs 254 crore from anchor investors before its IPO opening. The company plans to begin its Rs 846-crore public share-sale on November 29. The offering, solely an Offer for Sale, aims for a market capitalization of around Rs 2,300 crore.
DBS India has enhanced its wealth management services, offering unified cross-border treasury access across key Asian markets for HNIs and NRIs. A new digital account opening process for NRIs and a flagship branch in Bangalore focusing on wealth management were also launched. This "phygital" approach combines digital convenience with personalized service, catering to India's growing affluent population.
Unauthorised lending apps pose a significant threat to consumer trust and industry stability, according to a recent survey. Experts suggest increased digital literacy and app store audits as solutions. While progress has been made, concerns remain about these apps' accessibility and the need for stronger regulatory intervention to combat predatory practices.
The US economy expanded by a solid 2.8% in the third quarter, fueled by consumer spending and exports. While growth slowed slightly, it marked the eighth quarter above 2% in the past nine. Despite this, incoming President Trump inherits an economy facing challenges from inflation and potential policy changes like tariffs and deportations.
Bullion prices rallied on Wednesday, snapping a two-day decline. Silver soared by Rs 5,200, its biggest single-day gain, reaching Rs 95,800 per kg, while gold climbed Rs 650 to Rs 78,800 per 10 grams in Delhi. Geopolitical tensions, robust local demand, and a weaker dollar fueled the surge.
Volkswagen and SAIC Motor are selling their Xinjiang factory following human rights concerns. They've also extended their joint venture to 2040 and plan to accelerate EV production, launching 18 new models, including eight EVs, by 2030. The Xinjiang plant sale preserves existing jobs and comes amid Western governments' moves to impose higher tariffs on Chinese EVs.
Moody's has revised its outlook for Adani Group companies. The US bribery scandal and Gautam Adani's indictment triggered the action. Several Adani companies face a negative outlook.
Vodafone Idea's shares surged nearly 18% after the government waived bank guarantees for spectrum dues. This move significantly benefits Vi, which faced a substantial obligation.
Etihad Airways, based in Abu Dhabi, has unveiled 10 new international destinations, including Atlanta, which will offer the fastest connection to and from India. The airline's growth is partly attributed to the strong Indian market, where Etihad operates 176 weekly flights to 11 cities.
Amara Raja Infra completed India's first green hydrogen fuelling station in Leh, Ladakh, for NTPC Ltd. The station, inaugurated on Saturday, produces 80kg of green hydrogen daily and will power five hydrogen fuel cell buses. Built at high altitude with extreme temperatures, the project paves the way for wider green hydrogen adoption in India.
The deadline for free Aadhaar updates is December 14, 2024. The Unique Identification Authority of India (UIDAI) encourages updates, especially for cards older than ten years, though it's not mandatory. Updating improves service delivery and authentication. Free updates are available online via the myAadhaar portal until the deadline, after which a fee will apply.
The Reserve Bank of India has substantially increased its gold reserves, offsetting foreign investment outflows. This aligns with a global trend of central banks accumulating gold amidst geopolitical uncertainty. The RBI's gold purchases have contributed to a rise in overall foreign exchange reserves and are expected to continue.
Elon Musk's net worth has reached an unprecedented $348 billion, solidifying his position as the world's richest person. Tesla's stock surge following Donald Trump's election win, coupled with the soaring valuation of Musk's AI company, xAI, contributed significantly to his wealth surge.
Gautam Adani and Sagar Adani have been summoned to respond to allegations of bribery in US. The US SEC alleges they paid bribes to secure solar energy contracts in India.
Indian airlines are now mandated to offer refreshments and meals to passengers facing flight delays due to the winter fog. Delays between two to four hours will guarantee snacks and beverages, while those exceeding four hours will include meals. This initiative aims to enhance passenger comfort during prolonged waits.
India's foreign exchange reserves experienced a significant drop of $17.761 billion, settling at $657.892 billion for the week ending November 15, as per RBI's report. This decline, the second consecutive one, aligns with the pressure faced by the rupee and saw foreign currency assets decrease by $15.548 billion to $569.835 billion.
NTPC Green Energy Ltd. and NREDCAP will collaborate on a ₹2 lakh crore renewable energy project in Andhra Pradesh. The project aims to develop 25 GW of solar/wind power, 10 GW of pumped storage, and 0.5 MMTPA of green hydrogen, creating over one lakh jobs.
Avaada Group will invest ₹5,800 crore to build a 1200MW pumped hydropower storage project in Rajasthan. The project, located in Sirohi district, aims to enhance energy security and environmental sustainability in the state. Rajasthan's Chief Minister praised the initiative for promoting clean energy and economic growth.
US prosecutors have accused Sagar Adani, nephew of Indian billionaire Gautam Adani, and others of orchestrating a massive bribery scheme. They allegedly paid over $250 million to Indian officials to secure lucrative solar energy contracts. Arrest warrants have been issued, and the Adani Group's stocks and bonds have plummeted.
India's economic growth is projected to pick up in the third quarter of FY2025, fueled by positive economic indicators and robust sectoral performance, according to an ICRA report. Improvements in mobility, transport, and non-oil exports, along with increased electricity demand and festive season activity, support this optimistic outlook.
Moody's Ratings has put the Adani Group's governance practices under scrutiny following bribery allegations against chairman Gautam Adani. US prosecutors allege Adani's involvement in a $250 million bribery scheme to secure favorable solar contracts. Moody's is assessing the conglomerate's capital access and liquidity in light of these developments.
CIEL HR Services Ltd, a technology-driven HR solutions provider, has filed for an IPO to raise funds. The IPO comprises a fresh issue of equity shares and an offer for sale by existing shareholders. The company plans to use the proceeds for acquisitions, working capital, and expansion of its subsidiaries.
Elon Musk has jokingly questioned Jaguar's new branding campaign on X, asking if they "sell cars." The campaign, promoting Jaguar's shift towards electric vehicles, features abstract imagery and slogans instead of their vehicles, sparking debate online about the company's departure from its traditional image.
Paytm has expanded its UPI payment services to international destinations including the UAE, Singapore, France, Mauritius, Bhutan, and Nepal. This will allow Indian travelers to make cashless transactions using their Paytm app at UPI-enabled locations in these countries, offering greater convenience for retail purchases, dining, and other activities.
Saatvik Green Energy, an Indian solar panel manufacturer, is gearing up for an initial public offering (IPO) to raise Rs 1,150 crore. The company plans to utilize the funds for expanding its manufacturing capacity, investing in a subsidiary, and repaying debt. The IPO comprises fresh issuance of shares and an offer for sale by promoters.
The Reserve Bank of India (RBI) has identified irregularities in gold loan disbursements. Lenders are now developing EMI options and term loan alternatives for gold-backed lending, moving away from the traditional bullet repayment method.
India's Finance Minister, Nirmala Sitharaman, emphasized the need for more affordable bank interest rates to stimulate economic growth. Her comments followed a surge in retail inflation driven by rising food prices, which impacted hopes for an interest rate cut by the Reserve Bank of India.
Zepto, a quick commerce platform, has launched its cafe service in major Indian cities, aiming to reach a revenue run-rate of Rs 1,000 crore by 2026. The service, already achieving an estimated annual run rate of Rs 160 crore, offers a diverse menu of over 148 items, including coffee, breakfast, pastries, and snacks, delivered within 10 minutes.
The Reserve Bank of India is launching a pilot program in 2025 to offer affordable data storage to financial institutions. This cloud platform, utilizing local IT firms, aims to provide a cost-effective alternative to foreign-dominated services and will be expanded in phases, focusing on smaller firms.
Finance Minister Nirmala Sitharaman announced the establishment of 500 new State Bank of India branches in 2025. She commended SBI's growth, highlighting its contribution to financial inclusion through initiatives like Jan Dhan Yojana and digital banking, serving a vast customer base exceeding the population of some countries.
Deal comes almost a year after it bought Taiwanese Wistron’s iPhone factory
The Reserve Bank of India suggests that municipal corporations can improve their financial health by charging appropriate user fees for services like water and waste management. This, along with transparent governance, can lead to better public services and improved urban infrastructure.
Tomato prices in India have plummeted by over 22% to ₹52.35 per kg as of November 14, 2024, driven by a surge in supply. This follows a significant drop in wholesale prices at major agricultural markets like Azadpur. The price decline is attributed to increased arrivals from various regions and favorable weather conditions ensuring smooth supply chain operations.
Sirius India Airlines is looking to raise USD 100 million to expand its fleet and services. The company plans to have 50 private jets by FY27 and expand into new markets such as the Far East, Southeast Asia, and East Africa. The funds are expected to be secured by March of next year.
Foreign portfolio investors (FPIs) reduced their selling of Indian equities in the second week of November, but overall remain net sellers for the month. Despite the slowdown in selling, international investors are exhibiting caution amidst global uncertainty and shifting investments towards perceived safer havens.
NTPC Green Energy Ltd (NGEL), India's largest renewable energy public sector enterprise, is launching its IPO on November 19. SBI recommends subscribing, citing growth potential, but warns of risks tied to project execution, reliance on a few power purchasers, and dependence on imported components without long-term contracts.
India is poised to become a key player in the US renewable energy market, leveraging its manufacturing prowess, cost-effectiveness, and skilled workforce. The US, aiming to diversify from China, finds a strong partner in India, with potential for India to become a leading solar PV exporter to the US.
India's foreign exchange reserves have dipped to $675.65 billion, a decrease of $6.4 billion, as announced by the Reserve Bank of India. Despite this recent decline, India maintains its position as the fourth largest holder of foreign exchange reserves globally, trailing behind China, Japan, and Switzerland.
Japan's economic growth slowed to 0.2% in the third quarter, impacted by earthquake warnings and a powerful typhoon that disrupted activity. Despite this, Prime Minister Ishiba remains optimistic about revitalizing the economy through government support and stimulus measures.
The European Commission has slapped Meta with a hefty €797.72 million fine for allegedly giving Facebook Marketplace an unfair advantage. Regulators claim Meta forced the service on users and leveraged data from advertisers to stifle competition. Meta denies any wrongdoing, arguing that users aren't forced to use Marketplace and that its success stems from meeting consumer demand.
Boeing is issuing layoff notices this week as part of its plan to cut 17,000 jobs, or 10% of its workforce. The layoffs come as the company works to restart production of its 737 MAX aircraft following a recent strike and ongoing safety concerns. Boeing secured $24 billion in financing to stabilize its finances amid the turmoil.
India's wholesale price inflation accelerated to a four-month high of 2.36% in October, driven by surging food prices, particularly vegetables. While fuel and power costs declined, food inflation soared to 11.59%, impacting potatoes and onions significantly. This surge follows a similar trend in retail inflation, posing potential challenges for the Reserve Bank of India's monetary policy stance.
US consumer prices rose by 0.2% in October, matching expectations. This brings the annual inflation rate to 2.6%, fueled by factors like potential policy changes under President-elect Trump. While the Federal Reserve is likely to cut interest rates in December, future cuts in 2024 are uncertain due to inflation concerns.
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