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Jet fuel prices in India have been increased for the fourth consecutive month, rising by 5%. This will put additional financial strain on airlines, as jet fuel makes up 40% of their operating costs. Additionally, the price of commercial cooking gas has been raised by Rs 209 per 19-kg cylinder, in line with international benchmarks. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/SVct2bO

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Italy's sovereign debt risk premium briefly hit its highest level in over six months on Thursday as investors repositioned for lower growth and a higher public deficit, and shifted their focus to negotiations for European Union fiscal rules. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0Vk3ZgX

Haldiram's surpassed PepsiCo in India's snack market roughly five years ago to become the country’s largest snack brand. Since then, the gap in sales has continued to widen. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/GfzkTVd

Vande Bharat sleeper trains: Earlier this year, an RVNL official had told TOI that once the contract is signed it will take 2 years for the first prototype of the Vande Bharat sleeper rake to be rolled out. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2liOWRU

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The Australian dollar was pinned near a fresh 2023 low on Thursday as a major support level crumbled under a relentless surge in Treasury yields, while local retail sales and jobs data added to the case for an extended rate pause next month. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/R3oPp4b

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Indonesia has implemented a ban on e-commerce transactions on social media platforms, primarily affecting TikTok and its shopping platform. The government aims to protect traditional retail and small businesses from predatory pricing on social media platforms. The regulation also requires e-commerce platforms to set a minimum price for certain items and to meet local standards. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/NUAIg6a

The rupee on Wednesday staged a recovery after two days of steep losses to end 6 paise higher at 83.22 (provisional) against the US dollar on positive cues from domestic equity markets. However, selling pressure from foreign equity investors amid elevated levels of American currency and surging crude oil prices weighed on the local unit, forex traders said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/DUNGMhl

The 30-share BSE Sensex rose by 173.22 points or 0.26 per cent to settle at 66,118.69. The Nifty gained 51.75 points or 0.26 per cent to end at 19,716.45. Among the Sensex firms, Larsen & Toubro, ITC, Sun Pharma, Maruti, Reliance Industries, Axis Bank, IndusInd Bank and Hindustan Unilever were among the gainers. Titan, State Bank of India, ICICI Bank, HDFC Bank, Tata Steel and Nestle were the major laggards. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0kcoFKa

India plans to sell 50-year bonds for the first time to meet the growing demand from insurance and pension funds. This move is aimed at extending the nation's yield curve and reducing the government's reliance on bank purchases to fund its record borrowings. The sale reflects the increasing influence of life insurers and pension funds in India's sovereign debt market. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/uqwrTkb

Shares hit a three-week low as concerns over higher interest rates and their impact on growth continue to weigh on investor sentiment. The Nifty 50 fell 0.5% to 19,558 points, while the S&P BSE Sensex was down 0.6% to 65,557 points. Both benchmarks are down about 3% after reaching all-time highs earlier this month. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/U0zjpbg

Hui Ka Yan, the chairman of China Evergrande Group, has been placed under police control and is being monitored at a designated location, according to sources. The reason for his control is unclear, but it does not imply that he will be charged with a crime. Hui, once one of China's most politically connected businessmen, has seen a significant fall from grace amid President Xi Jinping's crackdown on excessive leverage in the real estate sector. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ZOytanl

Adani Ports and Special Economic Zone Ltd plans to buy back up to $195 million of its 2024 bond, seeking to move on from allegations made by a US shortseller. The company will pay $975 for every $1,000 in principal for debt tendered by October 11, with the offer price dropping to $965 per $1,000 thereafter. The tender offer expires on October 26. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8fuEXd7

The Indian government has reassured citizens that the Aadhaar system, along with other applications under the "India stack," remains highly protected against cyberattacks. Abhishek Singh, CEO and MD of Digital India Corporation, stated that the government invests significant efforts in ensuring the security and privacy of citizens' data. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/PWLIdk5

RBI Governor Shaktikanta Das has expressed concern over the excessive domination of boards of large commercial banks by a few directors. Speaking to directors of urban cooperative banks, Das emphasized the need for free and frank board discussions and rotation of directors. He also highlighted the importance of stringent underwriting standards and protecting the interests of depositors. Additionally, Das stressed the significance of good governance, compliance, risk management, internal audit, and leadership in differentiating between good and bad banks. He suggested that commercial banks choose directors with expertise in specific areas like IT and credit. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/JaNcW2m

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The Reserve Bank of India (RBI) has issued a draft master direction on the treatment of wilful defaulters, allowing borrowers to remove the tag by reaching a compromise settlement with banks. The new rules aim to provide a transparent procedure for classifying borrowers as wilful defaulters while complying with the principles of natural justice. However, some criminal cases may lose ground as a result. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8U0QYNW

A drinks company in Poland has reportedly appointed an AI robot as its 'experimental' CEO. Dictador, best known for its rums, has appointed the robot to oversee the company's growth into one-off collectables, communication or even strategy planning, as per reports. The robot goes by the name 'Mika'. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Av298xy

China's room for further monetary policy easing is limited, according to a central bank adviser. Instead of relying on macroeconomic policies, the adviser suggests pursuing structural reforms such as encouraging entrepreneurship to revive growth. The economy has struggled despite previous monetary and fiscal measures, with weak consumption, falling exports, and a deepening property debt crisis. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QiEIALS

The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore. Shares of the company fell by nearly 8 per cent last week. The valuation of Reliance Industries plunged Rs 71,715.6 crore to Rs 15,92,661.42 crore. The company's shares declined over 4 per cent past week. However, Hindustan Unilever added Rs 2,913.49 crore taking its valuation to Rs 5,83,239.04 crore. The mcap of TCS climbed Rs 1,024.53 crore to Rs 13,18,228.14 crore. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8UBiaCP

Former US treasury secretary Larry Summers has stated that India needs to achieve an 8% growth rate in order to bring about significant changes in the lives of its people. He also called for increased capital and expanded mandates for multilateral development banks (MDBs) such as the World Bank. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ztsj5bl

The Indian government has suggested that taxpayers can adjust earlier demands with this year's refund claims. The Central Board of Direct Taxes explained that taxpayers can make a representation to agree, disagree, or clarify the status of the demand before the refund is adjusted. This measure aims to facilitate the timely issue of refunds and clean up pending demands. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Ja0Kdl6

The Indian government is "comfortable" with the amount of red lentils imported from Canada amid tensions between the two countries. India has received nearly one lakh tonnes of lentils at its ports, which is sufficient to meet the country's annual consumption of 23 lakh tonnes. The government is considering continuing the zero import duty on lentils beyond March 2024 to encourage overseas growers. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/LoEVQ9R

The Insolvency & Bankruptcy Board of India (IBBI) has revised its regulations to allow more time for the submission of claims, benefiting creditors, especially in the real estate sector. Under the new rules, claims can be submitted within 90 days from the insolvency commencement date (ICD) or the date of the latest request for a resolution plan (RFRP), whichever is later, with reasons for any delays. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QnxDolX

Ahmedabad-based Nirma is set to acquire Glenmark Life Sciences (GLS), a subsidiary of Glenmark Pharma, for Rs 5,652 crore. This move marks Nirma's entry into the active pharmaceutical ingredient (API) sector and expands its pharmaceutical portfolio, which includes injectables, parentals, and ophthalmic products. GLS specializes in developing APIs for various therapeutic segments. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/GXYeiI5

The Indian government plans to restrict imports of IT hardware components worth billions of dollars from China in an effort to boost local sourcing. With the implementation of a production-linked incentive scheme for IT hardware and an import management system, the government aims to create a stronger manufacturing ecosystem for devices and servers in India. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QulM6B2

JPMorgan will include India in its emerging market debt index, potentially attracting billions of dollars into the Indian economy. India's government bonds, valued at $330 billion, will be incorporated into the index starting June 28, 2024, in 1% increments until reaching a maximum weight of 10%. This decision follows India's efforts to enter global bond indexes by removing foreign investment restrictions in 2020. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/PWstyY1

Cisco is buying the cybersecurity firm Splunk in a $28 billion deal as it bolsters its defences against potential security threats that may be heightened by the widening use of artificial intelligence. The Silicon Valley tech giant will pay $157 per Splunk share. "Our combined capabilities will drive the next generation of AI-enabled security and observability," Cisco chair and CEO Chuck Robbins said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fEQeMVk

TotalEnergies will invest $300 million in a 50:50 joint venture with Adani Green Energy to generate solar and wind power. Total suspended a 25% stake-purchase in Adani New Industries' green hydrogen project due to allegations by Hindenburg. Adani Green will transfer 10 GW of renewable assets to its subsidiary, Adani Green Energy Twenty Three, with Total contributing $300 million. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Dk48aAI

Asia Healthcare Holdings (AHH), backed by TPG, has acquired a majority stake in the Asian Institute of Nephrology and Urology (AINU) for Rs 600 crore. AINU, established in 2013 by a team of urologists and nephrologists, operates seven hospitals across several locations in India and specializes in urology and nephrology. This acquisition marks AHH's entry into this specialty segment and represents its fourth specialty focus area in healthcare delivery chains. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/1O8Q6f5

Gujarat-based stainless steel and special steel manufacturing company, Mangalam Alloys Ltd, plans to raise Rs 54.91 crore through its SME IPO. The company intends to use the funds for business expansion, working capital requirements, and general corporate purposes. The IPO includes up to 68,64,000 equity shares and will be listed on the Emerge Platform of the National Stock Exchange. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/WJLXSyF

Zuckerberg said India is leading the world on how people and businesses have embraced messaging as a better way to get things done, as the social media giant unveiled a slew of new tools aimed at supercharging businesses using WhatsApp. Announcing the line-up of key offerings for WhatsApp, Zuckerberg said the company has continued to innovate with its messaging formats, group chats and broadcast channels. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/7DlWLks

This development marks a significant milestone for Akasa Air, allowing the carrier to expand its horizons into potentially more profitable international routes which offer less competition. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/c7JvGD6

Both of India's stock indices, the Sensex and Nifty, on Wednesday extended their bearish trend, following losses incurred in the previous session. The BSE benchmark Sensex initiated the trading day with a substantial decline of more than 600 points, currently standing at 66,985.36. Meanwhile, the Nifty index slipped below the critical 20,000-point threshold, now trading at 19,968. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/zJGLsa2

HDFC Bank, India's leading private lender, has warned that its merger with HDFC Ltd will negatively impact its financial metrics, including margins and bad loan ratios. The bank's gross bad loan ratio is expected to increase from 1.2% to 1.4% post-merger, while excess liquidity from the merger will drag down net interest margins by around 25 basis points. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/y6PMs2Q

Amid reports that US telecom giant Verizon is among top suitors to acquire cash-strapped Vodafone Idea, a global Verizon official denied such plans on Tuesday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/wKksSXa

Taiwanese laptop major Asus is getting its key component suppliers from China, its biggest manufacturing location, to India as the company sets up a new factory in Chennai through its contract manufacturer Flex, in a boost to the government's 'Make in India' initiative. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/DMtuzjv

The 'pink eye' outbreak has led to a surge in sales of ophthalmology medicine. Sales jumped nearly 30% year-on-year for the second month in a row in August - outgrowing the overall market by almost five times. The rise reflects the massive incidence of conjunctivitis and eye-complications in the last few months across the country. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YKQOoED

State-run fuel retailers are likely to bear the cross for saving consumers from the impact of benchmark oil prices rising to their highest in 10 months. But at $95 a barrel, crude is bound to delay possible cuts in interest rates and test the government's management of inflation in the run-up to elections in politically important states and national polls next year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Xs35MLC

Germany, once a global economic powerhouse, is now the worst-performing major developed economy. The country's economic decline can be attributed to external factors such as Russia's invasion of Ukraine and the loss of cheap natural gas, which has negatively impacted Germany's energy-intensive industries. Additionally, Germany is facing challenges such as high energy costs, government inaction on chronic problems, and a lack of digital technology adoption. The government is facing criticism for its energy policies and there is a growing need for urgent action to address the economic downturn. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/4oHFERD

American companies in China are increasingly pessimistic about the business outlook in the country, according to a survey by the American Chamber of Commerce in Shanghai. Only 52% of respondents expressed at least slight optimism about the next five years, the lowest level since the survey began in 1999. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/J1xBuGz

A study published by the RBI warns against a return to the Old Pension Scheme (OPS) in India, estimating that implementing it would create a fiscal burden 4.5 times greater than the existing National Pension System (NPS). The study cautions that reverting to OPS would have an adverse impact on government finances and increase fiscal stress to unsustainable levels in the medium to long-term. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/qAZ24Dv

The finance ministry has announced measures that will benefit LIC employees and agents. They include an increase in the gratuity limit from Rs 3 lakh to Rs 5 lakh for agents, eligibility for renewal commission for reappointed agents, an expanded term insurance cover, and a uniform rate of 30% for family pension for retired employees' spouses. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/JkQl3oN