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RBI Governor Shaktikanta Das predicts that India's GDP growth for the second quarter of FY24 will exceed expectations based on early indicators. He mentioned that the country's economic activity and various data points suggest a positive surprise. However, he also highlighted geopolitical risks as a concern for global growth. Additionally, Das discussed the high attrition rates in private banks and the RBI's examination of their business models to ensure adequate risk management. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/WkJf9Zx

The growth in India's infrastructure sector slowed to a four-month low in September, but remained strong overall. The core sector, which includes coal, crude oil, natural gas, and other industries, grew by 8.1% in September, compared to 12.5% in the previous month. Crude oil was the only sector that contracted, while coal saw double-digit growth. The core industries account for 41% of the country's industrial production index, and a strong outcome is expected for the overall industrial production data. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/an1XyfB

Mark Mobius expressed his optimism about India's growth potential, stating that the benchmark Sensex could reach the 1,00,000 milestone in the next five years. He also highlighted India's promising economic growth prospects and the significant role played by a tech-savvy young population. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/BqbFmzd

The Centre has received multiple expressions of interest (EOIs) for the privatisation of state-run Indian Medicines Pharmaceutical Corporation (IMPCL), a top finance ministry official announced on social media platform X on Monday. Tuhin Kanta Pandey, secretary, department of investment and public asset management (Dipam) said the transaction now moves onto the second stage. The Centre's privatisation plan has slowed down significantly after the successful sale of state-run Air India to the Tata Group. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/RyqZ8Ci

Finance minister Nirmala Sitharaman has called for inter-governmental cooperation to combat smuggling and illicit trade networks. She emphasized the need to target the "brain" behind illegal trade in order to deter unlawful activities that harm the economy and citizens. Sitharaman also highlighted that the nature of smuggled goods has remained consistent, with precious metals, narcotics, and precious reserves from forests or marine life being the primary items. She stressed the importance of cooperation with the World Customs Organisation. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/qxIYED5

Starting from January 1, 2024, health insurance policies in India will be required to provide a concise summary of coverage details, waiting periods, limits, and exclusions in a customer information sheet (CIS). Policyholders will also have a 15-day "free-look" period to cancel their cover if they suspect mis-selling. The aim is to increase transparency and policyholder awareness. The CIS will also highlight policyholders' rights and their obligation to disclose relevant health information for claim settlements. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8ynRABi

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Niti Aayog, the Centre's think tank, will consult with business and thought leaders including Mukesh Ambani, N Chandrasekharan, Sundar Pichai, Gautam Adani, and others to gather input for a vision document aimed at making India a developed nation by 2047. The consultations will take place in Delhi and Mumbai in November, with the draft document expected to be ready by December. Niti Aayog was given the responsibility in July 2023 to consolidate sectoral visions into a national vision for Viksit Bharat@2047. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2wu1Ocf

India's market regulator, the Securities and Exchange Board of India (Sebi), is cracking down on unregistered financial influencers providing investment advice on social media. Sebi has barred Mohammad Nasiruddin Ansari and two other entities from the market and ordered them to refund $2.1 million taken from followers. This is the latest in a series of actions against financial influencers in India, as the retail trading boom during the pandemic has led to a surge in young investors seeking stock tips on social media. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/nHZ8bCo

Apple's India business almost touched a record milestone of Rs 50,000-crore revenue, with sales growing by 48% to Rs 49,321 crore in the fiscal year 2022-23. Analysts attribute this growth to a higher share of sales of new generation devices and a reduction in component costs. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/NpyERw7

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ShyamVNL, an Indian company specializing in cyber intelligence and security, has developed a technology to combat illegal mobile phone usage in prisons. The solution, unveiled at a defense and security exhibition in New Delhi, blocks mobile phone usage within a coverage area and provides mobile identity detection and location tracking. The technology aims to put control in the hands of prison authorities, eliminating dependence on mobile operators and enhancing security in prisons and other critical sites. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/yAGnvzj

A top supplier to companies such as Apple, Samsung, Xiaomi, Vivo, and Oppo, this will be Corning's first manufacturing investment in India for glass. The company looks to not only cater to mobile phone makers but also to other segments, such as, notebooks, tablets, and smartwatches, John Bayne, senior VP and GM for Corning's Mobile Consumer Business, said. Bayne said the company, will cater to large local and global smartphone ecosystem, while it will consider exports. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fBadCIL

The Indian government's initiatives for financial inclusion, rural microfinance, and property rights in rural housing have contributed to the development of women-led initiatives in the country, according to the finance ministry's monthly report. The report highlights the importance of equal opportunities and basic needs for women's development and emphasizes the role of access to financial services in improving women's control over household resources. The report also mentions the success of PM Jan Dhan Yojana in empowering women economically. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/i2V4Qm8

The Bombay High Court has overturned an ITAT order that upheld the additional "unaccounted income" as taxable for an individual accused of stock rigging. The court found that the tribunal had exceeded its authority and quashed the orders on technical grounds. The court directed the ITAT to hear the matter again. The ITAT had previously referred to the individual as a kingpin and directed the income-tax official to provide details of over 30,000 individuals and entities involved in the scheme to various regulatory authorities. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fi7Y6CF

Reliance General Insurance has obtained a legal opinion that states IndusInd Holding's resolution plan cannot extinguish any stock options or other employee benefits. IndusInd International Holdings has emerged as the successful bidder for Reliance Capital. RCap's most valuable holdings are the shares it owns in its 100% subsidiary Reliance General Insurance. IndusInd Holding's resolution plan involves raising funds to pay creditors of Reliance Capital by creating a charge on the shares of Reliance General Insurance. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/uYq9wnN

The Centre's "just-in-time" mechanism for releasing funds to government agencies has led to banks losing out on low-cost current and savings account float. Public sector banks, such as State Bank of India, are now focusing on raising more current account deposits from trade and industry to make up for the gap. The shift to this fund release method aims to save money at the overall level and improve expenditure assessment. The finance ministry is also ensuring that government agencies exhaust their account balances before seeking funds. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/G3taVFW

Canada and Taiwan have concluded talks on a bilateral deal to enhance foreign investment. The deal aims to boost Taiwan's diplomatic and moral support from major Western democracies, such as Canada, as it faces mounting pressure from China. The agreement, called the Foreign Investment Promotion and Protection Arrangement, is part of Canada's strategy to expand trade and influence in the Indo-Pacific region. Trade between Canada and Taiwan reached C$10.2 billion in 2021. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/t0lmMki

Microsoft reported better-than-expected fiscal first-quarter results, driven by growth in its cloud computing and PC businesses. The company's revenue rose 13% to $56.5 billion, exceeding analysts' estimates. Revenue from its Intelligent Cloud unit, which includes its Azure cloud-computing platform, grew to $24.3 billion, surpassing expectations. Microsoft's strong messaging on its AI technology is attracting companies to consider them more seriously. The company's capital expenditures for AI software are expected to exceed $44 billion this fiscal year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/toPD2wY

As he leads India's charge at the ongoing cricket World Cup, batting sensation Virat Kohli and wife Anushka Sharma are padding up for a business foray into motorsports and event management. The duo, who has been active in the investment circles through exposure in startups and ventures such as One8, Rage Coffee, Goa FC, Chisel Fitness and Neuva, is now entering the events and experiences space through their new venture 'Nisarga'. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/iQKfSCq

Small businesses are emerging as the biggest drivers for unsecured loans, with a 73% year-on-year growth in demand from MSMEs in the September quarter. The demand is mainly from smaller cities, which experienced faster growth than metros during the quarter leading up to the festival season, an analysis of loan demand from 700 cities conducted by Paisabazaar showed. In Q2, demand in non-metro cities increased by 74%, while in metro cities, it grew by 69%. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/6IcGb8F

Vedanta may lose its third CFO in as many years just as the mining conglomerate controlled by billionaire Anil Agarwal heads into an ambitious restructuring of its businesses, according to people familiar with the matter. Sonal Shrivastava, who joined the company in June, informed Agarwal about her decision to leave last month, the people said. Agarwal is talking with finance professionals who had earlier stints in the group to replace her, and a decision is expected as early as this week, they said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/z5N16fP

Juventus initiated talks with banks to create a syndicate for a planned capital increase of up to €200 million following the board's approval. "The company is considering the opportunity to engage a syndicate for the subscription of any newly-issued shares that remain unsubscribed and, for this purpose, has initiated contacts with leading banking institutions," it said in a statement. Juventus said the capital increase was expected to be executed in the first four months of next year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/uJQirsK

Banks in India are seeing a rise in stress related to small unsecured personal loans as borrowers with low incomes struggle to repay their debts. Yes Bank and Kotak Mahindra Bank report higher delinquencies compared to last year, while ICICI Bank is seeing the most distress in the below Rs 50,000 loan segment. RBI has expressed concerns over the increase in unsecured loans and is closely monitoring the situation. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/NSqj5wE

China's natural resources department conducted on-site investigations on the land use of enterprises of Foxconn in Henan, Hubei provinces and other places, according to the exclusive report in the Global Times. It did not elaborate on the investigations or the timing of them. "Foxconn's subsidiaries are obliged to actively cooperate with audits and investigations, and if there are indeed violations of laws and regulations, they should admit mistakes and accept penalties and step up rectification," Zhang, deputy dean of the Taiwan Research Institute of Xiamen University, said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/CQU9Ecl

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The US has imposed sanctions on three China-based companies for supplying missile-related items to Pakistan's ballistic missile program. The sanctions were imposed as part of the global nonproliferation regime. China has been a major supplier of arms and defense equipment to Pakistan. The sanctioned firms include General Technology, Beijing Luo Luo Technology Development Co, and Changzhou Utek Composite Company. They have been involved in activities that contribute to the proliferation of weapons of mass destruction or their means of delivery. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/nvSGdCV

The Municipal Corporation of Delhi (MCD) has imposed a penalty of Rs 5 lakh on a subsidiary of Godrej Properties for not taking environment safety precautions in construction works at its project site here. In a regulatory filing on Saturday, Godrej Properties informed that its subsidiary Godrej Vestamark LLP on October 16 received an order in this regard under the Delhi Municipal Corporation Act 1957. Godrej Properties is one of the leading real estate firms in the country. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/OFxDb8G

Finance Minister Nirmala Sitharaman has highlighted terrorism as a concern that businesses should consider when making investment decisions, noting that supply chains are being disrupted due to ongoing wars. She emphasized that investors and businesses must factor in the impact of global terror on their decision-making. Sitharaman also discussed the challenges of energy transition for climate change and the need for climate finance for developing and poor countries. Additionally, she mentioned the government's focus on reducing debt and responsible spending. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/MG8OIhD

Wall Street declined due to mixed earnings, concerns about further interest rate hikes from the Federal Reserve, and worries about escalating conflict in the Middle East. The yield on 10-year US Treasury notes briefly surpassed 5%, the first time since July 2007. Tech stocks were particularly affected, pulling down the Nasdaq. Investors were urged to focus on strong company earnings and guidance. Federal Reserve Chairman Jerome Powell's comments left open the possibility of another rate hike. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/klgLT5q

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Oil prices rose on Thursday amid concerns that the conflict between Israel and Gaza could escalate into a regional conflict. Brent futures settled up 1% at $92.38 a barrel, while US West Texas Intermediate (WTI) futures settled up 1.2% at $89.37 a barrel. The potential for escalation, particularly from the Arab world, is a concern. However, gains were limited after the US issued a six-month license authorizing transactions in Venezuela's energy sector. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/5F7tBfd

Union Pacific reported a 19% decline in third-quarter profit due to lower shipments and high costs. However, the average speed of its trains improved by 5% under the leadership of new CEO Jim Vena. The company earned $1.53 billion. Although the number of shipments decreased by 3%, costs improved by 4%. Union Pacific's revenue also fell by 10% to $5.9 billion. Vena aims to push decision making to lower levels and eliminate bureaucracy to improve efficiency. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/h6MDBvU

The Indian government plans to take a cautious approach towards cryptocurrency despite the recommendations of the IMF and FSB. Experts will be tasked with assessing the impact of these recommendations on India and suggesting ways to address them. The government aims to have a foolproof regulatory regime in place and will consult with regulators such as the RBI and Sebi. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/xAzKuVh

Netflix has raised subscription prices for its streaming plans in the US, UK, and France, following a surge in new customer sign-ups. The company gained nearly 9 million new customers worldwide, surpassing Wall Street's forecast of 6 million. Netflix attributed the growth to its crackdown on password-sharing and the success of new programming such as "One Piece." from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/RAfUQ2b

Institutional Shareholder Services (ISS) has advised shareholders to vote against the appointment of Mukesh Ambani's youngest son, Anant Ambani, to the board of Reliance Industries. ISS cited concerns over Anant's limited leadership experience as the reason for its recommendation. This echoes the views of another advisory firm, Institutional Investor Advisory Services (IIAS), which also objected to Anant's appointment. The board appointments will be decided by a shareholder vote on October 26. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/e4QHWZA

The European Union plans to keep products made using forced labor out of its market by adopting a new regulation. This move has raised concerns among developing countries about the trading bloc using "non-trade" barriers, which could violate WTO rules. The regulation includes a framework to investigate the use of forced labor in supply chains. If found violating this framework, import and export of related goods will be halted at the EU's borders. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/lSDktfN

The IMF director for Asia-Pacific, Krishna Srinivasan, explained the agency's stance on currency market intervention and other economic policies in an interview. He discussed the impact of China's slowdown on the Asia-Pacific region and India, emphasizing the strong linkages between countries and the indirect effects of China's slowdown on the world. Srinivasan also mentioned the gradual shift away from China in global value chains and the potential for India to become a manufacturing hub. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fAdzZ39

RBI inspected the books of ICICI Bank in 2020 and 2021 to evaluate its financial status. During the inspection, RBI found that the bank had given loans to companies where two of the lender’s directors held board positions — in violation of RBI guidelines. The bank also marketed and sold non-financial products, which are outside the remit of a commercial bank. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/61eYgcq

HDFC Bank reported a net profit of Rs 15,976 crore for the September quarter, following its amalgamation with parent HDFC. The bank's consolidated net profit stood at Rs 16,811 crore, better than expectations. However, the bank's margins declined due to the additional funds raised for the merger and the different nature of HDFC Bank's business compared to HDFC. The bank's net interest margin dropped to 3.4% post-merger. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/jP3z61p

The dollar strengthened as tensions in the Middle East increased and investors awaited a speech by Federal Reserve Chair Jerome Powell for insight into the US central bank's rate outlook. The Israeli shekel fell to an eight-year low against the dollar after Prime Minister Benjamin Netanyahu vowed to "demolish Hamas". from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/q7ePf65

Oil prices declined in early Asia trade on Monday as investors awaited the possibility of the Israel-Hamas conflict involving other countries, which could further increase prices and impact the global economy. Brent futures fell 0.4% to $90.53 per barrel, while US West Texas Intermediate (WTI) crude dropped 0.4% to $87.32 a barrel. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/yKjCQSA

The US government is set to implement new rules to prevent American chipmakers from selling products to China that bypass government restrictions on exports. The move comes as part of the Biden administration's efforts to block the export of AI chips. While chips for consumer products will be exempt, the restrictions could complicate diplomatic relations between the US and China. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ueh2mH7

Located near the southernmost tip of the country, the Vizhinjam transshipment container port — the first of its kind in India that will be inaugurated on October 15 — will allow India to grab a bigger slice of the international maritime trade currently dominated by China. It will also bolster its aspirations to be an alternative manufacturing hub by reducing logistics costs for cargo coming to and from the country. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/yqoeCvp

Finance Minister Nirmala Sitharaman has called on the private sector to support the Sustainable Development Goals (SDGs), stating that it is the collective responsibility of all stakeholders to contribute. Speaking at an event in Morocco, Sitharaman expressed confidence that reforms in multilateral development banks (MDBs) prompted by G20 deliberations will increase investments in developing nations. She highlighted the need for global cooperation and innovative financing approaches to bridge the financing gap for achieving the SDGs by 2030. Sitharaman also emphasized the need for MDBs to be reformed in order to address the challenges of the 21st century. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/t9l4PTU

California Governor Gavin Newsom has signed a bill that will raise wages for fast-food workers across the state. The legislation establishes the highest minimum wage for fast-food employees in the industry nationwide, but has faced criticism from the National Owners Association (NOA) for its strict regulations. The bill also creates a council with the power to approve future wage increases. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HTrqpmJ

Reserve Bank of India (RBI) Governor Shaktikanta Das has been awarded an 'A+' ranking in the Global Finance Central Banker Report Cards 2023. The report cards recognize central bank governors who have outperformed their peers in terms of originality, creativity, and tenacity. Das was placed at the top of the list alongside Switzerland's Thomas J Jordan and Vietnam's Nguyen Thi Hong. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ERyzv6H

FM Nirmala Sitharaman said that the conflict in West Asia will not have any impact on the proposed India Middle East European Corridor (IMEEC) as it has long-term significance. "The IMEEC, which is an India initiative, is for the long term, and its significance is long-term. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/CqRwAQ9

IMF members are working overtime to work out a communique at the end of the meeting, amid concerns among European countries over the Ukraine-Russia conflict and demands from China to discuss the issue of higher quotas. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/F0KJHky

During a meeting in Marrakech, UK chancellor Jeremy Hunt committed to providing capital support for multilateral development banks (MDBs), while other countries such as the US, Italy, and Saudi Arabia also expressed openness to the idea. The International Economic Governance (IEG) emphasized the need for more capital for MDBs to enable them to lend more, a suggestion supported by India's finance minister and the World Bank president. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/7dbpr8F