How did an Indian Army brat become one of the most powerful bankers in the world?
The International Monetary Fund head Dominique Strauss-Kahn has said that the global economic recovery is fragile and remains uncertain as not enough jobs are being created.
Ecuador mints commemorative coin to mark World Cup participation.
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
Gold imports more than doubled in August to a record high of $10.06 billion, mainly on account of a drastic cut in customs duty and ongoing festive demand, according to the Commerce Ministry data. Gold imports stood at $4.93 billion in August 2023. On record high imports, Commerce Secretary Sunil Barthwal said that the tariff rates on gold have been reduced drastically so that smuggling and other activities can come down.
A non-strategic investor like Poonawalla brings in not only capital but also creative freedom. Indian cinema needs more investors like him, reports Vanita Kohli Khandekar.
Temperatures in 17 locations breached 48 degrees Celsius on Monday, with the relentless heat affecting health and livelihoods across large parts of northwestern and central India.
Remittance is defined as the sum of money paid to someone at a distance.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Countries like India, China and the US, which pursued aggressive reforms, have improved their global trade logistics performance despite the slowdown in progress in the sector over the last two years amid the global recession, the World Bank has said.
Brazil, China, India, Indonesia, South Korea and Russia will account for more than half of all global growth.
The World Bank warns that the world will see a slower growth that will require tighter and better supervision of the financial system.
Praggnanandhaa, who has reached the summit clash featuring legendary five-time world champion Magnus Carlsen, had none other than the iconic Gary Kasparov, acknowledging the Indian GM's mother's role
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
Finance Minister P Chidambaram on Friday cancelled his visit to Washington for attending the Fall meeting of the World Bank and IMF on Monday.
India will enter the Asia Cup as a seven-time champions, most by any team, but adding an eighth title might just not feature on top of their bucket list.
Prime Minister Narendra Modi on Sunday made a fresh push for reforms in global institutions, including the United Nations, asserting that the world's 'new realities' should be reflected in 'new global structure' as it is nature's law that those who don't change with times lose their relevance.
Liquor market in the continent is growing twice as fast as the rest of the world.
'India has formed tremendous resilience and still a strong growth.'
A passenger at Delhi airport said that most of the flights are delayed.
The run-up to the marquee event has been chaotic to say the least with change in captaincy, shuffling of the top-order and players coming out of retirement.
'While Indian markets are indeed not inexpensive, the valuations of largecap stocks are still a considerable distance from being overstretched.'
ICICI Bank, the country's biggest private lender, expects overseas business to account for at least one-fourth of its balance sheet in 2008 and is targeting a place among the world's top ten banks within five years.
Billionaire Mukesh Ambani's four-year-old telecom venture Reliance Jio has been ranked the fifth strongest brand globally behind the likes of Ferrari and Coca-Cola. The Brand Finance's Global 500 ranking of the strongest brands globally, which determined the relative strength of brands, is topped by WeChat, according to its annual report on most valuable and strongest global brands.
India has sought a global consensus on spiralling prices of food and oil in many countries, saying the problem would transform into a global contagion if timely action is not taken. "Unless we act fast for a global consensus on the price spiral, the social unrest induced by food prices in several countries will conflagrate into a global contagion leaving no country developed or otherwise unscathed," Finance Minister P Chidambaram said.
Tata Consultancy Services (TCS) is India's most-valuable brand in 2022 replacing HDFC Bank, which held the number one spot since 2014, according to Kantar BrandZ report on India's most-valuable brands. TCS was able to grab the top slot due to rising global demand for automation and digital transformation, following the pandemic. Indian brands have bounced back from the pandemic to increase their brand value by 35 per cent compound annual growth rate (CAGR) since 2020.
Valued at $71.2 billion, the bank's market capitalisation is more than that of global banks like Barclays, JP Morgan Chase and Credit Suisse.
According to Merrill Lynch (BofA-ML) report, Domestic capital markets are likely to remain volatile in the September-November period due to factors like US Fed's policy action, second quarter corporate earnings and Bihar state elections.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
India's role as a leader of the global south may require it to give up its ambition to serve as a bridge between the warring halves of the international community, points out Mihir S Sharma.
'If rate cuts happen, bond yields will come down and investors will make mark-to-market capital gains on them.'
Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world's largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs.
Union Finance Minister Pranab Mukherjee has brought about a coup in North Block by bringing an Indian Foreign Service officer Venu Rajamoni as Joint Secretary to head multilateral institutions division.
In a significant development, India is believed to have placed a funding request of around $55 million in its first call with the Pandemic Fund of the World Bank, sources said. The fund has been set up to finance critical investments in a bid to strengthen pandemic prevention, preparedness, and response capacities at national, regional, and global levels, with a focus on low- and middle-income countries. It was created in the aftermath of the Covid-19 global pandemic.
According to the WB datat, February witnessed a 40 per cent rise in coal prices and 24 per cent in rice. To add to that fuel, food, fibre, and metals saw double-digit jump in global prices. Rice went up 24 per cent due to limited export supplies, deteriorating prospects for the next crop, and the impact of higher wheat prices. Lead jumped 18 per cent on falling stocks, strong battery demand in China, and weather-related supply reductions, also in China.
'In the short term you keep your return expectations very, very low; in the medium term be prepared to invest and in the long term growth will come and your returns from stocks will be high.'
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
India can sustain 8 per cent annual GDP growth and the conducive macroeconomic configuration may become a launching pad for a step-up in the country's growth trajectory, said an article on the 'State of Economy' in the central bank's March Bulletin published on Tuesday. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent. The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by RBI Deputy Governor Michael Debabrata Patra.
Nearly a third of an average Indian citizen's consumption budget is spent on food.
