UN economists announced a likely USD 50 billion drop in the worldwide manufacturing exports in February alone as the extent of the damage to the global economy caused by the novel coronavirus (COVID-19) moved further into focus. Citing the China Manufacturing Purchasing Manager's Index (PMI), Pamela Coke-Hamilton, who heads UNCTAD's Division on International Trade and Commodities, said that it had fallen to 37.5 -- a drop of about 20 points -- the lowest reading since 2004. "This also correlates directly to exports and also implies a two per cent drop in overall exports," she said, with a resulting "ripple effect" worldwide "to the tune of a USD 50 billion fall in exports."
Sounding a note of caution, former Reserve Bank Governor Raghuram Rajan has said that India is "dangerously close" to the Hindu rate of growth in view of subdued private sector investment, high interest rates and slowing global growth. Rajan said that sequential slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO) last month, was worrying. Hindu rate of growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged around 4 per cent.
Citing terror threats from the outfit, Canada has banned the World Tamil Movement and freezed its assets. Two months ago, the federal police sought court nod to seize the WTM's bank accounts.
Spanish bank denies credit line to bail Sahara boss.
Indian economist Kalpana Kochhar, who heads the Human Resources Department of the International Monetary Fund, is leaving the organisation to join the Bill and Melinda Gates Foundation, the IMF announced on Wednesday. Kochhar, who served in various senior positions during her three decades at the IMF, will retire on July 30, it said.
Royal Dutch/Shell, the world's third largest oil and gas group, has sought waiver of the Rs 500 crore (Rs 5 billion) bank guarantee norm for grant of licence to sell petrol and diesel.
Seeking to wriggle out of the FATF's grey list, Pakistan has imposed tough financial sanctions on 88 banned terror groups and their leaders, including Hafiz Saeed, Masood Azhar and Dawood Ibrahim, by ordering the seizure of all of their properties and freezing of bank accounts, a media report said.
The maximum number of banks are from the US (74), followed by China (29) and South Korea (26).
'India is the largest stomping ground in the world for impact investing as we have an extraordinary combination of entrepreneurial drive with huge, absolute demand for all kinds of social services,' IDFC First Bank's chief Rajiv Lall tells Anjuli Bhargava.
The Debt Recovery Tribunal (DRT) on Tuesday directed Diageo Plc not to disburse $40 million of the $75 million sweetheart deal to him.
British bank Barclays Plc could jump into the league of top three foreign banks in India from 13 at present if it succeeds in merging its Dutch rival ABN Amro with itself in a deal that could create a combined entity worth $160 billion.
Work-related stress can impact one's mental health. Which is why Saurabh Tiwari says he's fortunate that his company understands this and is doing whatever it can to help mitigate that stress. "My company provides opportunities according to my interest, and if anyone is feeling stressed or has additional workload, they can talk with their supervisor to resolve it," says the 31-year-old who's working from home for a Bengaluru-based IT firm. Not everyone's as lucky.
It was unclear how bankers were deciding which jewellers to support
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
A global group of government anti-money-laundering agencies said that financial institutions have not done enough to police suspicious financial activity by officials at soccer's global governing body FIFA.
Four franchises were involved in a bidding war with MI Cape Town making the initial move followed by Paarl Royals. However, towards the end it was Johannesburg Super Kings and Sunrisers Eastern Cape, who fought tooth and nail before the latter made a winning bid of R 9.2 million.
India Inc very keen to do business in Gujarat.
The FATF continuing Pakistan in the 'Grey' list means its downgrading by IMF, World Bank, ADB, EU and also a reduction in risk rating by Moody's, S&P and Fitch.
The beauty of kindness is that it can only be repaid with more kindness, notes Aarti David.
The panel also recommended deduction of bank guarantee of four mines, including one given jointly to the world's largest steel producer ArcelorMittal and GVK Powers, an official statement said.
Asserting that it is for the first time that BRICS has taken a collective position on strengthening and reforming multilateral systems, Prime Minister Narendra Modi said, "We have to ensure that BRICS is more productive in the next 15 years".
"The FATF plenary decided continuation of Pakistan in 'Grey List' till its next meeting to be held in October," an official privy to the development told PTI.
The cruise which was scheduled to dock at the shore for the tourists to visit Chirand, an archaeological site, got stuck because of water deficiency in the Ganges near the Doriganj area of the district.
In advanced economies where the financial system is more matured, the form of shadow banking is more of risk transformation through securitisation.
Modi said South America has tremendous potential.
Quelling fears of a takeover by Ola, which is also funded by Uber's major investor SoftBank Group, the US-based cab aggregating giant made it clear that the company was not ceding its position in India, one of its core markets.
Byju's is planning to raise $500-600 million from Abu Dhabi's sovereign wealth funds and existing investors, according to sources, as the start-up world is facing a funding freeze. The educational technology (edtech) giant targets profitability by March next year. "There is no change in Byju's valuation. The new fundraising process is still going on," said a person familiar with the matter. "Any new valuation would be determined in the futureByju's is planning to raise $500-600 million from Abu Dhabi's sovereign wealth funds and existing investors, according to sources, as the start-up world is facing a funding freeze. The educational technology (edtech) giant targets profitability by March next year. "There is no change in Byju's valuation. The new fundraising process is still going on," said a person familiar with the matter. "Any new valuation would be determined in the future as it is very tough for investors to do that in this environment." as it is very tough for investors to do that in this environment."
Shah said that the people of the country will decide about the principal opposition party to BJP in the 2024 polls and they have not given this label to any party.
The five-nation grouping BRICS on Tuesday resolved to combat terrorism in all its forms and manifestations, including the cross-border movement of terrorists, and vowed to step up joint efforts in building support for an India-backed global framework to effectively deal with the menace.
We are serious about setting up a bank and use the parent branding that is a household name in India, says Venugopal Dhoot.
Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of the RBI, she said it is not necessary to induce individuals to invest through government schemes but give them an opportunity to make a personal decision regarding investments. "...the way we allowed for standard deduction and also the rates which have been fixed, tax rates which have been fixed for different slabs, it has actually left more money in the hands of the people, the taxpayer, the household," she said.
Tamil Nadu is the celebrated home of the 'social justice' movement in the country, yet caste differences and violence has only been increasing in numbers and becoming more brutal in recent years, observes N Sathiya Moorthy.
In the face of climate disaster, a new environmental movement by the name of Extinction Rebellion has risen up, and they will make sure you hear their plea -- 'To governments of the world: we declared a climate and ecological emergency. You did not do enough. To everybody else: rebel' The environmental group, which was founded in the United Kingdom, has planned a large coordinated movement -- called International Rebellion -- in more than 60 global cities. Demonstrators blocked roads and bridges leading to the Palace of Westminster in central London. They staged a "die-in" in Wellington, New Zealand. They obstructed a major roundabout in Berlin and splattered fake blood on Wall Street's "Charging Bull" sculpture. Here are some of the most powerful images from the movement.
Xi said that all poor people in rural areas have been lifted out of poverty. With this, China has achieved the United Nations goal of poverty eradication 10 years ahead of the 2030 deadline, he said.
Chief economic advisor V Anantha Nageswaran on Tuesday said Indian economy will grow at over 7 per cent, down from above 8 per cent of growth rate projected in January. He, however, said that the economic momentum and the animal spirits are "unmistakable". "India's own growth rates have come off the projections made in January down to about 7-plus per cent for the current financial year," Nageswaran said speaking at Global Fintech Fest event in Mumbai.
The talks took place in a beach resort in Benaulim on the sidelines of a meeting of the Council of Foreign Ministers of the Shanghai Cooperation Organisation.
It's hard to say because of the winner-take-all nature of new platform and network businesses, but Reliance has not been an efficient user of capital, and Adani numbers are varied, observes T N Ninan.
Fourteen per cent of the $16 billion invested by Ratan Tata in M&As abroad has been written off by his successor.
The Centre is unlikely to announce an agreement over payment mechanism with Russia until a ceasefire is declared in the Ukraine war, said people in the know. An inter-ministerial group headed by the finance ministry has been meeting regularly for over a month to analyse and discuss payment mechanisms that can work under the current circumstances and ensure the trade between India and Russia is not disrupted. The US had recently said that there would be consequences for countries actively attempting to "circumvent or backfill" American sanctions against Russia.
He becomes 2nd Indian to win this award; N R Narayana Murthy won it in 2003.
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