Equity benchmarks began the week on a downbeat note on Monday, weighed by heavy selling in market heavyweight Reliance Industries and persisting weakness in global bourses. The rupee plunged to its lifetime low against the US dollar amid unabated foreign fund outflows, underscoring the risk-off sentiment prevailing globally as central banks embark on policy tightening to tame soaring inflation. Slipping for the second straight session, the 30-share BSE Sensex shed 364.91 points or 0.67 per cent to close at 54,470.67.
Union finance secretary T V Somanathan recently said the Centre had saved Rs 10,000 crore in FY22 on interest payments after adopting new accounting mechanisms for central government agencies and centrally sponsored schemes (CSS) for state governments. Speaking at an event, Somanathan said due to these, there was an unspent balance of Rs 1.2 trillion with state agencies from CSS as on March 31, 2022. This means this amount will be reduced from the Centre's borrowing for now and it can be considered a short-term saving for the exchequer.
The no-confidence motion moved by the opposition Bharatiya Janata Party against the Congress government in Chhattisgarh where assembly polls are due next year, was defeated by voice vote in the state Legislative Assembly on Thursday.
In a stinging attack on the Bharatiya Janata Party-led central government, Shiv Sena member of Parliament Sanjay Raut on Sunday said it wouldn't be surprising if the Enforcement Directorate issues summons against former prime minister Jawaharlal Nehru in the National Herald newspaper case and paste the notice on his memorial.
The government will borrow Rs 5.03 lakh crore in the second half of the current fiscal to fund the revenue gap for reviving the pandemic-hit economy, the finance ministry said on Monday. During the first half, the government has raised Rs 7.02 lakh crore by issuing bonds, the ministry said in a statement. "Out of gross market borrowing of Rs 12.05 lakh crore projected for FY 2021-22 in the Union Budget, Rs 7.24 lakh crore (60 per cent) was planned to be borrowed in first half (H1).
Maryam told the charged workers that the days of trouble for Khan had begun.
They can make even a gamcha look like an accessory.
Inciting the public to raise funds for jihad (holy war) is not allowed to individuals or any organisation in Pakistan and is considered as treason, the Lahore high court has ruled even as it dismissed appeals of two terrorists convicted for raising funds for a proscribed terror outfit.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
Saving for your future, older self is one of the main reasons why you should invest. Since one day you will either be unwilling or unable to work, investing allows you to have a pool of resources you can draw upon in old age.
Around 25 BJP MLAs led by Leader of Opposition Suvendu Adhikari then walked out of the assembly, claiming that several party legislators were roughed up by TMC MLAs inside the House.
Pakistan's Election Commission on Friday disqualified former prime minister Imran Khan for five years in the Toshakhana case for hiding proceeds from the sale of gifts he received from foreign leaders.
A question asked in Tamil triggered heated exchanges in Lok Sabha on Wednesday between the Opposition and Treasury benches that spilled over to the issue of ministers giving replies in Hindi.
Finance Minister Nirmala Sitharaman on Tuesday highlighted "significant reforms" undertaken by the government including National Monetisation Pipeline (NMP) and National Infrastructure Pipeline (NIP) as she met institutional investors in Boston. Sitharaman arrived in the US on Monday for a week-long trip to attend the annual meet of the World Bank and IMF in Washingon as well as G20 Finance Ministers and Central Bank Governors (FMCBG) meeting. During the official visit to the US, Sitharaman is expected to meet US Treasury Secretary Janet Yellen.
Mann stares at a twin-headed monster: Resuscitating the state's debilitated public-sector enterprises and controlling the spiralling debt to keep the state machinery and his poll-fuelled populist schemes running.
Rishi Sunak, the former UK chancellor of the exchequer, on Friday formally launched his leadership bid to succeed Boris Johnson as the new Conservative Party leader and future British prime minister.
'Our advice is to put money into equities now rather than staying away.'
Similar bills in the recent past have been passed in the Bharatiya Janata Party-ruled states.
"The game is not yet over. Even parties like the Samajwadi Party, which lost the Uttar Pradesh assembly polls, has more MLAs than it had last time," she said.
Technology giant Microsoft is in talks with TikTok's parent company ByteDance to buy its US operation.
Concerned over inflationary pressures in the economy, the Reserve Bank of India (RBI) is bringing down surplus liquidity in the system rapidly. It has fallen to pre-Covid levels and almost 2 per cent of banks' net demand and time liabilities (NDTL). NDTL shows the difference between the sum of demand and time liabilities (deposits) of a bank (with the public or the other bank) and the deposits in the form of assets held by the other bank.
State RJD president Jagadanand Singh on Saturday announced its candidates for two seats, having done the same for 21 others a week ago, and declared that it was leaving one for the Left parties.
The order gives the state and treasury departments authority to consider and impose sanctions on individuals, entities or associates of the Turkish government involved in actions that endanger civilians or lead to the further deterioration of peace, security and stability in northeast Syria.
'No one in this administration, not the President nor anyone on the national security team, would suggest that the Taliban are respected and valued members of the global community'
Amid the din in which BJP and Congress members tried to shove each other and some members banged the door leading to the secretary general's desk, Birla adjourned the House for the day.
Makki is a US-designated terrorist and brother-in-law of Lashkar-e-Tayiba chief and 26/11 mastermind Hafiz Saeed.
There are only three entities left in the fray now - Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp.
The rise in US bond yields spooked investors last week and there could a further increase given the inflation dynamics, according to Christopher Wood, global head of equity strategy at Jefferies. "The US bond market sell-off has continued over the past week, and with it the increased potential for an inflation scare. "Still, there is plenty of scope for bonds to sell off more since the last time the 5-year forward inflation expectation rate was running at current levels (namely in early December 2018), the 10- and 30-year bond yields were significantly higher at 2.91 per cent and 3.17 per cent, respectively," the market guru said in his newsletter GREED & fear. The 10-year and 30-year US Treasury finished at 1.34 per cent and 2.13 per cent, respectively, last week.
China has blocked a proposal by the US and India at the United Nations to blacklist Abdul Rauf Azhar, the brother of Jaish-e Mohammed (JeM) chief Masood Azhar and the deputy chief of the Pakistan-based terror group, in the second such move by Beijing in less than two months.
In the state of the economy report, the RBI said bond vigilantes could undermine the recovery, unsettle financial markets, and trigger capital outflows from emerging markets.
'One way of doing this could be offering credit guarantee to the banks, say 10 per cent, for fresh loans given to micro, small and medium enterprises,' observes Tamal Bandyopadhyay.
Generally, before adjourning the house sine die the chair reads out the statistics about the business transacted in the house in detail.
The Trump administration is confronting and countering malign Russian cyber activity, including their attempted interference in the US election, destructive cyber-attacks, and intrusions targeting critical infrastructure, said Treasury Secretary Steven T Mnuchin.
Speaker Vijay Kumar Sinha, who was a minister himself in the previous National Democratic Alliance government, was visibly shaken at the disdain shown towards the Chair by Samrat Chaudhary who holds the Panchayati Raj portfolio.
Sunak joins fellow Indian-origin candidate Suella Braverman, the UK Attorney General who is among the early Tory MPs to announce her plan to contest.
'At current valuations, we believe large-caps offer better downside support.' 'Hence, we are suggesting a small tilt towards them.'
The HDFC duo was the top laggard in the Sensex pack, shedding nearly 4 per cent, followed by PowerGrid, Tech Mahindra, ICICI Bank, ONGC, Kotak Bank, Asian Paints, Infosys and Reliance Industries. NSE Nifty slumped 154.40 points to 14,690.70.
The unexpected interest rate hike by the RBI on Wednesday will have the banking system on average making a 10-15 bps gains on the yields, with private banks making larger gains as 57 per cent of their loans are linked to external benchmark rate and 40 per cent to the marginal cost of lending rates, as per a report. Stating that lenders and borrowers will face volatile times with the Reserve Bank raising the repo rate by 40 bps to 4.40 per cent and the cash reserve ratio (CRR) by 50 bps on May 4 in an off-cycle policy move, India Ratings said the market rates had already been moving higher before the move. The 364-day T-bills have moved up 120 bps and 10-year G-sec by 140 bps since May 2020, when the repo rate was cut to a record 4 per cent, which led to an expectation of a faster and sharper rise in interest rates in the system but the central bank stayed the course to support the fragile economy battered by the pandemic.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
The case relates to alleged fraudulent withdrawal of Rs 35.62 crore from the Chaibasa treasury in the 1990s when he was the chief minister of undivided Bihar.
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