Asian stocks extended a global rally Thursday and the dollar fell after Federal Reserve boss Jerome Powell flagged a slowdown in the pace of interest rate hikes and China opened the way for a softer approach to fighting Covid.
"I'm deeply sorry about what happened," Former FTX chief executive Sam Bankman-Fried said. "Clearly I made a lot of mistakes or things I would be able to give anything to be able to do over again."
IT major Tata Consultancy Services on Wednesday said that it has bagged a deal from Rail Delivery Group to design, develop, implement, and operate the UK's Rail Data Marketplace.
The challenge for India is to meet its growing cooling needs without adding to its greenhouse gas emissions and it ispossible through use of innovative technologies that would also help emissions significantly and create nearly 3.7 million jobs, according to the report, ‘Climate Investment Opportunities in India’s Cooling Sector’.
The government on Wednesday sought views from the industry about the existing national design policy and aims to come out with an updated policy before August 15, 2023.
The data would elaborate on the expansion of different sectors like agriculture and manufacturing in the first quarter of this financial year.
The rupee was trading higher against the US dollar on Wednesday, in tandem with other Asian currencies that managed to add to their advance in the previous session.
Asia's third-largest economy is expected to post annual growth of 6.2% in the three months to Sept. 31, according to a Reuters poll, down from explosive growth of 13.5% in the previous quarter, which was inflated by comparison with weak activity during COVID-19 lockdowns.
Led by local brands, highly affordable products and festive demand, India emerged as the biggest smartwatch market in the world, ahead of North America and China, in the third quarter of this year. The leadership assumes significance as the brands contributing to the surge are mostly local ones, quite unlike the situation in smartphones where Chinese companies dominate.
A "balanced approach" will be central to this budget even though it will be this government's last full budget, as revenues next year are unlikely to be as buoyant and the turbulence in the global economy is expected to have some impact on India.
A key concern that the financial center seeks to address is India’s lack of full convertibility of its currency. Converting money into foreign currencies requires cumbersome documentation, and that’s pushed trading in rupees and rupee-denominated financial assets to offshore centers that Indian regulators can’t monitor.
There is more bad news on the trade front as exports are expected to slow down further in the second half of 2022 and remain subdued in 2023 due to several related shocks, including the war in Ukraine, high energy prices, inflation, and monetary tightening in major economies.
Currently, separate contributions need to be made towards Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation (ESIC).
Pakistan and the IMF have begun talks online on a ninth review of a $7 billion loan programme, the Finance Ministry said on Monday, after a media outlet reported that the lender had asked the country to cut its expenses.
Yields opened down mainly due to a fall in oil prices but will move in a narrow range through the session, Shrisha Acharya, a fixed income dealer at Mumbai-based DCB Bank said.
Stocks and oil prices sank Monday on concerns about protests across China calling for political freedoms and an end to the government's hardline zero-Covid policy, fuelling uncertainty in the world's number-two economy.
The pandemic has taken a backseat. The world is travelling again. Booking. com’s Asia-Pacific MD Laura Houldsworth outlines the firm’s plans in an interview with TOI in Melbourne.
Douglas W Diamond, winner of this year's Nobel Memorial Prize in Economic Sciences, says it is difficult to predict exchange rates but the rupee should stabilise once the US "reduces the speed of its rate increases".
Silver imports during the month too dipped 34.80 per cent to USD 585 million. Cumulatively, the imports, however, jumped to USD 4.8 billion as against USD 1.52 billion during April-October 2021-22.
Gold imports, which have a bearing on the current account deficit, declined 17.38% to about $24 billion during April-October due to fall in demand, according to the data of the commerce ministry.
In the road transport and highways sector, 243 out of 826 projects are delayed. In railways, out of 173 projects, 114 are delayed, while in petroleum sector, 89 out of 142 projects are delayed, as per the latest flash report on infrastructure projects for October 2022.
Paytm said there were no material observations from RBI and the move has no material impact on its business and revenues since the communication from the central bank is applicable only to onboarding of new online merchants.
"The 48th Meeting of the GST Council will be held on 17th December, 22022 by video conference," the GST Council tweeted late Friday evening. Union finance minister Nirmala Sitharaman is the chairperson of the Council. The 47th meeting was held in late June 2022, in Chandigarh.
Further, the industry body requested that pass-through character permitted to AIFs should be across incomes, losses and expenses instead of restricting it to only incomes/losses. "We (AIFs) are perhaps the only asset class where expenses are not tax deductible, and it is fair to re-evaluate that," Gopal Srinivasan, founder, TVS Capital and senior board member, IVCA, told TOI.
The five-member Federal Communications Commission said Friday it has voted unanimously to adopt new rules that will block the importation or sale of certain technology products that pose security risks to US critical infrastructure.
The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit to make it more relevant, an official said on Friday. Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains.
Amnesty begins next week," Elon Musk tweeted, responding to the poll. "Vox Populi, Vox Dei," he added, repeating a Latin adage meaning "The voice of the people is the voice of God," that he has used when talking about other Twitter polls.
In the customary pre-budget interaction with finance minister Nirmala Sitharaman, exporters pitched for reduction in customs duty and sought government support for setting up a global Indian shipping line.
Formulating monetary policy has become more challenging in the current environment because of data lags and also frequent reviews, Patra said. "On the basis of data one month and three months ago, I will have to assess what inflation and growth are going to be one year down the line," he said, adding that policy has to be forward-looking but based on data which is old.
Government's proceeds from asset sales were only ₹33,443 crore in the first seven months against the target of ₹1.6 lakh crore under the National Monetisation Pipeline for the fiscal year ending March.
The commerce and industry ministry, which is the nodal agency for the G20 Trade and Investment Working Group (TIWG), is likely to propose a common digital platform for ease of cross-border trade, a legal aid system for developing countries for dispute settlement in WTO, ways to eliminate distortionary non-tariff measures for developing countries and LDCs, and a framework to address crucial issues at the WTO in clearly defined circumstances like the Covid-19 pandemic.
"We expect that India is going to be the fastest growing G-20 economy next year... (but) high inflation pose a downside risk to India's growth as households and businesses have less purchasing power," Guzman said in a Moody's virtual event 'Sovereign Deep Dive'.
The ministers noted that bilateral trade has shown appreciable growth under the Comprehensive Economic Partnership Agreement (CEPA), which came into force on May 1. India's exports to the UAE from April-September increased 24% year-to-year to $16 billion while India's imports increased 38% year-on-year to $28.4 billion.
Since these indices are inputs into the World Governance Indicators, the World Bank should ensure greater transparency and accountability from these institutions, the EAC said. In a series of tweets, the PMEAC said these indices are primarily based on the opinions of a tiny group of unknown "experts".
"Banks are now working on the standard operating procedure, the scope of services, and a performance measure matrix," said an official, adding that the Indian Banks' Association, or IBA, will also be engaged to bring private banks on board. Another bank executive confirmed that lenders have been asked to provide their input on aspects such as whether more financial services products can be introduced and how to address issues such as digital security for both vendors and their clients.
Interestingly, the two sides, according to the Myanmar government, discussed strengthening closer collaboration in regional and multilateral contexts including the Shanghai Cooperation Organization and the United Nations. The visit by Kwatra happened when the Sino-Pak axis has developed defence industrial links with the Myanmar junta.
Tata Group-owned Air India has mandated UK-based remarketing firm Skytech-AIC for the sale of its four Boeing 747-400 jumbo planes. These aircraft were deregistered by the Directorate General of Civil Aviation earlier this year. The aircraft, which are Pratt & Whitney 4056-powered and were built between 1993 and 1996, are offered for immediate delivery
Equity benchmark indices fell in early trade on Tuesday but later bounced back and were trading in the positive territory amid mixed global market trends. The 30-share BSE sensex declined 61.98 points to 61,082.86 in early trade. The broader NSE Nifty dipped 21.2 points to 18,138.75.
The meeting was attended by bank executives, lawyers, consultants, officials from the finance ministry, the IBBI and even from the prime minister's office (PMO).
These tax red flags include errors in capital gains tax computations, erroneous declarations, suppression of income and wrong exemption claims, people with direct knowledge of the matter told ET. The notices were sent in October and up to November 15 and largely relate to tax returns for FY22.
