Tuesday, November 26
According to figures issued by the commerce department, India's trade deficit fell to a nine-month low of $17.5 billion in January as exports increased 3% to $36.9 billion, while imports increased by the same amount to $54.4 billion. In recent weeks, govt has sought to ensure that there is adequate credit available to exporters and insurance premium through Export Credit Guarantee Corporation does not rise despite the tension.
Shares of Paytm operator One97 Communications plummeted 5% on Thursday after the ED questioned its senior executives as part of preliminary investigations prior to a formal probe under foreign currency regulations.
In an interview with TOI, JPMorgan Chase's president and chief operating officer Daniel Pinto discussed the banking sector's risks and potential. Pinto stated that the sentiment in India is positive due to supply chain adjustments and good growth despite a global slowdown. He stated that structural changes will assist drive manufacturing in India.
Japan's economy slips into recession due to anemic domestic demand, prompting central bank watchers to push back bets on when the nation's negative interest rate policy will end. GDP contracts for a second quarter, households and businesses cut spending, and Germany now has the world's third-largest economy. Cabinet Office reports a 0.4% contraction in GDP, economists had predicted 1.1% growth.
A day after the RBI instructed payment networks Visa and Mastercard to stop enabling business credit card issuances by fintech aggregators, the central bank stated on Thursday that there were other violations, including payments made to illegal merchants. RBI said that a card network had an arrangement that enabled businesses to make card payments through certain intermediaries, to entities that do not accept card payments.
Sony will explore alternative options in India after the termination of its merger plans with Zee. Hiroki Totoki, President, COO & CFO of Sony, stated that India remains an attractive market for the company, and they will continue to invest in organic growth opportunities. Sony is actively seeking new opportunities to replace the failed merger plan and capitalize on India's long-term potential.
Sundaram Home Finance has opened its new branch in Navi Mumbai, as the subsidiary of Sundaram Finance Ltd aims to double its disbursements made in Maharashtra next year. The expansion plan was in the backdrop of the region offering potential to home finance, a top official said. Sundaram Home Finance has presence in Thane, Pune, Nashik and Nagpur.
Investing in Sovereign Gold Bonds (SGBs) allows early redemption following specific RBI rules. Investors must adhere to the yearly redemption window and submit their requests within the set timeframe. SGBs protect individual investors' savings with gold.
Amid ongoing farmer protests, a Bharat Bandh has been called on Feb 16 by Samyukat Kisna and Kisan Mazdoor Morcha. It may disrupt bank operations and impact various services. Roadblocks on major routes and closures of Punjab's roadways are expected. The bandh aims to highlight the demands and challenges of workers and farmers, with street plays and poetry.
