Friday, November 29
Finance Minister Nirmala Sitharaman on Saturday expressed concern over slowdown in global growth, even though she said that India continues to be the fastest growing large economy with growth at 7.8 per cent during the first quarter of 2023-24. She pointed out at the escalating global debt vulnerabilities and the importance of Global Sovereign Debt Roundtable to foster cooperation on debt issues and reforms in IMF policy to engage with members in debt distress.
Pummelled by debt, poverty and natural disasters, African nations heard many pledges of support but saw little action at the first IMF-World Bank talks to be held on their soil since 1973. The myriad troubles facing the continent were front and centre at the week-long talks in Marrakesh, Morocco, which began Monday and end Sunday.
SpiceJet news: Following reports of Rakesh Gangwal's potential stake acquisition, SpiceJet's stock surged, surging as high as 20% before closing the day 18% higher.
Chinese drone maker EHang has received safety approval certification from China's aviation authority for its unmanned passenger copters. The certification, known as 'type certification,' was granted for EHang's 216-S model, which can carry two passengers at speeds of 130 km/h for a range of 30 km. However, the company still needs an operation permit before commercial activities can commence.
US Assistant Secretary for Energy Resources, Geoffrey Pyatt, stated that Russia would no longer be seen as a reliable energy supplier following fresh sanctions imposed by the US due to its actions in Ukraine. Pyatt also mentioned that the US and its Group of 7 partners were committed to denying Russia any energy revenues. The US recently imposed sanctions on tankers carrying Russian oil above the G7's price cap, aiming to close loopholes.
Indian visitors to San Francisco are among the first to return to pre-Covid levels as Air India’s nonstops launched to the Golden Gate city in 2015 have given a massive push to desi footfalls there. The San Francisco International Airport (SFO) currently gets 17 Air India nonstops from India weekly, next to New York’s 21. Had United not suspended its 14 weekly flights to SFO, the airport would have been the biggest gateway in the US for nonstops from India.
Traders are questioning why the Reserve Bank of India (RBI) is defending the rupee despite low volatility and the currency's resilience against the rising US rates. Analysts speculate that the RBI may be using its large foreign-reserve stockpile to control imported inflation, or intervening to prevent sentiment-driven moves. The RBI's defense of the rupee could be motivated by the need to attract foreign investors and prevent complacency among importers.
The IRS projects that the amount of unpaid taxes owed to them will continue to grow, with the gross tax gap reaching $688 billion for 2021 and $601 billion for 2020. This represents a significant increase compared to previous years. The IRS is focused on improving compliance efforts, particularly among high-income individuals, partnerships, and corporations. The Inflation Reduction Act is providing funding to support these efforts.
The Karnataka government announced that several American companies have shown interest in investing around Rs 25,000 crore in the state. Some of these companies are already in the process of investing around USD one billion. The delegation, during their visit to the US, held 36 interactive meetings with leading companies and startups. The discussions primarily focused on sectors like semiconductors, aerospace and defense, electric vehicles, space, and precision manufacturing.
According to a study by HirePro, recruiters are relying less on resumes and more on personal interactions to hire candidates. The study found that resumes are often inaccurate and do not provide enough information for recruiters to judge a candidate's skills and behavioral attributes. It also revealed that a significant number of candidates exaggerate their qualifications and lie on their resumes.
