COUNTRY GROUP NEWS
Malaysia preparing to join BRICS economic group, media report says
The group last year began to expand its membership as it looks to challenge a world order dominated by Western economies, with Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates joining and more than 40 countries expressing interest.
IPO season is back with more than 2 dozen companies chasing Rs 30,000 crore
India's primary market anticipates a wave of IPOs with over two dozen companies planning to raise ₹30,000 crore. Investor confidence is high with the Modi government's return for a third term, ensuring stable governance and policies.
Ramoji Rao, founder of Ramoji Film City, passes away
Ramoji Rao News: Rao was the head of the Ramoji Group, which includes the globally renowned Ramoji Film City, the largest film production facility in the world. His media empire also encompasses the Eenadu newspaper, the ETV Network of television channels, and the film production company Usha Kiran Movies.
Traders stunned by election surprises from Mexico to India
The world witnessed unexpected outcomes in the Mexican elections and Narendra Modi's victory, impacting markets globally. Claudia Sheinbaum's landslide win also played a significant role in reshaping market dynamics.
Oil rises on strengthening Fed rate cut expectations
Oil prices rose in Asian trading on rising expectations of a Federal Reserve interest rate cut in September and a rebound from a selloff linked to growing U.S. inventories and an OPEC+ supply increase.
Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection
The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.
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Adani Group & ICICI Bank launch co-branded credit cards with airport lined benefits
Adani Group and ICICI Bank have joined hands to introduce co-branded credit cards offering airport-linked benefits, aiming to enhance customer experience across various businesses. The Adani One app, launched in December 2022, serves as a digital platform for booking tickets, accessing airport facilities, and more. The cards provide perks like Adani Reward Points on various spends, premium lounge access, free air tickets, discounts on duty-free shopping, and F&B expenses at airports.
Big Daddy LIC manages money nearly double the size of Pakistan's economy
LIC assets have exceeded Rs 50 lakh crore, marking a significant milestone and overshadowing Pakistan's GDP. In FY24, LIC reported a profit of Rs 40,676 crore and total premium income of Rs 4,75,070 crore. The company, with a market share of nearly 59% in the Indian life insurance sector, is now eyeing entry into the health insurance domain. Its market value has surged by nearly 52% in the past six months, making it the seventh-largest stock by market capitalization.
Google's AI search leaves publishers scrambling
The New York Times article discusses concerns from publishing executives like Frank Pine regarding Google's AI-generated summaries, emphasizing the impact on traffic and the need for direct reader relationships to reduce reliance on search engines.
Series AA 127- The EV transformation-Part 1: How a multibagger got fresh tailwinds & gave 22,334% return in the last 20 years
Excerpts from its annual report for 2017-18. ELECTRIC VEHICLES – THE NEW MARKET DISRUPTOR “We are anticipating the next market disruption through electric vehicles. We are closely reviewing and watching the situations and doing our ground level work. We are also mapping all of our existing products vis-à-vis EV to capitalise on the opportunities EV will throw at the component manufacturers, whether it is motors, batteries or any other system which will come into the electric vehicles, totally different from the conventional IC engine” Cut to August 2023, five years down the line, the company commissions two plants for making on-board charger, off-board charger, motor control Units, DCDC converters, battery management systems, and more products catering to EV 2-wheelers and 3-wheelers. Now this is a reflection of the speed at which an auto ancillary company needs to function and also the product range it needs to have if it has to stay relevant in the changing world of the auto Industry. Foresight, planning and timely execution is the key.
Who is the business mogul Chey Tae-won who has been ordered by court to pay whopping $1 billion divorce settlement?
South Korean business tycoon Chey Tae-won will have to give 1.38 trillion won or $1bn, about 35% of his net worth to his ex-wife Roh So-young. It is considered the largest-ever divorce settlement in the country.
US welcomes plans for crisis-communications working group with China: Pentagon
US Defense Secretary Lloyd Austin "reaffirmed the announcement by President (Joe) Biden and (Chinese) President Xi Jinping in November 2023 that both sides will resume telephone conversations between theater commanders in the coming months, and the Secretary welcomed plans to convene a crisis-communications working group by the end of the year," a Pentagon statement said.
Suzlon Group gets 551 MW wind energy project from Aditya Birla Group
Suzlon Group has secured a 551.25 MW wind power project order from Aditya Birla Group, to be executed across two sites in Rajasthan and Gujarat. The project includes 368.55 MW to be developed in Barmer, Rajasthan, and 182.70 MW in Bhuj, Gujarat. Suzlon will install 175 wind turbine generators (WTGs), each with a capacity of 3.15 MW, and will also handle operations and maintenance post-commissioning.
China has threatened trade with some countries after feuds. They're calling 'the firm' for help
An eight-person team at the State Department, informally dubbed "the firm," leads U.S. efforts to help countries targeted by China's economic pressure. Originating from a 2021 conflict with China over Taiwan involving Lithuania, the group, led by senior adviser Melanie Hart, now aids over a dozen nations. They assess vulnerabilities and create responses for countries fearing loss of trade with China. The team's initiatives are part of a broader U.S. strategy to counteract China's global influence.
What is OPEC+ and how does it affect oil prices?
OPEC+, a coalition of OPEC and its allies, is set to meet on June 2 to discuss their joint oil production policy. OPEC was founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and secure fair prices. It now includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil. OPEC+ crude output represents about 41% of global oil production and aims to regulate the supply of oil to the global market.
JSW Paints aims at matching industry-level profitability in 3-4 years
JSW Paints aims to match industry profitability levels in the next three to four years, targeting a 15-18% operating margin range. The paint-maker turned profitable at an operating level in 2023-24 with margins over 3% and crossed ₹2,000 crore in revenue. Now, it aims for ₹5,000 crore revenue by FY26. Despite pricing pressure from competitors like Birla Opus, JSW Paints is confident in its ability to compete and maintain its market share against established players.
Financial Times report against Adani Group is just for noise: Cantor Fitzgerald
Cantor Fitzgerald dismisses recent Financial Times report on Adani Group as market noise, indicating investors' confidence remains intact. Adani Enterprises' shares surged 8.2% following the allegations, marking a tenth consecutive day of market capitalization gains. Adani Group refuted the accusations, citing contractual obligations and rigorous testing processes, while Cantor highlighted discrepancies in the FT report's sources and noted India's growth trajectory as favorable for Adani Enterprises despite controversies.
Pulse’s DSFL crosses Rs 1,000 crore mark, aims for Rs 5,000 crore in next 5 years
DS Group's confectionary arm, Dharampal Satyapal Foods Ltd. (DSFL), reported a sales turnover of over Rs 1,000 crore in FY24. The division has achieved a compound annual growth rate (CAGR) of over 20% over the past three years, outpacing the industry's 9% growth. Vice chairman Rajiv Kumar credits this success to strategic indigenization, an expanded product portfolio, and a vast distribution network. DSFL aims for a sales turnover of Rs 5,000 crore in the next five years, with a CAGR of about 30%, by growing both organically and through acquisitions.
Why was Iranian president Ebrahim Raisi called the 'Butcher of Tehran'?
The death of Ebrahim Raisi has raised questions regarding his record on Human Rights. He is seen to be behind mass killings that have led to suppression of rights in Iran, as per reports.
Who will become Iran President? When is Presidential Election?
Iran President Ebrahim Raisi is dead and now the country's Supreme Leader Ayatollah Ali Khamenei holds the key as a Presidential election has become imminent.
China allocates billions of dollars to bailout its crisis-hit property sector
China has taken decisive measures to tackle the crisis in its property sector, which has been a crucial driver of its economic growth. The People's Bank of China has announced a 300-billion-yuan relending facility to support government-subsidized housing projects. Local state-owned enterprises are encouraged to purchase completed commercial homes to provide affordable housing. Commercial banks have issued significant loans for real estate development and individual housing.
Wrong CUET-UG question paper distributed at Kanpur centre, exam rescheduled to May 29: NTA
"The exam will be conducted on May 29 for over 220 students at an exam centre at Maharana Pratap Group of Colleges in Kanpur. This decision was taken after a wrong question paper was distributed on May 15," a senior National Testing Agency (NTA) official said.
Zoho plans $700 million foray into chipmaking
Indian software giant Zoho is considering a $700 million investment in chip manufacturing, focusing on compound semiconductors for specialized applications. The proposal, under review by India's IT ministry, aligns with the country's semiconductor agenda, aiming to compete globally. Zoho seeks government incentives to establish the operation, aiming to diversify its business.
Anand Mahindra reacts to Mumbai billboard collapse. Mini Mathur says 'life in our country has zero value'
After a fatal hoarding collapse in Mumbai, Anand Mahindra demands stringent rules. Maharashtra CM orders audit, Bollywood expresses shock. BJP leader Kirit Somaiya claimed permission for the hoarding was given by Uddhav Thackeray.
China is raising bullet train fares as debts and costs balloon
China raises bullet train fares to address rising costs and debts, impacting public services, state-owned enterprises, and international trade. The country shifts focus to high-tech manufacturing amid concerns over debt sustainability and global competition.
Brent hovers above $83 as inflation data takes centre stage
Though prices were supported by a few factors last week, including a lack of progress in the latest round of negotiations to halt hostilities in Gaza, economic factors are back in the spotlight.
Oil extends decline on signs of weak fuel demand, strong dollar
Brent crude futures slid 26 cents, or 0.3%, to $82.53 a barrel by 0025 GMT while U.S. West Texas Intermediate crude futures was at $78.03 a barrel, down 23 cents, or 0.3%.
India in talks with like-minded countries to regulate tourism in Antarctica
India is collaborating with like-minded nations to advocate for regulated tourism in Antarctica, recognizing the threat posed by an increasing number of tourists to the continent's delicate ecology. The issue of regulating Antarctic tourism will be discussed at the Antarctic Treaty Consultative Meeting and the Committee for Environmental Protection meeting in Kochi from May 20 to May 30. The Ministry of Earth Sciences, hosting these meetings, aims to facilitate visits to Indian research stations in Antarctica for the general public.
North Korean propaganda chief who served all three leaders dies
North Korea leader Kim Jong Un visited the bier of Kim at 2 a.m. on Wednesday to pay tribute "with bitter grief over the loss of a veteran revolutionary who had remained boundlessly loyal" to the country until the very end, it said.
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