ECONOMIC INFORMATION
Pakistan's gender gap index hits rock bottom, second worst globally
Women's rights activists have issued impassioned pleas for both state and societal commitment to address gender disparities effectively.society and the government.
Government change in UK won't impact proposed FTA
The Labour Party gained a landslide majority in Thursday's parliamentary elections and dealt a bruising defeat to incumbent Rishi Sunak's Conservative Party. "Smooth transition of current talks will take place as the Labour Party has shown support to the trade deal with India," said Sachin Chaturvedi, Director General, Research and Information System for Developing Countries. The Labour Party holds a different position on social service payments and totalisation issues, he said, adding that this could be an arena of discussion in upcoming rounds of talks.
Brent crude above $87 at highest levels since April
Brent crude prices reach a 3-month high at $87 due to a significant drop in US inventories. Market sees gains supported by dollar weakness and improved US fuel demand outlook. However, economic worries persist with unexpected German industrial orders decline and rise in US jobless claims.
London School of Economics and Political Science awarded N.K. Singh, with an Honorary Fellowship.
N.K. Singh, former chairman of the 15th Finance Commission, receives Honorary Fellowship from the London School of Economics. Recognized for contributions to LSE and global economic community. Singh's legacy in policy-making and fiscal prudence celebrated by finance minister and LSE. He joins esteemed past recipients of the award.
SCO Summit adopts 25 strategic documents in energy, security & trade
The 24th SCO summit concluded with the adoption of the Astana Declaration and approval of 25 strategic documents. Member states emphasized the organization's role in global peace and security. Resolutions covered areas such as terrorism, energy cooperation, and environmental protection.
GoI must focus on equitable growth and quality employment
The recent Annual Survey on Unincorporated Sector Enterprises (ASUSE) is a valuable source on informal enterprises provided by GoI that promises to tell us about these voters whose dreams lie unfulfilled. They have struggled in the world’s largest informal economy, India, in jobs without social protections and with lower pay.
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US Fed hopeful of achieving 2 per cent inflation target soon
The U.S. Federal Reserve noted a lack of significant progress towards its 2 percent inflation target in its latest meeting. Despite this, there have been modest improvements in recent months. This conclusion was shared in the Fed policy minutes released on Wednesday.
IT stocks: A comeback which just needs a bit more confirmation; 7 stocks with an upside potential of up to 23%
Just before the expiry of the June series contract, bulls were seen in a segment of the market which has been long ignored by them — IT stocks. Because the upward movement was taking place at the end of expiry, one could not rule out the element of short covering. If one looks a bit deeper in the trend in IT stocks, two things have become clear. That while the news and opinion has been negative, the price action has not been so bad as has been painted. Now let's look at what happened in the IT sector and why there could be a case for contrarian buying. Yes, the sector has some headwinds which not many had thought would appear two years back. But the bigger question is whether this phase of underperformance is about to get over or not. It might be time to shed the bias of negativity around large IT players.
Wall Street ends slightly up, trade choppy ahead of inflation data
Strategic investments like Volkswagen's $5 billion in Rivian signal a shift towards sustainable energy. The market anticipates further developments in the electric vehicle sector. Investors carefully analyze such moves, impacting stock performances and sector trends. The market remains dynamic, responding to key catalysts and economic indicators for future insights.
IT service exports should start diversifying in AI, cloud computing and data analytics, say industry players
As the IT service exports come out unscathed amidst a turbulent period for the world, industry players believe it’s time the service portfolio spread out.
Quant Mutual Fund front-running case: What is it and should investors be worried?
Sebi's investigation into front-running at Quant Mutual Fund has investors worried about the fate of their investments due to leaks of confidential information for illicit profit.
Union Budget 2024 date and time; Check the common FAQs, answers to budget related questions here
Budget 2024: India’s Finance Minister Nirmala Sitharaman will present the Budget for 2024-2025 in late July amidst global uncertainties and conflicts. Business leaders have called for reduced income taxes, increased capital expenditure, and measures to control food inflation. Emphasis is also on bolstering infrastructure and the MSME sector to sustain economic growth.
Oil prices ease on strong US dollar, mixed global economic news
WTI fell out of overbought territory as Fed's interest rate hikes to curb inflation impacted oil demand. The decline in crude prices was influenced by rising U.S. dollar and negative global economic news. U.S. business activity rose to a 26-month high in June with an employment rebound. Geopolitical tensions escalated with warnings of a trade war over electric vehicle imports.
US and China hold first informal nuclear talks in 5 years, eyeing Taiwan
The Chinese representatives offered reassurances after their U.S. interlocutors raised concerns that China might use, or threaten to use, nuclear weapons if it faced defeat in a conflict over Taiwan. Beijing views the democratically governed island as its territory, a claim rejected by the government in Taipei.
TRAI calls upon MIB to establish credible measurement system for TV, radio, OTT
The Telecom Regulatory Authority of India (TRAI) has recommended establishing a transparent audience measurement system for television, radio, and OTT services to the Ministry of Information and Broadcasting. It suggests revamping the existing system, expanding sample sizes, encouraging multiple rating agencies, and utilising advanced technologies. TRAI also proposes granting infrastructure status to the broadcasting sector to boost investment, streamlining processes, measuring broadcasting's impact on GDP, implementing a policy for the AVGC sector, and expanding TV reach through broadband infrastructure and subsidised schemes for underserved populations.
Job creation is India's top economic challenge, policy experts say
According to a poll of policy experts by Reuters, tackling India's chronic joblessness will be the biggest challenge for the government over the next five years, despite the country's status as the world's fastest-growing major economy. The economy grew more than 8% last fiscal year, but this growth has not translated into sufficient job creation, particularly for young people. The recent parliamentary elections saw Prime Minister Narendra Modi's BJP losing its majority, partly due to issues such as widening inequality, inflation pressure, and a lack of well-paying jobs.
Informal sector shows resilience, witnesses recovery post-pandemic: Survey
The informal sector faced a severe blow during the second wave of the pandemic, leading to a reduction in the number of units and workers. However, a gradual recovery was observed after the July quarter of 2021, according to the findings of an official survey reported by TOI. The annual survey of unincorporated sector enterprises (ASUSE) revealed the resilience of the informal sector, with the total number of establishments increasing from 5.8 crore in 2021-22 to 6.5 crore in 2022-23, marking a growth of nearly 5.9%.
Strong foundation to be laid for youth: Ashwini Vaishnaw as he assumes charge of I&B Ministry
Ashwini Vaishnaw has been appointed as the Minister of Information and Broadcasting (I&B) in India. He was presented with a bouquet and a tree sapling by the Ministry staff. Vaishnaw thanked Prime Minister Narendra Modi for the opportunity and expressed gratitude for the Prime Minister's decisions dedicated to the poor and farmers. He has been assigned portfolios as Minister of Railways and Minister of Electronics and Information Technology.
Can you opt out of Meta's AI scraping? Sort of
Meta announced the expansion of its AI services globally, using public information to train its AI starting June 26, sparking privacy concerns in Europe. Users in the U.S. were already subject to this practice. The program's future expansion remains uncertain.
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.
Sebi launches Saa₹thi 2.0 mobile app on personal finance
The updated Saa₹thi app comes with an user-friendly interface. Its comprehensive tools are aimed at simplifying complex financial concepts. It has financial calculators, modules that introduce and explain KYC procedures, mutual funds, ETFs, buying and selling shares on stock exchanges, investor grievances redressal mechanism, and the Online Dispute Resolution platform
Oil prices down on demand woes as markets await U.S crude stockpiles data
Oil prices down on Thursday as markets await U.S. crude oil stockpiles data. Brent futures at $83.52 a barrel, U.S. WIT crude at $79.19. API figures show inventory changes.
North Korea informs Japan of a plan to launch military spy satellite
North Korea has informed Japan of its plan to launch a satellite by early next week, likely aiming to put its second military spy satellite into orbit. The notification comes as South Korea, Japan, and China hold their first trilateral meeting in over four years in Seoul. Japan's coast guard received the launch information, which involves safety precautions for waters between the Korean Peninsula and China, and east of the Philippines. Japanese Prime Minister Fumio Kishida urged cooperation with the U.S. and South Korea to prevent the launch, which violates U.N. bans on North Korean satellite launches viewed as missile tests.
Oil prices fall on worries of higher US interest rates
Brent crude futures fell 27 cents, or 0.3%, to $81.63 a barrel at 0004 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 35 cents, or 0.5%, at $77.14.
India held two-day "Chintan Shivir" to formulate strategy and SOPs for FTAs
The commerce ministry's two-day "Chintan Shivir" aimed to develop strategies for free trade agreements (FTAs), focusing on India's trade vision for 2047 and new FTA disciplines. Experts emphasized consultation with stakeholders and timely sharing of negotiation details. India is negotiating FTAs with various countries, including the UK, EU, Australia, Eurasian Economic Union, and Peru. Negotiations for the India-EU FTA are at a crucial stage, while the India-UK FTA has made progress but faces challenges like tariff reductions and fair treatment of Indian workers in the UK.
US inflation data was accidentally released 30 minutes early
The US Bureau of Labor Statistics released Consumer Price Index data early, impacting Wall Street investors and central bank officials. The BLS statement mentioned the incident, raising questions about equitable data access. A month ago, an economist from BLS corresponded on key US inflation gauge data with major firms.
Oil prices slide 1% to 11-week low on weaker IEA 2024 demand forecast
Crude prices slid about 1% to an 11-week low on Wednesday after data from the International Energy Agency (IEA) showed oil demand in developed countries likely would flag this year.
Asaduddin Owaisi calls EAC-PM report on Hindu population decline 'Whatsapp university material'
AIMIM leader Asaduddin Owaisi dismissed the Economic Advisory Council to the PM (EAC-PM) report as "from Whatsapp University", questioning its credibility on Hindu population decline. BJP's Amit Malviya criticized Congress for the decline, while UP's Deputy CM blamed the party's Muslim appeasement. EAC data shows varying shifts in India's religious demographics.
ED searches, assets attachment, convictions rose exponentially during BJP rule compared to UPA era
While the opposition parties have alleged that the ED's action during the last decade was part of the BJP-led central government's "oppressive" tactics against its rivals and others, the Union government and the ruling party have asserted that the agency is independent and its investigations were purely based on merit and under the mandate to act against the corrupt.
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