FINANCIAL WORLD
Despite war and sanctions, Russia becomes a high-income economy
Despite Western sanctions over the Ukraine war, Russia has transitioned from an upper-middle to a high-income economy, according to the World Bank's latest rankings. Factors such as increased military activity, a rebound in trade and construction, and growth in the financial sector contributed to this shift. Consequently, Russia's Atlas GNI per capita rose by 11.2%.
World’s most volatile big stock is rocking Indonesia’s market
Indonesia's stock market faces turmoil as PT Barito Renewables Energy's volatility alarms investors. Foreign capital outflows increase due to uncertainties in fiscal policy and a weak currency, triggering downgrades by major financial institutions.
Jasprit Bumrah's family once couldn't afford a 'packet of milk,' reveals cricketer's neighbour after T20 WC win
Jasprit Bumrah, India’s star fast bowler, won the ICC T20 World Cup 2024 and was honored with the 'Player of the Tournament' award. Journalist Deepal Trivedi, a close family friend, celebrated his victory with a touching tribute. She recounted Bumrah's humble beginnings in Ahmedabad, Gujarat, recalling his birth and early days marked by financial struggles after his father's death. Trivedi highlighted Jasprit's mother, Daljit's, relentless dedication and sacrifices, to support her son's passion for cricket.
Reports: Michael Jackson was deeply indebted when he died. Know about amount and reasons for his financial woes
Michael Jackson's death in 2009 revealed his deep financial troubles, including over $500 million in debt. His extravagant lifestyle and legal battles worsened his situation.
Indian financiers’ debt lures buyers on widest spread since 2020
Investors are wary of funding strains affecting the rapid economic growth in India, despite enticing opportunities in shadow lender bonds. The concern lies in the widening spreads and the potential hurdles that could impede the country's impressive growth trajectory.
Take charge of finances: How to make a personal financial bucket list to achieve all your goals
Taking control of our money lives is something many of us are unable to do. It sounds simple, but many of us do not believe we can take charge and do something about our dreams. Slipping into excuses, living in denial of our true situation, blaming the world for our unhappiness, and assigning it to bad luck are tactics that stop us from asking what we could do.
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NRIs of the world, keep on depositing
Non-resident deposits in India are growing steadily due to various positive factors, including the impact of the pandemic on savings patterns and stable remittances. Factors such as interest rates and exchange rates have made NRI deposits more rewarding.
Nvidia becomes world's most valuable company
Nvidia surpassed Microsoft as the world's most valuable company, with a market cap of $3.326 trillion. It overtook Apple recently, driven by demand for its processors in AI technology.
Shrink the economy, save the world?
Degrowth remained on the fringes of the fringe for decades, until increasing awareness about global warming percolated into public debates in the early aughts.
Dollar or other currencies? How the US is daring the world to find a dollar alternative
The United States is challenging its own foundations as the world's reserve currency with attacks on the legal system following Donald Trump's conviction. Despite growing consternation, no credible alternative has emerged. The dollar's dominance stems from U.S. democratic principles, but threats loom as sanctions and political turmoil test its credibility.
Major world economies seek to halt new private sector coal financing
OECD plan instructs financial institutions to stop funding coal projects. Calls for financing early closure of coal plants and supporting clean energy. Policy aims to set a standard for dealing with coal infrastructure.
World Record! NSE handles 1,971 crore transactions in a single trading session on Wednesday
The trading volumes shot up today as markets found their nerve following a disastrous Tuesday session with the headline index Nifty settling at 21,884.50, down by 1,379.40 points or 5.93%.
3 undervalued cryptos for financial freedom in 2024
Investors are hoarding emerging crypto coins like PlayDoge, 99Bitcoins, and Sealana, which offer unique features and potential for growth in the crypto market.
Russia’s premier foreign policy forum to focus on BRICS role in shaping global financial architecture
The 'Primakov Readings' Forum in Moscow will discuss BRICS priorities in the context of Russian Presidency of BRICS. The theme is 'Russia in the Global Context' with key attendees like Yury Ushakov and Sergey Lavrov.
View: Central banks are moving over to the yellow metal to de-dollarise and tackle global uncertainty
Gold prices have surged to a record high of $2,400/oz, driven by uncertainty rather than demand. Central banks have significantly increased their gold holdings, with a notable shift towards ETF investments.
Saving up for child's education, retirement? Double the SIP amounts to achieve goals
The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the investor as well as his financial goals.
India stands out for EM investors in ageing world
The investors are focusing on the two nations in emerging Asia, thanks in part to an expected boom in infrastructure spending, which in turn bodes well for the countries' economies.
India seen to emerge as an economic superpower in impending problem-ridden global financial landscape
Global recession risks have diminished, but inflation concerns threaten financial stability. The IMF, World Bank, and rating agencies forecast a slowdown in global growth, citing Middle East conflicts, financial stress, persistent inflation, and reduced international trade as key risks. The IMF's Global Debt Monitor reveals global debt at $235 trillion, or 238% of global GDP, raising fears of a debt crisis. Fiscal prudence may suffer as many nations face elections this year.
Gold prices back in limelight after mild correction
Gold prices have surged both globally and domestically, nearing the significant psychological level of $2,500 per ounce on the London spot market, representing a year-to-date increase of almost 17%. This momentum is reflected in the Indian market as well, with MCX futures prices exceeding ₹74,000 per ten grams.
Gold prices hold steady on Fed rate outlook
Gold prices were steady on Wednesday and hovered above key $2,400 level touched earlier this week, supported by safe-haven buying and the prospect of interest rate cuts from the U.S. Federal Reserve later this year.
Ashneer Grover accused of hypocrisy after demanding roast video removal: Netizens calls him 'Rakhi Sawant of startup world'
Ashneer Grover, renowned for his blunt critiques on Shark Tank India, faced backlash after comedian Aashish Solanki revealed that episode 5 of his 'Pretty Good Roast Show' was removed from YouTube following Grover’s demand. Solanki's roast humorously addressed Grover’s removal from BharatPe, which didn’t sit well with Grover, leading him to request the segment's removal. Social media erupted with criticism, accusing Grover of hypocrisy and inability to handle jokes.
It's open season on international students across the world; and countries have billions at stake
Countries are reevaluating visa programs and education exports as student numbers surge, impacting housing costs, public services, and financial contributions. The debate involves higher-education providers, employers, tuition fees, migration policies, funding models, the role of the Office for Students, and government language affecting international student perceptions.
Strange tale of Jim Simons: Despite his investing genius, it’s of little use to investors
Simon’s story is of extraordinary intellect and unconventional methods, setting him apart in the investment world. While Buffett, Munger and Kahneman offered insights and knowledge that the average investor could adopt, Simon’s approach was different. His reliance on advanced mathematical models and statistical analysis was innovative and almost exclusive to his firm’s unique skill set.
Can a collaborative approach break the credit rating impasse?
The GSDR report sheds light on ongoing discussions with Credit Rating Agencies (CRAs) regarding their approach to various debt restructuring options. It underscores the need to find ways to better integrate CRAs into the debt relief process paving the way for sustainable solutions for LMICs.
How to make every rupee count
The international aid squeeze has led to a reduction in official development assistance (ODA) to food systems, creating a financing gap of $350 billion per year. Multilateral development banks (MDBs) and international financial institutions (IFIs) play a crucial role in this context but need to improve impact assessment and reporting. The World Bank has shown leadership with its scorecard, but more needs to be done to quantify the cost of inaction.
Bandhan Bank in talks to raise $250-million debt from IFC
The Kolkata-based lender is now targeting to grow home loan business along with other retail loans while reducing the share of micro loans, which has been a major stress point for it since Covid-19. The bank had a stress pool of Rs 7,500 crore, largely from the microfinance portfolio built through the joint liability group-based lending model.
Mumbai and Delhi feature among the World's Top 50 Wealthiest cities, surpassing Washington DC
Mumbai and Delhi have secured positions among the world's top 50 wealthiest cities, surpassing Washington DC in wealth concentration. This ranking, released by Henley and Partners, highlights the economic prowess of these Indian cities and their growing appeal to high-net-worth individuals (HNWIs).
Cut aid for livestock farms to help climate fight, World Bank says
Ensuring that environmental and health costs are fully priced into emissions-intensive foods made from animals would curb consumer demand for those products.
Healthcare needs tailored financing, knowledge and partnerships: World Bank President Ajay Banga
Healthcare needs tailored financing, knowledge and partnerships, says World Bank President Ajay Banga. He said, during and after COVID, financing for healthcare has increased but to make healthcare affordable and bring it to the reach of all, it needs knowledge and partnerships along with financing.
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