G7 NEWS
Most telecoms want price reduction in 40GHz spectrum band
Telecom companies in India are advocating for a 50% reduction in the reserve price of newly identified high-frequency spectrum ranges in the 40GHz band, citing the high costs associated with building networks in these bands compared to lower frequency bands. This proposal comes ahead of India's first auction of mmWave spectrum for 5G services, encompassing frequency ranges critical for mobility and satellite communications.
India's FMCG sector to see revenue growth of 7-9 pc in fiscal 2024: CRISIL
CRISIL forecasts 7-9% revenue growth for the FMCG sector in the current fiscal year, driven by increased volume and rural demand recovery. The report highlights stable product prices in personal care and home care, while food and beverages face modest raw material cost increases. Rural growth is bolstered by better monsoons and government initiatives, while urban demand remains robust due to rising incomes and premium product preferences
More users uplinking to 5G coming with a cost: Lower download speeds
Opensignal's report highlights the impact of rapid 5G deployment in India, revealing a surge in data usage that has strained mobile networks and led to decreased download speeds. In the first quarter of 2024, Reliance Jio's average download speeds declined compared to a year ago, while Bharti Airtel's improved. The national 5G download speed decreased from 304 Mbps in Q1 2023 to 280.7 Mbps in Q4 2023 due to increased subscriber numbers and data traffic.
G7 Summit commits to promoting India-Middle East-Europe Economic Corridor
At the G7 Summit, the Group of Seven industrialized nations committed to promoting infrastructure projects such as the India-Middle East-Europe Economic Corridor (IMEC), reaffirming a commitment to a "free and open Indo-Pacific." Prime Minister Narendra Modi attended the summit at the invitation of Italian Prime Minister Giorgia Meloni.
Pope Francis becomes the first pontiff to address the Group of Seven nations, talking about AI
Francis addressed the G7 and other invited countries at their annual summit in southern Italy. When he arrived, the room, which had been boisterous with delegations, went quiet as he greeted each of the G7 members and the expanded guest list.
This PM Giorgia Meloni & Modi memes have gone too far, are absolutely cringe, says Priyanka Chaturvedi
Shiv Sena (UBT) MP criticized the memes featuring Prime Minister Giorgia Meloni and Prime Minister Narendra Modi, describing them as cringe-worthy and reflective of a low level of humor in India. The comments came after the circulation of memes with the hashtag #Melodi on social media platforms. Italy's Prime Minister Giorgia Meloni and PM Modi shared a light-hearted moment in a selfie video during the G7 Summit, where they were seen laughing together. This isn't the first instance of their interactions gaining attention, as a similar selfie went viral during the COP28 summit.
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More to say about next year's G7 when we assume presidency: Trudeau on whether Canada will invite PM Modi
Canadian PM Trudeau looks forward to hosting the G7 Summit in 2025 in Kananaskis, Alberta. The strained diplomatic ties between India and Canada were discussed during the recent G7 Summit in Italy's Apulia.
Committed to work together: Canadian PM Justin Trudeau on meeting with PM Modi
The meeting which took place on the sidelines of the G7 Summit in Apulia, southern Italy, is the first amid strained diplomatic relations over pro-Khalistani extremism after Trudeau alleged that Canadian authorities are “actively pursuing credible allegations" related to Indian government involvement in the murder of Hardeep Singh Nijjar, a designated terrorist.
G7 leaders tackle the issue of migration on the second day of their summit in Italy
The gathering in a luxury resort in Italy's southern Puglia region is also discussing other major topics, such as financial support for Ukraine, the war in Gaza, artificial intelligence, climate change, as well as China's industrial policy and economic security.
G7 Summit: PM Modi, President Biden likely to meet; US to raise Pannun's murder attempt plot
G7 Summit: During the upcoming G7 Summit in Italy, President Joe Biden and Prime Minister Narendra Modi are expected to meet. US National Security Advisor Jake Sullivan highlighted that Biden's upcoming trip to Italy could include an encounter with the Indian Prime Minister. He also emphasized his administration's commitment to discussing significant issues, including recent concerns such as the thwarted Sikh separatist murder plot, at high-level meetings with India.
China to dominate final day of G7, Pope to lead AI discussions
The G7 leaders are concluding their annual summit with a focus on discussions about China, with a historic session featuring Pope Francis delving into the topic of artificial intelligence (AI). Alongside the Pope, ten other heads of state and government, such as the Prime Minister of India and the King of Jordan, are participating, as the G7 seeks to demonstrate inclusivity by inviting external voices into its deliberations, shedding its image as an exclusive club.
G7 leaders agree to lend Ukraine billions backed by Russia's frozen assets. Here's how it will work
The Group of Seven leaders have reached a historic agreement to provide a $50 billion loan to support Ukraine in its ongoing conflict with Russia. This loan will be backed by interest earned on profits from Russia's frozen central bank assets, with details currently being finalized at the G7 summit in Italy. President Joe Biden hailed the agreement as a crucial step in providing sustainable support for Ukraine, while Ukrainian President Volodymyr Zelenskyy expressed gratitude for the international assistance.
Israel pounds Gaza refugee camp as war enters ninth month
Israeli forces bombed a Gaza refugee camp following a deadly strike on a UN-run school, leading to international condemnation. The conflict, sparked by Hamas's attack on Israel, has killed thousands and displaced millions in Gaza. Efforts to mediate a ceasefire have stalled, with Hamas yet to respond to US President Biden's proposal. The conflict has escalated, with Gaza facing attacks from land, sea, and air, as Israel accuses Hamas of using civilian infrastructure for military purposes.
Israeli troops launch attacks in central Gaza, possibly widening their offensive
The Israeli military has expanded its ground offensive in Gaza, intensifying operations in Deir al-Balah and Bureij. This escalation comes amid worsening humanitarian conditions, with UN agencies warning of potential mass starvation. Tensions are also high in Jerusalem as an annual march through Palestinian neighborhoods proceeds. Meanwhile, Israel seeks to extend the shutdown of Al Jazeera's local offices, and Prime Minister Netanyahu has vowed to restore security along the Lebanese border following Hezbollah rocket attacks.
Israel bombs Gaza as mediators to discuss truce-hostage plan
Israel's military intensified air strikes in central Gaza while US, Qatari, and Egyptian mediators prepared for truce and hostage release talks. The situation remained tense in east Jerusalem due to Israel's "flag March," which has previously led to clashes. The ongoing Gaza conflict, triggered by Hamas's October 7 attack on southern Israel, has resulted in significant casualties and destruction. Amid renewed fighting, the US proposed a three-phase plan to exchange hostages for Palestinian prisoners and increase aid, but Hamas demands a permanent truce and full Israeli withdrawal.
DA hike: Will basic pay of central govt employees, pensioners increase as DA, DR touch 50%, as per the 7th Pay Commission?
DA hike latest news update: There have been speculations about a possible hike in basic pay for central government employees and pensioners in July 2024 as dearness allowance (DA) and dearness relief touch 50%. Usually, the DA and DR of the central government employees and pensioners increase from July. Are central government employees and pensioners looking for a hike in basic pay from July 2024? ET Wealth Online spoke with various experts to understand the regulations of Pay Commissions and how they will impact the salaries of central government employees and pensioners.
Contra bet! With 68% AUM jump in April, what’s fueling rally in this equity MF category?
In April, contra/value equity mutual funds witnessed a 68% AUM jump to Rs 1,57,946 crore, attracting investors with a higher risk appetite. These funds invest in out-of-favour or undervalued stocks, offering potential returns amid market volatility.
G7 officials make progress but no final deal on money for Ukraine from frozen Russian assets
G7 finance officials are nearing an agreement on using frozen Russian assets to benefit Ukraine, with final decisions to be made at a June summit of national leaders.
With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets
Ukraine's allies are debating how to use frozen Russian assets to support Kyiv's war effort amid Russia's territorial gains. The issue of $260 billion in Russian assets frozen abroad is a key concern at the G7 meeting in Italy.
Nomura upgrades Vodafone Idea, doubles target price. Should you buy?
Vodafone Idea Target Price: Nomura has upgraded its rating on Vodafone Idea, expressing optimism that the worst is behind the company and it is now poised for better prospects. The stock has been upgraded from "reduce" to "neutral". Vodafone Idea's Q4 revenue stood at Rs 10,600 crore, which was in line with estimates.
Revenue/Ebitda misses led to Vi’s higher net loss in Q4FY24: Analysts
Vodafone Idea's widening net loss to Rs 7,675 crore in the fiscal fourth quarter was attributed to lower revenue and operating income. Despite minimal customer losses, Vi struggled to compete with Reliance Jio and Bharti Airtel. Analysts noted a decline in revenue and Ebitda, with a modest increase in ARPU. The recent equity raise aims to alleviate financial strain.
Bidding wars back? Reliance Jio move signals a spectrum of possibilities
Mukesh Ambani's Reliance Jio leads with a Rs 3,000 crore deposit for the June spectrum auction, while Airtel and Vi follow with Rs 1,050 crore and Rs 300 crore, respectively. Despite no license renewals, Jio's hefty deposit earns it top eligibility points. The auction targets Rs 96,317.65 crore in 5G airwaves.
Floater debt mutual funds outperform their benchmarks with superior 1-year returns. Should you invest?
Floater debt mutual funds have excelled with superior 1-year returns, outperforming benchmarks. Baroda BNP Paribas Floater Fund-Reg(G) leads the pack. These funds are ideal for low-risk investors seeking better returns than small savings schemes.
How G7 and EU are weaponising diamonds and carbon
In the wake of the Ukraine war, the West tried every trick in the diplomatic playbook to get India to loosen ties with Russia. After that strategy failed, it is using trade to force New Delhi’s hand
Mirae Asset’s thematic mutual fund outperforms category in January-March quarter
Mirae Asset NYSE FANG+ETF FoF-Reg(G) outperforms in Jan-Mar quarter, exceeding domestic and overseas funds. 160 thematic funds by March end. Notable performers include Franklin India Feeder and Mirae Asset S&P 500 Top 50 ETF FoF-Reg(G).
Dearness relief (DR) hiked by 4% to 50% for central govt pensioners: Who are eligible, when will they get it? Govt answers
Central govt pensioners, family pensioners: The Department of Pension & Pensioners’ Welfare (DoPPW) released an Office Memorandum mentioning which pensioners and family pensioners will be eligible for the recent dearness relief (DR) hike and how the payment of DR will be calculated. It will instructed the pension disbursing banks to arrange payments of dearness relief to pensioners or family pensioners without waiting for any further instruction from other authorities. Read here
This smallcap mutual fund added 12 new stocks in February while exiting 7 others
Bandhan Small Cap Fund-Reg(G) revamped its portfolio in February with new stock additions and exits. The scheme, benchmarked against S&P BSE 250 Smallcap TRI, had significant exposure in Juniper Hotels, Eureka Forbes, and The South Indian Bank, managing assets of Rs 4,389.28 crore.
DA hiked to 50%, HRA, other components to rise: How much will salary increase for central government employees, pensioners?
What happens when DA reaches 50%? The central government has recently increased dearness allowance by 4%. With this, DA will be hiked to 50% from 46% from the central government employees. Similarly, DR will be increase by 4% to 50% for the central government pensioners. As DA hits 50%, certain other allowances and components will also go up. So, overall take-home salary of the central government employees will increase significantly. How much will salary increase for central government employees, pensioners? Find out here
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