GLOBAL COUNTERPARTS
Why it feels like everyone in the world is heading to Japan right now
Tourism in Japan is booming like never before, with a historic collapse of the yen making travel cheaper. Over 14.5 million visitors arrived in the first five months of 2024, a 70% increase from last year. The weak yen has made everything from dining to hotel stays more affordable.
First day JPM flows not a deluge, but bankers confident of steady flow going ahead
From Thursday to Friday, foreign portfolio investors (FPIs) increased their holdings in the index-eligible Fully Accessible Route (FAR) suite of government bonds by Rs 1,545.16 crore, bringing the total to Rs 1.86 lakh crore, according to data from the Clearing Corporation of India Ltd (CCIL) released at 6 pm. This increase left traders somewhat disappointed, as some market segments had anticipated a surge exceeding Rs 10,000 crore on Friday alone.
Xi Jinping lauds relevance of Panchsheel to end world conflicts, calls for consolidating Global South
Xi Jinping emphasized the Five Principles of Peaceful Coexistence, proposed the Global Security Initiative, and unveiled initiatives to enhance cooperation with the Global South, demonstrating China's strategic vision for inclusive international relations and development.
India set for more global attention as bond inclusion begins
India's government bonds enter JPMorgan's index, attracting billions in inflows, driven by positive economic indicators, high yields, and market performance, positioning India as a top choice for global investors.
EAM Jaishankar reviews 'multi-faceted' comprehensive strategic partnership with UAE counterpart
External Affairs Minister S Jaishankar met with his UAE counterpart Abdullah bin Zayed Al Nahyan to discuss enhancing collaboration in various areas of the India-UAE comprehensive strategic partnership, including commercial, economic, fintech, education, and culture. They also exchanged views on regional and global issues, visited the BAPS Hindu Mandir, and participated in International Yoga Day celebrations. Jaishankar emphasized the importance of the India-UAE relationship and their ongoing cooperation.
EAM S Jaishankar holds 'productive & deep' talks with UAE counterpart Al Nahyan
External Affairs Minister S Jaishankar held "productive and deep" discussions with UAE counterpart Abdullah bin Zayed Al Nahyan on India and UAE's "ever-growing" strategic ties. They discussed regional and global issues, emphasizing the significance of their Comprehensive Strategic Partnership. Jaishankar visited the BAPS Hindu Mandir in Abu Dhabi, calling it a symbol of India-UAE friendship, and participated in the 10th International Yoga Day celebrations at the Louvre Abu Dhabi museum.
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Indian electric two-wheelers better than global counterparts, says Ather Energy cofounder
Swapnil Jain, cofounder of Ather Energy, highlighted India's potential to emerge as a global leader in EV technology and design, attributing this progress to the government's 'Made in India' initiative. Jain also expressed optimism about future EV sales. Union Minister of Road Transport and Highways, Nitin Gadkari, was also present at the event.
Global Economic Summit 2024 to empower MSMEs through fintech solutions
India's fintech sector is set to host the 9th Global Economic Summit in Mumbai from August 8-10, 2024, focusing on 'FinTech: Accelerating the Digital Revolution.' The event features support from ONDC, DLAI, and Atal Incubation Centre - RMP, with notable speakers discussing evolving market trends and critical technologies.
DICGC lags global peers in processing claims: Michael Patra
DICGC takes about a month or more to reimburse deposits when a bank collapses, while the International Association of Deposit Insurers (IADI) is moving towards reimbursement within seven days from 14 days now, Patra said in his keynote speech at the IADI executive committee meeting in Rome.
NSA Doval holds wide-ranging talks with his American counterpart Sullivan
National Security Advisor Ajit Doval and his American counterpart Jake Sullivan held talks in New Delhi on the implementation of the India-US Initiative on Critical and Emerging Technologies (iCET). They discussed global and regional issues of mutual interest, focusing on areas like semiconductors, AI, quantum computing, and defence innovation.
India eyes Bangladesh's Mongla port
India is looking to operate the Mongla Port in Bangladesh and build a new terminal, aiming to counterbalance China's strategic presence in the region. PM Modi is expected to discuss this with PM Hasina, who plans to visit India soon. This move would expand India's port management in the Indian Ocean Region, following its operations in Chabahar and Sittwe ports. This comes amid concerns over China's infrastructure projects in neighboring countries.
A welfare reset can erode India's valuation premium
India's market valuation may decrease due to potential increase in government spending on social welfare schemes. Nifty 50 index trades at 19 times forward earnings, 20% above its long-term average, while S&P 500 and Taiwanese benchmark index are also highly valued.
India’s premium valuation may come under pressure amid fractured election mandate
Nearly half of the Nifty 50 constituents currently trade at a premium to their historical averages. Among major global indices, the S&P 500 trades at a forward price-earnings (P/E) of 20.6, 29% higher than the long-term average
Zelenskyy visits Philippines to invite counterpart for peace summit
Ukrainian President Volodymyr Zelenskyy visited the Philippines to invite President Ferdinand Marcos Jr. to a global peace summit on the Ukraine-Russia conflict. He accused Russia and China of disrupting the talks. Zelenskyy criticised China's role in supporting Russia and urged countries to attend the summit for peace. Meanwhile, tensions between the U.S. and China were evident at the defense forum in Singapore.
Unstoppable bull run! Sensex, Nifty hit fresh lifetime highs on strong global market cues
Indian blue-chip indices, BSE Sensex and Nifty50, hit new record highs on Monday driven by Tata Steel, Bharti Airtel, JSW Steel, NTPC, HDFC Bank, and Kotak Bank; Wipro, Maruti, M&M, Asian Paints, and Power Grid opened lower. Adani Ports surged 3% after joining Sensex.
ETMarkets Smart Talk: Focus on green energy to lead to multi-billion dollar enterprises over next decade: Jyoti Vaswani
Jyoti Vaswani discusses the potential of multi-billion dollar enterprises in the green energy space and its impact on equity markets. She provides insights on the US Fed moves, RBI, inflation, Q4 earnings, management commentary, Nifty performance as well as May trends. Vaswani says that since FY24 has seen a broad-based rally, FY 25 can be expected to be driven by sustained corporate earnings growth and policy continuity.
NSA Doval, UK counterpart discuss critical tech, global issues during strategic dialogue
During this meeting, both top officials held a discussion focused on the Technology and Security Initiative, which will be a major bilateral mechanism to strengthen cooperation in critical and emerging technologies between the two countries, according to government officials.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
US Defence Secretary holds talks with Chinese counterpart, first since 2022
It is the first time since November 2022 that Austin has held talks with his Chinese counterpart when he spoke with the then defence minister of China Wei Fenghe in Cambodia. Dong was appointed China's Defence minister in December. China then named General Li Shangfu as its defence minister.
US Defence Secretary Austin discusses regional, global security issues with Chinese counterpart in first call since Nov '22
The Defence Secretary reaffirmed the announcement by President Joe Biden and Chinese President Xi Jinping in November 2023 that both sides will resume telephone conversations between theatre commanders.
EAM Jaishankar meets Ukrainian counterpart Dmytro Kuleba in Delhi
Official engagements of the visiting leader include meetings with External Affairs Minister Jaishankar, Deputy National Security Advisor Vikram Misri to discuss matters pertaining to the bilateral partnership and cooperation on regional and global issues of mutual interest according to the Ministry of External Affairs.
Jaishankar meets Malaysian counterpart, discusses 'multifaceted' bilateral ties
During his visit to Kuala Lumpur, S Jaishankar engaged in productive discussions with Malaysian officials, focusing on bilateral ties, regional issues, and strengthening cooperation between India and Malaysia. The visit aimed to enhance understanding of shared challenges.
India ranks 113 out of 190 countries in the World Bank’s legal gender gap index
India ranks 113 in the World Bank's Women, Business and Law index, with women having 60% of the legal rights compared to men. Closing the gender gap could raise global GDP by over 20%. India's female labour force participation rate is 37%.
India-Greece to link defence industries; focus on co-production & co-development
India and Greece agree on co-production and co-development of defence items. They plan to firm up a mobility and migration pact. Modi and Mitsotakis discuss strengthening cooperation in various areas and aim to conclude a migration and mobility partnership agreement, providing employment opportunities. Bilateral trade to be doubled.
Jaishankar & Chinese counterpart Wang meet briefly at security conference in Germany
S Jaishankar and Wang Yi met briefly at the Munich Security Conference, their first meeting in over six months. No official word on their discussion. Antony Blinken and other top diplomats also attended. India is pressing for disengagement at Depsang and Demchok to restore normalcy.
Bilateral issues, global and regional concerns, and cricket - EAM Jaishankar's opening shot at Munich
External Affairs Minister S Jaishankar on Friday discussed bilateral cooperation as well as global and regional issues with his British counterpart David Cameron on the sidelines of the Munich Security Conference here in Germany. Jaishankar is here to attend the 60th edition of the prestigious Munich Security Conference, which calls itself the world's leading forum for debate on international security.
Army chief Gen Pande holds high-level professional discussions with US counterpart
Army chief Gen Manoj Pande visited the US, the first such visit in years. He held discussions with US Army Chief Gen Randy George and other officials on enhancing mutual commitment to global peace. Gen Pande visited military facilities, laid a wreath at the Tomb of the Unknown Soldier, and interacted with Indian Embassy officials in Washington DC. The visit aimed to strengthen bilateral ties and discuss important initiatives.
PM Modi holds bilateral meetings with UAE counterpart, Madagascar president on the sidelines of World Government Summit
India's Prime Minister Narendra Modi met with UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum in Dubai, discussing bilateral cooperation in trade, investment, technology, education, and people-to-people ties. Modi also reaffirmed India's commitment to strengthen the India-Madagascar partnership and support Madagascar's developmental journey.
EAM Jaishankar discusses Indo-Pacific, West Asia situation with Australian counterpart Wong
EAM Jaishankar would address the inaugural session of the conference, along with Sri Lankan President Ranil Wickremesinghe, Australian Foreign Minister Wong and her Singaporean counterpart Vivian Balakrishnan.
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