BUSINESS
Pakistan stock market jumps on hopes of IMF loan revival
The benchmark index rose 1245.32 points as the market anticipates that Pakistan can revive the stalled IMF loan to avoid a sovereign default, Geo News reported. Saad Ali, a capital market expert said the revised budget had revived hopes among the market stakeholders after the government added fresh taxes to the Finance Bill 2023-24, Geo News reported.
Hinduja Group to get RBI’s nod to hike stakes to 26% in IndusInd Bank
According to the sources close to the Hinduja group, the RBI is expected to give its formal clearance to the group for stake hike. At an analyst conference, the IndusInd Bank management had said the promoters have applied to RBI for a stake hike. Currently two companies – Indusind International Holdings Ltd and Indusind Ltd – hold 12.57 per cent and 3.93 per cent, respectively, in IndusInd Bank.
New UK plan to reboot economy
It has been three years since the UK left the EU, the largest trading block in Europe, to become a “prosperous, dynamic and contented” country, as exclaimed by the former Prime Minister Boris Johnson who signed the Brexit deal. He went on to explain jubilaintly that the Brexit deal would enable UK companies to “do even more business” with the European Union (EU), and would leave Britain free to strike trade deals around the world while continuing to export seamlessly to the EU market of 450 million consumers.
NIFTY falls short of intraday lifetime high by a whisker, correction to follow
The new level was 63,523.15 points on BSESENSEX and 18,856.85 points on NIFTY. BSESENSEX at the end of the week lost 405.21 points or 0.64 per cent to close at 62,979.37 points while NIFTY lost 160.50 points or 0.85 per cent to close at 18,665.50 points. The broader indices saw BSE100, BSE200 and BSE500 lose 1.10 per cent, 1.10 per cent and 1.09 per cent respectively.
21st century economic growth to be slower than thought
“We're at a point where we maybe need to significantly increase financing for (climate) adaptation in developing countries, and we're also at a point where we might be overestimating our future ability to provide that financing under the current fiscal paradigm,” said Matt Burgess,
How monsoons influence market sentiments
Part of the delayed monsoon could be attributed to the recent cyclone 'Biparjoy' which made landfall in Saurashtra and parts of Gujarat and was quite devastating. As an effect of the cyclone, it did bring rain to parts of Maharashtra and Rajasthan, besides Gujarat.
Pakistan, IMF close to signing deal
The development comes after a flurry of meetings between the two sides following Prime Minister Shehbaz Sharif's huddle with the International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, in Paris earlier this week, Geo News reported. Pakistan and the International Monetary Fund (IMF) on Friday narrowed down their differences .
FPI inflows likely to moderate due to rising valuations in India
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said FPIs continued their May strategy in June too, so far. Globally, Japan continues to attract the biggest inflows, followed by India. They were big sellers in China and also sold in S Korea and Thailand.
Kharge hits back at Centre after RBI's paper on inflation
In a tweet in Hindi, Kharge said: "When the Congress says that there is inflation, then Modiji's ministers say that 'inflation is not visible at all'. When the public says that there is inflation, then the Modi government makes excuses for supply, weather, war. "Now the RBI of the government itself is saying that due to the inflation, the public is spending less, due to which the sales have decreased and private investment has been badly affected.
US-India collaboration on DPIs will make us a global digital innovation hub: Nasscom
The partnership between the US and India to enable development and deployment of Digital Public Infrastructure (DPI) in developing countries will provide India with an opportunity to solidify its position as a global digital innovation hub, setting an exemplary model for other nations to follow, Nasscom has said.
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