June 22, 2024

Personalised for *|FNAME|*

Sign In | Forward to Friend

IMC Digital Processes have changed with online features, to experience the new processes visit us at https://www.imcnet.org

IMC EVENTS

NOTICE

OTHER EVENTS

 

23
Sep

Nairobi International Trade Fair (NITF) on the theme ‘Promoting Climate Smart Agriculture and Trade Initiatives for Sustainable Economic Growth’- 23rd to 29th September 2024

Click here for more details

Notifications

 
CUSTOMS

21
Jun

Notification No. 44/2024 (Delhi)
S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4, read with section 3 and sub sections (1) and (1A) of section 5 of the Customs Act, 1962

21
Jun

Notification No. 45/2024 (Delhi)
In exercise of the powers conferred by section 14 of the Customs Act, 1962

You will be redirected on the external link. You will be redirected on IMC online membership renewal page

LIVE MARKET

NSE (NIFTY)

0

BSE (SENSEX)

0

NASDAQ

0

FTSE 100

0

USD

0

EURO

0

GBP

0

GOLD

0

SILVER

0

INDIAN ECONOMY

India business activity grew faster in June, job creation at 18-year high, PMI shows

Business activity in India expanded at a faster clip this month from May thanks to gains in manufacturing and services, according to a business survey that also showed the pace of job creation was at its strongest in over 18 years. Robust gains in both sectors at the end of the first fiscal quarter meant a...

Read More

Government eyes funds from UK, Saudi, Japan for infra push

Government is looking to tap funds from the UK, Saudi Arabia and Japan to finance the mega infrastructure ambition, with new structures to route the funds being discussed. Unlike the past when only broad commitments were taken, this time, the finance ministry and Niti Aayog are offering a list of projects, s...

Read More

Here’s how to sync GST rationalisation with India’s consumption anchored growth

Many countries, including ours, have adopted multiple rate structures in the GST system, a complex mechanism designed to make it progressive. It is often assumed that items (goods and services) either exempted from the GST or attracting lower GST rates constitute a significant share of the consumption bask...

Read More

‘Q1 growth maintains pace of Q4FY24’

Current high-frequency indicators of economic activity suggest that the real GDP growth in the first quarter of FY25 is broadly maintaining the pace it had achieved in the preceding quarter, according to a bulletin released by the Reserve Bank of India (RBI) on Wednesday. In the fourth quarter of FY24, GDP gr...

Read More

India fossil fuel consumption up 8% in 2023

Fossil fuel consumption in India rose 8 per cent in 2023, accounting for almost all demand growth, while its share of overall consumption stood at 89 per cent, according to a report. According to an Energy Institute (EI) report, for the first time, more coal was used in India than Europe and North America com...

Read More

Job creation is India's top economic challenge, policy experts say: Poll

Tackling India's chronic joblessness will be the biggest challenge for the government over the next five years, even as the country remains the world's fastest-growing major economy, according to policy experts polled by Reuters. Asia's third-largest economy grew more than 8 per cent last fiscal year, driven...

Read More

The positive side of India’s heat wave, industrial production to stay steady around 5% level: Economists

Heat wave is likely to impact farm incomes and inflation negatively, but economists contend that it may end up having a positive impact for industrial production. Experts indicate that industrial growth will likely stay steady around 5% in the coming months, as electricity and coal production will keep the...

Read More

JICA interested in funding Rs 76,220-cr Vadhvan port project, says JNPA chairman

The Jawaharlal Nehru Port Authority (JNPA) is in talks with the Japan International Cooperation Agency’s (JICA) for the funding of Rs 76,220 crore worth, Vadhvan port project, JNPA chairman Unmesh Wagh said in a press conference on June 20. He added that the authority is actively receiving funding requests ...

Read More

Affordable homes for urban poor to remain a challenge

While the Pradhan Mantri Awas Yojana (PMAY) scheme will help boost demand for affordable housing, the unavailability of homes for the urban poor will remain a challenge, feel banking experts. The sale of affordable homes in metros and tier-I cities have witnessed a slowdown in recent years as builders have sh...

Read More

‘Q1 growth maintains pace of Q4FY24’

Current high-frequency indicators of economic activity suggest that the real GDP growth in the first quarter of FY25 is broadly maintaining the pace it had achieved in the preceding quarter, according to a bulletin released by the Reserve Bank of India (RBI) on Wednesday. In the fourth quarter of FY24, GDP gr...

Read More

MARKET & FINANCE

Italy boosts crypto risk oversight and toughens sanctions, draft shows

Italy plans to adopt measures to beef up surveillance over risks tied to cryptoassets, including high fines for those who manipulate the market, a draft decree reviewed by Reuters showed on Thursday. The decree, due to be approved by cabinet later on Thursday, lays out fines of between 5,000 and 5 million ...

Read More

18 major NPS changes in last 6 months: New online withdrawal facility to changes in NPS transaction statement

In order to satisfy the requirements of the Nation Pension System (NPS) and Atal Pension Yojana (APY) architecture, the CRAs registered with the Pension Fund Regulatory and Development Authority (PFRDA) consistently improve their systems. NPS Central Recordkeeping Agency (CRAs) are accountable for creating...

Read More

Indians' funds in Swiss banks plunge 70% to hit four-year low of Rs 9,771 cr

Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 percent in 2023 to a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), annual data from Switzerland's central bank showed on Thursday. The decline in...

Read More

GLOBAL CORPORATE

Accenture Says Strong AI Demand to Power 2024 Revenue Growth

Accenture forecast annual revenue growth above expectations on Thursday, bolstered by surging demand for its service that helps businesses integrate artificial intelligence tools in their operations. Shares of Accenture rose more than 6%, after having fallen about 19% this year on market expectations for s...

Read More

US Big Banks Face Growing Spillover Risks From Non-Banks

Non-bank financial institutions pose an increasing risk to America's big banks, economists said on Thursday in a post on the New York Fed's Liberty Street Economics blog. During times of heightened market-wide stress, demands for liquidity mount on banks as non-banks seek term loans and lines of credit. Th...

Read More

Oracle to Invest Over $1 Billion on AI, Cloud Computing in Spain

Oracle on Thursday said it will invest more than $1 billion over the next 10 years in artificial intelligence and cloud computing in Spain, as it looks to meet increasing demand for its services in the country. The investment will be used to set up a new cloud region that will allow customers to move workl...

Read More

EU sanctions target Russian gas for the first time, diplomats say

European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including their first restrictions on Russian gas. The package bans re-exports of Russian liquefied natural gas (LNG) in EU waters but stops short of banning imports as the blo...

Read More

China will struggle to undo US dominance

The hottest thing in global economics is an oldie but a goodie. This market darling is enjoying enviable growth and sucking in capital from around the world. It possesses a vibrant labor market and a currency that's not just a store of value, but increasingly seen as an ascendant strategic asset. And it’s not...

Read More

EU electric car sales fall in May as German demand slumps, says industry

Sales of new battery-electric cars in the European Union dropped 12 per cent in May from a year earlier, led by a 30 per centplunge in Germany, data from Europe's auto industry body showed on Thursday. Germany, the bloc's largest electric vehicle (EV) market, in December brought an early end to subsidies ...

Read More

Malaysian, Chinese firms ink deals worth $2.8 bn in potential investments

Malaysian and Chinese firms signed agreements on Thursday for potential investments worth 13.2 billion ringgit ($2.80 billion) to collaborate in sectors ranging from oil and gas to education, Malaysia's trade ministry said. The agreements were made in conjunction with Chinese Premier Li Qiang's visit to t...

Read More

Accenture narrows full-year guidance; Q3 revenue declines 1% to $16.47 bn

Information technology (IT) services and consulting major Accenture’s third-quarter (Q3) 2023-24 (FY24) results continued to reflect pressure on discretionary spending, with growth driven by managed services deals. The company, considered a benchmark for the Indian IT services industry, revised its full-ye...

Read More

Banking

NBFC lobby group demands dedicated refinance bank, more level playing field with banks

The Finance Industry Development Council (FIDC), the representative body of non-banking finance companies, has made a pitch for the creation of a dedicated refinance window for its members so that their "over dependence" on bank funding and their liquidity mismatches can be addressed. FIDC said the Small I...

Read More

Banks urge RBI to separate pvt, public infra projects in financing norms

Commercial banks have urged the Reserve Bank of India (RBI) to differentiate between private and public sector projects, citing the latter’s implicit sovereign support that addresses any cost overruns. In response to the RBI’s draft infrastructure financing guidelines, banks have also recommended that the gu...

Read More

RBI's 'timely action' reduced growth of 'unsecured loans': Shaktikanta Das

Reserve Bank of India Governor, Shaktikanta Das on Thursday said that the timely action and prompt measures has moderated the growth of unsecured loan, adding that failure to do so could have led to a "bigger problem". Addressing the second edition of the global conference on financial resilience organised b...

Read More

RBI governor asks banks to stop 'mindless pursuit of profit'

Reserve Bank of India Governor Shaktikanta Das has urged banks to avoid the “mindless pursuit of bottom lines” pointing out that some profit-driven business models may contain hidden vulnerabilities, emphasizing that profitability should not come at the expense of managing these risks. Speaking on keeping t...

Read More

GLOBAL ECONOMY

Trade Report
Country Month Link
Switzerland July 2019 Click
Japan's Demand-Led Inflation Slows, Clouds BOJ Rate Hike Path

Japan's core inflation accelerated in May due to energy levies but an index that strips away the effect of fuel slowed for the ninth straight month, data showed on Friday, complicating the central bank's decision on how soon to ra...

Read More

Ghana, Bondholders Reach Agreement in Principle to Restructure $13 Billion Debt, Sources Say

Ghana has reached an agreement in principle with its bondholders for the restructuring of $13 billion worth of international debt, three sources told Reuters on Thursday, on the heels of a deal finalised with official creditors ea...

Read More

Japan's June Factory Activity Eases as Costs Rise, PMI Shows

Japan's factory activity expanded for a second straight month in June but the pace of growth eased as orders weakened and cost pressures intensified, a business survey showed on Friday. The au Jibun Bank flash Japan manufacturi...

Read More

BOJ Tankan Expected to Show Big Manufactures Confident on Outlook: Reuters Poll

Confidence among big Japanese manufacturers likely improved slightly in the three months to June, while non-manufacturers' mood slipped a bit, the Bank of Japan's (BOJ) closely-watched tankan survey is expected to show, according ...

Read More

Thai Finance Minister and Central Bank to Discuss Inflation Target, PM Says

Thailand's Finance Minister Pichai Chunhavajira will discuss the inflation target with the central bank governor, Prime Minister Srettha Thavisin said on Friday, adding additional stimulus measures would be announced next week. ...

Read More

JPMorgan Wealth Head Sees China's Economic Outlook Improving

JPMorgan Chase is seeing signs of an improving economy in China that will bolster the bank's business in the country after a sluggish period, its CEO of asset and wealth management Mary Erdoes said. U.S. companies are assessing...

Read More

Euro Zone Consumer Confidence Rises to -14.0 in June

Euro zone consumer confidence rose by 0.3 point in June from the May number, figures released on Thursday showed. The European Commission said a flash estimate showed euro zone consumer morale improved to -14.0 this month from ...

Read More

BoE keeps key interest rate at 16-year high of 5.25% despite inflation fall

The Bank of England on Thursday kept its main interest rate at a 16-year high of 5.25 per cent, even though inflation has fallen to its target of 2 per cent. In a statement, some policymakers on the bank's nine-member Monetary Po...

Read More

INDIAN CORPORATE

JSW MG Motor India partners with Ecofy for EV financing

JSW MG Motor India on Thursday said it has partnered with Eversource Capital-backed NBFC Ecofy to provide financing and leasing solutions for its electric vehicles. The two companies have signed a Memorandum of Understanding (M...

Read More

Buoyed by ?18,000 crore fund-raise, Vi beefs up 4G coverage, network in UP, Uttarakhand

Backed by its Rs18,000-crore follow on public offer, Vodafone Idea (Vi) has started beefing up its 4G coverage and network capacity from its priority UP and Uttarakhand circles by deploying more airwaves in the 900 MHz band. Th...

Read More

COMMERCIAL LAW

FDI inflows decline 43%, India drops to 15 in UNCTAD’s FDI rankings

India slipped seven ranks to 15 in the World Investment Ranking in 2023 as foreign direct investment inflows fell 43 percent to $28 billion, a report released by the United Nations Conference of Trade and Development (UNCTAD) show...

Read More

IMC Chamber of Commerce and Industry has sent this e-mail to you because your subscription preferences indicate that you want to receive latest news alerts on this email ID. For suggestions and feedback news alerts on this email ID. For suggestions and feedback click here .

Head Office :
IMC Bldg., IMC Marg, Churchgate, Mumbai - 400 020 India
Tel : 91-22-71226633 | Fax : 91-22-22048508 / 22838281

E-Mail : imc@imcnet.org
Website : www.imcnet.org