Posts in category: business

The latest outflow was triggered by the unwinding of the yen carry trade. (Representational)

According to the data, Foreign Portfolio Investors (FPIs) withdrew a net amount of Rs 13,431 crore from equities so far this month (August 1-9).

This came following an inflow of Rs 32,365 crore in July on expectation of sustained economic growth, continued reforms and better-than-expected earnings season, and Rs 26,565 crore in June driven by political stability and the sharp rebound in markets.

Before that, FPIs withdrew Rs 25,586 crore in May on poll jitters and over Rs 8,700 crore in April on concerns over a tweak in India’s tax treaty with Mauritius and a sustained rise in US bond yields.

The latest outflow was triggered by the unwinding of the yen carry trade after the Bank of Japan raised interest rates to 0.25 per cent and recession fears in the US, Vijayakumar said.

This was further exacerbated by escalating geopolitical tensions, particularly the intensifying conflict between Israel and Iran, which led investors to reduce their risk exposure, Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, said.

Additionally, the higher valuation of Indian markets provided foreign investors with an attractive profit-taking opportunity.

Meanwhile, factors such as growing recession fears in the US, driven by weak jobs data, and uncertainty surrounding the timing of interest rate cuts led to the outflow from Indian equities, Srivastava added.

For the fortnight ended July 31, FPIs were sustained sellers in financial services. However, they were buyers in IT, autos, capital goods and metals during the period under review.

On the other hand, FPIs invested Rs 6,261 crore in the debt market in August so far. This has taken the tally to Rs 97,249 crore so far in 2024.

First Published: Aug 11 2024 | 10:56 AM IST

Trump has said of Harris, As a border czar, she’s been the worst border czar in history, in the world history | (Photo: Reuters)

It is my promise to everyone here, when I am president, we will continue our fight for working families, Harris said, pledging to raise the minimum wage and eliminate tips for service and hospitality workers.

The Democratic presidential nominee and her running mate, Minnesota Gov. Tim Walz, came to Nevada as the final stop of a battleground blitz in which their party has shown new energy after President Joe Biden exited the race and endorsed Harris. On Sunday, the vice president is holding a San Francisco fundraiser that has already raised more than $12 million, her campaign said, with House Speaker Emerita Nancy Pelosi among those set to speak.

There were 12,000-plus people inside the campus basketball arena and, before the event started, law enforcement opted to close the doors to the event due to people becoming ill while waiting outside to go through security in the 109-degree heat. Approximately 4,000 people were in line when the entrances were shut down.

Walz referenced that during his speech, but turned it into an applause line by adding of Nevada, “don’t worry, we’re going to be back a lot.

As part of the trip, Harris is hoping to build greater support among Latino voters. In 2020, Biden narrowly beat Republican Trump by 2.4 percentage points in Nevada. Trump, the former president, tried to create more support in a state that relies on the service industry with his own, previous pledge to make workers’ tips tax-free.

But the union representing 60,000 workers in that industry, the Culinary Workers Union, announced Friday night its endorsement of Harris. About 54 per cent of the union’s members are Latino, 55 per cent women and 60 per cent immigrants.

The path to victory runs through Nevada, the union said in a statement, and the Culinary Union will deliver Nevada for President Kamala Harris and Vice President Tim Walz.

Also, Adelante PAC, the political arm of the nation’s oldest Latino civil rights group, League of United Latin American Citizens, endorsed Harris. That was a first for the 95-year-old LULAC, which has in the past steered away from formally throwing its support behind political candidates.

AP VoteCast found in 2020 that 14 per cent of Nevada voters were Hispanic, with Biden winning 54 per cent of their votes. His margin with Hispanic voters was slightly better nationwide, a sign that Democrats cannot take this bloc of voters for granted.

There’s an incredible energy here among the college students and community members who are coming together to support and listen to our next president, Kamala Harris,” said Imer Cespedes-Alvarado, 21. Studying political science at UNLV, Cespedes-Alvarado is a first generation American citizen who spent his childhood in Costa Rica before making the difficult decision at 16 to return alone to the US for better opportunities.

Harris is hoping to drive a wedge with Republicans by focusing on issues such as access to abortion and repairs to the US immigration system. Her message is that Trump killed a bipartisan deal this year to improve security on the southern border and address immigration issues, with Democrats saying he did so in hopes of improving his own political odds.

Because Harris’ portfolio in the Biden administration included the root causes of migration and due to some of her comments before the 2020 election, Republicans have sought to portray her as weak on the southern border and enabling illegal immigration.

Trump has said of Harris, As a border czar, she’s been the worst border czar in history, in the world history.

He’s proposed mass deportations if he returns to the White House, but AP VoteCast found in 2020 that nearly 7 in 10 Nevada voters said that immigrants living in the United States illegally should be offered the chance to apply for legal status.

Krista Hall, 60, and her husband Thaddeus Hager, 58, attended Harris’ Las Vegas rally and said that they haven’t been more excited about an election since President Barack Obama’s campaign in 2008.

This is as electric, if not more than, Hall said, noting that they attended several Obama rallies at the time. Hager said he’s confident that Harris and Walz will win in a landslide.

The Democratic ticket over the past week has also visited the crucial midwestern blue wall states of Pennsylvania, Wisconsin and Michigan. Along with Nevada and Arizona. Those five states represent 61 electoral votes that could be essential for reaching the 270 threshold required to win November’s election.

Harris and Walz had also planned to visit North Carolina and Georgia this past week between them another 32 electoral votes but those stops were postponed due to Tropical Storm Debby.

In Nevada’s rural Douglas County near the California border, Gail Scott, 71, serves on the central committee of the local Democratic Party and said she didn’t initially agree with calls for Biden to leave the race. Trump won the county in 2016 and 2020, but trimming his margins there could lower his ability to compete in Nevada.

Scott said it’s impossible to miss the energy that Harris has created among younger voters who could help statewide.

Young people are embracing Kamala Harris and the enthusiasm and the joy that she’s brought to the campaign, she said.

Brian Shaw, a Republican from northern Nevada, said Harris’ arrival on the top of the ticket could make it harder for Trump to win because Biden was a pitiful candidate and there’s little time to expose the vice president’s incompetence. He said he attended Republican vice presidential nominee JD Vance’s rally in Reno on July 30 and found him to be likable, capable, polished as a politician, but not veneered.

Steven Mnuchin had a pretty good weekend.

First the treasury secretary pick advanced a step closer toward confirmation on Friday.

Then his latest movie claimed the top spot at the box office.

Mnuchin is an executive producer on Warner Bros.’ “The Lego Batman Movie,” which pulled in an estimated $55.6 million from U.S. audiences during its opening weekend.

CNN, like Warner Bros., is owned by Time Warner.

The kid-friendly spinoff of 2014’s “The Lego Movie” handily beat its raunchy competitor, Universal’s “Fifty Shades Darker.”

The sequel to 2015’s “Fifty Shades of Grey,” based on a best-selling series of romance novels, debuted at $46.8 million in the United States.

Related: Possible pick for Treasury secretary makes his film debut

Mnuchin is listed as a producer or executive producer on 34 films in recent years, including last summer’s “Suicide Squad,” which brought in $786 million worldwide.

He also produced “The Lego Ninjago Movie,” another Lego franchise spinoff that will hit screens this fall.

Mnuchin is widely expected to be serving as Treasury secretary by then.

Following a 53-46 vote last Friday to break a Democratic filibuster, Mnuchin is scheduled for a final vote before the full Senate at 7 p.m. Monday.

–CNNMoney’s Frank Pallotta and CNN’s Ashley Killough contributed to this story.

CNNMoney (New York) First published February 12, 2017: 5:39 PM ET

The profitability was sustained by improved gross margins and operational efficiencies: Aurobindo Pharma VCMD | Photo: Company website

The profitability was sustained by improved gross margins and operational efficiencies, while ramping up our recently commercialised plants, he added.

“We are confident in our ability to achieve our growth targets for FY25,” Reddy said.

First Published: Aug 10 2024 | 8:25 PM IST

He will be taking over from Rajiv Gauba, who took over the charge of Cabinet Secretary on August 30, 2019.

A 1987-batch Tamil Nadu cadre Indian Administrative Service (IAS) officer, Somanathan was designated Finance Secretary in April 2021, the senior-most position among all secretaries in the ministry.

He had been appointed Secretary, Department of Expenditure, Ministry of Finance, back in December 2019. 

Somanathan, who served as a joint secretary in the Ministry of Corporate Affairs (MoCA) from 2015 to 2017, was also involved in overseeing the implementation of economic policies in the Prime Minister’s Office (PMO) during that period.

He also helped in shaping the Budget 2024 presented by Finance Minister Nirmala Sitharaman.

The IAS officer holds a doctorate in Economics and is a qualified chartered accountant, cost accountant, and company secretary. He has published over 80 papers and articles on economics, finance, and public policy in journals and newspapers. He is also the author of two books and has contributed chapters to several others. Additionally, he served as Director at the World Bank in Washington, DC, on deputation from the IAS.

First Published: Aug 10 2024 | 6:14 PM IST

To tackle Thailand’s mounting trash problem, one company is turning to the country’s plant life.

Universal Biopack makes packaging that it sells to restaurants and manufacturers. But rather than plastic, it uses a mixture of bamboo and cassava, crops that are widely found across the country.

After growing rapidly in recent decades, Thailand has become one of Asia’s biggest economies. But like many other countries in the region, it’s been slow to try to combat the millions of tons of trash produced each year.

“Waste management is a big problem everywhere,” said Universal Biopack’s managing director, Vara-Anong Vichakyothin.

Related: The company turning 4 billion plastic bottles into clothes

The company is using a technology devised at a Bangkok university to make its zero-waste packaging. It hopes it will eventually replace many of the Styrofoam boxes and plastic bags that end up in huge garbage dumps across Thailand and other Southeast Asian countries.

Its eco-friendly formula took five years to develop and is so adaptable it could end up being used to package things like furniture and even phones. The bamboo it uses comes from leftover scraps from the chopstick manufacturing process.

In the cities of Bangkok and Chiang Mai, where takeout drink containers and noodle packets line the sidewalks, the company supplies restaurants, organic farmers and other businesses in the food and drink industry.

But finding new clients can be tricky.

Takeout food vendors in Thailand want to keep costs down in a competitive business with thin margins. Asking them to spend more on packaging for environmental reasons is a tough sell.

“The local economy still does not support [this technology]” said Universal Biopack’s founder, Suthep Vichakyothin.

But that hasn’t stopping other companies from entering the sustainable packaging market in Thailand. Like Universal Biopack, they’re betting on growing environmental awareness eventually leading to an increase in demand.

To become more competitive, Suthep’s company is investing. It’s aiming to ramp up production by building a partially automated assembly line at its factory near Bangkok and doubling its staffing from 50 people to 100.

The goal is to increase monthly capacity from 300,000 units to one million.

Related: A startup that makes pencils that grow into vegetables

A lot of the demand comes from overseas. One of its customers uses the natural packaging for coconut water it exports.

Universal Biopack says it’s also getting interest in its products from other countries, particularly in Scandinavia.

CNNMoney (Hong Kong) First published February 12, 2017: 9:08 PM ET

HBR Learning

Diversity, Inclusion, and Belonging Course

Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Diversity, Inclusion, and Belonging. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.

How to build a better, more just workplace.

Brazilian television network GloboNews showed footage of a large area on fire and smoke coming out of an apparent plane fuselage in a residential area full of houses. Additional footage on GloboNews showed a plane drifting downward vertically, spiraling as it fell.

At an event in southern Brazil, President Luiz Incio Lula da Silva asked the crowd to stand and observe a minute of silence.

First Published: Aug 10 2024 | 12:29 AM IST

Prime Minister Narendra Modi (Photo: PTI)

Key components of the programme include: establishment of nine world-class Clean Plant Centres (CPCs) across India, equipped with advanced diagnostic therapeutics and tissue culture labs; and implementation of a robust certification system under the Seeds Act 1966.

It also includes infrastructure support to large-scale nurseries for efficient multiplication of clean planting material.

The CPP is expected to benefit farmers, nurseries, consumers, and boost exports. It will provide farmers access to virus-free, high-quality planting material, leading to increased crop yields and improved income opportunities.

The programme will prioritise affordable access to clean plant material for all farmers, regardless of their landholding size or socioeconomic status.

It will also actively engage women farmers in its planning and implementation.

Vaishnaw noted that horticultural exports have increased to over Rs 50,000 crore in the last ten years. The CPP is expected to further strengthen India’s position as a leading global exporter of fruits.

The programme will be implemented by the National Horticulture Board in association with the Indian Council of Agricultural Research (ICAR), an official statement said.

The initiative aligns with Mission LiFE and the One Health initiatives, promoting sustainable and eco-friendly agricultural practices while reducing dependence on imported planting materials, it added.

First Published: Aug 10 2024 | 1:03 AM IST

Verizon (VZ) is bringing back an unlimited data plan.

Starting Monday, Verizon customers can get unlimited data, talk and text for $80.

The company says the new introductory plan also includes up to 10 GB of mobile hotspot usage, as well as calling and texting to Mexico and Canada. It will also allow customers to stream unlimited HD video, thumbing its nose at T-Mobile’s controversial practice of lowering video quality for some of its unlimited data customers.

Although the new Verizon plan promises “fast LTE speeds,” those using a lot of data may suffer. The company said that after a customer uses 22 gb of data on a line during any billing cycle, it “may prioritize usage behind other customers in the event of network congestion.” That has become standard practice on all networks that offer unlimited data plans.

Related: T-Mobile and Sprint offer new ‘unlimited’ data plans — sort of

Verizon first eliminated its version of an unlimited usage plan in 2011, following similar decisions by other major wireless carriers.

But companies have been steadily reviving such plans.

Verizon first overhauled its data-usage plans last summer when it introduced a new “Safety Mode” plan. That technically gave customers access to unlimited data, but they were subjected to slow-as-molasses speeds after they went over their allotted data.

AT&T similarly eliminated overage fees for customers in September. Like Verizon, AT&T throttles customers speeds once they reach the data limit on their plans. The company brought back unlimited plans earlier last year, but it is only available for homes with both AT&T’s wireless phone service and either DirecTV or U-Verse TV.

Meanwhile, competitors T-Mobile (TMUS) and Sprint (S) made their own bids to attract customers looking for “unlimited data” plans.

Nearly all NYC subways get cell service

Last August, Sprint began offering a plan to give customers unlimited talk, text and high-speed data for $60 for the first line, $40 for the next, and $30 for each additional up to 10.

The T-Mobile plan, announced the same day as Sprint’s, charged $70 a month for the first line, the second at $50 and additional lines are only $20, up to eight lines.

CNNMoney (New York) First published February 12, 2017: 7:03 PM ET