While Adani Ports is looking to get Shapoorji Pallonji group's Gopalpur port in Odisha fro Rs 1,100-1,200 crore in equity value, JSW infrastructure bids Rs 3,000 crore in entreprise valuation for the same asset

Adani Ports in talks with Shapoorji Pallonji group to acquire its Gopalpur Ports in Odisha: Report

While Adani Ports is looking to get Shapoorji Pallonji group's Gopalpur port in Odisha for Rs 1,100-1,200 crore in equity value, JSW infrastructure bids Rs 3,000 crore in enterprise valuation for the same asset

While Adani Ports is looking to get Shapoorji Pallonji group's Gopalpur port in Odisha for Rs 1,100-1,200 crore in equity value, JSW infrastructure bids Rs 3,000 crore in enterprise valuation for the same asset

Adani Ports:&nbsp;Adani Ports is reportedly in talks with Shapoorji Pallonji group to acquire its Gopalpur Ports in Odisha for up to Rs 1,100-1,200 crore in equity value. As per The Economic Times report, the due diligence process to acquire the port is currently underway.
<h3>Adani Ports and Special Economic Zone</h3>
This acquisition is part of the Adani group's string-of-pearls strategy that involves owning facilities in both eastern and western water margins. If the deal goes through, this will be the Adani Ports and SEZ&rsquo;s sixth acquisition of a multi-purpose facility in the eastern coast.
Also Read: <a href="https://www.editorji.com/business-news/us-finds-hindenburg-report-irrelevant-for-granting-funds-to-adani-ports-report-1701761408653">US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report</a>
At present Shapoorji Pallonji Maintenance owns 56% in Gopalpur Ports, while the rest is owned by Orissa Stevedores . The Economic Times report also mentioned that JSW Infrastructure was in talks with the Mistrys for the same asset for Rs 3,000 crore enterprise valuation. However, the port is valued around Rs 5,000 crore and the Mistry&rsquo;s equity value was at Rs 2,000 crore.
As per credit rating firm Care Edge the port has a long term bank facilities of Rs 1,432 crore as on February. Gopalpur Ports has been operational since 2015 and is located between the busy Paradip Port and Vizag Port. It is also connected to the Golden Quadrilateral through NH-516.

Government which holds 73.18% stake in IRCON is looking to sell 7.53 crore equity shares constituting 8% of stake to raise Rs 1,100 crore. The offer for sale will be open for non-retail investors on Thursday and for retail investors on Friday

Government looking to raise Rs 1,100 crore by selling 8% stake in IRCON

Government which holds 73.18% stake in IRCON is looking to sell 7.53 crore equity shares constituting 8% of stake to raise Rs 1,100 crore. The offer for sale will be open for non-retail investors on Thursday and for retail investors on Friday

The government will sell upto 8% stake in &nbsp;Indian Railway Construction International Limited (IRCON) through an offer for sale beginning on Thursday. Through this the government is looking to raise about Rs 1,100 crore
<h3>IRCON Stake Sale</h3>
The government will sell about 7.53 crore equity shares at a floor price of Rs 154 apiece. The government currently holds 73.18% in IRCON. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey posted in X (formerly Twitter) that the offer for sale opens for non-retail investors on Thursday and on Friday for retail investors.
<blockquote class="twitter-tweet">
Offer for Sale in IRCON opens tomorrow for Non Retail investors. Retail investors can bid on Friday. Govt. would divest 8% equity including Green Shoe option. <a href="https://t.co/AiXTqnxQLj">pic.twitter.com/AiXTqnxQLj</a>
&mdash; Secretary, DIPAM (@SecyDIPAM) <a href="https://twitter.com/SecyDIPAM/status/1732388870434763164?ref_src=twsrc%5Etfw">December 6, 2023</a></blockquote>
As per PTI, so far in the current fiscal, the government has raised Rs 8,859 crore by selling minority stake in CPSEs. The Budget has set a target of Rs 51,000 crore to be mopped up from PSU disinvestment.
Also Watch: <a href="https://www.editorji.com/business-news/economy/5-billion-deep-sea-project-ongc-to-start-oil-production-in-krishna-godavari-basin-1699872284612">$5 Billion Deep-Sea Project: ONGC to start oil production in Krishna Godavari basin</a>
Meanwhile, the IRCON shares fell as much as 8.37% on thursday during the early trade, the lowest since Nov. 17. On a year-to-date basis, the stock has risen 166.28%
&nbsp;
&nbsp;

The Naukri JobSpeak Index revealed a 12% decrease in white-collar recruitment. There were 2,433 job postings during October-November, down from 2,781 in the same months of 2022.

White-collar job postings decline by 12% in October-November 2023

The Naukri JobSpeak Index revealed a 12% decrease in white-collar recruitment. There were 2,433 job postings during October-November, down from 2,781 in the same months of 2022.

Hiring activity for white-collar jobs witnessed a 12% on-year decline during October-November largely due to fall in recruitment trends in IT-Software, telecom and education sectors, a report said on Thursday.
White-collar recruitment during October-November declined by 12% with 2,433 job postings, compared to 2,781 during the corresponding months in 2022, according to the Naukri JobSpeak Index.
The Naukri JobSpeak is a monthly Index representing the state of the Indian job market and hiring activity based on new job listings and job-related searches by recruiters on the resume database of Naukri.com.
While, telcom, education, retailing sectors witnessed 18%, 17% and 11% decline, respectively, during October-November compared with the same months in 2022, sectors like hospitality, travel, auto and auto ancillary the hiring trend was stagnant, the report said.
Meanwhile, Oil and Gas sectors recorded 9% increase in hiring in the October-November period compared to the last year, on the back of rapid expansion by energy companies and the setting up of new refineries across the country, the report noted.
Similarly, the Pharma sector registered a 6% increase in new job offers in the October-November against the same months of 2022, it added.
The report further revealed that the insurance sector also saw positive momentum as hiring grew by 5% in the October-November period, over the same period last year.
"It was encouraging to see core non-IT sectors like Oil and Gas, Pharma and Insurance growing at a healthy clip during a cluttered festive period. November's 1% growth in IT vs October could be a much awaited positive sign, as we eagerly await next month's trends," Naukri.com Chief Business Officer Pawan Goyal told PTI.
The overall hiring in the IT sector was 22% lower in the October-November, compared to the same months last year, it noted.
However, despite witnessing substantial corrections in the first half of 2023, the sector reported a 1% growth in November over October.
New job openings in AI-related fields like machine learning engineer and full stack data scientist increased by 64% and 16% respectively during the two months under review, compared to the year-ago period, the report said.
Meanwhile, when it came to cities the non-metros, once again, outperformed the metros in terms of hiring. Vadodara clocked a 9% growth in new job offers in the last two-months against the same period of 2022, while Ahmedabad stayed flat.
Metros like Delhi NCR and Mumbai clocked negative growth of 12% each, while the IT-focused cities of Bangalore, Hyderabad, Chennai, and Pune recorded negative growth of 20%, 18%, 21%, and 18% in October-November compared to the same period of 2022.
The report also found that organisations continued to show preference for senior professionals in terms of hiring, a trend seen in most of 2023. Hiring for senior professionals with more than 16 years of experience went up by 26% in the last two months against the same months of 2022.
While, for freshers, new offers recorded negative growth of 13% in the last two-month over the same period last year, the report added.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/economy/white-collar-jobs-in-india-8-6-decline-in-september-1696850256934#google_vignette">White-collar jobs in India: 8.6% decline in September</a>

Priced at Rs 8.89 crore (ex-showroom), it holds the crown as the priciest model ever launched by the Italian manufacturer in India

Lamborghini's Revuelto Hybrid completely sold out in India until 2026

Lamborghini's Revuelto hybrid completely sold out in India until 2026

Priced at Rs 8.89 crore (ex-showroom), it holds the crown as the priciest model ever launched by the Italian manufacturer in India

Lamborghini's newest hybrid supercar, the Revuelto, stormed into the Indian market with a bang, selling out its entire allocation until 2026 within moments of its debut. Priced at Rs 8.89 crore (ex-showroom), it holds the crown as the priciest model ever launched by the Italian manufacturer in India. This stunning entry marks Lamborghini's foray into the plug-in hybrid electric vehicle segment, eclipsing the Aventador, which ceased production in 2022.
Luxury and Demand: Lamborghini's Revuelto Resonates in India
Francesco Scardaoni, Lamborghini's Asia Pacific director, highlighted, "The Indian economy's rapid growth is propelling more individuals into affluence, allowing them to enter the thrilling world of Lamborghini and super sports cars. The Revuelto is not only sold out in India until 2026 but also globally."
Demand for Lamborghini's existing models in India is equally fervent, with all units snapped up until 2024. Customers face waiting periods of up to 20 months, underscoring the brand's popularity in a market where sales have been rapidly climbing. Also read/watch - <a title="G-7 imposes ban on Russian diamond imports, implements traceability system" href="https://www.editorji.com/business-news/g-7-imposes-ban-on-russian-diamond-imports-implements-traceability-system-1701933904860">G-7 imposes ban on Russian diamond imports, implements traceability system</a> &nbsp;
Lamborghini's Revuelto: Driving Demand and a Green Future in India
Despite India contributing only 1% to Lamborghini's global sales in 2022, with 92 cars sold, it represents a remarkable 33% year-on-year growth. Fueled by this enthusiastic response, Lamborghini eyes the potential for another dealership in southern India, alongside its current presence in Mumbai, Delhi, and Bengaluru.
Scardaoni emphasized the importance of proximity to customers as the market expands. Notably, 20% of buyers are new to the Lamborghini experience, while another 20% previously indulged in the brand's sport utility vehicle, Urus.
Also read/watch - <a title="Gold, Silver Rates today December 07, 2023: Check Prices in Mumbai, Delhi, Chennai" href="https://www.editorji.com/business-news/gold-silver-rates-today-december-07-2023-check-prices-in-mumbai-delhi-chennai-1701929526177">Gold, Silver Rates today December 07, 2023: Check Prices in Mumbai, Delhi, Chennai</a>
Under the hood, the Revuelto boasts a formidable new 6.5-liter V12 engine, coupled with three electric motors and a 3.8kWh lithium-ion battery. The V12 generates 825hp and 725Nm of torque, amplifying to a staggering 1,015hp when combined with the electric motors. Power gracefully flows to all four wheels via an innovative 8-speed dual-clutch automatic gearbox.
Scardaoni highlighted the Revuelto's role in Lamborghini's pivotal year for hybridization, aiming for a 50% reduction in CO2 emissions by 2025. The company's historic investment of 1.9 billion euros underscores its commitment to electrifying its fleet, setting an ambitious milestone in its legacy.&nbsp;

The recent Starbucks boycott aligns with a broader movement against brands supporting Israel. Starbucks in Egypt allegedly downsized in November due to boycott impacts, leading to cost-cutting measures.

Starbucks incurs $11 billion loss from sluggish sales and boycott impact

The recent Starbucks boycott aligns with a broader movement against brands supporting Israel. Starbucks in Egypt allegedly downsized in November due to boycott impacts, leading to cost-cutting measures.

Global political tensions are spilling fast into Seattle-based Starbucks Corporation, as the company has lost approximately $11 billion in value, erasing 9.4% of the company's total value.
Within a span of 19 calendar-days, since its November 16 Red Cup Day promotion, shares of Starbucks have plummeted 8.96%, which equates to a nearly $11 billion loss, amid analysts' reports of slowing sales and a subdued response to the holiday season's offerings, reported PTI.
The boycotts at the Seattle, Washington-based chain have deep roots, touching on sensitive geopolitical issues after the company found itself in hot water following a tweet from Starbucks Workers United, the union representing many of its baristas, expressing solidarity with Palestinians.
&ldquo;Amid an ongoing boycott due to the Israeli occupation's aggression against the Gaza strip, the undercurrent of discontent signals a challenging brew for the company's future,&rdquo; an industry analyst said.
The company has denied wrongdoing in the scenarios but faces the challenge of maintaining its brand reputation amid divisive global issues.
In a recent call with analysts, Starbucks CEO Laxman Narasimhan said he remains optimistic about the company's diversified channels and ability to engage customers despite macroeconomic challenges and changing consumer behaviours.
The recent boycott of Starbucks comes in part of a large boycott of several global brands over their support of Israel. Starbucks in Egypt reportedly laid off workers in late November after being financially affected by the boycott - forcing it to cut expenses.&nbsp; Also Watch: <a href="https://www.editorji.com/amp/web-stories/business/10-indians-leading-global-companies-1701158905729">10 top global companies led by Indian Origin CEOs</a>

Chennai, a prominent IT hub, faced logistical challenges as the downpour surrounded IT buildings, hampering employee access

Cyclone Michaung's devastating impact on Chennai's business landscape

Chennai, a prominent IT hub, faced logistical challenges as the downpour surrounded IT buildings, hampering employee access

Cyclone Michaung wreaked havoc on Chennai, dumping heavy rainfall and causing substantial damage to manufacturing units, notably impacting the automotive component industry in Padi and the MSMEs in Ambattur. Padi, housing major TVS group companies like Sundram Fasteners, Wheels India, Brakes India, and Lucas-TVS, with a collective turnover of ₹25,000 crore, suffered severe inundation, rendering plants inoperable.
Arathi Krishna, Managing Director of Sundram Fasteners, mentioned, "The situation is worse than anticipated. We're assessing the damage and aiming to resume operations by this weekend."
Critical infrastructure like the Padi sub-station faced waterlogging, leading to power outages, crippling businesses in the area.
The Confederation of Indian Industry reported the adverse impact on commercial establishments and industrial units across Chennai, Kancheepuram, Chengalpet, and Tiruvallur districts due to the cyclone, with gradual normalization being observed among CII members in these regions.
Logistical Chaos: Cyclone Michaung's Toll on Chennai's IT Hub
Chennai, a prominent IT hub, faced logistical challenges as the downpour surrounded IT buildings, hampering employee access. Work-from-home efforts faltered due to power outages and widespread internet disruptions caused by damaged cables.
Social media flooded with visuals depicting waterlogged IT areas like Sholinganallur and Velachery, including the Ascendas IT Park resembling a swimming pool. Gopal Srinivasan, Chairman of TVS Capital Funds, raised concerns about Chennai's business continuity during the rains, questioning its viability as an IT/ITES hub amid infrastructure vulnerabilities.
Chennai's Resilience: Recovering from Cyclone Michaung's Business Fallout
Experts stressed the importance of robust business continuity plans to mitigate such natural disasters' impact, highlighting the resilience of the IT industry despite recurrent challenges in cities like Chennai, Bengaluru, and Mumbai.
While acknowledging the setback, leaders like MP Vijay Kumar, CFO of Sify Technologies, reaffirmed Tamil Nadu's strengths in talent, education, safety, and entrepreneurship, emphasizing the state's enduring appeal for investments despite occasional disruptive events. Similar incidents in Bengaluru had not swayed investment decisions, Kumar noted.&nbsp;

The recent announcement by the G-7 detailed a step-by-step ban. Starting January 1st, it will first stop direct imports of Russian rough diamonds. By March 1st, this ban will extend to cover Russian diamonds processed in third-party nations.

G-7 imposes ban on Russian diamond imports, implements traceability system

The recent announcement by the G-7 detailed a step-by-step ban. Starting January 1st, it will first stop direct imports of Russian rough diamonds. By March 1st, this ban will extend to cover Russian diamonds processed in third-party nations.

The Group of Seven (G-7) has unanimously decided to impose a ban on Russian diamond imports as a&nbsp; measure to curtail Russia's financial resources fueling the ongoing conflict in Ukraine. This embargo, slated to commence from the outset of the upcoming year, is intended to tighten the economic noose around Russia amid the ongoing conflict.
Efforts by the G-7 and its European counterparts have been relentless in seeking effective means to limit Russia's financial capabilities in sustaining its military endeavors in Ukraine. Diamonds, however, posed a challenge in previous attempts to impose sanctions due to resistance from major importer nations such as Belgium. These nations argued that a straightforward ban could potentially redirect the highly profitable gem trade elsewhere.
The G-7's recent announcement outlined a phased approach to the ban. It will initially halt all direct imports of rough diamonds from Russia starting January 1st. The prohibition will extend to encompass Russian diamonds processed in third-party countries from March 1st. Additionally, a comprehensive traceability system is set to be fully implemented by the commencement of September.
In the background, the diamond industry has actively engaged in lobbying G-7 decision-makers, advocating for specific methods to trace diamonds. Belgium proposed a system requiring all diamonds to pass through Antwerp, historically a dominant global trading hub, for registration on a digital ledger before distribution to other major trade centers.
This proposal faced significant opposition from diamond-producing nations and industry leaders, who deemed it impractical and potentially harmful to the trade. They suggested enhancing existing models of origin certification instead.
Belgium's Prime Minister, Alexander De Crew, expressed support for the G-7's tracing system, hailing it as a crucial step in reducing financial flows from the diamond trade to Russia. The challenge in tracking a diamond's origin arises once it obtains certification under the Kimberley Process, designed to eliminate the sale of conflict diamonds. Subsequently, the tracing becomes convoluted, making the stones challenging to monitor through the supply chain.&nbsp;
Moving forward, the G-7 intends to collaborate with diamond-producing and manufacturing nations to devise and implement an effective tracing system that ensures transparency throughout the diamond trade. Also Watch:<a href="https://www.editorji.com/business-news/india-refuses-to-comply-with-russia-s-pressure-to-buy-oil-in-chinese-yuan-1697785357742#google_vignette"> India refuses to comply with Russia's pressure to buy oil in Chinese Yuan</a>

The average price of 1 gram of 22K Gold stood at ₹5,755 while the cost for 24K gold prices stood at ₹6,278 and 1 kg silver stood at ₹77,200

Gold, Silver Rates today December 07, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,755 while the cost for 24K gold prices stood at ₹6,278 and 1 kg silver stood at ₹77,200

Gold Silver Price Today 07 December 2023: Ahead of the RBI MPC meeting decision, bothe the gold and silver prices remained lower on the Multicommodity Index on Thursday.
The average price of 1 gram of 22K Gold stood at ₹5,755 while the 24K gold prices stood at ₹6,278.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹63,490, which was followed by Delhi and Jaipur where the gold costs ₹62,930.&nbsp;
The average price of 10gm of Silver was at ₹772 and 1 kg of silver stood at ₹77,200.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹80,000 followed by Delhi and Mumbai where the metal was sold at ₹77,200
<h3>24 Carat Gold Price Today December 07 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹62,930 Chennai - ₹63,490 Mumbai - ₹62,780 Kolkata - ₹62,780 Bengaluru - ₹62,780
<h3>1 KG Silver Price Today December 07 - Indian Top Cities</h3>
Delhi - ₹77,200 Chennai - ₹80,000 Mumbai - ₹77,200 Kolkata - ₹77,200 Bengaluru - ₹76,500

After RBI tightened its norms for unsecured consumer loans by raising the risk weight for banks and non-banking finance companies in November, Paytm has decided to slow down postpaid slow ticket loan that amounts to less than Rs 50,000

Paytm share price hits 20% lower circuit limit after it announced cut down on slow ticket postpaid loans

After RBI tightened its norms for unsecured consumer loans by raising the risk weight for banks and non-banking finance companies in November, Paytm has decided to slow down postpaid slow ticket loan that amounts to less than Rs 50,000

Paytm loans: Fintech company Paytm's shares have hit 20% lower circuit limit  reaching Rs 650 a piece. This after the company announced its plans to slow down its small ticket Postpaid loan. However, the company is looking to expand its high ticket personal and merchant loans. This the company said in an analyst meet on December 6.
Lower circuit limit is the minimum price a stock can reach in a particular day. 
The cut down on slow ticket loans comes, after RBI tightened the norms for unsecured consumer loans by raising the risk weight for banks and non-banking finance companies (NBFCs) in November.  
<h3>Paytm shares tumble</h3>
Shares of Paytm tumbled after analysts downgraded the stock as the company decided to bring down the level of unsecured loans under Rs 50,000 in a calibrated manner.
As per CNBC-TV18, brokerage firm Goldman Sachs downgraded the stock, shifting its rating from 'buy' to 'neutral' and revising the target price to Rs 840 apiece from the earlier Rs 1,250.
Similarly, Jefferies adjusted its target price to Rs 1,050 from Rs 1,300 but maintained a 'buy' rating. Bernstein also lowered its target price to Rs 950 from Rs 1,100. However, domestic brokerage firm Motilal Oswal maintained a 'buy' rating with a target price of Rs 1,025 apiece.
<h3>Postpaid loan reduction</h3>
As per the company, the postpaid loans could be down by 50% but will not have any impact on margins or revenue. Paytm also added the revenue impact will be minimal since postpaid had the lowest take rate. Slow ticket loan amounts to less than Rs 50,000
Also Read: <a href="https://www.editorji.com/business-news/markets/rbi-strengthens-regulations-on-personal-loans-for-banks-and-nbfcs-1700144975394">RBI strengthens regulations on personal loans for banks and NBFCs</a>
"On the back of recent macro development and regulatory guidance, in consultation with lending partners, in line with its continued focus on driving a healthy portfolio, the company has recalibrated the portfolio origination of less than ₹50,000, which is prominently the postpaid loan product and will now be a smaller part of its loan distribution business going forward," the company said in a media statement.
The company also assured that none of its lending partners have stopped lending to its customers. Paytm facilitates lending on its platform through its partnership with lenders such as Aditya Birla Finance Limited (ABFL), Piramal Finance, Shriram Capital and Tata Capital among others.
Paytm receives commissions as well as collection charges for the loans provided on its platform.
<h3>Users complain</h3>
Meanwhile several users in X(formerly Twitter), has complained about the postpaid services being slow since December 1. Some users even claimed that their accounts have been blocked for multiple users despite paying the loans on time.
Moneycontrol quoted some users who received messages saying that the platform is getting upgraded and security measures is being enhanced.
"We are upgrading the experience and enhancing security measures. We will be back soon" - the message received by users as seen by Moneycontrol.

The average price of 1 gram of 22K Gold stood at ₹5,745 while the cost for 24K gold prices stood at ₹6,267 and 1 kg silver stood at ₹78,200

Gold, Silver Rates today December 06, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,745 while the cost for 24K gold prices stood at ₹6,267 and 1 kg silver stood at ₹78,200

Gold Silver Price Today 06 December 2023: Both gold and silver prices declined&nbsp; on the Multi Commodity Index on Wednesday.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,745 while the 24K gold prices stood at ₹6,267.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹63,440, which was followed by Delhi and Jaipur where the gold costs ₹62,820.&nbsp;
The average price of 10gm of Silver was at ₹782 and 1 kg of silver stood at ₹78,200.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹81,000 followed by Delhi and Mumbai where the metal was sold at ₹78,200
<h3>24 Carat Gold Price Today December 06 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹62,820 Chennai - ₹63,440 Mumbai - ₹62,670 Kolkata - ₹62,670 Bengaluru - ₹62,670
<h3>1 KG Silver Price Today December 06 - Indian Top Cities</h3>
Delhi - ₹78,200 Chennai - ₹81,000 Mumbai - ₹78,200 Kolkata - ₹78,200 Bengaluru - ₹77,250

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Cyclone Michaung

Serum's manufacturing site will have to assessed for Covishield to get Green Pass appoval by EMA&nbsp;as per reports.&nbsp;The EMA&nbsp;said that approval for&nbsp;AstraZenca&nbsp;manufatcured&nbsp;Vaxzevria&nbsp;does not mean nod for Covishiel. In an email as reported by News18 EMA&nbsp;stated&nbsp;&ldquo;Even tiny differences in the manufacturing conditions can result in differences in the final product, and EU law therefore requires the manufacturing sites and production process to be assessed and approved as part of the authorisation process.&rdquo;However, the EMA&nbsp;also has clarified that the authority to issue or approve a green pass for travellers rests with the EU nation members but is linked with linked to EU marketing authorisation for vaccines which currently Serum's Covishield&nbsp;does not have.&nbsp;

Green Pass nod for AstraZenca does not mean the same for Serum: EMA

Green Pass route not so easy,&nbsp;EMA to assess Serum's manufacturing site&nbsp;

Serum pushes for Green Pass for Covishield 

Serum's manufacturing site will have to assessed for Covishield to get Green Pass approval by EMA&nbsp;as per reports.&nbsp;
The EMA&nbsp;said that approval for&nbsp;AstraZenca&nbsp;manufatcured&nbsp;Vaxzevria&nbsp;does not mean nod for Covishiel. In an email as reported by News18 EMA&nbsp;stated&nbsp;&ldquo;Even tiny differences in the manufacturing conditions can result in differences in the final product, and EU law therefore requires the manufacturing sites and production process to be assessed and approved as part of the authorisation process.&rdquo;
However, the EMA&nbsp;also has clarified that the authority to issue or approve a green pass for travellers rests with the EU nation members but is linked with linked to EU marketing authorisation for vaccines which currently Serum's Covishield&nbsp;does not have.&nbsp;

EMA to assess Serum's manufacturing site before giving approval needed for Green Pass.

Serum's manufacturing site will have to assessed for Covishield to get Green Pass approval by EMA&nbsp;as per reports.&nbsp; The EMA&nbsp;said that approval for&nbsp;AstraZenca&nbsp;manufatcured&nbsp;Vaxzevria&nbsp;does not mean nod for Covishield. In an email as reported by News18 EMA&nbsp;stated&nbsp;&ldquo;Even tiny differences in the manufacturing conditions can result in differences in the final product, and EU law therefore requires the manufacturing sites and production process to be assessed and approved as part of the authorisation process.&rdquo; However, the EMA&nbsp;also has clarified that the authority to issue or approve a green pass for travellers rests with the EU nation members but is linked with linked to EU marketing authorisation for vaccines which currently Serum's Covishield&nbsp;does not have.&nbsp;

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

RBI Monetary policy expectation: May keep interest rates unchanged

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

The RBI Monetary Policy committee is expected to remain status-quo on the repo rate. If left unchanged, this would be the 5th credit policy in a row where the MPC has left the rates unchanged.&nbsp;
The RBI previously halted its rate hike cycle in response to global disruptions causing inflation earlier in 2023. The recent 7.6% GDP growth in the September quarter, attributed to government spending and manufacturing, might prompt cautious moves by the RBI, particularly regarding food inflation. Hence, the RBI's commentary will also be crucial to watch out for. Meanwhile, forecasts also suggest a potential GDP growth adjustment to 6.8% for 2023-24.&nbsp;
Also read/watch - <a title="RBI unveils Sovereign Gold Bond series X redemption, 112% profit" href="https://www.editorji.com/business-news/rbi-unveils-sovereign-gold-bond-series-x-redemption-112-profit-1701673690666">RBI unveils Sovereign Gold Bond series X redemption, 112% profit</a> 
Aligned with government targets, controlling retail inflation remains crucial for the RBI with a clear inflation target of 4%.&nbsp;&nbsp;
October's inflation at a four-month low of 4.87%, primarily due to reduced food prices, aligns with the MPC's projection for 2023-24, indicating a decline from the previous year's 6.7%.

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

IBA's proposal: Banks consider transition to five-day workweek

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

In a potential move set to restructure the banking landscape in India, the Indian Banks Association (IBA) has submitted a proposal to the Finance Ministry advocating for a transition to a five-day workweek for banks.
This proposed shift has sparked discussions and raised questions about its impending impact.
According to statements made by Bhagwat Karad, Minister of State for Finance, the Finance Ministry has officially received the proposal from the IBA.
However, Karad refrained from disclosing any specifics about the proposal's current status or whether the Ministry is actively considering its adoption.
Presently, banks in India remain closed on the second and fourth Saturdays of each month. Should the proposal for a five-day workweek gain approval, it is anticipated that bank employees' work hours may undergo alterations.
Additionally, the operational hours for customers seeking banking services are likely to be extended to accommodate the condensed workweek.
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The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review

Sensex ends seven-day surge, drops 132 points

The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review

Equity indices Sensex and Nifty ended their seven-day winning streak, closing lower on Thursday as profit-taking took precedence following recent substantial gains. The BSE Sensex dropped 132.04 points, or 0.19%, to close at 69,521.69, hitting an intraday low of 69,320.53. Similarly, the broader Nifty declined 36.55 points, settling at 20,901.15, down 0.17%.
Amid negative cues from Asian markets and selling pressure from foreign institutional investors, traders exercised caution. The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review.
Key losers in the Sensex included Bharti Airtel, Hindustan Unilever, Tata Steel, and ITC, while Power Grid, UltraTech Cement, NTPC, and Titan saw gains.
Market expert Vinod Nair highlighted the cautious investor sentiment in anticipation of the monetary policy announcement. Factors like Q2 GDP growth, global oil prices, and bond yields are anticipated to play a role in the RBI's decision.
In the global arena, Asian markets, including Nikkei 225, Hong Kong's Hang Seng, and China's Shanghai Composite, saw declines. European markets witnessed mixed trends, with France's CAC 40 rising, Germany's DAX falling, and London's FTSE 100 experiencing losses. The US markets closed with the S&amp;P 500 registering a slight decrease on Wednesday.
Brent crude, the global oil benchmark, was trading at USD 75.05 a barrel, up by 1.01%.
The previous day saw both Sensex and Nifty hitting record highs, with a surge in stock prices. However, Wednesday also saw foreign institutional investors selling shares worth Rs 79.88 crore, according to exchange data.

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Budget 2024-25: Nirmala Sitharaman confirms no major announcements

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Union Finance Minister Nirmala Sitharaman addressed the public's expectations, clarifying that the upcoming February 1 Interim Budget for the fiscal year 2024-25 won't feature any major announcements. Emphasizing its nature as a vote-on-account, she highlighted its purpose to sustain expenditure until the next government assumes power after the 2024 general elections, the dates for which are yet to be disclosed.
Speaking at the CII's Global Economic Policy Forum 2023 in New Delhi, Sitharaman emphasized, "The February 1 Budget is just a vote on account; a budget to meet expenditure till the next government comes to power. No spectacular announcements." She indicated that the comprehensive budget would follow in July.
The Interim Budget primarily comprises estimations related to government expenditure, revenue, fiscal deficit, and financial projections for the forthcoming months. It refrains from major policy declarations to avoid encumbering the government with additional commitments. Complying with the Election Commission of India's code of conduct, the interim Budget refrains from unveiling major schemes that could sway voter sentiment in favor of the incumbent government.
Additionally, the interim Budget does not include the presentation of the Economic Survey. Instead, it primarily secures Parliamentary approval for crucial expenditures like salaries and ongoing operational costs through a vote-on-account.
Notably, significant policy changes and long-term projects typically await the full Budget presentation post-general elections, which generally remains valid for up to two months but can be extended if required.
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The USD 300 million loan, spanning 15 years with a three-year grace period, employs ADB's Flexible Loan Product, incurring an interest rate pegged to market fluctuations

Pakistan economic crisis: Cash-strapped country secures a critical $655 million loan

The USD 300 million loan, spanning 15 years with a three-year grace period, employs ADB's Flexible Loan Product, incurring an interest rate pegged to market fluctuations

Cash-strapped Pakistan recently secured a significant financing package of USD 655 million from the Asian Development Bank (ADB), a move swiftly taken after Finance Minister Shamshad Akhtar declared the nation's public debt as "unsustainable."
The ADB's funding includes three distinct loans: USD 300 million for enhancing domestic resource mobilization, USD 275 million to rehabilitate schools damaged during the destructive August 2022 floods, and USD 80 million to bolster agricultural productivity for improved food security, as announced by the ADB.
Debt Dilemma: Contradictory Views on Pakistan's Sustainability
In tandem, the World Bank's Debt Management and Sustainability Mission held discussions with Finance Minister Akhtar to assess the country's debt management, a report by the Express Tribune stated.
Despite Akhtar's assertion of Pakistan's debt being "unsustainable," World Bank Vice President for South Asia Martin Raiser contradicted this view, labeling the debt as "sustainable." Notably, the ADB is footing the salaries of half of Pakistan's Debt Management Office staff&mdash;a responsibility ideally borne by the country's finance ministry.
However, despite concerns about unsustainable debt, Pakistan pursued one of the expensive loans offered by multilateral lenders, often known for providing financing at concessional rates.
Loan Dynamics: Balancing Expensive ADB Funding with Shorter Terms
The USD 300 million loan, spanning 15 years with a three-year grace period, employs ADB's Flexible Loan Product, incurring an interest rate pegged to market fluctuations. At current market rates, Pakistan faces an interest cost exceeding 6%, nearly three times higher than the concessional lending rates by the World Bank and the ADB.
Furthermore, the loan's 15-year term is comparatively shorter than previous ADB financing, raising questions about Pakistan's increasing debt burden for ventures that could potentially be addressed through internal initiatives rather than relying on foreign aid.
Notably, the ADB's intervention aims to strengthen Pakistan's tax system and address challenges such as a complex tax structure, a high level of informality in the economy, and weak tax administration, factors contributing to the nation's relatively weak tax revenue performance compared to regional counterparts.

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