BUSINESS
IMF revises China’s GDP growth to 5% in 2024, says growth may decelerate to 3.3% by 2029
“China's economic growth is projected to remain resilient at 5 per cent in 2024 and slow to 4.5 per cent in 2025,” stated Gita Gopinath, the IMF's First Deputy Managing Director, following the IMF's annual review of China's economic policies.
Good News for Economy: S&P upgrades India's outlook from stable to positive citing strong growth prospects, increased public spending
While maintaining India's sovereign rating at 'BBB-', the lowest investment grade, S&P emphasized expectations of consistent economic reforms and fiscal policies, regardless of the upcoming election results, which will be announced on June 4.
Explain how ICICI engaged recovery agents in loan case despite bar by SC: Allahabad High Court to bank Chairman
While hearing a petition by Jasminder Chahal and three others, all employees of ICICI, Justice Prashant Kumar pointed out, “The officers of the ICICI Bank were very well aware of the fact that they cannot engage any recovery agent, and yet they engaged the services of recovery agents in the year 2013, which is six years after passing of the judgment by the Supreme Court”.
Elon Musk's xAI Secures $6 Billion to Drive Next-Gen Tech Innovation
xAI says closing the Series B funding round is led by Valor Equity Partners, Vy Capital, and Andreessen Horowitz, among other leading investors, to hasten the commercialization of its first line of pioneering products and further build infrastructure. In its mission statement, xAI said that it is committed to developing AI that can be characterized by honesty, competence, and universal benefit in its mission to discover the truth of the cosmos.
Significant RBI Dividend to Government Viewed Positively for India's Rating by Fitch
The new government budget, which will come after June's declaration of results, is also due to be presented in July, wherein the decision for using this dividend will be taken. The government has shown its resolve to progressively reduce the deficit to 4.5 percent of GDP by FY26. Fitch Ratings emphasized that sustained reduction in the deficit, especially if supported by enduring revenue-raising reforms, would have a positive impact on India's sovereign rating fundamentals in the medium term.
Government to Auction Rs 29,000 Crore in Bonds on May 31
The second tranche, "New GOI SGrB 2034," valued at Rs 6,000 crore, will also be auctioned via a yield-based auction using multiple price methods. The third set, comprising 7.34 per cent Government Security 2064 worth Rs 11,000 crore, will be auctioned through a price-based auction using multiple price methods. Additionally, the government may retain additional subscriptions up to Rs 2,000 crore for each of the three securities.
Goldman Sachs ups India’s GDP growth forecast to 6.7%
“Going forward, we expect investment growth momentum to sustain with extra fiscal space for infrastructure spending given a higher-than-expected dividend transfer by the RBI. As a result, we recently revised our growth forecasts for 2024 slightly higher by 10 bps to 6.7 per cent,” noted Andrew Tilton, head of emerging markets economic research at Goldman Sachs, in a statement.
Escalating US-China Trade Tensions as Tariff Exclusions Expire for Numerous Chinese Goods
The Office of the United States Trade Representative (USTR) has now decided to further extend additional tariff duties on about half of the 429 products that came under such actions.
India's Trade Balance: Deficit Prevails with Nine of Top Ten Partners in 2023-24
A deeper look at the data suggests the deficit to have aggravated with key players like China, Russia, Korea, and Hong Kong when compared to the previous fiscal year. The trend was positive with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq, as the deficit narrowed.
Adani Ports Set to Join Sensex Following BSE Reshuffle on June 24
Reviewing the market performance, the shares of Adani Ports and Special Economic Zone were down 1.83 per cent on Friday, closing at Rs 1,416.90 a piece. An interesting update from IIFL Alternative Research earlier this week suggested a possibility of Adani Enterprises replacing Wipro in the benchmark Sensex.
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