Samsung India Electronics' revenue grew by a mere 4% in FY24, reaching Rs 102,626 crore, marking its slowest growth in eight years. This slowdown, largely attributed to a stagnant smartphone market and heightened competition, is believed to be behind recent layoffs and cost-cutting measures.
Rahul Gandhi, Leader of the Opposition, has accused a senior minister of pressuring businesses to praise Prime Minister Modi and government initiatives on social media. Gandhi draws parallels between modern-day monopolies and the East India Company, arguing that they stifle competition and perpetuate inequality in India.
The Bank of England has reduced interest rates to 4.75%, marking its second cut since 2020. The decision was influenced by the recent government budget, which is projected to stimulate economic growth while potentially increasing inflation. The Bank anticipates further gradual interest rate reductions in the future.
The BoE predicted that finance minister Rachel Reeves' budget last week - which entails big increases in tax, spending and borrowing - would boost the size of Britain's economy by around 0.75% next year but barely improve annual growth rates in two or three years' time.
Renewable energy insurance premiums have surged by 20%-40% as insurers grapple with substantial claims from natural disasters. Unforeseen weather events have exposed vulnerabilities in risk assessment models. Hailstorms, lightning strikes, and hurricanes have led to significant losses for insurers. Despite the challenges, the renewable energy insurance market is expanding, attracting new entrants.
India's External Affairs Minister, Dr. S Jaishankar, views the US election results as a potential catalyst for accelerating the ongoing global supply chain reordering. He believes this presents an opportunity for India amidst disruptions. Jaishankar also anticipates increased geopolitical hedging and digital implications stemming from the election outcome.
Mickey Barreto, accused of fraudulently living rent-free in Manhattan's historic New Yorker Hotel since 2018, has been deemed unfit to stand trial. Barreto allegedly exploited legal loopholes and even forged a deed claiming ownership of the hotel. However, doctors found him mentally incompetent, leading the judge to order inpatient psychiatric care by November 13.
A 70-year-old man from Gandhinagar, Gujarat, was diagnosed with the Zika virus after being hospitalized for symptoms including cold, fever, and joint pain. He has since recovered and been discharged. Although his infection was confirmed four days ago, he had already been discharged a week prior. Health authorities conducted surveillance in his residential area but found no other suspected cases.
The Nifty Bank index closed 0.77 per cent at 51916.50.
India has cancelled several consular camps in Canada due to security concerns. The decision follows protests and threats against Indian diplomats, including a recent incident at a consular event in Brampton disrupted by Khalistani supporters. India has expressed concerns over the safety of its diplomats and criticized Canada for failing to provide adequate security.
Vistara-Air India merger: As Vistara and Air India merge, certain elements of your travel experience might be modified. Here are seven crucial deadlines and dates for all travelers, credit card users, and Club Vistara members.
The 30-share BSE Sensex closed down 836.34 points at 79541.79
Mitsubishi Electric's subsidiary, Climaveneta, is investing over Rs 400 crore to expand its manufacturing plant in India. The expanded facility will be the country's largest chiller manufacturing plant, aiming to double annual order intake within five years. The company also plans to export to international markets, including the USA, Europe, and South Africa.
Donald Trump has won the US Presidential election. He defeated Kamala Harris. Trump secured 295 electoral votes. Harris got 226 electoral votes. This is Trump's second term as US President. He won despite facing felony charges. Trump had earlier said he would not run again if defeated. The US Constitution bars presidents from serving more than two terms.
In the Nifty50 index, 5 stocks closed in the green, while 45 stocks ended in the red.
India congratulated the United States on the successful completion of its presidential election and expressed a desire to strengthen the two nations' partnership. Following the election, Indian Prime Minister Narendra Modi spoke with US President-elect Donald Trump to congratulate him and reaffirm their commitment to working together to strengthen bilateral ties.
Speaking on the competitive dynamics, Rohit Kapoor, CEO of Food Marketplace at Swiggy said that while funding is important, it is not the sole determinant of long-term success, referencing examples of well-capitalised players in India who failed to establish a lasting presence.
Tensions flared in Chittagong, Bangladesh, as clashes erupted between Hindus and law enforcement following a Facebook post criticizing the ISKCON temple. The post sparked protests and a joint police and military operation, resulting in arrests and allegations of acid attacks. The incident highlights growing religious tensions and calls to ban ISKCON in Bangladesh.
India's Supreme Court has ordered the liquidation of Jet Airways after the Jalan Kalrock Consortium, the winning bidder, failed to meet its financial obligations. This decision leaves shareholders, including 1.43 lakh retail investors, facing potential losses as the airline's assets are sold to settle debts.
India may offer the U.S. easier market access if the U.S. reciprocates under the second Trump administration, sources say. While Trump has criticized India's trade practices, both sides see potential for a trade deal, building on progress made during Trump's first term.
The 30-share BSE Sensex closed down 836.34 points at 79541.79
Lebanon's Hezbollah group launched a series of attacks on Israeli naval bases on Wednesday. The group claimed responsibility for strikes on bases near Haifa and Tel Aviv, marking the fourth attack on one Haifa base in recent weeks. Hezbollah initiated these cross-border attacks in support of Hamas following the Palestinian group's attack on Israel last year.
