Man, 45, immolates self inside SP office, critical; SSP orders probe
A man immolated himself inside the SP office in Shahjahanpur due to a dispute with a local villager. He suffered 40% burns. An investigation has been Key Points
Times Of IndiaInside Mark Zuckerberg’s Top-Secret Hawaii Compound
Meta CEO Mark Zuckerberg is building a sprawling, $100 million compound in Hawaii—complete with plans for a huge underground bunker. A WIRED investigation reveals the true scale of the project—and its impact on the local community. Key Points
WIREDExclusive: JPMorgan to outsource $500 bln custody business in Hong Kong, Taiwan - sources
JPMorgan Chase (JPM.N) is set to outsource the operations of its local custody business in Hong Kong and Taiwan with Citigroup (C.N), HSBC (HSBA.L) and Standard Chartered (STAN.L) in the race for the mandate, two sources with knowledge of the matter said. Key Points
Reuters‘Vocal for local’ gives the festival of lights a new sparkle
Ecommerce majors Flipkart and Amazon both gave prominence to small and medium entrepreneurs and artisans prominence during their festive sales. For its flagship 'Big Billion Days' sale, Walmart-owned Flipkart included over 1.4 million sellers, including Flipkart Samarth sellers like artisans, weavers, women, and self-help groups (SHGs). Key Points
Economic TimesHow will lower import tax duties for Tesla EVs impact Indian car makers?
The Indian government is considering a new electric vehicle (EV) policy that would reduce import taxes for car companies, potentially allowing high-end EV manufacturers like Tesla to enter the Indian market. Under the policy, carmakers committed to local manufacturing would receive a substantial tax cut. Presently, cars priced above $40,000 face a 100% import tax, but the new policy could lower the tax rate to as low as 15%. This move could benefit Tesla and other luxury car manufacturers, but may pose challenges for local mass-market car manufacturers. Key Points
Economic Times
6 Ukrainians killed in Russian strikes
Six persons have been killed in Russian attacks on Ukraine in the past 24 hours, local officials reported on Sunday. Two persons were killed and three more injured in Kherson after more than 100 shells bombarded the region over the weekend, local governor Oleksandr Prokudin wrote on social media. Key Points
The Tribune IndiaGujarat govt announces 27 per cent reservation for OBCs in local self-governing bodies
The BJP government in Gujarat has announced a 27% reservation for Other Backward Classes (OBCs) in local bodies, based on a commission's report. However, in areas with substantial tribal population, the reservation for OBCs will continue to be 10%. The existing quota for Scheduled Castes/Scheduled Tribes remains unchanged. Key Points
Economic TimesWhat to do in Istanbul and Nevşehir, Turkey’s most multifaceted cities
With a massive uptick in inbound travel—an 88.03 per cent increase in travellers from India in April alone—Turkey has emerged as one of the most popular destinations in 2023. Here’s a guide to plan your journey to two of its buzziest cities that came out as top choices. | Travel Key Points
Hindustan TimesCommerce Ministry backs tweaks to bilateral investment treaty
India's Ministry of Commerce and Industry is pushing for changes in the country's Bilateral Investment Treaty (BIT) text for some of its trade partners, but remains adamant that foreign investors must not invoke arbitration until they have exhausted all local remedies. India has gone into negotiations with the EU, where it has stressed that the country has a strong judiciary. Key Points
Economic TimesPeople in Mumbai local jam to Kishore Kumar’s song. Watch
A viral video shows a bunch of people jamming to Kishore Kumar's song in Mumbai local. Watch the video inside. | Trending Key Points
Hindustan Times
The palate and the planet: Indian restaurants doing right by Earth
Fine dining sometimes costs the earth. It doesn’t have to exploit it too. See how four chefs are minimising waste, championing local and serving seasonal at every meal Key Points
Hindustan Times22, including Buddhist monks, killed in suspected massacre at Myanmar monastery: Report
At least 22 people, including three Buddhist monks, were shot dead at close range in central Myanmar last week. The local insurgent groups and the military-backed junta have accused each other of carrying out a massacre. Key Points
India TodayQuick Style dances to Leke Pahla Pahla Pyar in Mumbai local
Norwegian dance group Quick Style is touring in India. Recently, they were seen performing in Mumbai local train. Watch their performance inside. | Trending Key Points
Hindustan TimesFMCG giants feel the pinch as regional players' reach widens
In a notable shift, local and regional firms have made significant inroads, reaching up to 31% more households in key segments like biscuits, soap, washing powder, and detergent during the September quarter. This trend has caught the attention of chief executives at major consumer goods companies, who are now acknowledging the resurgence of smaller brands and its consequential impact on their sales growth. Key Points
Economic TimesNirmala Sitharaman rides Mumbai local train, interacts with passengers | See Pictures
Nirmala Sitharaman was seen indulging in deep conversation with two men. She can be seen patiently listening to them and also sharing her input on the topic. Key Points
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Gold mine fire in Peru kills 27, country's worst mining accident in 2 decades
In a statement, the local government said a short-circuit sparked the fire in the early morning hours of Saturday in the southern region of Arequipa. Images on local media and on social media showed dark plumes of smoke pouring out of the site. Key Points
India TodayAdani stocks are getting no love from India’s money managers
Investments by local equity mutual funds in the group accounted for only 0.9% of the industry’s $182 billion in assets at the end of March. Key Points
FinancialexpressHijab must for women in POK co-educational institutions, local media criticises move
Hijab has been made mandatory for female teachers and students in mixed-gender educational institutions in Pakistan-occupied Kashmir (POK). local journalists have slammed the move. Key Points
India TodayChina will struggle to address its $8.3 trillion fiscal problem
China's local government financing vehicles (LGFVs) have amassed 57tn yuan ($8.3tn) of debt, equivalent to 48% of GDP, according to the IMF. The entities, used to fund infrastructure and support local economies, have become a growing cause for concern among investors, who worry about their ability to service their debt. The average return on LGFV bonds in H1 2022 was just 0.4%, while they are not compensating buyers for the risks they take, paying on average only 4.3% interest. Poorer provinces are lobbying for a central government bailout. Key Points
mintSmall is the new big: local FMCG brands ahead in race with giants
FMCG brands in India are growing at a faster pace than large-scale brands across all categories with volumes rising to 28% in the moving annual total (MAT) of April 2023, according to a Kantar report. However, during inflation, local brands are unable to cope with pricing pressures and grow at a slower rate while national brands usually become consumers' go-to choice. Key Points
Economic Times
2 bodies found after anti-CAA rally in Meghalaya, victims beaten to death, reports local media
The dead have been identified as L. Esan Sing and L. Sujit Dutta. Both were from non-indigenous communities. Key Points
ThePrintMcDonald's stores shut in Sri Lanka over poor hygiene case
McDonald's stores in Sri Lanka have closed due to a legal battle with the local franchise holder over hygiene allegations. The Commercial High Court of Colombo ordered the closures until April 4, following the parent company's accusation of failing to meet international hygiene standards. The hearing is scheduled for early April. Key Points
Economic TimesFire in Karachi shopping mall kills at least 9
Karachi Mayor Murtaza Wahab Siddiqui confirmed in a post on X that nine bodies had been transferred to local hospitals. The cause of the fire was not immediately clear. Key Points
ThePrintMinistry of Heavy Industries advocates high-tech localisation for global competitiveness
Union Minister of Heavy Industries Mahendra Nath Pandey emphasised the imperative of advanced localisation for India's global ascendancy. The event, 'From local to Global India - Manufacturing to Self-Reliance,' convened key stakeholders, including Secretary Kamran Rizvi and senior MHI officers. Minister Pandey highlighted the significance of high-standard localisation, stating, India is swiftly advancing towards a robust economy, aiming to manufacture international-level products domestically and boost youth employment. Key Points
Economic TimesIMF upgrades China's 2023, 2024 GDP growth forecasts
The International Monetary Fund (IMF) raised its 2023 GDP growth forecast for China to 5.4% from 5% due to a strong post-COVID-19 recovery, but it expects the economy to slow to 4.6% in 2024. The upward revision follows China's approval of a $137 billion sovereign bond issue and measures to support the property market Key Points
Economic Times
Rupee rises 10 paise to 82.21 against U.S. dollar on FII inflows
The rupee appreciated by 10 paise to 82.21 against the U.S. dollar on May 16, 2023, as the American currency retreated from its elevated levels. Key Points
The HinduAdani Group’s stocks: Fund managers continue to trim holdings
Local managers’ continued caution is at odds with the optimism shown by GQG Partners’ star investor Rajiv Jain, who spent nearly $2 billion to scoop up stakes in four Adani stocks in early March. The move acted as a catalyst for a rebound of more than $30 billion in the group’s market value. Key Points
The HinduShopkeeper killed over business rivalry: Police
An officer said the incident took place on Sunday around 9.15 pm when the victim, identified as Subhash Gupta, and his son Vishnu were in his paper mart shop, located near Acharya college in Chembur. Key Points
The Indian ExpressChina’s Teetering local Debt Mountain
After a decade of kicking the can down the road, the problem has become impossible to ignore. Beijing might soon have no choice but to bail out cities and provinces. Key Points
mintFMCG companies fight for market share with 'agile' small peers
Smaller local players in India, such as Parle, Britannia and Hindustan Unilever, have entered the biscuit, tea, detergent, oil and snacking sectors, nibbling away at larger companies' market shares as the price of raw materials has lowered. During deflationary times, regional rivals give more value to consumers by offering extra grammage and are more nimble with product launches. Key Points
Economic Times
Intel’s Big Chip-Making Push in Germany Hits Bottleneck
A worker shortage and high energy prices in the country pose challenges for the U.S. company’s planned semiconductor factory. Key Points
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