Sensex tumbles over 800 points. Here’s how much money investors lost
Analysts attributed the selloff to continued foreign investor outflows and disappointing quarterly earnings, particularly in banking and auto sectors. foreign institutional investors (FIIs) reportedly offloaded Rs 2,306 crore worth of Indian equities, extending their selling spree. Key Points
India TodayGunmen kill three Spanish tourists in Afghanistan's central Bamyan province
Four foreign nationals and three Afghans were also injured in the attack. Three Spanish tourists were killed and at least one Spaniard was injured in an attack... Key Points
The Tribune IndiaMHA cancels FCRA licences of several prominent NGOs
The home ministry had granted a six-month extension to several NGOs listed above in September last year. The licences were cancelled on March 30 this year and they will neither receive nor utilise the foreign contribution until the certificate is renewed, officials added. Key Points
Economic TimesJPMorgan sees foreign investors flocking to Indian stocks after elections
Rajiv Batra of JPMorgan Chase & Co, says global funds positioning in Indias $4.3 trillion stock market remains light and investors will use any correction as an opportunity to increase holdings. His views come as overseas flows have become more volatile ahead of the national vote amid concerns over stretched valuations. Key Points
Economic TimesRussia accuses US of meddling in Prez election
President Vladimir Putin's foreign intelligence service on Monday accused the United States of trying to meddle in Russia’s presidential election... Key Points
The Tribune India
China accuses US of devising tactics to suppress China despite improvement in relations
Flays Biden Administration for adding more Chinese companies to its sanctions lists. China’s foreign minister accused the US on Thursday of devising tactics... Key Points
The Tribune IndiaSingapore to raise salary criteria for foreign workers in bid for high-quality talent
Singapore will raise the salary criteria for foreign executives and professionals from January next year, with employment pass holders needing to earn at least S$5,600 per month, up from S$5,000. The financial sector's requirement will increase to S$6,200. The move aims to ensure high-quality hires and fair competition for locals. Key Points
Economic TimesIndia's forex reserves snap two-week winning streak, drops by $5.27 billion to reach $617.23 billion: RBI Data
The forex reserves fell by $5.27 billion in the reporting week, their steepest fall in a month, after having risen by a total of $6.36 billion in the prior two weeks. Key Points
mintET Now GBS 2024: India among most attractive foreign investment hotspots, says Gerry Grimstone, chairman,
As per Gerry Grimstone, five states in India at the moment attract 90% of foreign direct investment. How do we level up states that have fallen behind or weren't so lucky to benefit from this? he said. This situation is similar to that in the UK, where there is a huge concentration of economic activity in London, he said. Key Points
Economic TimesInterim Budget seals India's plan for higher taxes on your foreign holidays
The Interim Budget 2024 includes the inclusion of increased Tax Collected at Source (TCS) rates on foreign remittances into the Income Tax Act as an amendment. The adjustment is awaiting parliamentary approval and will affect foreign expenditures exceeding Rs 7 lakh annually per individual. Key Points
Economic Times
European Union pushes for Palestinian statehood, expresses worry over Israel’s opposition
Kin of Israeli hostages storm parl session, seek swift release efforts. European Union foreign ministers argued on Monday that the creation of a Palestinian... Key Points
The Tribune IndiaIran's foreign Minister to visit Pakistan to rebuild ties after missile strikes
'At the invitation of foreign Minister Jalil Abbas Jilani, foreign Minister of the Islamic Republic of Iran, Hossein Amir Abdollahian, will undertake a visit to Pakistan on January 29,... Key Points
The Tribune IndiaDays after missile strikes, foreign Ministers of Pakistan and Iran to hold telephonic talks amid tension
Belying fears of escalation, the two sides are apparently trying to come back from the precipice. foreign Ministers of Pakistan and Iran are expected to hold... Key Points
The Tribune India‘Diplomacy is as old as the human race,’ says Jaishankar in new book ‘Why Bharat Matters'
India’s foreign policy has undergone a sea-change in the last ten years along with the country’s outlook as an important player on the global stage. The world and India, both are changing. The combination of the two mandated a book, felt the minister Key Points
FirstpostChina fumes as US greets Taiwan president-elect
The Chinese foreign ministry on Sunday described a statement from US Secretary of State Anthony Blinken, which congratulated Taiwan’s president-elect... Key Points
The Tribune India
View: UGC rules for foreign universities in India mark the beginning of for-profit education in the country
GoI made a related announcement in the Union budget 2022-23 while proposing to operate foreign universities from GIFT City, free from domestic regulations. However, nothing was specified on the money repatriation matter in IFSCA (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations 2022. It's good that GoI has clarified the issue of money repatriation by for-profit foreign institutions. Key Points
The Economic TimesAustralia to make it more difficult for immigrants to own a home; hike fees on foreign owners of empty hou
Currently, foreigners are prohibited from purchasing established homes in Australia unless they reside in the country for work or study, with the requirement to sell the homes upon departure. To discourage foreign investment in existing homes, the government imposes a foreign investment fee, which varies based on the home price. Key Points
Economic TimesIndia's blue-chips set to continue ascent towards new record highs
Indian shares are set to open higher on Thursday, with the benchmark indexes inching towards new record highs, as bets of U.S. interest rate cut by March 2024 have triggered foreign inflows ahead of key macroeconomic data. Key Points
ReutersChina is ‘cultivating’ western influencers to peddle propaganda
Leaders like President Biden and PM Modi have engaged with digital influencers to boost reach. However, Xi Jinping’s regime could possibly be the first to deploy “foreign mouths”, “foreign pens”, and “foreign brains” for shaping global narratives. Key Points
India TodayArab foreign ministers to visit New Delhi this week
The Arab League's foreign ministers are set to visit India to discuss humanitarian aid for those trapped in Gaza amid the Hamas-Israel conflict. The delegation, including Saudi, Jordanian, Egyptian, and Palestinian officials, will discuss the ongoing West Asian crisis. The Arab ministers have called for an immediate ceasefire in Gaza and have visited Beijing and Moscow to push for an end to hostilities and humanitarian aid. Key Points
Economic Times
Australia dy PM to attend World Cup final before 2+2 talks, calls India 'top-tier security partner'
Richard Marles, with foreign Affairs Minister Penny Wong, will meet EAM S. Jaishankar & Defence Minister Rajnath Singh in Delhi Monday for 2+2 talks. Key Points
ThePrintRupee falls 4 paise to 83.32 against US dollar in early trade
India Business News: The Indian rupee fell 4 paise against the US dollar due to negative trends in domestic equities and foreign fund outflows. The rupee opened at 83.31 a Key Points
Times Of IndiaRussia's SPB Exchange seeks legal advice after US sanctions force trading halt
Russia's SPB Exchange, which specialises in trading foreign shares, has sought international legal advice on how to transfer shares and payments to investors after a trading halt last week due to U.S. sanctions, CEO Yevgeny Serdyukhov said on Friday. Key Points
ReutersED attaches properties worth ₹24.95 cr of Hero MotoCorp chairman Pawan Munjal
The (ED) has attached three properties worth ₹24.95 crore of Pawan Munjal, CMD of Hero MotoCorp, in New Delhi. | Latest News India Key Points
Hindustan TimesNo distance or online courses, autonomy to hire staff: UGC regulations for foreign varsities
In a detailed guideline, UGC said that the foreign universities will be required to seek prior approval from UGC before starting new courses. Campuses of foreign universities in India shall have autonomy to recruit faculty and staff as per their recruitment norms, as per UGC regulations. Key Points
Economic Times
Iran foreign minister writes to BRICS members, urges intervention in 'dire' Gaza situation
In his letter, Iran’s Hossein Amir-Abdollahian called BRICS a critical ‘post-Western alliance’. External Affairs Minister S. Jaishankar also spoke to his Iranian counterpart Sunday. Key Points
ThePrintIndia's forex reserves fall to $583.53 bln as of Oct 20 - cenbank
India's foreign exchange reserves (INFXR=ECI) resumed their losing streak to fall to $583.53 billion as of Oct. 20, compared with $585.90 billion a week earlier, data from the Reserve Bank of India (RBI) showed on Friday. Key Points
ReutersRegion reacts as Hamas attack on Israel spirals
The early morning Hamas offensive by air, land and sea was met by Israeli air strikes on the blockaded coastal enclave, in the bloodiest escalation since May 2021. We are at war, Israeli Prime Minister Benjamin Netanyahu said, promising that the enemy will pay an unprecedented price . Key Points
Economic TimesFewer reasons for FPIs to be bullish in October
After all, fresh foreign purchases will be key to revival of the stock market that has slid in the past two weeks after hitting all-time highs in mid-September. But with the surge in global oil prices, US bonds yields and the dollar contributing to fresh risk aversion in emerging markets, including India, brokers and strategists say the mood of the foreign investors remains cautious. Key Points
Economic TimesIndian shares tread water as rate worries dent risk appetite
Indian benchmark Nifty (.NSEI) traded in a narrow range on Tuesday as traders held off making big bets amid continued selling by foreign investors, while domestic institutional buying offered some cushion. Key Points
Reuters
China ramps up campaign to boost fragile economy, currency
The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the Peoples Bank of China said Friday. The move came hours after authorities announced fresh stimulus for the beleaguered property sector and unveiled plans to expand tax breaks for child and parental care and education. Key Points
Economic Times106 pc rise in foreign tourist arrivals in India in 2023 for Jan-Jun period
The number of foreign tourists visiting India in the first half of this year has increased by 106% compared to the same period in 2022, according to official sources. India has been making efforts to boost tourism, both domestic and international, after the impact of the COVID-19 pandemic. Key Points
Economic TimesIndia needs FDI reform to renew investor confidence now. Don’t wait till after 2024 election
These are not “normal times”. As countries focus on decoupling from China, and de-risking their supply chains, India should present itself as a new market for investors. Key Points
ThePrintCustoms makes 'biggest ever' seizure of foreign currency worth over Rs 10 crore at Delhi airport
Customs officials on Friday made a biggest ever seizure of foreign currency, worth over Rs 10 crore, from three Tajikistan nationals at the international airport here, according to an official statement. The accused were intercepted by the officials when they were proceeding to board a flight to Istanbul. Key Points
Economic TimesWith 8% gains YTD, India still underperforming in global bull race; will it catch up?
Thanks to foreign investors' relentless buying, the benchmark Nifty50 and Sensex have risen more than 15% from the March lows and reached new highs. Indian equities also joined the club of the best-performing markets in 2023. However, compared to other emerging and developed market peers, India underperforms. Key Points
Economic Times
Absent for 12 days, where is Chinese foreign minister Qin Gang? Speculations rise about his health
Chinese foreign Minister Qin Gang's absence for 12 days raises concerns and speculation about his well-being. His scheduled meetings were postponed, and rumors suggest health issues. China is secretive about leaders' health, leaving uncertainty around Qin's absence. Key Points
Economic TimesRupee gains 5 paise to 81.97 against US dollar in early trade
The rupee strengthened by 5 paise to 81.97 against the US dollar in early trade on Wednesday on foreign fund inflows and gains in domestic equities. Key Points
The Tribune IndiaCanada work permit holders can now study in the country without a study permit
Before this, foreign workers could study while working, but only in programs of 6 months or less. For longer programs, they had to apply for a separate study permit. This has been a barrier for those who wish to improve their education and receive more training, including those needing to upskill or validate their foreign credentials through certain programs. Key Points
Economic TimesRupee falls 3 paise to 81.93 against US dollar
At the interbank foreign exchange, the domestic unit opened lower at 81.93 and moved in the range of 82.01 to 81.90 during intra-day. Key Points
FinancialexpressSatire G. Sampath Seven pillars of India’s foreign policy: a handy checklist
This is a satire column by G. Sampath. In this edition, he shares the seven pillars of India’s foreign policy, as it is currently practised, in the greater public interest, and for the benefit of all UPSC aspirants (especially those keen on the Indian foreign Service). Key Points
The Hindu
Nepal Prime Minister Pushpa Kamal Dahal Prachanda to visit India from May 31 to June 3
The foreign ministry will make a formal announcement of Prime Minister Pushpa Kamal Dahal Prachanda's official visit to India on Saturday. The visit will take place from May 31 to June 3 and he will hold high-profile meetings, including with Prime Minister Narendra Modi, on bilateral ties, the official, who is an aide to foreign Minister N P Saud, said. Key Points
Economic Timesforeign portfolio investment in Indian equities drop 11% to USD 542 bn in Jan-Mar quarter
The decline led to FPIs' contribution to Indian equity market capitalization falling to 17.3 per cent during the year under review from 17.8 per cent for March 2022. Key Points
FinancialexpressSequoia Climate Foundation on govt watch list
In the past two years several international donors found themselves in the governments ‘prior reference list (PRC) of the foreign Contribution Regulation Act, an emergency era law that was enacted to counter foreign forces suspected to undermine political and parliamentary institutions. The statute was further tightened in 2020. Key Points
Economic Times