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New Delhi, Realty firm <keyword id="3606282" type="General" weightage="20" keywordseo="Signature-Global" source="Orion">Signature Global</keyword> on Thursday reported a consolidated net loss of Rs 7.18 crore for the first quarter of this fiscal year on higher expenses. Gurugram-based Signature Global had logged a net profit of Rs 32.78 crore in the year-ago period, according to a regulatory filing. Total income also declined to Rs 178.9 crore in April-June 2023-24 from Rs 559.01 crore in the corresponding period of the previous year. This is the first quarterly result announced by the company after getting listed on stock exchanges recently. Last month, Signature Global successfully launched its Initial Public Offer (IPO). The total size of the IPO was Rs 730 crore, with a fresh issue of shares worth Rs 603 crore and an offer-for-sale (OFS) of Rs 127 crore. The public issue was subscribed 11.88 times.

Signature Global posts Rs 7.18 cr net loss for Apr-Jun quarter 2023

<ul class="summary-list"><li>Computer giant Dell carries out an annual employee engagement survey known as "Tell Dell."</li><li>After its strict RTO mandate, workers used the survey as an opportunity to show Dell how they really felt. </li></ul>When executives decide on a new direction for a company, there's often little that workers can do about it besides leave. But that doesn't mean they are happy about it.At computing giant Dell, after a year shaped by layoffs, a strict return-to-office (RTO) mandate, and a new employee monitoring system, workers have taken an opportunity to share their true feelings with the company.The company runs an annual employee engagement survey called "Tell Dell."According to internal results seen by Business Insider, this year's employee net promoter score (eNPS), a key measure of the likelihood that employees would recommend Dell as a great place to work, dropped by double digits compared to the previous year.The score, which is calculated as the percentage of promoters minus the percentage of detractors, dropped from 62 to 48. It is based on responses from around 98,000 employees."No matter what, I've never seen a score move that fast in the wrong direction," said one staffer who spoke to BI on condition of anonymity."Frankly, most people I work with were expecting a steeper decline," said another Dell employee.In some departments, the decline was even sharper. In the global marketing team, the rating dropped by 68%, while in some smaller teams, the eNPS was close to or at zero, sources at the company told BI."I think the marketing teams feel particularly threatened due to the accelerated adoption of GenAI to streamline marketing processes and reduce cost," one worker told BI.Others cited the RTO initiative, layoffs, and the way changes at the company have been handled as reasons for the decline.<h2 id="2e276e5b-e0e6-4e0a-bbab-289d3fd67ac0">Listening to employees</h2>According to BI's sources, "Tell Dell" has been conducted annually for at least eight years. Employees completed the survey in May, and results were shared with leaders in late June.Two Dell HR leaders have previously <a target="_blank" href="https://www.i4cp.com/interviews/using-survey-data-to-drive-inclusion-and-leader-accountability">described the survey</a> as "a key listening tool we use to drive action across the organization.""In the past, leadership has treated Tell Dell very seriously. The results are covered in detail with every team member along with action plans to address employee concerns," one Dell employee explained.However, this year, leadership seemed to gloss over the eNPS, multiple workers told BI."It's as if every leader was given the OK to ignore it," said one Dell employee.In an internal email addressing the results, Jenn Saavedra, Dell's Chief HR Officer, noted that the eNPS was dropping across the industry and that Dell was "pleased to exceed the industry benchmark.""You have 'told Dell,' and we are listening," Saavedra wrote, moving on to highlight positive metrics in leadership, confidence in the company, and connection and culture.The eNPS is "just one question in a robust survey that gives us a current snapshot of employee sentiment," Dell told BI when asked about the results."In the Tell Dell Survey, our team members shared that they believe their leaders treat them with respect, uphold the company's Culture Code values and offer flexibility to balance work/life.""Our team members also expressed their confidence in the future vision, strategy and leadership of Dell."However, five workers that BI spoke to about the results said the eNPS was the true measure of worker satisfaction or dissatisfaction."C-suite brushes over the real issues to push a positive image of the company,' said one employee."I don't think leadership cares about our feedback. They just keep rowing in whatever direction they want," said another.The focus on employee wellbeing "seems to have been replaced by reducing costs and increasing profitability," a third employee said, adding that they believe Dell's culture has been "significantly compromised" by recent policies. In February, Dell became one of the many large corporations mandating workers return to the office. The Texas-headquartered company introduced a <a target="_blank" href="https://www.businessinsider.com/dell-remote-workers-promotion-return-office-push-flexible-work-2024-3">new hybrid work policy</a> requiring workers to classify themselves as either hybrid or remote.Those who chose remote are now ineligible for promotion and can't change roles — almost <a target="_blank" href="https://www.businessinsider.com/us-dell-workers-reject-return-to-office-hybrid-work-2024-6">50% of workers</a> in the US chose that option.Many say they didn't have a choice, as Dell has built geographically divided teams. They would have had to move state or commute for hours to get to one of the 17 approved offices.<div type="image" title="Dell Round Rock Texas" height="683" width="1024" msid="111784906" hostid="261" sizebytes="137588"></div>For hybrid workers, in-office culture has also changed.Dell introduced a <a target="_blank" href="https://www.businessinsider.com/dell-hybrid-return-to-office-mandate-monitor-employees-onsite-attendance-2024-5">new monitoring system</a> for hybrid employees, tracking and rating their attendance with color-coded flags.Workers have told BI that the shift in culture has felt particularly harsh given Dell's longstanding reputation as an inclusive and encouraging employer. <h2 id="edbb2c89-924f-4acc-a8a1-527d877c4d69">Workers reject RTO</h2>Dell is just one of many <a target="_blank" href="https://www.businessinsider.com/companies-making-workers-employees-return-to-office-rto-wfh-hybrid-2023-1">tech giants, Wall Street banks, and large retailers</a> that have been leading efforts to reverse the work-from-home culture that emerged following the pandemic. But employees have been pushing back.After Deutsche Bank mandated staff come in for three days a week, the company faced <a target="_blank" href="https://www.businessinsider.com/deutsche-bank-staff-criticize-rto-mandate-not-enough-office-space-2024-2">a wave of backlash</a> from staff complaining about the lack of office space and bottlenecks at the company.And at the German software giant <a target="_blank" href="https://www.businessinsider.com/thousands-of-sap-employees-feel-betrayed-by-firms-rto-policies-2024-2">SAP</a> thousands of staff signed an internal letter saying that they felt "betrayed" by the company's "radical" RTO policy.Though some see in-office work as better for productivity, a recent <a target="_blank" href=" https://www.deloitte.com/content/dam/assets-shared/docs/campaigns/2024/deloitte-2024-genz-millennial-survey.pdf?dlva=1">Deloitte survey</a> found that good work-life balance was the top consideration for both Gen Z and millennials when choosing an employer.At Dell, some now feel their only solution is to leave the company."None of us expect any changes to address the eNPS drop or that they will listen to what comments we provided," said one worker.Five of BI's sources have found new jobs since the policy was first announced, and others said they and many of their colleagues are actively looking.Are you a worker at Dell or another company pushing staff back to the office? Contact this reporter at <a target="_blank" href="mailto:pthompson@businessinsider.com">pthompson@businessinsider.com</a>

Dell employees used the company's signature corporate survey to tell bosses how they feel after its RTO push

Global financial markets have come under severe pressure after the collapse of <keyword id="630197" type="General" weightage="50" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword>, despite governments on both sides of the Atlantic taking extraordinary measures to maintain confidence in the banking system, The Guardian reported. However, <keyword id="30335" type="General" weightage="20" keywordseo="shares" source="Orion">shares</keyword> in the US and European banks sold off sharply amid a crisis of confidence in global markets over the health of the financial system. Government bond prices soared as investors rushed for safe-haven assets, while economists suggested the febrile conditions in global markets could force the world's most powerful central banks to stop raising interest rates. Shares in regional American lenders were thrown into a tailspin, led by a more than 60 per cent collapse in the value of California-based First Republic Bank, and similar double-digit declines for lenders, including Western Alliance Bancorp and PacWest Bancorp amid frenzied speculation over contagion risks, The Guardian reported. Ratings agency Moody's on Monday downgraded the debt ratings of the collapsed <keyword id="4323804" type="General" weightage="80" keywordseo="signature-bank" source="Orion">Signature Bank</keyword> deep into junk territory and placed the ratings of six other US banks under review for a downgrade. The banks placed under review for downgrade were First Republic Bank, Zions Bancorporation, Western Alliance Bancorp, Comerica Inc, UMB Financial Corp and Intrust Financial Corporation, The Guardian reported. Moody's, which rated Signature Bank's subordinate debt "C", said it was also withdrawing future ratings for the collapsed bank. The KBW banks index, which includes the biggest American banks, fell by more than 10 per cent, even as the US benchmark S&amp;P 500 index and Dow Jones industrial average rose by about 0.5 per cent, The Guardian reported. In London, shares in the UK's biggest banks tumbled, with Barclays and Standard Chartered dropping by more than 6 per cent. Markets across Europe sold off sharply, as the FTSE 100 tumbled by 2.5 per cent in the biggest one-day fall since last summer, The Guardian reported. Shares in banks around the world slumped despite reassurances from the US president that America's financial system is safe, BBC reported. It comes after authorities had to step in to protect customer deposits when the US lenders Silicon Valley Bank (SVB) and Signature Bank collapsed. Earlier on Monday, Spain's Santander and Germany's Commerzbank saw their share prices dive by more than 10 per cent at one point, BBC reported. A string of smaller US banks suffered even worse losses than European counterparts on Monday, despite reassuring customers that they had more than enough liquidity to protect themselves from shocks. The volatility has led to speculation that America's Federal Reserve will now pause its plans to keep raising interest rates, designed to tame inflation, BBC reported.

Global banking shares slump as fallout spreads

It started, as these things often do, with fan outcry on the internet.Hours after Simon Barry, the showrunner of "Warrior Nun," <a href="https://twitter.com/SimonDavisBarry/status/1602767638740230144?s=20" target="_blank" rel="noopener">announced</a> on December 13, 2022, that Netflix had canceled the beloved fantasy-drama after two seasons, fans began to congregate: in Discord servers, on social media, and in one fateful Twitter space."There were, like, 6,000 people at one time," Adrienne Place, a 42-year-old production assistant and "Warrior Nun" fan in Tennessee, said of the Twitter space. Kristina Tonteri-Young, the actor who played the fan-favorite character Beatrice, even appeared on the live-audio platform to console fans, Place recalled. "We all came together then," she said.On its surface, "Warrior Nun" might not seem like the type of show to inspire this sort of devotion. The Netflix original — an adaptation of Ben Dunn's "Warrior Nun Areala" comics, starring Alba Baptista as Ava Silva, a young woman who's given a new lease on life through a holy artifact that links her to a group of demon-battling nuns — was <a href="https://www.rottentomatoes.com/tv/warrior_nun/s01" target="_blank" rel="noopener">fairly well received by critics</a> but didn't get a lot of media attention.But for its most vocal devotees, "Warrior Nun" is much more than a television show. The series, led by a primarily female cast, spotlights a queer romance, something that's <a href="https://glaad.org/whereweareontv22/" target="_blank" rel="noopener">still rarely represented on television</a>. It also doesn't shy away from Christian themes, as it grapples with faith and religious trauma. For the show's die-hard fans, its cancellation was a loss not only of a favorite series but of what many saw as a beacon of representation.The Twitter space, created on the day of the show's cancellation, was a place of catharsis, where fans could put literal voices to their emotions. Their genuine passion for the show, the sadness they felt at its cancellation, and the solidarity they developed sparked a larger movement to save it.In the 11 months since news of the series' cancellation broke, "Warrior Nun" fans have mounted one of the most extensive, persistent, and organized campaigns to save a show in television history. It was, technically, successful, though fans aren't sure to what extent: On June 28, Barry <a href="https://x.com/SimonDavisBarry/status/1673923368381448192?s=20" target="_blank" rel="noopener">announced</a> that "Warrior Nun" had been saved, and on August 14, the executive producer Dean English <a href="https://www.youtube.com/watch?v=zgAUSCdj42w" target="_blank" rel="noopener">told fans</a> that it would return as a feature-length film trilogy, though other details about the revival are scarce.While fan campaigns <a href="https://www.insider.com/viewers-for-quality-television-vqt-dorothy-swanson-fan-campaigns-2023-11">aren't new</a> — the earliest documented one was a letter campaign to save "Star Trek: The Original Series" in the late 1960s — the sheer scope of the community "Warrior Nun" fans created is unlike anything that came before it.In speaking with 13 people involved in the remarkably organized effort, I discovered not just how they did it (spoiler alert: it involved a Discord server, an ungodly number of spreadsheets, and a litany of inside jokes) but how a fandom that ran like a "very efficient company" also morphed into something that transcended the show it was created to support.<h2>Fans leaped in to offer their skills to save 'Warrior Nun' days after its cancellation</h2>On December 14, a group of friends who had spent the evening before venting over Discord launched <a href="https://twitter.com/sapphicinpain/status/1603191789908787200?s=20" target="_blank" rel="noopener">Sapphics in Pain</a>, a group designed to fight the cancellation of "Warrior Nun" and advocate for more women-loving-women representation. The next day, a self-described "Warrior Nun" "accountant" named Jereczko, a 26-year-old from Poland known on Twitter as @Jereczko97, began <a href="https://x.com/Jereczko97/status/1603404740540469253?s=20" target="_blank" rel="noopener">releasing hourly reports</a> on the platform tracking the volume of the #SaveWarriorNun hashtag, using other fandom accounts like <a href="https://x.com/avatricesource/status/1603160317214818304?s=20" target="_blank" rel="noopener">@avatricesource</a> as a template to measure fan-engagement data.On December 16, Sarah Blackburn, a Utah resident who works at a car-insurance company, launched a <a href="https://www.gofundme.com/f/get-warrior-nun-the-attention-it-deserves" target="_blank" rel="noopener">GoFundMe</a> that would eventually raise enough money to buy billboard space on Sunset Boulevard, across the street from Netflix's Los Angeles offices. Before December was out, "Warrior Nun" fans from around the world had gathered on social media to offer their talents to help the campaign. Robin Summers, an attorney in Vermont, responded to help with legal matters. Lucie Zatloukalová, a 21-year-old designer from the Czech Republic, told Business Insider that she joined the Discord server and started "shopping my little Photoshop skills around."A fan known as Cohosh (@CohoshThe) released a <a href="https://x.com/CohoshThe/status/1606046540526665730?s=20" target="_blank" rel="noopener">41-page marketing review </a>of promotional content and media coverage of the show, featuring detailed accounts of everything from the cast's engagement with fans on social media to the coverage the fan campaign was receiving in the press. A fan who goes by Pietra, or @coeurdinosaur, on X, <a href="https://twitter.com/coeurdinosaur/status/1607894164464701440?s=20" target="_blank" rel="noopener">suggested</a> creating a newsletter to keep the group updated on the campaign's progress and showcase fan art and teamed up with Place to put out its first edition the next day. By early January, a group that called itself the Order — named after the show's Order of the Cruciform Sword, the organization of battle-hardened nuns — formed on Discord. (Members of the Order stressed they are not the "leaders" of the "Warrior Nun" fandom and said their work would not have been possible without the collaboration and support of other fans.)An <a href="https://www.warriornun.com/blog/2023/7/1/save-warrior-nun-campaign-organization-chart" target="_blank" rel="noopener">organization chart</a> dated in June and authored by Cohosh demonstrates the scope of the fandom and its projects, which range from a <a href="https://www.change.org/p/renew-warrior-nun-for-season-3?utm_content=cl_sharecopy_35106723_en-GB%3A4&amp;recruited_by_id=2d011800-7bef-11ed-987e-27f5b4effa56&amp;utm_source=share_petition&amp;utm_medium=copylink&amp;utm_campaign=psf_combo_share_initial&amp;share_bandit_exp=initial-35106723-en-US" target="_blank" rel="noopener">Change.org petition</a> to renew the show for a third season (which stands at over 124,000 signatures) to charity fundraisers organized primarily through GoFundMe, which the <a href="https://www.warriornun.com/blog/2023/10/24/halobearers-community-of-love-and-giving" target="_blank" rel="noopener">campaign</a> says have raised over $60,000 in the show's name. These days, the Order is headquartered at <a href="https://www.warriornun.com/" target="_blank" rel="noopener">warriornun.com,</a> which serves as a central hub for news on the campaign and the fandom.<div type="image" title="a chart full of circles representing various aspects of the warrior nun fandom" height="1124" width="1500" msid="105392335" hostid="261"></div><h2>For the Order, saving 'Warrior Nun' was serious business — and it was run like one</h2>Christopher Penn, the cofounder and chief data scientist at the marketing-analytics consulting firm TrustInsights.ai, didn't watch "Warrior Nun" until after he'd spent months elbow deep in the fan campaign's data doing some volunteer analysis. When he joined the group's Discord server, he was struck by their meticulous organization."You had finance, you had graphic design, data analysis, media outreach, public relations, social media, all this stuff," Penn told BI. "It was essentially structured like a midsize business in a lot of ways. Had you not known that it was a fan-led effort, you might be excused for mistaking, 'Oh, I'm going to be looking at someone's business. Am I in the right server?'"The campaign's data-focused projects are particularly impressive. Building on the work of Cohosh's early marketing review, a subset of the Order that cheekily refers to itself as the Order of the Cruciform Spreadsheet put together four white papers making the case for why the show would bring value to a network like <a href="https://www.warriornun.com/blog/why-warrior-nun-would-add-significant-value-to-starz" target="_blank" rel="noopener">Starz</a>, or streaming platforms like <a href="https://www.warriornun.com/blog/2023/3/11/why-warrior-nun-would-add-significant-value-to-apple-tv" target="_blank" rel="noopener">Apple TV+</a>, <a href="https://www.warriornun.com/blog/2023/3/21/why-warrior-nun-would-add-significant-value-to-hbomax" target="_blank" rel="noopener">HBO Max</a> (now Max), and <a href="https://www.warriornun.com/blog/2023/4/12/y4u4ava3gwehtgf2tg1xuz7yx5r9f8" target="_blank" rel="noopener">Paramount+</a>. These in-depth reports, which are a common marketing practice, pointed to third-party research from Parrot Analytics that showed audience demand for "Warrior Nun" was well above the market average."With 'Warrior Nun,' the data was there," said Summers, the attorney, who's a self-proclaimed "policy nerd." "And the data had a story to tell."Fans within the Order were also conducting strategic outreach, targeting Netflix executives, executives at other streaming platforms, and members of the media. Kate Witt, a Ph.D. neuroscience candidate studying in New Zealand, estimates that she and her collaborator Ashley Robinson, who has worked in operations and marketing, sent over 4,000 emails during their outreach.When it came to raising or using money to further the group's goals, transparency was key, said Blackburn, who organized the initial GoFundMe. She helped create a <a href="https://docs.google.com/presentation/d/1IpOFUTBMh9f4XLnC489UqkDjrK4eDDNC5mp1Nxv61zo/edit#slide=id.g1d0ac0b81b9_0_23" target="_blank" rel="noopener">transparency document</a> to show where money from the fund was going, which included everything from flower bouquets and balloons sent to Netflix's headquarters to proof of $5 transactions on Venmo to test that the account was properly linked to the GoFundMe.All that meticulous outreach and record-keeping added up: The Order estimates that the 49 people working on the campaign racked up about 371 total hours of labor a week over 31 weeks.It's an unprecedented effort in an age of organized fandoms. "We've seen just a tremendous, I call it a maturation, of fan-community collectivity and organizing that takes advantage of more and more sophisticated forms of communication, but also more ability to be able to connect with one another across all of these digitized platforms," Jonathan Alexander, a professor of English and informatics at UC Irvine, told BI."I do think this campaign in particular demonstrates just how savvy fans are becoming in a hyper-digital age," said Julia Alexander, the director of strategy at Parrot Analytics and a<a href="https://puck.news/author/julia-alexander/" target="_blank" rel="noopener"> Puck News</a> analyst. "And I would suspect it's only going to get more captivating as more people in their early 20s, mid-20s start coming into the scene as big fans, as the reason they went into entertainment."<h2>The campaign to save 'Warrior Nun' has transcended efforts to save the show</h2>The tireless efforts of the Order and other "Warrior Nun" fans seem to have worked — though right now, it's unclear to what extent.While Barry was the first to announce that "Warrior Nun" had been saved, he and several <a href="https://x.com/bergopolis/status/1709691131842416835?s=20" target="_blank" rel="noopener">other</a> <a href="https://x.com/DavidBHayter/status/1709665535699661242?s=20" target="_blank" rel="noopener">writers</a> associated with the series <a href="https://x.com/SimonDavisBarry/status/1709663154857492776?s=20" target="_blank" rel="noopener">said on X</a> that they were not affiliated with the movies. Details about the film, from its cast to where it will eventually be distributed — <a href="https://deadline.com/2023/08/warrior-nun-canceled-netflix-series-return-trilogy-movies-1235520435/" target="_blank" rel="noopener">Deadline</a> reported that Netflix is not involved — are still scarce.<div type="image" title="beatrice and ava in warrior nun, looking at each other in close proximity. beatrice looks shocked, while ava looks resigned" height="1800" width="3600" msid="105392336" hostid="261"></div>Barry's apparent lack of involvement in the upcoming trilogy has fans concerned that the movies won't stay true to their beloved series. Many use the hashtag #SaveOURWarriorNun to express what they're truly fighting for: the wittiness, queer representation, and heart of the original series, as well as the characters they love."It's more than just this show," Leah Barber, an Order-affiliated video producer who lives in Ireland, told BI. "It's the shows that have come before it and the shows that come after it. We are, obviously, fighting for this show and the characters and the world that it's created. But it's much bigger than that, especially when it comes to representation." Many of the "Warrior Nun" fans who spoke to BI emphasized that their efforts have transcended their initial goal of saving the show: They've made valuable friendships within the fandom and picked up plenty of useful skills along the way."It's a cliché to say, but the destination isn't the thing that matters," said Zatloukalová, the designer. "It's the journey. And I do think that applies to this case where, on a personal level, I have made friends that will be in my life for the rest of my life."The campaign has made an impression on the creative staff of "Warrior Nun," too. Barry told BI that he has the utmost respect for people who watch the show, and he still regularly engages with the fandom and its projects on social media."I'm always in awe of anyone who takes the time out of their busy days and lives to fight for the survival of a show that they firmly believe in and that speaks to them," he said.Barry added that he would have liked nothing more than to continue working on "Warrior Nun" for a third season. But he said that what the fans have built can stand on its own."I really believe in the camaraderie and the support that they've given each other," he said. "And I do feel like at the end of the day, that's a great legacy." Read more on the past, present, and future of fandom:<ul><li><a href="https://www.insider.com/viewers-for-quality-television-vqt-dorothy-swanson-fan-campaigns-2023-11">Before the internet, one housewife was there to save your favorite show from cancellation</a></li><li><a href="https://www.insider.com/dvd-blu-ray-collectors-streaming-apocalypse-physical-media-2023-11">The streaming apocalypse is nigh. Some are preparing their storm shelters now.</a></li></ul>

Netflix canceled their favorite show. They mounted a global campaign to save it.

<ul class="summary-list"><li>Russia's isolation from the global economy caused poor turnout at Putin's economic forum in St. Petersburg.</li><li>The event previously drew big names from the West, but was mostly populated by lower-level politicians this time.</li></ul>Vladimir Putin's signature economic forum this year saw poor turnout — another sign that Russia's war on Ukraine is isolating it from the global economy. Though Russia's annual event in St. Petersburg has previously drawn in big names, such as French President Emmanuel Macron and then-German Chancellor Angela Merkel, the event failed to draw such figures on Wednesday.Politicians from the West were largely absent, and even countries that were once neighbors of the Soviet Union were a no-show, <a href="https://www.bloomberg.com/news/articles/2023-06-13/putin-s-economic-forum-puts-russia-s-isolation-on-display" target="_blank" rel="noopener">Bloomberg reported</a>.Most in attendance were lower-level politicians from the Middle East, Latin America, and Asia – areas that Russia has become closer to economically as Western sanctions cut it off from traditional avenues of trade. The most notable attendees were officials from China, including Zhang Hanhui, China's ambassador to Moscow, and Zhou Liqun, the chairman of the Union of Chinese Entrepreneurs in Russia.Russia has significantly ramped up its trade relations to China over the past year, with officials vowing to <a href="https://markets.businessinsider.com/news/currencies/russia-china-trade-no-limits-putin-ukraine-war-western-sanctions-2023-1">build a "no limits" partnership</a> and take trade volumes between the two countries to a new record in 2023.But experts have warned that the moat between Russia and Western world could be <a href="https://markets.businessinsider.com/news/commodities/russia-war-ukraine-sanctions-economy-growth-oil-gas-exports-revenue-2022-9">lethal to Russia's economy</a>. Despite the nation's stubborn show of defiance, sanctions are taking a toll on Moscow finances, with <a href="https://markets.businessinsider.com/news/commodities/russia-oil-gas-prices-revenue-budget-deficit-widens-ukraine-war-2023-2">oil and gas revenue crashing 50%</a> while the nation's budget deficit deepens. And while Russia has ramped up its trade with China and other allies, some experts say it could be <a href="https://markets.businessinsider.com/news/currencies/russia-economy-china-vassal-war-ukraine-western-sanctions-2023-5">sacrificing its independence</a> to do so.Though some prognosticators see Russia's economy posting small growth this year, those estimates are largely based on the Kremlin's "<a href="https://markets.businessinsider.com/news/currencies/russia-economy-putin-gdp-forecast-ukraine-war-western-sanctions-oil-2023-4">cherry-picked" statistics</a>, according to two Yale researchers, who recently made the case that Russia's economy is struggling far more than Putin has let on so far. The nation could even become a <a href="https://markets.businessinsider.com/news/commodities/russia-could-become-failed-state-within-10-years-sanctions-survey-2023-1">failed state</a> within the next decade, one think-tank has estimated.

Russia's isolation from the global economy causes poor turnout at Putin's economic forum

Chief Economic Advisor V <keyword id="148840" type="General" weightage="50" keywordseo="anantha-nageswaran" source="Orion">Anantha Nageswaran</keyword> on Thursday said global uncertainty has been rising after the recent developments in the United States and governments, businesses and individuals should keep 'margins of safety' in fiscal, corporate and savings account planning. He said the global growth estimates of the International Monetary Fund (IMF) given in January look outdated and countries will have to watch what the developments in the US over the last week would do to confidence, bank lending growth and the subsequent chain effects. Two banks in America have gone belly up over the last week. Signature Bank, New York, which lent mostly to the crypto industry was shut down by the regulators on Sunday after there was a run on their deposits. Besides, the failure of Silicon Valley Bank last week left many startups, tech companies, entrepreneurs and VC funds nervous and jittery. SVB, the 16th largest bank in the United States, was closed on Friday last by the California Department of Financial Protection and Innovation which later appointed the FDIC as its receiver. Speaking at the <keyword id="6359483" type="General" weightage="50" keywordseo="crisil" source="Orion">Crisil</keyword> <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> Outlook seminar, <keyword id="13054616" type="General" weightage="80" keywordseo="nageswaran" source="Orion">Nageswaran</keyword> said the uncertainty has been on a rising trend and has gone up a few notches in the last week and this is something which countries need to live with, not only this year but for the next year and beyond. "And the important thing to remember is that when you are facing uncertain times, the key thing to do is to make sure that we have margins of safety in our operations, whether it is for corporates or for investors. The only guidance one can think of is to allow for margins of safety, whether it is in fiscal planning, corporate planning or household balance sheet or savings account planning," he said. He said if the developments that have happened in the last week do create a necessity for the Federal Reserve to pause interest rate hikes then we have to wait and see what happens to real interest rates in the United States and what will that do to the US dollar. "And also, what implications it will have for emerging economies, which I believe will be mostly positive in one sense, that is, the pressure on their currencies will abate. On the other hand, if the Federal Reserve had to go ahead with its tightening programme, having provided a liquidity backstop and put in place some other arrangements to make depositors whole, then we have to wait and see what kind of domino effect it might create on other banking institutions and on the overall economy etc. It is a fairly difficult situation that central banks around the world, especially advanced economies, are confronting," Nageswaran said. He said at this moment, it may be somewhat difficult to quantify the net effect of these developments on countries like India. "The overall positives would be the implications it would have for global demand, for oil prices and for the US interest rates and the dollar. Those kinds of reactions will be mostly positive for us, even if there is an impact on export growth," he said. "You can see the rapidity with which things are evolving, and it is difficult to provide long-term guidance for anyone. It's important, therefore, we allow for uncertainty in our planning processes. And I think to some extent, we have tried to do it in our fiscal policy," Nageswaran said. He said India's GDP growth is expected to be 7 per cent in the current fiscal. "If we are able to get through another week with temperatures in the current ranges, I think the wheat harvest because of the early sowing will also happen ... and we may be able to get a good crop. And this will have positive chain reactions going forward, for inflation, for agricultural output, for monetary policy etc". With regard to the next fiscal, Nageswaran said the growth projection of 6.5 per cent has more downside risk than upside risk. "Of course, all of this is subject to assumptions about how the world situation, both in politics and economics, will look like. But by and large, we look at all sectors, we are well above pre-pandemic levels and private consumption as a share of GDP, if you look at three-quarters of data for the last five financial years, it has been rising," he said. He said one should not be overly optimistic talking about 8-9 per cent GDP growth in the current environment. "If you can achieve, sustain the growth of 6.5-7 per cent or even 6.4-7 per cent in the next 7-8 years until the next decade, we would have done very well". He said public sector capex has been rising in the last several years and has been going up by three times, concentrating on several sectors. Naturally, at some point, public sector capex has to take a step back and the private sector will have to carry on the good work. Public sector capex has created the physical infrastructure for better manufacturing growth and export performance in the years to come, Nageswaran said. The chief economic advisor in the finance ministry also said that the nominal GDP growth for the next fiscal has been assumed at 10.5 per cent, and though India remains optimistic, it is aware of the formidable array of challenges that confronts both developing and advanced economies. "We do require just 2-3 years of steady 10 per cent nominal GDP growth for fiscal parameters to show meaningful improvements. So while it is clear that the quality of expenditure is improving and there is still room for improvement both with respect to quality and quantitative parameters, exaggerated hand wringing may not be necessary," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-appoints-omar-davis-as-its-president-strategy/articleshow/98690407.cms">Vedanta appoints Omar Davis as its President-Strategy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/indian-economy-likely-to-log-in-a-tepid-6-growth-next-fiscal-crisil/articleshow/98690120.cms">Indian economy likely to log in a tepid 6% growth next fiscal: Crisil</a>

Global uncertainty rising, need to maintain 'margins of safety': Chief Economic Advisor

New Delhi, Jan 11 () Realty firm Signature Global, which is mainly into affordable homes, on Saturday said it will invest around Rs 375 crore to develop a new housing project in Gurugram, Haryana.
The national capital-based firm also announced its plans to launch 20,000 units under affordable housing segment this year. 
Signature Global in a statement said that it has started construction work on a new project 'Signature Global Proxima I and II' comprising 1,410 units with a total investment of around Rs 375 crore. 
Prices vary from Rs 22-26 lakh in this project, which is being developed under the Haryana government affordable housing policy. 
Pradeep Aggarwal, Founder &amp; Chairman, Signature Global, said, "Till date we have already launched 15,173 units under Haryana Affordable Housing Scheme and Deen Dayal Jan Awas Yojna and have delivered 1,820 units till date."
The company is targeting to deliver another 3,181 units in Gurugram by the end of this year.
On launches in the pipeline for 2020, Aggarwal said the company plans to launch 9,000 units under Deen Dayal Jan Awas Yojna, 9,000 units in various locations of Gurugram under Haryana Affordable Housing Policy and 2,000 units in Rajnagar Extension Ghaziabad under the Pradhan Mantri Awas Yojna. 
In the last five years, the company has launched 17 affordable housing projects, all in Gurugram, Sohna and Karnal in Haryana.
It has also launched a commercial project, including a shopping mall, in Vaishali, Ghaziabad, Uttar Pradesh comprising over 7.5 lakh square feet area.
The government is promoting affordable housing in a big way by charging only 1 per cent GST, interest subvention under the Credit Linked Subsidy Scheme (CLSS) and additional deduction of 1.5 lakh for interest paid on home loan under income tax law for flats priced up to Rs 45 lakh.
During 2019, housing sales improved marginally on the back of demand for affordable homes and ready-to-move in flats, according to reports of various consultants. MJH MKJ

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