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Top 8 banks offering low interest rates on home loans; check full list here

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<keyword id="19965774" type="General" weightage="20" keywordseo="punjab-national-bank" source="keywords">Punjab National Bank</keyword> (<keyword id="19918505" type="General" weightage="20" keywordseo="pnb" source="keywords">PNB</keyword>) on Thursday announced an over three-fold jump in its profit to Rs 2,223 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 629 crore in the same period last year. The government-owned bank's total income shot up to Rs 29,962 crore during the quarter from Rs 25,722 crore in the same period last year. PNB's net interest income (<keyword id="19936363" type="General" weightage="20" keywordseo="nii" source="keywords">NII</keyword>) went up 12.1 per cent to Rs 10,293 crore from Rs 9,179.4 crore in the year ago period, according to a regulatory filing. The bank's asset quality also improved during the quarter with gross non-performing assets (<keyword id="19964545" type="General" weightage="20" keywordseo="npas" source="keywords">NPAs</keyword>) declining to 6.24 per cent of total loans from 9.76 per cent in the same period last year. Net NPAs came down to 0.96 per cent from 3.30 per cent. The provisions for bad loans made by the bank came down to Rs 2,739.1 crore from Rs 4,713.34 crore in the same quarter of the previous year. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a><a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a>

PNB clocks 3-fold jump in net profit at ₹2,223 crore for Q3

The Prime Minister’s Internship Scheme, announced in the Union Budget 2024-25, is set to offer a tremendous opportunity for young Indians to gain hands-on experience in leading companies across diverse sectors. As of October 12, the portal for this ambitious initiative is open for registrations, with over 90,000 internship positions posted by top companies like <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), ONGC, Maruti Suzuki, and more. Here’s everything you need to know about how to apply, the companies participating, and answers to frequently asked questions. <h2>Step-by-Step Guide to Applying for the <keyword id="23273918" type="General" weightage="100" keywordseo="PM-Internship-Scheme" source="keywords">PM Internship Scheme</keyword></h2><ol><li>Visit the Official Portal: The PM Internship Scheme’s application process takes place on the official website,<a href="http://pminternship.mca.gov.in"> pminternship.mca.gov.in</a>.</li><li>Register and Set Up Your Profile: After opening the portal, you’ll need to register and fill out basic information, including educational qualifications, age, and internship preferences.</li><li>Explore Internship Listings: With over 90,000 internships available from 193 companies, you can browse listings in sectors like Oil &amp; Gas, Travel &amp; Hospitality, Automotive, Banking, and more. Each listing will provide details on job roles, skills required, and specific fields like Operations Management, Production, Maintenance, and Sales.</li><li>Apply for Your Chosen Roles: You can apply for up to five internships based on your interests, qualifications, and preferred location. The portal allows for an easy application submission and lets you track your applications.</li><li>Confirmation and Next Steps: Once you apply, download the confirmation page for reference. Internships are set to begin on December 2, 2024, so selected candidates will receive further instructions as the start date approaches.</li></ol><h2>Major Companies Participating in the PM Internship Scheme</h2>Here are some of the top companies that have already posted internships on the portal, with more joining every day: <ul><li>Reliance Industries Ltd.</li><li>HDFC Bank</li><li>Tata Consultancy Services (TCS)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>State Bank of India (SBI)</li><li>Maruti Suzuki India Ltd.</li><li>Jubilant FoodWorks</li><li>Larsen &amp; Toubro Ltd.</li><li>Eicher Motors Ltd.</li><li>Muthoot Finance</li></ul>These companies are providing internships across over 20 fields, covering a wide range of skills and sectors. The biggest opportunities are currently in the Oil &amp; Gas sector, followed by industries like Travel, Automotive, and Financial Services. <div type="Article" hostid="261" msid="113986236" title="Why so many entry-level jobs aren&amp;#39;t entry-level" mstype="2" mssubtype="0"></div><h2>Key Features of the Internship Scheme</h2>Under the scheme, interns will receive a stipend of Rs 5,000 per month, plus a one-time grant of Rs 6,000 to support miscellaneous expenses. These internships are available across 737 districts in all 37 states and Union Territories, making this a truly inclusive national program. Interns can indulge in many diverse internship roles. From operations to maintenance, sales, marketing, and production, these internships offer a variety of hands-on experiences that match real-world corporate needs. <h2>FAQs about the PM Internship Scheme</h2><h5>Who is eligible?</h5>The scheme is open to Indian citizens aged 21 to 24 who are not employed full-time or enrolled in full-time study programs. Candidates in online or distance learning programs are eligible. <h5>What sectors offer the most internships?</h5>The largest number of internships are in the Oil &amp; Gas, Travel &amp; Hospitality, Automotive, and Banking &amp; Financial Services sectors, with positions also available in fields like Manufacturing, IT, and Retail. <h5>When do the internships start?</h5>Internships for this year will begin on December 2, 2024. The scheme aims to facilitate 1.25 lakh internships this financial year and eventually reach one crore internships over the next five years. <h5>What are the application deadlines?</h5>The portal is open from October 12 for candidates to start applying, with companies continuing to post positions as the scheme rolls out. It’s recommended to apply early, as some positions may fill up quickly. <div type="Article" hostid="261" msid="114029056" title="Read 5 résumés that helped techies land $300,000-plus jobs at Google, Meta, Amazon, and Salesforce" mstype="2" mssubtype="0"></div>

PM Internship Scheme finally launched — here’s how you can apply to work with Reliance, TCS, SBI and more!

In a significant diplomatic move, Prime Minister Narendra Modi met with Maldives President Mohamed Muizzu at <keyword id="20751669" type="General" weightage="20" keywordseo="Hyderabad-House" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad House" meta.hostid="261" meta.entityid="Hyderabad House">Hyderabad House</keyword> in Delhi on Monday. This visit is widely seen as an effort to reset ties between the two nations after a year of tense relations. <keyword id="20101322" type="General" weightage="20" keywordseo="President-Muizzu" source="keywords">President Muizzu</keyword>, who arrived in India on Sunday for a five-day visit, received a red carpet welcome. During a joint press briefing, President Muizzu expressed heartfelt gratitude to India, thanking President Droupadi Murmu, <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> and the people of India for their warm reception. He emphasised the Maldives' deep-rooted ties with India, noting that tourism — especially Indian visitors—remains a crucial pillar of the Maldivian economy. “India is our largest source market for tourists, and we hope to welcome even more Indian visitors in the future,” Muizzu remarked. Key areas of cooperation discussed included economic ties and maritime security, critical given the Maldives' position in the Indian Ocean. Following their talks, India granted the financially struggling Maldives a rollover of USD 100 million in Treasury bills, in addition to formalising a <keyword id="23458604" type="General" weightage="20" keywordseo="currency-swap-agreement" source="keywords">currency swap agreement</keyword> and a ₹3,000 crore currency swap. Prime Minister Modi characterised the "development partnership" as a key component of India-Maldives relations, asserting that India has consistently prioritised the needs of the Maldivian people. "Our development partnership is vital to our relationship with the Maldives, and we have always placed importance on the priorities of its people. This year, SBI rolled over USD 100 million in Treasury Bills, and a USD 400 million currency swap agreement was signed based on the Maldives' requirements," he explained. <div type="Article" hostid="261" msid="106837748" title="Withdraw troops by mid-March, Maldives tells India" mstype="2" mssubtype="0"></div>In September, India announced that the <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> would purchase Maldivian government bonds worth USD 50 million, following a similar USD 50 million transaction in May 2024. Additionally, Prime Minister Modi and President Muizzu witnessed the first <keyword id="20563654" type="General" weightage="20" keywordseo="RuPay-card" source="keywords">RuPay card</keyword> payment transaction launched in the Maldives and virtually inaugurated the runway at Hanimaadhoo International Airport. Modi stated that India and the Maldives would soon be connected through UPI. "Recently, we launched the RuPay card in the Maldives, and in the future, we will link both countries via UPI," he said during a joint press briefing. Muizzu also expressed his desire to conclude a <keyword id="19945642" type="General" weightage="20" keywordseo="Free-Trade-Agreement" source="keywords">Free Trade Agreement</keyword> with India, a step he believes will open the door to greater Indian investment in the Maldives. Modi emphasised India's commitment to supporting the Maldives through various initiatives, including supplying essential commodities and Covid vaccines, inaugurating airports, and constructing social housing. He noted that a new drinking water project is now operational on 28 islands, providing clean water to over 30,000 residents. The leaders also discussed the opening of consulates in Addu and Bengaluru. Tensions between India and the Maldives escalated following Muizzu's election last year, which saw a shift towards a pro-China stance and the promise to withdraw Indian troops stationed in the archipelago. His visit to China before India in January had raised eyebrows in New Delhi, as it was perceived as a slight. However, since attending Modi's swearing-in ceremony for a third term in June, Muizzu has moderated his anti-Indian rhetoric, signalling a thaw in relations. External Affairs Minister S Jaishankar has stated that the discussions provided "a new impetus" to the relationship. This meeting likely marks a positive turn in Indo-Maldivian relations, setting the stage for further cooperation between the two South Asian neighbours. (With inputs from agencies) <div type="Article" hostid="261" msid="112094153" title="Maldives President Muizzu thanks India for economic support, affirms hope of signing FTA" mstype="2" mssubtype="0"></div>

Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

Mumbai: The Reserve Bank is unlikely to cut the benchmark <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword> in its forthcoming bi-monthly monetary policy review later in the week as <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword> is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have reduced the interest rates. "We do not expect any change in the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> or stance by MPC. The reason is that inflation for September and October will be above 5 per cent, and the present low inflation is due to the base effect. Besides, core inflation is inching upwards," said Madan Sabnavis, Chief Economist, Bank of Baroda. Further, the recent Iran-Israel imbroglio can intensify, and there is uncertainty here, he said. "Hence, the status quo is the most likely option even for new members. Inflation forecast may be lowered by 10-20 bps and no change in GDP forecast likely," said Sabnavis. The central bank last hiked the repo rate to 6.5 per cent in February 2023 and since then, it has held the rate at the same level. Icra Chief Economist Aditi Nayar said that given the undershooting in the initial first quarter GDP growth relative to the MPC's forecast and the likely sizeable undershooting in the second quarter CPI inflation print as well, "we believe a stance change to neutral may be appropriate in the October 2024 policy review". This could be followed by a shallow rate-cutting cycle of 25 bps each in December 2024 and February 2025, she added. "The abundant monsoon offers some insurance for crop inflation. The impact of global political developments and geopolitical uncertainty on the growth inflation dynamics remains a risk," Nayar added. An HSBC report said three developments stand out -- softer growth numbers have trickled in recently, inflation has been falling, and the external environment has moved from rate hikes to cuts. "We believe the RBI doesn't gain from waiting any longer. We think it will change its stance from a hawkish 'withdrawal of accommodation' to 'neutral' in the upcoming 9 October policy meeting, followed by repo rate cuts of 25 bps each in the December and February meetings, taking the repo rate to 6 per cent," the report said. The RBI kept the repo rate unchanged at 6.5 per cent in its August bi-monthly review amid risks from higher food inflation. This was the ninth consecutive MPC meeting, which decided to maintain the status quo on the rate front. Pradeep Aggarwal, founder and chairman, Signature Global (India) Limited, said while the real estate industry, developer community, and homebuyers are hoping for an interest rate cut in the upcoming monetary policy review, the RBI is likely to hold on to the interest rate cuts for the tenth consecutive time. "The apex bank still seems uncomfortable with the overall retail inflation scenario, particularly food inflation. As such, it is expected to maintain the status quo. The recent interest rate cut by the US Federal Reserve has ignited similar hopes even in India, but the domestic scenario is very different," he added. SBM Bank India Head Treasury Mandar Pitale believed that the MPC has persistently advocated a restrictive policy until inflation aligns durably towards the 4 per cent target. "With the unfavourable base effect taking the next couple of CPI prints near 5 per cent plus or minus, it will pose a major challenge for MPC to start easing from the October meeting," Pitale said, adding that the MPC is also expected to deliberate upon the global factors like growth-inflation behaviour in developed economies. The government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as external members of the MPC. They have replaced Ashima Goyal, Shashanka Bhide, and Jayanth R Varma. Apart from the Governor, the other internal members are the RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and the Executive Director monetary policy department of RBI Rajiv Ranjan. In an off-cycle meeting in May 2022, the MPC raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in the subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.

Status-quo on interest rate likely, say experts ahead of RBI's policy review

<ul class="summary-list"><li>BRICS' Kazan Declaration on Wednesday contained 134 points — and only one discussed the Ukraine war.</li><li>That point was a call for all parties to abide by UN standards, despite Russia hosting this year.</li></ul>Over two dozen world leaders at this year's BRICS summit ended Wednesday's talks with the Kazan Declaration, a 134-point summary of their agreements.The war in Ukraine was only mentioned once in the 43-page document, and though Russian leader Vladimir Putin hosted the event, its wording is a far cry from the Kremlin's preferred rhetoric.That single paragraph contained none of Russia's usual talking points, instead urging all parties to act in accordance with United Nations standards — a more neutral statement often used by nations like China."We emphasize that all states should act consistently with the Purposes and Principles of the UN Charter in their entirety and interrelation," the document reads. "We note with appreciation relevant proposals of mediation and good offices, aimed at a peaceful resolution of the conflict through dialogue and diplomacy."<a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-october-23-2024">The Institute for the Study of War</a> wrote on Wednesday that the language in the document shows that Russia, despite its leading position at the summit, still isn't able to shape the stances of friendly world leaders on its war."The Kazan Declaration notably only mentioned Russia's war in Ukraine once," the Washington-based think tank wrote.Russia has denied the sovereignty of Ukraine and said its invasion is justified as a <a target="_blank" class="" href="https://www.businessinsider.com/putin-said-invaded-ukraine-stop-nato-expanding-has-achieved-opposite-2022-5">counter to NATO's expansion</a> and due to <a target="_blank" class="" href="https://www.businessinsider.com/putin-tries-justifying-ukraine-war-denazification-zelensky-jewish-president-2022-2">debunked allegations that Ukraine is a Nazi-run state.</a>The declaration "demonstrated that Russia has not yet secured the international support nor created the alternative security structure that the Kremlin desires," ISW added.That's significant because Moscow has been trying to get its allies on board with its invasion while the West isolates the Russian economy in response. The US and Ukraine have repeatedly accused China, a founding BRICS member, of supplying Russia with weapons parts and economic support.Yet several founding members of the BRICS group, such as Brazil and India, still maintain strong economic ties with the US amid its support for Kyiv.The Kazan Declaration, meanwhile, condemned Israeli actions in the Middle East in five points, including criticism of a strike on the <a target="_blank" class="" href="https://www.businessinsider.com/deadly-israeli-strike-syria-could-put-us-forces-crosshairs-iran-2024-4">Iranian consulate in Syria</a>, <a target="_blank" class="" href="https://www.businessinsider.com/israel-attack-lebanon-hezbollah-past-invasion-2024-10">Tel Aviv's invasion of southern Lebanon</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/israel-gaza-hamas-civilian-casualties-children-deaths-airstrikes-palestinian-2023-10">war in Gaza.</a>World leaders also spent two paragraphs discussing the South Sudanese Civil War.The summit also exposed the difficulties that Western sanctions have inflicted on life in Russia. Leaders met in Kazan, which is in the southwestern Republic of Tatarstan region.Business Insider's Huileng Tan wrote that organizers said <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-brics-summit-foreign-attendees-cash-usd-euros-putin-2024-10">card transactions there</a> would be unavailable due to restrictions on Mastercard and Visa cards issued outside Russia.Attendees were instead asked to bring cash in US dollars or euros — the same currencies that Putin has been trying to get his allied countries to drop — to exchange for rubles at Russian banks.

BRICS' new declaration shows Russia's war still can't get the international backing that Moscow wants

<ul class="summary-list"><li>Traders and central banks should increase exposure to gold, Bank of America says.</li><li>The strategists say Treasurys face risks as US debt levels soar. </li></ul>Gold is increasingly attractive as other traditional "safe haven" assets face mounting risks, Bank of America strategists said.The strategists said investors, including central banks, should rotate into the precious metal, which bulls tout as a hedge against inflation and debt debasement resulting from rising government borrowing. "Gold looks to be the last 'safe haven' asset standing, incentivising traders including central banks to increase exposure," the strategists said in a Wednesday note.They explained that with US debt expected to keep soaring, Treasury supply faces risks. At the same time, higher interest rate payments as a share of GDP will make gold an attractive asset in the next few years.Rising spending is alson't merely a US issue. The analyst notes that the International Monetary Fund predicts new spending could amount to 7%-8% of global GDP annually by 2030. "Ultimately, something has to give: if markets become reluctant to absorb all the debt and volatility increases, gold may become the asset of choice. Central banks in particular could further diversify their currency reserves," the analysts wrote. With neither candidate for the upcoming US presidential election prioritizing fiscal discipline and a pullback in spending, national debt is projected to hit a record high as a share of the economy in the next three years, the analysts said.That will increase interest payments as a share of GDP, making gold an attractive asset amid concerns that markets won't be able to absorb new debt, they add."Indeed, with lingering concerns over US funding needs and their impact on the US Treasury market, the yellow metal may become the ultimate perceived safe haven asset," the analysts said.The analysts reaffirmed their target of $3,000 an ounce for gold by the end of next year, which implies 11.1% upside from levels on Thursday. The analysts' bullishness for the metal comes as worries grow over mounting spending and debt around the world. Investors have increasingly looked to gold in recent weeks as the Federal Reserve kicked off its easing cycle with a 50-basis point interest rate cut last month, driving the price of gold to gain around 4.3% in the last month.Central banks around the world have also increased their share of gold as a portion of total reserves. The Bank of America analysts note that gold now makes up 10% of central bank reserves, up from 3% a decade ago.

Gold is the 'last safe haven' as Treasurys face risks from soaring US debt, Bank of America says

<ul class="summary-list"><li>China has announced a slew of supportive policies to give its economy a boost.</li><li>But the past week's stimulus blitz did not offer fiscal support to China's discouraged consumers.</li></ul>China's latest stimulus blitz offers everything but one key fix: new incentives to revive consumers.In a rare press conference on Tuesday, Beijing demonstrated fresh resolve to reverse the country's economic malaise. An adrenaline shot <a target="_blank" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">worth of policy was announced</a>, ranging from mortgage financing to lower interest rates and reductions to the reserve requirement ratio.JPMorgan estimates that the latter will inject around 1 trillion yuan into the country's banking system. That's alongside other liquidity support and plans for a stock stabilization fund.Markets have lauded the measures as a step in the right direction and a meaningful improvement compared Beijing's piecemeal support initiatives thus far. The country's equities have ballooned on the news, leading to the largest weekly rally <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-27/china-stocks-climb-as-fiscal-stimulus-bets-woo-more-buyers">since 2008.</a>But economists, though also encouraged, warn not to overestimate what these policies can achieve."Although the numbers sound big and the efforts seem wide-reaching, this stimulus announcement alone may not be enough to bring the entire Chinese economy out of the doldrums," Liz Young Thomas, Head of Investment Strategy at SoFi, said in written commentary.<h2 id="d53ed0b2-fd6d-434c-80d4-1201796d73bb">Want change? Help consumers</h2>"This economy has many deep, structural, fundamental problems that cannot be turned around just simply by a stimulus package," Tianlei Huang told Business Insider. "I think it's probably a bit too early to celebrate."The Peterson Institute for International Economics research fellow explained that Tuesday's stimulus boost will be offset by the country's major fiscal contraction. The government has simply not spent enough on consumers, even though an economic recovery depends on them.A lack of domestic spending sits at the crux of China's turmoil: consumers are so savings-oriented that China is fighting a deflation spiral. Meanwhile, buyers don't want to touch real estate, a sector so big it makes up as much as 30% of the nation's GDP, Huang said.Despite its size, the market suffers from debt, defaults, and unsold inventory.In Huang's view, Beijing needs to start spending more on people rather than its consistent focus on areas like infrastructure. Addressing the housing downslide might also boost confidence, given how many individuals depend on the market for work.While Tuesday's stimulus package didn't address fiscal support, Chinese officials appear to be getting around to it. On Friday, <a target="_blank" href="https://www.reuters.com/markets/asia/chinas-central-bank-cuts-banks-reserve-requirement-ratio-by-50-bps-2024-09-27/">Reuters</a> reported that China plans to issue over $284 billion worth of yuan in special sovereign bonds — a move meant to shore up fresh stimulus.That followed a day after Chinese leadership noted a need to support household consumption and a stable real estate market. These rare comments were made at the Communist party's monthly Politburo meeting, <a target="_blank" href="https://www.reuters.com/world/china/china-vows-necessary-spending-hit-economic-growth-target-2024-09-26/">Reuters</a> said.Meanwhile, Barclays cited that some policymakers have recently advocated for an even larger fiscal stimulus package, amounting to as much as $1.4 trillion worth of yuan, to be unleashed over two years.The bank considers this a "bazooka" stimulus scenario, which would snap up housing surplus, prop up consumption, and continue to ease debt burdens and fund public services. By Barclay's estimates, this could take GDP growth to 5% in 2025.The scenario reported on Friday will trigger a milder boost, raising next year's growth to 4.4%.As to this year's growth, economists have turned anxious that Beijing may miss its <a target="_blank" class="" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">growth target of 5%</a>. Even if China commits to bigger fiscal support in the near term, it could be too late to change things this year, Huang said.He noted a lag between bond announcements and actual bond issuance. Winter is also around the corner, which can slow down activity in stimulus-targeted sectors, such as infrastructure."Sounds weird, but that was actually one of the major reasons why additional Treasury bond issued last year since October was actually not spent until earlier this year," he said.To be sure, fiscal expansion is not enough to entirely shore up consumer faith. Policies need to address why consumers are not spending, Bank of America wrote on Wednesday."We argue the key is to fix an increasingly prevalent problem to save China from the economic malaise — the lack of positive incentives at the micro level in both public and private sectors," the bank said.For instance, Chinese consumers are staying away from new housing projects even as China has introduced <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-stimulus-package-push-wont-reverse-property-market-crisis-2024-9">looser mortgage rates and downpayment rules</a>.Huang explained this on the fact that new construction is simply not getting finished, reducing fresh demand — some shoppers are waiting for years to receive their purchase. In his view, the government needs to be more direct in funding unfinished projects.

China's massive stimulus is missing a key ingredient: a way to revive the nation's consumers

New Delhi [India], March 6 (ANI): The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has issued a directive aimed at enhancing consumer choice and competition in the credit card market. In a circular released on Wednesday, the RBI mandated that card issuers must provide their eligible customers with the option to choose from multiple card networks at the time of issuance or renewal. According to a press release, the central bank prohibited card issuers from entering into agreements with card networks that restrict them from availing the services of other card networks. The directive addresses concerns raised about restrictive practices prevalent in the credit card industry. The RBI identified arrangements between card issuers and card networks that limit customer choice as detrimental to the availability of options in the market. By taking decisive steps to promote consumer choice and fair competition, the RBI aims to foster a more dynamic and inclusive financial ecosystem. Key highlights of the RBI directive include the requirement for card issuers to offer eligible customers the choice of selecting from multiple card networks at the time of issuance or renewal of credit cards. This provision seeks to empower consumers by providing them with greater flexibility and control over their financial products. Additionally, the RBI has banned card issuers from entering into agreements with card networks that restrain them from availing the services of other card networks, aiming to promote fair competition and prevent anti-competitive practices. The directive provides definitions for authorized card networks, including American Express Banking Corp., Diners Club International Ltd., MasterCard Asia/Pacific Pte. Ltd., <keyword id="20846648" type="General" weightage="20" keywordseo="national-payments-corporation-of-india-rupay" source="keywords">National Payments Corporation of India-Rupay</keyword>, and <keyword id="20846647" type="General" weightage="20" keywordseo="visa-worldwide-pte" source="keywords">Visa Worldwide Pte</keyword>. <keyword id="20040916" type="General" weightage="20" keywordseo="limited" source="keywords">Limited</keyword>. Certain exemptions have been outlined as well, including an exemption for credit card issuers with a smaller customer base of 10 lakh or fewer active cards. The implementation timeline for the directive is set to be six months from the date of issuance of the circular, allowing card issuers and card networks sufficient time to comply with the new requirements. The directive underscores the RBI's commitment to promoting transparency, choice, and competition in the credit card market, with a focus on creating a more consumer-friendly financial ecosystem. With the issuance of this directive, the RBI reaffirms its role as a proactive regulator dedicated to safeguarding the interests of consumers and promoting a competitive and resilient financial system. (ANI)

RBI directs card issuers to offer choice among card networks, bans restrictive agreements

<ul class="summary-list"><li>College student Rebecca Bergmaier worked at the Grand Canyon while managing a remote internship.</li><li>She worked the internship in the mornings and her other job in the evenings. She camped on weekends.</li></ul>This as-told-to essay is based on a conversation with Rebecca Bergmaier, a college senior at Temple University in Philadelphia studying business management and marketing. She worked a full-time summer job at the Grand Canyon while also managing a part-time internship. This story has been edited for length and clarity.I'm from Pennsylvania originally and go to school in Philadelphia, where I'm studying business management and marketing. I wanted to get outdoors, and in 2022 I heard about CoolWorks, which is a really great website to find seasonal work positions.At that time I'd only been to two <a target="_blank" class="" href="https://www.businessinsider.com/seasonal-worker-national-park-server-job-perks-pay-college-career-2024-10">national parks</a> and I wasn't really an avid camper or hiker. I was looking for something in my dream park, Yellowstone National Park, which I hadn't been to yet.I found the company Xanterra Travel Collection, a concessionaire that operates in the park. I originally applied for a food and beverage position, but they actually had a paid internship program. So since I'm studying business, I did their hospitality management internship in the summer of 2023 in Yellowstone before my junior year.Then, in the summer of 2024, before my senior year, I went to work for Xanterra at the Grand Canyon. I worked at the front desk of a lodge. I also had a part-time, paid, remote position as a social media intern for my college's business school.<h2 id="aaa7d341-a704-430f-9097-3c42c8c95a82">I worked all day but camped on my days off</h2>I was working all day long during the week, but I still got so much joy from it.I did a 40-hour week at the front desk of the lodge. Most of my shifts were in the evening, so I typically worked from 2 to 10 p.m. I'm a night owl, so I liked being out late. I had to use my headlamp walking home. You'd also see so many stars because the Grand Canyon is a Dark Sky Park, which means that there's pretty much no lighting in the entire park.The Grand Canyon is pretty much like a built-out community, with a library, bank, and hospital, so in the mornings I would go to the library, which was so lovely and air conditioned. I would just set up my computer and do my internship work from there. Sometimes I would even sit on my laptop outside the library if it was nice out.So I would do my internship in the morning, then I'd go to work, and then on my weekends I would typically take two or three days off and just go into the woods and camp. Or my friend and I would road trip to other areas of Arizona, like Sedona.There's a lot of college kids who are working seasonally at the national parks in the summers. There's also older people and you meet people from all over the world. You make so many friends, because everybody builds a community together. You are also typically provided with lodging and meals, depending on the job.<h2 id="f604efc9-0fe4-4714-b98a-32ccaabdeca9">It's a great way for college students to spend a summer</h2>I'm not sure what I want to do when I graduate next year, but I have been looking for positions away from the parks. I'm based on the East Coast and I have a lot of connections in the Philadelphia sustainability scene and the sustainable business network here.I would definitely recommend other students look into spending a summer at national park. You get to move out to the middle of nowhere and it can be so lovely to kind of go off the grid.It's also an amazing way to travel. You are often provided with somewhere to live for the whole summer and all your meals. So it's definitely a convenient way to travel.I feel like a lot of college students fantasize about just dropping out of school and living in the middle of the wilderness. It's definitely a great way to satisfy that craving.

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