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Hello everyone! Good day!
Let us dive into some news from past week
India will continue to be the fastest growing major economy
India shows strong economic strides: nearing a record-high stock market, hosting a summit of 20 nations in New Delhi. The rupee remained resilient in 2023, holding steady against global currencies. With foreign exchange reserves reaching nearly $600 billion and GDP nearing $4 trillion, India, set to become the world’s fourth-largest economy, follows Germany. By mid-November, foreign portfolio investments surged to $12.3 billion, signifying heightened investor interest. Prime Minister Narendra Modi's reforms—simpler rules for foreign investors, streamlined tax laws, and reinforced bankruptcy regulations—are driving India's economic upswing, says Kenneth Akintewe. As U.S. interest rates rose quickly, currencies lost value worldwide because investors expect the Federal Reserve to stop raising rates soon.
Having Banned Russian Sources, Europe Imports Diesel from India
Europe, having banned Russian oil for more than a year now, turns to India for diesel imports, possibly refined from Russian crude. Indian refiners buy discounted Russian crude and sell the processed oil, meeting high diesel demand in markets like Europe. With a surge in imports, hitting 305,000 barrels daily, India steps in to bridge Europe's gap after bans on Russian crude and oil products. meeting high diesel demand in markets like Europe. India fills the void, redirecting a significant portion of its diesel exports to Europe. Overall, Europe's diesel and gasoline imports are set to climb to 935,000 barrels per day this month, showcasing a 5% increase from October, signalling a shift away from reliance on Russian sources.
World countries gather for COP 28 held in Dubai
COP28 is the 28th annual United Nations (UN) climate meeting where governments will discuss how to limit and prepare for future climate change. COP stands for "Conference of the Parties", where the "parties" are the countries that signed up to the original UN climate agreement in 1992. This year it is being held in Dubai. COP 28 is important because the world is expected to get warmer by 2.4 to 2.7 degree celsius by 2100 and the timeframe to maintain the temperature rise by 1.5 degree celsius is getting narrower. On the opening day of the COP28 conference, a loss and damage fund to help vulnerable countries cope with the impact of climate change has been officially launched. $475 million fund was approved, where the European Union committed around $275 million, while the host, UAE, pledged an additional $100 million. Germany and the UK pledged $100 million and $75 million, respectively. The US will contribute $17.5 million and Japan has committed $10 million for the climate disaster fund.
More news from the week ...
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China pneumonia outbreak: The government advises increased vigilance against seasonal flu, a contagious illness lasting five to seven days. It poses a heightened risk for infants, pregnant women, the elderly, and the immunocompromised. China hospitals face overwhelming cases of severe pneumonia.
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All 41 men rescued in the Uttarkashi tunnel collapse: After a 17-day effort by the rescue team, 41 men trapped in the Uttarkashi tunnel were rescued. The coordinated effort involved machinery and manual excavation techniques to save the men.
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Stocks that debuted this week: Tata Technologies, IREDA mark stellar market debut surging 140% and 80% respectively post listing. Additionally, Gandhar Oil was listed at 76% premium, however, Fedbank Financial Services listed at a discount.
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World bid adieu to Charlie Munger: Charlie Munger, 99, Vice Chairman of Berkshire Hathaway passed away on November 28, 2023. Munger was Warren Buffet’s right hand and was instrumental in building Berkshire Hathaway to its current stature.
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Assembly Elections 2023: The polling for the Assembly constituencies of Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram were held on Nov 30th. The results of elections will be declared on December 3rd.
Check out the awesome content from Ambrela
Visual of the week
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Source: Guardian.com
Cybertruck is an electric pickup truck made by Tesla Inc. It is the company’s first new model in 4 years. The truck is made of flat panes of stainless steel and is priced at $60,990 which is 50% costlier than what was believed initially. Tesla is expected to start producing the vehicle for the mass market from 2024.
Test you knowledge !
Which country is leading electric vehicle adoption in the world?
[A] Iceland
[B] Sweden
[C] Norway
[D] China
With 80% of passenger vehicle sales being electric in 2022, Norway tops the list. It is followed by Iceland (41%), Sweden (32%), Netherlands (24%) and China (22%).
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Do you know, what happened when 900 employees were laid off in one Zoom call?
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Check out this video👇
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