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☆ Morning Bid: Bland China data leaves market hungry for stimulus
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

The Q2 GDP number of +0.8% q/q just pipped forecasts, but y/y undershot at 6.3% suggesting revisions somewhere to the past. The market reaction was disgruntled with Chinese shares down and the yuan easing. The data underlined the need for much more serious fiscal spending but Beijing seems in no hurry to satiate market wishes this time. The central bank left one-year rates unchanged on Monday, and analysts seem resigned to wait for a Politburo meeting later this month for fresh steps. Goldman Sachs says passive funds that track NDX will rebalance their portfolios but the 2011 special rebalance experience suggests the stock-level impact will be limited.

Persons: Wayne Cole, BofA, Goldman Sachs, Fabio Panetta, Christine Lagarde, Frank Elderson, Philip R, Jacqueline Wong Organizations: Investors, Aussie, Tesla, Nasdaq, Microsoft, Finance Ministers, Central Bank Governors, ECB, Federal Reserve Bank of New, Manufacturing Survey, Thomson Locations: Wayne, China, Beijing, 4ppt, Gandhinagar, India, Federal Reserve Bank of New York

GANDHINAGAR, India, July 16 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. "I am eager to build on the groundwork that we laid in Beijing to mobilise further action." U.S. corporations want to see an environment where they could "invest and thrive in China", Yellen said. She said a debt restructuring "user guide" was needed for borrowing countries and other stakeholders to provide clarity about the process. "We should build better banks, not just bigger banks," Yellen said.

Persons: Janet Yellen, Yellen, David Lawder, Aftab, Sudipto Ganguly, William Mallard Organizations: . Treasury, U.S ., Sri, International Monetary Fund, U.S . Treasury, IMF, World Bank, Bank, U.S, Thomson Locations: GANDHINAGAR, India, China, Beijing, U.S, Washington, Moscow, Ukraine, Russia, Gandhinagar, Indian, Gujarat, Sri Lanka, Ghana, United States, Congress, Aftab Ahmed

☆ China's response not encouraging on G20 common framework for debt, source says
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

GANDHINAGAR, India, July 16 (Reuters) - China has not given an encouraging response so far on reaching a common understanding with the G20 bloc on the issue of restructuring the debt of vulnerable countries, a source aware of the matter said on Sunday. G20 nations are also not keen on a one-size-fits-all rule to restructure such countries' debt, the source said on condition of anonymity. Financial leaders from the Group of 20 major economies are meeting in India's Gandhinagar over the next two days to discuss, among other things, the debt treatment of countries under the so-called Common Framework - a G20 initiative to help poor countries delay their debt repayments. Last month, Zambia struck a deal to restructure $6.3 billion in debt owed to governments abroad including China, in what was seen as a breakthrough for vulnerable nations in crisis. Reporting by Aftab Ahmed; Writing by Shivam Patel; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Aftab Ahmed, Shivam Patel, Hugh Lawson Organizations: Thomson Locations: GANDHINAGAR, India, China, India's Gandhinagar, Zambia

☆ ‘We Must Go Faster.’ Yellen Says Rich Nations Must Speed Debt Relief
▼ + stars: | 2023-07-16 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen called on Sunday for international creditors to speed up their efforts to provide debt relief to developing countries facing default, arguing that shoring up their deteriorating finances would benefit the global economy. Speaking in Gandhinagar, India, ahead of a gathering of finance ministers from the Group of 20 nations, Ms. Yellen cited a recent agreement among international creditors, including China, to help Zambia pay its debts. “We should apply the common principles we agreed to in Zambia’s case in other cases rather than starting at zero every time,” Ms. Yellen said. “And we must go faster.”The Treasury secretary noted that more than half of low-income countries are in or near debt distress — double the total from 2015. These nations face a vicious cycle, because heavy public debt levels make it hard to attract public and private investment.

Persons: Janet L, Yellen, ” Ms Locations: Gandhinagar, India, China, Zambia, Ghana, Sri Lanka

☆ Australia upbeat on global tax talks at G20 in India
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] Workers work to install a hoarding board near the venue of G20 Finance Ministers and Central Bank Governors meeting at Gandhinagar in Gujarat, India July 13, 2023. REUTERS/Amit DaveSYDNEY, July 15 (Reuters) - Australian Treasurer Jim Chalmers expressed optimism on Saturday about progress on a long-awaited overhaul of global corporate taxation at a meeting of Group of 20 (G20) nations in India. More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinational corporations. The rules are widely considered outdated as digital giants like Apple or Amazon can book profits in low-tax countries. The second pillar calls on governments to end competition on tax rates between governments to attract investment, by setting a global minimum corporate tax rate of 15% from next year.

Persons: Amit Dave SYDNEY, Jim Chalmers, Chalmers, Philip Lowe, Sam McKeith, William Mallard Organizations: Ministers, Central Bank Governors, REUTERS, ABC, Reserve Bank of Australia, Thomson Locations: Gandhinagar, Gujarat, India, Sydney

NEW DELHI, July 13 (Reuters) - Global finance chiefs will meet in India next week to discuss increasing loans to developing nations from multilateral institutions, reforming the international debt architecture and regulations on cryptocurrency, Indian officials said. The finance ministers and central bank governors from the Group of 20 (G20) nations will also discuss a multilateral agreement on taxing conglomerates with cross-border operations, while the Russian war in Ukraine was also bound to come up, they said. Senior treasury officials from Russia and China are also expected to attend, according to two Indian officials, who did not want to be named. The finance ministers and treasury heads will also attempt to bring agreement on the principles of managing cryptocurrencies in their respective geographies. Additional reporting by Maria Martinez and Leigh Thomas; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Ajay Banga, Kristalina Georgieva, Lawrence Summers, N.K, Singh, Ajay Seth, Maria Martinez, Leigh Thomas, Raju Gopalakrishnan Organizations: Global, Treasury, International Monetary Fund's, Economic, IMF, Organisation for Economic Co, Development, OECD, Thomson Locations: DELHI, India, Ukraine, Gandhinagar, Gujarat, New Delhi, U.S, Russia, China, Zambia, Ghana

☆ India hits back after George Soros says Adani troubles will greatly weaken Modi's grip on power
▼ + stars: | 2023-02-20 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

NDIA - JANUARY 18: Prime Minister Narendra Modi with Gautam Adani, chairman and founder of the Adani Group, and other delegates at Vibrant Gujarat Global Summit, at Mahatma Mandir Exhibition cum Convention Centre, on January 18, 2019 in Gandhinagar, India. India slammed billionaire investor George Soros after he alleged the Adani turmoil will weaken Prime Minister Narendra Modi's grip on power and lead to a "democratic revival" in the country. The Adani Group has denied those allegations, calling the report a "calculated attack on India." Last week, Soros criticized the prime minister saying India was a democracy but Modi "is no democrat." Over the weekend, India's foreign minister, Subrahmanyam Jaishankar, told a conference in Sydney that Soros' comments were typical of a "Euro-Atlantic view" and rejected his accusations.

☆ Adani's fall reignites scrutiny of billionaire's close ties with Modi
▼ + stars: | 2023-02-16 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

Ashok Swain Uppsala UniversityHindenburg's report has further sharpened the focus on the billionaire mogul's close ties with Modi. After Modi became prime minister, Adani continued to benefit from the relationship but on a much larger scale, said Swain. In his address to parliament last week, the prime minister seemed unfazed by the opposition's criticism and made no mention of Adani. "And you can never breach this safety shield with the weapons of abuse and lies," he said, as opposition lawmakers chanted "Adani, Adani." "Prime Minister Modi and I are from the same state.

☆ India blocks BBC documentary on PM Modi from airing in India
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +2 min

[1/2] Indian Prime Minister Narendra Modi gestures as he leaves in a car after attending the funeral of his mother Heeraben, in Gandhinagar, India, December 30, 2022. REUTERS/Amit DaveMUMBAI, Jan 22 (Reuters) - India has blocked the airing of a BBC documentary which questioned Prime Minister Narendra Modi's leadership during the 2002 Gujarat riots, saying that even sharing of any clips via social media is barred. While the BBC has not aired the documentary in India, the video was uploaded on some YouTube channels, Gupta said. The government has issued orders to Twitter to block over 50 tweets linking to the video of the documentary and YouTube has been instructed to block any uploads of the video, Gupta said. Last week, a spokesperson for India's foreign ministry termed the BBC documentary a "propaganda piece" meant to push a "discredited narrative".

☆ India's Reliance makes rare buy of Russian naphtha, ups fuel oil imports
▼ + stars: | 2022-12-02 | by ( Mohi Narayan | ) www.reuters.com time to read: +2 min

The private refiner did not buy Russian naphtha in 2020 and 2021. Its annual imports of Russian naphtha were restricted to just one parcel in four years to 2019, the data showed. The data showed a panamax carrier Okyroe sailing towards India laden with about 59,000 tonnes of Russian naphtha. Russian naphtha is being sold at lower premiums to countries like India, two Asian naphtha traders said. FUEL OIL IMPORTS SURGEReliance, its two plants together capable of processing 1.4 million barrels of oil a day, has emerged as a key buyer of Russian oil since Moscow's February military action in Ukraine.

☆ Indian Prime Minister Narendra Modi’s Gujarat State Heads to the Polls
▼ + stars: | 2022-11-29 | by ( Shan Li | Krishna Pokharel | ) www.wsj.com time to read: 1 min

GANDHINAGAR, INDIA—Gujarat, the home state of Indian Prime Minister Narendra Modi , will vote in state assembly elections starting this week, offering a barometer of the endurance of Mr. Modi’s personal appeal ahead of national elections in 2024 in which he will run for a third term. The Bharatiya Janata Party has ruled in the western coastal state for 27 years, and there is little doubt of another victory, but the party is leaving little to chance after a surprisingly tough challenge from its rival, the Indian National Congress Party, in 2017. Top BJP leaders were also stung by the party’s defeat in West Bengal last year after it poured money and resources into winning state elections there, analysts said.

☆ Indian billionaire Gautam Adani was a college dropout. Now he may be too big to fail
▼ + stars: | 2022-10-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +11 min

Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. Rupak De Chowdhuri/ReutersMuch of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. Most of the companies in the Adani empire are held closely by the billionaire, his family and associated firms, including nearly 75% stakes in AEL, Adani Power, and Adani Transmissions. Yet, the Adani Group has continued to raise billions from Indian and foreign banks. CreditSights, a research firm owned by Fitch Group, in August published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns.

☆ India's Reliance unit to buy 20% stake in Caelux in renewable energy push
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit DaveBENGALURU, Sept 23 (Reuters) - Indian oil-to-chemicals conglomerate Reliance Industries Ltd (RELI.NS) said its unit Reliance New Energy Ltd would buy a 20% stake for $12 million in solar technology developer Caelux Corp to produce more powerful and lower cost solar modules. Pasadena, California-based Caelux is involved in research and development of perovskite-based solar technology that could see high efficiency solar modules produce 20% more energy over the 25-year lifetime of a solar project for a lower installed cost, Reliance said in an exchange filing on Friday. The stake purchase is part of the billionaire Mukesh Ambani-led conglomerate's aggressive push into the renewable energy sector, with aims of producing 100 GW of solar energy by 2030. read moreEarlier this month, Reliance said it would acquire a 79.4% stake in California-based solar energy software developer SenseHawk for $32 million. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

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