Coal Miners Day, observed annually on May 4 in India, commemorates the dedicated efforts and significant contributions of coal miners. The history of Coal Miners Day dates back to the opening of the first coal mine in Scotland in 1575. In India, the first coal mine was established in 1774 at the Raniganj Coalfield by John Summer and Suetonius Grant Heatly.
International Firefighters' Day is observed every year on May 4, and this time, it will be observed on Saturday. On December 2, 1998, members of the Geelong West Fire Brigade answered a call to aid firefighters combating a wildfire in Linton, Victoria, Australia. It also serves as a day of remembrance for firefighters who lost their lives protecting others.
A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, accompanied by High Commissioner of India to Federal Republic of Nigeria, and Economic Adviser, Department of Commerce, Ms. Priya P. Nair held a Joint Trade Committee (JTC) meeting with their Nigerian counterparts in Abuja from 24 April-30 April 2024
Nigeria is a major partner- the 2nd largest trading partner of India in Africa region. Bilateral trade between India and Nigeria stood at USD 11.8 billion in 2022-23.In the year 2023-24, the bilateral trade stands at 7.89 billion showing a declining trend. With a total investment of USD 27 Billion, approximately 135 Indian companies are actively engaged in Nigeria’s vibrant
After recording double-digit growth for two consecutive years, India’s services exports decelerated in FY24 to a three-year low, with a modest increase of 4.9 per cent to $341.1 billion, data released by the Reserve Bank of India showed.
However, net services exports grew at a robust pace of 13.6 per cent to $162.8 billion as services imports contracted 2 per cent to $178.3 billion during the financial year ended March 31. In FY24, merchandise exports had contracted 3.2 per cent to $437.1 billion, leading to a trade deficit of $240.2 billion, data released by the commerce ministry last month showed.
The latest round of RBI’s survey of Professional Forecasters on Macroeconomic Indicators projects the CAD to GDP ratio at 1.2 per cent and 1.1 per cent for FY25 and FY26.
C2FO,a leading on-demand working capital platform, one of its platform,that addresses liquidity challenges faced by MSMEs, has gone live with State Bank of India and Dabur India, as inaugural participants. This follows the recent approval received by C2FO's wholly-owned subsidiary, C2FO Factoring Solutions Private, from the Reserve Bank of India, to operationalise theTReDS.
TReDS, an initiative introduced by the Reserve Bank of India (RBI) and backed by the Ministry of Micro, Small & Medium Enterprises (MSME), addresses the liquidity & working capital challenges faced by MSMEs.
TReDS serves as an electronic platform facilitating the financing and discounting of trade receivables of MSMEs through multiple financiers. About 50,000 Indian MSMEs are part of C2FO's India network. Founded in 2008, and headquartered in Kansas City (USA), C2FO has delivered more than USD 300 billion in funding around the world.
Paytm Money, the wealth management arm of One97 Communications, named Rakesh Singh, a seasoned banking professional and former CEO of Fisdom’s broking division, as the new Chief Executive Officer (CEO), after Varun Sridhar stepped down from the post.
Ujjivan Small Finance Bank has named Carol Furtado as Executive Director, effective May 1, 2024. The decision was approved by the Reserve Bank of India (RBI), marking a strategic move for the bank as it seeks to enhance its operational prowess and strategic direction.
Furtado’s tenure with Ujjivan SFB dates back to its inception, where she has held pivotal roles, including Chief Human Resource Officer, Head of Operations and Service Quality, and Chief Business Officer (CBO). The bank anticipates seeking shareholders’ approval at its upcoming 8th Annual General Meeting (AGM).
BlackRock, a US asset management firm, and Saudi Arabia’s Public Investment Fund (PIF) signs a non-binding Memorandum of Understanding (MoU) to establish a multi-asset class investment platform in Riyadh, with an initial investment of up to $5 billion from the $700 billion Saudi sovereign wealth fund.
The platform, known as BlackRock Riyadh Investment Management (BRIM), would include investment strategies across a variety of asset classes, according to a PIF statement issued on May 1 following the signing of a memorandum of understanding for the plan.
The Organisation for Economic Co-operation and Development, revised India’s FY25 growth forecast upward to 6.6% from 6.2% projected earlier. “Strong investment and improving business confidence in India are projected to sustain real GDP growth of just over 6½ per cent in both FY25 and FY26, despite relatively sluggish private consumption growth,” OECD said.
Tata Steel Special Economic Zone Limited (TSSEZL) and HHP Five Private Limited (Hygenco) inked a memorandum of understanding (MoU) to establish a green hydrogen and green ammonia project at TSSEZL’s Gopalpur Industrial Park (GIP) in Odisha’s Ganjam district.
Under the agreement, Hygenco will acquire land in Ganjam district to establish its green hydrogen, green ammonia, and derivatives unit, according to the agreement. Hygenco, known for producing low-cost green hydrogen, aims to produce 1 million tonnes per annum (1 MnTPA) from this plant in phases, with the initial phase scheduled for commissioning by December 2026, it said.