The All India Bank Officers' Confederation (AIBOC) plans a two-day nationwide strike from 24 to 25 February 2025, demanding a five-day workweek, sufficient recruitment, and resolution of long-pending issues. AIBOC criticized recent DFS directives, sought immediate withdrawal of performance-related guidelines, and urged the appointment of directors in PSBs.
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Industry leaders foresee a significant global trade realignment following the 27% reciprocal tariffs announced by President Trump. India's impact is expected to be marginal, with minimal disruption to export competitiveness. Enhanced export efficiency and value addition are advised for Indian industries. A well-negotiated US-India trade agreement is anticipated to bolster future collaboration.
Foreign portfolio investors remain cautious on Indian equities in light of uncertainty around Q3 FY25 earnings recovery and fair market valuations, despite strong domestic institutional investor support. The Indian rupee's depreciation and global factors are contributing to market volatility.
The rupee hit a lifetime low of 85.84 against the dollar, closing at 85.83, despite RBI intervention. The drop was influenced by a strong dollar, poor capital flows, and weak equity markets. Foreign investors withdrew $1.1 billion in January, and broader economic concerns, including rising US bond yields and HMPV virus fears, added to the pressure.
Maya and Leah Tata, daughters of Tata Trusts chairman Noel Tata, have joined the board of trustees at Sir Ratan Tata Industrial Institute (SRTII), taking over from Arnaz Kotwal and Freddy Talati. The appointments, endorsed by the Sir Ratan Tata Trust board, aim to leverage local experience for upcoming renovation projects. The move is seen as preparation for future responsibilities at larger Tata Trusts.
Whirlpool India's shares plummeted 20% as Whirlpool Corporation plans to cut its stake to about 20% this year, generating $550-600 million. The reduced stake aims to provide autonomy for growth and support $700 million debt reduction. Last year, Whirlpool had already reduced its stake from 75% to 51%.
Global capability centres (GCCs) are set to offer more substantial salary increases than Indian IT service providers in the upcoming fiscal year. GCCs are offering higher starting salaries for new graduates in AI/ML and cloud positions, and senior roles with over eight years of experience see similar salary increases in both sectors.
GQG Partners LLC and Fidelity Investments, among other major investors, have bought shares in Bharti Airtel. Indian Continental Investment sold over 0.8% stake, raising approximately $976 million. Bharti Telecom acquired nearly a quarter of the shares. The sale aims to fund founder Sunil Bharti Mittal's international ventures, including investments in Africa and the UK satellite company OneWeb.
The finance ministry is preparing for Union budget 2025 with potential reforms in healthcare, insurance, and taxation. A State Bank of India report recommends increasing healthcare spending to 5% of GDP, exempting GST and taxes on insurance premiums, and rationalizing GST on medical devices.
Harsh Jain, CEO of Dream11, demands an independent regulator like Sebi for the online gaming industry. He warns that the sector will collapse if forced to pay the retrospectively imposed GST, which impacts 400 companies and threatens their financial viability. Jain suggests lower tax rates based on Gross Gaming Revenue.
Vembu would take up a new role as the chief scientist, he said in a X post on Monday.