Name: Income Tax raids MGM Group's locations across Tamil Nadu
Uploaded: 2022-06-15T13:02:05.000+05:30
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Channel: Editorji News Desk
Description: The income tax department is conducting a raid at around 30 locationsof MGM Group across Tamil Nadu in connection with a tax evasion case. The Income Tax department began the raid at these locations associated w...

US President-elect Trump warns the European Union to address the US trade deficit through large-scale oil and gas purchases or face potential tariffs, signaling a shift in trade relations.

Trump threatens tariffs if EU doesn't buy more oil, gas

Trump, who takes office in January, has made sweeping threats of slapping tariffs on US trading partners -- including Canada, Mexico and China -- which could send reverberations across the global economy.

US president-elect Donald Trump on Friday threatened the European Union with tariffs if the bloc does not reduce its "tremendous" trade gap with Washington through oil and gas purchases.
"I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas," Trump said in a post on his Truth Social platform in the early hours of Friday.
"Otherwise, it is TARIFFS all the way!!!"
According to US figures, goods imports from the EU were $553.3 billion in 2022, while its exports to the bloc were $350.8 billion.
This puts the US goods trade deficit with the EU at $202.5 billion that year.
Trump, who takes office in January, has made sweeping threats of slapping tariffs on US trading partners -- including Canada, Mexico and China -- which could send reverberations across the global economy.
Accusing Canada and Mexico of allowing the United States to be flooded with illicit drugs and undocumented migrants, he had announced a 25 percent import tariffs, while also vowing at least 10 percent against China, Washington's Asia-Pacific rival.
Canada, Mexico and China make up three of the biggest US trading partners.
Earlier this month, the European Union concluded a massive trade deal with four South American countries -- Argentina, Brazil, Paraguay and Uruguay -- which aims to create a 700-million-customer free-trade area.
EU Commission Chief Ursula von der Leyen had said the agreement would build trade bridges as "strong winds are blowing in the opposite direction, towards isolation and fragmentation" -- comments largely seen as a nod to Trump's threats to hike tariffs.
Some analysts have said Trump's tariff threat could be bluster, or an opening shot for leverage in future trade negotiations when he comes into office.
But Trump has continually insisted that "properly used" tariffs would be positive for the US economy.
"Our country right now loses to everybody," he told reporters at his Florida residence earlier this week. "Tariffs will make our country rich."

The company has been making strong efforts to absorb price increases during this year, ensuring minimal impact on customers, said VP Kunal Behl.

Honda Cars to hike vehicle prices by up to two per cent from Jan 2025

The company has been making strong efforts to absorb price increases during this year, ensuring minimal impact on customers, said VP Kunal Behl.

Honda Cars India on Friday said it will hike prices across its model range by up to 2 per cent from January next year, in order to partially offset the impact of rising input costs.
The company sells models like Amaze, City and Elevate in the domestic market.
The automaker will increase the prices of its models by up to 2 per cent from the beginning of January 2025, Honda Cars India Vice President - Marketing and Sales Kunal Behl said.
The company has been making strong efforts to absorb price increases during this year, ensuring minimal impact on customers, he added.
"However, due to the continued rise in input costs and logistics, a small portion of this impact will be passed on to customers through a price revision from the new year," Behl said.
Additionally, the all-new third-generation Amaze which was launched at a very competitive introductory price, will also see a price revision by mid of next month, he added.
Already various carmakers including Maruti Suzuki, Hyundai and Tata Motors have announced price hikes from January.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

Global stock markets faced declines on December 19, 2024, driven by inflation fears, economic slowdown, and geopolitical tensions. Key indices in the US, Europe, and Asia showed mixed results, with significant losses in tech, financial, and retail se

Global stocks struggle amid inflation, economic fears: December 19, 2024 analysis

Global stock markets faced declines on December 19, 2024, driven by inflation fears, economic slowdown, and geopolitical tensions. Key indices in the US, Europe, and Asia showed mixed results, with significant losses in tech, financial, and retail sectors.

Global stock markets faced declines on December 19, 2024, driven by inflation fears, economic slowdown, and geopolitical tensions. Key indices in the US, Europe, and Asia showed mixed results, with significant losses in tech, financial, and retail sectors.

Global Stock Market Performance - (Data as of December 19, 2024, 3:30 PM)
<img src="https://cdn.editorji.com/67640cfa7985c_1734610170.png" width="580" height="586">
&nbsp;
Today's Stock Market Analysis: December 19, 2024
Global stock markets faced another turbulent trading day on December 19, 2024, as key indices across the United States, Europe, and Asia witnessed mixed performances. Investors grappled with challenges such as rising inflation, economic slowdown fears, and the lingering impact of geopolitical tensions. Let&rsquo;s break down today&rsquo;s market trends and analyze the performance of major indices.
&nbsp; US Stock Market Performance S&amp;P 500
<img src="https://cdn.editorji.com/6764109443e2b_1734611092.png" width="588" height="260">
The S&amp;P 500, a benchmark for US equity markets, closed sharply lower at 5872.16, recording a 2.95% drop. This decline marks one of its worst days in December, driven by weak economic data and significant losses in technology and financial stocks. NASDAQ
<img src="https://cdn.editorji.com/6764104898b76_1734611016.png" width="583" height="258"> The NASDAQ Composite mirrored this sentiment, plummeting 3.56% to close at 19392.69. The tech-heavy index saw major corrections in semiconductor and cloud-computing stocks, pointing to a bearish market trend. 
DOW JONES
<img src="https://cdn.editorji.com/6764106ce0738_1734611052.png" width="584" height="258">
The Dow Jones Industrial Average fell by 2.58%, closing at 42326.87 as concerns over weakening consumer demand dampened investor sentiment.
Key indicators such as the 50-day EMA and 200-day EMA reveal a bearish outlook for these indices, further compounded by negative MACD signals and declining RSI values.
&nbsp; European Stock Markets: FTSE 100, DAX, and CAC 40 UNITED KINGDOM
<img src="https://cdn.editorji.com/676410032df6e_1734610947.png" width="592" height="262">
In Europe, the FTSE 100 (UK) showed resilience despite closing at 8102.70, down just 1.18%. Stabilizing oil prices provided some support, though retail stocks struggled as fears of reduced holiday spending loomed large. GERMANY
<img src="https://cdn.editorji.com/67640fcb1e412_1734610891.png" width="592" height="262">
The DAX (Germany), which represents Europe's largest economy, dropped 0.98% to 20044.80. Weak economic forecasts for the eurozone weighed heavily on the market, despite positive signals in industrial sectors. FRANCE
<img src="https://cdn.editorji.com/67640fa3888a0_1734610851.png" width="590" height="261"> Similarly, France's CAC 40 declined by 1.15%, closing at 7299.99. Banking stocks saw notable losses, reflecting broader uncertainty in the European financial sector.
&nbsp; Asian Stock Markets: Mixed Reactions: Asian markets showed mixed results.
&nbsp;
JAPAN
<img src="https://cdn.editorji.com/67640f42c3cbc_1734610754.png" width="586" height="259">
Japan&rsquo;s Nikkei 225 fell by 0.69%, closing at 38813.58. The decline was driven by concerns over China's economic slowdown and geopolitical issues, which continue to affect investor confidence in the region. HONG KONG
<img src="https://cdn.editorji.com/67640f08cbf6f_1734610696.png" width="586" height="259">
In Hong Kong, the Hang Seng Index closed at 19752.51, registering a marginal loss of 0.56%. Despite stabilization in the real estate sector, losses in technology and financial stocks dragged the index lower.
&nbsp;
INDIA
Indian markets were among the hardest hit in Asia. The Nifty 50 fell by 1.02%, closing at 23951.70.
<img src="https://cdn.editorji.com/67640ecd0a5dc_1734610637.png" width="590" height="261">
The BSE Sensex also experienced a sharp decline of 1.22%, finishing at 79207.67.
<img src="https://cdn.editorji.com/676410fd3dc00_1734611197.png" width="586" height="259">&nbsp; Both indices suffered from steep losses in IT and automobile sectors, reflecting growing concerns over India&rsquo;s slowing economic growth.
&nbsp; Key Stock Market Trends and Insights
Bearish Momentum Across Major Indices: The S&amp;P 500, NASDAQ Composite, and Dow Jones all closed below key moving averages, signaling prolonged bearish trends. Negative RSI and MACD Readings: Many indices, including the DAX and Nifty 50, showed declining RSI levels and negative MACD signals, indicating weakening market momentum. Volatility in Asian Markets: With geopolitical tensions and China&rsquo;s economic slowdown at the forefront, Asian indices like the Nikkei 225 and Hang Seng Index struggled to maintain stability. &nbsp; The global stock markets closed lower on December 19, 2024, as negative sentiment dominated trading activity. From the US to Asia, key indices struggled under the weight of macroeconomic challenges and geopolitical uncertainties. Investors are now awaiting crucial updates from central banks and corporate earnings reports to gauge the direction of the markets.
Today&rsquo;s performance highlights the interconnected nature of global stock markets and the heightened risk environment as we move into the end of the year. Traders and long-term investors alike will need to remain vigilant, adopting diversified strategies to navigate the turbulent landscape of the financial markets.

Union minister Nitin Gadkari on Thursday said the Indian electric vehicle market potential is likely to touch Rs 20 lakh crore and will create around 5 crore jobs across the entire EV ecosystem by 2030.

India's EV market to hit Rs 20 lakh crore by 2030: Gadkari

According to Gadkari, the government is concentrating on green energy as 44 per cent of India's power basket is solar power.

Union minister Nitin Gadkari on Thursday said the Indian electric vehicle market potential is likely to touch Rs 20 lakh crore and will create around 5 crore jobs across the entire EV ecosystem by 2030.
Addressing the '8th Catalyst Conference on Sustainability of E-Vehicle Industry - Evexpo 2024', Gadkari said estimated electric vehicles finance market size will be around Rs 4 lakh crore by 2030.
"The Indian electric vehicles market potential is of Rs 20 lakh crore by 2030, creating five crore jobs across the entire EV ecosystem," he said.
The road transport and highways minister said 40 per cent of air pollution in India is because of the transport sector.
"We import fossil fuels worth Rs 22 lakh crore, that is a big economic challenge. And this import of fossil fuels is creating a lot of problems in our country," Gadkari said.
According to Gadkari, the government is concentrating on green energy as 44 per cent of India's power basket is solar power.
"We are giving highest priority for development of our hydro power, then solar power, green power, particularly from biomass. And now solar power is one of the important sources for all of us," he said.
The minister pointed out that India is facing shortages of electric buses.
"Our country requires one lakh electric buses but our capacity is 50,000 buses. I request all of you that this is the appropriate time that you can expand your factory," he said.
Gadkari asked electric vehicle manufacturers not to compromise with the quality.
He said the size of India's automobile industry was Rs 7 lakh crore when he took charge as transport minister in 2014. "Today it (the size of the automobile sector) is Rs 22 lakh crore. Our number is third in the world. We just surpassed Japan," he said.
The size of the USA's automobile industry is Rs 78 lakh crore, followed by China (Rs 47 lakh crore) and India (Rs 22 lakh crore).

On Tuesday, replying to a debate on the first batch of Supplementary Demands for Grants in the Lok Sabha, Sitharaman said Rs 14,131.6 crore worth of properties belonging to Mallya have been restored to public sector banks.

Mallya Calls for Justice Over Excess Debt Recovery and Legal Inconsistencies

On Tuesday, replying to a debate on the first batch of Supplementary Demands for Grants in the Lok Sabha, Sitharaman said Rs 14,131.6 crore worth of properties belonging to Mallya have been restored to public sector banks.

Fugitive businessman Vijay Mallya has said that he will pursue relief for the Enforcement Directorate and banks taking more than two times the debt he owed.
His remarks came following a statement by Finance Minister Nirmala Sitharaman in Parliament about the recovery of over Rs 14,130 crore from his attached assets.
<blockquote class="twitter-tweet">
The Debt Recovery Tribunal adjudged the KFA debt at Rs 6203 crores including Rs 1200 crores of interest. The FM announced in Parliament that through the ED,Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores and I am still an economic&hellip;
&mdash; Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/1869405160008540432?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote>
In a series of posts on social media platform X, Mallya said, &ldquo;The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crore including Rs 1200 crore of interest.&rdquo;
He further wrote, &ldquo;The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.6 crore from me against the judgement debt of Rs 6203 crore and I am still an economic offender.
&ldquo;Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to the relief which I will pursue.&rdquo;
On Tuesday, replying to a debate on the first batch of Supplementary Demands for Grants in the Lok Sabha, Sitharaman said Rs 14,131.6 crore worth of properties belonging to Mallya have been restored to public sector banks.
Mallya, who fled to the UK in March 2016, is wanted in India over a default of Rs 9,000 crore that was loaned to erstwhile Kingfisher Airlines (KFA) by several banks.
<blockquote class="twitter-tweet">
Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgement debt. Will anyone, including those who freely abuse me, stand up and question this blatant injustice&hellip;
&mdash; Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/1869494701960888398?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote>
In his post, Mallya said, &ldquo;Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgment debt.&rdquo;
Claiming he has no support from anyone, he said, &ldquo;Will anyone, including those who freely abuse me, stand up and question this blatant injustice? To be seen to support a much maligned me requires guts. Sadly no guts for justice particularly for me.&rdquo;
<blockquote class="twitter-tweet">
Government and my many critics say that I have CBI criminal cases to answer. What criminal cases filed by CBI ? Never borrowed a single rupee, never stole, but as guarantor of KFA debt I am accused by CBI together with many others including IDBI Bank officials of fraudulently&hellip;
&mdash; Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/1869510383234322557?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote>
Mallya further said, &ldquo;Government and my many critics say that I have CBI criminal cases to answer. What criminal cases were filed by CBI?&rdquo; Claiming he never borrowed a single rupee, never stole, Mallya said, &ldquo;&hellip;but as guarantor of KFA debt I am accused by CBI together with many others including IDBI Bank officials of fraudulently obtaining a Rs 900 crore loan from IDBI Bank duly approved by their credit committee and Board. Full loan and interest repaid. After 9 years why is no conclusive evidence of fraud and misuse of funds?&rdquo;
India has been seeking Mallya&rsquo;s extradition from the UK.
He had in the past offered to repay 100 per cent of &ldquo;public money&rdquo; but accused the banks and government of refusing his offer.&nbsp;
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

UK Prime Minister Keir Starmer hosted a delegation of 13 Indian companies at 10 Downing Street in London on what the British government described as a “curated visit” to enhance the bilateral partnership and boost investment flows.

UK PM Keir Starmer hosts Indian business chiefs to boost investments

The companies represented are said to have collectively invested over GBP 10 billion into the UK and employ tens of thousands of people across the country.

UK Prime Minister Keir Starmer hosted a delegation of 13 Indian companies at 10 Downing Street in London on what the British government described as a &ldquo;curated visit&rdquo; to enhance the bilateral partnership and boost investment flows.
The visit on Wednesday follows Starmer&rsquo;s meeting with Prime Minister Narendra Modi on the sidelines of the G20 Summit last month, when the leaders committed to take forward an &ldquo;ambitious&rdquo; UK-India Comprehensive Strategic Partnership with collaboration opportunities on economic growth, security and defence, technology, climate, health, and education.
According to a readout from the British High Commission in New Delhi, the Indian investors and CEOs also met senior Cabinet ministers to discuss job creation and growth opportunities under a proposed India-UK trade deal after Starmer had confirmed the relaunch of Free Trade Agreement (FTA) negotiations early in the new year.
&ldquo;India is a vital partner for the UK and we have huge ambition to unlock more opportunities together, building on our already strong relationship,&rdquo; said Starmer, with reference to the business meeting.
&ldquo;I&rsquo;m delighted to welcome some of India&rsquo;s most senior business leaders to Downing Street and to outline the UK&rsquo;s ambitious focus on economic growth and innovation,&rdquo; he said.
The delegation, supported by the Confederation of Indian Industry (CII), discussed deepening ties with Chancellor of the Exchequer Rachel Reeves and Foreign Secretary David Lammy. Meanwhile, Business and Trade Secretary Jonathan Reynolds and minister for trade policy Douglas Alexander discussed bilateral trade, worth GBP 42 billion a year and supporting over 600,000 jobs across both economies as per UK government statistics.
&ldquo;As one of the most globally connected economies in the G20, the UK provides unmatched opportunities for Indian businesses to thrive. India already accounts for the second highest number of FDI projects into the UK, and this government is committed to deepening our trade and investment links with India even further,&rdquo; said Reynolds.
&ldquo;Boosting investment is a mission at the heart of this government. It was great to hear first-hand from Indian business leaders on why so many of them have given us a vote of confidence and chosen to invest here,&rdquo; he said.
The companies represented are said to have collectively invested over GBP 10 billion into the UK and employ tens of thousands of people across the country. The delegation was led by Sunil Bharti Mittal, founder and chairman of Bharti Enterprises which completed a major investment in the BT Group this year.
&ldquo;This business delegation comes at a pivotal moment, as India stands as the fastest-growing large economy and is on track to become a USD 5 trillion economy by 2027. Over time, India-UK relations have developed into a robust, multifaceted partnership built on historical ties, economic synergy, and increasing geopolitical alignment,&rdquo; said Mittal.
&ldquo;The India-UK Free Trade Agreement negotiations present significant opportunities for mutual growth and cooperation. We are optimistic that this delegation will pave the way for numerous successful business collaborations. We shall seek guidance from Prime Minister Starmer on the sectors that may exhibit better collaboration opportunities,&rdquo; he said.
Other companies represented at the meeting included Bharat Semi Systems, Biocon Group, Blue Star Limited, Essar Group, Hero Enterprise, Jet Synthesis, Piramal Group, Reliance Industries, Tata Steel, TVS Motor Company, TVS Supply Chain Solutions and UPL Limited. The delegation concluded their tour with a reception hosted by the High Commission of India in London.

Since the start of the power supply in July 2023, Bangladesh has faced delays in clearing its dues. As of October 2023, Adani Power reduced its electricity supply to Bangladesh from 1,400 MW to around 700-800 MW, citing overdue payments.

Bangladesh Government Plans to Renegotiate Power Deal with Adani Power, Citing Unfair Terms

Since the start of the power supply in July 2023, Bangladesh has faced delays in clearing its dues. As of October 2023, Adani Power reduced its electricity supply to Bangladesh from 1,400 MW to around 700-800 MW, citing overdue payments.

Bangladesh&rsquo;s interim government, led by Nobel Laureate Muhammad Yunus, is moving to reopen a multi-billion-dollar power purchase agreement with Adani Power, citing unresolved issues around tax exemptions, payment delays, and high energy tariffs.
The deal, which was signed in 2017, provides electricity from Adani Power's Godda coal-fired plant in Jharkhand, India, to Bangladesh. However, the Bangladeshi government now claims that Adani Power has failed to pass on tax benefits related to the special economic zone (SEZ) status granted to the plant, potentially costing Bangladesh millions in savings.
Allegations of Withheld Tax Benefits
Under the 2017 agreement, Adani Power's Godda plant was granted SEZ status by the Indian government, which includes several financial incentives such as income tax exemptions. However, the Bangladesh Power Development Board (BPDB) alleges that Adani Power did not disclose changes to the plant's tax status, nor did it pass on the associated savings to Bangladesh. According to the BPDB&rsquo;s estimates, these savings could amount to approximately $28.6 million.
The failure to pass on these benefits is a key point of contention in the ongoing dispute, as Bangladesh asserts that these tax advantages should have been part of the deal's terms.
Payment Disputes and Supply Cutbacks
The dispute over tax benefits is compounded by a payment impasse between Bangladesh and Adani Power. Since the start of the power supply in July 2023, Bangladesh has faced delays in clearing its dues. As of October 2023, Adani Power reduced its electricity supply to Bangladesh from 1,400 MW to around 700-800 MW, citing overdue payments.
Adani Power claims it is owed $900 million, while the BPDB contends the arrears are closer to $650 million. The disagreement also extends to the power tariffs, with Bangladesh asserting that the prices are much higher than those of similar deals with other power suppliers.
In response to a request for a discount on rates, Adani Power stated that it would not entertain any further price reductions until the outstanding payments were settled.
Bangladesh's Push to Renegotiate the Deal
In light of these ongoing issues, the Bangladesh government is seeking to renegotiate the 25-year power agreement with Adani Power. The deal, which was awarded by the previous government under Prime Minister Sheikh Hasina without a tender process, has come under scrutiny due to its high costs compared to other power agreements.
Bangladesh&rsquo;s interim government is reportedly planning to leverage the fallout from the U.S. legal proceedings against Adani Group, following allegations of bribery related to a $265 million scheme, to push for more favourable terms in the power deal.
The potential renegotiation could have significant ramifications for both Adani Power and Bangladesh&rsquo;s future energy strategies.
Adani Power's Defense
Adani Power has strongly rejected the accusations, asserting that it has adhered to all contractual obligations and was not notified of any review of the deal by the Bangladesh government.
The company maintains that the reduction in supply was a response to the payment delays and that it had no prior knowledge of any intentions by Bangladesh to revisit the agreement.
In response to Bangladesh&rsquo;s requests for additional discounts, Adani Power stated that no further concessions would be made until the payment issue is resolved, signalling a tough stance on the matter.
Bangladesh&rsquo;s Growing Energy Capacity
Despite the disputes with Adani Power, Bangladesh&rsquo;s energy minister, Muhammad Fouzul Kabir Khan, stated that the country now has sufficient domestic power generation capacity.
Although some power plants remain idle, Bangladesh believes it can meet its energy requirements without relying on external suppliers, including Adani Power. This shift in domestic energy capacity has further complicated the need for continued imports from India.
Court-Ordered Investigation and Potential Impact
The Bangladesh High Court has intervened, ordering a formal investigation into the power agreement. A high-level committee is expected to examine the terms of the deal and the alleged discrepancies in the tax benefits.
The findings of this investigation could play a pivotal role in shaping the future of the deal and may lead to revisions in the power purchase agreement.
Implications for the Energy Sector and Future Deals The outcome of this dispute has far-reaching implications for Bangladesh&rsquo;s energy sector, particularly as the country seeks to diversify its energy sources and reduce dependency on imported power.
The renegotiation of the Adani Power deal could set a precedent for future agreements with international energy companies and influence Bangladesh&rsquo;s approach to future power procurements.
For Adani Power, the dispute raises questions about its operations in international markets and its ability to manage complex cross-border agreements. The company&rsquo;s reputation could be impacted if the ongoing legal and financial issues are not resolved swiftly and satisfactorily.
Critical Crossroads for Bangladesh&rsquo;s Energy Strategy
As Bangladesh moves to renegotiate its power agreement with Adani Power, the resolution of this dispute will be critical to the country&rsquo;s energy future. Both parties are expected to engage in further negotiations, with Bangladesh hoping to secure a more equitable deal that aligns with its financial and energy needs. Meanwhile, Adani Power will likely seek to protect its interests and uphold the terms of the original agreement.
The outcome could shape the future of energy trade between India and Bangladesh, with broader implications for cross-border energy agreements in the region.
(With Agency Inputs)

New Zealand tipped into recession in the third quarter, official data showed Thursday, with the economy suffering an unexpectedly sharp slump that sent the country's currency tumbling and sparked political finger-pointing.

New Zealand enters recession with sharp GDP decline

The economy has for months teetered on the verge of recession, with consumer sentiment weighed by high prices, elevated borrowing costs and a housing crisis.

New Zealand tipped into recession in the third quarter, official data showed Thursday, with the economy suffering an unexpectedly sharp slump that sent the country's currency tumbling and sparked political finger-pointing.
The conservative coalition government defended its "respect for taxpayers' money" as the opposition accused it of feeding a "recessionary fire".
The economy has for months teetered on the verge of recession, with consumer sentiment weighed by high prices, elevated borrowing costs and a housing crisis.
But the latest figures showed gross domestic product fell a bigger-than-expected 1.0 percent July-September from the previous three months. Analysts had forecast a contraction of 0.2 percent.
That marked the second quarterly contraction in a row, after shrinking a revised 1.1 percent in April-June.
"Yes, the one percent decline in activity is huge. And it's much weaker than anyone had anticipated," said a report by Kiwibank economics.
Excluding an economic decline during the Covid-19 pandemic, the New Zealand economy had posted the weakest six-month period since 1991, it said.
"And weakness is spreading across most industries," the report said.
However, the recent drop was partly balanced out by a statistical revision of growth upwards earlier in the year, Kiwibank said.
And the latest quarter may be the last in the cycle of decline, it said, with a one percent cut in interest rates over the quarter likely to provide relief going forward.
The New Zealand dollar was trading in the late afternoon at US$0.5626 -- down about 1.8 percent from the previous day -- as the scale of the slump took traders by surprise.
"The latest economic figures highlight the importance of the steps the government has taken to restore respect for taxpayers money and drive economic growth," the government said in a statement.
Finance Minister Nicola Willis said the economy had now contracted for eight quarters on a per-capita basis.
"The decline reflects the impact of high inflation on the economy. That led the Reserve Bank to engineer a recession which has stifled growth," she said.
But she predicted the economy would pick up in the next quarter, and grow more strongly in 2025.
The opposition Labour Party said the recession was of the finance minister's making.
"Nicola Willis' cuts and austerity has fed the recessionary fire," said Labour finance spokesperson Barbara Edmonds. "There's no creative accounting that Nicola can do to make these GDP figures better."

The rupee’s Asian peers – the Korean won, the Malaysian ringgit, and the Indonesian rupiah – were down 0.8%-1.2% on the day.

Dollar Pushes Indian Rupee to Record Low of 85, Fed's Policy Outlook in Focus

The rupee&rsquo;s Asian peers &ndash; the Korean won, the Malaysian ringgit, and the Indonesian rupiah &ndash; were down 0.8%-1.2% on the day.

The Indian rupee declined past 85 to the U.S. dollar for the first time on Thursday after the Federal Reserve signalled fewer rate cuts next year, piling more pressure on a currency already struggling with tepid capital flows.
The rupee hit a low of 85.0650 against the U.S. dollar, down from 84.9525 on Wednesday. The pace of the currency&rsquo;s fall to 85 handles from 84 has been faster than prior declines of the same magnitude.
The rupee&rsquo;s drop to 85 from 84 has taken place in a space of about two months, while the decline to 84 from 83 took nearly 14 months. It took the currency 10 months to decline to 83 from 82.
ASIA FX SLUMPS
The rupee&rsquo;s Asian peers &ndash; the Korean won, the Malaysian ringgit, and the Indonesian rupiah &ndash; were down 0.8%-1.2% on the day.
The selloff in Asia FX comes after the Fed dot plot indicated two rate cuts next year, half of what was signalled in September.
&ldquo;From here, it&rsquo;s a new phase and we&rsquo;re going to be cautious about further cuts,&rdquo; Fed Chair Jerome Powell said.
The central bank&rsquo;s hawkish turn comes amid several negative factors that the rupee is contending with. India&rsquo;s economic growth slowed to a seven-quarter low from July to September, the merchandise trade deficit is widening, and capital inflows are tepid.
Persistent strength in the U.S. dollar on incoming U.S. President Donald Trump&rsquo;s expected policies has further undermined the rupee. The Fed&rsquo;s latest rate forecasts will provide an additional fillip to the dollar.
India&rsquo;s sharply slowing growth, necessitating the central bank to deliver rate cuts sooner rather than later, is an added factor that is weighing on the rupee, said Akshay Kumar, head of global markets at BNP Paribas India.
&ldquo;In the short term, we can expect upward pressure on USD/INR to remain,&rdquo; he said.
The many headwinds that the rupee is facing prompted investors to raise their short positions on the currency to a two-year high in December, according to a Reuters poll.
The rupee has weakened about 2% so far this year and is in the middle of the Asia FX pack.
Routine interventions by the Reserve Bank of India have kept the rupee&rsquo;s volatility low relative to its Asian peers.
The muted volatility that the rupee enjoyed in the last two years may not be repeated in 2025, analysts said.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec. 13, the Energy Information Administration (EIA) said on Wednesday.

Oil Prices Rally on Inventory Drop, Market Awaits Fed Projections

U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec. 13, the Energy Information Administration (EIA) said on Wednesday.

Oil prices edged higher on Wednesday after U.S. crude inventories fell and as investors eyed a likely interest rate cut by the U.S. Federal Reserve while weighing its projections for 2025.
Brent futures were up 60 cents, or 0.82%, to $73.79 a barrel at 1:10 p.m. ET. U.S. West Texas Intermediate crude was up 88 cents, or 1.26%, to $70.96. Both benchmarks retreated from gains of more than $1 a barrel at session highs.
U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec. 13, the Energy Information Administration (EIA) said on Wednesday.
Total product supplied, a proxy for demand, was at 20.8 million bpd, up 662,000 bpd from the prior week.
&ldquo;The market seems to have turned a corner from all the negativity we saw a couple of weeks ago as there is more optimism about demand,&rdquo; said Phil Flynn, a senior analyst for Price Futures Group.
Meanwhile, the Fed is expected to cut rates by a quarter point and to signal a cautious approach to loosening monetary policy next year.
&ldquo;While the market has a 25-basis point cut baked in, investors will look for what the forward-thinking is from the Fed and how aggressive they will be in 2025,&rdquo; StoneX analyst, Alex Hodes said in a note.
Between a new policy statement, the projections and Powell&rsquo;s press conference, the net result is likely to be &ldquo;a hawkish cut&rdquo; with a slower pace of reductions to come, Diane Swonk, chief economist at KPMG, wrote ahead of this week&rsquo;s meeting.
Lower rates decrease borrowing costs, which can boost economic growth and oil demand.
Uncertainty on how aggressively the U.S. Fed will cut interest rates next year is likely capping oil&rsquo;s upside for now, said UBS analyst Giovanni Staunovo.
The U.S. central bank will release its policy statement at 2 p.m. ET (1900 GMT), followed by remarks from Chair Jerome Powell.
&ldquo;The one hurdle we have to get over is the Fed meeting, if the Fed stays in the lane of what is expected then I think oil has a good chance of making new highs today and towards the end of the month,&rdquo; said Price Futures Group&rsquo;s Flynn.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

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The income tax department is conducting a raid at around 30 locationsof&nbsp;MGM&nbsp;Group across Tamil Nadu&nbsp;in connection with a tax evasion case.
The Income Tax department began the raid at these locations associated with the MGM Group on Wednesday morning. The company is reportedly charged with suspected tax evasion and is now being audited. The residences and office buildings of executives of the MGM Group is also being searched.
Chennai-based&nbsp;MGM Group has businesses like logistics, distilleries, hospitality, theme park and trading.

Income Tax raids MGM Group's locations across Tamil Nadu

The income tax department is conducting a raid at around 30 locationsof MGM Group across Tamil Nadu in connection with a tax evasion case.

MGM&nbsp;Group is reportedly charged with suspected tax evasion

The income tax department is conducting a raid at around 30 locationsof&nbsp;MGM&nbsp;Group across Tamil Nadu&nbsp;in connection with a tax evasion case.
The Income Tax department began the raid at these locations associated with the MGM Group on Wednesday morning. The company is reportedly charged with suspected tax evasion and is now being audited. The residences and office buildings of executives of the MGM Group is also being searched.
Chennai-based&nbsp;MGM Group has businesses like logistics, distilleries, hospitality, theme park and trading.

Stay updated on the Indian stock market's daily performance. Explore a detailed sector-wise analysis for December 20th to make informed investment decisions.

Indian Stock Market Sector-wise Performance: Which Sector Performed Well Today (Dec 20)?

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On December 20, 2024, the Indian stock market saw broad declines, with Nifty 50 falling 1.52%. Sectors like IT, Auto, and Banking led the losses, reflecting investor concerns. High volatility indicated potential short-term turbulence and economic challenges.
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How the world markets perform today? Get a snapshot of global stock market indices and key market movements on December 20.

Global Stock Market Indices: How the World Markets Performed Today (20 December)?

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How did global markets perform today? This article summarized the performance of key stock market indices worldwide, including the DOW, NASDAQ, S&amp;P 500, FTSE 100, Nikkei 225, NSE, BSE, and more.
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Discover the 5 biggest gainers in the Nifty 50 today (December 20th). Get the latest market insights and analysis on these underperforming stocks.

Stock Market Spotlight: Top Stocks to Watch;  DR Reddy’s, ICICI Bank, Nestlé, HDFC Life - Key Technical Indicators

Nifty 50 Top Gainers Today: Discover which 5 NSE stocks experienced the biggest increase today, December 20. Identify potential investment opportunities or gain insights into market trends.

In this article, we will explore the technical indicators of some of the top-performing stocks on the Indian stock market, including Dr Reddy's Laboratories Ltd. (DR REDDY), ICICI Bank Ltd. (ICICI BANK), Nestl&eacute; India Ltd. (NESTLE IND), and HDFC Life Insurance Co. Ltd. (HDFC LIFE).
By looking at these stocks through the lens of key technical factors, we aim to better understand their price movements, trends, and potential future performance.
1. Dr Reddy's Laboratories Ltd. (DR REDDY): A Strong Uptrend with Bullish Indicators
<ul>
<li>Open: ₹1326</li>
<li>Close: ₹1343.65</li>
<li>% Change: 1.36%</li>
</ul>
<img src="https://cdn.editorji.com/67655ac266e94_1734695618.png" width="502" height="254">
Dr Reddy's Laboratories Ltd. (DR REDDY) is currently exhibiting strong bullish momentum, as indicated by its 1.36% price increase.
Several technical indicators highlight this strength:
RSI (Relative Strength Index): The RSI value for DR REDDY is 72.23, which is in the overbought territory, signalling that the stock is in strong upward momentum. Typically, an RSI above 70 can indicate that the stock is overbought, suggesting that a pullback or consolidation could be on the horizon.
<img src="https://cdn.editorji.com/67655b0b3f4c9_1734695691.png" width="503" height="186">
MACD (Moving Average Convergence Divergence): The MACD for DR REDDY is 17.39, with a MACD Signal of 7.05, which points to a bullish crossover. This suggests that the stock's momentum is likely to continue in the short term, indicating strong buying pressure.
<img src="https://cdn.editorji.com/67655b4706607_1734695751.png" width="502" height="186">
Moving Averages: DR REDDY's price is trading above its 50-EMA (Exponential Moving Average) of ₹1249.05, which is a positive sign for the bulls. The 200-EMA of ₹1245.69 also supports the uptrend, and the price is staying well above both the 10-EMA and 20-EMA, reinforcing the bullish trend.
2. ICICI Bank Ltd. (ICICI BANK): Steady Performance with Slight Positive Momentum
<ul>
<li>Open: ₹1283.95</li>
<li>Close: ₹1288.40</li>
<li>% Change: 0.12%</li>
</ul>
<img src="https://cdn.editorji.com/67655b59c7eea_1734695769.png" width="496" height="251">
ICICI Bank Ltd. (ICICI BANK) has shown a modest increase of 0.12%, indicating a stable, albeit muted, performance.
Let&rsquo;s look at some key technical indicators:
RSI: The RSI for ICICI Bank stands at 41.84, which indicates that the stock is neither overbought nor oversold, suggesting neutral momentum. However, the RSI approaching the 50 mark shows that the stock might be setting up for a potential breakout or consolidation phase.
<img src="https://cdn.editorji.com/67655b6a65872_1734695786.png" width="500" height="185">
MACD: The MACD value of 4.28 along with the MACD Signal of 8.87 suggests that the stock is in a range-bound phase with no significant buying or selling momentum. This indicates that ICICI Bank may be consolidating in the near term, with the potential for a breakout once a direction is established.
<img src="https://cdn.editorji.com/67655b795bed7_1734695801.png" width="500" height="185">
Moving Averages: The stock&rsquo;s price is trading slightly above its 50-EMA of ₹1304.73 and well above its 200-EMA of ₹1299.62. However, the price has recently dipped below the 10-EMA and 20-EMA, which may suggest some short-term weakness or potential consolidation before further moves.
3. Nestl&eacute; India Ltd. (NESTLE IND): Consistent, Positive Trend with Strong Support
<ul>
<li>Open: ₹2160</li>
<li>Close: ₹2163.50</li>
<li>% Change: 0.14%</li>
</ul>
<img src="https://cdn.editorji.com/67655bc1105f6_1734695873.png" width="498" height="252">
Nestl&eacute; India Ltd. (NESTLE IND) has shown a slight increase of 0.14%, reflecting its stable performance in the market.
Here&rsquo;s an analysis of the technical indicators:
RSI: Nestl&eacute; India Ltd. (NESTLEIND)&rsquo;s RSI stands at 34.74, which places it in the neutral to oversold territory. This suggests that the stock could be poised for a rebound if it moves towards the 50-level, which often marks the middle of the neutral range. A move above this level could signal renewed bullish momentum.
<img src="https://cdn.editorji.com/67655bd8f28e0_1734695896.png" width="502" height="186">
MACD: The MACD for Nestl&eacute; India Ltd. is -15.12, indicating that the stock is experiencing bearish pressure. However, the MACD Signal of -6.86 suggests a potential reversal or stabilization. If the MACD begins to converge towards the Signal line, it could indicate the stock is ready for a short-term upward movement.
<img src="https://cdn.editorji.com/67655bead0399_1734695914.png" width="500" height="185">
Moving Averages: Nestl&eacute; India Ltd. is trading above its 50-EMA of ₹2231.51, but the 200-EMA is slightly higher at ₹2236.62. The price is currently showing some resistance at the 10-EMA and 20-EMA, but a breakout above these levels could indicate a continuation of the uptrend.
4. HDFC Life Insurance Co. Ltd. (HDFC LIFE): Minor Gains with Neutral Technical Outlook
<ul>
<li>Open: ₹619.70</li>
<li>Close: ₹623.80</li>
<li>% Change: 0.04%</li>
</ul>
<img src="https://cdn.editorji.com/67655c15ccb4a_1734695957.png" width="500" height="253">
HDFC Life Insurance Co. Ltd. (HDFC LIFE) has posted a very modest increase of 0.04%, reflecting little movement in the stock.
The technical indicators for HDFC Life suggest a neutral outlook:
RSI: The RSI for HDFC Life stands at 29.18, which suggests the stock is in oversold territory, signalling the potential for a rebound. A reading below 30 is often seen as a buying signal if the stock starts moving upwards.
<img src="https://cdn.editorji.com/67655c2942422_1734695977.png" width="502" height="186">
MACD: The MACD value of -11.57 with a MACD Signal of -11.16 indicates a bearish trend, but both values are quite close to each other. This suggests that the stock is in a consolidation phase and could reverse direction once it breaks above the MACD Signal line.
<img src="https://cdn.editorji.com/67655c3a9a2ed_1734695994.png" width="500" height="185">
Moving Averages: HDFC Life is trading below its 50-EMA of ₹652.98 and 200-EMA of ₹660.81, which suggests that the stock might be in a downtrend. However, the 10-EMA and 20-EMA are showing some support, indicating a possible reversal or stabilization near these levels.
Conclusion: Technical Indicators Outlook
Dr Reddy's Laboratories Ltd. (DR REDDY) shows the strongest technical indicators with a solid bullish trend. The RSI and MACD point to continued upward momentum.
ICICI Bank Ltd. (ICICI BANK) and Nestl&eacute; India Ltd. (NESTLE IND) are in a consolidation phase, with neutral RSI readings and weak MACD signals. These stocks may experience moderate movement unless they break out of their current ranges.
HDFC Life Insurance Co. Ltd. (HDFC LIFE) is showing some signs of being oversold, but its bearish MACD and positioning below key moving averages suggest that a reversal is still uncertain.
Investors and traders should keep a close eye on the technical indicators of these stocks for potential breakout points or reversals, especially focusing on MACD crossovers, RSI movements, and price action relative to key moving averages.
These indicators offer valuable insights into the current market conditions and the potential future direction of each stock.

Discover the 5 biggest losers in the Nifty 50 today (December 20th). Get the latest market insights and analysis on these underperforming stocks.

NSE Nifty 50 Top Losers: Which are the 5 Biggest Stock Losers Today (Dec 20)?

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Nifty 50 Losers Today: Explore the top 5 NSE stocks with the steepest declines on December 18. Identify market trends and potential investment opportunities.
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The Indian rupee recovered 10 paise to close at 85.03 against the US dollar, supported by potential RBI intervention and easing crude oil prices. 

Rupee Recovers 10 Paise, RBI Intervention and Dollar Index Aid

The Indian rupee recovered 10 paise to close at 85.03 against the US dollar, supported by potential RBI intervention and easing crude oil prices. Traders anticipate continued volatility as the dollar index remains elevated and foreign institutional outflows persist.

On Thursday, the rupee depreciated 19 paise and breached the crucial 85 level to close at a fresh all-time low of 85.13 against the US dollar.

The rupee saw some recovery from its all-time low level and appreciated 10 paise to close at 85.03 (provisional) against the US dollar on Friday, on softening of the US dollar index and a potential intervention by the Reserve Bank of India (RBI).
Forex traders said the rupee is likely to remain in a weakening mode due to significant dollar demand. The Dollar Index (DXY) is expected to remain elevated, with resistance near the 110 level in the near-term amid a reduced likelihood of significant Fed rate cuts in 2025.
The Federal Reserve cut rates by 25 basis points on Wednesday, but its forward guidance for 2025 has softened, with expectations reduced from four rate cuts to just two.
At the interbank foreign exchange, the rupee opened at 85.07 against the greenback. During the day it witnessed an intraday high of 84.95 and a low of 85.12 before ending the session at 85.03 (provisional) against dollar, higher by 10 paise over its previous close.
On Thursday, the rupee depreciated 19 paise and breached the crucial 85 level to close at a fresh all-time low of 85.13 against the US dollar.
Traders said the rupee recovered from lower levels in the latter half of the day on softening of the US dollar index and a potential intervention by the Reserve Bank of India (RBI). A decline in crude oil prices also supported the rupee at lower levels.
"We expect the rupee to trade with a negative bias on weak domestic markets and overall strength in the US dollar amid a hawkish Fed and improved US economy," Anuj Choudhary &ndash; Research Analyst at Mirae Asset Sharekhan, said.
Choudhary further added that FII outflows may also weigh on the rupee. However, any intervention by the RBI or any further correction in crude oil prices may support the rupee at lower levels.
"Traders may take cues from core PCE price index, personal spending and revised consumer sentiment data from the US. USD-INR spot price is expected to trade in a range of 84.80 to 85.15," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.14 per cent at 108.26.
Brent crude, the global oil benchmark, fell 0.99 per cent to USD 72.16 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex closed 1,176.46 points, or 1.49 per cent, down at 78,041.59 points, while Nifty settled down 340.10 points, or 1.42 per cent to 23,611.60 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,224.92 crore, according to exchange data.

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