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In a curious twist of geopolitics, the Israel-Hamas conflict has cast its shadow on an unexpected realm—the glittering world of gem and jewelry trade between India and Israel. Last fiscal year, this exchange surpassed a staggering $1.2 billion, ranking second only to petroleum products in India's exports to Israel. As the tension escalates, Indian exporters find themselves navigating through soaring insurance premiums and shipping costs, painting a rather unexpected picture. The Gem & Jewellery Export Promotion Council (GJEPC) voices its apprehensions about this unforeseen facet of global conflict.

Important News of the Day

1. Israel-Hamas war has Indian gems, jewellery exporters worried

The escalating Israel-Hamas conflict is expected to impact the trade of gems and jewelry between India and Israel, which exceeded $1.2 billion in the previous fiscal year. Gems and jewelry are the second biggest item of exports from India to Israel after petroleum products .Indian exporters may face higher insurance premiums and shipping costs due to the war. The Gem & Jewellery Export Promotion Council (GJEPC) has voiced concerns about the situation.

2. India gets fresh 5th set of Swiss bank account information of individuals, corporates and trusts

India has received a new set of Swiss bank account details of its nationals and organizations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 36 lakh financial accounts with 104 countries. This is the fifth such annual exchange of information between Switzerland and India, and the new details shared with Indian authorities pertain to "hundreds of financial accounts," including many cases of multiple accounts associated with some individuals, corporates, and trusts. The exchanged information allows tax authorities to verify whether taxpayers have correctly declared their financial accounts in their tax returns.

3. India likely to fetch ₹1,527 crore for Olympic broadcasting, thanks to cricket

According to a report by The Guardian, the inclusion of cricket in the Olympics could increase broadcast rights value in India tenfold, with the country likely to fetch ₹1,527 crore for Olympic broadcasting. The current Olympic broadcast rights in India are reportedly worth just £15.6m ($20m) for Paris 2024. Cricket has been played once before at the Olympics, in 1900, when England and France played a single match. In LA in 2028, there will be a T20 men’s and women’s tournament just like they had in the recently concluded Asian Games. The official announcement will be made after the International Olympic Committee’s 141st session in Mumbai on Sunday.

4.Govt revises advertisement rates for private FM radio

The Indian government has approved new rates for advertisements on government policies and programs on private FM radio stations for the first time in seven years. The gross base rate for the advertisements has been increased from ₹52 to ₹74 per ten seconds, a 43% increase in the base rate, effective from September 2023. The move is expected to benefit the private FM radio industry, which has been facing financial difficulties due to the pandemic. The government has also planned to improve program content, provide a wider choice of programs, and enhance technical features of radio stations.

5.Over 14,000 firms incorporated in Sept

Over 14,000 companies were incorporated in India in September 2023, marking a rise of over 3% over a year ago, according to official data from the Ministry of Corporate Affairs. 40% of new companies have authorized capital of ₹100,000, showing growth in micro and small enterprises.

Stock Market Update 📈

1. Swan Energy makes upfront payment of Rs 50 crore for Reliance Naval after NCLT's order

   Swan Energy has made an upfront payment of Rs 50 crore to acquire Reliance Naval after receiving the National Company Law Tribunal (NCLT)'s approval. This strategic move marks a significant development in the energy sector and reinforces Swan Energy's commitment to expanding its presence in the industry. The acquisition is expected to have far-reaching implications for both companies and the maritime sector as a whole.

2. Adani Group hits out at Financial Times for trying to tarnish reputation, financially destabilise company

   The Adani Group has strongly criticized the Financial Times, accusing the newspaper of attempting to damage its reputation and destabilize the company financially. The group's statement comes in response to recent articles in the Financial Times that raised questions about its business practices and sustainability. Adani Group has refuted the allegations, asserting its commitment to responsible business operations. This dispute highlights the ongoing debate surrounding environmental and corporate governance issues in the business world.

3. Hinduja Group in talks with private debt funds for about $800 million

   The Hinduja Group is reportedly in discussions with private debt funds to secure approximately $800 million in funding. The conglomerate is seeking to raise this capital for its various business ventures. These talks with private debt funds indicate the group's strategic approach to financial expansion and investment in diverse sectors.

4. Zoho CEO Sridhar Vembu on why Cliq can take on Zoom and Slack

   Zoho CEO Sridhar Vembu is confident that their communication platform, Cliq, has what it takes to compete with industry giants Zoom and Slack. Vembu highlights Cliq's integration capabilities, emphasizing its seamless connectivity with Zoho's suite of business applications. He believes this synergy will offer businesses a comprehensive and cost-effective alternative for remote collaboration and communication, potentially challenging the dominance of Zoom and Slack in the market.

5. Star Health falls on Rs 39-crore GST notice

   Star Health and Allied Insurance, a prominent insurance company, is facing a significant setback as it received a GST notice for Rs 39 crore. This development is likely to have a substantial impact on the company's financials and operations. The notice highlights the importance of compliance in the insurance sector and raises concerns about potential repercussions for the company's stakeholders.

6. ADIA to invest Rs 4,967 cr in Reliance Retail for 0.59% stake

   Abu Dhabi Investment Authority (ADIA) is set to invest Rs 4,967 crore in Reliance Retail, securing a 0.59% stake in the Indian conglomerate's retail arm. This strategic investment highlights ADIA's confidence in Reliance Retail's growth potential and its position in India's retail landscape. The infusion of capital is expected to further strengthen Reliance Retail's expansion plans and innovation in the sector.

7. Contribution of Israel's Haifa Port is 3% of total cargo volume, says Adani Ports

   Adani Ports, a major player in the Indian port industry, has reported that Israel's Haifa Port contributes approximately 3% of the total cargo volume handled by their operations. This revelation underscores the significance of Haifa Port in international trade and highlights Adani Ports' growing global presence in the shipping and logistics sector.

Breaking News: The Scoop You Can't Miss!

1. FIR filed against Hero MotoCorp alleging forgery, Pawan Munjal, top execs named

The Delhi police have registered an FIR against Hero MotoCorp, the largest two-wheeler maker in India, and its chairman, Pawan Munjal, on allegations of forgery and fraud. The case goes back to a complaint filed in 2021 by logistics service provider Brain Logistics, alleging that Hero MotoCorp issued fake bills worth INR 6 crore following a terminated agreement with the service provider. The company is also accused of "cheating the income tax department" by obtaining tax credit against the forged bills. The accused have been booked under IPC sections pertaining to forgery and falsification.

2. Spotify introduces restrictions for free users in India

Spotify has introduced restrictions for free users in India in an attempt to encourage more paid users. The Swedish music streaming giant has removed some key features for free users, including specific order, repeat, and tap pack features. These restrictions are aimed at making free users pay for the company's premium service. Spotify has been operating in India for nearly five years and is now adding a layer of restrictions for its free users. The company has moved many of its regular features behind the paywall and imposed a host of new restrictions for its free users in India.

3. Flood-hit farmers may seek large loans

Flood-hit farmers in Himachal Pradesh, India, are considering taking out large loans for the next crop cycle after floods devastated farm produce. The farmers are distressed fruit and vegetable growers, and the state ranks second in apple and almond production in the country. The farmers cannot directly apply for loans, but they can apply for assistance under the Inflation Reduction Act Assistance for Distressed Borrowers program, which has allocated up to $1.3 billion to help distressed borrowers. The assistance is vital for farmers who have been hard hit by pandemic-induced market disruptions exacerbated by more frequent, more intense, climate-driven natural disasters.

4. Elections in five states to be held next month

Over 161 million people in five Indian states will vote in assembly elections next month, according to the Election Commission of India. The elections will be held in Chhattisgarh, Madhya Pradesh, Rajasthan, Telangana, and Mizoram, with voting taking place on 7, 17, 23, and 30 November. The results of these elections are expected to indicate the national mood, especially of the heartland states, and will be the first major electoral exercise since the general elections next summer. The polls will also be a significant challenge for the opposition.

5. Interest rate cuts likely only after Q1 FY25, say economists

Economists are pushing back their expectations of a rate cut to beyond the first quarter of fiscal year 2025, following a hawkish policy stance from the Reserve Bank of India (RBI). RBI Governor Shaktikanta Das has made it clear that the central bank’s inflation target is 4% and not 2 to 6%. According to RBI’s estimates, inflation is expected to average 4.5% in fiscal year 2025. Rising interest rates have been a significant drag on the housing market. Mortgage rates have climbed to their highest level in more than two decades, and sales of existing homes have dropped sharply.

World News 🌎

• Israel-Hamas War: FBI probes possible threats to US citizens

• Joe Biden quizzed in classified documents probe

• Salta province in Argentina shaken by magnitude 5.7 earthquake

• Oil climbs on supply concerns after Israel-Hamas clashes

• Cyber threats rise amid Israel-Palestine war

• Iran Helped Plot Attack on Israel Over Several Weeks

• Gaza under complete siege; Israel cuts water, electricity and food supply

• Thailand works to release hostages, readies to fly migrant workers out of Israel

• Japan lifts tsunami advisory for coastal areas

• China to hold nationwide survey on population changes in November.

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