India's Kotak Mahindra Bank is eying offline expansion months after the Reserve Bank of India barred the private lender from digital customer sourcing. The Bank is looking to add about 175 to 200 branches in the Financial year 2024-25.

In April, the RBI stopped Kotak from adding new customers via its digital channels. This decision aimed to scrutinise Kotak for the deficiencies in the Bank's tech system in 2022 &amp; 2023.&nbsp;

Kotak's expansion also aims to address growing customer concerns over money safety in their respective accounts and credit card functionalities.&nbsp;

Virat Diwanji, group president and head of consumer bank, told Reuters, 'We have been adding roughly 150 odd branches for several years. This year, too, the momentum is going to continue.' The official added that the country's fourth-largest private lender will target pockets where there is easy availability of deposits and added that customer acquisition through branches is seeing good traction.

On RBI's order, Diwanji said that the Bank is working 'steadfastly' to fulfil RBI's requirement and return to business 'as usual.' The Bank has reportedly stepped up investments to strengthen its Tech systems, including steps to improve its digital payment security controls. Kotak has hired over 530 employees in the last 12-15 months, most of whom are from tech backgrounds, he added.

Before the RBI order, Kotak relied heavily on digital channels to source new clients. About 95 per cent of its new personal loans were disbursed digitally in the October-December quarter. Over 99 per cent of new credit cards were also issued digitally.&nbsp;

Kranthi Baithini, director of equity strategy at WealthMills Securities, told Reuters, 'Kotak's branch addition plans may not immediately help source new customers, but the strategy may play out in the medium-to-longer as it will increase its presence and reach.' He added that it will come with high overhead costs.

India's Kotak Mahindra Bank is eying offline expansion months after the Reserve Bank of India barred the private lender from digital customer sourcing. The Bank is looking to add about 175 to 200 branches in the Financial year 2024-25.

India's Kotak Mahindra Bank is eying offline expansion months after the Reserve Bank of India barred the private lender from digital customer sourcing. The Bank is looking to add about 175 to 200 branches in the Financial year 2024-25. In April, the RBI stopped Kotak from adding new customers via its digital channels. This decision aimed to scrutinise Kotak for the deficiencies in the Bank's tech system in 2022 & 2023. Kotak's expansion also aims to address growing customer concerns over money safety in their respective accounts and credit card functionalities. Virat Diwanji, group president and head of consumer bank, told Reuters, 'We have been adding roughly 150 odd branches for several years. This year, too, the momentum is going to continue.' The official added that the country's fourth-largest private lender will target pockets where there is easy availability of deposits and added that customer acquisition through branches is seeing good traction. On RBI's order, Diwanji said that the Bank is working 'steadfastly' to fulfil RBI's requirement and return to business 'as usual.' The Bank has reportedly stepped up investments to strengthen its Tech systems, including steps to improve its digital payment security controls. Kotak has hired over 530 employees in the last 12-15 months, most of whom are from tech backgrounds, he added. Before the RBI order, Kotak relied heavily on digital channels to source new clients. About 95 per cent of its new personal loans were disbursed digitally in the October-December quarter. Over 99 per cent of new credit cards were also issued digitally. Kranthi Baithini, director of equity strategy at WealthMills Securities, told Reuters, 'Kotak's branch addition plans may not immediately help source new customers, but the strategy may play out in the medium-to-longer as it will increase its presence and reach.' He added that it will come with high overhead costs.

Kotak goes 'offline:' India's Kotak Mahindra Bank eyes 200 additional branches by 2025

As India prepares for the upcoming budget in July, Re-elected Finance Minister Nirmala Sitharaman chaired the 53rd Goods and Services Tax (GST) Council meeting on Saturday. Rates on many items, including accommodation or students and railway tickets, witnessed exemptions in the latest rules. Similarly, no GST will be levied on intra-railway services. Milk cans and Solar cookers will observe a uniform 12 per cent rate.

The council has recommended rolling out the biometric-based Aadhaar authentication of applicants on a pan-India basis. This is to check fraud tax claims &amp; counter tax evasion.

Sitharaman expressed the intention to include Petrol and Diesel under the GST umbrella while leaving the final decision to states regarding implementation. Interestingly, 5 commodities, including crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF), were part of the GST law when it was first implemented in 2017. Later, it was decided to tax it at a later date.

The GST council has also recommended a waiver of interest on tax penalties issued in the first 3 years of GST rollout.

Talking about the potential benefits of this GST revamp, Smita Singh, partner at S&amp;A law offices, said, 'Many welcome recommendations have been announced to provide relief to the taxpayer in the 53rd GST Council Meeting held today. It is evident that the new Government is moving ahead with importance to ease of doing business which includes recommendations like waiver of interest and penalty for Notices issued under Section 73 for FY 2017-18 to FY 2019-20. This benefit can be taken by tax payers accepting demand and willing to pay the contended tax.'

She added, 'Another important decision is that no interest is payable where the amount of &nbsp;tax was deposited in electronic cash ledger of the taxpayer while filing GSTR 3B. This will help taxpayers undergoing potential litigation. Further, the GST Council also recommended to reduce the maximum amount of pre-deposit for filing appeal before the appellate authority from 25 crores to 20 crores.'

As India prepares for the upcoming budget in July, Re-elected Finance Minister Nirmala Sitharaman chaired the 53rd Goods and Services Tax (GST) Council meeting on Saturday.

As India prepares for the upcoming budget in July, Re-elected Finance Minister Nirmala Sitharaman chaired the 53rd Goods and Services Tax (GST) Council meeting on Saturday. Rates on many items, including accommodation or students and railway tickets, witnessed exemptions in the latest rules. Similarly, no GST will be levied on intra-railway services. Milk cans and Solar cookers will observe a uniform 12 per cent rate. The council has recommended rolling out the biometric-based Aadhaar authentication of applicants on a pan-India basis. This is to check fraud tax claims & counter tax evasion. Sitharaman expressed the intention to include Petrol and Diesel under the GST umbrella while leaving the final decision to states regarding implementation. Interestingly, 5 commodities, including crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF), were part of the GST law when it was first implemented in 2017. Later, it was decided to tax it at a later date. The GST council has also recommended a waiver of interest on tax penalties issued in the first 3 years of GST rollout. Talking about the potential benefits of this GST revamp, Smita Singh, partner at S&A law offices, said, 'Many welcome recommendations have been announced to provide relief to the taxpayer in the 53rd GST Council Meeting held today. It is evident that the new Government is moving ahead with importance to ease of doing business which includes recommendations like waiver of interest and penalty for Notices issued under Section 73 for FY 2017-18 to FY 2019-20. This benefit can be taken by tax payers accepting demand and willing to pay the contended tax.' She added, 'Another important decision is that no interest is payable where the amount of tax was deposited in electronic cash ledger of the taxpayer while filing GSTR 3B. This will help taxpayers undergoing potential litigation. Further, the GST Council also recommended to reduce the maximum amount of pre-deposit for filing appeal before the appellate authority from 25 crores to 20 crores.'

India's GST Reforms: Nirmala Sitharaman announces rate tweaks and fee waivers

In a country where beef is as much a part of the identity as soccer and mate tea, Argentines now consume less beef than ever. With recession coupled with triple-figure inflation, many are already being forced to pull in their horns.&nbsp;

Beef consumption has dropped almost 16 per cent this year in Argentina — an astounding fall for a country synonymous with steakhouses, sprawling cattle ranches and asado barbecues. In most Argentines' minds, there was simply one food staple: beef. In-built "parrilla" grills can be found in many homes and steakhouses cornering Buenos Aires. Improvised barbecues have been found even at building sites or during protests, which is a testament to how closely the cultural identity has been forged with beef.&nbsp;

"Beef is an essential part of the Argentine diet; it's like eliminating pasta for Italians," Claudia San Martin, 66, a retiree, said as she waited in line outside a butcher shop. The economic jitters notwithstanding, she would continue spending on beef before all other things. "Argentines can eliminate anything, I believe, in difficult times like this. But we can't do without meat," she said emphatically.&nbsp;

However, the latest data shows Argentines are this year eating beef at an average of about 44 kilograms per year, drastically down from more than 52 kilograms last year and far from the 100 kilograms eaten annually in the 1950s. Changing diets that replaced beef with other meats like pork and chicken and cheaper staples such as pasta have been blamed for the long-term decline. But this year's drop is largely due to the close to 300 per cent inflation, with the economy flatlining and harsh austerity measures taken by the libertarian helm of President Javier Milei.&nbsp;

The economic crisis has translated into a spike in poverty, with more homeless sleeping in larger cities' streets and longer lines outside soup kitchens. Many families have had to give up eating staples such as meat, milk and vegetables in recent months, and so far they have failed to see any benefit from slowing monthly inflation. "The situation right now is critical. Consumers are taking decisions thinking just about their wallets," said Miguel Schiariti, the president of the local meat chamber, CICCRA. He expects meat consumption to remain low as purchasing power weakens month by month.&nbsp;

The ranchers of cattle are equally harried in the Buenos Aires province farmlands. The decrease in beef consumption not only stings the ranchers but also trickles down to specific producers and, in turn, the larger agricultural economy. Lower demand for beef has made it hard for ranchers to sustain their operations and their basic livelihood.&nbsp;

Domestic consumption of beef in Argentina is currently at its lowest ever, driven by severe economic conditions. While beef remains dear to Argentine identity, difficult choices are resident because the economic realities have become a reason for bitter decisions by many. Argentina's future as a beef consumer will depend on how well the country can stabilize its economy and regain purchasing power for its people. Until then, empty grills at "parrillas" may be a common sight—a sharp reminder that times have changed in this once beef-loving nation.&nbsp;

In a country where beef is as much a part of the identity as soccer and mate tea, Argentines now consume less beef than ever. With recession coupled with triple-figure inflation, many are already being forced to pull in their horns.

In a country where beef is as much a part of the identity as soccer and mate tea, Argentines now consume less beef than ever. With recession coupled with triple-figure inflation, many are already being forced to pull in their horns. Beef consumption has dropped almost 16 per cent this year in Argentina — an astounding fall for a country synonymous with steakhouses, sprawling cattle ranches and asado barbecues. In most Argentines' minds, there was simply one food staple: beef. In-built "parrilla" grills can be found in many homes and steakhouses cornering Buenos Aires. Improvised barbecues have been found even at building sites or during protests, which is a testament to how closely the cultural identity has been forged with beef. "Beef is an essential part of the Argentine diet; it's like eliminating pasta for Italians," Claudia San Martin, 66, a retiree, said as she waited in line outside a butcher shop. The economic jitters notwithstanding, she would continue spending on beef before all other things. "Argentines can eliminate anything, I believe, in difficult times like this. But we can't do without meat," she said emphatically. However, the latest data shows Argentines are this year eating beef at an average of about 44 kilograms per year, drastically down from more than 52 kilograms last year and far from the 100 kilograms eaten annually in the 1950s. Changing diets that replaced beef with other meats like pork and chicken and cheaper staples such as pasta have been blamed for the long-term decline. But this year's drop is largely due to the close to 300 per cent inflation, with the economy flatlining and harsh austerity measures taken by the libertarian helm of President Javier Milei. The economic crisis has translated into a spike in poverty, with more homeless sleeping in larger cities' streets and longer lines outside soup kitchens. Many families have had to give up eating staples such as meat, milk and vegetables in recent months, and so far they have failed to see any benefit from slowing monthly inflation. "The situation right now is critical. Consumers are taking decisions thinking just about their wallets," said Miguel Schiariti, the president of the local meat chamber, CICCRA. He expects meat consumption to remain low as purchasing power weakens month by month. The ranchers of cattle are equally harried in the Buenos Aires province farmlands. The decrease in beef consumption not only stings the ranchers but also trickles down to specific producers and, in turn, the larger agricultural economy. Lower demand for beef has made it hard for ranchers to sustain their operations and their basic livelihood. Domestic consumption of beef in Argentina is currently at its lowest ever, driven by severe economic conditions. While beef remains dear to Argentine identity, difficult choices are resident because the economic realities have become a reason for bitter decisions by many. Argentina's future as a beef consumer will depend on how well the country can stabilize its economy and regain purchasing power for its people. Until then, empty grills at "parrillas" may be a common sight—a sharp reminder that times have changed in this once beef-loving nation.

Argentina's beef belt tightens

Germany's Economy Minister, Robert Habeck, made an attempt to reassure Chinese officials in Beijing on Saturday that proposed EU tariffs on Chinese goods would not be punitive. The visit of Habeck to Beijing comes as the first by a top European official since Brussels slapped significant duties on imports of Chinese-made electric vehicles, measures against what it argues are excessive subsidies provided by China for its local manufacturers.&nbsp;

Ahead of Habeck's visit, Beijing had cautioned that increasing tension over EV tariffs risked spiralling into an outright trade war. Ignoring these threats, he reaffirmed in the round of climate and transformation talks that tariffs should not be considered a penalty. He emphasized how the EU, unlike countries such as the U.S., Brazil, and even Turkiye, managed things that went beyond strict trade concerns.&nbsp;

Habeck explained that the Commission had spent nine months investigating whether Chinese companies were given unfair advantages through subsidies or otherwise, adding that any countervailing duties arising from this review were not punitive but compensatory in nature, trying to even out the playing fields between the European and Chinese Companies.&nbsp;

"Common, equal standards for market access should be achieved," said Habeck, referring to fair competition. During his meeting with Zheng Shanjie, chairman of the National Development and Reform Commission of China, Habeck restated that the EU's proposed tariffs aim to ensure genuinely open market conditions, not to punish Chinese enterprises.&nbsp;

In return, Zheng said, "We will do everything to protect Chinese companies," outlining China's determination to help its domestic industries. The provisional duties of the EU will come into effect by July 4 and the investigation will run until November 2. Should the review find grounds for tariffs, definitive duties, usually five years in duration, could stand.&nbsp;

For this reason, Habeck has called for discussion with Chinese officials based on the findings presented in the EU report, saying, "It's important now to take the opportunity that the report provides seriously and to talk or negotiate." The emphasis was, therefore, on dialogue and negotiation concerning the concerns raised by the investigation.&nbsp;

The visit of Habeck to China accentuates the balancing act the EU seeks in its trade relations with China. While, in part, the proposed tariffs do try to correct perceived subsidy imbalances, at the same time, they also open a channel for further dialogue and negotiation. Habeck sought to diffuse potential explosive trade tension on both sides by saying that the tariffs were not punitive but would give European and Chinese companies a fair and better competitive environment. The next few months are going to be critical as far as the future prospects of EU-China trade relations are concerned, as both look for a way out from these intricate issues.

Germany's Economy Minister, Robert Habeck, made an attempt to reassure Chinese officials in Beijing on Saturday that proposed EU tariffs on Chinese goods would not be punitive.

Germany's Economy Minister, Robert Habeck, made an attempt to reassure Chinese officials in Beijing on Saturday that proposed EU tariffs on Chinese goods would not be punitive. The visit of Habeck to Beijing comes as the first by a top European official since Brussels slapped significant duties on imports of Chinese-made electric vehicles, measures against what it argues are excessive subsidies provided by China for its local manufacturers. Ahead of Habeck's visit, Beijing had cautioned that increasing tension over EV tariffs risked spiralling into an outright trade war. Ignoring these threats, he reaffirmed in the round of climate and transformation talks that tariffs should not be considered a penalty. He emphasized how the EU, unlike countries such as the U.S., Brazil, and even Turkiye, managed things that went beyond strict trade concerns. Habeck explained that the Commission had spent nine months investigating whether Chinese companies were given unfair advantages through subsidies or otherwise, adding that any countervailing duties arising from this review were not punitive but compensatory in nature, trying to even out the playing fields between the European and Chinese Companies. "Common, equal standards for market access should be achieved," said Habeck, referring to fair competition. During his meeting with Zheng Shanjie, chairman of the National Development and Reform Commission of China, Habeck restated that the EU's proposed tariffs aim to ensure genuinely open market conditions, not to punish Chinese enterprises. In return, Zheng said, "We will do everything to protect Chinese companies," outlining China's determination to help its domestic industries. The provisional duties of the EU will come into effect by July 4 and the investigation will run until November 2. Should the review find grounds for tariffs, definitive duties, usually five years in duration, could stand. For this reason, Habeck has called for discussion with Chinese officials based on the findings presented in the EU report, saying, "It's important now to take the opportunity that the report provides seriously and to talk or negotiate." The emphasis was, therefore, on dialogue and negotiation concerning the concerns raised by the investigation. The visit of Habeck to China accentuates the balancing act the EU seeks in its trade relations with China. While, in part, the proposed tariffs do try to correct perceived subsidy imbalances, at the same time, they also open a channel for further dialogue and negotiation. Habeck sought to diffuse potential explosive trade tension on both sides by saying that the tariffs were not punitive but would give European and Chinese companies a fair and better competitive environment. The next few months are going to be critical as far as the future prospects of EU-China trade relations are concerned, as both look for a way out from these intricate issues.

EU-China trade tensions: Habeck's balancing act amid EV tariff dispute

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs. This also helped the Organisation of Petroleum Exporting Countries, or OPEC, to decide on the supply numbers and the subsequent cuts. OPEC's output cuts strategy aims to stabilise prices and balance falling demand with supply curbs.

Now Brazil has risen, with more than one-third of the deficit already covered. Brazilian oil fields are expected to overshoot the pre-collapse figure by roughly 200,000 barrels a day this year. This can potentially hurt OPEC's strategy, which now has to deal with excess Oil from Brazil. Brazil's president, Luiz Inacio Lula da Silva, has pushed to strengthen ties with OPEC and its allies but has refrained from any commitments to constrain output.

OPEC had recently extended output cuts well into 2025. This comes as slow demand growth in top oil importer China continues to weigh on prices amid rising volatility. We are currently witnessing an energy shift, from oil to cleaner forms of energy. This shift is a major factor in the declining demand. Supply cuts are hurting the wallets, but keeping the prices in balance is essential. Prices have risen above $80 per barrel. Goldman Sachs anticipates oil to touch $86 this summer. But the outlook remains grim. Citi forecasts oil prices will drop to $60 by 2025.

Brazil still has challenges to counter. Petrobras and other oil drillers face environmental protests and standoff over wages. The strikes have already squeezed 80,000 barrels of daily output so far. Another issue is the fading crude production in Brazil's once 'crown jewel', Tupi. Petrobras is currently in negotiations to revive the falling output. &nbsp;

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs.

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs. This also helped the Organisation of Petroleum Exporting Countries, or OPEC, to decide on the supply numbers and the subsequent cuts. OPEC's output cuts strategy aims to stabilise prices and balance falling demand with supply curbs. Now Brazil has risen, with more than one-third of the deficit already covered. Brazilian oil fields are expected to overshoot the pre-collapse figure by roughly 200,000 barrels a day this year. This can potentially hurt OPEC's strategy, which now has to deal with excess Oil from Brazil. Brazil's president, Luiz Inacio Lula da Silva, has pushed to strengthen ties with OPEC and its allies but has refrained from any commitments to constrain output. OPEC had recently extended output cuts well into 2025. This comes as slow demand growth in top oil importer China continues to weigh on prices amid rising volatility. We are currently witnessing an energy shift, from oil to cleaner forms of energy. This shift is a major factor in the declining demand. Supply cuts are hurting the wallets, but keeping the prices in balance is essential. Prices have risen above $80 per barrel. Goldman Sachs anticipates oil to touch $86 this summer. But the outlook remains grim. Citi forecasts oil prices will drop to $60 by 2025. Brazil still has challenges to counter. Petrobras and other oil drillers face environmental protests and standoff over wages. The strikes have already squeezed 80,000 barrels of daily output so far. Another issue is the fading crude production in Brazil's once 'crown jewel', Tupi. Petrobras is currently in negotiations to revive the falling output.

OPEC braces for more oil: Brazil's oil market rebound threatens output cuts strategy

Sanctions deployed by the US seem to not work as they had hoped for. We talk about the impacted country's tactics and how Russia can circumvent sanctions using shadow fleets and local currency trade. But what about corporations? How do they execute expansion amid export curbs? Because for them, it's a loss of a potential market.

Nvidia has been the poster child of the AI boom. The company has exponentially surged to become the most valuable company in the world. While its see-saw with Microsoft continues, many experts are betting on Nvidia to ride this wave throughout the year. This comes as Nvidia is eyeing new markets.&nbsp;

Reuters has revealed an interesting insight from telecom giant Ooredoo's CEO. He says Nvidia has signed a deal to deploy its AI tech at their dedicated data centres in 5 West Asian countries. Interestingly, this would mark Nvidia's first large-scale launch in a region under US export curbs. The US considers West Asia as a 'backdoor' for Chinese firms to keep track of their progress in AI. This is why the US allows exports of some AI tech, but not the 'premium' one.

Ooredoo is reportedly investing $1 billion in boosting its data centre capacity, with plans to triple that by 2030. Meanwhile, Nvidia's senior vice president of telecom, Ronnie Vasishta, said, 'Providing the technology will allow Ooredoo to better help its customers deploy generative AI applications.'

But the real question is: Can advancements in AI be limited to a couple of countries when the whole world is witnessing this revolution?

Sanctions deployed by the US seem to not work as they had hoped for. We talk about the impacted country's tactics and how Russia can circumvent sanctions using shadow fleets and local currency trade.

Sanctions deployed by the US seem to not work as they had hoped for. We talk about the impacted country's tactics and how Russia can circumvent sanctions using shadow fleets and local currency trade. But what about corporations? How do they execute expansion amid export curbs? Because for them, it's a loss of a potential market. Nvidia has been the poster child of the AI boom. The company has exponentially surged to become the most valuable company in the world. While its see-saw with Microsoft continues, many experts are betting on Nvidia to ride this wave throughout the year. This comes as Nvidia is eyeing new markets. Reuters has revealed an interesting insight from telecom giant Ooredoo's CEO. He says Nvidia has signed a deal to deploy its AI tech at their dedicated data centres in 5 West Asian countries. Interestingly, this would mark Nvidia's first large-scale launch in a region under US export curbs. The US considers West Asia as a 'backdoor' for Chinese firms to keep track of their progress in AI. This is why the US allows exports of some AI tech, but not the 'premium' one. Ooredoo is reportedly investing $1 billion in boosting its data centre capacity, with plans to triple that by 2030. Meanwhile, Nvidia's senior vice president of telecom, Ronnie Vasishta, said, 'Providing the technology will allow Ooredoo to better help its customers deploy generative AI applications.' But the real question is: Can advancements in AI be limited to a couple of countries when the whole world is witnessing this revolution?

Nvidia in West Asia? Ooredoo CEO reveals Nvidia plans amid US curbs

Comcast Business has entered into a strategic agreement with Starlink, one of the world's leading Low Earth Orbit (LEO) satellite technologies, to help deliver advanced connectivity solutions for enterprise customers. The collaboration brings industry-leading satellite capabilities into the managed connectivity portfolio from Comcast Business, expecting to deliver faster and more reliable connectivity, especially within underserved locations.&nbsp;

“As the first major network provider to collaborate with Starlink, we’re excited to uniquely enhance our extensive managed connectivity portfolio with advanced satellite capabilities to better serve our enterprise customers,” said Jon Friedman, Sr. Vice President, Product Strategy and Operations, Comcast Business. “Starlink’s LEO satellite technology complements our existing network infrastructure, extends our reach and further enhances Comcast Business’ ability to deliver reliable connectivity solutions to enterprises with a human touch.”&nbsp;

For those enterprises with geographically spread-out locations, the problems associated with connectivity can be huge. These may include geographical limitations, scalability worries, and reliability problems, which are less common in high-density areas. What the Comcast Business-Starlink partnership brings together is the combined expertise, products, and services of managed connectivity solutions that are both reliable and innovative.&nbsp;

It serves broadband internet users to a great many activities, including streaming, gaming, and video calls with a heavily invested low Earth orbit satellite constellation. Powered by advanced satellites, user hardware, and rich experience in spacecraft and on-orbital operations, Starlink provides high-speed internet to users globally.&nbsp;

"Starlink is excited to work with Comcast Business to deliver reliable connectivity to customers," said Jason Fritch, the Vice President of Starlink Enterprise Sales at SpaceX. "This agreement with a leading service provider is an acknowledgement of Starlink's growing role as a critical element in modern enterprise networks."&nbsp;

In particular, it will be beneficial for enterprises with operations in remote locations or underserved areas, where most traditional network infrastructure is not available or falls below standards. The inclusion of Starlink technology in Comcast Business' product suite will help a business face the challenge of its last mile through better network redundancy and giving a true connectivity solution.&nbsp;

The Comcast Business-Starlink partnership is a massive step toward enterprise connectivity. This will be positioned to provide robust and reliable connectivity options for modern enterprises because it is a combination of extensive network infrastructure courtesy of Comcast Business and cutting-edge satellite technology from Starlink.&nbsp;

The strategic partnership does not only seal the rising importance of satellite technology in enterprise networks; it also brings to the forefront Comcast Business' recommitment to a spirit of innovation and customer-centric solutions. Given the growing demand for highly reliable, high-speed internet access, this collaboration assumes a position of great importance in the future evolution of enterprise connectivity.&nbsp;

Comcast Business has entered into a strategic agreement with Starlink, one of the world's leading Low Earth Orbit (LEO) satellite technologies, to help deliver advanced connectivity solutions for enterprise customers.

Comcast Business has entered into a strategic agreement with Starlink, one of the world's leading Low Earth Orbit (LEO) satellite technologies, to help deliver advanced connectivity solutions for enterprise customers. The collaboration brings industry-leading satellite capabilities into the managed connectivity portfolio from Comcast Business, expecting to deliver faster and more reliable connectivity, especially within underserved locations. “As the first major network provider to collaborate with Starlink, we’re excited to uniquely enhance our extensive managed connectivity portfolio with advanced satellite capabilities to better serve our enterprise customers,” said Jon Friedman, Sr. Vice President, Product Strategy and Operations, Comcast Business. “Starlink’s LEO satellite technology complements our existing network infrastructure, extends our reach and further enhances Comcast Business’ ability to deliver reliable connectivity solutions to enterprises with a human touch.” For those enterprises with geographically spread-out locations, the problems associated with connectivity can be huge. These may include geographical limitations, scalability worries, and reliability problems, which are less common in high-density areas. What the Comcast Business-Starlink partnership brings together is the combined expertise, products, and services of managed connectivity solutions that are both reliable and innovative. It serves broadband internet users to a great many activities, including streaming, gaming, and video calls with a heavily invested low Earth orbit satellite constellation. Powered by advanced satellites, user hardware, and rich experience in spacecraft and on-orbital operations, Starlink provides high-speed internet to users globally. "Starlink is excited to work with Comcast Business to deliver reliable connectivity to customers," said Jason Fritch, the Vice President of Starlink Enterprise Sales at SpaceX. "This agreement with a leading service provider is an acknowledgement of Starlink's growing role as a critical element in modern enterprise networks." In particular, it will be beneficial for enterprises with operations in remote locations or underserved areas, where most traditional network infrastructure is not available or falls below standards. The inclusion of Starlink technology in Comcast Business' product suite will help a business face the challenge of its last mile through better network redundancy and giving a true connectivity solution. The Comcast Business-Starlink partnership is a massive step toward enterprise connectivity. This will be positioned to provide robust and reliable connectivity options for modern enterprises because it is a combination of extensive network infrastructure courtesy of Comcast Business and cutting-edge satellite technology from Starlink. The strategic partnership does not only seal the rising importance of satellite technology in enterprise networks; it also brings to the forefront Comcast Business' recommitment to a spirit of innovation and customer-centric solutions. Given the growing demand for highly reliable, high-speed internet access, this collaboration assumes a position of great importance in the future evolution of enterprise connectivity.

Comcast Business and Starlink forge connectivity powerhouse

The housing slump in the US continues. Existing home sales slumped for a third consecutive month in May as record-high prices and rising mortgage rates kept potential buyers at bay. This comes as the <a href="https://www.wionews.com/business-economy/us-labour-market-continues-to-cool-amid-housing-struggles-733607">labour market</a> continues to ease.

The housing inventory hit a two-year high last month. This supply can potentially offset rising costs and improve affordability. However, addressing high mortgage rates is crucial for housing market recovery. The average rate on the popular 30-year fixed mortgage raced to a six-month high in early May.

Home sales dropped 0.7 per cent to an annual rate of 4.11 million units. This is above the economists' predictions but is still a considerable drop.

US Federal Reserve's hawkish stance also plays a role. The decision to maintain interest rates comes amid a 'wait-and-watch' approach, as the central bank waits for economic cues to normalise. This could be a gamble since geopolitical turmoil, which adds to the bearish outlook, continues to hurt consumer sentiments.

However, a recent S&amp;P survey found a silver lining for the US economy and a potential boost for the Fed's policies. The survey finds that expansion in June is set to hit a 2-year high. Employment also surged for the first time in three months. The survey signals a rosy outlook and robust economic recovery for the US by year-end. This surge in optimism is led by a manufacturing rebound. The survey highlights that the 'slow and steady' economic growth aligns with the Fed's expectations to begin rate cuts later in the year.

Still, the housing market continues to hurt the US economic recovery.

The housing slump in the US continues. Existing home sales slumped for a third consecutive month in May as record-high prices and rising mortgage rates kept potential buyers at bay.

The housing slump in the US continues. Existing home sales slumped for a third consecutive month in May as record-high prices and rising mortgage rates kept potential buyers at bay. This comes as the labour market continues to ease. The housing inventory hit a two-year high last month. This supply can potentially offset rising costs and improve affordability. However, addressing high mortgage rates is crucial for housing market recovery. The average rate on the popular 30-year fixed mortgage raced to a six-month high in early May. Home sales dropped 0.7 per cent to an annual rate of 4.11 million units. This is above the economists' predictions but is still a considerable drop. US Federal Reserve's hawkish stance also plays a role. The decision to maintain interest rates comes amid a 'wait-and-watch' approach, as the central bank waits for economic cues to normalise. This could be a gamble since geopolitical turmoil, which adds to the bearish outlook, continues to hurt consumer sentiments. However, a recent S&P survey found a silver lining for the US economy and a potential boost for the Fed's policies. The survey finds that expansion in June is set to hit a 2-year high. Employment also surged for the first time in three months. The survey signals a rosy outlook and robust economic recovery for the US by year-end. This surge in optimism is led by a manufacturing rebound. The survey highlights that the 'slow and steady' economic growth aligns with the Fed's expectations to begin rate cuts later in the year. Still, the housing market continues to hurt the US economic recovery.

US economy to rebound in 2024? Housing market struggles, manufacturing rebounds

US refiners churned out jet fuel at the fastest pace since COVID, according to government data last week, roaring back to meet forecasts for record air travel this summer.&nbsp;

The US Energy Information Administration data showed refiners' net production of jet fuel rose to about 1.9 million barrels per day (bpd) last week, an increase of 8 per cent versus the same period in the previous year and the largest weekly total since January 2020.&nbsp;

Government agencies and travel groups are preparing for the highest number of passengers at airports this summer, with jet fuel consumption rising above pre-pandemic levels for the first time. A record 5.74 million people will be flying around the July 4 holiday, according to estimates by the American Automobile Association.&nbsp;

A recent note from JPMorgan analysed that global jet fuel demand has surged above pre-pandemic levels for the first time. Data from the US Energy Information Administration showed the four-week average jet fuel demand at 1.75 million barrels per day (bpd) last week, the highest for this time since 2019.&nbsp;

According to Matias Togni, founder of energy research firm Galpon Shipping &amp; Trading, greater refinery output should help keep the market well-supplied to match the surge in demand expected over the holidays. Since the beginning of the year, US refiners have built more than 2 million barrels of jet fuel in stockpiles, pushing inventories to 41.95 million barrels as of June 14. That is 2 per cent more than last year and in line with the five-year seasonal average.&nbsp;

Despite higher travel forecasts, domestic airfares around the July 4 holiday are down 2 per cent from last year, said AAA. And according to flight tracker Airportia, total US flights are up 1 per cent compared to last year. On Thursday alone, Airportia tracked 30,264 US flights, a 7.2 per cent increase over the same time last year.&nbsp;

Boosting jet fuel production, combined with rising passenger traffic, indicates that the hard-hit aviation industry is on the path to a full recovery from the pandemic. Building stockpiles and raising output will be important for US refiners to weather the demand, typically strong in peak travel seasons.&nbsp;

US refiners churned out jet fuel at the fastest pace since COVID, according to government data last week, roaring back to meet forecasts for record air travel this summer.

US refiners churned out jet fuel at the fastest pace since COVID, according to government data last week, roaring back to meet forecasts for record air travel this summer. The US Energy Information Administration data showed refiners' net production of jet fuel rose to about 1.9 million barrels per day (bpd) last week, an increase of 8 per cent versus the same period in the previous year and the largest weekly total since January 2020. Government agencies and travel groups are preparing for the highest number of passengers at airports this summer, with jet fuel consumption rising above pre-pandemic levels for the first time. A record 5.74 million people will be flying around the July 4 holiday, according to estimates by the American Automobile Association. A recent note from JPMorgan analysed that global jet fuel demand has surged above pre-pandemic levels for the first time. Data from the US Energy Information Administration showed the four-week average jet fuel demand at 1.75 million barrels per day (bpd) last week, the highest for this time since 2019. According to Matias Togni, founder of energy research firm Galpon Shipping & Trading, greater refinery output should help keep the market well-supplied to match the surge in demand expected over the holidays. Since the beginning of the year, US refiners have built more than 2 million barrels of jet fuel in stockpiles, pushing inventories to 41.95 million barrels as of June 14. That is 2 per cent more than last year and in line with the five-year seasonal average. Despite higher travel forecasts, domestic airfares around the July 4 holiday are down 2 per cent from last year, said AAA. And according to flight tracker Airportia, total US flights are up 1 per cent compared to last year. On Thursday alone, Airportia tracked 30,264 US flights, a 7.2 per cent increase over the same time last year. Boosting jet fuel production, combined with rising passenger traffic, indicates that the hard-hit aviation industry is on the path to a full recovery from the pandemic. Building stockpiles and raising output will be important for US refiners to weather the demand, typically strong in peak travel seasons.

Jet fuel surge: Are US refiners ready for record summer travel?

The recent felony conviction of former President Donald Trump has dramatically increased campaign coffers, propelling him over the cash reserves painstakingly built by President Joe Biden's campaign over months. There was an instant and huge inflow of grassroots donations immediately after the jury verdict on May 30 that pronounced Trump guilty of 34 felony counts of falsifying business records. Trump's campaign is purported to have raked in millions of dollars within hours.&nbsp;

By June 1, Trump's campaign purse swelled to $116.6 million, eclipsing Biden's $91.6 million, according to new campaign finance filings released on Thursday. Quite a comeback for Trump, who was behind by more than $40 million just two months ago.&nbsp;

The latest financial disclosure offers but a glimpse of the cruise navigation charting altogether the breadth of campaign finance in the ensuing months. It nonetheless reflects a formidable fundraising prowess reinforced by both major contributors and small-dollar donors-to the pockets of Mr. Trump. To this, an heir to a banking fortune, Timothy Mellon, gave $50 million to a super-PAC supporting Trump just one day after his conviction. This is one of the largest single donations ever recorded in campaign finance history.&nbsp;

Also, in support of Trump, Sequoia Capital partner Shaun Maguire donated immediately after the verdict. In total, Trump and the Republican National Committee raised a huge $141 million haul in May, far outpacing the $81 million Biden and the Democratic National Committee raised.&nbsp;

Although the election law allows individuals no more than $3,300 contribution per candidate per election, Trump's campaign currently reaps a grassroots surge to reach such figures. Moreover, his campaign smartly reaches out to billionaire donors who have been able to secure hefty sums not only in formal campaign contributions but also in Trump-affiliated groups that can receive unlimited sums. Some of these contributions will only be disclosed in future finance reports.&nbsp;

While President Biden's campaign raked in a lot of money, more than those in April, it was still smaller than Trump's deep pockets. Biden's campaign has been judicious about where to spend, building campaign infrastructure that has essentially reduced cash-on-hand figure.&nbsp;

This has reshaped the entire financial landscape of the 2024 presidential campaign, with this robust support from both grassroots donors and wealthy donors in Trump's campaign, he shall be financially positioned to quite aggressively pursue its objectives while the Biden team continues to strategise and mobilise to tackle a highly competitive race.&nbsp;

The recent felony conviction of former President Donald Trump has dramatically increased campaign coffers, propelling him over the cash reserves painstakingly built by President Joe Biden's campaign over months.

The recent felony conviction of former President Donald Trump has dramatically increased campaign coffers, propelling him over the cash reserves painstakingly built by President Joe Biden's campaign over months. There was an instant and huge inflow of grassroots donations immediately after the jury verdict on May 30 that pronounced Trump guilty of 34 felony counts of falsifying business records. Trump's campaign is purported to have raked in millions of dollars within hours. By June 1, Trump's campaign purse swelled to $116.6 million, eclipsing Biden's $91.6 million, according to new campaign finance filings released on Thursday. Quite a comeback for Trump, who was behind by more than $40 million just two months ago. The latest financial disclosure offers but a glimpse of the cruise navigation charting altogether the breadth of campaign finance in the ensuing months. It nonetheless reflects a formidable fundraising prowess reinforced by both major contributors and small-dollar donors-to the pockets of Mr. Trump. To this, an heir to a banking fortune, Timothy Mellon, gave $50 million to a super-PAC supporting Trump just one day after his conviction. This is one of the largest single donations ever recorded in campaign finance history. Also, in support of Trump, Sequoia Capital partner Shaun Maguire donated immediately after the verdict. In total, Trump and the Republican National Committee raised a huge $141 million haul in May, far outpacing the $81 million Biden and the Democratic National Committee raised. Although the election law allows individuals no more than $3,300 contribution per candidate per election, Trump's campaign currently reaps a grassroots surge to reach such figures. Moreover, his campaign smartly reaches out to billionaire donors who have been able to secure hefty sums not only in formal campaign contributions but also in Trump-affiliated groups that can receive unlimited sums. Some of these contributions will only be disclosed in future finance reports. While President Biden's campaign raked in a lot of money, more than those in April, it was still smaller than Trump's deep pockets. Biden's campaign has been judicious about where to spend, building campaign infrastructure that has essentially reduced cash-on-hand figure. This has reshaped the entire financial landscape of the 2024 presidential campaign, with this robust support from both grassroots donors and wealthy donors in Trump's campaign, he shall be financially positioned to quite aggressively pursue its objectives while the Biden team continues to strategise and mobilise to tackle a highly competitive race.

Trump's fundraising outpouring puts him ahead of Biden 

In the June 2024 edition of its monthly bulletin, The Reserve Bank of India highlighted three major themes - The state of the economy, Financial stocks and flow of funds of the Indian economy and India's deposit Insurance system.

Talking about the state of the economy, the RBI said that global growth was resilient in the first quarter of 2024. The RBI notes that many central banks have pivoted towards a less restrictive monetary policy stance in response to the fall in inflation in their economies. The European Central Bank &amp; tge Swiss National Bank are some examples. The Bank of England, however, maintains the Fed's hawkish stance and waits for year-end to initiate rate cuts.

In India, indicators suggest that the real GDP growth in quarter one of 2024-25 is broadly in sync with the growth achieved in previous quarters. The early landfall of the southwest monsoon has boosted agricultural prospects. Headline inflation is gradually easing, although the path of disinflation is interrupted by volatile and elevated food prices. Food inflation was the only major concern highlighted in the recent address of RBI's governor, Shaktikanta Das.

Regarding financial stocks and the flow of funds, the RBI bulletin notes that households and financial corporations remain surplus sectors that accommodate the deficit of non-financial corporations.

The economy borrowed more money than it lent, even though demand for goods and services increased. This happened because banks lent less money, and businesses and households preferred to save more or invest their money elsewhere. The net financial wealth of the domestic sector moderated to 29.8 per cent of GDP at the end of March 2022.

Coming to India's deposit insurance system, the bulletin notes that the broader spread and coverage of deposit insurance has globally amplified&nbsp;since the global financial crisis.

India's deposit insurance system has completed sixty years since its inception. Major achievements include enhanced coverage, speedy settlements, revisions in premiums, and initiatives for depositor awareness.

The RBI bulletin notes that the reserve ratio, which is the minimum amount of money banks keep on hold, is set to steadily increase in the near future.

In the June 2024 edition of its monthly bulletin, The Reserve Bank of India highlighted three major themes - The state of the economy, Financial stocks and flow of funds of the Indian economy and India's deposit Insurance system.

In the June 2024 edition of its monthly bulletin, The Reserve Bank of India highlighted three major themes - The state of the economy, Financial stocks and flow of funds of the Indian economy and India's deposit Insurance system. Talking about the state of the economy, the RBI said that global growth was resilient in the first quarter of 2024. The RBI notes that many central banks have pivoted towards a less restrictive monetary policy stance in response to the fall in inflation in their economies. The European Central Bank & tge Swiss National Bank are some examples. The Bank of England, however, maintains the Fed's hawkish stance and waits for year-end to initiate rate cuts. In India, indicators suggest that the real GDP growth in quarter one of 2024-25 is broadly in sync with the growth achieved in previous quarters. The early landfall of the southwest monsoon has boosted agricultural prospects. Headline inflation is gradually easing, although the path of disinflation is interrupted by volatile and elevated food prices. Food inflation was the only major concern highlighted in the recent address of RBI's governor, Shaktikanta Das. Regarding financial stocks and the flow of funds, the RBI bulletin notes that households and financial corporations remain surplus sectors that accommodate the deficit of non-financial corporations. The economy borrowed more money than it lent, even though demand for goods and services increased. This happened because banks lent less money, and businesses and households preferred to save more or invest their money elsewhere. The net financial wealth of the domestic sector moderated to 29.8 per cent of GDP at the end of March 2022. Coming to India's deposit insurance system, the bulletin notes that the broader spread and coverage of deposit insurance has globally amplified since the global financial crisis. India's deposit insurance system has completed sixty years since its inception. Major achievements include enhanced coverage, speedy settlements, revisions in premiums, and initiatives for depositor awareness. The RBI bulletin notes that the reserve ratio, which is the minimum amount of money banks keep on hold, is set to steadily increase in the near future.

RBI bulletin: India’s economic report card for June

Citi analysts assume oil prices will peak this summer before crashing next year.&nbsp;

"We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week. West Texas Intermediate crude CL=F rose less than a per cent on Thursday to remain nearly at $82 per barrel, while Brent BZ=F, the international benchmark price, advanced more than a per cent to just over $85 per barrel.&nbsp;

"We do think that there is a bit of a tight stretch [with supply] through the summer, so we do see prices staying in the low- to mid-80s for a little longer. But as we're looking through the second half of the year into 2025, we really see markets getting a lot weightier," said Lee.&nbsp;

Lee expects Brent crude to begin its slide into the $70 range later this year and into the $60 range in 2025. The forecast comes amid recent signals from what's known as oil alliance OPEC+ that it would start phasing out voluntary production cuts, a move curated in response to member countries' hues and cries about losing market share.&nbsp;

"In our base case, we have 1.4 million barrels [of] global oil stock building next year after a roughly balanced market this year," said Lee. "I think when the market sees that, that is bearish for the price."&nbsp;

&nbsp; 
In addition, he sees oil demand growth slowing further out because of the acceleration in electric vehicle adoption. "Oil demand can grow at a slower and slower rate relative to GDP and in fact peak before the end of this decade," Lee said.&nbsp;

Although Citi is known for relatively bearish calls on crude, other analysts also predict a price downtrend next year. JPMorgan strategists call for Brent to average $75 per barrel in 2025, down from $83 this year.&nbsp;

"Global oil demand growth will likely decelerate from 1.4 million barrels per day this year to 1 million barrels per day in 2025 as the last phase of the post-pandemic rebound dissipates and advancing energy efficiencies and an expanding electric vehicle fleet gain ground," Natasha Kaneva, head of global commodities strategy at JPMorgan, said in a recent note.&nbsp;

A consensus cited by Goldman Sachs, specifically, views Brent averaging $84 per barrel this year on the back of a supply squeeze over the summer while saying that the firm expects the international benchmark to average $82 per barrel by 2025.&nbsp;

These oil price outlooks depict a complicated interaction of the dynamics of supply, inventory levels, and especially fast-changing patterns in demand. Should OPEC+ alter its production strategy and see an accelerated pace in terms of the global path to electric vehicles, as previously mentioned, the watch for market participants will be these evolving events shaping future price trends. A potential drop of such nature may hit a reckoning on energy markets and the economy at large, everything from consumer prices to geopolitics.&nbsp;

Citi analysts assume oil prices will peak this summer before crashing next year. "We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week.

Citi analysts assume oil prices will peak this summer before crashing next year. "We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week. West Texas Intermediate crude CL=F rose less than a per cent on Thursday to remain nearly at $82 per barrel, while Brent BZ=F, the international benchmark price, advanced more than a per cent to just over $85 per barrel. "We do think that there is a bit of a tight stretch [with supply] through the summer, so we do see prices staying in the low- to mid-80s for a little longer. But as we're looking through the second half of the year into 2025, we really see markets getting a lot weightier," said Lee. Lee expects Brent crude to begin its slide into the $70 range later this year and into the $60 range in 2025. The forecast comes amid recent signals from what's known as oil alliance OPEC+ that it would start phasing out voluntary production cuts, a move curated in response to member countries' hues and cries about losing market share. "In our base case, we have 1.4 million barrels [of] global oil stock building next year after a roughly balanced market this year," said Lee. "I think when the market sees that, that is bearish for the price." In addition, he sees oil demand growth slowing further out because of the acceleration in electric vehicle adoption. "Oil demand can grow at a slower and slower rate relative to GDP and in fact peak before the end of this decade," Lee said. Although Citi is known for relatively bearish calls on crude, other analysts also predict a price downtrend next year. JPMorgan strategists call for Brent to average $75 per barrel in 2025, down from $83 this year. "Global oil demand growth will likely decelerate from 1.4 million barrels per day this year to 1 million barrels per day in 2025 as the last phase of the post-pandemic rebound dissipates and advancing energy efficiencies and an expanding electric vehicle fleet gain ground," Natasha Kaneva, head of global commodities strategy at JPMorgan, said in a recent note. A consensus cited by Goldman Sachs, specifically, views Brent averaging $84 per barrel this year on the back of a supply squeeze over the summer while saying that the firm expects the international benchmark to average $82 per barrel by 2025. These oil price outlooks depict a complicated interaction of the dynamics of supply, inventory levels, and especially fast-changing patterns in demand. Should OPEC+ alter its production strategy and see an accelerated pace in terms of the global path to electric vehicles, as previously mentioned, the watch for market participants will be these evolving events shaping future price trends. A potential drop of such nature may hit a reckoning on energy markets and the economy at large, everything from consumer prices to geopolitics.

Oil prices set to soar this summer, plunge in 2025: Citi analysts

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Zee News Rajasthan

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Hardik Bhardwaj

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