Wednesday, September 09
US President Donald Trump has nominated his longtime aide Sergio Gor, who is currently the Director of the White House Presidential Personnel Office, as the next US Ambassador to India. In a social media post on Friday, Trump said Gor, 38, is a "great friend, who has been at my side for many years". "I am pleased to announce that I am promoting Sergio Gor to be our next United States Ambassador to the Republic of India," he said. He would also serve as a special envoy for South and Central Asian affairs, Trump said. The announcement comes amid tariff tensions between Washington and New Delhi. Trump said Gor and his team had overseen the hiring of nearly 4,000 officials across federal departments and agencies "in record time," adding that over 95 per cent of positions were now filled. Gor w
The proposed cut in goods and services tax (GST) rates is being welcomed by consumers, but companies across sectors are reporting a slowdown in sales as buyers wait for lower prices ahead of PM Modi's Diwali gift promise. The changes, if approved, may also create new challenges for India’s electric vehicle (EV) industry. Retailers say demand that usually picks up from Ganesh Chaturthi and Onam has remained muted this year, Times Of India (TOI) has reported. Many buyers are postponing purchases, expecting prices to fall once the GST Council finalises the rate cuts. “We are worried as the festive opening is normally a bumper period, running up to Dussehra and Diwali. But the news of a GST rate cut and impending reduction in retail prices is keeping buyers out of the market till the time
Markets ended higher for the second consecutive week, with benchmark indices Nifty 50 and Sensex advancing nearly a percent. Sentiment was buoyed by optimism around a GST rate overhaul from the outset and strengthened as the week progressed, though profit booking in the final session trimmed some gains.Meanwhile, foreign Institutional Investors (FIIs) continued their selling spree in August, offloading equities worth Rs 25,564 crore through the exchanges up to August 23. This took the total equity selling by FIIs this year up to that date to Rs 1,57,440 crore, according to market data.With this, analyst Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, interacted with ET Markets regarding the outlook for the Nifty and Bank Nifty, as well as an
Private lender Yes Bank on Saturday said the Reserve Bank of India (RBI) has approved Sumitomo Mitsui Banking Corporation (SMBC) to acquire up to 24.99% of the bank’s paid-up share capital and voting rights.Importantly, RBI has clarified that following this acquisition, SMBC will not be classified as a promoter of Yes Bank.The bank disclosed the development in a regulatory filing, noting that the approval is valid for one year from August 22, 2025. The proposed acquisition stems from SMBC’s plan to raise its holding in Yes Bank to 20% via a secondary stake purchase.This includes a 13.19% stake from State Bank of India and an additional 6.81% stake from seven other existing shareholders of Yes Bank, namely Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, an
