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PremiumCost of Living Highlights December 13: The cost of living is the amount of money one needs to survive in a given place – and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket. Since the Russia-Ukraine war broke out, the cost of raw materials and commodities has gone up. This has increased India's payments outgo for oil, gold, and other commodities.
The services sector growth in India fell to a one-year low in November on softer expansions in new work intakes and output, despite receding price pressures, a monthly survey said on December 5. The seasonally adjusted S&P Global India Services Business Activity Index fell from 58.4 in October to a one-year low of 56.9 in November. Despite witnessing a month-on-month decline, the rate of expansion was stronger than its long-run average. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. The survey is compiled from responses to questionnaires sent to a panel of around 400 service sector companies.
India's consumer price index (CPI)-based inflation, or retail inflation, might have risen above the RBI's tolerance limit of 6 percent in November, from 4.87 percent in October, according to Barclays' estimates. "We estimate that CPI inflation rose in November to 6.15 percent year-on-year (YoY), a sharp reversal from the moderating trajectory over the past couple of months (October: 4.9 percent, September: 5 percent). Core inflation likely remained stable, and we expect further deflation in fuel prices," Barclays said in a report.
A proposed UK government review of the Graduate Route visa allowing overseas students a two-year post-study work option and dominated by Indian students will analyse whether it is operating in the best interests of Britain by retaining high-skilled talent, a new independent report into migration indicated on Wednesday.
The Migration Advisory Committee (MAC), which advises the UK government on its visa policies, said that it is awaiting a formal Home Office commission following an announcement in Parliament last week by Home Secretary James Cleverly that the Graduate Route would be reviewed "to prevent abuse and protect the integrity and quality of UK higher education".
Since it was enforced by former home secretary Priti Patel in July 2021, 42 per cent of the 176,000 students granted a Graduate Route visa were Indian nationals – which means any changes to this category will have a significant impact on Indians.
--PTI
Educational services, electric vehicle, and healthcare & pharmaceuticals sectors intend to maintain or increase their workforce in the final quarter of the current fiscal year, according to a report released by staffing conglomerate TeamLease Services Ltd.
"The upcoming job landscape in consumer-centric sectors such as healthcare and pharmaceuticals, Electric Vehicles (EV), and Infrastructure and Fast-Moving Consumer Durables (FMCD) reflects commendable growth," Balasubramanian A, VP & Business Head, TeamLease Services said. Read more here
The debate between frontload and top load is not something new. However, in the world of laundry appliances, where innovation and convenience are highly important, many people today choose top load washing machines. When it comes to top load washing machines, Panasonic stands out as a brand that consistently offers smart choices for consumers seeking efficient and reliable laundry solutions. Read more here
Tata CLiQ Palette will host ‘Very Merry Beauty Sale’ from December 15-25, 2023.
During the sale, brands such as Renee Cosmetics and Swiss Beauty will be up to 40% off.
Up to 35% off on Dot and Key's curated collection, and a flat 10% and 15% off on Neutrogena and Pilgrim, respectively, will be offered in the sale.
“Spanning diverse categories such as bath and body, fragrances, haircare, makeup, and skincare, this sale invites patrons to explore a meticulously curated array of both global and Indian beauty brands available at irresistible offers," said Tata CLiQ said in a statement.
After a two-year investigation by auto-safety regulators in the United States into the series of crashes involving Tesla's Autopilot mode, the Elon Musk-led company has decided to recall more than 2 million vehicles. The recall, which will be implemented across the model lineup will attempt to fix the defective system which is supposed to ensure that drivers are paying attention on the road when the vehicle is on Autopilot mode. The recall encompasses virtually all Tesla vehicles sold in the United States since the activation of Autopilot in late 2015. Read more here
The penetration in India is extremely low compared to other developed countries. IRDAI data showed that India’s insurance penetration was 4.2% of the GDP in 2021-22. While the data has been positive in the last few years, there is still a long way to go. Read more here
Google Maps has announced a number of privacy-focused features designed to give users more control over their personal information. The Mountain View, California-based company said the new features will be rolled out to Android and iOS users over the next year, and users will receive a notification when the update is available for their account. Read more here
The Union mines ministry aims to prevent bidders from cornering strategic mineral blocks and discourage non-serious players in the auctions beginning next month, a draft of the mining rules showed.
One applicant can submit only a single bid in an auction of a mineral block, and none of its affiliates will be allowed to enter the same auction, according to the mines ministry's draft auction rules for strategic and critical minerals. See here
India’s e-commerce market is expected to vault past $160 billion by 2028, from an estimated $57–$60 billion in 2023, as online shopping has accelerated after the COVID-19 pandemic, a report said. Since 2020, the country’s online retail market has consistently expanded by $8–12 billion each year, according to The How India Shops Online 2023 report by Bain and Co., which tracked consumer spending on e-commerce.
The market is projected to grow 17–20% in 2023 from a year ago, albeit at a slower pace than the 25-30% in 2019-2022, with high inflation hurting demand for discretionary goods, Bain said in a joint report with e-commerce major Flipkart. Read more here
A forecast surplus of copper going into 2024 has suddenly all but disappeared.
The next couple of years were supposed to be a time of plenty for copper, thanks to a series of big new projects starting up around the world. The expectation across most of the industry was for a comfortable surplus before the market tightened again later this decade when surging demand for electric vehicles and renewable energy infrastructure collided with a lack of new mines.
The sudden removal of around 600,000 tons of expected supply would move the market from a large expected surplus into a balance, or even a deficit, analysts say. And it’s also a major warning for the future: copper is an essential metal needed to decarbonize the global economy, which means mining companies will play a key role in facilitating the shift to green energy. Read full here
Argentina's newly formed government has weakened its peso currency. President Javier Milei, who has been sworn in as president of the second largest economy in South America devalued the peso over 50% to 800 per dollar as part of shock measures, needed to to deal with an economic emergency.
Milei has said the country didn't have time to consider other alternatives. Argentina economy minister Luis Caputo said the Argentine peso will be devalued by 50% to 800 to the US dollar from 400 pesos to the dollar. Read details here
The Union government is planning to procure more wheat in Uttar Pradesh and Bihar in the next 2024-25 rabi season after significantly lower Central purchases of the grain in these two states and Rajasthan.
In the previous rabi season, the governments of Uttar Pradesh and Bihar procured 214,981 tonnes and 589 tonnes of wheat as against a target of 3.5 million tonnes (mt) and 1 mt, respectively.
As part of the plan, the Centre’s National Agricultural Cooperative Marketing Federation of India (NAFED) will be involved in wheat procurement alongside state agencies and the Food Corporation of India (FCI), a senior official said. See here
Silver rate today on MCX opened lower at ₹71,745 per kg levels and went on to hit an intraday low of ₹71,539 levels in few minutes after the opening bell today. In the international market, spot silver price is oscillating around $22.75 per ounce levels.
Ahead of the US Fed meeting outcome expected late night today, gold price on Multi Commodity Exchange (MCX) opened flat during morning deals. MCX gold rate today opened at ₹61,196 per 10 gm levels and nosedived to an intraday low of ₹61,085 levels within a few minutes of the commodity market's opening bell on Wednesday. In the international market, spot fold price is oscillating around $1,980 per ounce levels. Read experts here
PETROL (Rs/L) - 96.2
DIESEL (Rs/L) - 84.26
PETROL (Rs/L) - 102.63
DIESEL (Rs/L) - ₹94.33
PETROL (Rs/L) - 106.03
DIESEL (Rs/L) - ₹92.76
PETROL (Rs/L) - 101.94
DIESEL (Rs/L) - 87.94
PETROL (Rs/L) - 106.31
DIESEL (Rs/L) - ₹94.27
Fuel rates are revised at 06:00 A.M every day. Since June 2017, fuel prices in India have been revised daily, and this is called the dynamic fuel price method.
PETROL (Rs/L) - 96.72
DIESEL (Rs/L) - ₹89.62
