Top news this week: Pakistan-Iran row, Davos 2024, Reliance Q3 results, Sony-Zee merger, and more

Here are top news of the week between 14 January to 20 January that made headlines:

Pakistan, Iran ministers ‘agree to de-escalate situation’ amid attacks

Pakistan and Iran ministers on 19 January ‘agreed to de-escalate the situation’ as the tensions mounted after both the countries exchanged missile and drone strikes this week at what they each said were militant targets. On 16 January night, Iran had launched airstrikes in Pakistan's Balochistan on Tuesday night in a bid to target ‘militant’ bases in the region. Read more here

Reliance Q3 results: Net profit up 11% to ₹19,641 crore

Reliance Industries Limited reported a 10.9% increase in its net profit to ₹19,641 crore in the third quarter of FY 23-24. The company's total revenue from operations stood at ₹2,27,970 crore during the quarter under review. The robust performance of the oil and gas segments was one of the major highlights of the quarterly results of Mukesh Ambani's firm. The oil and gas segment reported the highest-ever revenue growth in Q3 FY24. Read more here

China: $6.3 trillion wiped out from market value of stocks

Chinese stocks just capped another dismal week, with a gauge of mainland firms listed in Hong Kong languishing at the bottom of global equity index rankings for the year so far. Grim milestones have kept piling up in recent days: Tokyo has overtaken Shanghai as Asia’s biggest equity market, while India’s valuation premium over China has hit a record. Locally, a meltdown in Chinese shares is wreaking havoc on the nation’s asset management industry. Read more here

Andhra Pradesh govt begins 10-day long caste census

The Andhra Pradesh government has started a 10-day-long of “caste survey", aimed at creating a comprehensive caste-based database of people. The comprehensive caste census will be extended if needed, Information and Public Relations (I & PR) Minister C Srinivasa Venugopala Krishna said. "The comprehensive caste census is scheduled for 10 days in one phase and if needed, it will be extended by four or five days," Krishna said. Read more here

Sony-Zee stares at end of road over disagreement about CEO

Sony Group Corp. is set to pull the plug on the proposed $10-billion merger of its India unit with Zee Entertainment Enterprises after more than two years of negotiations. The deal unravelled as the media giants failed to agree on who would lead the combined entity, with the Japanese conglomerate disinclined to have Zee’s Punit Goenka at the helm, said two people with direct knowledge of the developments. Read more here

SC refuses to extend time for surrender to Bilkis Bano case convicts

The Supreme Court of India refused to extend the time for surrender to the 11 convicts in the Bilkis Bano gangrape case. The court held that the reasons cited in their application do not prevent them from complying with the January 8 order to surrender in two weeks. Read more here

Temples across US prepare for Ram Mandir festivities

Temples scattered throughout the United States are preparing to observe the consecration of the Ram Temple in Ayodhya next week. Thousands of Indian Americans are expected to participate in a series of events commencing this week to mark the occasion. The consecration ceremony for the Ayodhya temple is scheduled for January 22. Read more here

Davos 2024: Leaders leave WEF with a hope to rebuild trust

As the annual jamboree of the World Economic Forum in the snow-clad resort came to an end on Friday, the emergence of artificial intelligence, never-ending geopolitical tensions, and the outcome of what's in store when half of the world's population is going to elect a new government this year, including in India and the US, dominated the Swiss Promenade talks. Read more here

Budget 2024: India likely to allocate $48 billion for food, fertiliser subsidies

India may earmark about 4 trillion rupees ($48 billion) for food and fertilizer subsidies for the next fiscal year, indicating fiscal caution ahead of 2024 Lok Sabha elections, said two government sources as quoted by Reuters. During the current fiscal year, which concludes on March 31, India's total budget spending is 45 trillion rupees, of which approximately one-ninth comes from subsidies on food and fertiliser. Read more here