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Indian Express
14 minutes ago
- Indian Express
Punjab Cabinet approves Bill to make sale of spurious seeds non-bailable offence
The Punjab Cabinet Friday gave its nod to introduce The Seeds (Punjab Amendment) Bill 2025 to make sale of spurious seeds a non-bailable offence. The decision was taken by the council of ministers at its meeting chaired by Chief Minister Bhagwant Mann. As per an official statement, the Cabinet gave its nod to introduce The Seeds (Punjab Amendment) Bill 2025 to ensure supply of high-quality seeds to the farmers of the state. 'There has been no amendment to Section 19 of the Seeds Act 1966 since its inception due to which the fines and penalties have no deterrence. So the Cabinet gave its nod to amend and insert Section 19A for contravention of Section 7 of the Seeds Act (Regulation of sales of seeds of notified kinds or varieties), enhancing the fine and penalty, and making it cognizable and non-bailable,' the statement said. As per the provision, the first offence by a company will invite punishment of one to two years and fine of Rs 5-10 lakh, and punishment of two to three years and fine of Rs 10-50 lakh for repeated offence. 'Similar misdeed by a dealer/person will invite a punishment of six months to one year and fine of Rs 1-5 lakh for the first offence and a term of 1 to 2 years and fine of Rs 5-10 lakh for repeated offence,' the statement said. Currrently, the fine is Rs 500 for first offence and Rs 1,000 and prison term of up to six months for repeat offence. The Cabinet also cleared a mechanism to provide land parcels on sale or lease to boost industrial and business investment, featuring a bi-annual digital land pool, investor facilitation for projects above Rs 200 crore, and e-auction procedures. In another key decision, the Cabinet approved an amendment in Rules 5 (b) and 5 (d) of the Punjab State (Group D) Service Rules, 1963, thereby enhancing the upper age limit for Group D recruitment from existing 35 years to 37 years. The council approved a one-time settlement (OTS) scheme to clear old loans under various industrial support programmes, with complete waivers for loans under the Punjab State Aid to Industries Act, 1935, and the Integrated Rural Development Programme. Accordingly, there will be a complete waiver of principal and interest for loans under IRDP and Punjab State Aid to Industries Act, 1935. The eligible units will be required to avail of the scheme and clear their dues within 180 days of publication of notice in newspapers. The Cabinet also gave its nod to the 'The Punjab Foodgrains Transportation Policy 2025′ and 'The Punjab Labour and Cartage Policy 2025′ for the smooth and hassle-free transportation of foodgrains in the state. The Punjab government through its state procurement agencies and FCI procures foodgrains from various designated centres/mandis. According to the new policy, during the year 2025, foodgrain transportation works will be allotted through a competitive and transparent online tender system. Other approvals included revising District Mineral Foundation rules, extending services of 951 veterinary staff, and amending VAT rules and temple advisory committees. Will develop robust semiconductor ecosystem: CM CM Mann said that the state government will make every possible effort to develop a robust semiconductor ecosystem in the state. Chairing a meeting with representatives of the semiconductor industry, Mann assured them of full support and cooperation, including the establishment of a dedicated semiconductor park in and around Mohali. He said Punjab offers a conducive industrial environment, a skilled workforce, and ample resources, making it an ideal destination for semiconductor investments. The industry, he noted, will not only spur industrial growth but also create significant employment opportunities for the youth. Mann emphasised the vital role semiconductor chips play in modern technology, stating that they are essential components in virtually all electronic devices. He added that semiconductors enable a wide range of functionalities from basic computation to advanced technologies. Mann highlighted the vast potential of the semiconductor industry, noting that it is currently experiencing an impressive annual growth.


Time of India
27 minutes ago
- Time of India
Credit growth slow despite rate cuts
The pace of expansion in bank credit continued to slow in July as well even as the Reserve Bank of India (RBI) slashed policy rates by a cumulative one percentage point so far this year. Lending by commercial banks rose 9.8 percent during the fortnight ended July 11 at Rs 184.6 lakh crore, compared with the 14% growth in the same period a year ago, according to the latest data released by the RBI. Explore courses from Top Institutes in Please select course: Select a Course Category Finance Design Thinking Data Science MCA Degree CXO others Healthcare Operations Management Management PGDM Artificial Intelligence Public Policy Technology MBA Cybersecurity Others Project Management Data Science Data Analytics Product Management Leadership healthcare Digital Marketing Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Significantly, credit growth is also lower than the deposit growth of 10.1 percent - unlike last year, when credit growth outpaced deposit mobilization. The sectoral break-up of lending data up to May this year shows a slowdown in loan growth across sectors. But the slowdown in retail loan growth has been more prolonged since November 2023 when the Reserve Bank imposed regulatory restrictions by raising the risk weights on lending to unsecured retail and credit card outstanding. The Reserve Bank also clamped down on NBFC lending by banks by raising risk weights. A recent report by HSBC attributes the slowdown in bank lending to the woes in the real sector. 'Softening growth in the formal sector is dragging down credit growth,' said the HSBC report . 'With formal sector fortunes not rising as rapidly this year, the investment demand for credit (e.g. housing loans) will likely be tepid. With the informal sector benefiting from better real incomes (both farm and non-farm), the need to take personal loans to fund consumption will likely be weak too,' it said. India's forex reserves slid $1.2 billion during the week ended July 18 to $695.5 billion, the latest RBI data showed. Market analysts attribute this to a slowdown in foreign portfolio (FPI) inflows. 'FPI capital inflows to emerging markets remain subdued in 2025 compared to 2024, mainly due to equities,' said a recent report by IDFC First Bank .' Net FPI inflows (in India) have remained muted with outflows in debt and subdued equity inflows.'


Time of India
28 minutes ago
- Time of India
Meghalaya inks 13 MoUs to drive rural economy
Shillong: Meghalaya govt on Friday inked 13 memorandums of understanding (MoUs) with leading technical and research institutions to drive grassroots entrepreneurship. The MoUs were signed at the Summit for Rural Empowerment held at the State Convention Centre here. Tired of too many ads? go ad free now These partnerships — under Pradhan Mantri Janjatiya Vikas Mission (PMJVM) — aim to transform rural enterprise development by facilitating technology transfer, product innovation, and access to national markets. Officials confirmed that six more MoUs are in the pipeline, poised to further energise the state's rural economy. The initiatives focus on converting local resources into high-value, eco-friendly products. Notable innovations under development include turning pineapple and banana waste into bio-fertilizers and packaging material, processing flowers into herbal dyes and 'gulal', extracting essential oils from medicinal plants, and developing nutraceuticals and value-added foods from millets, sweet potato, and tapioca. CM Conrad K Sangma, speaking at the event, said the summit reflects the govt's impact on farmers, women's collectives and rural communities. He added that nearly 55,000 self-help groups with over five lakh women have been formed in seven years, and that two lakh farmers and 20,000 producer groups are receiving govt support. He mentioned the CM Assure programme, through which Rs 50 crore was spent to stabilize prices for key crops.