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Yahoo
4 hours ago
- Business
- Yahoo
Sector Update: Energy Stocks Rise Premarket Friday
Energy stocks were rising premarket Friday, with the Energy Select Sector SPDR Fund (XLE) advancing Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
India.com
5 hours ago
- Business
- India.com
Over Rs 11,606 Crore Booster To Nurture Startup Ecosystem Via 3 Schemes: Minister
New Delhi: The government on Friday said that a net commitment of Rs 9,994 crore has been made to 141 Alternative Investment Funds (AIFs) supported under the Fund of Funds for Startups (FFS) scheme (till June 30), as it aims to build a strong ecosystem for nurturing innovation. Under the 'Startup India' initiative, the government is implementing three flagship schemes -- FFS, Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS) to support startups at various stages of their business cycle. FFS has been established to catalyse venture capital investments and is operationalised by the Small Industries Development Bank of India (SIDBI), which provides capital to Securities and Exchange Board of India (SEBI)-registered AIFs, which in turn, invest in startups, said Minister of State for Commerce and Industry, Jitin Prasada, in a written reply to a question in the Rajya Sabha. SISFS provides financial assistance to seed-stage startups through incubators. Rs 945 crore have been approved to 219 selected incubators (as of June 30), the minister said. CGSS, implemented to enable collateral-free loans to startups through eligible financial institutions, is operationalised by the National Credit Guarantee Trustee Company (NCGTC) Limited. "As on June 30, 2025, 289 loans amounting to Rs. 667.85 crore have been guaranteed for startup borrowers," said Prasada. As per the Ministry of Skill Development and Entrepreneurship (MSDE), the Project 'Swavalambini' is being implemented through autonomous institutes, namely the National Institute for Entrepreneurship and Small Business Development (NIESBUD), Noida and Indian Institute of Entrepreneurship (IIE), Guwahati, in collaboration with NITI Aayog and its Women Entrepreneurship Platform (WEP). The project includes Entrepreneurship Awareness Training and Entrepreneurship Development Training for students, as well as a Faculty Development Programme (FDP) for capacity building of faculty members. "As on June 30, 2025, Entrepreneurship Awareness Programmes have been organised for 591 students and FDPs have been completed for 43 faculty members of Higher Education Institutions (HEIs)," the minister said.
The Guardian
6 hours ago
- Business
- The Guardian
Reeves risks missing fiscal targets and should consider tax rises, says IMF
The International Monetary Fund has said the UK government risks being knocked off course in meeting its targets to repair the public finances and urged Rachel Reeves to give herself more leeway through tax or spending measures. In a final version of an annual report on the UK economy, the Washington-based organisation said changes introduced by the chancellor to the government's deficit reduction plans had enhanced the credibility and effectiveness of fiscal policy. 'Risks to this strategy must be carefully managed. In an uncertain global environment and with limited fiscal headroom, fiscal rules could easily be breached if growth disappoints or interest rate shocks materialise,' the IMF said. The Fund also said the risk of overly-frequent changes to tax and spending policy could be reduced by measures including the creation of more fiscal room for manoeuvre by Reeves to meet her targets. 'The first best (option) would be to maintain more headroom under the rules, so that small changes in the outlook do not compromise assessments of rule compliance,' it said. The IMF said that delivering Reeves's plans to increase economic growth 'involves significant challenges given limited fiscal space, the breadth of the reforms, and the volatile external environment' amid US president Donald Trump's trade war. In its May report, the IMF said Reeves should refine her fiscal rules to prevent the need for emergency spending cuts. Since then the government's high-stakes welfare U-turn has put further pressure on the public finances, and Reeves prepares for a tough autumn budget amid mounting speculation over the need for large tax rises. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion In response to Friday's report, Reeves said that the Fund had backed her choices for the UK economy to recover and her plans would 'tackle the deep-rooted economic challenges that we inherited in the face of global headwinds'. Reeves is under pressure to raise taxes later this year to remain on course to meet her budget targets, having already increased social security contributions paid by employers and along with revenue-raising measures in late 2024.
The Hindu
12 hours ago
- Science
- The Hindu
Education Ministry permits 7 new departments at Central University of Karnataka
The Ministry of Education has permitted the establishment of seven new departments/programmes at the Central University of Karnataka here. Central University Vice-Chancellor Battu Satyanarayana, addressing presspersons on university campus in Kadaganchi on Thursday, said that the university has redesigned the curriculum and is focusing on innovative and skill-based programmes to improve employable skills of students. The seven new programmes are: Masters in Library and Information Science Statistics and Data Analytics Five-year integrated Bachelor of Arts and Bachelor of Laws Computer Science Engineering Artificial Intelligence and Machine learning Genetics and Genomics restructuring of life sciences programme as Plant Science and Animal Science The MoE had also sanctioned 29 new faculty positions for hosting these departments. Prof. Satyanarayana said that CUK is also establishing a Centre of Excellence in High Frequency Electronics in the campus, which aims at training manpower in high frequency electronics. The Indian Space Research Organisation (ISRO) and Defence Research and Development Organisation (DRDO) have expressed their support for the activities of CUK under this centre. The centre is being established at a cost of more than ₹2 crore, having a partnership of 50% with Keysight Technologies, the industrial arm of the centre. Grants for Research and Development The Vice-Chancellor said that the CUK was successful in securing grants for activities like research, development and educational programmes; the university has bagged a research grant of more than ₹16 crore this academic year, besides receiving a grant of ₹11.5 crore through Anusadhan National Research Foundation of Department of Science and Technology under Partnership for Accelerated Innovation and Research (PAIR) programme. 'Additionally, the Department of Chemistry at CUK had received a dedicated grant of ₹1.67 crore for scientific infrastructure development under the Fund for Improvement of S&T Infrastructure (FIST) programme run by the department of Science and Technology, that aims at strengthening research and development in the university. The university secured a grant of ₹3 crore under Visvesvaraya PhD scheme for technology research work, and a grant of ₹1.21 crore for establishing a model self-sustained ecosystem under social corporate responsibility,' Prof. Satyanarayana said. A dedicated sophisticated Instrumentation Centre has been established with an investment of ₹60 crore to build a strong research base at the university where state-of-the-art scientific research instruments are housed. ₹201.86 crore for infrastructure development He reiterated that, along with the academic, research and innovation activities, the CUK is focused on infrastructure development too. Recently, the Ministry of Higher Education sanctioned a grant of ₹201.86 crore for construction of two academic blocks for Physics, Chemistry, Mathematics, Computer Science and Life Science departments; two hostels of 500-bed capacity each for girls and boys, and staff quarters. The university has adapted learning outcome-based framework (LOCF) along with Integration of National Credit Framework (NCrF); National Higher Education Qualification Framework (NHEQF); Curriculum and Credit Framework for Undergraduate and Postgraduate Programmes focusing on complete implementation of National Education Policy 2020 into its programmes. Recently, the CUK recruited 80 teaching and 50 non-teaching permanent staff taking the teaching staff strength to 175, and non-teaching to 100. However, 35 posts of teaching staff are vacant, Prof. Satyanarayana added.
Express Tribune
18 hours ago
- Business
- Express Tribune
S&P upgrades credit rating to B-
Listen to article Standard & Poor's (S&P) credit rating agency on Thursday upgraded Pakistan's rating by a notch to B negative, which is better than the previous standing but still two positions below investment grade. The revision was made due to the implementation of reforms and a reduction in sovereign default risks. S&P Global Ratings raised Pakistan's long-term sovereign credit rating from CCC+ to B- after a gap of two and a half years, according to an announcement made by the agency, one of the three largest global credit rating firms. It also assigned a stable outlook to Pakistan. The upgrade improved Pakistan's credit standing from "very high credit risk, vulnerable to non-payment" to "highly speculative." Due to its junk rating, Pakistan was unable to issue international bonds in the last fiscal year to raise external debt. S&P stated that "the coalition government led by the Pakistan Muslim League-Nawaz (PML-N) party has so far demonstrated its ability to navigate the necessary reform implementation under the International Monetary Fund (IMF) programme without significant social unrest." The note underlined that the policymakers' willingness to maintain expenditure controls while making continued enhancements to the tax revenue base will be critical to meeting the remaining targets under the Extended Fund Facility (EFF). The Ministry of Finance has played a key role in staying aligned with the IMF programme, often taking criticism for tough decisions needed to complete the first programme review and align the federal budget with Fund requirements. The upgrade reflects S&P's view that Pakistan is now less reliant upon on favourable macroeconomic and financial conditions to meet its obligations. Pakistan has replenished its foreign exchange reserves over the past 12 months, and near-term default risks have declined. However, concerns remain over exchange rate management, prompting intervention by the military establishment to curb the reemergence of the grey market. S&P noted that the depreciation of the Pakistani rupee against the US dollar in recent years has contributed to stagnation in nominal GDP per capita. It stated that with rupee stability in the last fiscal year and rising real growth, GDP per capita is projected to exceed $2,000 by FY2027. The agency stressed that political stability and improved security are necessary for further upgrades. However, it expects political uncertainty to remain elevated due to a fragmented political environment. "Pakistani politics has been in a state of flux since the ouster of former Prime Minister Imran Khan of the Pakistan Tehreek-e-Insaf (PTI) party in a parliamentary no-confidence motion in April 2022." "We believe a stable political environment in Pakistan is an important precondition to further improvements in the government's creditworthiness." While security has improved since the early 2010s, the potential for deterioration remains, it added. Border tensions with India, as evident in the recent outbreak of hostilities in the wake of the Pahalgam terrorist attack in May 2025, can raise the spectre of miscalculations and accidental clashes that could escalate well beyond the intentions of both sides, according to S&P. Debt servicing also remains a significant concern for the ratings agency. S&P said that Pakistan's stable outlook reflects its expectation that external support from key multilateral and bilateral partners, along with fiscal improvement, will continue over the next 12 months to meet large debt obligations. It added that continued economic recovery and efforts to enhance revenue will stabilise Pakistan's fiscal and debt metrics. The country's current account posted a surplus in FY2025, the first in 14 years, amounting to 0.5% of GDP. The surplus was driven by record-high remittances of $39 billion, or 9.5% of GDP, according to the agency. These gains have improved Pakistan's external indicators and eased near-term financial pressure. Reforms under the IMF programme have also boosted tax revenues by 3% of GDP in the past year. Combined with spending controls, S&P projects the general government deficit will decline to 5.1% of GDP in FY2026, but still above the government's budgeted target. Inflation is expected to remain around 6.5% over the next two to three years. As a result, monetary conditions will ease further. With lower interest rates, interest payments are projected to fall to 41% of revenue over the next three years, down from over 60% in FY2024. "Nevertheless, Pakistan's interest servicing-to-revenue ratio remains one of the highest globally among rated sovereigns," the agency noted. It added that the country's high interest expenses remain the main constraint on debt sustainability. The debt-to-revenue ratio is projected to worsen from 443% to 454% in FY2025, according to the agency. Future warning "We may lower our ratings if Pakistan's external or fiscal indicators deteriorate well beyond their current levels," S&P warned. Downward pressure would emerge if financial support from key bilateral and multilateral partners quickly erodes, or usable foreign exchange reserves fall substantially to levels indicating difficulties in servicing its external debt obligations, it added. The agency added that should interest rates surge again and materially i add to the government's already-heavy debt servicing burden, we would view that as an indication of domestic financing stress, warned the agency.
