Top headlines: Monsoon on track, India to start FTA talks with SACU

India to start FTA talks with African Customs union in next 3-4 months

India and the five-member South African Customs Union (SACU) nations are exploring a free-trade agreement (FTA) and are expected to begin talks in the next three to four months, people aware of the matter said. SACU, which comprises South Africa, Namibia, Botswana, Lesotho, and Eswatini, is the world’s oldest Customs union, dating back over a century. Read more

Late pick-up, but monsoon on track to cover entire country by early July

The southwest monsoon strongly picked up pace over the past two days, covering almost all major parts of the country, including Delhi and Mumbai. “As the monsoon has again become active, there is a possibility that it will cover the country by the first week of July, which is normal,” D Sivananda Pai, scientist at the India Meteorological Department (IMD), and a well-known authority on Indian monsoons, told Business Standard. Read more

Rupee vs rupiah: In high-yield battle, Indian assets may beat Indonesia's

In the battle between Asia’s two highest-yielding major markets, Indian assets look more promising than those of Indonesia. While the Indian rupee has been the second best to the rupiah in terms of carry returns so far in 2023, that looks set to change in second half of the year as investors including Amundi SA and HSBC Holdings Plc see the former as the standout choice. The Indian currency offers higher compensation for risk than the rupiah, with a carry-to-risk ratio of 2.8 compared with just 0.5 for Indonesia, according to data compiled by Bloomberg. Read more

PSBs have a human capital problem: Do their top execs need a pay overhaul?

In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country’s largest bank, Dinesh Khara’s annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals — most pocketed in excess of Rs 7 crore annually — plus stock options. Talk of perks at state-run banks not being taken into account in such comparisons amount to mere quibbles. Read more

India, Egypt elevate ties to 'strategic partnership' during PM Modi's visit

On Sunday, the concluding day of Prime Minister (PM) Narendra Modi’s two-day visit to Cairo, India and Egypt signed a “landmark” strategic partnership treaty, which the two sides had agreed upon during Egyptian President Abdel Fattah el-Sisi’s visit to New Delhi in January this year as chief guest for the Republic Day parade. Cairo is keen on increased Indian investments. It has suggested New Delhi use Egypt’s geographical location as a springboard to three regions: Europe, West Asia, and the whole of Africa, and offered the possibility of an industrial zone for India in Egypt. Read more