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Festival Spending Booms Despite Global Slowdown and Inflation Worries

India’s festival spending booms despite global slowdown and inflation worriesNEW DELHI: Indians are buying everything, from cars and houses to jewellery and travel sets, in the festive season that began last week. This, according to early data shows, gives a boost to growth prospects despite the economic woes elsewhere in the world. The online and offline sales for the Hindu festival period, which runs from September to November, are expected to exceed $27 billion. This is almost twice the amount in the same period before COVID 2019, and nearly 25% more than last year. According to the Confederation of All India Traders, the sales would be nearly $15.2 billion in offline sales, compared with $8.5 billion in 2019. According to Redseer, an industry consultancy, this year’s online sales will reach $11.8 billion. This is when India’s 1.4 billion citizens celebrate the major festivals of Diwali and Dussehra. According to Hindu belief, it’s also a good time to get married. “After two years’ worth of pandemic fatigue in India, Indian consumers are optimistic ahead of the festivals,” Sanjay Kothari, associate member at Redseer, said that online sales increased by almost fourfold in the first week of the season to nearly 200 million and that demand for fashion garments and mobile phones has spread to smaller towns. He also said that the index of Indian consumer confidence was likely to continue rising at least for the next three months. “We had not gone out of the city since the outbreak of COVID but decided to have some fun this year during the festivals,” said Manoj Kumar Das, a 53-year-old tea vendor in Bhubaneswar, the capital of the eastern state of Odisha.Das, who earns about 30,000 rupees ($364) a month, said he spent over 50,000 rupees on a seven-day vacation, besides buying new clothes for his family this year.Auto sales, including those of two wheelers, rose 57% during the nine most auspicious days in the Hindu calendar this month compared to last year, and were nearly one-fifth higher compared to the pre-pandemic period in 2019, according to the Federation of Automobile Dealers Associations.Graphic: India’s consumer confidence on the rise https://graphics.reuters.com/INDIA-ECONOMY/FESTIVALS INDIA-ECONOMY/movanxaqepa/Indian consumer confidence index.PNGIn the country’s top seven cities, home sales in the September quarter rose nearly 70% from a year earlier, said a report by the JLL consultancy, as builders offered festival discounts.The boom in India comes despite economic challenges elsewhere in the world, with broadening inflation in the aftermath of the Russia-Ukraine war and sharply higher interest rates.Countries representing one-third of global output are expected to be in recession next year, the IMF has said.In India too, lending rates have gone up by about 150 basis points since May as the central bank acted to combat consumer inflation which hit a five-month high of 7.41% year-on-year in September.But economists said the sense in India was that inflation has peaked while economic activity was picking up. The increase in consumer demand is expected support economic growth of 6.5% in the fiscal years ending March 2023. This is the highest of all major economies. However, rural demand remained weak due lower wage growth than in cities. This could be explained by Malav Shah, director of VTech TVS in Ahmedabad, which has six showrooms in Ahmedabad, in western India. He also said that there was a significant increase in demand in urban areas, particularly in the states of Uttar Pradesh, Gujarat, Odisha, and Kerala. “Price hikes of vehicles and high petrol prices are challenges, but they haven’t dampened the festive sales,” Shah said.The spending is also being boosted by credit expansion, which hit a 10-year high of 16.2% in August as firms and consumers took out loans to fund investments and purchases, according to the central bank.Graphic: Credit demand increases https://graphics.reuters.com/INDIA-ECONOMY/FESTIVAL INDIA-ECONOMY/lbvgnqxwypq/Credit Demand rise.PNGThe retail boom is also a boon for the government – goods and services tax collections, a barometer of consumer demand, rose 26% year-on-year in September, data showed.Praveen Khandelwal, secretary general of the CAIT group representing over a million retailers, said sales were expected to grow around 70% compared to the pre-pandemic period as people were spending more on garments, gold, and home decoration to celebrate festivals and also buying for the marriage season. “Consumer confidence has increased with expanding economic activities, so the country would be celebrating festivals in peace after two years,” Shah said. Aditi Nayar is the chief economist at ICRA (India’s arm of Moody’s rating agency Moody’s), said that the surge in festival sales was partly due to a build-up of demand, but could slow down by the beginning of next year. “Consumer sentiment and spending have improved after two downbeat festive seasons. This may boost economic growth in this quarter, but it may not last. “($1 = 82.3900 Indian Rupees) (Additional reporting by Jatindra dash in Bhubaneswar and Sumit Khanna, Ahmedabad, and Jose Devasia, Kochi; Editing done by Raju Gopalakrishnan).

 

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Tucker Carlson leaves Fox News after Dominion settlement for defamation

In this articleFOXAFollow stocks you likeCREATE A FREE ACCOUNTTucker Carlson, the right-wing prime-time host at Fox News, is leaving immediately. The cable network announced this Monday. This announcement came just days after Fox News parent company settled Dominion Voting Systems defamation suit for $787.5 Million. CNBC reported that the settlement did not require the company’s hosts to discuss the lawsuit or apologize for it. FOX News Media announced in a Monday statement that it and Tucker Carlson had agreed to part ways. “We thank him both for his work as a network host and, before that, as a contributing contributor. “There will not be a send-off for Carlson as his last show aired on Friday. Carlson had said he would return Monday when he signed off on Friday. Carlson’s “Tucker Carlson Tonight” has been one of Fox’s most popular programs for years. The company would not comment beyond the press release or whether Carlson had been taken off the air as a result of the Dominion defamation lawsuit. Fox News did make a statement in Carlson’s name. The Fox Corp. Class A share price fell about 3% on Sunday. Carlson’s emails and texts were also included in the evidence that was released before the settlement. Carlson was also among the hosts deposed by Dominion and included in the evidence. Other hosts deposed were Maria Bartiromo and Jeanine Pirro. Sean Hannity, Laura Ingraham and former host Lou Dobbs. “It’s unbelievably insulting to me.” Court documents show that Carlson stated in a text message sent in the weeks following the election: “Our viewers are good people, and they believe it.” Dominion pointed out the drop in Fox’s viewership after election night when the network called Arizona Biden. Carlson and his co-hosts expressed “the danger to them personally” behind the scenes. Carlson wrote to his producer in a message on November 5, “We worked hard to build what you have.” These f —-ers destroy our credibility. It enrages my.” Carlson was one of the witnesses who would have testified if the lawsuit went to trial. Abby Grossberg was also on that list of witnesses. She was a former Fox Producer who worked for Bartiromo, Carlson, and Bartiromo. Grossberg claimed she was forced to give misleading testimony in the Dominion lawsuit. Fox said Grossberg’s “unmeritorious claims” were “filled with false allegations about Fox and its employees”. “Grossberg’s attorneys stated in court documents that she was terminated by Fox as a result of retaliation. She has filed lawsuits against Fox in New York and Delaware, accusing the network of discrimination.Grossberg cheered Carlson’s departure in a statement Monday, saying, “This is a step towards accountability for the election lies and baseless conspiracy theories spread by Fox News, something I witnessed firsthand at the network, as well as for the abuse and harassment I endured while Head of Booking and Senior Producer for Tucker Carlson Tonight. I think this is fantastic for America! It’s a win for cable news viewers, not just Fox. “Carlson replaced Bill O’Reilly’s prime-time slot on Fox after O’Reilly quit the network in 2017 amid controversy. O’Reilly was accused of sexual harassment in the past by former Fox employees. He has denied these allegations. While the Dominion suit was unlikely to have an impact on Fox’s business it was not clear what effect it would have on its programming or hosts. Shortly after Smartmatic, a voting technology company, sued Fox in 2021 for defamation, Dobbs weekday show on Fox Business was cancelled. Dobbs was named as a defendant by Smartmatic in their ongoing lawsuit. The trial is not scheduled to begin until 2025. Fox had said that the show was already being cancelled before the lawsuit. Disclosure: NBCUniversal owns CNBC.

 

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Rupee Gains One Paisa to 82.16 US Dollar

The dollar index fell by 0.04 percent to 108.80. (File)Mumbai: The rupee gained 1 paisa to 82.16 against the US dollar in early trade on Friday, tracking a weak greenback against major currencies and positive sentiment in the domestic equities market.Forex traders said downward movement of crude oil prices also supported the local unit.

At the interbank foreign exchange, the domestic unit opened strong at 82.11 against the dollar and hit the lowest level of 82.17 before trading at 82.16, registering a rise of 1 paisa over its previous close.On Thursday, the rupee closed at 82.17 against the US currency.Participants were also cautious due to expectations of further interest rate hike by the US Federal Reserve and other central banks.

“Upside expectations were abandoned as soon USDINR turned under 82.2. As long as 81.97 is held, expect a bounce today. However, 82.4 seems far away. The 30-share BSE Sensex rose 109.93 or 0.18 percent to 59.742.28. The broader NSE Nifty gained 21.95 points, or 0.12 percent, to 17,646.40. According to exchange data, Foreign Institutional Investors (FIIs), who are net sellers on the capital market today sold shares worth Rs 1,169.32 million.

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Sensex and Nifty markets rise in early trade on buying Reliance Industries

The BSE Sensex climbed 134 to 59 766 in early trading. The 30-share BSE Sensex climbed 134 to 59,766.37 points in early trading. The NSE Nifty gained 36.4 points, to 17,660.85. HCL Technologies was the largest gainer among the Sensex companies, climbing nearly 2% in early deals.

HCL Technologies posted a 10.85 percent increase in consolidated profit to Rs 3,983 billion for the fourth quarter 2022-23. Kotak Mahindra Bank was among the other winners. The Q4 results have been mixed, with IT disappointing, and banking showing early signs of continued strength. This trend is likely not to change. There can be a slight pullback in IT after the sharp correction following the Infosys result.

“HCL Tech’s results have not disappointed. Some IT midcaps could beat market expectations.” The Sensex rose 64.55 points (0.11%) to settle at 59.632.35 on the Thursday. The Nifty rose by 5.70 points, or 0.03 percent, to close at 17,624.45. Brent crude, the global oil benchmark, fell 0.09 percent to USD 81.03 a barrel. According to exchange data, Foreign Portfolio Investors (FPIs), sold equities valued at Rs 1,169.32 crore.

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DeSantis and his allies intensify their Disney battle as more Republicans criticize him

Ron DeSantis answers a question at a press conference held Monday, April 17th, 2023, at the headquarters of Central Florida Tourism Oversight District (formerly Reedy Creek Improvement District), which a newly appointed board has renamed. Orlando Sentinel Ron DeSantis, his allies and the Republican presidential hopeful are intensifying their fight against Walt Disney Co. despite the criticism from his rivals for his long-running battle with the entertainment giant.

DeSantis has ripped Disney this week repeatedly over its recent moves to thwart his efforts to seize control of the company’s Orlando parks and property. DeSantis, who hasn’t announced his presidential plans, is considered the top Republican candidate for the 2024 GOP presidential nomination. He was promoting a new book that calls Disney a “Magic Kingdom of Woke Corporatism”. “Meanwhile his handpicked Disney World’s Special Tax District board of supervisors increased the pressure on Disney.

The officials took action on Wednesday to regain control of the property they claim Disney wrongfully took away before they took over. “People have suggested that we create a state-run park or try to build more amusement parks. Someone suggested another state prison. Who knows?” DeSantis said.It is the latest chapter of a grim story that began over a year ago, when Disney opposed the controversial Republican Florida law limiting discussion in classrooms about sexual orientation or gender identification. Disney’s stance on the legislation, dubbed by critics “Don’t Say Gay”, sparked an intense feud.

The Republican governor of Florida and the GOP-controlled legislature targeted a special tax district which has allowed Disney to govern itself for decades. DeSantis, who is willing to use his political influence to engage in cultural battles, has become a rising star within the GOP. His transition to the national scene, in apparent anticipation for a presidential announcement has sparked some criticism from his fellow Republicans. Trump, a former DeSantis supporter who is now regularly attacking the governor, wrote on Tuesday that the Governor is being “absolutely ruined by Disney”. “Republican ex-New Jersey Gov. Chris Christie questioned DeSantis this week about his political skills, referencing the Disney row.

Chris Christie said in an interview with Semafor that “that’s not the person I want to sit across from” President Xi Jinping or Russian President Vladimir Putin and trying to resolve what is happening in Ukraine if you cannot see around a blind corner [Disney CEO] Bob Iger has created for you.” Chris Sununu, who spoke on CNN Monday, said that the battle “confuses the entire Republican message,” Politico reports. These Republicans are either running or considered potential candidates for president. They could be DeSantis’ rivals. DeSantis’ press secretary Bryan Griffin responded to the recent GOP criticism by referring to a statement released on Tuesday accusing Disney of passing a “legally defective, 11th-hour agreement” to preserve its special privileges.

Griffin’s statement was a response Christie’s criticism. It said: “That’s an effort to subvert will of the people in Florida, and Governor DeSantis won’t stand for that.” The Reedy Creek Improvement District is a local government entity established in 1967. It gave Disney regulatory control of public services and functions in a 25,000-acre region encompassing its Florida resorts and parks. Disney paid Reedy Creek millions of dollars in taxes to fund these services. This was on top of the local tax obligations.

Florida Republicans passed legislation weeks after Disney denounced this classroom bill. DeSantis then signed the bill. The move raised concerns that Florida taxpayers living in the two counties around Reedy Creek would be hit with a large tax bill if Florida removed Disney’s self governing status. In a February special session, the state legislature scrapped the plan and replaced it with a proposal that allowed DeSantis the power to appoint the five board members.

But last month, the newly chosen board of the governing board — now called the Central Florida Tourism Oversight District – said that their predecessors had stripped many of their rights on their way out. “The bottom line is Disney committed a caper that would have made Scrooge McDuck proud to try and evade Florida laws,” said David Thompson, identified as trial counsel for the board. David Thompson, identified by the board as trial counsel, said that its efforts were illegal and would not stand.

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Media outlets and top pro leagues join forces to combat problematic sports betting ads

Kansas City Star The coalition is led by Jonathan Nabavi, NFL vice president of government affairs and public policy. It aims to regulate the sports-betting advertisements that flood television, internet, and print media. The coalition said that as sports betting becomes legal across the country, it is important to set guidelines for how the industry should be promoted to consumers. “Each coalition member feels a sense of responsibility to ensure that sports betting advertising is not just targeted at the right audience, but is also carefully crafted and delivered.

“The coalition describes themselves as voluntary and stated that it will work to ensure that sports-betting advertisements only target adults of legal betting ages, do not promote excessive or irresponsible gaming habits, remain in good taste and aren’t misleading. David Highhill is the general manager of sports wagering for the NFL. He said that legalized sports betting gives fans a new way to interact with their favorite sports.

“But we must not only support problem-gambling prevention, but also be mindful of the way sports betting is advertised and presented to consumers. This coalition will greatly help in this cause. The National Council on Problem Gambling commended the coalition, and promised to collaborate with it in order to “better minimize problem gambling-related harm.” 

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