Rajat Mishra

US Fed Rate Cut: “When America sneezes, the world catches a cold" a saying we all have been brought up with and cut to 2024, this is being reflected

IndiaRising: Indian banks have emerged as standout performers in the Asia-Pacific region, showcasing impressive growth and resilience in recent years.

IndiaRising: Indian banks have emerged as standout performers in the Asia-Pacific region, showcasing impressive growth and resilience in recent years. In 2023, three Indian lenders secured positions in the top 50 banks by assets, marking a notable increase from two in the previous year.The aggregate assets of these Indian lenders witnessed a remarkable surge of 50.5 per cent to reach $1.510 trillion in 2023. This significant growth was largely driven by the merger of HDFC Bank Ltd. with its parent company, Housing Development Finance Corp. Ltd., in July 2022. Following the merger, HDFC Bank's assets soared by 51.3 per cent to $466.35 billion, propelling the bank up 13 places to rank 33rd in the top 50 list.India's robust economic environment, coupled with high credit growth, has fueled the remarkable performance of its banking sector. Credit growth in the country, currently the world's fastest-growing major economy, stood at 15.6 per cent as of December 29, 2023, compared to 14.9 per cent a year earlier, according to Reserve Bank of India data. The Indian government projected a 7.6 per cent GDP growth for the financial year ending March 2024, following an impressive 8.4 per cent GDP growth in the October-to-December quarter.In contrast, Australian banks experienced mixed fortunes, with combined assets rising by 2.8 per cent to $3.241 trillion. Notably, Macquarie Group Ltd. dropped five spots to 50th in the list, with assets declining by 18.8 per cent to $254.63 billion in 2023.Meanwhile, the aggregate assets of Singaporean banks rose by 3.7 per cent to $1.40 trillion. DBS Group Holdings Ltd. and United Overseas Bank Ltd. moved up in the ranking, while Oversea-Chinese Banking Corp. Ltd. fell three places to 37th.Chinese Banks Dominate Top 50 Lenders in Asia-PacificIn 2023, banks from mainland China maintained their dominance in S&P Global Market Intelligence's ranking of the top 50 lenders by assets in the Asia-Pacific region. Despite a slight decrease in the number of mainland China-headquartered lenders in the ranking, their aggregate assets surged by 7.4 per cent to reach $38.228 trillion.These Chinese lenders secured the top four positions on the list, with six of them making it to the top 10. This remarkable performance comes amidst challenges in the property sector of Asia's largest economy, where real estate contributes nearly a quarter of the gross domestic product.Industrial and Commercial Bank of China Ltd. retained its position as the largest bank in the region and globally in 2023. Agricultural Bank of China Ltd. moved up to the second spot, surpassing China Construction Bank Corp., while Bank of China Ltd. secured the fourth position. The 'big four' Chinese banks collectively expanded their assets by 10.2 per cent to $21.905 trillion, with Agricultural Bank exhibiting the highest growth rate at 14.3 per cent. China Bohai Bank Co. dropped out of the top 50 list in 2023, making way for ICICI Bank Ltd., based in India, which entered the ranking at the 48th position. This marks the only addition to the 2023 list compared to the previous year.Angus Lam, senior economist for global intelligence and analytics at Market Intelligence, attributed the rapid credit growth as a key driver behind the expansion in assets for mainland Chinese banks. He noted that the largest Chinese banks typically boasted strong asset quality, ample liquidity positions, and robust capital buffers, enhancing their lending capabilities.

Chocolates turned bitter: Your Chocolates may not seem sweeter to you anymore, yes you heard it right. The soaring prices of Cocoa in the global market may cut your pocket as Cocoa prices in the future markets have hit an all-time high of $11,000 per metric ton driven by crop failure in West Africa because of the outbreak of a disease called black pod and swollen shot virus which devasted cocoa crop across Western Africa. The global shortage of Cocoa is going to impact the prices of chocolates in the global market as well. Ghana, Côte d’Ivoire, Nigeria, and Cameroon are responsible for producing over 75 per cent of the world's cocoa. It's a huge chunk of the global cocoa supply! But lately, they've been facing some serious challenges. Droughts, fires, and other weather events linked to climate change have led to a significant drop in crop yields. It's a tough situation for these countries, especially considering how important cocoa is to their economies.The European Cocoa Association reported that the number of beans processed for chocolate production fell by 2.5 per cent in the first quarter compared to last year. And you know what's interesting? It's not because people are eating less chocolate, it's because there aren't enough beans to go around.The monthly report on the cocoa market from the International Cocoa Organization (ICCO) states that since the season began cocoa arrivals at Ivorian and Ghanaian ports have decreased by 28 per cent and 35 per cent respectively, compared to the same period next year. Earlier this year, the Ghana Cocoa Board released a report predicting that the country’s 2023– 2024 harvest would reach a maximum of 425,000 metric tons, a 22-year low. The harvest is at a 22-year low and the Cocoa prices have shot up at a 49-year high. According to JP Morgan, the rise in cocoa prices is largely due to a global cocoa shortage. Climate change-induced drought has ravaged crops in West Africa, which contributes around 80 per cent of the world’s cocoa output. According to the International Cocoa Organization, global cocoa supply will decline by almost 11 per cent over the 2023/2024 season.Not So SweetThe rise in cocoa prices is going to have an impact on pricing. In the international market, global chocolate brands Hershey and Mondelez International have shared their plans to increase the prices of chocolates across the board as the prices have surged by over 250 per cent in comparison to prices last year. But are prices likely to come down? According to JP Morgan Research, the prices of cocoa prices will remain elevated and they are expected to come down slightly over the medium term, tracking around the $6000 mark. But till the time prices hover around an all-time high, the pressure will be on the companies to give it a pass through to its consumers. Reportedly, Amul Chocolate is also eyeing a price hike of 10-20 per cent due to rise in cocoa prices.

Chocolates turned bitter: Your Chocolates may not seem sweeter to you anymore, yes you heard it right.

Tesla refocuses strategy: Tesla, the leading global electric vehicle (EV) maker, revealed plans to utilise its existing factories to manufacture

As India continues to grapple with the challenge of road safety, it becomes increasingly apparent that a multifaceted approach is necessary to address this

In the wake of rapid urbanisation and a growing population, traffic congestion has become a dire issue in cities across India.

Initiating a journey through the corridors of eco-friendly transportation, we are about to enter into a realm of greener evolution and mushrooming innovation.

Subbarao's Republic Exclusive: The former Reserve Bank of India (RBI) Governor, Duvvuri Subbarao, opened up about his relationship with the United