Dalai Lama turns 90, gets global support in challenge for China
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Mint
an hour ago
- Mint
Markets with Bertie: The merits of international investing
Last week, Bertie brushed his navy-blue suit that was hanging limp in his wardrobe and collecting dust. After the bout of sneezing had subsided, he wore it and instantly felt uncomfortable. This was followed by a strong urge to peel it off, but after a few deep breaths, he decided to soldier on. The occasion demanded it as Bertie had been invited by a friend who works for his favourite newspaper to address a gathering of individual investors. The topic was the merits of international investing; again, something that Bertie feels strongly about. Of late, it has dawned on our man that he has become a kind of go-to expert on the subject. When his introduction, proclaiming as much, was read out at the event, it reminded him of the old saying, 'In the land of the blind, the one-eyed man is king.' Bertie did not expect a large turnout because whenever Bertie had broached the subject of international diversification with Indian investors, he had been given a polite ear, but their demeanour showed him that when it came to investing their money, India was the only place they really cared about. Therefore, Bertie was pleasantly surprised to see a full house at the event, attended by knowledgeable investors whose depth of understanding was reflected in their questions. When he mentioned that over the past year, 19 out of the top 25 global markets had performed better than India, nobody in the audience bristled with patriotic outrage. There was an acceptance that markets outside the US offered a good risk-reward profile for incremental investment. Bertie realized that the pain points for international investing were high transaction costs, taxes collected at source whenever money is remitted overseas, and a lack of access to markets other than the US. Apart from the logical reason of diversification, many investors were looking to secure US dollar returns on their investments as their kids would likely head overseas for their higher education. While the official discourse was supposed to be about international investing, the discussion invariably veered to the home market. For any market, Bertie began, there are three sources of investment returns for a dollar investor. The underlying earnings growth, expansion in earnings multiple and the currency effect, i.e. how the local currency behaves against the dollar. Bertie is of the view that in India, the pace of the first two is slowing. Overall earnings growth would be slower than the past five years, and there isn't much scope for the valuation multiples to expand at the headline index level. However, Bertie feels that the days of 2-3% annual depreciation of the rupee against the dollar may be behind us. This is so because the US fiscal position and high public debt will act as a heavy counterweight to the dollar's traditional status as a reserve currency. In general, investment returns in dollars could converge towards local currency returns in many markets, including India. Generally, by the time the discussion gets to currency dynamics, the audience's attention span is exhausted and gets redirected towards the dinner buffet. This audience surprised Bertie some more when they unanimously agreed to let the session spill over the appointed hour. It might sound like wishful thinking, but is this the new dawn of international investing out of India? Bertie is a Mumbai-based fund manager whose compliance department wishes him to cough twice before speaking and then decide not to say it after all.
United News of India
an hour ago
- United News of India
EAM Jaishankar holds bilateral with Russian FM Sergey Lavrov in Rio de Janeiro
Rio de Janeiro/New Delhi, July 6 (UNI) External Affairs Minister S Jaishankar held bilateral talks with his Russian counterpart Sergey Lavrov on the sidelines of the 17th BRICS Summit in Rio de Janeiro today. In a post, EAM Jaishankar said that the two sides discussed bilateral cooperation, West Asia, BRICS and the Shanghai Cooperation Organisation. 'Good to meet with FM Sergey Lavrov of Russia on the sidelines of #BRICS2025. 'Discussed bilateral cooperation, West Asia, BRICS and SCO.' UNI RN British technical experts arrive in Kerala for repair of stranded UK F-35B fighter jet 07 Jul 2025 | 1:02 AM New Delhi, July 6 (UNI) A team of British technical experts has arrived at the Thiruvananthapuram International Airport for repair of the UK F-35B fighter jet, which has been stranded at the airport since June 14. see more.. 17th BRICS Summit strongly condemns Pahalgam terror attack 07 Jul 2025 | 12:43 AM Rio de Janeiro/New Delhi, July 6 (UNI) The 17th BRICS Summit today strongly condemned the terrorist attack in Pahalgam, and reaffirmed its commitment to combating terrorism in all its forms, including cross-border terrorism and terror financing. see more.. Condemning terrorism must be a matter of principle, and not just of convenience: PM Modi at BRICS 07 Jul 2025 | 12:16 AM Rio de Janeiro/New Delhi, July 6 (UNI) Terming the Pahalgam terror attack as a direct assault on the soul, identity, and dignity of India, Prime Minister Narendra Modi at the 17th BRICS Summit today thanked the friendly countries that stood with India and expressed support and condolences. see more.. Beijing fumes at presence of Union Minister Rijiju, Arunachal CM Khandu at Dalai Lama's birthday celebrations 06 Jul 2025 | 10:52 PM New Delhi, July 6 (UNI) China today fumed at the presence of Union Minister Kiren Rijiju and Arunachal Pradesh CM Pema Khandu at the birthday festivities of the Dalai Lama in Dharamshala, and protested against remarks made by some of them regarding the reincarnation of the Dalai Lama. see more.. You can't run 21st century software on 20th century typewriters: PM Modi makes strong pitch for reform of global institutions 06 Jul 2025 | 10:22 PM Rio de Janeiro/New Delhi, July 6 (UNI) Championing the cause of the Global South, Prime Minister Narendra Modi told the 17th BRICS Summit that the Global South has not been given its due importance, and that many countries that play a key role in the global economy have yet to be given a seat at the decision-making table. see more..
Time of India
an hour ago
- Time of India
LatAm pivot
Times of India's Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. India must shed its protectionist mindset and trade more with resource-rich South America That Modi's ongoing five-nation tour includes Argentina and Brazil isn't a trivia. These two key South American nations can be important fulcrums of a potential Indian pivot to the continent. While India-South America trade has been steadily growing, it's far below potential. This has much to do with our unambitious approach to the region. True, India has a preferential trade agreement (PTA) with MERCOSUR bloc that includes Brazil, Argentina, Uruguay, Paraguay and Bolivia. The idea was that the PTA would be gradually expanded and upgraded to a free trade agreement (FTA). However, progress has been really slow and India's exports to Latin America in FY2025 stood at just $15.17bn – less than 2% of the region's total imports. But trade is back on the agenda during Modi's visits, and rightly so. While one still hopes that an India-US trade deal can be clinched, New Delhi must be prepared for all eventualities. And with Trump keen on using tariffs as a strategic weapon to achieve geopolitical goals – take the Lindsey Graham-proposed bill to hit countries buying Russian oil with 500% tariff – India must diversify its trade relations. South America is a natural resources powerhouse. With vast deposits of oil, gas, copper, lithium, rare earths etc it can power India's industrial growth, advance critical sectors like EV batteries, and bolster food security. The key for GOI would be to expand its diplomatic bandwidth and take a courageous approach to trade. We must cast away the protectionist mindset and be ready to compete. That's the only way beneficial FTAs can be worked out. Vietnam, which recently worked out a trade deal with US, has been following precisely this strategy, having inked 20 FTAs, with 16 already implemented. China already has a huge presence in Latin America. So, the latter is looking for balance. This is the perfect time for India to step up. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.
