Agreements among members of a given industry to shape markets to their mutual advantage are as natural a feature of capitalism as competition

Capitalism's clubby side, from Adam Smith to Libor

Bloomberg

On July 4, 2011, the British-born historian Simon Winchester took an oath to become an American citizen. It was a startling decision for someone Queen Elizabeth herself had made an officer of the Order of the British Empire not so long ago. Why the move? Mr Winchester, it seems, was in love. But it wasn't a woman who captured his heart. Mr Winchester had fallen for an entire nation.Mr Winchester's self-described "love affair" with America began when he hitchhiked across the country as a footloose kid. When he finally got his passport he felt moved to write a history of the quality that most entranced him: America's improbable, at times incomprehensible, unity. How was it, he asked, that people of such wildly different backgrounds share a "near-mystical concord" - how can such an eclectic assortment of peoples "enjoy the same rights and aspirations, encapsulated in their shared ability to declare so simply, I am an American?"His tour mixes popular history with a contemporary travelogue.

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Business Standard

Britain's Opposition Conservative Party is leading calls for Prime Minister Keir Starmer to scrap government plans for an official definition of Islamophobia over fears it would restrict free speech and action against wrongdoing.
Shadow justice secretary Robert Jenrick said this weekend that a "false label" of Islamophobia had hampered investigations into the child abuse grooming gang scandal involving men of Pakistani heritage.
It comes as The Daily Telegraph newspaper claims that the Labour Party government is considering a formal definition of anti-Muslim discrimination.
The government should drop its plans for such a deeply flawed definition of Islamophobia, Jenrick told the newspaper.
Throughout the grooming gang scandal the false label of Islamophobia was used to silence people. It appears that the government has learnt nothing and is determined to press ahead with a definition that will have a chilling effect on freedom of speech, he said.
In a social media post, the Tory M

Keir Starmer, UK PM, Prime Minister Starmer

JPMorgan Chase & Co., the largest US bank, looks to be next in line

Bank

Bangladesh's interim government on Sunday cancelled a planned training programme for 50 judges and judicial officers in India, scrapping a previous notification.
The notification has been cancelled, a law ministry spokesman said without elaborating.
The Daily Star newspaper, however, reported the cancellation came in compliance with a directive from Bangladesh's Supreme Court.
The cancellation order came a day after the state-run Bangladesh Sangbad Sangstha reported that 50 lower judiciary judges would undergo a one-day training programme from February 10 at the National Judicial Academy and the State Judicial Academy in Madhya Pradesh.
The trainee judges selected under the programme were district and sessions judge or its equivalent officers, additional district and sessions judge, joint district judge, senior assistant judge and assistant judge.
The Indian government was supposed to bear all the expenses for the training programmes.
India and Bangladesh have witnessed strained

India Bangladesh, India, Bangladesh

Nepal Prime Minister K P Sharma Oli on Sunday said the signing of the Belt and Road Initiative (BRI) framework agreement with China during his recent trip and his meeting with Indian counterpart Narendra Modi on the sidelines of the 79th UN General Assembly were important in strengthening bilateral relations.
The 72-year-old Communist Party of Nepal (Unified Marxist-Leninist) leader said these meetings and visits have made meaningful contributions in strengthening Nepal's relations with neighbouring countries.
Oli said this while presenting a political report at the central committee meeting of the party in Lalitpur.
A balanced foreign policy based on mutual interest and equal benefits will be pursued keeping the national interest in focal point to further strengthen multi-faceted diplomacy, economic, social, cultural and trade relations with both the neighbours as well as all the friendly countries, Oli said.
He also expressed his commitment to resolve the existing issues with the

KP Sharma Oli, Oli, Nepal PM

Jharkhand Finance Minister and Congress leader Radhakrishna Kishore on Sunday said that INDIA bloc will take a call on providing subsidised LPG cylinders to consumers at a rate of Rs 450 in the state.
At present, domestic LPG cylinders are available for Rs 860 in major cities of Jharkhand.
The Congress during assembly elections has promised gas cylinders to all citizens at a subsidised rate on being voted to power. The party is part of the JMM-led alliance in the state.
"The call to provide LPG cylinders at Rs 450 has to be taken by the INDIA bloc. The promise was made by a political party - Congress to which I also belong. But a final call can be taken only by the alliance," Kishore told reporters here.
He also said that the Jharkhand government is actively considering resorting to multiple steps, including legal action, to recover the outstanding amount of Rs 1.36 lakh crore from the central government.
The finance minister highlighted that the outstanding sum has been pending f

cylinder,lpg,women

Jagdeep Singh, the former CEO of Quantumscape, has an annual salary of Rs 17,500 crore ($2.06 billion), which surpasses the revenue of several large corporations in the world

Jagdeep Singh

HDFC Bank's LDR was around 87 per cent pre-merger. Following the merger, its LDR went up to 110 per cent

HDFC Bank

Travel booking major OYO has launched a new check-in policy for partner hotels, starting from Meerut, introducing guidelines effective this year whereby unmarried couples will no longer be welcome to check in.
Under the revised policy, all couples will be asked to present valid proof of relationship at the time of check-in, including for bookings made online. OYO has empowered its partner hotels' discretion to decline couple bookings based on their judgment, aligning with local social sensibility, the company said.
OYO has given the directive to its partner hotels in Meerut to ensure this with immediate effect. Based on ground feedback, the company may expand this to more cities, people familiar with the policy change said.
"OYO has received feedback in the past from civil society groups especially in Meerut urging action to address this issue. Additionally, residents from few other cities have petitioned for disallowing unmarried couples to check-in at OYO hotels," they said.
Pawa

OYO, Oyo rooms, Oyo app, Oyo logo

Subsidy to support 72,300 fast charging stations across the country

EV, ELECTRIC VEHICLE

Adani Wilmar Ltd (AWL), India's largest edible oil company, is adopting a strategy similar to ITC's by leveraging its core business and extensive distribution network to drive growth in its high-margin FMCG portfolio after the Adani group exit, according to sources.
Just as ITC used its strong cigarette business to expand into FMCG, AWL is set to use its dominant edible oil business as a foundation for FMCG growth.
Following the exit of the Adani Group, Wilmar may further capitalise on this approach by introducing more global FMCG brands into the Indian market, sources aware of the matter said.
In the December quarter, AWL's FMCG business achieved a 24 per cent year-on-year growth in volume, underscoring its efforts to expand both its food and FMCG product offerings. Consequently, the share of food and FMCG in overall volumes increased to 20 per cent, while its share in total revenues rose to 9 per cent, up from 10 per cent and 5 per cent, respectively, in FY21.
This shift mirrors 

Adani Wilmar

IND vs AUS 5th Test full scorecard: Rishabh Pant was hit on the body 12 times as the southpaw curbed his natural instinct after reports surfaced Gambhir criticised him for rash shot at MCG

India vs Australia 5th Test Day 1 highlights and full scorecard

Though captain dropping himself has happened for the first time in India's cricket history, here are six notable examples in cricketing folklore.

Rohit Sharma

While the reports were flooding in a day before that Rohit dropped himself from India's Playing 11, stand-in captain Jasprit Bumrah revealed at the toss on Friday that Rohit thought about the team

Stock Market Today: The Nifty FMCG Index is currently trading within a crucial range of 58,050 - 55,675, and any breakout above or below this range will likely trigger significant directional momentum

stock market

Here are the best of Business Standard's opinion pieces for today

economic growth

A lot has changed. Both nations are more than a little concerned about how they will revive slowing growth

Stephen Mihm

Stephen Mihm

Stephen Mihm

Capitalism's clubby side, from Adam Smith to Libor

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UK Oppn wants PM Keir Starmer to scrap plans for Islamophobia definition

Wall Street's top banks just quit a once popular net-zero alliance

Bangladesh cancels scheduled judges' training in India amid strained ties

Signing BRI framework with China, Modi meeting key to stronger ties: Oli

INDIA bloc to take a call on subsidised LPG cylinders: J'khand minister

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Indian-origin CEO is world's highest paid person, earns Rs 48 crore per day

HDFC Bank's LDR falls below 100% for the first time after merger

Unmarried couples no longer welcome, OYO changes check-in policy

Govt to switch on massive subsidy to supercharge EV infrastructure

Adani Wilmar to expand FMCG portfolio, emulates ITC post-Adani group exit