July 23, 18:19

US financial market registers losses due to Middle East tensions and corporate results

Key US financial indicators showed declines during the day, influenced by the intensification of the corporate earnings release period and the conflict between Iran and the US, which pushed the price of a barrel of Brent above the $100 mark.

Performance of US Indices

Around 2:50 PM Lisbon time, the benchmark S&P 500 index registered a drop of 0.80%, reaching 7,438.92 points. Concurrently, the Dow Jones industrial index lost 0.93%, falling to 51,733.31 points. The technology sector, represented by the Nasdaq, depreciated even further, with a decline of 1.72%, reaching 25,249.60 points.

Geopolitical Impact on Oil

The possibility of new US attacks against Iran caused a sharp increase in the price of a barrel of Brent, which surged more than 6% and surpassed $100, according to data provided by the financial information agency Bloomberg. Brent crude, which is used as a reference for Portuguese imports, rose 6.6% to $100.28 at 2:30 PM Lisbon time. Throughout the week, the price of Brent had already increased by more than $10, in a context where US President Donald Trump promised to maintain attacks on Iran, especially after the involvement of the Houthis in the regional conflict.

Events are taking place in Tashkent as part of the 'Global Business Services Forum (GBSF) - 2026'—the largest international platform focused on the development of global business services, the digital economy, and artificial intelligence in Central Asia. The forum started on July 24–25 of this year.

Participants and Forum Focus

More than 450 representatives from international companies, investors, government bodies, and industry specialists from over 45 countries are participating in the event.

Minister of Digital Technologies' Statements

At the opening ceremony, the Minister of Digital Technologies, Sherzod Shermatov, emphasized that thanks to large-scale reforms implemented in Uzbekistan over recent years, a modern and competitive ecosystem for the development of information technologies has been formed. He noted that the country offers international companies not only favorable conditions for doing business but also access to highly qualified personnel, modern digital infrastructure, and a developing regional market.

Sh. Shermatov added that when IT companies open in Uzbekistan, they receive full support from both the government and IT Park. Tax incentives are provided for companies and their employees operating until 2040. Additionally, the Enterprise Uzbekistan initiative is being launched, which provides the most favorable legal conditions for further business development in the country.

Ecosystem Recognition and Development

The Minister also highlighted that one of Uzbekistan's main strengths is its young and talented human capital. He mentioned the growing international recognition of the reforms, specifically Uzbekistan receiving the status of 'Country of the Year 2026' as a state with the most developed startup ecosystem.

Discussion of Trends and Partnerships

The forum continued with discussions on current trends in the field of global business services. Sessions covered issues such as expanding service operations, staff training, business process transformation, and the implementation of artificial intelligence in global service centers.

A number of memoranda were signed during the event aimed at developing the global business services ecosystem and expanding international cooperation in Uzbekistan. These include a memorandum between IT Park Uzbekistan and Sonect (Teleperformance) on developing cooperation in IT outsourcing and BPO, as well as joint projects and experience exchange.

business-standard.comJuly 25, 06:04

List of companies, including IDFC First Bank and Birla Corp, announce first quarter results on July 25

Today, July 25, is scheduled for the announcement of financial results for the first quarter of the fiscal year 2027 (Q1FY27) from a number of companies. Among them are AU Small Finance Bank, IDFC First Bank, Zen Technologies, Vedant Fashions, Birla Corporation, Prudent Corporate Advisory Services, Five-Star Business Finance, SBFC Finance, Dodla Dairy, Seshasayee Paper and Boards, Surana Solar, and 3P Land Holdings.

Additional companies with reports

Also today will present their reports firms such as High Energy Batteries (India), Nila Infrastructures, FCS Software Solutions, SKP Securities, Exxaro Tiles, Suryalakshmi Cotton Mills, Sachem Finserve, Mercury Laboratories, Dhanuka Realty, Sea TV Network, Katipatang Lifestyle, Lexoraa Industries, and Veronica Production.

NTPC Quarterly Results

The state power producer NTPC reported a 13 percent increase in consolidated net profit compared to the previous year for the April-June period. The company's net profit in Q1FY27 reached 6,896.44 crore rupees, up from 6,108.46 crore rupees the previous year. Total revenue for the quarter amounted to 51,141.51 crore rupees, higher than the figure of 47,821.11 crore rupees for the same period last year.

Market Overview as of July 24

Indian stock indices continued their five-day streak of declines on Friday. This marked the longest streak of declines since January, as investors assessed inflation and economic growth forecasts amid high crude oil prices. The Sensex index fell by 332 points, or 0.43 percent, closing at 76,059.77, while the Nifty50 declined by 102.15 points, or 0.43 percent, settling at 23,767.45.

Among the main losers on the Nifty50 were Eternal, Bajaj Finance, and Mahindra & Mahindra. Broader markets also closed in the red: the Nifty MidCap and Nifty SmallCap indices adjusted by 0.10 percent and 0.32 percent, respectively. In sector indices, Nifty Auto showed the worst performance, declining by 1 percent, while Nifty Realty and Nifty Pharma also showed negative dynamics. Meanwhile, the Nifty Media and Nifty IT indices demonstrated better results compared to the overall market.

cgtn.comJuly 24, 16:30

Zimbabwe becomes a member of the BRICS New Development Bank

The Minister of Finance, Economic Development and Investment Promotion of Zimbabwe, Mutuli Ncube, announced that Zimbabwe has joined the BRICS New Development Bank (NDB). This step is expected to expand the country's access to development financing and investments.

Significance of NDB Membership

According to the Ministry of Information, Publicity and Broadcasting Services on the social network X, membership in the bank will improve access to financial resources for development, deepen economic cooperation with BRICS nations, and provide Zimbabwe with a more significant representation in global economic decision-making.

History and Activities of the Bank

The New Development Bank was established in 2014 by countries such as Brazil, Russia, India, China, and South Africa, and began its operations in 2015. It finances projects in infrastructure and sustainable development in both BRICS countries and other developing and emerging economies.

Zimbabwe's Admission Process

Zimbabwe applied to join the bank in 2023, with negotiations for its acceptance progressing toward early 2026. Furthermore, the country submitted an official statement expressing its desire to join the BRICS bloc itself.