Politics
U.S. considering sanctioning Chinese firms aiding Russia’s war
Russia's President Vladimir Putin and Chinese President Xi Jinping shake hands during a meeting in Beijing on October 18, 2023.Sergei Guneyev | Afp | Getty ImagesMunich, GERMANY â The U.S. is considering slapping sanctions on Chinese companies it believes are...
Wisconsinâs governor signs new legislative maps into law, setting up Democrats to gain seats in November election
MADISON, Wis. (AP) â Wisconsin Democratic Governor Tony Evers signed new legislative district maps into law on Monday that he proposed and that the Republicans who control the Legislature passed to avoid having the liberal-controlled state Supreme Court draw the...
IRDAI issues new circular to help speedy disbursal of unclaimed insurance money, ET BFSI
The Insurance Regulatory & Development Authority of India (IRDAI) has amended the Master Circular on Unclaimed Amounts of Policyholders due to a rise in unclaimed amounts with the insurers raising regulatory concerns.Irdai draft guidelines to safeguard insurance...
RBI tightens grip on KYC compliance with crackdown on Paytm Bank, BPSPs, ET BFSI
The restriction of business payment solutions providers (BPSPs) after curbs on Paytm Payment Bank shows that the Reserve Bank of India (RBI) is intensifying its focus on ensuring the robust implementation of know-your-customer (KYC) checks by financial entities,...
Russia’s war in Ukraine is igniting an old debate in Brussels over debt
French President Emmanuel Macron welcomes Ukraine's President Volodymyr Zelenskyy and German Chancellor Olaf Scholz for a meeting at the Elysee Palace in Paris, France, February 8, 2023.Sarah Meyssonnier | ReutersMunich, GERMANY â Should we borrow from global...
China central bank leaves medium-term policy rate unchanged as expected, ET BFSI
China's central bank left a key policy rate unchanged as expected on Sunday when rolling over maturing medium-term loans, with uncertainties around the timing of an easing by the Federal Reserve limiting Beijing's room to manoeuvre on monetary policy.Beijing is...
NITI Aayog calls for financial and legal reforms for elderly care in India, ET BFSI
NITI Aayog has called for tax and legal reforms, housing sector reforms and a robust pension and insurance system for enhancing elderly care in India as the country witnesses a surge in the number of older people. The move is aimed at ensuring that a basic support...
Latest news on Russia and the war in Ukraine
Russian forces have reportedly taken control of Avdiivka's coke plantRussian armed forces have reportedly taken full control of the chemical and coke plant in Avdiivka, the Donetsk city that was captured at the weekend after Ukraine withdrew its troops, fearing...
Biden administration to reportedly relax EV rule on tailpipe emissions
U.S. President Joe Biden answers questions from reporters after driving a Jeep Wrangler Rubicon Xe around the White House driveway following remarks during an event on the South Lawn of the White House August 5, 2021 in Washington, DC. Biden delivered remarks on the...
Leaders appeal for greater support as Russia makes major gain
Mette Frederiksen, Denmark's prime minister, speaks on day two of the Munich Security Conference in Munich, Germany, on Saturday, Feb. 17, 2024. Bloomberg | Getty ImagesMUNICH, Germany â The West is suffering a "colossal failure of imagination" in thinking Russia's...
China’s Wang Yi tells Blinken US should lift sanctions on Chinese firms
US Secretary of State Antony Blinken (L) and Chinese Foreign Minister Wang Yi meet at the 60th Munich Security Conference on Feb. 16, 2024. Wolfgang Rattay | Afp | Getty ImagesWashington should lift sanctions on Chinese companies and individuals, and that attempts to...
More than 400 detained in Russia at events in memory of Navalny, rights group says
A demonstrator carries a placard with a picture of late Russian opposition leader Alexei Navalny as people gather to attend a rally in front of the Russian Embassy in Warsaw on Feb. 16, 2024.Sergei Gapon | Afp | Getty ImagesMore than 400 people have been detained at...
Trump will quit NATO, Hillary Clinton says, as U.S. commitment in question
Former U.S. President and current GOP Presidential candidate Donald Trump addresses the press at Mar-a-Lago on February 16, 2024, in West Palm Beach, Florida.Joe Raedle | Getty Images News | Getty ImagesMUNICH, Germany â NATO members on Saturday weighed the U.S.'...
Germany’s Defense Minister Boris Pistorius says 2% defense spending just the start
Germany's defense minister said on Saturday that his country's commitment to spend 2% of GDP on defense was just the starting point and that more would likely be needed.Earlier in the day, German Chancellor Olaf Scholz insisted that the 2% spending target would be met...
NFRA’s first annual inspection of key audit firms to start by April, ET BFSI
The National Financial Reporting Authority (NFRA) will initiate the first annual inspection of key audit firms-including the Big Five-latest by April, focussed on their processes and standards adopted, people aware of the regulator's thinking told ET.The regulator...
Alexei Navalny death is a pre-election gambit from Putin: Bill Browder
Anti-Kremlin activist Bill Browder said he believes Alexei Navalny's death was intended as a message to political opponents of Russian President Vladimir Putin ahead of elections next month.Dissident Navalny, who died Friday, had been serving a 19-year prison sentence...
Sebi member, BFSI News, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi) on Friday said enforcement is not the only solution to address every violation in capital markets but voluntary compliance of law by the participants is important."Enforcement is important, but enforcement...
Jailed Putin foe Alexei Navalny confirmed dead
A photo of Alexei Navalny and candles are seen in front of the Russian consulate in Krakow, Poland on February 16, 2024. Jakub Porzycki | Nurphoto | Getty ImagesA spokesperson for Putin dissident Alexei Navalny confirmed his death on Saturday, after Russian media...
Honduras watchdog bans institutions from trading crypto, ET BFSI
Honduras' CNBS regulator has banned the central American country's financial system from trading in cryptocurrency and similar virtual assets, it said in a resolution, citing risks of fraud and money laundering.The National Banking and Securities Commission said a...
Crypto currencies have no underlying value, says RBI official, ET BFSI
Crypto currencies cannot be referred to as "currencies" as they have no underlying value, a central bank official said. The Reserve Bank of India (RBI) has been critical of new-age currencies like bitcoins, saying they pose systemic risk to the financial systems....
Bank rules may stand in way of SC ruling to reveal hidden information, sources say, ET BFSI
Indian banks' existing norms may stand in the way of Supreme Court ruling to reveal the names of subscribers in electoral bonds, government sources told ToI, while adding that these instruments was to cleanse the system of political funding and curb illicit...
Zelenskyy ready to take Donald Trump to Ukraine’s front line
President of Ukraine, Volodymyr Zelenskyy, speaks during the 2024 Munich Security Conference on February 17, 2024 in Munich, Germany.Johannes Simon | Getty Images News | Getty ImagesMUNICH, Germany â Ukrainian President Volodymyr Zelenskyy said he was willing to...
What happens to your EMIs, electricity bills?, ET BFSI
The Reserve Bank of India has issued a list of frequently asked questions (FAQs) to allay customers' fears after it restricted operations of Paytm Payments Bank (PPBL) citing compliance issues.The regulator also extended the deadline for customers to make deposits and...
Germany’s Scholz commits to spending 2% on defense over next 10 years
German Chancellor, Olaf Scholz arrives for the weekly federal government cabinet meeting on Oct. 11, 2023 in Berlin, Germany.Michele Tantussi | Getty Images News | Getty ImagesMUNICH, Germany â German Chancellor Olaf Scholz on Saturday reaffirmed Berlin's commitment...
How did the high-frequency indicators perform in January 2024?, ET BFSI
~Ritesh and Shrishti SharmaThe Reserve Bank of India (RBI) concluded its first Monetary Policy meeting for 2024 on February 8th, choosing continuity by keeping the repo rate unchanged at 6.5%. With an inflation projection of 5.4%, the central bank sets the tone for...
Judge Engoron to issue ruling in NY business case
Former US President Donald Trump departs after speaking to the press after attending the civil fraud trial against the Trump Organization in New York State Supreme Court, in New York City on January 11, 2024.John Lamparski | AFP | Getty ImagesA judge could deliver a...
Foremost Group CEO Angela Chao died after car went into Texas pond
Angela A. Chao hosts The New York City Opera Pre-Gala Celebration at a private residence in New York City on Oct. 21, 2010.Patrick McMullan | Getty ImagesAngela Chao, CEO of Foremost Group and the sister-in-law of Senate Minority Leader Mitch McConnell, died after her...
U.S. troops may soon be on the front lines against Russia: Sen. Coons
U.S. Senator Chris Coons (D-DE) speaks to reporters during a break from a Senate Armed Services and Foreign Relations joint briefing on the U.S. policy on Afghanistan, on Capitol Hill in Washington, February 2, 2022.Al Drago | ReutersMUNICH, Germany â The U.S. faces...
RBI extends deadline for Paytm Payments Bank to stop transactions till March 15, ET BFSI
Coming as a sign of relief for the crisis-ridden Paytm Payments Bank, the Reserve Bank of India (RBI) has further extended the date to stop all transactions till March 15.Earlier, it had asked the Fintech giant to stop Payments Bank operations from February 29. “No...
What is allowed, what not?, BFSI News, ET BFSI
Since the Reserve Bank of India (RBI) announced the ban on Paytm Payments Bank on January 31, a lot of buzz was in the market regarding what is on and what is off. On Friday, giving some relief to the business, the RBI has further extended the date to stop all...
World leaders react to reports of Putin critic Navalny’s death
Russian opposition leader Alexei Navalny attends a rally in support of political prisoners in Prospekt Sakharova Street in Moscow, Russia on September 29, 2019. Sefa Karacan | Anadolu | Getty ImagesWorld leaders on Friday reacted with dismay and suspicion to reports...
What will happen with FASTag, NCMC issued by Paytm Payments Bank?, ET BFSI
In its detailed Frequently Asked Questions (FAQs) on Friday, the Reserve Bank of India (RBI) has clarified the operations over FASTag, and the National Common Mobility Card (NCMC) issued by the Paytm Payments Bank.For the FASTag issued by Paytm Payments Bank, users...
Only US can force Middle East peace and should pressure Israel: Lebanon minister
Lebanon's foreign minister called on the U.S. to pressure Israel and bring an end to its bloody war with Palestinian militant group Hamas, which has now entered its fifth month. Speaking to CNBC on the sidelines of the Munich Security Conference, Abdallah Bou Habib...
Jailed Putin opponent Alexei Navalny has died, Russian media says
Opposition leader Alexei Navalny appears on a screen set up at a courtroom of the Moscow City Court via a video link from his prison colony during a hearing of an appeal against his nine-year prison sentence he was handed in March after being found guilty of...
U.S. President Joe Biden again tells Netanyahu that Rafah civilians must be protected
President Joe Biden (L) listens to Israel's Prime Minister Benjamin Netanyahu as he joins a meeting of the Israeli war cabinet in Tel Aviv. U.S. President Joe Biden on Thursday again told Israel's Prime Minister Benjamin Netanyahu that he should not proceed with...
Egypt setting up area at Gaza border which could be used to shelter Palestinians: Reuters
Children stand outside their tents at a camp set up for people displaced from Khan Yunis and areas north of Rafah, in the southern Gaza border city with Egypt on Feb. 15, 2024, amid continuing battles between Israel and the Palestinian Hamas movement. Mohammed Abed |...
What to expect as the 'Davos of Defense' kicks off in Munich with beefed up security
Security forces descended on Munich for the conference which will see an estimated 60 heads of state and over 85 government officials meet.
RBI Governor Shaktikanta Das Recommends Indian Strategy of Coordination Between Central Bank and Govt, ET BFSI
Mumbai: RBI governor Shaktikanta Das has recommended to other countries the Indian strategy of coordination between the central bank and govt to address the demand and supply side of inflation. Das proposed such a coordinated effort, citing the high risk of sovereign...
Latest news on Russia and the war in Ukraine
Zelenskyy heads to Berlin and Paris in hope of signing bilateral security dealsUkraine's President Volodymyr Zelensky addresses media after bilateral talks with Swiss President in Kehrsatz near Bern, Switzerland, on January 15, 2024. Zelensky will attend the World...
Trump social media merger with DWAC appears closer
This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022.Stefani Reynolds | AFP | Getty ImagesShares of Digital World Acquisition Corp. jumped 15%...
Trump hush money trial to start on March 25
Republican presidential candidate, former U.S. President Donald Trump attends a pre-trial hearing at Manhattan Criminal Court on February 15, 2024 in New York City. Brendan McDermid | Getty ImagesA judge on Thursday said that jury selection in the New York hush money...
Judge considers whether to disqualify DA Fani Willis
Fulton County District Attorney Fani Willis speaks at a press conference next to prosecutor Nathan Wade after a grand jury brought back indictments against former president Donald Trump and his allies in their attempt to overturn the state's 2020 election results, in...
Russia’s Putin says he prefers ‘more predictable’ Biden over Trump in U.S. election
Russia's President Vladimir Putin is seen on a display in the background as U.S. President Joe Biden speaks about "gas prices and Putin's Price Hike" during remarks in the Eisenhower Executive Office Building's South Court Auditorium at the White House in Washington,...
Amid transition towards digital economy, FinMin’s advice to currency minting corp, ET BFSI
Amid India's transition to a digital economy, the Finance Minister Nirmala Sitharaman on Thursday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ways to transform itself.Addressing the foundation day of SPMCIL, Sitharaman said...
RBI Governor Urges Banks to Stay Alert on Loan Risks, ET BFSI
Mumbai: In the central bank’s first meeting with bank chiefs since July 2023, RBI governor Shaktikanta Das on Wednesday raised the issue of outlier growth seen in personal loans segment and the exposure to NBFCs.In Nov 2023, RBI had hiked risk weights on unsecured...
Dems tout New York special election win as a blueprint to beat Trump, GOP
Democratic U.S. House candidate Tom Suozzi celebrates his victory in the special election to replace Republican Rep. George Santos on February 13, 2024 in Woodbury, New York. Stephanie Keith | Getty ImagesDemocrats aren't just breathing a sigh of relief after...
RBI bars fintechs from issuing business credit cards on KYC worries, ET BFSI
MUMBAI: RBI has asked payment networks Visa and Mastercard to stop facilitating business credit card issues by fintech aggregators, also known as business payment solution providers.Business credit cards, unlike consumer credit cards, are issued to businesses. These...
CBO Director warns lawmakers of rising deficit and interest costs
CBO Director Phillip Swagel testifies during the House Budget Committee hearing titled "The Congressional Budget Office's Budget and Economic Outlook," in Longworth Building on Wednesday, February 14, 2024.Tom Williams | Cq-roll Call, Inc. | Getty ImagesThe director...
Sticky UK inflation stokes Bank of England rate-cut debate, BFSI News, ET BFSI
London, Feb 14, 2024 -British annual inflation steadied last month, official data showed Wednesday, but prices still rose at double the Bank of England's target rate, adding to uncertainty over the timing of an interest-rate cut.The Consumer Prices Index was unchanged...
IFSCA Unveils Payment Rules for GIFT Fintechs, BFSI News, ET BFSI
AHMEDABAD: The International Financial Services Authority (IFSCA) recently issued new regulations for fintech entities in GIFT IFSC willing to offer payment services in GIFT City. Over and above approval from the Reserve Bank of India (RBI), merchant payment services...
Latest news on Russia and the war in Ukraine
NATO chief expresses hopes U.S. will pass Ukraine aid packageNATO chief Jens Stoltenberg reiterated hopes that the U.S. Congress will approve a package of ongoing aid for Kyiv, after the U.S. Senate earlier this week passed a $95 billion package in funding for...
NATO chief concedes spending criticism as allies up defense budget
NATO Secretary General Jens Stoltenberg speaks during a press conference on the third day of the International Monetary Fund and World Bank annual meeting, in Marrakech, Morocco, October 11, 2023.Susana Vera | ReutersNATO Secretary General Jens Stoltenberg conceded to...
Trump scores DeSantis fundraiser to bolster campaign war chest
Omeed Malik, CEO, Colombier Acquisition Corp at the New York Stock Exchange, June 17, 2021.Source: NYSEVeteran Wall Street executive Omeed Malik is planning to raise over $3 million and donate at least $100,000 in support of Donald Trump's campaign, the latest backer...
IMF’s Gopinath urges central banks to move cautiously on any rate cuts, ET BFSI
WASHINGTON, - The No. 2 official at the International Monetary Fund on Monday said inflation had come down in many countries and the global economy appeared headed for a soft landing, but central banks should to move cautiously on any interest rate cuts."It is...
Latest news on Russia and the war in Ukraine
Ukrainian soldiers prepare L119 artillery in the direction of Bakhmut, as Russia-Ukraine war continues in Donetsk Oblast, Ukraine on February 13, 2024. Anadolu | Anadolu | Getty ImagesRussian missile strikes on a town in the eastern Ukrainian Donetsk region killed...
RBI Governor Shaktikanta Das, ET BFSI
New Delhi [India], February 12 (ANI): Reserve Bank of India (RBI) Governor Shaktikanta Das underscored the role played by the RBI in fostering the widespread adoption of Unified Payments Interface (UPI) in India.He emphasized the institution's commitment to supporting...
Bitcoin money launderer Ian Freeman ordered to pay $3.5 million
Ian Freeman outside of the federal courthouse in Concord, New Hampshire, in April 2023.NBC 10 BostonA New Hampshire libertarian activist and radio show host convicted of using bitcoin to launder tens of millions of dollars in proceeds from romance scams and internet...
Sebi asks companies for accurate details on end use of IPO funds, ET BFSI
Mumbai: Companies looking to raise money through initial public offerings (IPOs) will have to give accurate details of the end use of the funds. The Securities and Exchange Board of India (Sebi) has increased scrutiny of IPO disclosures and, in several cases, asked...
Visa, Mastercard stop business payments via cards post RBI instructions, ET BFSI
In a move that caught the industry by surprise, the Reserve Bank of India asked card networks like Visa and Mastercard to stop card based commercial payments made by corporations and small enterprises.Transactions being done at other business outlets who might not be...
House Republicans impeach Homeland Security Secretary Mayorkas
The Republican-led House of Representatives on Tuesday impeached Homeland Security Secretary Alejandro Mayorkas, only the second time in U.S. history that a Cabinet member has been impeached.The House by the barest of margins, 214-213, approved two articles of...
Brainard amplifies ‘shrinkflation’ as latest White House battle
Director of the National Economic Council Lael Brainard speaks during the daily press briefing at the White House January 11, 2024 in Washington, DC. Brainard fielded a range of questions about the economy and inflation.Drew Angerer | Getty ImagesNational Economic...
Supreme Court tells Trump prosecutor to answer immunity challenge
Former U.S. President Donald Trump sits in the courtroom during his civil fraud trial at New York Supreme Court on January 11, 2024 in New York City.Michael M. Santiago | Getty ImagesSupreme Court Chief Justice John Roberts on Tuesday told Department of Justice...
EU considering sanctions on Chinese firms supporting Russia’s war machine
This pool photograph distributed by Russian state owned agency Sputnik shows Russia's President Vladimir Putin (R) and China's President Xi Jinping heading to a group photo session during the third Belt and Road Forum for International Cooperation at the Great Hall of...
New Yorkers voting to replace ex-Rep. George Santos in crucial special election
Voting signs are seen outside city hall for New York's 3rd Congressional District special election in Glen Cove, N.Y., on Sunday, February 4, 2024.Tom Williams | Cq-roll Call, Inc. | Getty ImagesNew Yorkers are casting ballots Tuesday to pick their successor to...
Treasury proposes rule to extend anti-money laundering regs to investment advisers
US Secretary of the Treasury Janet Yellen speaks with the press after a tour with staff through the Financial Crimes Enforcement Network (FinCEN) office in Vienna, Virginia, on January 8, 2024.Andrew Caballero-Reynolds | AFP | Getty ImagesThe Treasury Department's...
ITAT quashes income addition of Rs 40 lakh in hands of non-resident, holds agreement-value of flat as valid, ET BFSI
Representative ImageMUMBAI: The Income-tax Appellate Tribunal (ITAT), Delhi bench, has given an order in favour of a non-resident taxpayer, who had purchased a flat in a posh suburb of Mumbai.The tax tribunal held that a sum of Rs 40.45 lakh which was the difference...
Georgia D.A. in Trump election case may have to testify at hearing
Fulton County District Attorney Fani Willis attends a Harrison Floyd bond revocation hearing at the Fulton County Courthouse in Atlanta on Nov. 21, 2023.Dennis Byron | ReutersThe judge in the Georgia election criminal case against Donald Trump seemed inclined Monday...
Senate approves Ukraine aid, but bill faces tough path through House
Ukraine sympathizers fly a Ukrainian flag outside as the Senate works through the weekend on a $95.3 billion foreign aid bill with assistance for Ukraine and Israel at the U.S. Capitol on February 11, 2024 in Washington, DC. Roberto Schmidt | Getty ImagesU.S. Senators...
Instagram ‘warning screens’ for illegal content are target of Senate demands for details
Republican Sen. Ted Cruz of Texas, left, speaks with Chairman Dick Durbin, a Democrat from Illinois, as Judge Ketanji Brown Jackson speaks during the Senate Judiciary Committee confirmation hearing on her nomination to become an associate justice of the U.S. Supreme...
How is RBI looking to scale up retail CBDC in India?, ET BFSI
Having achieved a significant milestone in December 2023 by recording 10 lakh transactions per day, the Reserve Bank of India (RBI) is actively shaping the future of digital transactions. This explainer delves into the current status, challenges faced, and the...
Trump asks Supreme Court to delay immunity ruling in election case
Former U.S. President Donald Trump speaks during a press conference held at Mar-a-Lago on February 08, 2024 in Palm Beach, Florida. Joe Raedle | Getty ImagesLawyers for Donald Trump on Monday asked the Supreme Court to temporarily halt a ruling rejecting his claim...
RBI Governor, BFSI News, ET BFSI
New Delhi: Reserve Bank of India (RBI) governor Shaktikanta Das ruled out any immediate review of the curbs on Paytm Payments Bank Ltd (PPBL), stressing that such orders are issued after comprehensive deliberation and assessment.The governor, however, said an FAQ will...
Criminal sentencing of Binance founder CZ postponed to late April
Changpeng Zhao, founder and CEO of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris on June 16, 2022.Benoit Tessier | ReutersThe criminal sentencing of Binance founder Changpeng Zhao...
Bank of England’s Bailey says banks may choose to hold more reserves than expected, ET BFSI
LONDON, - British banks may choose to hold more reserve assets with Bank of England than previously thought, partly because of financial turmoil in the recent past, Bank of England Governor Andrew Bailey said on Monday."I expect the future level of reserves to fall...
Burmans write to RBI, asks Central Bank to intervene on open offer as Religare takeover tussle intensifies, ET BFSI
Mumbai: The Burman family, which is seeking to take over Religare Enterprises Ltd (REL), has accused the latter’s management of blocking its planned open offer in a letter to the Reserve Bank of India (RBI). Religare denied receiving any intimation from the central...
Latest news on Russia and the war in Ukraine
U.S. Senate to vote on Ukraine aid bill Speaker of the House Mike Johnson (R-LA) makes a statement to the press on February 06, 2024 in Washington, DC.Chip Somodevilla | Getty Images News | Getty ImagesThe U.S. Senate is expected to hold a final vote on Tuesday on a...
Prashant Maldikar takes charge as Head of Cyber Security at IFTAS, a RBI Subsidiary, ET BFSI
Prashant Maldikar, Head of Cyber Security, IFTASPrashant Maldikar has moved out from Head IT-Security at RBL Bank and has joined Head Cyber Security at Indian Financial Technology & Allied Services (IFTAS), a subsidiary of the Reserve Bank of India (RBI). In his...
China and Russia no longer perceived as top security threats, research finds
Supporters of the Fridays for Future climate action movement, including one holding a sign showing Russian President Vladimir Putin, in Berlin, Germany.Sean Gallup | Getty Images News | Getty ImagesChina and Russia are considered less of a threat to Western...
Let me say it very clearly, there is no scope of any relaxation or review, ET BFSI
Reserve Bank of India governor Shaktikanta Das has said that there is “hardly any room for review” of the central bank’s decision against Paytm Payments Bank. On January 31, RBI directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any...
Austin cancels trip for Ukraine, NATO meetings after hospitalization
U.S. Defense Secretary Lloyd Austin delivers remarks during a meeting with Kenyan Defense Minister Aden Duale at the Pentagon on February 07, 2024 in Arlington, Virginia.Kevin Dietsch | Getty ImagesDefense Secretary Lloyd Austin canceled a trip to Brussels this week...
Defense Secretary Lloyd Austin hospitalized for bladder issue
US Defense Secretary Lloyd Austin takes questions during a press conference at the Pentagon in Washington, DC, on February 1, 2024. Andrew Caballero-reynolds | Afp | Getty ImagesDefense Secretary Lloyd Austin was taken back to the hospital on Sunday afternoon by his...
RBI Guv Das, ET BFSI
After curbing fintech company Paytm's banking unit's operations, the Reserve Bank of India's governor Shaktikanta Das has said there is "hardly any room for review".Talking to reporters in Delhi on Monday, Das said there was "hardly any room" to review the action...
Assam govt tables Rs 2.9 lakh crore budget, proposes no new tax, ET BFSI
Guwahati: The Assam government on Monday presented a Rs 2.9 lakh crore budget for the 2024-2025 financial year with a deficit of Rs 774.47 crore and proposed no new tax. Presenting the annual financial statement for the next fiscal, Assam Finance Minister Ajanta Neog...
Trump attends Florida hearing in special counsel classified documents case
Former U.S. President Donald Trump speaks during a press conference held at Mar-a-Lago on February 08, 2024 in Palm Beach, Florida. Joe Raedle | Getty ImagesFormer President Donald Trump arrived at a federal court in Florida on Monday morning for a closed hearing in...
‘Hardly any room’ to review action against Paytm Payments Bank: RBI Governor, ET BFSI
Amid the growing crisis for FinTech giant – Paytm – after the ban by the Reserve Bank of India (RBI) on its payments bank business, the Governor of the Central Bank said there was "hardly any room" to review the action taken against Paytm Payments Bank.While talking...
India’s retail inflation moderates to 5.10 per cent in January, ET BFSI
India's retail inflation eased to 5.10 per cent on an annual basis as against a four-month high of 5.69 per cent in December, data released by the Ministry of Statistics & Programme Implementation showed on Monday. A Reuters poll of 44 economists had forecast a...
5 things to know before the stock market opens Monday
1. Record runHere are the most important news items that investors need to start their trading day:The S&P 500 closed above 5,000 on Friday for the first time as U.S. stocks continued their steady climb. The S&P, Dow Jones Industrial Average and Nasdaq have...
India’s industrial production growth rises to 3.8% in Dec from 2.4% in Nov, ET BFSI
India's industrial production rose to 3.8 per cent in December 2023 as against 2.4 per cent in November 2023, revealed the data provided by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. IIP in October was recorded at 11.7 per cent in...
Dutch court orders halt to export of F-35 jet parts to Israel
A U.S. Air Force F-35 Lightning II aircraft assigned to the 34th Fighter Squadron receives fuel from a KC-10 Extender aircraft over Poland, February 24, 2022.Senior Airman Joseph Barron | US Air Force | ReutersA Dutch appeals court on Monday ordered the government to...
Trump’s NATO comments stir up a political storm as Russia keeps quiet
Former U.S. president Donald Trump pictured during a meeting with NATO Secretary-General Jens Stoltenberg at Winfield House, London on Dec. 3, 2019.NICHOLAS KAMM | AFP | Getty ImagesFormer U.S. head of state and presidential candidate Donald Trump stoked the ire of...
Russia’s Wagner Group expands into Africa’s Sahel with a new brand
MOSCOW, Oct. 1, 2023: People visit a makeshift memorial for Wagner private mercenary group chief Yevgeny Prigozhin in central Moscow on October 1, 2023, to mark 40 days since his death as per Orthodox tradition.Natalia Kolesnikova | Afp | Getty ImagesWagner Group has...
Israeli forces rescue 2 hostages in dramatic Gaza raid
Israeli soldiers operate in the Gaza Strip amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in this handout picture released on Dec. 18, 2023.Israel Defense Forces | Via ReutersIsraeli forces rescued two hostages early Monday,...
Securities Appellate Tribunal may have to hear afresh many important cases, ET BFSI
The Securities Appellate Tribunal (SAT) may have to hear afresh cases involving Sahara India, Bombay Dyeing and Franklin Templeton among several others, as two of its three members including the presiding officer retired before the final orders could be delivered.The...
The EU’s green reputation takes a hit
A farmer pulls waste to block the RN 19 near in Vesoul, eastern France, on January 25, 2024. Sebastien Bozon | Afp | Getty ImagesThe European Union prides itself on being a champion for the environment.But that reputation is now being firmly tested, after it toned...
Musk denies selling Starlink terminals to Russia after Kyiv alleges use
A Falcon 9 rocket launches a Starlink mission from Florida on Feb. 27, 2023.SpaceXUkraine's main military intelligence agency accused Russian forces of using Starlink terminals produced by Elon Musk's SpaceX in occupied areas.Starlink has been adamant that its...
Liquidity measures widen market-repo rate disconnect, BFSI News, ET BFSI
The Reserve Bank of India aims for market rates to be aligned with the repo rate, but over the past four years, amidst extraordinary economic events, market rates have largely been disconnected from the policy rate, as liquidity conditions have been either tailored to...
Assam Finance Minister, Ajanta Neog tables state budget for 2024-25 today, ET BFSI
Assam Finance Minister Ajanta Neog will table the state budget for 2024-25 in the floor of the Assam Legislative Assembly on Monday.This budget will be her fourth budget and earlier, the state Finance Minister told that this budget will be a realistic budget.The...
Russia-Ukraine war live updates, Feb. 12, 2024
Musk denies selling Starlink terminals to Russia after Kyiv alleges use in occupied areasA SpaceX Falcon 9 rocket flies carrying a payload of 22 Starlink satellites into space after launching from Vandenberg Space Force Base on January 28, 2024 as seen from Los...
Senators test Israel, Ukraine bill support, vote on Super Bowl Sunday
U.S. Senate Majority Leader Chuck Schumer (D-NY) holds a press conference after the Senate passed a continuing resolution to avoid a shutdown of the federal government, in Washington, U.S., November 15, 2023. Elizabeth Frantz | ReutersSenators spent the weekend in...
Biden campaign co-chair on Biden memory
U.S. President Joe Biden gestures as he delivers remarks at the White House in Washington, U.S., February 8, 2024. Kevin Lamarque | ReutersPresident Joe Biden's campaign national co-chair Mitch Landrieu on Sunday fired back at concerns raised by Special Counsel Robert...
Spend more on defense or Russia can ‘do whatever the hell they want’
Republican presidential candidate and former U.S. President Donald Trump speaks as he holds a campaign rally at Coastal Carolina University ahead of the South Carolina Republican presidential primary in Conway, South Carolina, U.S., on Feb. 10, 2024.Sam Wolfe |...
Top House China hawk to retire, opening seat in battleground Wisconsin
Rep. Mike Gallagher, R-Wis., is seen outside the U.S. Capitol after the last votes of the week on Thursday, June 15, 2023.Tom Williams | CQ-Roll Call, Inc. | Getty ImagesHouse Rep. Mike Gallagher, R-Wi., chairman of the Select Committee on the Chinese Communist Party,...
Taiwan reports more Chinese balloons over Taiwan Strait
A kid runs across the flag of Taiwan banner during the announcement of official results on January 13, 2024 in Taipei, Taiwan.Sawayasu Tsuji | Getty Images News | Getty ImagesTaiwan's defense ministry said on Sunday it had detected eight Chinese balloons crossing the...
RBI Deputy Governor, ET BFSI
"Every new technology has erased few jobs but created newer ones; skilling and reskilling of the work force is a must."The banking sector and players in the space should be mindful of legal and cyber risks, and skill gaps emanating from Artificial Intelligence (AI),...
Hungarian president Novak resigns over sex abuse case pardon
The President of Hungary, Katalin Novak.Horacio Villalobos | Corbis News | Getty ImagesHungarian President Katalin Novak resigned on Saturday after coming under mounting pressure for pardoning a man convicted of helping to cover up sexual abuse in a children's...
Lookout circular not appropriate for every bank loan default: Delhi HC, ET BFSI
The Delhi High Court has said that the issuance of a Lookout Circular (LOC) cannot be indiscriminately employed in cases of bank loan defaults or credit facilities availed for business purposes. Justice Subramonium Prasad held that a citizen's fundamental right to...
Pakistan ex-PM Imran Khan aide says party aims to form government
Pakistan's former prime minister Imran Khan (R) addresses his supporters during an anti-government march towards capital Islamabad, demanding early elections, in Gujranwala on November 1, 2022.Arif Ali | AFP | Getty ImagesA senior aide to Pakistan's jailed former...
Trader Joe’s appeals loss in trademark lawsuit against union
Joe Raedle | Getty Images News | Getty ImagesTrader Joe's is asking a federal appeals court to reverse a judge's scathing dismissal of the grocery store chain company's lawsuit that alleged trademark infringement by an employee labor union in selling merchandise on...
RBI Deputy Governor, BFSI News, ET BFSI
MUMBAI: RBI deputy governor M Rajeshwar Rao said that large finance companies retain certain advantages over banks and face comparatively lighter regulation due to RBI's nuanced regulatory approach.Rao, who was refuting criticism that finance companies were being...
Trump’s pro-Anheuser-Busch post came after UFC boss Dana White urged him to back company, source says
Republican presidential candidate and former U.S. President Donald Trump attends a Nevada caucus night party at Treasure Island Resort & Casino in Las Vegas, Nevada, U.S. February 8, 2024. David Swanson | ReutersFormer President Donald Trump wrote a social...
Odisha industriously creating infra, shrinking digital divide, says CJ Venugopal, ET BFSI
~ Shrishti Sharma“India lives in different generations. It's not just the states you see; it's the rich mosaic of generations shaping our nation,” says C J Venugopal, IAS, Addl. Chief Secretary & Chief Administrator, Government of Odisha, Our today’s guest for the...
Legal, cyber, jobs three risks facing banks on AIML says RBI deputy governor, ET BFSI
Bankers have to be aware of the legal risk, cyber risk and the impact artificial intelligence and machine learning (AIML) will have on the banking system as these new technologies take shape for a larger role in public like Reserve Bank of India (RBI) deputy governor...
Palestinians brace for Rafah evacuation, Israeli assault plan
A picture taken from Rafah shows smoke billowing during Israeli bombardment over Khan Yunis in the southern Gaza Strip on February 9, 2024, amid continuing battles between Israel and the Palestinian militant group Hamas. Said Khatib | Afp | Getty ImagesTrapped in and...
Trump media deal partner DWAC nears $50 million financing, sources tell Reuters
In this photo illustration, Digital World Acquisition Corp (DWAC) logo is seen on a smartphone and Trump Media & Technology Group (TMTG) logo on a pc screen.Pavlo Gonchar | SOPA Images | Lightrocket | Getty ImagesDigital World Acquisition Corp., the blank-check...
Nawaz Sharif claims victory amid vote rigging claims
Campaign posters for Nawaz Sharif, Pakistan's former prime minister, along a street ahead of Pakistan's national election in Lahore, Pakistan, on Friday, Feb. 2, 2024. Bloomberg | Bloomberg | Getty ImagesPakistan's former Prime Minister Nawaz Sharif declared victory...
Judge denies Peter Navarro’s bid to remain out of prison while appealing contempt of Congress case
Peter Navarro, adviser to former U.S. President Donald Trump, faces reporters after he was convicted of contempt of Congress for refusing to cooperate with the House of Representatives committee investigating the January 6, 2021 attack on the Capitol, following his...
Biden willfully kept classified documents: special counsel
President Joe Biden "willfully retained and disclosed classified materials after his vice presidency," Department of Justice special counsel said in a report released Thursday.But special counsel Robert Hur also said that he would not criminally prosecute Biden for...
Biden disputes special counsel report, says memory ‘fine’
President Joe Biden on Thursday evening strongly disputed new claims by Department of Justice special counsel Robert Hur that he "willfully retained and disclosed classified materials" as a private citizen, and that he had exhibited poor memory during an interview...
Putin hints at swapping Wall Street Journal reporter for Russian prisoner
U.S. journalist Evan Gershkovich, who was detained in Russia on spying charges, is escorted out of the Lefortovsky Court building in Moscow on Jan. 26, 2024.Alexander Nemenov | Afp | Getty ImagesRussian President Vladimir Putin on Thursday said "an agreement can be...
Sitharaman shares steps taken to nurse Indian banking system back to health, ET BFSI
Discussing the 'White Paper on the Indian Economy' in Lok Sabha on 9 February, 2024 under Rule 342, Union Finance Minister Nirmala Sitharaman accused the UPA-led government of ruining India’s reputation globally by fiscal mismanagement at the Centre.The 'White Paper'...
Former Fox News host Tucker Carlson interviewed Russian President Vladimir Putin
Russian President Vladimir Putin gave a more than two-hour interview to former Fox News host Tucker Carlson that was released online Thursday, covering a variety of topics, from Ukraine to the Russian economy, but breaking little new ground.Joe Raedle | Getty...
RBI to issue clarifications on Paytm Payments Bank order in FAQs form next week: Shaktikanta Das, ET BFSI
Paytm Payments Bank parent is One 97 Communications, popularly known as Paytm for its digital payments app.Stating that the Reserve Bank of India's (RBI) clampdown on Paytm Payments Bank was the result of persistent non-compliance with regulations, top central bank...
What next for the war as Zelenskyy replaces army chief
Ukrainian President Volodymyr Zelenskyy attends flag hoisting ceremony in Izium after the Ukrainian forces took control of the city from the Russian forces in Kharkiv, Ukraine on September 14, 2022. Commander of the Ukrainian Land Forces Oleksandr Syrskyi, Head of...
Donald Trump wins Nevada Republican caucus
Former U.S. President and Republican presidential candidate Donald Trump delivers remarks at a Nevada Republican volunteer recruiting event at Fervent: A Calvary Chapel on July 8, 2023 in Las Vegas, Nevada.Mario Tama | Getty ImagesFormer President Donald Trump has won...
VC investors put billions in Chinese tech: U.S. congressional report
Rep. Mike Gallagher, center, chair of the House Select Committee on the Chinese Communist Party, speaks at a news conference following a GOP caucus meeting at the Republican National Committee offices in Washington, D.C., on Feb. 28, 2023. He is joined by fellow...
February monetary policy done, when will RBI cut rates?, ET BFSI
Reserve Bank of India governor Shaktikanta DasWhile the Reserve Bank of India maintaining status quo and rate in February policy disappointed the market, analysts see a potential shift in the RBI's stance to "neutral" in the April policy, possibly marking the first...
News on Russia and the war in Ukraine
Putin claims Russia has no intention of expanding war to Poland, LatviaRussian President Vladimir Putin attends an expanded meeting of the Defence Ministry Board at the National Defence Control Centre in Moscow, Russia December 19, 2023. Mikhail Klimentyev | Sputnik |...
RBI to Tap NHAI, NPCI to Fix Rescue Plan for Paytm Users, ET BFSI
The FAQ will be addressing various queries received by the central bank on Paytm, following last week’s regulatory restrictions imposed on the Noida-based firm’s payments bank.The Reserve Bank of India will meet with the country’s highways authority and National...
Rules key, not your business, ET BFSI
Reserve Bank of India Governor Shaktikanta Das' message to the fintech universe is loud and clear: Just because a business is seemingly great doesn't mean it has acquired the licence to flout rules. Amid noise from the startup ecosystem over the central bank's...
UN court has ruled on Gaza genocide case. Here’s what happens now
The hearing of Israel's defense at the International Court of Justice on Jan. 12, 2024, in the Hague, Netherlands.Dursun Aydemir | Anadolu | Getty ImagesLast month, the International Court of Justice ruled on South Africa's legal case accusing Israel of...
Senate advances $95 billion Ukraine, Israel aid package
U.S. Senate Majority Leader Chuck Schumer (D-NY) speaks during the weekly Democratic Caucus lunch press conference at the U.S. Capitol building in Washington, U.S., February 6, 2024. Amanda Andrade-rhoades | ReutersSenators on Thursday advanced a foreign aid package...
Policy rate, inflation aim, growth target, liquidity measures, UPI changes, paytm plans from RBI, ET BFSI
Reserve Bank of India Governor Shaktikanta Das-headed rate-setting panel on Thursday concluded its three-day Monetary Policy Committee (MPC) review meeting. RBI left the repo rate unchanged at 6.5 per cent while retail inflation remains near the higher end of the...
Top Biden official at Senate hearing defends liquefied natural gas pause
U.S. Deputy Secretary Of Energy David M. Turk speaks at the Green Energy Africa Summit at Cape Town International Convention Centre in Cape Town, South Africa, October 5, 2022.Esa Alexander | ReutersA top U.S. Department of Energy (DOE) official on Thursday defended...
Top 10 announcements of RBI MPC meet 2024, ET BFSI
RBI Monetary Policy Highlights: The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has unanimously decided to keep the repo rate unchanged at 6.5 per cent. The MPC has also decides to remain focused on the withdrawal of the accommodative stance, Das said...
RBI projects 7% GDP growth for FY25 as economy stays resilient, ET BFSI
The Reserve Bank of India (RBI) today projected the real GDP growth for 2024-25 at 7.0 per cent on back of falling inflation, sustained profitability in manufacturing and underlying resilience of services. "Looking ahead, recovery in rabi sowing, sustained...
RBI sees CPI inflation falling below 5% in FY25, ET BFSI
The Reserve Bank of India (RBI) sees retail inflation falling to below 5 per cent on considerable certainty on the food price outlook and some softening in the growth of input costs. "Going forward, the inflation trajectory would be shaped by the evolving food...
AI-generated voices in robocalls can deceive voters. The FCC just made them illegal
The Federal Communications Commission (FCC) logo is seen before the FCC Net Neutrality hearing in Washington February 26, 2015.Yuri Gripas | ReutersThe Federal Communications Commission on Thursday outlawed robocalls that contain voices generated by artificial...
RBI MPC meeting: Why repo rate was kept unchanged at 6.5%
RBI MPC Meeting: The Reserve Bank of India (RBI) kept the key policy rate - repo rate- unchanged at 6.5% after the Monetary Policy Committee (MPC) meeting. RBI governor Shaktikanta Das noted that the GDP growth of the Indian economy continues to be strong despite...
RBI gives a must-do-list for financial institutions amid Paytm crisis, ET BFSI
The Reserve Bank of India's Governor Shaktikanta Das while announcing the Monetary Policy Committee's decision today listed what is key for financial intuitions to adhere for safety of the country's financial system as well as individual institutions."Good governance,...
RBI Guv Shaktikanta Das, ET BFSI
In highly volatile times when even the US and Europe have seen several banks cave under heaps of troubles including loose regulatory compliance, the Reserve Bank of India (RBI) is wide awake and watching the sector closely. It might seem so but hammering down on Paytm...
RBI imposes monetary penalty on Nakodar Hindu Urban Cooperative Bank for violation of norms, ET BFSI
New Delhi [India], February 8 (ANI): The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 6 lakh on the Nakodar Hindu Urban Cooperative Bank Ltd, the central bank said on Thursday.This action is based on deficiencies in regulatory compliance and is not...
5 Marines on helicopter that went down near San Diego confirmed dead
File image showing a A CH-53E Super Stallion helicopter, landing at Subic Bay Freeport Zone on April 23, 2023, as part of the US-Philippines joint military exercise 'Balikatan'. Jam Sta Rosa | Afp | Getty ImagesFive U.S. Marines aboard a helicopter that went down...
Incomplete transmissions & inflationary challenges, RBI drops hints for those reading into MPC’s stance, ET BFSI
Even as the Reserve Bank of India’s (RBI) rate-setting panel kept rates and stance unchanged for the sixth consecutive meeting, economists believe the central bank is hinting at delinking its stance with liquidity management.Although the announcements were largely...
5 things to know before the stock market opens Thursday
Here are the most important news items that investors need to start their trading day:1. Earnings juice A stronger-than-expected earnings season is driving U.S. stocks to new highs. The broad-based S&P 500 index rose about 0.8% on Wednesday, settling just below...
Key highlights of Modi govt’s white paper
The Narendra Modi government on Thursday tabled the much-talked about white paper in the Lok Sabha on Thursday, detailing the "policy misadventures and scams" under the Congress-led UPA government's 10-year tenure and how the NDA set about turning it around.During her...
From Das and co’s status quo to a likely alternate for OTPs, ET BFSI
The Reserve Bank of India-led Monetary Policy Committee (MPC) on Thursday decided to retain the repo rate at 6.5 per cent for the sixth time in a row.With a majority of 5:1, the MPC decided to remain focused on withdrawal of accommodation, keeping the stance...
Trump SPAC insider trading defendant charged with money laundering
Michael Shvartsman, hides from journalists using an umbrella after exiting Federal Court, Thursday, July 20, 2023, in New York.John Minchillo | APA man already charged with insider trading related to a shell company's planned merger with Donald Trump's social media...
How RBI mandate on Key Fact Statement will benefit MSME borrowers?, ET BFSI
In a significant development for the MSME lenders, the Reserve Bank of India (RBI) on Thursday announced to mandate all Regulated Entities (REs) to provide the ‘Key Fact Statement’ (KFS) to the borrowers for all retail and MSME loans. With this move, the REs will have...
Biden’s clean energy plan to cost far more than initial estimates
Phillip SwagelDanny Moloshok | ReutersWASHINGTON — The U.S. budget deficit will grow by an estimated $1 trillion over the next 10 years, the nonpartisan Congressional Budget Office projected in a new report Wednesday.Part of that growth will be driven by unexpectedly...
Paytm app not impacted by directives, is free to partner with other banks, says RBI, ET BFSI
New Delhi: The Reserve Bank of India (RBI) has stated that Paytm app will not be impacted by the recent order issued against Paytm Payments Bank Limited (PPBL)."Just to clarify, the action is against Paytm Payments Bank, not against the Paytm app. The app is not...
No more hidden charges by banks, NBFCs to all borrowers as RBI makes declaring actual interest rate mandatory, ET BFSI
The Reserve Bank of India (RBI) has announced transparency measures for borrowers on other charges that are levied by the lending institutions on taking a loan, apart from interest rates. As per the announcement made, all lending institutions are now required to...
Marianne Williamson drops long-shot 2024 presidential bid
Democratic Presidential hopeful Marianne Williamson speaks at the California Democratic Party 2019 Fall Endorsing Convention in Long Beach, California on November 16, 2019.Mark Ralston | AFP | Getty ImagesAuthor Marianne Williamson announced her exit from the 2024...
RBI to enhance vigilance over Aadhaar Enabled Payment System, release framework soon, ET BFSI
The Reserve Bank of India Governor Shaktikanta Das on Thursday said the central bank is vigilant to enhance the security of Aadhaar Enabled Payment System (AePS) transactions.It is proposed to streamline the onboarding process, including mandatory due diligence, for...
Trump challenge to Colorado ballot ban
U.S. President Donald Trump looks on he as meets with Colorado Governor Jared Polis and North Dakota Governor Doug Burgum in the Cabinet Room of the White House on May 13, 2020 in Washington, DC.Doug Mills-Pool | Getty ImagesThe Supreme Court is set Thursday morning...
RBI holds rates; monetary stance change, rate cuts must wait, ET BFSI
The Reserve Bank of India (RBI) Thursday held interest rates and monetary stance steady for the sixth straight monetary review meeting amid geopolitical tensions and an uncertain food prices trajectory, pouring cold water on expectations of an early easing in...
Persistent non-compliance led to action against Paytm bank, says RBI, ET BFSI
The Reserve Bank of India today said Paytm was in persistent non-compliance and the regulator gave it sufficient time to take corrective measures. The central bank will also come out with an FAQ next week to address queries from various quarters over the issue. "Over...
Chinese firm behind ‘news’ websites pushes pro-Beijing content globally, researchers find
A Chinese flag in Pudong's Lujiazui Financial District in Shanghai, China, on Monday, Sept. 18, 2023. Spread over websites in 30 countries, the propaganda material is interspersed with news aggregated from local news outlets and Chinese state media, according to a...
Action was taken after persistent non-compliance, says RBI Deputy Guv Swaminathan, ET BFSI
Commenting on the Paytm crisis that broke out last month, the Reserve Bank of India (RBI) deputy Governor Swaminathan Janakiraman on Thursday said that this is a regulatory/supervisory action. "We provide the company enough time to take corrective measures," he said,...
Latest news on Russia and the war in Ukraine
Ukraine conspicuously silent on Tucker Carlson interview requestUkrainian President Volodymyr Zelenskyy speaks with CNBC's Andrew Ross Sorkin at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. Adam Galici | CNBCUkraine's leadership...
Das, BFSI News, ET BFSI
Mumbai: Digital rupee users will soon be able to execute transactions in areas with limited internet connectivity as the RBI on Thursday announced that offline capability will be introduced on the Central bank digital currency (CBDC) pilot project. Reserve Bank of...
Guv says elevated public debt concerning, govt debt to come down, ET BFSI
RBI Governor- Shaktikanta DasAmidst the current headwinds, elevated level of public debt is raising serious concerns on macroeconomic stability in many countries, including some of the advanced economies (AEs), said said RBI Governor Shaktikanta Das while announcing...
Serbia-Kosovo conflict is at a tipping point after normalization deal
Kosovo Police continue to uphold security with search, patrol and control activities in the region after the clash which led by Kosovo Serb politician Milan Radoicic in Banjska northern town of the country, on Sept. 24 in Zvecan, Kosovo on October 3, 2023. The clash...
Tucker Carlson set to interview Vladimir Putin
Political commentator Tucker Carlson speaks at the Turning Point Action USA conference in West Palm Beach, Florida, on July 15, 2023.Giorgio Viera | AFP | Getty ImagesFormer Fox News host Tucker Carlson said he will interview Russian President Vladimir Putin, becoming...
Senate probe zeroes in on Harlan Crow tax deductions for superyacht used for Clarence Thomas vacations
Clarence Thomas, associate justice of the U.S. Supreme Court, listens during a ceremony on the South Lawn of the White House in Washington, D.C., U.S., on Monday, Oct. 26, 2020.Al Drago | Bloomberg | Getty ImagesWASHINGTON — Billionaire real estate executive Harlan...
U.S. engineer contacted China before stealing missile tech
A deactivated Titan II nuclear intercontinental ballistic missile, or ICBM, is seen in a silo at the Titan Missile Museum in Green Valley, Arizona, May 12, 2015.Brendan Smialowski | AFP | Getty ImagesFederal prosecutors charged an engineer who worked at a Los...
RBI Guv to announce monetary policy on Thursday morning, ET BFSI
Mumbai: Reserve Bank Governor Shaktikanta Das will announce the bi-monthly policy on Thursday amid expectations of continued pause on the key interest rate as inflation remains near the upper tolerance level of 6 per cent. For a year, the Reserve Bank has kept the...
Musk funds Gina Carano lawsuit vs. Disney over ‘Mandalorian’ firing
Gina Carano as Cara Dune in the "The Mandalorian," a Star Wars series on Disney+.DisneyElon Musk's company X is funding a new lawsuit filed by actor Gina Carano over her firing from the Disney+ streaming TV series "The Mandalorian" after she shared a controversial...
Will Sitharaman’s ‘fiscally prudent’ Budget prompt RBI’s MPC to make moves, re-adjust stance?, ET BFSI
The Reserve Bank of India’s rate-setting panel Monetary Policy Committee (MPC) is most likely to keep the repo rate unchanged at 6.5 per cent for the sixth consecutive time. However, economists say that there may be a change of stance from ‘withdrawal of...
Biden classified documents: No criminal charges expected
U.S. President Joe Biden takes questions from reporters on classified documents as he delivers remarks on the economy and inflation in the Eisenhower Executive Office Building in Washington, D.C., on Jan. 12, 2023.Kevin Dietsch | Getty Images News | Getty...
Milei lashes out at governors after key reform bill setback
Argentines gather in front of the National Congress in Argentina to celebrate that the ruling party could not continue with the debate on the 'Omnibus Law' because they were losing the votes on each article of its general content, in Buenos Aires, Argentina on...
EU tells Hungary its ‘sovereignty’ law violates EU law
Hungarian Prime Minister Viktor Orban holds an annual international media briefing in Budapest, Hungary, December 21, 2023. Marton Monus | ReutersHungary's new law on "protecting national sovereignty", which the ruling Fidesz party said was necessary to protect...
China expresses concerns to U.S. over tariffs, sanctions in Beijing talks
China's financial officials expressed concerns to visiting U.S. Treasury officials about U.S. tariffs, investment restrictions and sanctions set up to "suppress" Chinese companies, the Chinese finance ministry said on Tuesday.Traveler1116 | E+ | Getty ImagesChina's...
5 things to know before the stock market opens Wednesday
Here are the most important news items that investors need to start their trading day:1. Reaching for rate cutsStocks have pulled back from their record highs as doubts grow about how soon the Federal Reserve will start to cut interest rates. After the central bank...
Biden wins Nevada Democratic primary, NBC News projects
U.S. President Joe Biden holds a campaign rally ahead of the state's Democratic presidential primary, in Las Vegas, Nevada, U.S. February 4, 2024.Kevin Lamarque | ReutersPresident Joe Biden has won Nevada's Democratic primary, NBC News projects.The other Democrat on...
China appoints ‘Broker Butcher’ Wu Qing as new chairman of securities regulator
BEIJNG, CHINA - NOVEMBER 13: Illuminated skyscrapers stand at the central business district at sunset on November 13, 2023 in Beijing, China. (Photo by Gao Zehong/VCG via Getty Images)Vcg | Visual China Group | Getty ImagesChina's cabinet on Wednesday appointed...
Geert Wilders leadership hopes sink as coalition talks collapse
Leader of the Netherlands' Party for Freedom (PVV), Geert Wilders.Anadolu | Getty ImagesLONDON — Far-right Dutch lawmaker Geert Wilders' hopes of becoming prime minister of the Netherlands are dwindling after coalition talks fell into disarray Tuesday.Pieter Omtzigt,...
RBI likely to stay pat on rates in MPC review on Thursday, BFSI News, ET BFSI
The Reserve Bank of India's (RBI) Monetary Policy Committee is likely to maintain the policy repo rate at 6.50% for the sixth consecutive meeting, according to economists. The focus will be on whether the committee considers altering the policy stance of 'withdrawal...
Hamas proposes three-stage ceasefire over 135 days, leading to end of war
TOPSHOT - A picture taken from Rafah shows smoke billowing over Khan Yunis in the southern Gaza Strip during Israeli bombardment on January 19, 2024, amid ongoing battles between Israel and the Palestinian militant group Hamas. (Photo by AFP) (Photo by -/AFP via Getty...
RBI may issue clarification on Paytm in view of large user base, ET BFSI
The Reserve Bank may come out with some clarification in the Paytm case considering its large user base, financial services secretary Vivek Joshi said, noting that the banking regulator had taken action in the interest of consumer protection.Public sector banks are...
‘None of these candidates’ defeats Nikki Haley in Nevada Republican primary, NBC News projects
Republican presidential candidate, former U.N. Ambassador Nikki Haley speaks during a campaign rally at the Indigo Hall and Events venue on Feb. 5, 2024 in Spartanburg, South Carolina.Brandon Bell | Getty Images News | Getty ImagesFormer U.N. ambassador Nikki Haley...
RBI cancels licence of Jai Prakash Narayan Nagari Sahakari Bank, ET BFSI
Mumbai: The RBI has cancelled the licence of Jai Prakash Narayan Nagari Sahakari Bank Basmathnagar, Maharashtra, as the lender, with its present financial position, would be unable to pay its present depositors in full. The Commissioner for Co-operation and Registrar...
RBI fines Power Finance Corporation for breach of norms, BFSI News, ET BFSI
The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 8.80 lakh on Power Finance Corporation Ltd for breach of norms related to 'Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies'.The statutory...
Latest news on Russia and the war in Ukraine
Russia launches missile attack on Ukrainian cities, officials sayRussia launched several waves of missile strikes on Kyiv and other Ukrainian cities during Wednesday morning rush hours, Ukrainian officials said, with falling debris from the downed weapons cutting off...
House Republicans scramble to save Mayorkas impeachment vote as ‘no’ votes emerge
Department of Homeland Security (DHS) Secretary Alejandro Mayorkas looks up during a Senate Appropriations Homeland Security Subcommittee hearing on the department's budget request on Capitol Hill in Washington, May 26, 2021.Kevin Lamarque | ReutersHouse Republican...
Trump fraud judge asks about potential Weisselberg perjury
Allen Howard Weisselberg, the former Trump Organization CFO, appears for sentencing for tax fraud scheme in New York State Supreme Court in the Manhattan borough of New York City, January 10, 2023.Curtis Means | Pool | ReutersThe New York judge set to deliver a...
New Senate bill aims to kill proposed SEC rule on AI conflicts of interest
WASHINGTON — A forthcoming rule from the Securities and Exchange Commission on the use of AI in finance is in the crosshairs of two Republican senators, who introduced a bill Tuesday to kill the regulation before it can be finalized.The draft rule unveiled last July...
Leon Cooperman says he will not vote for Trump or Biden
Billionaire investor Leon Cooperman said on Tuesday that he would not vote for President Joe Biden or former President Donald Trump in a hypothetical November rematch."We have two candidates running. One's bad, the other one's worse. I don't know who's bad, I don't...
Appeals court denies ex-president immunity
Former President Donald Trump does not have presidential immunity from prosecution on criminal charges related to his efforts to overturn his 2020 election loss, a federal appeals court unanimously ruled Tuesday."We cannot accept that the office of the Presidency...
United Ireland in focus with Sinn Fein’s Michelle O’Neill
BELFAST, NORTHERN IRELAND - FEBRUARY 3: First Minister Michelle O'Neill speaks during proceedings of the Northern Ireland Assembly at Stormont on February 3, 2024 in Belfast, Northern Ireland. Handout | Getty Images News | Getty ImagesLONDON — A referendum on Irish...
RBI likely to focus on non-rate steps to fight rising inflation, ET BFSI
The Reserve Bank of India is likely to deploy non-interest rate measures to ensure that its action of raising borrowing costs by 250 basis points since May 2022 is fully passed on to borrowers to combat rising inflation. A big chunk of the increase is yet to be passed...
Asian Development Bank appoints Mio Oka as country director for India, ET BFSI
She will lead the implementation of ADB's country partnership strategy, 2023-2027 that is designed to catalyse robust, climate-resilient, and inclusive private sector-led growth in India, it saidNew Delhi: Asian Development Bank (ADB) on Monday appointed Mio Oka as...
Trump calls to debate Biden, president shrugs him off
Donald Trump, left, and President Joe Biden during the final presidential debate at Belmont University in Nashville, Tennessee, on Oct. 22, 2020.BRENDAN SMIALOWSKI | AFP | Getty ImagesDonald Trump on Monday said he wants to debate President Joe Biden "immediately" —...
Nikki Haley requests Secret Service protection, citing rise in threats
Nikki Haley, the candidate of the Republican Party in the 2024 presidential elections in the US, delivers remarks during a Town Hall campaign event in the Lowcountry in Bluffton SC, United States on November 27, 2023.Peter Zay | Anadolu | Getty ImagesFormer United...
Effective rates now largely higher than repo rate, BFSI News, ET BFSI
Mumbai: The Monetary Policy Committee has not officially raised interest rates for a year, but its novel stance of "focussing on withdrawal of accommodation" has led to much tighter financial conditions than the traditional rate hike stance of "calibrated tightening",...
Bankrupt trucker Yellow repays $700 million Covid loan
Trucks and trailers sit in a Yellow Corp. facility lot, closed after the freight trucking company ceased all operations, in Las Vegas, Nevada, on July 31, 2023. Patrick T. Fallon | AFP | Getty ImagesThe bankrupt trucking company Yellow has fully repaid a controversial...
CII Issues guidelines for independent directors, ET BFSI
The Confederation of Indian Industry (CII) on Monday called on India Inc to clearly delineate the role of independent directors and to allow them to serve up to ten years, as it highlighted their role in ethical decision-making, accountability and sustained...
Interim Budget may help RBI cut rates faster, make home loans cheaper, ET BFSI
The Union Budget's thrust on fiscal consolidation is likely to make it easier for the Reserve Bank of India to shore up the liquidity situation and cut rates this year. In the Interim Budget, Finance Minister Nirmala Sitharaman opted for fiscally strict measures,...
Latest news on Russia and the war in Ukraine
Car allegedly used by Tucker Carlson in Moscow seen leaving Putin's office, media reportsThe reported presence of U.S. journalist Tucker Carlson in Moscow continues to feature in pro-Kremlin media coverage as his movements, and motives for being in Moscow, are closely...
Paytm crisis shows RBI under Raghuram Rajan didn’t think about orderly resolution. Who loses now?, ET BFSI
When the Indian monetary authority began giving out restricted banking licenses to a new category of payment facilitators about eight years ago, it should have spared a thought to their orderly resolution — just in case it had to shutter any of them. As the deepening...
U.S. Treasury team heads to China to talk subsidies, economic policies
The Biden administration has sent five senior U.S. Treasury officials to Beijing this week for economic talks that will include China's "non-market" policies that are adding excess industrial capacity, a Treasury official said on Monday.Wong Yu Liang | Moment | Getty...
ED tapped RBI for more info on FX violations by Paytm Bank users, ET BFSI
The Directorate of Enforcement (ED) sought additional information from the Reserve Bank of India (RBI) less than two months ago, on alleged violation of the Foreign Exchange Management Act (Fema) by individuals and companies using Paytm Payments Bank, people in the...
CM Yogi on Uttar Pradesh budget, ET BFSI
Lucknow (Uttar Pradesh) [India], February 5 (ANI): After announcing the Uttar Pradesh budget for 2024-25, Chief Minister Yogi Adityanath on Monday said that there has been an increase of 6.7 per cent as compared to previous state budgets and for the first time, more...
Experts on long term direction of Interim Budget 2024, ET BFSI
~Shrishti SharmaIn the mosaic of the nation's progress, certain tiles stand out as pivotal and demand meticulous placement. The Finance Minister unfolded the interim budget 2024, laying down the four pillars of Viksit Bharat: Poor, Youth, Women, and Farmers. The...
Yogi govt tables its largest budget at Rs 7.36 lakh cr, ET BFSI
Lucknow: The Yogi Adityanath government on Monday presented the budget for financial year 2024-25 in the Uttar Pradesh assembly with an outlay of Rs 7.36 lakh crore, higher from current fiscal's budget of Rs 6.90 lakh crore.Finance Minister Suresh Kumar Khanna said...
RBI likely to focus on non-rate steps to fight rising inflation, ET BFSI
Mumbai: The Reserve Bank of India is likely to deploy non-interest rate measures to ensure that its action of raising borrowing costs by 250 basis points since May 2022 is fully passed on to borrowers to combat rising inflation. A big chunk of the increase is yet to...
Interest rates expected to hold steady, possible shift to neutral stance amid tight liquidity conditions, ET BFSI
Mumbai: RBI is likely to keep interest rates unchanged after its monetary policy review this week as it battles inflation, said respondents in an ET poll, but some of them said a fiscally prudent interim budget and signs of global monetary easing may prompt the...
Senate releases $118 billion aid proposal for Israel, Ukraine
Senators on Sunday released the details of a $118.2 billion bipartisan aid proposal for Ukraine, Israel and the southern U.S. border, after months of painstaking, closed-door negotiations.The long-awaited bill requests $60.1 billion for Ukraine aid, $14.1 billion for...
Powell says Fed can be ‘prudent’ in weighing rate cuts, BFSI News, ET BFSI
WASHINGTON: The U.S. Federal Reserve can be "prudent" in deciding when to cut its benchmark interest rate, with a strong economy allowing central bankers time to build confidence inflation will continue falling, Fed chair Jerome Powell told the CBS news show "60...
RBI likely to continue status-quo on short-term lending rate, say experts, ET BFSI
MUMBAI: Coming close on the heels of the interim budget which maintained the status quo on policy front, the Reserve Bank is likely to continue with the pause on the short-term lending rate in its upcoming bi-monthly monetary policy this week as retail inflation is...
Australian writer Yang Hengjun given suspended death sentence in Beijing
Chinese police patrol outside the Australian embassy in Beijing on Jan. 25, 2019.Fred Dufour | AFP | Getty ImagesA Beijing court on Monday handed Australian writer Yang Hengjun a suspended death sentence, five years after he was first detained in China and three years...
Quoting Ramayan, FM presents Rs 7.36 lakh cr record budget, says we are no more a Bimaru state; Fiscal deficit at 3.46%, ET BFSI
The Yogi Adityanath government today presented its eighth budget on Monday, with Finance Minister Suresh Khanna stating that it is an inclusive budget that caters to all. This will be the eighth consecutive budget presented by the BJP government and the fifth...
Latest news on Russia and the war in Ukraine
Ukrainian president visits front-line village of RobotyneUkrainian President Volodymyr Zelensky visited troops at the front-line village of Robotyne in southern Ukraine over the weekend.Ukrainian forces recaptured the village in the Zaporizhzhia region last August,...
Liquor and land prices to go up, ET BFSI
Kerala finance minister, KN Balagopal, presented the state budget for the year 2024-25 today. This comes at a time when chief minister Pinarayi Vijayan is facing criticism due to financial difficulties.Here are the key highlights from the minister's budget...
Interest rates expected to hold steady, say experts, ET BFSI
Tight liquidity has ensured that the weighted average call rate (WACR) and other overnight funding instruments have consistently remained much higher than the repo rate. RBI is likely to keep interest rates unchanged after its monetary policy review this week as it...
Russia’s war in Ukraine has had an unlikely consequence
People hold a banner and Ukrainian flags during a rally to mark the one-year anniversary of Russia's invasion of Ukraine on February 24, 2023 in Belgrade, Serbia. As part of the Western Balkans block waiting for EU-membership, Serbia is caught in a geostrategic...
Trump floats ‘more than’ 60% tariffs on Chinese imports
US President Donald Trump and China's President Xi Jinping attend a business leaders event inside the Great Hall of the People in Beijing on November 9, 2017.Nicolas Asfouri | AFP | Getty ImagesFormer President Donald Trump plans to escalate the U.S-China trade war he...
U.S. to carry out ‘additional strikes’ against Iran-backed groups
U.S. National Security Advisor Jake Sullivan answers questions during the daily briefing at the White House on November 13, 2023 in Washington, DC. Win Mcnamee | Getty ImagesNational security adviser Jake Sullivan on Sunday said that the United States will conduct...
Senators race to release their package of border policies and aid for Ukraine and Israel
Senators on Sunday raced to release a highly-anticipated bill that pairs border enforcement policy with wartime aid for Ukraine, Israel and other U.S. allies as part of a long-shot effort to push the package through heavy skepticism from Republicans, including House...
House Speaker Johnson announces ‘standalone’ Israel funding package
Speaker of the House Mike Johnson (R-LA) holds a news conference following a caucus meeting at the U.S. Capitol Visitors Center on January 30, 2024 in Washington, DC. Chip Somodevilla | Getty ImagesHouse Speaker Mike Johnson, R-La., on Saturday announced an...
Indian Economy on Course to Retain Growth Momentum: Finance Minister, ET BFSI
Finance minister Nirmala Sitharaman has been leading the Modi government’s economic management in the second term. In a detailed interview after presenting her sixth straight budget, she spoke to TOI on a wide range of issues, and said that govt held its hand while...
President Joe Biden wins South Carolina Democratic Primary, NBC News projects
U.S. President Joe Biden delivers remarks on the U.S. economy and his administration's effort to revive American manufacturing, during his visit in Flex LTD, a factory that makes solar energy microinverters, in West Columbia, South Carolina, July 6, 2023.Jonathan...
Tobacco product makers to face Rs 1 lakh penalty, if packing machines not registered with GST authorities, ET BFSI
Manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to Rs 1 lakh, if they fail to register their packing machinery with the GST authorities with effect from April 1. The move is intended to curb revenue leakage in the...
Nikki Haley in surprise ‘Saturday Night Live’ cameo
Republican presidential candidate former U.N. Ambassador Nikki Haley delivers remarks at her primary night rally at the Grappone Conference Center on January 23, 2024 in Concord, New Hampshire. Joe Raedle | Getty ImagesNikki Haley made a surprise — and funny —...
Focus to be on concluding ongoing strategic sales in FY’25, says DIPAM Secretary, ET BFSI
The Department of Investment and Public Asset Management (DIPAM) will focus on concluding the ongoing privatisation transactions, like IDBI Bank and BEML, and may not look at any new CPSE for a strategic sale in the next fiscal, a senior official said. DIPAM Secretary...
Biden nets landslide victory in South Carolina Democratic primary, over 95% of votes
U.S. President Joe Biden reacts as he attends the opening of the Biden for President campaign office in Wilmington, Delaware, U.S., February 3, 2024. Joshua Roberts | ReutersPresident Joe Biden won a landslide victory in South Carolina's Democratic primary Saturday,...
US starts retaliatory strikes in Iraq and Syria against Iran-linked targets
President Joe Biden arrives to board Air Force One at Joint Base Andrews in Maryland, on January 30, 2024.Andrew Caballero-Reynolds | AFP | Getty ImagesThe United States launched airstrikes in Iraq and Syria against more than 85 targets linked to Iran's Revolutionary...
RBI cautions against KYC related frauds, BFSI News, ET BFSI
MUMBAI: The RBI has cautioned the public against ongoing frauds perpetuated under the guise of know your customer updation.The central bank said that anyone who has fallen victim to frauds should immediately complain through the cybercrime helpline (1930) or on the...
Judge postpones Trump D.C. election trial pending appeal
Former U.S. President Donald Trump speaks to his supporters as he departs for his second civil trial after E. Jean Carroll accused Trump of raping her decades ago, outside Trump Tower in the Manhattan borough of New York City on Jan. 26, 2024.Eduardo Munoz | ReutersA...
Court blocks Florida law barring Chinese citizens from owning property
A "For Sale" sign sits in front of a new home May 27, 2004 in Miami, Florida.Joe Raedle | Getty ImagesA U.S. appeals court has blocked Florida from enforcing a ban on Chinese citizens owning homes or land in the state against two Chinese nationals who were in the...
Trump Georgia prosecutor admits romantic relationship with Atlanta D.A. boss
Fulton County District Attorney Fani Willis speaks at a press conference next to prosecutor Nathan Wade after a Grand Jury brought back indictments against former president Donald Trump and his allies in their attempt to overturn the state's 2020 election results, in...
Gujarat govt presents Rs 3.32 lakh crore budget; no new taxes proposed, ET BFSI
Gandhinagar: The BJP-ruled Gujarat government on Friday presented a Rs 3.32 lakh crore budget that imposed no new taxes. Finance Minister Kanubhai Desai presented the budget for 2024-25 in the Assembly here on the second day of the Budget Session. Desai informed the...
Centre soon to present economy mismanagement White Paper prior to 2014, ET BFSI
The government is likely to present a White Paper on the mismanagement of the economy prior to 2014 with an aim to draw lessons. Prime Minister Narendra Modi-led NDA government came to power in May 2014 after a 10-year rule by the Congress-led UPA government at the...
Here’s what they say, ET BFSI
~ Shrishti SharmaFinance Minister Nirmala Sitharaman presented the Union Budget 2024, an interim one considering the Lok Sabha elections, highlighting the developments of the government in recent past.Some of the key achievements and forecast highlighted by the...
Trump New York business fraud verdict delayed
In this courtroom sketch, former U.S. President Donald Trump looks on as his attorney Alina Habba delivers closing arguments during E. Jean Carroll’s second civil trial in which Carroll accused Trump of raping her decades ago, at Manhattan Federal Court in New York...
Latest news on Russia and the war in Ukraine
Ukrainian President Volodymyr Zelenskyy (right) attends a joint press conference with European Commission President Ursula von der Leyen in Kyiv, Ukraine November 4, 2023.Thomas Peter | ReutersUkrainian President Volodymyr Zelenskyy said Thursday that the European...
Govt to complete IDBI Bank strategic sale in FY’25: DIPAM Secretary, ET BFSI
The government expects to complete the strategic sale of IDBI Bank in the next financial year, a senior official said.In an interview to PTI TV, the Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the process of...
Malaysia halves jail sentence of ex-prime minister Najib
Najib Razak, Malaysia's former prime minister, gestures as he leaves the Kuala Lumpur Courts Complex in Malaysia, on Thursday, Sept. 20, 2018.Joshua Paul | Bloomberg | Getty ImagesMalaysia halved the jail sentence on Friday of former premier Najib Razak, who was...
Trump clemency recipient Philip Esformes has Medicare plea deal
Philanthropist Philip Esformes attends the 15th annual Harold & Carole Pump Foundation gala at the Hyatt Regency Century Plaza on August 7, 2015 in Century City, California.Tiffany Rose | Getty ImagesConvicted Medicare fraudster Philip Esformes has reached a plea...
IMF says central banks should not rush into rate cuts, BFSI News, ET BFSI
Washington, Feb 02, 2024 -The IMF sees a greater risk to the global economy if central banks start cutting interest rates too soon than if they move "slightly" too late, Managing Director Kristalina Georgieva said Thursday.The US Federal Reserve, the European Central...
RBI has acted after years of warnings about data flows, ET BFSI
SoftBank Group Corp.-backed Paytm, whose official name is One 97 Communications Ltd., went public to much fanfare in 2021 after Sharma built the company to make it easier for consumers to make payments and transfer money. India’s banking regulator stunned the finance...
Russian war critic Boris Nadezhdin is an awkward challenge for Putin
Boris Nadezhdin, the Civic Initiative Party presidential hopeful, arrives at the Central Election Commission to submit signatures collected in support of his candidacy, in Moscow on January 31, 2024.Vera Savina | Afp | Getty ImagesOver President Vladimir Putin's 24...
Ad giant Publicis paying $350 million to settle U.S. opioid claims
A sign for Publicis Groupe SA is seen at their headquarters in Paris, France, on Sunday, July 28, 2013. Balint Porneczi | Bloomberg | Getty ImagesThe health-care division of French ad giant Publicis agreed to pay $350 million to settle claims that its past marketing...
Finance Minister Nirmala Sitharaman carries ‘bahi-khata’, ET BFSI
New Delhi, [India], February 1 (ANI): Union Finance Minister Nirmala Sitharaman on Thursday used her trademark 'bahi-khata', a tablet wrapped in a red-coloured cloth with a golden-coloured national emblem embossed on it as she came out of the Finance Ministry.She...
Union Cabinet approves Interim Budget 2024, ET BFSI
New Delhi [India], February 1 (ANI): The Union Cabinet chaired by Prime Minister Narendra Modi approved the Interim Budget 2024, which will be presented by Finance Minister Nirmala Sitharaman on Thursday.PM Modi chaired the cabinet meeting ahead of the Interim Budget...
Sitharaman presents 6th Budget in a row ahead of Lok Sabha polls, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman is poised to make history by presenting her sixth consecutive budget, matching the record set by former Prime Minister Morarji Desai, just ahead of the Parliamentary elections.Interim Budget: Sitharaman's pre-election...
Defense Secretary Lloyd Austin apologizes for hiding hospitalization and cancer diagnosis
U.S. Defense Secretary Lloyd Austin holds a bilateral meeting with NATO Secretary Jens Stoltenberg at the Pentagon in Washington, U.S., January 29, 2024. Leah Millis | ReutersDefense Secretary Lloyd Austin apologized Thursday for concealing his hospitalization and...
DBT of Rs 34 lakh crore using PMJDYY led to Rs 2.7 lakh crore of savings, ET BFSI
Union Finance Minister Nirmala Sitharaman on Thursday presented the Interim Budget 2024.Indian economy has witnessed profound transformation in last 10 years, she said.“In 2014, the country was facing enormous challenges, the government overcame those challenges and...
Structural Reforms, Pro-People Programme & Employment Opportunities Helped Economy Get New Vigour, Sitharaman Says, ET BFSI
NEW DELHI: The government is working to make India a developed country by 2047, finance minister Nirmala Sitharaman said on Thursday.Presenting the interim Budget 2024-25, Sitharaman also said minimum support prices for 'Annadata' (farmers) have been increased...
US banking regulator imposes $65 mn fine on RBC unit City National Bank, ET BFSI
A top U.S. bank regulator on Wednesday imposed a $65 million fine on the Royal Bank of Canada's American unit, City National Bank, over gaps in the lender's risk management and internal controls.The Office of the Comptroller of the Currency (OCC) said that the bank...
QAnon-linked legal fund spent $400,000 defending Trump allies, filing shows
Former U.S. President Donald Trump speaks to a crowd during a campaign rally on September 25, 2023 in Summerville, South Carolina.Sean Rayford | Getty ImagesA fund intended to pay the legal bills of former president Donald Trump's allies backed chiefly by reported...
US energy data agency to track crypto mining power use, BFSI News, ET BFSI
The U.S. Energy Information Administration (EIA) will begin to more closely track electricity consumption by cryptocurrency mining companies operating in the United States, the agency said on Wednesday. The EIA said it plans to launch a survey next week of select...
John Podesta will take over for John Kerry as the U.S. special climate change envoy, AP source says
John Podesta, senior advisor to the President for clean energy innovation, listens during a news conference in the James S. Brady Press Briefing Room at the White House in Washington, DC, on Wednesday, Aug. 16, 2023.Sarah Silbiger | Bloomberg | Getty ImagesWhite House...
What Sitharaman’s bahi khata had for Modi govt’s four focus areas, ET BFSI
Union finance minister Nirmala Sitharaman on Thursday proposed measures targeting PM Modi's four key areas including welfare of youth, women, farmers, and the poor.The government is focused on improving conditions for the poor, women, youth and farmers, Sitharaman...
Why Sitharaman has given more to India than to Indians?, ET BFSI
Coming in the high poll season, the interim budget presented by Finance Minister Nirmala Sitharaman today is quite an unseasonal one. Sitharaman has avoided spiking her budget math with poll calculations despite the Lok Sabha elections coming up within months. In...
Judge dismisses Disney lawsuit against Florida Gov. Ron DeSantis
A judge on Wednesday dismissed a federal lawsuit Disney filed against Florida Gov. Ron DeSantis and other defendants that alleged they retaliated against the company for publicly criticizing a controversial parental rights education law backed by the governor.Judge...
President’s office gets Rs 144.18 crore, 47.5% higher than FY24, ET BFSI
New Delhi: The interim Budget on Thursday allocated Rs 144.18 crore for the staff, household and allowances of the president, a massive increase of Rs 46.49 crore (about 47.5 per cent) from Rs 97.69 crore earmarked in the revised estimates for FY24. In the...
Man pleads guilty in $1B scheme to dodge NY money laundering rules
Las Vegas Review-journal | Tribune News Service | Getty ImagesA man described as an "experienced anti-money laundering specialist" pleaded guilty on Wednesday to illegally funneling more than $1 billion in lucrative, high-risk transactions through small financial...
Modi govt’s Rs 47.66 lakh cr Budget lays strong foundation for ‘Viksit Bharat’, say experts, ET BFSI
Finance Minister Nirmala Sitharaman has presented a Union Budget laying a strong foundation for making India a 'Viksit Bharat' or a developed nation by 2047, opined experts. The finance minister on Thursday presented a Rs 47.66 lakh crore Budget with a focus on all...
‘Lakhpati Didi’ target enhanced to 3 crore, ET BFSI
New Delhi [India], February 1 (ANI): Union Finance Minister Nirmala Sitharaman on Thursday announced in the interim Budget the expansion of the 'Lakhpati Didi' scheme for self-help group workers who earn sustainable income of at least one lakh rupees a year.The...
Nikki Haley super PAC comes into 2024 with $3.5 million in war chest
Republican presidential candidate and former U.S. Ambassador to the United Nations Nikki Haley visits a polling place as voters cast their votes in the New Hampshire presidential primary election in Hampton, New Hampshire, U.S., January 23, 2024. Brian Snyder |...
Govt to launch scheme to help middle class buy or build own house; 2 cr more rural houses: FM, ET BFSI
New Delhi: Wooing the middle class ahead of the general elections, Finance Minister Nirmala Sitharaman on Thursday announced a scheme to help those living in rented accommodations or slums to acquire a house. Parallely, she also announced building 2 crore more houses...
Trump campaign raised $19 million, went into 2024 with $33 million
Republican presidential candidate and former U.S. President Donald Trump holds a campaign rally ahead of the Republican caucus in Las Vegas, Nevada, U.S., January 27, 2024. Ronda Churchill | ReutersDonald Trump's presidential campaign raised $19 million in the fourth...
Finance Minister shares report card of govt schemes, ET BFSI
Union Finance Minister Nirmala Sitharaman in her budget speech at the Parliament on Thursday highlihgted various schemes that the government has launched in its current tenure.Ranging from PM Jan Dhan Yojana to Direct Benefit Transfer scheme, the finance minister gave...
Govt to receive Rs 1.02 lakh cr as dividend from RBI, PSBs in FY25, ET BFSI
Reserve Bank of India (RBI) New Delhi: The government on Thursday projected a dividend income of Rs 1.02 lakh crore from the RBI and public sector financial institutions in the next financial year. The government is set to earn a higher dividend of Rs 1.04 lakh crore...
Donald Trump’s lawsuit over ‘Steele dossier’ thrown out by UK court
Former US President Donald Trump leaves Trump Tower for Manhattan federal court to attend his defamation trial in New York on January 26, 2024.Charly Triballeau | AFP | Getty ImagesDonald Trump's data protection lawsuit against a British private investigations firm...
2024-25 estimates reveal significant shifts in expenditure priorities, ET BFSI
The government plans to substantially increase expenditure by Rs 2,75,282 crore in FY25 over expenditure during this fiscalAccording to the major variations in the Budget Estimates for FY25 over the Revised Estimates for 2023-24, the government has substantially hiked...
Nikki Haley campaign raised $17 million, has $14 million in the bank
Republican presidential candidate and former U.S. Ambassador to the United Nations Nikki Haley speaks during her New Hampshire presidential primary election night rally in Concord, New Hampshire, U.S., January 23, 2024. Faith Ninivaggi | ReutersFormer U.N. ambassador...
Sweeping withdrawal of outstanding tax demands till 2014-15 set to bring relief to millions, ET BFSI
Union Budget 2024: Sweeping withdrawal of outstanding tax demands till 2014-15 set to bring relief to millionsIn a significant move aimed at providing relief to taxpayers and streamlining the resolution of long-pending tax disputes, Finance Minister Nirmala Sitharaman...
India’s cabinet approves Interim Budget 2024, BFSI News, ET BFSI
Interim Budget: India's cabinet on Thursday approved the Interim Budget for fiscal year 2025, while the world's biggest democracy looks at the Modi government 2.0's last financial document with hopes for measures to ease price pains. However, New Delhi is widely...
Latest news on Russia and the war in Ukraine
Now is the time for EU to reach decision on Ukraine help, Scholz saysGerman Chancellor Olaf Scholz holds a speech during the GermanDream Awards 2023 in Berlin, Germany, November 30, 2023. Lisi Niesner | ReutersGerman Chancellor Olaf Scholz on Thursday pushed for a...
Finance minister stays on fiscal consolidation path despite election year, ET BFSI
Finance Minister Nirmala Sitharaman has resisted populism during the election year by capping the fiscal deficit to 5.8 percent during this fiscal and pegging it to 5.1 percent in the next fiscal backed by buoyancy in tax collections."We continue on the path of fiscal...
Biden, allied groups $140 million campaign war chest dwarfs Republican rivals
US President Joe Biden delivers remarks on the debt ceiling from the State Dining Room of the White House on October 4, 2021 in Washington, DC.Nicholas Kamm | AFP | Getty ImagesA coalition made up of President Joe Biden's reelection campaign, the Democratic National...
FM raises capex expenditure by 11.1% to Rs 11.1 crore, BFSI News, ET BFSI
FM raises capex expenditure by 11.1% to Rs 11.1 croreThe government allocated Rs 11.1 lakh crore as capital expenditure for the next fiscal year, Finance Minister Nirmala Sitharaman said in her budget speech on February 1, a rise of 11.1 percent.Brokerages had...
Trump campaign chief urges Republican megadonors to ignore his words
Former U.S. President Donald Trump speaks to his supporters, as he departs for his second civil trial after E. Jean Carroll accused Trump of raping her decades ago, outside a Trump Tower in the Manhattan borough of New York City, U.S., January 26, 2024. Eduardo Munoz...
FBI shut down China ‘Volt Typhoon’ hackers targeting U.S.
The FBI shut down a major China-backed hacking group that attacked hundreds of routers and had been working to compromise U.S. cyber infrastructure, FBI Director Christopher Wray announced Wednesday at a House committee hearing.The hacking group, code-named "Volt...
Meta chief Mark Zuckerberg criticized over child sex targeting on site
New Mexico Attorney General Raúl Torrez discusses the nexus of public safety, mental health and adverse child experiences during a news conference following a summit in Albuquerque, N.M., Friday, Nov. 3, 2023.Susan Montoya Bryan | APNew Mexico's attorney general...
RBI bans Paytm Payment Bank from onboarding customers due to non-compliance issues, ET BFSI
In a shocking turn of events, Paytm Payments Bank has been barred from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024. Due to non-compliances and continued material supervisory...
Report, BFSI News, ET BFSI
India's markets regulator is looking at whether local mutual fund schemes investing in small and mid-cap stocks would be able to withstand sharp falls in stock prices or sudden outflows, according to two sources with direct knowledge of the matter.Such funds have seen...
White House touts highest consumer confidence in more than 2 years
U.S. President Joe Biden delivers remarks at the St. John Baptist Church in Columbia, South Carolina, on Jan. 28, 2024.Kent Nishimura | AFP | Getty ImagesThe White House cheered the Conference Board report on Tuesday showing consumer confidence rising to its highest...
Chinese hackers want to disrupt U.S. infrastructure, FBI director warns
(L-R) FBI Director Christopher Wray testifies before a Senate Intelligence Committee hearing on worldwide threats, in Washington, DC, on March 8, 2023.Mandel Ngan | Afp | Getty ImagesChinese government hackers are busily targeting water treatment plants, the...
Ken Griffin donated $5 million to Nikki Haley super PAC
Citadel CEO Ken Griffin, a billionaire and major Republican campaign donor, gave $5 million to a political action committee backing former South Carolina Gov. Nikki Haley over Donald Trump in the GOP primary for president, according to his company spokesman.Griffin...
Sotheby’s wins art fraud lawsuit by Russian oligarch Rybolovlev
Dmitry Rybolovlev, president of As Monaco Football Club SA, arrives at court in New York on Jan. 9, 2024.Bloomberg | Bloomberg | Getty ImagesRussian billionaire Dmitry Rybolovlev on Tuesday lost a New York federal court lawsuit in which he had accused the Sotheby's...
President Murmu appoints 4 full time members of 16th finance commission, ET BFSI
The centre on Tuesday announced the appointment of four full time members to the 16th finance commission.The four full time members appointed by the president are former expenditure secretary A N Jha, former special secretary of the department of expenditure Annie...
Trump allies target Taylor Swift ahead of Super Bowl
Taylor Swift performs during The Eras Tour at SoFi Stadium in Inglewood Monday, Aug. 7, 2023. (Allen J. Schaben / Los Angeles Times via Getty Images)Allen J. Schaben | Los Angeles Times | Getty ImagesTaylor Swift endorsed President Joe Biden's winning 2020 campaign —...
Modi govt may have more Budget measures for India’s hinterland, a key voting bloc, ET BFSI
The last interim budget was presented by the then finance minister Piyush Goyal just before the 2019 General Elections. The government announced an important scheme, the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana, to provide assured income support of Rs 6,000...
Elon Musk Tesla pay package court ruling highights
Elon Musk, chief executive officer of Tesla Inc., during a fireside discussion on artificial intelligence risks with Rishi Sunak, UK prime minister, not pictured, in London, UK, on Thursday, Nov. 2, 2023. Tolga Akmen | Bloomberg | Getty ImagesThe bombshell, 200-page...
President says 46% of global real-time digital transactions take place in India, ET BFSI
President Droupadi Murmu while addressing the joint session of the Parliament highlighted India’s achievements in the direction of the digitalisation of economy in past few years. “Today, the whole world acknowledges this as a great achievement of India. Even...
U.S.-China fentanyl talks have a ‘productive’ start, security advisor says
Chinese Minister of Public Security Wang Xiaohong (C) announces the launch of the U.S.-China Counternarcotics Working Group next to U.S. Deputy Assistant to the President and Deputy Homeland Security Advisor Jen Daskal (center L) at the Diaoyutai State Guesthouse in...
Pakistan ex-PM Imran Khan hit with new 14 year prison sentence
Pakistan's former Prime Minister Imran Khan.Asif Hassan | Afp | Getty ImagesPakistan's embattled former Prime Minister Imran Khan was hit with a fresh 14-year jail sentence on Wednesday after a state court found him guilty of graft, just one day after being handed a...
Indian government appoints members for new finance panel, ET BFSI
- The Indian government on Tuesday appointed four members of the new Finance Commission that will recommend how federal taxes will be shared with states.According to a government order issued late Tuesday, three full-time members of the 16th Finance Commission include...
Latest news on Russia and the war in Ukraine
West could try to 'shake up' Russian politics ahead of presidential vote, official warnsA top official in Russia's Security Council has claimed the West could try to disrupt Russia's domestic politics ahead of upcoming presidential elections in Russia."We believe that...
Budget session of Bihar legislature from February 10, ET BFSI
PATNA: The Budget session of the state legislature of Bihar will begin from February 10, as per the revised schedule issued by the Raj Bhavan on Tuesday. It will conclude on March 1. According to sources, chief minister Nitish Kumar may also expand his cabinet before...
E. Jean Carroll lawyer rejects Trump judge conflict claims from Habba
Attorney Roberta Kaplan delivers her closing argument during E. Jean Carroll's second civil trial as Carroll accused former U.S. President Donald Trump of raping her decades ago, at Manhattan Federal Court in New York City, U.S., January 26, 2024, in this courtroom...
Bank of England fines HSBC for customer failures, BFSI News, ET BFSI
London, Jan 30, 2024 - A regulatory arm of the Bank of England said Tuesday it had fined HSBC for "serious failings" linked to customer deposits, handing the major lender a penalty of 57.4 million ($73 million).The BoE's Prudential Regulation Authority said in a...
The hits and misses, BFSI News, ET BFSI
Finance Minister Nirmala Sitharaman is set to deliver her budget speech for the sixth consecutive year on February 1. Since this budget will only be an interim one, it is unlikely to contain any significant announcements. The whole budget for the upcoming fiscal year...
Why the human angle is so important in Budgets, ET BFSI
The budget is the annual financial statement of the government in which the income and expenditure are stated. What is the chance that you will look for in the budget what the government plans to do to check malnutrition? Very little, because we perceive the budget as...
Adtalem targeted by short seller Fahmi Quadir, nicknamed ‘The Assassin’
Fahmi Quadir, chief investment officer and founder of Safkhet Captial LP, speaks during the Context Leadership Summit in Las Vegas, Nevada, U.S., on Wednesday, May 9, 2018. Bridget Bennett | Bloomberg | Getty ImagesWASHINGTON — Short seller Fahmi Quadir has found her...
Online marketplaces for forex: How RBI is upending the money changing business, ET BFSI
The Reserve Bank of India (RBI) is ushering in significant changes in the foreign exchange landscape with its recent initiatives. The central bank aims to streamline and enhance the ease of foreign exchange transactions through the introduction of the "Forex...
Government may set higher dividend target at Rs 70,000 crore from RBI, banks and FIs, ET BFSI
Having reaped rich dividends from the Reserve Bank in the current financial year, the government will be looking forward to receiving about Rs 70,000 crore from the central bank and the financial institutions (FIs) in the next financial year. In the interim Budget to...
Trump attempts to take credit for stock market record highs under Biden
Former President Donald Trump leaves a press conference at 40 Wall Street on January 17, 2024 in New York City. Trump held a press conference after leaving the second day of his defamation trial involving E. Jean Carroll.Alexi J. Rosenfeld | Getty Images News | Getty...
Sebi orders Growpital to stop accepting investments from public, ET BFSI
The Securities and Exchange Board of India (Sebi) has ordered agriculture-focused investment platform Growpital and its directors to stop offering any form of investment options through collective investment schemes (CIS) and has frozen all the assets held by the...
Latest news on Russia and the war in Ukraine
Downed plane flight data confirms external impact, media reportsSecurity measures are taken after Il-76 plane with 65 Ukrainian military prisoners on board crashed, as the entrances and exits are kept under control in the Belgorod, Russia on January 24, 2024.Emil...
RBI opts not to sterilise some rupee liquidity amid positive foreign flows, ET BFSI
Mumbai: The Reserve Bank of India (RBI) has, of late, introduced some tweaks to its strategy of forex interventions to allow sporadic flows into the banking system and help partially plug a liquidity gap that has caused short-term borrowing costs for banks and...
Brokers divided over NSE proposal to extend trading hours, ET BFSI
Mumbai: A proposal on extending trading hours for equity derivatives mooted by the country’s premier exchange has hit a roadblock as brokers remain divided over the introduction of the new routine.The chief of the Securities and Exchange Board of India(Sebi) on Monday...
Former Pakistan Prime Minister Imran Khan gets 10-year jail term
Pakistan's former Prime Minister Imran Khan, gestures as he speaks to the members of the media at his residence in Lahore, Pakistan May 18, 2023. Mohsin Raza | ReutersFormer Prime Minister of Pakistan Imran Khan has been sentenced to ten years in jail on charges of...
What to watch out for in India’s pre-Lok Sabha election Budget, ET BFSI
Budget expectations: Prime Minister Narendra Modi will likely use India’s last budget before the elections to woo voters with new spending measures, while avoiding a fiscal deficit increase.For all Budget coverage click hereThe economy’s rapid expansion has led to a...
HyperFund cryptocurrency fraud charged by DOJ, SEC
The U.S. Department of Justice in Washington, D.C., June 20, 2023.Kevin Dietsch | Getty Images News | Getty ImagesThe Department of Justice on Monday announced criminal charges against two people and the guilty plea of a third person for orchestrating a worldwide $1.9...
FM Nirmala Sitharaman may target Rs 70,000 crore dividend from RBI, banks and FIs, ET BFSI
Budget 2024: In the upcoming budget for 2024-25, the government plans to increase dividend earnings significantly, targeting about Rs 70,000 crore from the Reserve Bank of India (RBI) and financial institutions (FIs). According to PTI, this comes after a successful...
Warren pushes Fed Chair Powell to cut rates, ease housing pressure
Senator Elizabeth Warren, a Democrat from Massachusetts, left, speaks with Jerome Powell, chairman of the U.S. Federal Reserve, during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, Sept. 28, 2021.Kevin Dietsch |...
Haley hits Trump on tariffs ahead of her Wall Street fundraisers
Former South Carolina Gov. Nikki Haley drew a sharp line Monday between her views on trade and the tariffs proposed by her rival, Republican front-runner Donald Trump."This is a man who now wants to go and put 10% tariffs across the board, raising taxes on every...
Trump attacks monitor in business fraud case after she reports errors
Donald Trump at the courthouse in Lower Manhattan, New York on October 17, 2023.John Taggart | The Washington Post | Getty ImagesDonald Trump on Monday lashed out at the financial monitor overseeing the Trump Organization and urged a judge to fire her days after she...
White House announces new federal investments in Regional Innovation Engines
US President Joe Biden (C) signs H.R. 4346, the CHIPS and Science Act of 2022, on the South Lawn of the White House in Washington, DC, on August 9, 2022.Mandel Ngan | AFP | Getty ImagesThe Biden administration announced over $150 million in geographically targeted...
Hungary accuses EU of blackmail over Ukraine aid stand-off
Viktor Orban, Hungary's prime minister, arrives on day one of the European Union (EU) leaders summit at the EU Council headquarters in Brussels, Belgium, on Monday, May 30, 2022.Bloomberg | Bloomberg | Getty ImagesHungary accused the European Union of blackmail after...
5 things to know before the stock market opens Monday
Here are the most important news items that investors need to start their trading day:1. Rates and robotsFor the main factors driving stocks, there are few bigger weeks than the one ahead. The Federal Reserve, which has so far succeeded in its push to curb inflation...
Markets slightly increase bets on ECB rate cuts ahead of key data, ET BFSI
Euro area government bond yields dropped while markets slightly increased their bets on future rate cuts in a week packed with central bank policy meetings and crucial economic data.Some analysts reckoned that soft economic growth and inflation figures from the euro...
Lawmakers demanding Biden strike Iran
U.S. Sen. Lindsey Graham speaks at a press conference at the U.S. Capitol on August 05, 2022 in Washington, DC.Kevin Dietsch | Getty ImagesCongressional lawmakers are demanding President Joe Biden strike Iran after three U.S. troops were killed Sunday night in Jordan...
Modi govt plans budget incentives for low-cost housing ahead of elections: sources, ET BFSI
India plans to announce an extension to Prime Minister Narendra Modi's flagship federal housing scheme in next month's budget and an increase in available subsidies for low-cost housing loans, three sources said, ahead of elections this year.Finance Minister Nirmala...
Zelenskyy’s income fell drastically following Russia’s invasion, new declaration reveals
Ukrainian President Volodymyr Zelenskyy speaks with CNBC's Andrew Ross Sorkin at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. Adam Galici | CNBCUkrainian President Volodymyr Zelenskyy published his income for the first time on...
Leaders discuss capex for sustainable economic growth, ET BFSI
~ Shrishti SharmaThroughout the four episodes of the ETBFSI Union Budget Series 2024, panelists consistently emphasised the significance of capital expenditure (Capex). As we delve into the critical aspects of budgetary allocations, a key focal point emerges—the...
RBI’s warning on exuberant retail lending has deeper dimensions, ET BFSI
India’s booming retail lending is increasingly posing concerns for the banking industry, arising from a potential systemic risk.The non-mortgage lending growth of banks and NBFCs has been growing at 25-30% YoY, mainly led by credit cards, durables, autos, personal...
Transparency, clearly good for capital markets, BFSI News, ET BFSI
Sebi has exempted a section of FPIs and extended the deadline for others for disclosing ownership, economic interest and control if they have over half their holdings in a single corporate group or have holdings in Indian equities in excess of ₹25,000 crore. These...
Latest news on Russia and the war in Ukraine
Ukrainian President Volodymyr Zelenskyy on Sunday published his income over a two-year period, as he looks to promote transparency as part of Kyiv's push for European Union membership.Ukraine formally started the screening process to begin talks over its future...
Will Budget 2024 reduce 20% TCS for taxpayers, levy TCS on credit card forex payments?, ET BFSI
Will Budget 2024 reduce Tax collection at source (TCS) from 20%? Or bring a credit card under the ambit of TCS? Experts are waiting with bated breath as Finance Minister Nirmala Sitharaman is all set to present her final Budget on February 1, 2024, before the Lok...
Bank of China plans $21 bn bond sales to comply with global capital requirements, ET BFSI
BEIJING - Bank of China Ltd. said it plans to sell up to 150 billion yuan ($21 billion) of loss-absorbing bonds, becoming the nation's first big state bank to plug a major funding shortfall before a 2025 deadline to meet global capital requirements.The lender said it...
Nikki Haley slams Trump for trying to torpedo border deal
Nikki Haley hosts a rally in North Charleston to kick off her swing in the Palmetto State leading up to the State's primay, in Charleston, South Caroline, United States on January 24, 2024. Peter Zay | Anadolu | Getty ImagesRepublican presidential candidate Nikki...
House GOP releases impeachment articles in bid to oust Homeland Security’s Mayorkas over the border
House Republicans on Sunday released two articles of impeachment against Homeland Security Secretary Alejandro Mayorkas as they vowed to swiftly push forward with efforts to oust the Cabinet member over what they call his failure to manage the U.S.-Mexico border....
UN to punish staffers involved in ‘terror,’ urges UNRWA funding
A flag of the United Nations is attached to one of the trucks carrying aid waiting to head towards north Gaza during a temporary truce between Hamas and in Israel, in the central Gaza Strip, November 27, 2023. REUTERS/Ibraheem Abu MustafaIbraheem Abu Mustafa |...
U.S. reviewing Venezuelan sanctions policy in wake of court decision
President of the Bolivarian Republic of Venezuela, Nicolás Maduro, gestures as he speaks after the National Electoral Council published the results of the consultative referendum on Venezuelan sovereignty over the Essequibo, in Caracas, on December 3, 2023. Venezuelan...
Trafigura assesses Red Sea risks after tanker attacked by Houthis
The container ship, Safeen Pride, with a destination of 'HODEIDAH (ARMED GUARDS)' seen at sea on January 17, 2024 in Djibouti, Djibouti. Luke Dray | Getty ImagesCommodities trader Trafigura said on Saturday it was assessing the security risks of further Red Sea...
Russia’s drones, missiles target Ukraine’s critical infrastructure
Ukrainian sappers load the remains of an undetonated rocket into a truck following a missile attack in Kyiv on January 23, 2024. Dozens of people were injured and least four killed after a wave of Russian missiles targeted Kyiv and other cities across Ukraine, setting...
Republican presidential candidate Nikki Haley targeted in swatting incident
Republican presidential candidate former U.N. Ambassador Nikki Haley delivers remarks at her primary night rally at the Grappone Conference Center on January 23, 2024 in Concord, New Hampshire. Joe Raedle | Getty ImagesAuthorities responded to a fake emergency at the...
Beijing intensifies military pressure on Taiwan as U.S.-China talks resume
Chinese President Xi Jinping meets with U.S. President Joe Biden at Filoli Estate in the U.S. state of California, Nov. 15, 2023. Li Xueren | Xinhua News Agency | Getty ImagesBeijing sent dozens of military aircraft and naval ships toward Taiwan on Friday, the same...
Demand for Fed funding tool hits record before rate hike, ET BFSI
Borrowing from a Federal Reserve emergency lending program rose to a fresh record, just before the central bank raised the facility's interest rate to stop financial institutions from taking advantage and arbitraging on its attractive terms.Demand for the Bank Term...
Modi government’s record capex push & its impact on Indian economy, ET BFSI
Finance Minister Nirmala Sitharaman on February 1, 2023 in her speech announced a robust capex push in a bid to spur economic growth with an allocation exceeding 3 per cent of the country's GDP.Around Rs 10 lakh crore was allocated towards capital expenditure, a...
Delhi assembly Budget session from Feb 15-20; health, education, roads among priorities, ET BFSI
New Delhi, The Kejriwal government will present its tenth budget in the budget session of Delhi Assembly to be held from February 15-20, with a focus on health, education, roads and infrastructure, officials said on Friday. Delhi Finance Minister Atishi is expected to...
FTC fines Kubota $2 million in largest ever ‘Made in the USA’ penalty
Federal Trade Commission buildingJeff Greenberg | Universal Images Group | Getty ImagesWASHINGTON — The Federal Trade Commission on Friday announced that it fined Kubota, one of the world's largest tractor manufacturing companies, $2 million for mislabeling some of...
Demand for Fed funding tool hits record before rate hike, BFSI News, ET BFSI
Borrowing from a Federal Reserve emergency lending program rose to a fresh record, just before the central bank raised the facility's interest rate to stop financial institutions from taking advantage and arbitraging on its attractive terms.Demand for the Bank Term...
Cuomo subjected at least 13 women to sexually hostile environment: DOJ
Andrew Cuomo leaves Il Postino restaurant in Manhattan, New York City on Monday, December 19, 2022.Gardiner Anderson | New York Daily News | Getty ImagesFormer New York Gov. Andrew Cuomo subjected at least 13 women to a "sexually hostile work environment" while he was...
FM, BFSI News, ET BFSI
Besides, RBI has already rolled out a pilot in the retail version of CBDC or the e-rupee on December 1, 2022. The e-rupee is in the form of a digital token that represents legal tender.New Delhi: Finance Minister Nirmala Sitharaman on Thursday said the government and...
Ex-RBI Guv Raghuram Rajan, ET BFSI
Renowned economist and former RBI governor Raghuram Rajan on Friday said India needs to focus more on education and healthcare to become a developed economy by 2047. He highlighted the fact that India has maintained an average growth rate of six per cent over the past...
WWE founder Vince McMahon resigns from TKO Group after being accused of sexual assault and trafficking in new lawsuit
Vince McMahon attends a press conference to announce that WWE Wrestlemania 29 will be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.Michael N. Todaro | Getty ImagesVince McMahon, executive chairman of the board...
Nikki Haley touts $1.2 million in donations after Trump vows to blacklist her donors
Nikki Haley hosts a rally in North Charleston to kick off her swing in the Palmetto State leading up to the State's primay, in Charleston, South Caroline, United States on January 24, 2024.Peter Zay | Anadolu | Getty ImagesThe Republican presidential campaign of Nikki...
Saudi Arabia’s first alcohol store aims to tackle booze smuggling
Saudi Arabia's first alcohol store has opened in the diplomatic quarter of its capital Riyadh, accessible to non-Muslim diplomats. While it only affects a select group, it's a big change for the highly conservative Muslim kingdom, where alcohol has been banned since...
Trump, E. Jean Carroll defamation trial closing arguments
Former U.S. President Donald Trump departs for his second civil trial after E. Jean Carroll accused Trump of raping her decades ago, outside a Trump Tower in the Manhattan borough of New York City, U.S., January 26, 2024. Eduardo Munoz | ReutersDonald Trump on Friday...
World Court rules Israel must prevent genocide in Gaza, falls short of ordering a cease-fire
The U.N.'s highest court on Friday ordered Israel to take all measures within its power to prevent acts of genocide against the Palestinian people, but fell short of insisting that Israel should implement a cease-fire.It comes as Israeli forces continue a military...
Alabama execution uses nitrogen gas for first time ever.
A man who was paid $1,000 to kill an Alabama woman more than 30 years ago was put to death with pure nitrogen gas, a first-of-its-kind execution that again placed the United States at the forefront of the debate over capital punishment.Kenneth Eugene Smith, 58,...
Biden pauses approval of new LNG export projects
The US Department of Energy building is seen in Washington, DC, on July 22, 2019.ALASTAIR PIKE | AFP | Getty ImagesPresident Joe Biden paused pending approvals of exports from new liquefied natural gas projects on Friday, a move cheered by climate activists that could...
Trump lawyer Rudy Giuliani raises less than $1 million in legal defense fund
Rudy Giuliani was able to raise less than $1 million from just 13 donors, among them his friends and a group of former President Donald Trump's allies, to help pay off his legal fees as he faces a $146 million defamation judgment and a criminal prosecution, a new...
Levi Strauss plans to cut at least 10% of corporate workforce
Jeans are displayed at a Levi Strauss store in New York, March 19, 2019.Shannon Stapleton | ReutersLevi Strauss will lay off at least 10% of its global corporate workforce as part of a restructuring, the apparel retailer said Thursday as it said it expected weaker...
RNC draft resolution would make Trump presumptive GOP nominee
Republican presidential hopeful and former US President Donald Trump gestures as he speaks during a rally in Laconia, New Hampshire, January 22, 2024.Timothy A. Clary | AFP | Getty ImagesA draft resolution making its way through the Republican National Committee would...
Latest news on Russia and the war in Ukraine
Ukraine formally started the screening process to begin talks over its future membership of the European Union on Thursday, President Volodymyr Zelenskyy said.In a post on X, the Ukrainian leader said he welcomed the start of "substantial preparations for Ukraine's EU...
SC relief for Sebi on SAT ruling in Karvy pledge case, BFSI News, ET BFSI
New Delhi: In a big relief to the Securities and Exchange Board of India (Sebi), the Supreme Court Thursday stayed an appellate tribunal order that asked the market regulator to either restore the pledges made in favour of the lenders, including Axis Bank, within four...
UK and U.S. sanction senior Houthis over Red Sea shipping attacks
Major General Muhammad Nasser al-Atifi, defence minister of the administration of Yemen's Houthi rebels in control of the capital Sanaa, attends an official parade commemorating the eighth anniversary of the Houthi takeover of Sanaa on September 20, 2022.Mohammed...
Treasury’s Yellen touts favorable GDP numbers as boon to middle class
WASHINGTON — Treasury Secretary Janet Yellen praised the positive economic growth numbers on Thursday as a benefit for the middle class."Though some forecasters thought a recession last year was inevitable, President [Joe] Biden and I did not," Yellen said in a visit...
WWE boss Vince McMahon sued over sexual assault, trafficking
Vince McMahon attends a press conference at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.Michael N. Todaro | Getty ImagesWWE boss Vince McMahon was accused Thursday of sexual assault, trafficking, and physical and emotional abuse in a lawsuit by...
French farmers block roads, dump produce as protest edges closer to Paris
A farmer pulls waste to block the RN 19 near in Vesoul, eastern France, on January 25, 2024. Sebastien Bozon | Afp | Getty ImagesFrench farmers blocked highways and dumped crates of imported produce on Thursday, demanding urgent action on low farmgate prices, green...
Fiscal prudence likely to remain top priority yet again for FM Sitharaman?, ET BFSI
India's finance ministry led by Nirmala Sitharaman under the Narendra Modi government has time and again stressed that fiscal prudence remains a top priority for the dispensation with an eye on FY26 by when it targets to bring the fiscal deficit down to 4.5 per...
Ahead of Budget, Commerce ministry backs import tax cuts on gold bars, ET BFSI
India's commerce ministry has backed a long-standing demand from the jewellery industry to reduce import tariffs on gold bars, government and industry officials said, amid concern the duties were further harming the country's faltering jewellery exports.The commerce...
Trump could testify in E. Jean Carroll sex defamation trial
Former U.S. President Donald Trump attends jury selection in the second civil trial after Carroll accused Trump of raping her decades ago, at Manhattan Federal Court in New York City, U.S., January 16, 2024 in this courtroom sketch.Jane Rosenberg | ReutersFormer...
Interim Union Budget 2024 preparation enters final stage with traditional halwa ceremony in North Block, ET BFSI
New Delhi: The final stage of the Interim Union Budget 2024 preparation was marked by the traditional Halwa ceremony, held today in North Block, attended by Union finance & corporate affairs minister Nirmala Sitharaman and Union minister of state for finance...
Modi government’s record capex push & its impact on Indian economy, ET BFSI
Finance Minister Nirmala Sitharaman on February 1, 2023 in her speech announced a robust capex push in a bid to spur economic growth with an allocation exceeding 3 per cent of the country's GDP.Budget 2024 Expectations - Live UpdatesAround Rs 10 lakh crore was...
India’s divestment target could be its lowest in 9 years, say sources, ET BFSI
Budget 2024: India could set a target for divestment from state firms in fiscal 2024-25 that falls short of this year's goal to stand at the lowest in nine years, as the government turns its focus to general elections due next year, a senior official said.Budget 2024...
Trump warns he will blacklist Nikki Haley campaign donors
Former U.S. President and Republican presidential candidate Donald Trump gestures as he attends a rally in advance of the New Hampshire primary election in Laconia, New Hampshire, U.S. January 22, 2024. Mike Segar | ReutersFormer U.S. President Donald Trump warned he...
RBI set for big liquidity infusion as deficit rises to Rs 3.3 lakh crore, ET BFSI
Reserve Bank of India (RBI) In response to the escalating liquidity deficit within the banking system, the Reserve Bank of India (RBI) has announced a substantial liquidity infusion of Rs 2.50 lakh crore through a 15-day variable rate repo (VRR) auction. The move...
Reid Hoffman pauses Haley funding after loss to Trump: Source
Billionaire Reid Hoffman does not plan to give any more money to Nikki Haley's presidential campaign after her loss in the New Hampshire Republican primary, according to a person familiar with the matter.Hoffman is one of Haley's first wealthy donors to start heading...
RBI deputy governor calls for strengthening governance at UCBs, ET BFSI
Reserve Bank Deputy Governor Swaminathan J underscored the need to strengthen governance and technology infrastructure in uban cooperative banks (UCBs) given their role in furthering financial inclusion at a meeting with south-based UCBsIn his keynote address. deputy...
Insights and forecast with the BFSI leaders, ET BFSI
Finance Minister Nirmala Sitharaman has been keeping it subtle with the Union Budget 2024. Given its vote-on-account nature, spectacular announcements might not emerge.This prompts a retrospective glance at Union Budget 2023, analysing echoes from the past year's...
Binance founder Changpeng Zhao travel blocked by federal judge
Zhao Changpeng, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 16, 2022. Benoit Tessier | ReutersA federal judge last month...
Panchayats need to intensify efforts to augment revenue resources: RBI report, ET BFSI
Mumbai: Panchayats need to intensify efforts to augment their own tax and non-tax revenue resources as well as improve their governance, a RBI report said on Wednesday. Finances of Panchayati Raj Institutions (PRIs) face constraints as they have limited own revenues...
Latest news on Russia and the war in Ukraine
Zelenskyy accuses Russia of 'playing' with POW lives, says Kyiv will establish 'facts'Ukrainian President Volodymyr Zelenskyy said Kyiv will fully investigate the circumstances around the shooting down of a Russian military transport plane allegedly carrying 65...
RBI discusses ways to strengthen cybersecurity with urban co-operative banks directors, ET BFSI
The Reserve Bank of India (RBI) convened a conference in Hyderabad on January 24, bringing together Directors from select Urban Co-operative Banks (UCBs) of the Southern Zone.According to RBI, themed around 'Governance in UCBs: Combating Cyber Threats and Enhancing...
Biden State of Union guest is Texas abortion case mom
Kate CoxCourtesy The Center for Reproductive RightsThe mother at the center of a high-profile Texas Supreme Court abortion case will attend President Joe Biden's State of the Union speech to Congress as a guest of the president and first lady Dr. Jill Biden, the White...
British billionaire Joe Lewis pleads guilty to insider trading
British billionaire and Tottenham Hotspur owner Joe Lewis exits the United States Courthouse in Manhattan, following his appearance on insider trading charges, in New York City, U.S., July 26, 2023. Amr Alfiky | ReutersBritish billionaire Joseph Lewis pleaded guilty...
Crypto lender Nexo seeks $3 bln in damages from Bulgaria over aborted investigation, ET BFSI
LONDON - Cryptocurrency lender Nexo is seeking $3 billion in damages from Bulgaria over an aborted criminal investigation that the company alleges scuppered its plans for a U.S. stock market listing and a soccer sponsorship deal, legal filings seen by Reuters...
Saudi Arabia opens first-ever alcohol store, accessible to a select group
Spirits on display in a UK bar in Cardiff, United Kingdom.Matthew Horwood | Getty Images News | Getty ImagesSaudi Arabia has opened its first alcohol store in the diplomatic quarter of its capital Riyadh, two sources told CNBC.The news, which has not been officially...
Argentina strike poses major test to Milei’s shock economic agenda
Javier Milei, Argentina's president, during a special address on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 17, 2024.Bloomberg | Bloomberg | Getty ImagesArgentina's largest labor union grouping on Wednesday is expected to hold...
India must continue its capex push, says FICCI, ET BFSI
India's growth trends leading up to the Interim Budget have been robust, but in view of the current global headwinds the govt would need to continue its thrust on public capex, Ficci said in a note on January 24.There is a need for an "Indian Taxonomy" comparable and...
CCI approves Burman Family’s acquisition of shareholding in Religare Enterprises, ET BFSI
New Delhi: Competition Commission of India (CCI) approved the acquisition of shareholding in Religare Enterprises Limited by Puran Associates Private Limited, M.B. Finmart Private Limited, and VIC Enterprises Private Limited, Milky Investment and Trading Company The...
Israel-Hamas war talks reportedly working toward weeks-long cease-fire
A picture taken from a position in southern Israel along the border with the Gaza Strip on January 19, 2024, shows an Israeli tank rolling along the fence as damaged buildings are see in the Gaza strip amid continuing battles between Israel and the militant group...
Sebi gives FPIs 7 months to liquidate holdings if investor data not disclosed: Report, ET BFSI
India's markets regulator has given offshore funds an additional seven months to liquidate holdings if they fail to disclose data about their investors by Jan. 29, two sources with direct knowledge of the matter said on Wednesday."There is no immediate deadline or...
FDIC attorney Mark Black pleads guilty in child sex exploitation case
The Federal Deposit Insurance Corp. (FDIC) headquarters in Washington, DC, US, on Monday, March 13, 2023.Al Drago | Bloomberg | Getty ImagesA former high-ranking lawyer at the Federal Deposit Insurance Corporation pleaded guilty Tuesday in federal court to conspiring...
New York AG pushing for lifetime Trump ban cites Martin Shkreli ruling
Martin Shkreli, former chief executive officer of Turing Pharmaceuticals AG, exits court in New York, US, on Wednesday, Oct. 4, 2023. Yuki Iwamura | Bloomberg | Getty ImagesWhat does former President Donald Trump have in common with "Pharma bro" Martin Shkreli?A...
RBI ‘mute spectator’, allowing banks to charge high interest rates: Allahabad HC, ET BFSI
The Allahabad High Court has observed that the Reserve Bank of India has been a "mute spectator" while banks are imposing arbitrarily high interest rates on customers despite guidelines issued by the banking regulator. The observation was made by a bench comprising...
Iran’s strikes around the Middle East send a message, analysts say
A man watches a news channel on television inside a shop after the Pakistani foreign ministry said the country conducted strikes inside Iran targeting separatist militants, two days after Tehran said it attacked Israel-linked militant bases inside Pakistani territory,...
Did central banks break inflation? Some economists have doubts, ET BFSI
Central bankers who orchestrated the wave of interest rate hikes over the past two years, hoping to avoid a painful inflationary spiral, are now facing an uncomfortable question: Were their moves helpful?The debate is heating up as European Central Bank policymakers...
Latest news on Russia and the war in Ukraine
18 dead, 130 injured in latest Russian missile strikesUkrainian President Volodymyr Zelenskyy said Russian missile strikes on major Ukrainian cities Tuesday killed 18 people and injured more than 130.Speaking in his nightly video address, the president said more than...
Australia PM set to water down proposed tax cuts for wealthy, stoking inflation fears, ET BFSI
SYDNEY -Australia Prime Minister Anthony Albanese said on Wednesday he would consult lawmakers to modify proposed tax cuts for higher earners, potentially breaking an election pledge in a decision some economists worry could stoke inflation. The already-legislated tax...
Nikki Haley battles Donald Trump to the finish
Buy a cookie, cast your vote: Election Day foot traffic a golden opportunityPTO bake sale at Ledge Street Elementary School, a polling location in Nashua, New Hampshire.Kevin Breuninger | CNBCNASHUA, N.H. — The high-profile primary drives a lot of spending in the...
Martin Shkreli lifetime drug ban upheld by appeals court
Martin Shkreli, former chief executive officer of Turing Pharmaceuticals AG, exits court in New York, US, on Wednesday, Oct. 4, 2023. Yuki Iwamura | Bloomberg | Getty ImagesA federal appeals court on Tuesday upheld a lifetime ban on "Pharma bro" Martin Shkreli from...
Defense secretary make first public appearance since hospitalization
U.S. Secretary of Defense Lloyd Austin testifies at a Senate Appropriations Committee hearing on Capitol Hill October 31, 2023 in Washington, DC.Drew Angerer | Getty Images News | Getty ImagesU.S. Defense Secretary Lloyd Austin made his first public appearance,...
U.S. targets Iraqi airline Fly Baghdad, its CEO and Hamas cryptocurrency financiers for sanctions
A man stands outside the office of Fly Baghdad airline, in Baghdad, Iraq January 23, 2024. Ahmed Saad | ReutersThe U.S. on Monday hit Iraqi airline Fly Baghdad and its CEO with sanctions, alleging assistance to Iran's military wing, and imposed a fifth round of...
Markets ‘complacent’ about the risks of a Trump win, strategist says
Former U.S. President and Republican presidential candidate Donald Trump holds a rally in advance of the New Hampshire presidential primary election in Rochester, New Hampshire, U.S., January 21, 2024. Mike Segar | ReutersMarkets are "fairly complacent" about the...
ESMA, RBI in talks to reach pact compliant with EU regulations, ET BFSI
Mumbai: The European Securities and Markets Authority (ESMA) is currently deliberating with India's central bank on resolving disagreements over the treatment of the domestic bond trading platform, with the foreign regulator saying that it has not imposed penal...
FM Sitharaman urged to introduce NPS-style scheme for child education beyond Sukanya Samriddhi Yojana, ET BFSI
Budget 2024: As the Finance Minister Nirmala Sitharaman is going to present the Interim Budget 2024 on February 1, there is a growing expectation for initiatives that address the financial aspirations of Indian families, particularly in the realm of child education....
How high-frequency indicators performed in December 2023?, ET BFSI
~Ritesh and Shrishti SharmaAs the curtains fall on the year 2023, India finds itself at a pivotal juncture, on the brink of the upcoming Lok Sabha polls. Amidst the political fervour, the nation's attention has now shifted to the heart of economic discussions – the...
RBI’s deposit ceiling may not impact housing finance companies significantly, ET BFSI
The Reserve Bank of India's (RBI) proposed reduction in the ceiling on the quantum of public deposits held by deposit-taking housing finance companies (HFCs) is unlikely to significantly impact them. Housing finance sector experts assess that the proposed cap will not...
Buoyant tax revenues and expenditure rationalisation to help keep fiscal deficit target of 5.3% in FY25, HSBC says, ET BFSI
Budget expectations: Buoyant tax revenues and cuts in current expenditure will help the central government set a fiscal deficit target of 5.3% of GDP in FY25, HSBC said Tuesday.“Tax revenues could remain buoyant in FY25, growing faster than nominal GDP growth (11.9%...
PFRDA wants tax breaks for NPS contributions to boost retirement savings, ET BFSI
The Pension Fund Regulatory and Development Authority (PFRDA) has submitted to the Finance Ministry its budget wish list, emphasizing the need for tax breaks for NPS contributions, akin to the Section 80C deduction provided in the old tax regime. Such incentives,...
Can Haley beat Trump? A New Hampshire VFW hall spotlights her stark enthusiasm gap
Republican presidential candidate and former U.S. Ambassador to the United Nations Nikki Haley takes the stage at a Get Out the Vote campaign rally ahead of the New Hampshire primary election in Exeter, New Hampshire, U.S., January 21, 2024.Brian Snyder |...
Xi Jinping’s corruption crackdown targets China’s embattled finance sector, ET BFSI
Xi JinpingXi Jinping's crackdown on official corruption has ripped through a secretive missile force, the Communist Party elite, the national football team, and now risks hammering a finance industry already grappling with an economic slowdown.Since rising to power a...
Latest news on Russia and the war in Ukraine
Five dead, 40 injured in morning missile attacks on UkraineAt least 40 people have been injured, and five people are known to have died, in early morning Russian missile attacks on cities across Ukraine, Interior Minister Ihor Klymenko said Tuesday.Posting an update...
Stress in Retail Loans Raises Concerns for Lenders, ET BFSI
MUMBAI: A few segments in unsecured retail loans show signs of weakness which need to be closely monitored by lenders, said a report published by RBI. It also noted that in credit card outstanding, where the interest rates are highest, larger loans are by more...
Yellen to step up campaign touting Biden’s economic record
U.S. President Joe Biden delivers remarks alongside Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo during a Cabinet Meeting at the White House on June 06, 2023 in Washington, DC.Kevin Dietsch | Getty ImagesThe Biden administration is dispatching...
Trump Georgia DA Fani Willis will not be deposed in divorce — for now
Fulton County District Attorney Fani Willis attends a Harrison Floyd bond revocation hearing, at the Fulton County Courthouse in Atlanta, Georgia, U.S. November 21, 2023. Dennis Byron | ReutersA Georgia judge on Monday blocked — for now — a deposition of Fulton County...
Rep. Nancy Mace of South Carolina backs Donald Trump over Nikki Haley in the 2024 Republican primary
Rep. Nancy Mace, R-S.C., conducts a news conference on the investigation into the Biden family's "influence peddling to enrich themselves," in the Capitol Visitor Center on Wednesday, May 10, 2023.Tom Williams | CQ-Roll Call, Inc. | Getty ImagesDonald Trump has picked...
Trump defamation trial postponed, E. Jean Carroll lawyer seeks end
Former US President Donald Trump leaves Trump Tower for Manhattan federal court for the second defamation trial against him, in New York City on January 22, 2024. Charly Triballeau | AFP | Getty ImagesThe sex assault defamation trial of former President Donald Trump...
Trump’s proposed 10% tariff plan would shake up every asset class: Strategist
Former U.S. President and Republican presidential candidate Donald Trump holds a rally in advance of the New Hampshire presidential primary election in Rochester, New Hampshire, U.S., January 21, 2024. Mike Segar | ReutersMarkets need to begin thinking about the...
Wall Street opposition to Trump collapses, as ‘pipe dream’ of primary defeat ends
In this 2017 file photo, President Donald Trump stands next to Jamie Dimon, chief executive officer of JPMorgan Chase & Co., left, in the State Dining Room of the White House in Washington.Andrew Harrer | Bloomberg | Getty ImagesAs Donald Trump surges toward the...
5 things to know before the stock market opens Monday
Here are the most important news items that investors need to start their trading day:1. Record runThe S&P 500 closed at a record high on Friday. Now Wall Street will find out if the good times can last. The Federal Reserve has so far managed to curb inflation...
BFSI leaders on fiscal deficit challenge, healthcare priorities, ET BFSI
~Shrishti SharmaIndia boasts immense untapped potential as the world's third-largest economy by Purchasing Power Parity (PPP). Despite having the world's second-largest population, it contributes only 7% to the global output. India’s service sector is a juggernaut,...
ESMA, RBI in talks to reach pact compliant with EU regulations, ET BFSI
Mumbai: The European Securities and Markets Authority (ESMA) is currently deliberating with India's central bank on resolving disagreements over the treatment of the domestic bond trading platform, with the foreign regulator saying that it has not imposed penal...
Ron DeSantis drops out of 2024 presidential race, endorses Donald Trump
Republican presidential candidate Florida Gov. Ron DeSantis speaks at a campaign event at the Chrome Horse Saloon on January 14, 2024 in Cedar Rapids, Iowa. Chip Somodevilla | Getty ImagesFlorida Gov. Ron DeSantis dropped out of the 2024 presidential race and endorsed...
RBI economists propose additional criteria for assessing borrower creditworthiness, ET BFSI
In a bid to fortify the stability of the financial system, policy researchers are advocating for the inclusion of a new parameter, the Debt-to-Income (DTI) ratio, when evaluating the creditworthiness of individuals seeking retail loans. This move is aimed at...
RBI Governor Shaktikanta Das Warns Indian Cryptocurrency Investors, ET BFSI
Cryptocurrency investors rejoicing in India after the recent jump in valuations globally, take note. Reserve Bank of India (RBI) Governor Shaktikanta Das has a 'warning' for you. This crypto ‘party’ is not without risks, said Das. He made these remarks at the World...
Latest news on Russia and the war in Ukraine
Russia and Ukraine trade retaliatory strikes over the weekendDONETSK, UKRAINE - JANUARY 21: A view of the damage after the shelling in the market place in the Ukrainian city of Donetsk, which is currently under Russian control, ongoing Russian and Ukrainian war on...
Haley fires back at Trump attacks as New Hampshire primaries near
With U.S. Ambassador to the United Nations Nikki Haley at his side (L), U.S. President Donald Trump speaks during a working lunch with ambassadors of countries on the UN Security Council at the White House in Washington, U.S., April 24, 2017.Kevin Lamarque |...
What to expect from Trump, Haley and DeSantis
Campaign signs alongside the highway in Concord, New Hampshire on January 18, 2024. The state's primary is scheduled for January 23, 2024.Timothy A. Clary | AFP | Getty ImagesNew Hampshire voters head to the polls Tuesday for the first primary election of the 2024...
Former GOP presidential candidate Asa Hutchinson endorses Nikki Haley, says Trump divides America
Republican U.S. presidential candidate former Arkansas Gov. Asa Hutchinson speaks as he is interviewed by Former Fox News commentator Tucker Carlson (not pictured) during the Family Leadership Summit at the Iowa Events Center in Des Moines, Iowa, July 14, 2023.Scott...
Bipartisan tax bill clears key congressional hurdle, teeing up potential House vote
Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing into U.S. President Joe Biden on Sept. 28, 2023.Jonathan Ernst | ReutersWASHINGTON — A $78 billion tax package with major benefits for companies took a...
RBI, BFSI News, ET BFSI
Money markets will remain closed on January 22, with the Maharashtra government announcing a holiday in connection with the consecration of the Ram temple in Ayodhya. The Maharashtra government has declared January 22 as a public holiday. So, there will be no...
Reserve Bank of India not discussing rate cuts yet, Shaktikanta Das says, ET BFSI
India’s central bank won’t consider interest rate cuts unless inflation settles firmly around the 4% target, with policymakers not even discussing the topic yet, Governor Shaktikanta Das said.While price gains have moderated, “unless we see clear evidence that...
ESMA likely to seek board help to resolve stalemate with RBI, BFSI News, ET BFSI
Mumbai: The European Securities and Markets Authority (ESMA) may approach its board to seek ways to resolve a regulatory stalemate with the Reserve Bank of India (RBI) which poses roadblocks to billions of dollars of bond and derivatives trade by European banks in...
SEBI chief launches CDSL’s multi-lingual initiatives for ease of doing business, ET BFSI
SEBI Chairperson Madhabi Puri Buch launched two multi-lingual initiatives of Central Depository Services (India) (CDSL) aimed at increasing inclusivity and accessibility in the capital market landscape. CDSL has introduced an upgrade in investor CAS through the 'Apka...
RBI flags trade risks yet again, ET BFSI
Highlighting the problems Indian trade is facing currently, the Reserve Bank of India on Thursday said that significant headwinds continue to prevail, citing export orders for goods and services in the country. "PMIs for new export orders remained in the...
AG suit alleges Meta estimated 100K kids per day sexually harassed on Facebook, Instagram
A worker picks up trash in front of a new logo and the name 'Meta' on the sign in front of Facebook headquarters on October 28, 2021 in Menlo Park, California.Justin Sullivan | Getty ImagesWASHINGTON — A new legal filing about child exploitation on Meta's Facebook and...
Biden admits airstrikes on Houthis aren’t working
Houthi followers lift rifles and shout slogans against the U.S.-U.K. during a tribal gathering on January 14, 2024 on the outskirts of Sana'a, Yemen.Mohammed Hamoud | Getty ImagesDUBAI, United Arab Emirates — Yemen's Houthi rebels are enthusiastically "confronting...
Sebi to act against 3 i-bankers found inflating IPO subscriptions: Madhabi Buch, ET BFSI
Sebi Chairperson Madhabi Puri Buch on Friday said the capital markets regulator has found that three merchant bankers are frequently indulging in inflating subscriptions during share sales, and promised action against them. Speaking at an annual convention organised...
U.S. says Houthis launched missiles at tanker ship but no damage caused
Members of the Yemeni Coast Guard affiliated with the Houthi group patrol the sea as demonstrators march through the Red Sea port city of Hodeida in solidarity with the people of Gaza on January 4, 2024, amid the ongoing battles between Israel and the militant Hamas...
News on Russia and the war in Ukraine
Ukraine targeted the Russian city of St. Petersburg with a drone attack overnight, Ukraine's minister of strategic industries, Oleksandr Kamyshin, told a panel at the World Economic Forum in Davos, according to Interfax news agency.Russia claimed on Thursday that...
Insights and forecast with the BFSI leaders, ET BFSI
Finance Minister Nirmala Sitharaman has been keeping it subtle with the Union Budget 2024. Given its vote-on-account nature, spectacular announcements might not emerge.This prompts a retrospective glance at Union Budget 2023, analysing echoes from the past year's...
RBI governor Shaktikanta Das, BFSI News, ET BFSI
MUMBAI: Ahead of the monetary policy committee meeting on February 6-8, RBI governor Shaktikanta Das appears to be sending a clear message to the markets that rates will remain higher for longer until the policy goal of 4% inflation is met."Unless we see clear...
North Korea conducts test of underwater nuclear weapons system, state media reports
North Korean soldiers attending a mass rally to celebrate achievement of full nuclear statehood on December 1, 2017.Kim Won-Jin | AFP | Getty ImagesNorth Korea has conducted a test of its underwater nuclear weapons system in a protest against this week's joint...
Judge rejects Trump bid to hold Jack Smith in contempt in election case
Special Counsel Jack Smith delivers remarks on a recently unsealed indictment alleging four felony counts against former U.S. President Donald Trump on August 1, 2023 in Washington, DC.Alex Wong | Getty ImagesA federal judge Thursday rejected an effort by former...
E. Jean Carroll testifies after ex-president, judge clash
E. Jean Carroll enters Manhattan Federal Court, in the second civil trial after she accused former U.S. President Donald Trump of raping her decades ago, in New York City, U.S., January 18, 2024. Shannon Stapleton | ReutersThe writer E. Jean Carroll resumed testifying...
UK PM Sunak appeals to Lords to deliver his Rwanda asylum law
LONDON, ENGLAND - JANUARY 18: UK Prime Minister Rishi Sunak speaks during a press conference in Downing Street on January 18, 2024 in London, England. He spoke after seeing the Safety of Rwanda Bill pass its third reading in the House of Commons by a majority of 44...
5 things to know before the stock market opens Thursday
Here are the most important news items that investors need to start their trading day:1. Rate cut comedownThe U.S. economy is chipping away at hopes for a string of interest rate cuts this year. Major U.S. stock averages fell on Wednesday — the third straight decline...
White House eager to take credit for retail sales bounce
U.S. President Joe Biden delivers remarks on the U.S. economy and his administration's effort to revive American manufacturing, during his visit in Flex LTD, a factory that makes solar energy microinverters, in West Columbia, South Carolina, U.S. July 6,...
Britain’s unexpected inflation increase in December is unlikely to worry the Bank of England, ET BFSI
Bank of EnglandLONDON - Inflation across the United Kingdom increased unexpectedly last month as a result of sharp hikes in tobacco and alcohol prices, according to official figures released Wednesday. Economists said it was unlikely to prompt concern at the Bank of...
U.S. in new strikes against Houthi targets in Yemen
This handout screen grab captured from a video shows Yemen's Houthi fighters' takeover of the Galaxy Leader Cargo in the Red Sea coast off Hudaydah, on November 20, 2023 in the Red Sea, Yemen.Handout | Getty Images News | Getty ImagesThe U.S. military said on...
Latest news on Russia and the war in Ukraine
Ukrainian air force shoots down 22 out of 33 Russian drones overnight, Kyiv saysRussia launched 33 drones and 2 missiles at Ukraine overnight, with air defenses destroying 22 drones, the Ukrainian military said on Thursday."The main areas of attack were the south and...
After Das, deputy governor calls for IBC reforms, BFSI News, ET BFSI
MUMBAI: RBI deputy governor Swaminathan J said that legal changes to the insolvency and bankruptcy code must look at resolution of conglomerates. He also described the resolution of financial service providers as an 'unfinished agenda'.The deputy governor's comments...
Jamie Dimon praises Trump, warns MAGA criticism could hurt Biden
JPMorgan Chase CEO Jamie Dimon on Wednesday praised former President Donald Trump's record and admonished Democrats to be "more respectful" of Trump's supporters, or else risk hurting President Joe Biden's reelection bid."I wish the Democrats would think a little more...
NFRA plans to engage with audit panels of big companies to curb frauds, ET BFSI
The National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds, people aware of...
Ron DeSantis super PAC lays off staff after Trump wins Iowa caucus
Florida Governor and Republican presidential candidate Ron DeSantis looks on at his Iowa caucus watch party in West Des Moines, Iowa, U.S., January 15, 2024. Brendan Mcdermid | ReutersA super PAC supporting Ron DeSantis in the Republican presidential primary is laying...
Biden hosts Speaker Johnson, Sen. Schumer, push Ukraine, Israel aid
Senate Majority Leader Charles Schumer, D-N.Y., left, and Speaker of the House Mike Johnson, R-La., attend a Menorah lighting to celebrate the eight-day festival of Hanukkah, in the U.S. Capitol on Tuesday, December 12, 2023.Tom Williams | Cq-roll Call, Inc. | Getty...
Biden designates Houthis terrorist group, as U.S. ramps up Red Sea counterstrikes
Houthi supporters hold up rifles as they rally to protest the killing of Saleh al-Samad, a senior Houthi official, by a Saudi-led coalition air strike in Hodeidah, Yemen April 25, 2018.Abduljabbar Zeyad | ReutersThe U.S. State Department on Wednesday designated the...
Trump defamation trial: E. Jean Carroll testifies
Former US President Donald Trump leaves Trump Tower for Manhattan federal court for the second defamation trial against him, in New York City on January 17, 2024. Charly Triballeau | AFP | Getty ImagesA New York federal judge snapped at a lawyer for Donald Trump on...
Tax tweaks and other key policy changes FM Nirmala Sitharaman made last year, ET BFSI
Budget 2024: The coming Budget, despite being an interim budget owing to the upcoming national elections, has generated significant interest among economy watchers in view of the government's new stated ambition of making India the third largest economy by...
India’s growth prospects are very good, says RBI’s Das, ET BFSI
DAVOS: India's growth prospects are very good, and the country's banking sector has seen a remarkable recovery, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday.Speaking at a session here, Governor Das said there is a lot of international...
RBI Governor Shaktikanta Das Warns Indian Cryptocurrency Investors, ET BFSI
Cryptocurrency investors rejoicing in India after the recent jump in valuations globally, take note. Reserve Bank of India (RBI) Governor Shaktikanta Das has a 'warning' for you. This crypto ‘party’ is not without risks, said Das. He made these remarks at the World...
Iran strikes Syria, Iraq and Pakistan as Middle East tensions spike
DUBAI, United Arab Emirates — Within 24 hours, Iran launched missile and drone strikes on targets in three countries — Iraq, Syria and Pakistan — and took the extraordinary step of announcing its responsibility for the attacks, triggering anger from its neighbors.The...
Appeals court rejects X challenge to secret demand for Trump Twitter data
Jaap Arriesn | Nurphoto | Getty ImagesA federal appeals court on Tuesday denied X Corp.'s latest challenge to a nondisclosure order it received as part of special counsel Jack Smith's search warrant for former President Donald Trump's Twitter account.Smith first...
Haley pressured by donors to beat Trump in New Hampshire
Former United Nations ambassador Nikki Haley is facing pressure from some of her top fundraisers to either seriously compete with, or outright defeat, Donald Trump in next week's New Hampshire primary, after finishing third on Monday in the Iowa caucus."I would still...
SC upholds Delhi HC’s order, refers Rs 150 cr dispute to arbitration, ET BFSI
The Supreme Court on Tuesday upheld the Delhi High Court's order in the Aditya Birla Finance-Siti Networks Ltd asking the dispute to be referred to arbitration.The top court clarified that all the parties in the dispute should raise their appropriate defences before...
Biden administration unveils proposed changes to big banks’ overdraft fees
The Consumer Financial Protection Bureau headquarters in Washington.Samuel Corum/Bloomberg via Getty ImagesWASHINGTON — The Consumer Financial Protection Bureau on Wednesday unveiled long-awaited changes to how the nation's biggest banks structure overdraft protection...
RBI Guv Das, BFSI News, ET BFSI
Some people across the world might believe the cryptocurrency “party” has resumed, but such instruments with no underlying value pose huge risks for emerging market economies, Reserve Bank of India (RBI) Governor Shaktikanta Das said Tuesday, just days after the US...
Federal lawsuit accuses NY Knicks owner James Dolan, media mogul Harvey Weinstein of sexual assault
A woman has alleged that New York Knicks owner James Dolan sexually assaulted her a decade ago and then set her up to be molested by now-imprisoned film producer Harvey Weinstein, according to a federal lawsuit filed Tuesday in Los Angeles.In 2013, plaintiff Kellye...
Haslam family sells Berkshire Hathaway Pilot Travel Centers share
Jimmy Haslam, CEO of Pilot Flying J., and Warren Buffett, Chairman and CEO of Berkshire Hathaway.Lacy O'Toole | CNBCThe Haslam family has sold its remaining 20% ownership interest in truck-stop giant Pilot Travel Centers to Berkshire Hathaway, both sides announced...
Latest news on Russia and the war in Ukraine
Russia’s neighbors back Ukraine’s refusal to negotiate on peace talksPolish President Andrzej Duda told CNBC Tuesday that Ukraine's refusal to cede ground to Russia in any prospective peace talks was "perfectly understandable."Speaking to CNBC at the World Economic...
Trump Truth Social SPAC partner stock soars after Iowa caucus victory
Former US president and Republican presidential hopeful Donald Trump speaks during a "commit to caucus rally" in Indianola, Iowa, on January 14, 2024. Christian Monterrosa | Afp | Getty ImagesShares of Digital World Acquisition soared about 15% Tuesday, following...
Trump loses gag order appeal at top New York court
Former US President Donald Trump arrives to speak to the press after attending the civil fraud trial against the Trump Organization in New York State Supreme Court, in New York City on January 11, 2024.John Lamparski | AFP | Getty ImagesThe top court in New York state...
Asa Hutchinson drops out of Republican primary
Former Arkansas Governor Asa Hutchinson speaks during the Florida Freedom Summit held at the Gaylord Palms Resort on November 04, 2023 in Kissimmee, Florida.Joe Raedle | Getty ImagesFormer Arkansas Gov. Asa Hutchinson on Tuesday suspended his Republican presidential...
Haley refuses more presidential debates unless Trump participates
Former U.S. President Donald Trump meets with Nikki Haley, then-U.S. Ambassador to the United Nations, in the Oval Office of the White House on in Washington, D.C., on Oct. 9, 2018.Olivier Douliery | AFP | Getty ImagesWASHINGTON — Nikki Haley said she would not...
5 things to know before the stock market opens Tuesday
Here are the most important news items that investors need to start their trading day:1. Short week aheadEarnings and economic data could drive stocks in a shortened U.S. trading week. Goldman Sachs and Morgan Stanley will headline the week's results when they report...
Sebi renews recognition to AMC Repo Clearing for one year, BFSI News, ET BFSI
Capital markets regulator Sebi has renewed its recognition to AMC Repo Clearing Ltd as a clearing corporation for one year for clearing and settling transactions in repo and reverse repo in debt securities. The regulator has granted renewal of recognition for one year...
Trump rape defamation trial day after Iowa win
Former President Donald Trump, center, departs Trump Tower in New York, US, on Tuesday, Jan. 16, 2024.David Dee Delgado | Bloomberg | Getty ImagesA day after scoring a landslide win in the Iowa Republican caucuses, former President Donald Trump is set to begin a civil...
Venezuela kills off petro cryptocurrency, BFSI News, ET BFSI
Venezuela is putting an end to the petro cryptocurrency that President Nicolas Maduro launched six years ago to sidestep US sanctions, but which never took off and became embroiled in a graft scandal.All crypto wallets held on the Patria Platform -- the only website...
Nomura, BFSI News, ET BFSI
The Reserve Bank may shift the monetary policy stance to "neutral" by June and deliver rate cuts starting August this year, a Japanese brokerage said on Monday. Pointing out to softer core inflation 'or price rise in items excluding food and fuel' in the data released...
Personal loan interest rate likely to rise up to 1.5%; loan eligibility norms to get tighter in 2024 with RBI new rule, ET BFSI
Personal loans are all set to get costlier this year. And getting it from a non-banking financial company (NBFC) could become more difficult thanks to a recent rule changes by the Reserve Bank of India (RBI). Following a rampant surge in unsecured loans in the last...
Iowa Republican caucus sets new record for state political ad buys
The battle to win the Republican Iowa caucus is the most expensive on record, with over $120 million spent on ads by the campaigns and their affiliated political action committees in the Hawkeye State, according to data provided to CNBC by AdImpact.The massive amount...
Trump loses Joseph Tacopina as lawyer in two cases
Joe Tacopina, Attorney for former President Donald Trump, leaves Federal Court after the civil trial against former President Donald Trump at Manhattan on May 09, 2023 in New York City.Spencer Platt | Getty ImagesJoseph Tacopina has withdrawn as a lawyer for Donald...
Trump wins, DeSantis edges Haley for second place, Ramaswamy ends campaign
Trump calls for unity in victory speechRepublican presidential candidate and former U.S. President Donald Trump speaks during his caucus night watch party in Des Moines, Iowa, U.S., January 15, 2024.Brian Snyder | ReutersTrump called for unity, and even offered a hint...
RBI may extend deadline for banks, DFIs, BFSI News, ET BFSI
Financial industry veterans expect the Reserve Bank of India (RBI) to give some relief to mainstream banks and development financiers on downstream loan-linked Alternative Investment Fund (AIF) exposures, which they were required to either liquidate by later this week...
Additional penal charges cannot be imposed on the earlier outstanding amount of penal charges: RBI, ET BFSI
In an effort to offer transparency and guidance to borrowers, the Reserve Bank of India (RBI) has released a set of Frequently Asked Questions (FAQs) addressing queries related to penal charges on loans. The FAQs cover various aspects, shedding light on the...
Is a war with Hezbollah next? Growing fears over Israel-Hamas war
Pro-Iranian Hezbollah militants chant slogans as they walk in the beginning of the funeral procession of the party top commander Wissam tawil in the southern Lebanese village of Khirbit Selem.Picture Alliance | Picture Alliance | Getty ImagesIs a wider Middle East war...
India’s market regulator proposes relaxed rules for illiquid AIF investments, ET BFSI
- India's markets regulator, on Monday, proposed a relaxed framework for alternative investment funds (AIFs) and venture capital funds (VCFs) to deal with their unliquidated investments after the fund tenure expires.The Securities and Exchange Board of India (SEBI)...
Latest news on Russia and the war in Ukraine
Russian city of Voronezh declares state of emergency after drone attackThe Russian city of Voronezh introduced a state of emergency Tuesday morning after an alleged Ukrainian drone attack injured a 13-year-old girl and damaged apartment buildings.The city's mayor...
Personal loan interest likely to rise by up to 1.5%; RBI rule change to hit small loan borrowers more, ET BFSI
Personal loans are all set to get costlier this year. And getting it from a non-banking financial company (NBFC) could become more difficult thanks to a recent rule changes by the Reserve Bank of India (RBI). Following a rampant surge in unsecured loans in the last...
Austin released from hospital after prostate cancer surgery complications
US Defense Secretary Lloyd Austin attends the start of the second round table during the Meeting of NATO Ministers of Defence in Brussels, on October 21, 2021. Kenzo Tribouillard | Afp | Getty ImagesDefense Secretary Lloyd Austin was released from the hospital Monday,...
Vessel off the coast of Yemen struck by missile, UK says
Men stand near a billboard bearing the image of a commercial ship with the flag of Israel as it is burning after Yemen's Houthi-affiliated naval forces struck it, at a street on January 10, 2024 in Sana'a, Yemen.Mohammed Hamoud | Getty ImagesA U.S.-owned and operated...
Asset reconstruction companies face March deadline for capital, ET BFSI
Mumbai: Nearly a third of the 27 asset reconstruction companies must raise capital by March 2024 to comply with the Reserve Bank of India's requirement of a minimum capital of Rs 200 crore.In October 2022, the RBI set new guidelines requiring ARCs to raise capital to...
RBI releases draft framework for recognising FinTech SROs, ET BFSI
The Reserve Bank of India on Monday released a 'draft framework for recognising Self-Regulatory Organisations (SRO) for FinTech Sector', stating the characteristics of a FinTech SRO, including the required functions and governance standards.RBI stated that...
Defense Secretary Austin is ‘actively involved and engaged’ while hospitalized
US Secretary of Defense Lloyd J. Austin testifies before a House Armed Services Committee hearing on the conclusion of military operations in Afghanistan at the Rayburn House Office building on Capitol Hill on September 29, 2021 in Washington, DC. Olivier Douliery |...
Nikki Haley policy platform missing from campaign website
Florida Governor Ron DeSantis and Former U.S. Ambassador to the United Nations Nikki Haley participate in the Republican presidential debate hosted by CNN at Drake University in Des Moines, Iowa, U.S. January 10, 2024. Mike Segar | ReutersWASHINGTON — Nikki Haley has...
RBI may change policy stance to ‘neutral’ on easing core inflation: Economists, ET BFSI
A sustained fall in India's core retail inflation and subdued inflationary pressures could prompt the Reserve Bank of India's (RBI) rate-setting panel to ease its policy stance to 'neutral' as early as next month, economists said.India's monetary policy committee...
House Republicans say they will re-subpoena Hunter Biden in coming weeks
Hunter Biden, son of U.S. President Joe Biden, sits with his attorney Abbe Lowell as he makes a surprise appearance at a House Oversight Committee markup and meeting to vote on whether to hold Biden in contempt of Congress for failing to respond to a request to...
Biden raises over $97 million in fourth quarter, $117 million on hand
U.S. President Joe Biden speaks during the National Association of Counties Legislative Conference in Washington, D.C., U.S., February 15, 2022.Joshua Roberts | ReutersPresident Joe Biden's reelection effort says it received over $97 million in contributions during...
Neeraj Gambhir, Axis Bank, ET BFSI
Interest rate cut expectations may be building up but inflation is not coming to target anytime soon, which could delay cuts by the RBI, said Neeraj Gambhir, head-treasury and markets at Axis Bank. In an interview with Bhaskar Dutta, he said the rupee may appreciate a...
Ukraine says China needed for peace process after Davos meeting
Ukrainian President Volodymyr Zelensky is displayed on a screen via video link as World Economic Forum (WEF) participants stand for a minute of silence to pay tribute to Ukraine's late interior minister at the Congress centre during the WEF annual meeting in Davos on...
China cbank surprises markets by leaving medium-term rate unchanged, but adds liquidity, ET BFSI
SHANGHAI, - China's central bank boosted liquidity injections but surprised markets by leaving the interest rate unchanged when rolling over maturing medium-term policy loans on Monday.The People's Bank of China (PBOC) said it was keeping the rate on 995 billion yuan...
Latest news on Russia and the war in Ukraine
After almost two years of war, Ukraine casts a long shadow over Davos this yearThe wars in Ukraine and the Middle East are set to cast a long shadow over the World Economic Forum in Davos, Switzerland, this week.Global business and political leaders and officials are...
MPC’s Jayanth R Varma, ET BFSI
New Delhi, The Indian economy has withstood all geopolitical shocks in the last couple of years and it will also be able to navigate the uncertainties that lie ahead, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Sunday. Varma further said he...
What BFSI leaders ask for lower strata?, BFSI News, ET BFSI
~ Shrishti SharmaWill India realise its ambitious Fiscal Deficit target of 4.5% by FY 2025-26? Can the government propel capital expenditure to new heights? What lies in store on the taxation front, particularly regarding the fate of the old tax regime? And perhaps,...
China calls for Gaza peace conference; Hamas to disclose fate of Israeli hostages
Speaking in Egypt at the weekend, Chinese Foreign Minister Wang Yi called for "the formulation of a specific timetable and road map for the implementation of the 'two-state solution' and support for the prompt resumption of Israel-Palestinian peace talks".Lintao Zhang...
Pro-Palestine protestors arrested for London Stock Exchange scheme
The logo of London Stock Exchange Group Plc in the office atrium in the City of London, UK, on Tuesday, March 14, 2023.Bloomberg | Bloomberg | Getty ImagesLondon police on Sunday arrested six pro-Palestine activists for alleged plans to lock themselves to the doors of...
As diversity, equity and inclusion comes under legal attack, companies quietly alter their programs
Sophia Danner-Okotie's has ambitious plans for her Nigerian-inspired clothing line but a sense of dread has punctured her optimism as she watches a legal battle being waged against a small venture capital firm that has provided funding instrumental to her boutique...
Top diplomats meet in Davos on Ukraine ‘peace formula’
Ukraine's President Volodymyr Zelenskyy speaks during a joint press conference with Lithuania's President (not in picture) in Vilnius, Lithuania, on January 10, 2024.Petras Malukas | Afp | Getty ImagesUkraine pushed ahead with its peace formula to end nearly two years...
South Korea says it will impose fines on two global banks for short-selling violations, ET BFSI
SEOUL: South Korea's financial regulator on Sunday said it plans to impose penalties on two unnamed global investment banks it is investigating.The Financial Services Commission said it found two global investment banks were engaged in the practice of naked...
Consider regulatory sandbox approach to deal with crypto product issues: GTRI, ET BFSI
India should consider a regulatory sandbox approach to deal with issues related to crypto products and services, economic think tank GTRI said in its report on Sunday. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test...
John Kerry, the US climate envoy, to leave the Biden administration
John Kerry, U.S. Special Presidential Envoy for Climate, attends day thirteen of the UNFCCC COP28 Climate Conference on December 13, 2023 in Dubai, United Arab Emirates.Fadel Dawod | Getty Images News | Getty ImagesWASHINGTON (AP) — John Kerry, the U.S. special envoy...
The Iowa caucuses are on Monday — here’s what you need to know
Iowa voters will bear subzero wind chills on Jan. 15 to sit in school gyms, churches and community centers and discuss who they want to be the next U.S. president.The Iowa caucuses are the first voting events in the Republican presidential primary. They tend to...
China reacts to pivotal Taiwan presidential election
Taiwan and China flags together textile cloth, fabric textureOleksii Liskonih | Istock | Getty ImagesTAIPEI — China dismissed the outcome of Taiwan's Saturday elections, saying its ruling Democratic Progressive Party does not represent mainstream public opinion after...
Taiwan 2024 election: DPP’s Lai Ching-te wins
Supporters of the Democratic Progressive party (DPP) await the announcement of official results at a rally on January 13, 2024 in Taipei, Taiwan.Annabelle Chih | Getty Images News | Getty ImagesTAIPEI — Taiwan's ruling Democratic Progressive Party is set to win an...
Trump ordered to pay New York Times, reporters over lawsuit
Former U.S. President Donald Trump attends the closing arguments in the Trump Organization civil fraud trial at New York State Supreme Court in the Manhattan borough of New York City, U.S., January 11, 2024. Shannon Stapleton | ReutersA New York judge on Friday...
Finance Minister Nirmala Sitharaman unveils GIFT city’s financial landscape, ET BFSI
On the second day of the Vibrant Gujarat Global Summit, Finance Minister Nirmala Sitharaman provided a comprehensive overview of the current financial ecosystem within the Gujarat International Finance Tec-City (GIFT City).Emphasizing the city's strategic importance,...
U.S. carries out new strike in Yemen after Biden vows to keep pressure on
US President Joe Biden speaks on his economic policies at the Wisconsin Black Chamber of Commerce in Milwaukee, Wisconsin, on December 20, 2023. Mandel Ngan | Afp | Getty ImagesThe United States carried out an additional strike against Yemen's Houthi forces on Friday,...
Morgan Stanley will pay millions settle SEC block trade probe
Pawan Passi, former equities executive at Morgan Stanley, arrives at court in New York, US, on Friday, Jan. 12, 2024.Alex Kent | Bloomberg | Getty ImagesMorgan Stanley has agreed to pay a total of $249 million to settle a criminal investigation and a related...
Hunter Biden agrees to deposition, Congress moves to contempt resolution
Hunter Biden, son of U.S. President Joe Biden, is seen as he makes a surprise appearance at a House Oversight Committee markup and meeting to vote on whether to hold Biden in contempt of Congress for failing to respond to a request to testify to the House last month,...
Threat of ban looms over offshore crypto platforms as govt weighs in, ET BFSI
The government could take further action, including a possible ban, on the Indian operations of offshore cryptocurrency dealing apps such as Binance if these platforms are found guilty under the Prevention of Money Laundering Act, a senior official said.“The action so...
Who are the Houthis? Iran-backed group thrust into global spotlight
SANA'A, YEMEN - DECEMBER 03: Members of the Houthi-run Military Special Forces guard during a funeral procession of Houthi fighters at Al-Sha'ab Mosque on December 03, 2023 in Sana'a, Yemen. (Photo by Mohammed Hamoud/Getty Images)Mohammed Hamoud | Getty Images News |...
RBI Guv Shaktikanta Das, ET BFSI
Financial creditors' claims over the bankrupt firms should have the primacy relative to other forms of creditors as they take more risks, central bank governor Shaktikanta Das said Thursday, adding that any amendments to the Insolvency and Bankruptcy Code (IBC) should...
Sebi tweaks rule for on-boarding investors in Alternative Investment Funds, ET BFSI
Sebi Capital markets regulator Securities and Exchange Board of India (Sebi) on Friday tweaked the framework for on-boarding investors by Alternative Investment Funds (AIFs). This came in view of amendments to the Prevention of Money-Laundering (Maintenance of...
U.S., UK strike Iran-backed Houthi targets in response to Red Sea attacks
Britain's Prime Minister Rishi Sunak, left, and U.S. President Joe Biden speak at the start of the meeting of the North Atlantic Council (NAC) during the NATO Summit in Vilnius, Lithuania, July 11, 2023.Paul Ellis | APThe United States and the United Kingdom have...
White House prepares for Taiwan presidential elections and ‘period of higher tension’
U.S. President Joe Biden and Chinese President Xi Jinping before a meeting during the Asia-Pacific Economic Cooperation leaders' week in Woodside, California, Nov. 15, 2023.Brendan Smialowski | Afp | Getty ImagesThe Biden administration doubled down on its support for...
RBI asks CROs of banks to take pre-emptive measures to mitigate risks, ET BFSI
The Reserve Bank of India has asked chief compliance officers and Chief Risk Officers (CROs) to be proactive and take pre-emptive measures to mitigate risks. Addressing a conference of heads of assurance functions (i.e., chief compliance officers, CROs and heads of...
Latest news on the Middle East and the Red Sea crisis
U.S. President Joe Biden speaks during a campaign event on Jan. 5, 2024.Drew Angerer | Getty Images News | Getty ImagesA Houthi official pledged retaliation after the U.S. and U.K. launched strikes against the group's targets in Yemen, in response to a wave of...
Fed officials say December CPI did not budge view of inflation, ET BFSI
RICHMOND, Virginia: U.S. Federal Reserve officials took little fresh signal from consumer price data published on Thursday as they gauge whether inflation is headed firmly enough back to the central bank's 2% target to allow them to reduce interest rates in coming...
Russia-Ukraine war updates for Jan. 12, 2024
U.S. military assistance to Ukraine has "ground to a halt," with Congress yet to authorize the emergency spending requested by President Joe Biden's administration in late October.In a White House press briefing on Thursday, National Security Council Spokesperson John...
RBI Guv Shaktikanta Das, ET BFSI
MUMBAI: Financial creditors' claims over the bankrupt firms should have the primacy relative to other forms of creditors as they take more risks, central bank governor Shaktikanta Das said Thursday, adding that any amendments to the Insolvency and Bankruptcy Code...
Pentagon inspector general announces review of Austin hospitalization, notification
US Defense Secretary Lloyd Austin speaks to the press on August 18, 2021, at the Pentagon in Washington, DC. Olivier Douliery | Afp | Getty ImagesThe Defense Department's inspector general has launched a formal investigation into Defense Secretary Lloyd Austin's...
NCLT reserves order on Reliance Capital Resolution Plan approval, ET BFSI
Mumbai, The NCLT Mumbai has reserved its order on the approval of IIHL's resolution plan for the Reliance Capital. While reserving the order, the NCLT has said that the order will be delivered within a month. The Rs 9,861 crore resolution plan was submitted for NCLT...
Closing arguments in New York court
Closing arguments are being held Thursday in a New York court for the civil business fraud trial of former President Donald Trump, two of his sons, and their company, the Trump Organization.New York Attorney General Letitia James accuses Trump and the other defendants...
Bank of England fines former CEO of Wyelands Bank, BFSI News, ET BFSI
LONDON: The Bank of England has fined Wyelands Bank's former CEO Iain Hunter 118,808 pounds ($151,338) for failing to ensure the lender had adequate systems and controls.Wyelands Bank, now wound down, was part of the Gupta Family Group (GFG) Alliance metals-to-finance...
Police at Trump fraud trial judge home after bomb threat
Justice Arthur Engoron presides over the civil fraud trial of former President Donald Trump and his children at New York State Supreme Court on November 13, 2023 in New York City.Erin Schaff | Getty ImagesPolice responded Thursday to a bomb threat made to the home of...
EU banking watchdog reveals ruling that prompted BNP to rejig capital, ET BFSI
LONDON: The European Union's banking watchdog said on Thursday that millions of euros of capital used by BNP Paribas in its safety buffers were ineligible and must be removed, a step the bank flagged last month that it would take.The European Banking Authority (EBA)...
Israel to face Gaza genocide charges at World Court
Israel prepared to defend itself on Thursday at the top U.N. court against accusations of genocide in Gaza, as Prime Minister Benjamin Netanyahu publicly rebuffed for the first time calls by some right-wing ministers to permanently occupy the enclave.Sopa Images |...
RBI governor Shaktikanta Das warns against ‘algorithm-based’ lending by banks, ET BFSI
Indian financial institutions must guard against relying on algorithms and artificial intelligence to assess customers for loans, Reserve Bank of India (RBI) Governor Shaktikanta Das said.Model based, algorithm lending can “lead to a potential crisis,” Das said in a...
World Court hears Gaza Strip genocide case against Israel
Public hearings in South Africa's genocide case against Israel began on Thursday at the International Court of Justice (ICJ) in The Hague, Netherlands on Jan. 11, 2024.Anadolu | Anadolu | Getty ImagesThe U.N.'s highest court is on Thursday hearing South Africa's...
Trump won’t pledge to divest from businesses if he wins second term
Former President Donald Trump speaks to the media at a Washington hotel, Tuesday, Jan. 9, 2024, after attending a hearing before the D.C. Circuit Court of Appeals at the federal courthouse in Washington.Susan Walsh | APFormer President Donald Trump on Wednesday...
French central bank nudges up Q4 economic growth estimate, ET BFSI
PARIS: France's economy is estimated to have grown slightly more than previously expected in the last quarter of 2023, boosted by the services and industry sectors, the central bank said on Wednesday.The euro zone's second-biggest economy is estimated to have grown...
Key terms to know before budget session, BFSI News, ET BFSI
Union Budget also known as the Annual Financial Statement is a declaration of the government's expected receipts and expenditures presents on February 1 every year. Article 112 of the Indian Constitution, empowers the government to present the Union Budget divided...
Latest news on Russia and the war in Ukraine
Russia exploiting its position in UN Security Council by procuring North Korean weapons, U.S. saysA joint statement from the U.S. and seven other countries on Wednesday accused Russia of exploiting its position as a permanent member of the U.N. Security Council to...
US congressional panel seeks briefing from SEC on Bitcoin ETFs fake post, ET BFSI
The Republican-led US House of Representatives Financial Services Committee on Wednesday sent a letter to the Securities and Exchange Commission, seeking a briefing on a fake post on the SEC's X social media account a day earlier.Why it is importantThe US securities...
Haley, DeSantis clash over Disney and government’s role in business
(COMBO) This combination of pictures created on January 04, 2024 shows (L) Florida Governor Ron DeSantis gestures as he speaks during the fourth Republican presidential primary debate at the University of Alabama in Tuscaloosa, Alabama, on December 6, 2023, and (R)...
Post digital lending, PE investment flows spiked in fintech sector: RBI Gov, ET BFSI
RBI Governor Shaktikanta DasDigital lending has witnessed an exponential rise in the recent years with more fintechs entering the lending market, offering innovative lending solutions. The sector also came under RBI's scrutiny in the recent past, and new guidelines on...
Shutdown deadline may force Speaker Johnson into short-term budget bill
Speaker of the House Mike Johnson, R-La., conducts a news conference featuring remarks by college students about antisemitism on college campuses, in the U.S. Capitol on Tuesday, December 5, 2023.Tom Williams | Cq-roll Call, Inc. | Getty ImagesSenate Republicans...
RFK Jr. presidential campaign questioned by FEC over payments to daughter-in-law
Robert F. Kennedy Jr. speaks to supporters at the Adrienne Arsht Center for the Performing Arts in Miami on Oct. 12, 2023. Al Diaz | Miami Herald | Getty ImagesRobert F. Kennedy Jr., an independent candidate for president, is being questioned by the Federal Election...
Trump not allowed make New York fraud trial closing argument
Former US President and Republican presidential hopeful Donald Trump departs after speaking during a "Commit to Caucus" rally at the North Iowa Events Center in Mason City, Iowa, on January 5, 2024.Christian Monterrosa | AFP | Getty ImagesDonald Trump will not be...
The Messenger bets survival on huge ad revenue turnaround
Screenshot of the TheMessenger website.Source: TheMessengerThe Messenger, the struggling news media startup co-founded by publishing veteran Jimmy Finkelstein, is urging potential investors to make a long-shot bet on a dramatic rebound in advertising this year.The...
Hunter Biden shows up to hearing on contempt resolution
Hunter Biden, son of U.S. President Joe Biden, sits with his attorney Abbe Lowell as he makes a surprise appearance at a House Oversight Committee markup and meeting to vote on whether to hold Biden in contempt of Congress for failing to respond to a request to...
Ecuador president declares war on armed gangs after TV station attack
Ecuadorean security forces patrol the area around the main square and presidential palace after Ecuadorean President Daniel Noboa declared the country in a state of "internal armed conflict" and ordered the army to carry out military operations against the country's...
India to be a USD 5 trillion economy by FY28; reach USD 30 trillion by 2047: FM, ET BFSI
Gandhinagar: India will become the third largest economy by 2027-28, with a GDP of over USD 5 trillion, Finance Minister Nirmala Sitharaman said on Wednesday. Even going by conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047, she...
World Bank chief Ajay Banga, ET BFSI
Ajay Banga, President, World BankNew Delhi, World Bank President Ajay Banga on Tuesday batted for removing barriers to private sector investment, saying it is key to tackling challenges before the global economy as neither the governments nor multilateral banks have...
‘Bank account holders spiked from 15 crore in 2014 to 50 crore at present’: Nirmala Sitharaman, ET BFSI
Finance Minister Nirmala Sitharaman on Wednesday said India will become the third largest economy by 2027-28, with a GDP of over USD 5 trillion, and even going by conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047.While speaking at...
Sebi puts Malappuram Finance’s arm Asirvad Micro Finance IPO on hold, ET BFSI
Capital markets regulator Sebi has kept in "abeyance" the proposed Rs 1,500 crore Initial Public Offering (IPO) of Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance. However, the Securities and Exchange Board of India (Sebi) did not clarify...
In backdrop of IRDAI’s ‘Insurance for All by 2047′, Insurers expect encouraging changes, ET BFSI
With Budget 2023 being characterized as a Pro growth and Capex oriented budget, India Inc reckons Budget 2024 to be another elixir to sustain the current pace of economic growth. The government will adeptly do a fine balancing act of sticking to the fiscal prudence...
Indian companies took on larger forex risk in 2023 counting on RBI support, ET BFSI
Indian importers and exporters left a bigger portion of their foreign currency exposures unhedged in 2023, relying on the Reserve Bank of India (RBI) holding the rupee in a narrow range.Forward contracts purchased by importers to hedge future foreign currency payments...
Latest news on Russia and the war in Ukraine
Western allies condemn arms transfers between North Korea and RussiaThe U.S and its Western allies issued a statement Tuesday condemning alleged arms transfers between North Korea and Russia."We condemn in the strongest possible terms the Democratic People's Republic...
Budget 2024’s key task involves taming a wild inflation hurting Indians, ET BFSI
Amid India's struggles with soaring prices, maintaining control over inflation stands as a pivotal task for the Narendra Modi government in the forthcoming interim budget. The administration will have to implement measures aimed at consistently curbing the upward...
Ecuador TV studio taken over live on air by masked people brandishing guns
Ecuadorean police members take position outside the premises of Ecuador's TC television channel after unidentified gunmen burst into the state-owned television studio live on air on January 9, 2024, in Guayaquil, Ecuador, a day after Ecuadorean President Daniel Noboa...
India December inflation likely picked up to 5.87% on rising food costs: Poll, ET BFSI
Representative imageBENGALURU - India's retail inflation likely edged up in December on higher food prices but stayed within the Reserve Bank of India's target range for a fourth consecutive month, according to a Reuters poll of economists.Food prices, which account...
Defense Secretary Lloyd Austin treated for prostate cancer, developed severe infection, Pentagon reveals
Defense Secretary Lloyd Austin has been hospitalized since Jan. 1 for complications following a surgery to treat prostate cancer, officials at Walter Reed National Military Medical Center said Tuesday.Austin did not disclose his emergency hospitalization to White...
Biden slams Trump for hoping the economy crashes in 2024
U.S. President Joe Biden delivers remarks on the U.S. economy and his administration's effort to revive American manufacturing, during his visit in Flex LTD, in West Columbia, South Carolina, July 6, 2023.Jonathan Ernst | ReutersThe White House took aim at former...
Trump, Smith face off in court on election case immunity claim
Trump expected to attend immunity hearingFormer President Donald Trump is expected to listen in court as his legal team spars with federal prosecutors over whether the doctrine of presidential immunity shields him from criminal charges in the D.C. election case."Of...
Biden administration issues rule that could curb ‘gig’ work, contracting
Close-up of vertical sign with logos for ride-hailing companies Uber and Lyft.Smith Collection | Gado | Getty ImagesThe U.S. Department of Labor on Tuesday issued a final rule that will force companies to treat some workers as employees rather than less expensive...
Gabriel Attal becomes France’s youngest prime minister in modern history
PARIS, FRANCE - DECEMBER 20: French Education Minister Gabriel Attal during the weekly cabinet meeting at the presidential Elysee Palace on December 20 2023 in Paris, France. (Photo by Christian Liewig - Corbis/Getty Images)Christian Liewig - Corbis | Corbis News |...
National Realtors president resigns after blackmail threat
NAR President Tracy Kasper.Courtesy: NARThe president of the National Association of Realtors on Monday said she was resigning due to a blackmail threat that sought to "compromise" her leadership role.NAR President Tracy Kasper said she had notified the group's...
U.S. slams South Africa’s ‘meritless’ Israel genocide suit
U.S. President Joe Biden greets South Africa's President Cyril Ramaphosa in the Oval Office at the White House in Washington, September 16, 2022.Evelyn Hockstein | ReutersSouth Africa's genocide accusation against Israel has placed further strain on an already frayed...
RBI doubles minimum capital requirement to Rs 200 cr for SFBs, ET BFSI
The Reserve Bank on Monday raised the minimum capital requirement for small finance banks to Rs 200 crore and permitted Payments Bank to upgrade as SFBs. Incidentally, the net worth of all SFBs currently in operation is in excess of Rs 200 crore. Issuing the revised...
Companies not in hurry disclose beneficial ownership new Treasury rule
U.S. Treasury Secretary Janet Yellen gives a statement to the press during her visit in Mexico City, Mexico December 6, 2023.Daniel Becerril | ReutersWASHINGTON — Treasury Secretary Janet Yellen on Monday announced that just one week after a major new reporting...
RBI doubles minimum capital requirement to Rs 200 cr for SFBs, ET BFSI
The Reserve Bank on Monday raised the minimum capital requirement for small finance banks to Rs 200 crore and permitted Payments Bank to upgrade as SFBs. Incidentally, the net worth of all SFBs currently in operation is in excess of Rs 200 crore.Issuing the revised...
Latest news on Russia and the war in Ukraine
Ukraine has a deficit of anti-aircraft guided missiles, air force saysUkraine has a deficit of anti-aircraft guided missiles, Air Force spokesperson Yuriy Ihnat said on Tuesday."Ukraine has spent a considerable reserve on those three attacks that took place," Ihnat...
RBI levies Rs 7 lakh penalty on Navsarjan Industrial Co-operative Bank for non-compliance, ET BFSI
The Reserve Bank of India (RBI) has taken an action against Navsarjan Industrial Co-operative Bank Ltd., situated in Ankleshwar, District Bharuch, Gujarat, by imposing a monetary penalty of Rs 7.00 lakh.According to RBI, this penalty, enacted through an order dated...
RBI levies Rs 2 lakh penalty on Halol Urban Co-operative Bank for regulatory non-compliance, ET BFSI
The Reserve Bank of India (RBI) has recently imposed a monetary penalty of Rs 2 lakh on The Halol Urban Co-operative Bank Ltd., located in Panchmahal, Gujarat.The penalty is a result of the bank's non-compliance with various directives issued by the RBI, including...
Crypto ‘dark money’ lobbies as industry aims to influence 2024
Jtsorrell | Istock | Getty ImagesA new mysterious nonprofit group backed by the crypto industry has set up a mailing address about 100 miles away from Washington, D.C., and is making movies to exert power in the nation's capital.The Cedar Innovation Foundation, a...
White House backs Defense Sec. Austin after secret ICU stay
U.S. Secretary of Defence Lloyd Austin speaks to the media after a meeting of the Ukraine Defence Contact Group at Ramstein Air Base on April 21, 2023 in Ramstein-Miesenbach, Germany.Thomas Lohnes | Getty ImagesWhite House officials on Monday reinforced their support...
GOP reports recommend holding Hunter Biden in contempt of Congress
Hunter Biden, son of President Joe Biden, makes a statement to the press outside the U.S. Capitol about testifying publicly to the House Oversight and Accountability Committee on Wednesday, December 13, 2023.Bill Clark | Cq-roll Call, Inc. | Getty ImagesHouse...
Supreme Court rejects appeal by Elon Musk’s X on disclosing federal surveillance
Elon Musk, CEO of SpaceX and Tesla, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris on June 16, 2023.Chesnot | Getty ImagesThe Supreme Court on Monday refused to hear an appeal by the...
Blinken to meet with leaders of Saudi Arabia, UAE
U.S. Secretary of State Antony Blinken waves as he boards an aircraft during his departure from Washington to travel to the Middle East, amid the Israel-Hamas conflict, at Joint Base Andrews, Maryland, U.S., January 4, 2024. Evelyn Hockstein | ReutersDUBAI, United...
5 things to know before the stock market opens Monday
Here are the most important news items that investors need to start their trading day:1. A bumpy beginning2. Boeing woes continueBoeing shares dropped in premarket trading Monday, after the FAA grounded about 171 of the company's 737 Max 9 planes. The agency grounded...
RBI move on AIFs may crimp banks’ potential gains from startup sector growth, ET BFSI
The Reserve Bank of India (RBI) The recent Reserve Bank of India's ban on all investments in AIFs with downstream investments in debtor companies has raised concerns among stakeholders. Critics argue that this approach assumes that all such investments are equivalent...
Congressional leaders reach $1.59 trillion deal on top-line spending, pave the way for deal to fund the government
A jogger runs by the U.S. Capitol as the deadline to avert a partial government shutdown approaches at the end of the day on Capitol Hill in Washington, U.S., September 30, 2023.Ken Cedeno | ReutersCongressional leaders announced a $1.59 trillion deal on top-line...
BFSI honchos discuss what’s in store, BFSI News, ET BFSI
On the backdrop of a strong domestic economic environment despite global uncertainties, the key aspect to note with the Union Budget 2024 is its timing.India’s GDP growth in the July-September 2023 quarter was at 7.6%, and in Q1FY24, the economy grew by a robust 7.8%...
RBI seen using fund injections to lower money market rates, BFSI News, ET BFSI
Mumbai: Amid discussions with bankers over elevated funding costs and operational challenges brought about by liquidity deficit, the Reserve Bank of India (RBI) has sought to cool money market rates by conducting regular short-term fund injections after a long...
Congressional leaders reach $1.59 trillion deal on top-line spending, pave the way for deal to fund the government
A jogger runs by the U.S. Capitol as the deadline to avert a partial government shutdown approaches at the end of the day on Capitol Hill in Washington, U.S., September 30, 2023.Ken Cedeno | ReutersCongressional leaders announced a $1.59 trillion deal on top-line...
Fed pivot will dominate year of rate cuts in turn of global cycle, ET BFSI
The coming 12 months are shaping up as the year of the interest-rate cut.After racing ahead with the most aggressive tightening campaign in decades during 2022 and 2023, central banks around the world are poised to begin easing monetary policy as inflation continues...
Latest news on Russia and the war in Ukraine
Explosions in Zaporizhzhia as southern, northeastern Ukraine come under attackRussia attacked Zaporizhzhia in southern Ukraine and Kharkiv in the northeast in the early hours of Monday morning, regional officials said."As a result of a combined attack of cruise and...
Former RBI governor Raghuram Rajan, ET BFSI
CHENNAI: Former RBI governor Raghuram Rajan on Sunday said services and the manufacturing sectors have an equal and important role to play in India's growth story, adding that the services sector should not be given 'stepchild treatment'.Rajan, who is also a Member of...
Trial canceled in Berkshire Hathaway suit by Haslam family
Jimmy Haslam, CEO of Pilot Flying J. and Warren Buffett, Chairman and CEO of Berkshire Hathaway.Lacy O'Toole | CNBCA billion-dollar trial that was to determine if Berkshire Hathaway improperly used an accounting method that would significantly short-change the Haslam...
Microsoft, OpenAI sued over copyright infringement by authors
Microsoft CEO Satya Nadella, right, greets OpenAI CEO Sam Altman during the OpenAI DevDay event in San Francisco on Nov. 6, 2023.Justin Sullivan | Getty Images News | Getty ImagesTwo nonfiction book authors sued Microsoft and OpenAI in a would-be class action...
Trump had meals at Jeffrey Epstein home, court filing shows
Portrait of American financier Jeffrey Epstein, left, and Donald Trump as they pose together at the Mar-a-Lago estate in Palm Beach, Florida, in 1997.Davidoff Studios Photography | Archive Photos | Getty ImagesDonald Trump sometimes ate meals at the Florida home of...
Supreme Court to hear Trump appeal of Colorado ballot ban
Former U.S. President Donald Trump looks on during a campaign event in Waterloo, Iowa, on Dec. 19, 2023.Scott Olson | Getty ImagesThe U.S. Supreme Court on Friday agreed to hear an appeal challenging a court ruling that disqualified former President Donald Trump from...
Global shipping delays cast shadow over strong December jobs report
Loaded containers stacked on top of a cargo ship sailing in a canal on Janvier 20, 2017 in Suez Canal, Red sea, Egypt. Camille Delbos | Corbis News | Getty ImagesWASHINGTON — The strong December jobs report released Friday capped off a year of economic wins for the...
AG wants Trump banned from New York real estate business for life
Former U.S. President Donald Trump attends the trial of himself, his adult sons, the Trump Organization and others in a civil fraud case brought by state Attorney General Letitia James, at a Manhattan courthouse, in New York City, U.S., October 3, 2023.Shannon...
RBI revises definition of politically-exposed persons for KYC purpose, ET BFSI
The Reserve Bank of india (RBI)Mumbai, The Reserve Bank of India (RBI) has changed the definition of Politically-Exposed Persons (PEPs) under its norms, a move that will make it easier for those individuals to carry out various banking transactions, including availing...
Govindayapalli Ram Mohan Rao takes charge as Sebi’s executive director, ET BFSI
Sebi on Thursday said Govindayapalli Ram Mohan Rao has taken charge as an executive director and will handle the departments of investigation and internal inspection. Earlier, Rao was the regional director of the eastern regional office of Sebi (Securities and...
RBI tightens norms for short term commercial papers, non-convertible debentures, ET BFSI
The Reserve Bank of India (RBI)Mumbai, The Reserve Bank of India has tightened rules for the issuance of short term Commercial Papers (CPs) and Non-Convertible Debentures (NCDs), with an initial maturity of up to one year. The new norms, which come into effect from...
5 things to know before the stock market opens Friday
Here are the most important news items that investors need to start their trading day:1. Winning streaks in jeopardyA stellar run for U.S. stock has hit a hurdle this week. The major averages could break nine-week winning streaks after a poor start to 2024. The Dow...
CBDC payments hit RBI goal of 1 million/day, BFSI News, ET BFSI
NEW DELHI: India’s central bank digital currency transactions crossed the one million mark a day for the first time on December 27 and has since hit a peak of over two million in a day. While CBDC or the e-rupee project is currently in the pilot stage, RBI had set a...
Latest news on Russia and the war in Ukraine
White House says Russia has begun using missiles supplied by North Korea in UkraineWhite House national security spokesperson John Kirby speaks about alleged North Korean ballistic missiles fired by Russia into Ukraine during a press briefing at the White House in...
New York City suing charter bus companies for transporting migrants from Texas
A bus carrying migrants from Texas arrives at Port Authority Bus Terminal on August 10, 2022 in New York.Yuki Iwamura | Afp | Getty ImagesNew York City is suing more than a dozen charter bus companies for their role in Texas Gov. Greg Abbott's operation to send tens...
Second set unsealed in New York
Jeffrey Epstein and Ghislaine Maxwell attend de Grisogono Sponsors The 2005 Wall Street Concert Series Benefiting Wall Street Rising, with a Performance by Rod Stewart, at Cipriani Wall Street in New York City on March 15, 2005.Joe Schildhorn | Patrick McMullan |...
More Jeffrey Epstein court documents and names to be released
Jeffrey Epstein attends the launch of RADAR MAGAZINE at Hotel QT on May 18, 2005.Patrick McMullan | Getty ImagesThe lawyer for multiple victims of Jeffrey Epstein says more court documents detailing the sex predator's actions and names of associates will be released...
Treasury Secretary Steven Mnuchin yet to help Trump
After serving in the Trump administration for four years, former Treasury secretary Steven Mnuchin is keeping his distance from the former president and his campaign, according to people familiar with the matter."Mnuchin has not been in the room," said Stephen Moore,...
Iran blasts and Red Sea attacks stoke fears of a wider Middle East war
Iranians hold portraits of slain top Iranian commander Qasem Soleimani during the commemoration ceremony marking the anniversary of his killing in the Iranian capital Tehran on January 3, 2024.Atta Kenare | Afp | Getty ImagesDeadly blasts that killed at least 84...
Decoding BFSI leaders expectation, BFSI News, ET BFSI
As the Narendra Modi-led government is set to present the Union Budget, last of its second tenure, in less than a month to go, the predictions and anticipations are high. Notably, the Budget 2024 would rather be a Vote on Account than a full Budget ahead of the polls....
Fed sees rates staying high for some time with cuts eyed in 2024, ET BFSI
Federal Reserve policymakers agreed last month that it would be appropriate to maintain a restrictive stance “for some time,” while acknowledging they were probably at the peak rate and would begin cutting in 2024.“Participants viewed the policy rate as likely at or...
Trump loses E. Jean Carroll trial delay appeals bid
Former U.S. President Donald Trump looks on during a campaign event in Waterloo, Iowa, on Dec. 19, 2023.Scott Olson | Getty ImagesA New York federal appeals court on Wednesday rejected a last-ditch effort by Donald Trump to delay his upcoming civil trial for defaming...
RBI’s updated dividend guidelines have minimal impact on banks’ payout policies, ET BFSI
The Reserve Bank of India (RBI) The Reserve Bank of India (RBI) has introduced a revised framework for dividend declaration by banks and profit repatriation for foreign banks. The new guidelines, effective from FY2024-25, notably link payout ratios to net...
Latest news on Russia and the war in Ukraine
No 'plan B' for Ukraine, foreign minister saysU.S. Secretary of State Antony Blinken and Ukrainian Foreign Minister Dmytro Kuleba at a press conference during the NATO Foreign Ministers Meeting on Ukraine at its headquarters in Brussels, Belgium, on Nov. 29, 2023.Pool...
RBI issues order to tweak NCD, commercial paper norms, ET BFSI
The RBI issued direction on Wednesday to introduce changes in the norms related to non-convertible debentures (NCDs) and buyback of commercial papers (CPs) of original or initial maturity up to one year. The directions, which will come into force with effect from...
Jeffrey Epstein court document names unsealed Wednesday
Jeffrey Epstein and Ghislaine Maxwell attend Batman Forever/R. McDonald Event on June 13, 1995 in New York City.Patrick McMullan | Getty ImagesNew York federal court documents containing previously hidden names of people associated in some way with the late notorious...
Killing of Hamas leader stokes fears of wider conflict
03 January 2024, Lebanon, Beirut: The destroyed Hamas' office that was attacked by Israel on 02 January killing Palestinian leader Saleh al-Arouri and six others pictured from shattered glass in Beirut southern suburb. Photo: Marwan Naamnai/dpa (Photo by Marwan...
RBI issues draft norms for dividend declaration by banks, BFSI News, ET BFSI
The Reserve Bank of India (RBI) on Tuesday came out with draft norms on declaration of dividend by banks and remittance of profits to head office by foreign bank branches in India.The RBI circular explains the detailed eligibility criteria and guidelines on board...
Latest news on Russia and the war in Ukraine
Belgorod, Sevastopol attacked overnight, Russian officials sayRussian officials said Ukraine attacked the Russian city of Belgorod overnight, as well as the port city of Sevastopol in Russian-occupied Crimea.The Russian Governor of Belgorod, Vyacheslav Gladkov, said...
Banks’ pass through of rate hikes fastest of past three cycles: RBI, ET BFSI
Banks have passed on higher interest rates effected by the RBI the quickest in the last three rate increase cycles, data from the central bank shows. This is largely due to the regulator mandating the linking of lending rates to external benchmarks. “Monetary policy...
China lifts policy bank loans, raising housing support expectations, ET BFSI
BEIJING: China's central bank made 350 billion yuan ($49.1 billion) in loans to policy banks through its pledged supplementary lending (PSL) facility in December, data showed, fuelling expectations of increased support for the country's ailing housing sector.The...
Michael Cohen can’t hold Trump liable for retaliatory imprisonment, court says
Michael Cohen, former personal lawyer to US President Donald Trump, arrives at federal court in New York, US, on Thursday, Dec. 14, 2023.Yuki Iwamura | Bloomberg | Getty ImagesMichael Cohen can't hold his former boss, ex-president Donald Trump, liable for allegedly...
No Labels will face ‘tough judgment’ on third-party ticket
Former Sen. Joe Lieberman poses for a portrait in Beijing, Oct. 15, 2023.Gilles Sabrié| The Washington Post | Getty ImagesNo Labels founder Joe Lieberman is open to scrapping his bipartisan, third-party presidential ticket if the nonprofit political group cannot nail...
Harvard University President Claudine Gay resigning her post, reports say
Claudine Gay, Dean of the Faculty of Arts and Sciences, speaks during the 368th Commencement Exercises at Harvard University in Cambridge, Massachusetts, May 30, 2019.Brian Snyder | ReutersHarvard University President Claudine Gay will resign amid allegations of...
RBI, BFSI News, ET BFSI
The Reserve Bank of India (RBI) Despite the recent increase in financial liabilities, household debt in India is much lower than in other emerging market economies (EME) and, therefore, the risk of defaults due to greater exposure of higher mortgage payments and...
Suspect arrested after breaking into Colorado Supreme Court building
A general view of the Colorado Supreme Court in Denver, Colorado, U.S., December 20, 2023, a day after the court ruled that former President Donald Trump is disqualified from serving as U.S. President and cannot appear on the primary ballot in Colorado for his role in...
RBI reviews certain norms, eligibility criteria, ET BFSI
The Reserve Bank of India (RBI) on Tuesday reviewed the norms, eligibility criteria and board oversights pertaining to the declaration of dividends by the banks. The apex bank, as part of its latest release has asked the banks to consider divergence in classification...
Fairness and Governance in AI Tech in Banking, BFSI News, ET BFSI
The Reserve Bank of India (RBI) deputy governor Rajeshwar Rao has raised concerns over issue relating to fairness, transparency and governance in the use of artificial intelligence in banking.Speaking at the 106th annual conference of Indian Economic Association in...
RBI issues new order to help recovery of unclaimed deposits in banks, ET BFSI
The Reserve Bank of India (RBI)Mumbai: The Reserve Bank of India (RBI) has issued fresh instructions to banks to strengthen the ongoing efforts to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners or...
RBI draws up checklist for AI tech in banking, BFSI News, ET BFSI
MUMBAI: RBI deputy governor Rajeshwar Rao has raised concerns over issue relating to fairness, transparency and governance in the use of artificial intelligence in banking.Speaking at at the 106th annual conference of Indian Economic Association in Delhi last week,...
RBI issues new order to help recovery of unclaimed deposits in banks, ET BFSI
The Reserve Bank of India (RBI) has issued fresh instructions to banks to strengthen the ongoing efforts to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners or claimants.As per the extant instructions,...
Latest news on Russia and the war in Ukraine
Kharkiv comes under 'massive rocket attack,' mayor saysKharkiv in northeast Ukraine has come under a "massive rocket attack" on Tuesday, the city's mayor warned, urging civilians to remain within air raid shelters."There are several arrivals [of missiles] in the...
Big Four network and others under scrutiny over audit services, ET BFSI
The National Financial Reporting Authority (NFRA), the regulatory body overseeing listed and large unlisted companies in the country, is scrutinizing the audit and non-audit services provided by the Big Four network and other firms to their clients, reported TOI.The...
RBI simplifies reactivation of dormant accounts; tightens norms to curb frauds, ET BFSI
The Reserve Bank of India has eased the process to reactivate the dormant accounts and at the same time tightened norms to ensure that frauds are limited in the inoperative accounts where funds remain unclaimed.The central bank said that activation of such accounts...
RBI crackdown on unsecured loans may drive banks and fintech firms closer in 2024, ET BFSI
The Reserve Bank of India's crackdown on unsecured lending is likely to lead to an increase in collaborations between fintechs and traditional lenders in 2024. This trend is set to be propelled by the challenges faced by fintechs in securing adequate funds to bolster...
‘Managed to rein in inflation without losing growth focus’, ET BFSI
NEW DELHI: RBI governor Shaktikanta Das has said that the central bank managed to moderate inflation without compromising on its growth focus. In his new year message to the central bank's staff, Das said that the RBI has navigated multiple challenges faced by the...
Netanyahu says Israel must control Gaza’s border with Egypt, war to last months
Israeli Prime Minister Benjamin Netanyahu meets with soldiers stationed near the north of Gaza Strip in Jerusalem on Dec. 25, 2023.Avi Ohayon | Anadolu | Getty ImagesIsraeli Prime Minister Benjamin Netanyahu vowed to retake control of the Gaza Strip's border with...
Prosecutors urge appeals court to reject Trump’s immunity claims in election subversion case
Special counsel Jack Smith urged a federal appeals court Saturday to reject former President Donald Trump's claims that he is immune from prosecution, saying the suggestion that he cannot be held to account for crimes in office "threatens the democratic and...
Maine state official who removed Trump from ballot was targeted in swatting call at her home
A fake emergency call to police resulted in officers responding Friday night to the home of Maine Secretary of State Shenna Bellows just a day after she removed former President Donald Trump from the state's presidential primary ballot under the Constitution's...
Muslim leaders expand campaign to abandon Biden over Israel-Hamas war
U.S. President Joe Biden joins Israel's Prime Minister for the start of the Israeli war cabinet meeting, in Tel Aviv on October 18, 2023, amid the ongoing battles between Israel and the Palestinian group Hamas.Miriam Alster | Afp | Getty ImagesMuslim leaders announced...
Poland says ‘everything indicates’ Russian missile entered its airspace
A view of the area where unidentified object was seen on the sky in Sosnowa-Debowa village of Lublin, Poland on December 29, 2023.Anadolu | Anadolu | Getty ImagesPoland's defense forces said an unknown object entered the country's airspace Friday morning from the...
RBI extends payment infrastructure scheme, BFSI News, ET BFSI
MUMBAI: The RBI has extended its Payment Infrastructure Development Fund (PIDF) scheme until December 31, 2025 and has expanded its scope. Under the revised PIDF scheme, merchants covered by the PM Vishwakarma Scheme across centres are included as beneficiaries....
RBI issues directions on Internal Ombudsman rules for banks, NBFCs, ET BFSI
The Reserve Bank of India (RBI) on Friday released a master direction on the Internal Ombudsman norms for banks and big NBFCs to harmonise the instructions applicable to various regulated entities on the Internal Ombudsman (IO) mechanism."These instructions are...
Ex-Trump lawyer Michael Cohen says he unwittingly sent AI-generated fake legal cases to his attorney
Michael Cohen, Donald Trump's onetime personal lawyer and fixer, says he unwittingly passed along to his attorney bogus artificial intelligence-generated legal case citations he got online before they were submitted to a judge.Cohen made the admission in a court...
Sebi tweaks framework for Online Bond Platform Providers to boost ease of doing biz, ET BFSI
Capital markets regulator Sebi on Thursday tweaked the regulatory framework for Online Bond Platform Providers (OBPPs) to enhance the ease of doing business. This came after Sebi received representations from stock exchanges and market participants, including online...
Banks, NBFCs to stop compounding penalty charges from April 1, 2024 as RBI extends deadline, ET BFSI
The Reserve Bank of India (RBI) has extended the deadline for implementing charges levied on loan accounts. As per the circular issued by the RBI on December 29, 2023, the deadline has been extended by three months and new rules will be introduced from April 1, 2024,...
RBI extends PIDF scheme by 2-years till Dec 2025, BFSI News, ET BFSI
The RBI on Friday extended the Payments Infrastructure Development Fund (PIDF) Scheme by two years till December 2025, and also widened the scope to provide subsidy by including sound box instruments and Aadhaar-enabled biometric devices. The corpus of PIDF stands at...
RBI releases draft on G-Sec forwards, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India has released draft directions on introduction of bond forwards in government securities, a move that will enable market participants, particularly long-term investors, to manage cash flows and interest rate risk. Comments on the draft...
RBI continues battle against inflation; all eyes on possible rate cut in 2024, ET BFSI
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks...
Guv Shaktikanta Das, ET BFSI
We have made significant progress since the onset of the Covid-19 pandemic in steering the economy and the financial system: Shaktikanta DasReserve Bank Governor Shaktikanta Das on Thursday said India is one of the fastest growing major economies in the world with a...
Rates of RBI Floating Savings Bonds offering 8.05% to be reviewed soon; will it change from January 1, 2024?, ET BFSI
The interest rate of RBI Floating Rate Savings Bonds (FRSB) 2020 (Taxable) is reviewed semi-annually and it is due for revision on January 1, 2024. At present, it offers an interest rate of 8.05% per annum. This is one of the highest interest rates offered on safe...
India’s economy is on stable high growth path backed by stronger banks: RBI, ET BFSI
"Proactive and prudent policy actions and availability of policy buffers are steering the economy on a rising growth trajectory with stability," the report said.Amidst a challenging global macroeconomic environment, the Indian economy is exhibiting "a quickening...
Maine’s top election official rules Trump ineligible for 2024 primary ballot
Former U.S. President and Republican presidential candidate Donald Trump attends a 2024 presidential election campaign event at Sportsman Boats in Summerville, South Carolina, U.S. September 25, 2023. Sam Wolfe | ReutersMaine's top election official ruled Thursday...
Federal judge accepts redrawn Georgia congressional and legislative districts that will favor GOP
Georgia Rep. Mack Jackson, D-Sandersville, looks at a map of proposed state House districts before a House hearing, Nov. 29, 2023, at the state Capitol in Atlanta.Jeff Amy | APA federal judge on Wednesday accepted new Georgia congressional and legislative voting...
Sebi issues procedure for public issuance of ‘zero coupon zero principle’ instrument by NPOs, ET BFSI
Capital markets regulator Sebi on Thursday came out with a procedure for public issuance of 'zero coupon zero principle' instruments by not-for-profit organisations (NPOs) and listing of such instruments on the Social Stock Exchange (SSE). Under this, the SSE will...
Bad assets of banks decline multi-year low to 0.8% in September: RBI report, ET BFSI
The Reserve Bank on Thursday said net non-performing assets ratio of banks declined to a multi-year low of 0.8 per cent at the end of September 2023 and the country's domestic financial system remains resilient. "The resilience of the non-banking financial companies...
RBI releases D-SIB list, SBI, HDFC Bank need to maintain higher capital from FY25, ET BFSI
Reserve Bank of India (RBI) has released the 2023 list of domestic systemically important banks (D-SIBs) on Thursday in which State Bank of India (SBI), HDFC Bank, and ICICI Bank continue to be listed. “While ICICI Bank continues to be in the same bucketing structure...
RBI flags contagion risk, says stress in NBFC sector assessed to be higher than in March 2023, ET BFSI
While macro stress tests for credit risks indicate that even under a severe stress scenario all banks would be able to comply with minimum capital requirements, stress in the NBFC sector could be higher relative to March 2023, the Reserve Bank of India said in the...
RBI releases latest list of domestic Systemically important banks, check changes here, ET BFSI
The Reserve Bank of India on Thursday released the latest list of domestic Systemically important banks. ICICI Bank continued to be in the same bucketing structure as last year whereas State Bank of India and HDFC Bank moved to higher buckets.SBI shifted from bucket 3...
RBI deputy governor flags banks’ tendency to depend on bulk deposits, ET BFSI
Mumbai, Reserve Bank of India Deputy Governor Swaminathan J on Thursday flagged rising tendency of banks to depend on bulk deposits, which attract higher cost and therefore affects margins. Swaminathan urged banks to effectively manage their interest rate risks, and...
RBI Dy Guv highlights Banks’ underutilized IT budgets, ET BFSI
Amid India's adept handling of economic uncertainties and the period of global volatility - 2020 to 2023, RBI Deputy Governor Swaminathan J presented a critical evaluation at the SBI Banking & Economics Conclave - banks are falling short in committing to their...
RBI permits lending, borrowing in government securities, BFSI News, ET BFSI
In a bid deepen the bond market, Reserve Bank of India on Wednesday issued guidelines for lending and borrowing in government securities. A well-functioning market for securities lending and borrowing will add depth and liquidity to the Government Securities (G-Sec)...
RBI announces 2-day repo as overnight rates stay elevated, BFSI News, ET BFSI
The Reserve Bank of India (RBI) will conduct a variable rate repo (VRR) auction for a third time in less than two weeks later on Wednesday as liquidity conditions stay tight and overnight rates remain elevated.The Reserve Bank of India will conduct a two-day repo for...
Reserve Bank continues battle against inflation; all eyes on possible rate cut in 2024, ET BFSI
Mumbai, For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and...
Banks see a four-fold jump in card, internet frauds: RBI data, ET BFSI
Banks saw an exponential surge in card and internet-related frauds, reaching 12,069 cases in April-September 2023-24 from about 2,500 in 2020-21,underscoring the urgency for financial institutions to fortify cybersecurity measures and implement robust fraud detection...
With all eyes on Gaza and Ukraine, analysts fear these conflicts could erupt
Sudanese army soldiers, loyal to army chief Abdel Fattah al-Burhan, sit atop a tank in the Red Sea city of Port Sudan, on April 20, 2023.- | Afp | Getty ImagesWith the eyes of the world on the ongoing wars in Ukraine and Gaza, an unprecedented number of potentially...
Michigan court rejects appeal to disqualify Trump from 2024 ballot
Republican presidential candidate and former U.S. President Donald Trump attends a campaign event in Waterloo, Iowa, U.S. December 19, 2023.Scott Morgan | ReutersThe Michigan Supreme Court on Wednesday rejected an attempt to remove former President Donald Trump from...
IBBI prepares list of 787 insolvency professionals to expedite resolution process, ET BFSI
The bankruptcy regulator has firmed up a provisional list of 787 insolvency professionals (IPs) that it will share with the adjudicating authority to choose from to oversee various cases of resolution or liquidation.The move is aimed at avoiding administrative delays...
RBI’s repo sees strong demand, traders eye more cash infusion in Q4, ET BFSI
The Reserve Bank of India's (RBI) infusion of 500 billion rupees ($6 billion) through a two-day variable rate repo on Wednesday saw strong demand from banks, boosting hopes of more short-term cash infusions through March.India's banking system liquidity deficit...
Sebi may let AIFs pledge shares in investee firms
Generally, if a special purpose vehicle (SPV) operating an infrastructure project seeks a loan, the bank will insist on promoters pledging shares in the SPV as security. If an AIF is the promoter or controlling shareholder of an SPV operating an infrastructure...
RBI proposes to introduce new category of money changers, ET BFSI
The Reserve Bank on Tuesday proposed to introduce a new category of money changers who may conduct business through an agency model by becoming Forex Correspondents (FxCs) of Authorised Dealers. Currently, the Reserve Bank issues licences to authorised dealers --...
RBI to introduce Forex Correspondents, a new category of money changers, ET BFSI
File photoIn a move aimed at enhancing the ease of doing business and adapting to the evolving economic landscape, the Reserve Bank of India (RBI) has proposed the introduction of a new category of money changers. This new category, known as Forex Correspondents...
RBI's Das & Co with Arjuna's eyes had many arrows to tame India's wild inflation rate in 2023
The year began with inflation at around 6.5 percent, which is higher than the Reserve Bank of India's (RBI) acceptable range of 2-6 percent. To tackle this issue, the RBI has taken significant steps to control rising inflationary pressures.
Sebi restricts 5 persons from securities market; imposes over Rs 4-cr fine, ET BFSI
New Delhi, Capital markets regulator Sebi has imposed a penalty of over Rs 4 crore on five former officials of Fedders Electric and Engineering Ltd (FEEL) and barred them from the securities market for two years in a case of malpractices and manipulations in the...
India’s current account deficit in Q2 declines sharply to 1% of GDP at $8.3 Bn: RBI data, ET BFSI
India's current account deficit (CAD) declined sharply to 1% of the GDP or $8.3 billion in the second quarter of this financial year 2024, data released by RBI said on Tuesday. The decline is driven by mainly due to lower merchandise trade deficit and growth in...
RBI strike on unsecured loans set to prop up gold loan demand, ET BFSI
Gold loan financiers are poised to capitalise on the current surge in gold prices and a slowdown in unsecured lending, triggered by an increase in risk weights by the central bank. Financial institutions, in a bid to trim their exposure to unsecured retail loans, are...
RBI cracks down on illegal forex trading, BFSI News, ET BFSI
The Reserve Bank of India (RBI) is in talks with banks and the government for more stringent measures to ensure that banking channels are not misused for illegal forex trading.In a letter to all stakeholders last month, the RBI sought suggestions on the matter and...
RBI may not have to drain cash further as core liquidity declines, ET BFSI
Mumbai: The Reserve Bank of India need not have to tighten liquidity any further as a metric cited by the central bank has fallen below levels that could stoke inflation, potentially paving the way for Mint Road to effectively deliver a rate cut by letting market...
How payment startups are facing the RBI ban from onboarding new merchants, ET BFSI
The Reserve Bank of India (RBI) this month cleared Razorpay and Cashfree as payment aggregators though it has kept applications of Paytm and PayU in abeyance. The central bank had last year imposed a ban on major payment aggregators such as Paytm, Razorpay, Cashfree,...
What could happen in the Russia-Ukraine war in 2024?
A Ukrainian soldier is seen inside an artillery vehicle in his fighting position as Russia-Ukraine war continues in the direction of Kharkiv, Ukraine on November 20, 2023.Diego Herrera Carcedo | Anadolu | Getty ImagesAt the start of 2023, hopes were high that a...
Banks brace for auditor shuffle in New Year as per RBI’s three year tenure mandate, ET BFSI
Banks are gearing up to change their auditors for the fiscal year 2024-25, following the Reserve Bank of India's (RBI) mandate to rotate auditors every three years, implemented in the financial year 2020-21. This process, aimed at enhancing transparency and...
How will the proposed ASBA-like facility change stock trading?, ET BFSI
The Securities and Exchange Board of India (Sebi) has proposed to introduce a new settlement mechanism for stock trades from January 1. The proposed system is similar to the Application Supported by Blocked Amount (ASBA) facility available to an IPO applicant, which...
Govt to talk with IRDA for review of 24-hour hospitalisation rule for mediclaim, ET BFSI
In a move to address a pressing issue raised by the National Consumer Commission chief, the consumer affairs ministry has said that it will take up the matter with the Insurance Regulatory and Development Authority of India (IRDAI) and the Department of Financial...
Get lenders dressing up loans to cut exposure, AIFs tell RBI, ET BFSI
Stunned by a volley of harsh new rules, alternative investment funds (AIFs) in India have put their cards on the table.A fund lobby has told RBI it would accept a directive that forces lenders which have used AIFs to 'evergreen' loans to slash exposure to 10% of a...
How high frequency indicators performed in November 2023, ET BFSI
~ Ritesh and Shrishti SharmaIn the analysis of India's economic landscape in November 2023, we confront a resilient nation that has navigated global challenges throughout this decade. From the onset of the global pandemic to the Russia-Ukraine crisis and widespread...
RBI cracks down on illegal forex trading, BFSI News, ET BFSI
The Reserve Bank of India (RBI) is in talks with banks and the government for more stringent measures to ensure that banking channels are not misused for illegal forex trading.In a letter to all stakeholders last month, the RBI sought suggestions on the matter and...
As conflicts rage abroad, a fractured Congress tries to rally support for historic global challenges
As the Senate wrapped up its work for the year, Sen. Michael Bennet took to the floor of the nearly empty chamber and made a late-night plea for Congress to redouble support for Ukraine: "Understand the stakes at this moment."It was the third time in recent months the...
With the Supreme Court on the sideline for now, Trump’s lawyers press immunity claims before lower court in late-night filing
Republican presidential candidate and former U.S. President Donald Trump looks on during a campaign event on December 19, 2023 in Waterloo, Iowa. Scott Olson | Getty ImagesDonald Trump was acting within his role as president when he pressed claims about "alleged fraud...
US tensions with China are fraying long-cultivated academic ties. Will the chill hurt US interests?
In the 1980s, Fu Xiangdong was a young Chinese virology student who came to the United States to study biochemistry. More than three decades later, he had a prestigious professorship in California and was conducting promising research on Parkinson's disease.But now Fu...
Israel and Hamas measures get a look as most U.S. state legislatures meet for the first time since Oct. 7
Most U.S. state legislatures will reconvene in January for the first time since Hamas' Oct. 7 attack on Israel sparked a war in Gaza and protests worldwide — and they're preparing to take action in response, both symbolic and concrete.Legislatures in at least eight...
Israel pushes for control in northern Gaza; Biden, Netanyahu discuss outlook
Israeli army tanks are deployed in southern Israel bordering the Gaza Strip on Dec. 22, 2023.Jack Guez | Afp | Getty ImagesIsrael fought to wrest full control of northern Gaza from Hamas militants as the U.S. and Israeli leaders discussed the outlook for the...
RBI Guv Das in MPC minutes, ET BFSI
Shaktikanta Das, Governor, Reserve Bank of India (RBI) Even as the Reserve Bank of India's rate-setting panel voted to keep the rates unchanged in its December meeting, Governor Shaktikanta Das held reservations about inflation, which has receded from highs, but...
UN urges more Gaza aid, UN chief says Israel creating distribution ‘obstacles’
A view of demolition at Tel ez-Zater region after Israeli forces withdrew area aftermath the withdrawal of Israeli forces in Jabalia, Gaza on December 22, 2023.Anadolu | Anadolu | Getty ImagesThe U.N. Security Council called for boosting humanitarian assistance for...
Sebi proposes implementation of instant trade settlement in 2 phases, seeks comments, ET BFSI
The Securities and Exchange Board of India (Sebi) plans to implement instantaneous settlement of trades of T+O in two phases, and has floated a consultation paper, seeking comments on the same. In phase 1, the regulator has proposed an optional T+0 settlement cycle...
RBI focused on disinflation, want inflation below 4% on a durable basis, ET BFSI
The Reserve Bank of India's Monetary Policy Committee cautions about potential inflation risks due to food price shocks and weather fluctuations, emphasizing the need for sustained disinflation. The minutes of the MPC meet for the policy review in December show that...
RBI issues new rules, ET BFSI
The Reserve Bank of India (RBI) has issued rules on how individuals can tokenise their debit and credit cards via their banks. The central bank issued the new rules via a circular issued on December 20, 2023.In October 2023, the RBI announced that tokenisation of...
Policymakers open to looking into AIF circular concerns, BFSI News, ET BFSI
New Delhi: India's policymakers are open to looking at the industry's concerns relating to the Reserve Bank of India (RBI) circular on December 19 that imposed restrictions on investments in Alternative Investment Funds (AIFs) by banks and non-banking finance...
SEBI seeks to introduce optional T+0 , instant settlement of trades, ET BFSI
SEBI has solicited comments and inputs from stakeholders on introduction of the facility for clearing and settlement of funds and securities on T+0 and instant settlement cycle on optional basis in addition to the existing T+1 settlement cycle in secondary markets for...
South Korea fines two global banks for short-selling rule breaches, ET BFSI
South Korea's financial regulator said on Friday that it would fine two unnamed global investment banks and one local brokerage a record 26.5 billion won ($20.41 million) in total for naked short selling.Naked short selling of stocks - in which an investor short sells...
U.S. takes aim at financial institutions with new Russia sanctions authority
US President Joe Biden, with Treasury Secretary Janet Yellen (L) and Defense Secretary Lloyd Austin (R), speaks during a meeting with his cabinet at the White House in Washington, DC, on March 3, 2022.Jim Watson | AFP | Getty ImagesU.S. President Joe Biden on Friday...
RBI introduces card-on-file tokenisation, streamlines digital payment experience, ET BFSI
The Reserve Bank of India has enabled Card-on-File Tokenisation (CoFT) directly through card issuing banks / institutions also. This will provide cardholders with an additional choice to tokenise their cards for multiple merchant sites through a single process, the...
RBI directs banks to roll out Card-on-File token facility for customers, ET BFSI
The RBI has issued a circular to all banks for introducing the Card-on-File (CoF) token facility at the level of banks and otherinstitutions to provide convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce...
Former Swiss finance executive guilty in tax evasion scheme
The Internal Revenue Service headquarters building in Washington, D.C.Chip Somodevilla | Getty Images News | Getty ImagesWASHINGTON — A former Swiss finance executive pled guilty in New York federal court on Thursday to conspiring to defraud the U.S. in a tax evasion...
RBI issues draft omnibus SRO framework for banks, NBFCs, ET BFSI
The Reserve Bank of India on Thursday issued a draft omnibus framework for Self-Regulatory Organisations (SROs) for banks, NBFCs and other entities regulated by it. SROs enhance the effectiveness of regulations by drawing upon the technical expertise of practitioners...
Lawmakers praise Wells Fargo branch union
Spencer Platt | Getty Images News | Getty ImagesWASHINGTON — Democratic lawmakers on Thursday praised workers at a New Mexico branch of Wells Fargo for becoming the first branch of the nation's fourth-largest bank to unionize."Your success brings the fight for the...
Outward remittances drop 60% on-month during festive October, BFSI News, ET BFSI
Outward remittances under the Reserve Bank of India's (RBI) Liberalised Remittance Scheme (LRS) witnessed a significant 60.45% month-on-month decline, plummeting to $2.17 billion from the previous month's figure of $3.50 billion. The year-on-year comparison revealed a...
Former Trump lawyer Rudy Giuliani files for bankruptcy protection
Rudy Giuliani, the former personal lawyer for former U.S. President Donald Trump, arrives to the E. Barrett Prettyman U.S. District Courthouse on December 15, 2023 in Washington, DC. Anna Moneymaker | Getty ImagesRudy Giuliani filed for Chapter 11 bankruptcy...
Special counsel urges quick Supreme Court action
Special counsel Jack Smith speaks to members of the media at the US Department of Justice building in Washington, DC, on August 1, 2023.Saul Loeb | AFP | Getty ImagesThe federal special counsel prosecuting Donald Trump urged the Supreme Court on Thursday to quickly...
Ikea warns of product delays
Ikea warned of delays on some products due to the mass diversion of shipping containers from the Red Sea over safety concerns."The situation in the Suez Canal will result in delays and may cause availability constraints for certain IKEA products," a spokesperson said...
Trump asks Supreme Court to not hear presidential immunity appeal yet
Republican presidential candidate and former U.S. President Donald Trump attends a campaign event in Waterloo, Iowa, on Dec. 19, 2023.Scott Morgan | ReutersLawyers for Donald Trump on Wednesday urged the Supreme Court not to consider, yet, the question of whether he...
RBI introduces card tokenisation facility at bank level, BFSI News, ET BFSI
The RBI on Wednesday introduced a Card-on-File (CoF) token facility at the level of banks and other institutions to provide convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications. At present, a CoF...
Impact of RBI curbs on sweetheart deals involving lenders, borrowers and AIFs, ET BFSI
To curb the evergreening of loans by banks and non-banking finance companies (NBFCs), the Reserve Bank of India tightened the rules of institutional investments in Alternative Investment Funds. Shilpy Sinha explains the impact of the central bank curbs.What are AIFs?...
Latest news on Russia and the war in Ukraine
Families of Ukrainian POWs demand a resumption of prisoner exchanges with RussiaKYIV, UKRAINE - AUGUST 4: A woman wrapped in a flag of the Azov battalion is seen during “The Olenivka is the New Auschwitz” action that takes place in Sophia (Sofiiska) Square on August...
Impact of RBI curbs on sweetheart deals involving lenders, borrowers and AIFs, ET BFSI
To curb the evergreening of loans by banks and non-banking finance companies (NBFCs), the Reserve Bank of India tightened the rules of institutional investments in Alternative Investment Funds. Shilpy Sinha explains the impact of the central bank curbs.What are AIFs?...
Houthi attacks on Red Sea likely won’t end anytime soon
Houthi military helicopter flies over the Galaxy Leader cargo ship in the Red Sea in this photo released on Nov. 20, 2023.Houthi Military Media | Via ReutersDrone and missile attacks by Yemen-based Houthi militants have upended shipping through the Red Sea and Suez...
RBI attacks possible evergreening of NPAs by lenders via the AIF route, ET BFSI
In its latest notification, the RBI has intensified its regulatory tightening on the potential NPAs of lenders, camouflaged through investments in the Alternative Investment Funds (AIF).The important thing is that with the latest move, the central bank is expanding...
RBI paper, BFSI News, ET BFSI
There is a very low risk India encountering stagflation, said an RBI research paper. Inflation in India is more influenced by supply side factors and occasionally by demand, said the report published in RBI's latest monthly bulletin. The empirical findings suggest...
Thousands of Ukrainian POWs are still missing months after capture
KYIV, UKRAINE - 2023/12/17: A protester draped in an AZOV flag at Sophia Square to support Ukrainian prisoners of war. 'Don't be silent! Captivity kills!' action is held to remind people about the Ukrainian POWs, particularly the defenders of Mariupol, who have been...
U.S. and Venezuela do prisoner swap
U.S. President Joe Biden pauses as he announces the release of 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve, as part of administration efforts to lower gasoline prices, during remarks in the Eisenhower Executive...
Billions on the line for lenders as White House finalizes late fee cap
Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., August 29, 2020.Andrew Kelly | ReutersWASHINGTON — The Consumer Financial Protection Bureau's ambitious rule proposal to crack down on credit card late fees, a...
Biden touts minority small business wins as Latino approval sags
US President Joe Biden speaks about strengthening US ports and supply chains after the International Longshore and Warehouse Union and the Pacific Maritime Association finalized a new contract covering west coast ports, in the State Dining Room of the White House in...
Feds raided Rudy Giuliani’s home and office in 2021 over Ukraine suspicions, unsealed papers show
A 2021 federal raid on Rudy Giuliani's home and office was spurred by suspicions that the former New York City mayor had sought the removal of the U.S. ambassador to Ukraine partly because of the prospect of a financial reward from a Ukrainian official, according to...
Trump wipes out Biden’s lead with Latino voters in 2024: CNBC survey
Republican presidential candidate, former President Donald Trump arrives at a campaign event at the Hyatt Hotel on December 13, 2023 in Coralville, Iowa. Scott Olson | Getty Images News | Getty ImagesRepublican front-runner Donald Trump appears to be gaining...
Does the IMF view on India’s exchange rate policy matter, ET BFSI
India's foreign exchange regime is under fire from the IMF. The RBI says the classification by the multilateral institutions to stable from floating is wrong. What would the reclassification to 'stable' from 'floating' mean for future RBI's actions, an ET explainer...
Abortion foes’ lawsuit settled with National Archives over clothes ban
The National Archives Building - Washington DC, USA.Hisham Ibrahim | Photodisc | Getty ImagesSeveral abortion opponents who were ordered to remove or cover clothing with "pro-life" messages during a visit to the National Archives Museum have agreed to settle their...
Inflation is hurting consumption, strong likelihood that it may hold back India’s growth: RBI, ET BFSI
In its December bulletin, the Reserve Bank of India (RBI) highlighted a concerning trend, stating that real-time inflation is adversely impacting discretionary consumer spending. This, in turn, is impeding the overall growth of manufacturing companies, including their...
EU court upholds Abramovich sanctions after legal challenge
Abramovich, who is known to be a close contact of President Putin, was sanctioned by EU and U.K. authorities in March, causing his assets to be frozen and travel restricted.Cem Ozdel | Anadolu Agency | Getty ImagesA European Union court on Wednesday upheld sanctions...
Biden polls could suffer due to inflation even as economy improves
New Jersey Gov. Phil Murphy on Tuesday predicted that President Joe Biden will get a much-needed boost in the polls as the economy continues to improve."I believe it's only a matter of time until he does get that credit," Murphy said of Biden on CNBC's "Power...
Latest news on Russia and the war in Ukraine
Russia launches fifth air attack on Kyiv this month, Ukrainian officials say Russia on Tuesday launched its fifth air attack on Kyiv this month, Ukrainian officials said.Ukraine's air force reported that its air defense systems intercepted 18 out of 19 drones that...
RBI’s challenges with real interest rates amid sticky inflation, ET BFSI
Federal Reserve Chair Jerome Powell may have kindled hopes of lower rates, but the RBI's position may be a bit tougher if one goes by the real interest rates. How despite the MPC's 250 basis points increase in policy rates, real interest rates, adjusted for inflation,...
When IMF’s Lagarde gave thumbs up to RBI’s FX intervention, BFSI News, ET BFSI
The International Monetary Fund's amended classification of the Indian currency regime to `stabilised arrangement’ from `floating’ has turned contentious as it signals that the Rupee was stable more due to intervention than its inherent strength. India’s central bank...
U.S. Bank fined $36 million for frozen unemployment benefits
WASHINGTON — The Consumer Financial Protection Bureau on Tuesday announced it has fined U.S. Bank nearly $21 million for cutting off access to unemployment insurance benefits during the height of the Covid-19 pandemic. The Office of the Comptroller of the Currency...
Five RBI game-changing moves that revolutionised fintech sector this year, ET BFSI
The Reserve Bank of India (RBI) has made several significant announcements that have changed the fortunes of the fintech world this year, from FLDG guidelines to cross-border payments. Let's take a swift review of some key decisions undertaken by the central bank.The...
Colorado Supreme Court blocks Trump from ballots in election
The Colorado Supreme Court on Tuesday barred former President Donald Trump from appearing on the state's ballots for next year's election due to his inciting the 2021 U.S. Capitol riot — but paused the decision from taking effect until Jan. 4.The delay allows Trump to...
RBI junks IMF claim of bank’s excessive forex intervention, ET BFSI
NEW DELHI: International Monetary Fund (IMF) has criticised Reserve Bank of India's intervention in the foreign exchange market, hinting at attempts by authorities to influence the rate - a charge that was dismissed by the central bank, which said its foreign exchange...
Sandra Day O’Connor called a pioneer and ‘iconic jurist’ as she is memorialized by Biden, Roberts
Justice Sandra Day O'Connor, the Arizona rancher's daughter who became a voice of moderate conservatism as the first woman on the U.S. Supreme Court, was memorialized by President Joe Biden on Tuesday as a pioneer in the legal world who inspired generations of...
India criticises IMF for suggesting RBI influenced value of rupee via excessive intervention in forex market, ET BFSI
NEW DELHI: India on Tuesday hit out at the International Monetary Fund (IMF) after the agency claimed that the Reserve Bank of India (RBI) had excessively intervened in the foreign exchange market, suggesting an attempt to influence the value of the rupee.The IMF...
RBI tightens norms for banks, NBFCs investing in alternative investment fund, ET BFSI
In a significant move, the Reserve Bank of India (RBI) on Tuesday introduced regulations to prevent banks and non-banking financial companies (NBFCs) from utilising the alternative investment fund (AIF) route to 'evergreen' their loans.Taking the cognizance of certain...
Trump makes long-shot bid to toss gag order in D.C. election case
Republican presidential candidate and former U.S. President Donald Trump attends a rally in Reno, Nevada, U.S. December 17, 2023. Carlos Barria | ReutersFormer President Donald Trump on Monday asked a federal appeals court to reconsider a ruling that upheld a gag...
Trump aide Mark Meadows loses bid to move Georgia election trial to federal court
Mark Meadows, former White House chief of staff, center, exits the Richard B. Russell Federal Building in Atlanta, Georgia, US, on Monday, Aug. 28, 2023.Elijah Nouvelage | Bloomberg | Getty ImagesA federal appeals court on Monday rejected a bid by former Trump White...
Rudy Giuliani sued by election workers over defamation
Rudy Giuliani, the former personal lawyer for former U.S. President Donald Trump, departs the E. Barrett Prettyman U.S. District Courthouse on December 11, 2023 in Washington, DC.Drew Angerer | Getty ImagesRudy Giuliani was sued again Monday by two former Georgia...
Bank of England recognises CCIL as non-UK central counterparty, ET BFSI
Mumbai: The Bank of England (BoE) has recognised the Clearing Corporation of India (CCIL) as a non-UK central counterparty, officially resolving a regulatory roadblock that sprang up a year ago and threatened to stall UK banks' trading activity in domestic bond and...
U.S. expands Red Sea defense as Houthis disrupt trade
Mock drones and missiles are displayed at a square on December 07, 2023 in Sana'a, Yemen.Mohammed Hamoud | Getty ImagesU.S. officials on Monday expanded a multinational maritime force in the Red Sea to defend against escalating attacks from the Iran-backed Houthi...
Latest news on Russia and the war in Ukraine
Russia will circumvent diamond ban, Kremlin saysA display of diamonds shows coloured diamonds among other stones at Alrosa Diamond Cutting Division in Moscow on July 3, 2019.Alexander Nemenov | Afp | Getty ImagesRussia possesses and will implement "options to...
RBI penalties on banks, NBFCs add up to Rs 40.39 crore for 2022-23, ET BFSI
The Reserve Bank of India (RBI) has imposed penalties to the tune of Rs 40.39 crore on banks, non-banking financial companies (NBFCs) and other entities for breach of norms during 2022-23, Minister of State for Finance Bhagwat Karad said in a written reply to the Lok...
Trump judge in NY fraud case slams credibility of paid defense expert
Republican presidential candidate, former President Donald Trump arrives at a campaign event at the Hyatt Hotel on December 13, 2023 in Coralville, Iowa. Scott Olson | Getty Images News | Getty ImagesThe judge presiding over the high-stakes civil business fraud trial...
Bank of Japan keeps ultra-loose policy, focus shifts to exit timing, ET BFSI
The Bank of Japan maintained ultra-loose monetary settings on Tuesday in a widely expected move, underscoring policymakers' preference to await more clues on whether wages will rise enough to keep inflation durably around its 2% target.The central bank also made no...
House Republicans plan to defund top universities
U.S. Rep. Jim Banks (R-IN) questions witnesses in a hearing of the House Select Committee on Strategic Competition between the United States and the Chinese Communist Party, in the Cannon House Office Building on February 28, 2023 in Washington, DC.Kevin Dietsch |...
Sebi streamlines criteria for grant of accreditation to investors, ET BFSI
Capital markets regulator Sebi on Monday simplified the requirements for the grant of certification to accredited investors. A person or entity identified as an accredited investor based on net worth or income. Such investors can invest in securities that may not be...
Clarence Thomas finances under scrutiny as Supreme Court weighs Trump case
Clarence Thomas, associate justice of the U.S. Supreme Court, listens during a ceremony on the South Lawn of the White House in Washington, D.C., U.S., on Monday, Oct. 26, 2020.Al Drago | Bloomberg | Getty ImagesSupreme Court Justice Clarence Thomas is facing fresh...
Predatory Sparrow (Gonjeshke Darande) claim cyberattack on Iran’s gas stations
08/16/2023 Tehran, Iran. A view of the single nozzle fuel dispenser of a gas station in Tehran. (Photo by Hossein Beris / Middle East Images / Middle East Images via AFP) (Photo by HOSSEIN BERIS/Middle East Images/AFP via Getty Images)Hossein Beris | Afp | Getty...
5 things to know before the stock market opens Monday
Here are the most important news items that investors need to start their trading day:1. Roaring to a recordStocks are on a tear heading into the last full trading week of the year. The Dow Jones Industrial Average notched an intraday record high on Friday, as...
Crypto PACs go into 2024 with $78 million
Three allied political action committees funded by leaders of the cryptocurrency industry will be starting 2024 with a combined $78 million as they aim to be key influencers during the pivotal election cycle, the groups announced on Monday.The massive amount of cash...
Goldman sees India to Australia easing policy earlier after Fed, ET BFSI
Central banks from India to Australia are likely to begin reducing interest rates earlier than anticipated in response to a faster easing cycle from the Federal Reserve, according to Goldman Sachs Group Inc.“With long-term US rates already coming down significantly,...
Russia-Ukraine war updates for Dec.18, 2023
Russia's prime minister to meet with Xi in China Russian Prime Minister Mikhail Mishustin meets with China's President Xi Jinping in Moscow on March 21, 2023.Dmitry Astakhov | AFP | Getty ImagesRussian Prime Minister Mikhail Mishustin will meet Chinese President Xi...
Defeating inflation without steep recession, ET BFSI
It was the most painful inflation Americans had experienced since 1981, when "The Dukes of Hazzard" and "The Jeffersons" were topping the TV charts. Yet the Federal Reserve now seems on the verge of defeating it - and without the surge in unemployment and the deep...
Former RBI Guv Raghuram Rajan, ET BFSI
Former Reserve Bank Governor Raghuram Rajan said India will still remain a lower middle country if the growth rate remains at 6 per cent annually without any rise in population by 2047 (Amrit Kaal) and will be reaching the end of the demographic dividend by...
Israel launches fresh strikes on Gaza as UN nears vote on aid
Israeli forces launched fresh attacks throughout the night across the Gaza Strip, residents said on Monday, as the United Nations Security Council looked set to vote on a demand that Israel and Hamas allow aid access to the Palestinian enclave.One Israeli strike on...
Biden campaign: Trump ‘parroted Hitler’
Former U.S. President and Republican presidential candidate Donald Trump speaks during a "Commit to Caucus" event for his supporters in Coralville, Iowa, U.S., December 13, 2023. Vincent Alban | ReutersThe Biden campaign slammed former President Donald Trump for...
Rbi Imposes Penalties On 3 City-based Co-op Banks, BFSI News, ET BFSI
Pune: The Reserve Bank of India (RBI) has imposed penalties on three cooperative banks for non-compliance to its guidelines.The central bank has imposed Rs 1 lakh penalty each on Pune Merchants Cooperative Bank and Pune Municipal Corporation Servant’s Cooperative...
Defeating inflation without steep recession, ET BFSI
It was the most painful inflation Americans had experienced since 1981, when "The Dukes of Hazzard" and "The Jeffersons" were topping the TV charts. Yet the Federal Reserve now seems on the verge of defeating it - and without the surge in unemployment and the deep...
Rudy Giuliani ordered to pay Georgia election workers for defamation
Rudy Giuliani at 60 Centre Street in Manhattan on Sept. 8, 2022.Theodore Parisienne | Tribune News Service | Getty ImagesA federal jury on Friday ordered Rudy Giuliani to pay over $148 million to two Georgia election workers for falsely claiming they committed ballot...
Biden flaunts stock market record highs, mocks Trump for predicting ‘collapse’
U.S. President Joe Biden speaks during an event about lowering health care costs in the East Room of the White House on July 7, 2023 in Washington, DC.Drew Angerer | Getty Images News | Getty ImagesPresident Joe Biden paraded this week's stock market record highs...
Fed’s shrinking balance sheet is worrying a key corner of US financial markets, ET BFSI
As markets staged a monster rally following the Federal Reserve’s shift toward loosening monetary policy, one corner of the financial system had reason to remain on edge.For participants in the overnight funding markets — a key conduit for bank borrowing and linchpin...
George Santos district could see millions of dollars in spending
Rep. Tom Suozzi, D-N.Y., is seen before the House voted to pass the Right To Contraception Act in the U.S. Capitol on Thursday, July 21, 2021.Tom Williams | Cq-roll Call, Inc. | Getty ImagesThe two month race to represent the New York House district once held by the...
Trump clemency recipient Philip Esformes loses Supreme Court bid
FILE - In this Aug. 7, 2015 file photo, Philip Esformes arrives at the 15th Annual Harold and Carole Pump Foundation Gala held at the Hyatt Regency Century Plaza, in Los Angeles.Rob Latour | Invision | APThe Supreme Court has refused to hear an appeal from Florida...
Irdai proposes limit on surrender charges for non-linked plans, ET BFSI
Mumbai: The Insurance Regulatory and Development Authority of India (Irdai) has released a set of draft product regulations that will force insurers to review their profit margins and rejig distributor commissions.In this draft circular, the regulator has suggested...
European central banks, Bank of England stick to higher rate regime, ET BFSI
WASHINGTON: Major European central banks on Thursday stuck with plans to keep their policy interest rates higher for longer to fight inflation that is proving stickier in some parts of the world than others, dashing any hope that a US Federal Reserve pivot towards...
RBI to conduct variable rate repo auction of Rs 1 lakh crore to offset outflows, ET BFSI
Mumbai: The Reserve Bank of India (RBI) will carry out a 7-day variable rate repo auction worth ₹1 lakh crore on December 15, marking the first time in six months that the central bank will infuse liquidity into the banking system through this route.The RBI has taken...
No US Fed effect, domestic factors to guide RBI policy, BFSI News, ET BFSI
The latest US Federal Reserve's statement, signalling three rate cuts next year, is unlikely to change interest rate trajectory in India with the monetary policy committee focussing on domestic factors but could nudge the central bank to revise its stance, say...
Sebi resolves over 3,700 complaints through SCORES in November, ET BFSI
Sebi has disposed of 3,754 complaints against companies and market intermediaries through its online grievance redressal system SCORES in November, according to the data released by the capital markets regulator. SCORES is a grievance redressal system that was...
Impeachment vote boosts Biden campaign fundraising
U.S. President Joe Biden waves as he departs for Las Vegas and California, from the White House in Washington, U.S., December 8, 2023. Kevin Lamarque | ReutersRepublicans' impeachment efforts are paying off — for President Joe Biden.A fundraising email from Kamala...
US Fed may start liquidity injections by June next year: Neelkanth Mishra, ET BFSI
As global markets start to buckle under the strain of US bond yields staying higher for longer, the Federal Reserve may reverse its ongoing quantitative tightening (QT) and resort to liquidity injections by either May or June next year to avert major disruptions in...
RBI fines four banks in Mumbai and Pune, BFSI News, ET BFSI
The RBI has imposed monetary penalties on one bank in Mumbai and three co-operative banks in Pune in separate cases involving the violation of the apex bank's norms. The RBI has, by an order dated December 12, imposed a penalty of Rs 5 lakh on Janakalyan Sahakari Bank...
Russia-Ukraine live war updates for Dec.15, 2023
EU agrees to launch accession talks with Ukraine and MoldovaEuropean Union leaders will open membership talks with Ukraine, in a move that Ukraine's President Volodymyr Zelenskyy hailed as "a victory" for his country and for Europe.The decision took place at a summit...
Congress passes $886 billion defense policy bill, Biden to sign into law
US Air Force general Charles Quinton Brown Jr. (R) and US Defence Secretary Lloyd Austin speaks (L) attend a press conference at the NATO headquarters in Brussels, on October 11, 2023. Simon Wohlfahrt | AFP | Getty ImagesMore than two-thirds of the U.S. House of...
European Union leaders agree to open membership talks with Ukraine
President of Ukraine Volodymyr ZelenskyyViktor Kovalchuk | Getty ImagesUkraine has moved one step closer to European Union membership after leaders in Brussels agreed to open negotiations with the war-torn nation.In a surprise announcement late Thursday, EU summit...
Bull on the tracks delays trains in New York, New Jersey
A bull stands on the tracks at Newark Penn Station in Newark, New Jersey, on Dec. 14, 2023.Courtesy of New Jersey Transit via APIt really is a bull market out there.A wayward bull that somehow got loose on New Jersey train tracks Thursday disrupted commuter service...
Former Facebook diversity leader pleads guilty to fraud
Barbara Furlow-Smiles attends the 2020 Sisters' Awards at Skirball Cultural Center in Los Angeles on March 8, 2020.Robin L Marshall | Getty ImagesA former global diversity strategist at Facebook pleaded guilty to wire fraud after stealing more than $4 million from the...
FCC votes to ban termination fees for cable and satellite services
Signage is seen at the headquarters of the Federal Communications Commission in Washington, D.C.Andrew Kelly | ReutersWASHINGTON — The Federal Communications Commission on Wednesday voted to pass a measure banning cable and satellite companies from charging early...
Biden administration may subject 48 new drugs to Medicare rebates
President Joe Biden delivers remarks on Social Security and Medicare at the University of Tampa in Florida on Feb. 9, 2023.Jonathan Ernst | ReutersU.S. President Joe Biden will announce on Thursday that 48 new drugs may be subject to rebates, the White House said, a...
After Zelenskyy visit, Congress could make Ukraine aid a 2024 problem
U.S. President Joe Biden speaks during a meeting with Ukraine's President Volodymyr Zelenskiy in the Oval Office at the White House in Washington, U.S., December 12, 2023. Leah Millis | ReutersUkrainian President Volodymyr Zelenskyy wrapped up a series of high-profile...
Judge pauses Trump DC election case pending appeal
Special Prosecutor Jack Smith (L), and Former President Donald Trump.Getty Images | ReutersA federal judge on Wednesday paused Donald Trump's election interference case while the former president appeals her refusal to toss criminal charges he faces on presidential...
Fed rate cut hopes by March optimistic, says Rajan, ET BFSI
The US Federal Reserve will probably want to see inflation come down further before easing policy and any expectations of interest rate cuts by March are "overly optimistic," India's former central bank Governor Raghuram Rajan said. While inflation in the US is...
House approves impeachment inquiry into President Biden as Republicans rally behind investigation
WASHINGTON (AP) — The House on Wednesday authorized the impeachment inquiry into President Joe Biden, with every Republican rallying behind the politically charged process despite lingering concerns among some in the party that the investigation has yet to produce...
Old Pension Scheme to restrict states’ capacity to undertake development activities: RBI, ET BFSI
Mumbai: Sounding a note of caution, a Reserve Bank report has said that reverting to the DA-linked Old Pension Scheme (OPS) will exert huge pressure on state finances and restrict their capacity to undertake developmental expenditure. The Reserve Bank's report on...
Fed holds rates steady again and pivots toward cuts in 2024, ET BFSI
The Federal Reserve held interest rates steady for a third meeting and gave its clearest signal yet that its aggressive hiking campaign is finished by forecasting a series of cuts next year.Officials decided unanimously to leave the target range for the benchmark...
EU at critical juncture over aid to Ukraine
President of Ukraine Volodymyr ZelenskyyViktor Kovalchuk | Getty ImagesBRUSSELS — European heads of state are gearing up for a difficult two-day gathering where support for Ukraine is at the top of the agenda, but internal divisions threaten any significant action...
SAT quashes Sebi order against Jio Financial, BFSI News, ET BFSI
Mumbai: The Securities Appellate Tribunal (SAT) on Wednesday quashed market regulator Sebi's order imposing a fine of ₹7 lakh on Jio Financial Services for alleged manipulation of trades done in long-dated Nifty options in 2017. Jio Financial Services was formerly...
Fed and BoE decisions, stocks and data
Swiss National Bank holds interest rates steadyA Swiss National Bank logo is pictured on the SNB building in Bern, Switzerland May 20, 2020.Arnd Wiegmann | ReutersThe Swiss National Bank on Thursday held interest rates steady at 1.75%, in line with analysts'...
Rate pauses in view on busy day for central banks in Europe, ET BFSI
Waning inflation is expected to see the European Central Bank opt for another pause Thursday, as it joins a slew of central banks announcing their final interest rate decisions of the year.The Bank of England, the Swiss National Bank and Norway's Norges Bank are also...
Bank of England is set to hold interest rates at a 15-year high despite worries about the economy, ET BFSI
Bank of England London, Dec 14 (AP) The Bank of England is set to join its peers in the U.S. and Europe in keeping borrowing rates unchanged at its policy meeting Thursday despite mounting worries over the state of the British economy. The central bank is expected to...
Latest news on Russia and the war in Ukraine
Don't mention the war? How much of Russia's 'special military operation' will Putin talk about?Keen followers of Russian news and politics will be interested to see how much of Russian President Vladimir Putin's public phone-in and press conference features the war in...
Hunter Biden defends business record as he defies subpoena
Hunter Biden, son of President Joe Biden, makes a statement to the press outside the U.S. Capitol about testifying publicly to the House Oversight and Accountability Committee on Wednesday, December 13, 2023. Bill Clark | Cq-roll Call, Inc. | Getty ImagesHunter Biden...
Glenn Youngkin praises Trump on economy, downplays ‘dictator’ fears
Virginia Republican Gov. Glenn Youngkin on Wednesday said he would support Donald Trump if the former president is the party's 2024 presidential nominee. He stopped short of endorsing Trump in the GOP primary, where Trump leads the field by more than 45...
Trump loses presidential immunity challenge to E. Jean Carroll case
Former Elle magazine advice columnist E. Jean Carroll watches as Joe Tacopina, lawyer of former U.S. President Donald Trump, makes closing arguments during a civil trial where Carroll accuses Trump of raping her in a department store dressing room in the mid-1990s,...
New York’s high court orders new congressional maps as Democrats move to retake control of U.S. House
Voters cast their midterm election ballots at the Brooklyn Museum on November 8, 2022, in New York.Yuki Iwamura | AFP | Getty ImagesNew York's highest court on Tuesday ordered the state to draw new congressional districts ahead of the 2024 elections, giving Democrats...
Trump sells mugshot suit, Mar-a-Lago dinner in latest NFT promotion
Fulton County Sheriff's OfficeFormer President Donald Trump has found a new way to monetize his infamous mugshot, while also selling the chance to see his face in person.Trump announced Tuesday that snippets of the suit he wore for that photo would be available for...
Japan PM to ax ministers as fundraising scandal swirls
Japan's Prime Minister Fumio Kishida speaks to reporters following North Korea's missile launch on April 13, 2023.JIJI Press | AFP | Getty ImagesJapanese Prime Minister Fumio Kishida on Wednesday announced he planned to make changes to his cabinet as he seeks to stem...
How a humble Guv calmed a turbulent RBI, ET BFSI
When Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), joined the central bank five years ago, he had waded into a government-RBI rift. A deft bureaucrat like his predecessors Duvvuri Subbarao and YV Reddy, Das had a tough job: to clean the mess left...
Mike Novogratz won’t help Joe Biden, will back Dean Phillips
Mike Novogratz, CEO of Galaxy Investment Partners (L) and President Joe Biden (R).CNBC | ReutersVeteran investor and longtime Joe Biden supporter Mike Novogratz is switching sides to fundraise for Rep. Dean Phillips, D-Minn., the president's long shot primary...
RBI, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India on Tuesday increased the limit for automatic payments through UPI to Rs 1 lakh per transaction from the existing Rs 15,000 for certain categories, including subscription to mutual funds. As of now, relaxation in Additional Factor of...
Biden on CPI: Too many things unaffordable
U.S. President Joe Biden speaks about the Inflation Reduction Act of 2022 in the State Dining Room of the White House in Washington, D.C., on July 28, 2022.Mandel Ngan | AFP | Getty ImagesNew data from the Federal Reserve suggests that inflation further cooled in...
Former RBI Guv Raghuram Rajan, ET BFSI
Former RBI Governor Raghuram G Ranjan highlighted the pressing need for job creation as a pivotal challenge in India's economic landscape. Emphasizing the enhancement of human capital through skill development, Rajan, co-author of the book 'Breaking the mould:...
RBI ED, BFSI News, ET BFSI
New Delhi, India remains a bright spot in an otherwise grim world economic scenario and internationalisation of rupee is the natural step forward, Reserve Bank of India Executive Director Radha Shyam Ratho said on Tuesday. However, the path towards...
Latest news on Russia and the war in Ukraine
Scores injured after Russia launches ballistic missiles at Kyiv, officials sayOver 50 people have been injured in a large, overnight ballistic missile attack on Kyiv, city officials said early Wednesday.A hospital and residential buildings were hit in the attack, Kyiv...
Government data, BFSI News, ET BFSI
The consumer price index based inflation rose to 5.5% in November 2023 due to a surge in food prices, data by the Statistics Ministry said. Inflation has been at the fastest pace in three months, and neared the Reserve Bank of India's upper tolerance band of 6%.The...
Europeans open to Ukraine joining EU ahead of major summit, ECFR
More Europeans support the prospect of Ukraine joining the European Union than oppose it, despite the costs and risks involved, a new survey has found ahead of a key European Council summit this week.Polling of six EU member states indicated considerable support for...
Economy may start to help Biden with voters
U.S. President Joe Biden speaks while meeting with business leaders and governors in the Eisenhower Executive Office Building in Washington, D.C. March 9, 2022, regarding the administration's long-awaited executive order for government agencies to take a closer look...
Axis Bank, BFSI News, ET BFSI
The RBI is unlikely to reduce rates at all in the next year as food prices continue to impart volatility to headline retail inflation, while economic growth remains strong according to Axis Bank’s outlook for 2024.Food inflation is likely to remain volatile, with new...
Former Rep. George Santos in plea talks with prosecutors
Representative George Santos, a Republican from New York, during a news conference outside the US Capitol in Washington, DC, US, on Thursday, Nov. 30, 2023.Annabelle Gordon | Bloomberg | Getty ImagesFederal prosecutors on Monday said in a court filing that they are...
Reserve Bank of India, ET BFSI
MUMBAI: RBI has issued a cautionary statement regarding misleading advertisements that entice borrowers with promises of loan waivers. The statement is a response to the active promotion of such campaigns by entities through print media and social media platforms....
UK political rebellion threatens UK PM Rishi Sunak’s leadership
Prime Minister Rishi Sunak leaves Dorland House in London after giving evidence to the UK Covid-19 Inquiry during its second investigation exploring core UK decision-making and political governance.Jordan Pettitt | Pa Images | Getty ImagesLONDON — U.K. Prime Minister...
As durable liquidity reduces, RBI’s tone suggests tolerance of easing overnight rates, ET BFSI
Overnight money market rates could ease next month, as the Reserve Bank of India’s latest policy tone suggests that it could tolerate funds flowing to the system through government spending as long as durable liquidity keeps reducing, in line with the central bank’s...
Refrain from OPS, wasteful subsidies, RBI tells states, BFSI News, ET BFSI
NEW DELHI: A Reserve Bank of India (RBI) report on state finances has cautioned against a return to the old pension scheme (OPS), arguing that it will restrict growth by enhancing spending and will be a "major step backwards", while suggesting that states should...
U.S. pension funds heavily invested in China despite crackdown
3d illustration flag of China. Close up waving flag of China.Aoraee | Istock | Getty ImagesU.S. proposals to clamp down on investments in China may be being undermined by continued funding from some of America's biggest institutional investors, new analysis shows.The...
Fed is set to leave interest rates unchanged while facing speculation about eventual rate cuts, ET BFSI
US Federal Reserve chief Jerome PowellWashington, Dec 11 (AP) With inflation edging closer to the Federal Reserve's 2 per cent target, its policymakers are facing - and in some cases fuelling - hopes that they will make a decisive shift in policy and cut interest...
Yemen’s Houthi attack tanker after threat on any Israel-bound ships
The Galaxy Leader, recently seized by Yemen, shown in close-up satellite imagery near Hodeida, Yemen.Maxar | Getty ImagesYemen's Houthi militants on Tuesday claimed an attack against a Norwegian tanker, days after the group pledged to target Israel-bound ships of any...
States should look at asset sales in infra sector to bolster revenues: RBI Report, ET BFSI
Mumbai: States' finances improved in FY23, and there is a need to look at asset monetisation to help garner non-tax revenues, a Reserve Bank report said on Monday. In the report on state budgets, which is done annually, the Reserve Bank said road, transport and power...
Sebi puts in place process for dematerialising units of AIFs, BFSI News, ET BFSI
New Delhi, Capital markets regulator Sebi on Monday specified the process to be followed for dematerialising the units issued, in cases where investors are yet to provide demat account details to Alternative Investment Funds (AIFs). Under the rules issued in June,...
Can Hamas actually be eliminated? Experts weigh in
An Israeli army self-propelled artillery howitzer fires rounds from a position near the border with the Gaza Strip in southern Israel on Dec. 7, 2023.Menahem Kahana | Afp | Getty ImagesIsrael's war against Hamas — which has turned the blockaded and then besieged Gaza...
Status quo likely, but Powell unlikely to sing a dovish tone, ET BFSI
The two-day monetary policy meeting of the US Federal Reserve begins later on Tuesday, and at the end of it, the central bank is widely expected to leave the federal funds rate unchanged. The CMEGroup’s FedWatch tool shows that more than 98% probability of the Federal...
Latest news on Russia and the war in Ukraine
Russians could be slowly advancing around war hot spot AvdiivkaUkrainian soldiers in Avdiivka, Ukraine, on Dec. 7, 2023.Libkos | Getty Images News | Getty ImagesRussian forces could be slowly advancing in the area around the war hot spot of Avdiivka in the eastern...
RBI has a warning on these ads on Facebook, Instagram and other social media platforms, ET BFSI
The Reserve Bank of India (RBI) has an important warning for the public. The country's apex bank RBI has cautioned the public not to fall prey to misleading advertisements related to loan waiver offers on social media platforms like Facebook, Instagram and others.In a...
Bernie Madoff victims get $159 million from Ponzi recovery fund
Bernie Madoff leaves federal court in New York on March 10, 2009.Jin Lee | Bloomberg via Getty ImagesThe fund for victims of Bernie Madoff's historic Ponzi scheme has begun its ninth payout, distributing about $159 million in government-seized funds to nearly 25,000...
Man threatened to kill Vivek Ramaswamy: DOJ
Republican presidential candidate and businessman Vivek Ramaswamy speaks at the Republican Party's First in the Nation Leadership Summit in Nashua, New Hampshire, U.S., October 13, 2023.Brian Snyder | ReutersA New Hampshire man was arrested on a charge of threatening...
Trump prosecutor asks Supreme Court to decide presidential immunity question
Special counsel Jack Smith, left, seen in Washington, D.C., on Aug. 1, and former President Donald Trump, seen in Palm Beach, Florida, on Nov. 8, 2022.Getty ImagesThe special counsel prosecuting Donald Trump for alleged criminal interference in the 2020 election asked...
U.S. has failed the Palestinian people, officials say
Palestinians are inspecting the debris at the Jaffa Mosque, which was hit by an Israeli bombardment, in Deir el-Balah, in the central Gaza Strip, on December 8, 2023, amid continuing battles between Israel and Hamas. (Photo by Majdi Fathi/NurPhoto via Getty...
House panel subpoenas Vanguard, Arjuna in ESG ‘collusion’ probe
WASHINGTON — A House panel subpoenaed The Vanguard Group and Arjuna Capital Monday, the latest step in its yearlong investigation into whether investment funds' environmental, social and governance policies violate antitrust laws. Vanguard and Arjuna are investment...
Corp affairs ministry, ET BFSI
The government on Monday said the ongoing investigations by the SFIO as well as those under the companies law against certain Sahara Group companies will not be impeded by the death of any person. Sahara Group chief Subrata Roy died due to a cardiorespiratory arrest...
RBI cautions against unauthorised campaigns on loan waiver, BFSI News, ET BFSI
Mumbai, The Reserve Bank on Monday cautioned public not to fall prey to misleading advertisements related to loan waiver offers in print media as well as on social media platforms. In a statement, the RBI said it has noticed certain misleading advertisements enticing...
Zelenskyy will meet Biden at the White House amid a stepped-up push for Congress to approve more aid
President Joe Biden and Ukraine's leader, Volodymyr Zelenskyy, will meet at the White House on Tuesday as the U.S. administration steps up the pressure on Congress to provide billions more in aid to Kyiv in its war with Russia.The visit is intended "to underscore the...
RBI’s unlikely to cut interest rates before June next year, BFSI News, ET BFSI
MUMBAI: Markets worldwide may be keenly awaiting a return to lower interest rates, but a domestic derivatives gauge shows the Reserve Bank of India (RBI) is unlikely to start an easing cycle for at least six to eight months until policy experts believe they have...
Locker holders should sign revised locker agreement before this date, ET BFSI
The Reserve Bank of India (RBI) released revised instructions for the bank safe deposit lockers on August 18, 2021, which required banks to sign revised agreements with current locker holders by January 1, 2023. However, the RBI extended the date to sign the revised...
Trump no longer plans to testify in civil fraud trial on Monday
Former President Donald Trump wrote in a social media post on Sunday that he won't testify in his $250 million civil fraud trial in New York on Monday."I will not be testifying on Monday," Trump wrote in an all-caps, multi-part post on Truth Social.Trump had...
RBI gets serious about connected lending, a concern that has been raised earlier as well, ET BFSI
In India, corporate houses are not allowed to own banks. Many often ponder why corporates with deep pockets are not allowed to open banks or take influential stakes in lenders. One of the answers is it may give a rise to 'connected lending'. This refers to a banking...
Latest news on Russia and the war in Ukraine
Ukraine condemns Russia's plans for elections in occupied territoriesUkraine on Saturday condemned Russia's plans to hold presidential elections on occupied territory next spring, dubbing the voting "null and void," and adding that it would prosecute any observers...
Global rate-cut standoff looms in 2023 policy finale, BFSI News, ET BFSI
From Washington to Frankfurt to London and beyond, central bankers are approaching their final decisions of the year against a backdrop of unease at how the global inflation cycle is turning.Policymakers from fully half of the Group of 10 jurisdictions of most-traded...
Argentine President Milei warns economic shock unavoidable in maiden speech
Argentine president-elect Javier Milei addresses supporters after winning Argentina's runoff presidential election, in Buenos Aires, Argentina November 19, 2023. Agustin Marcarian | ReutersArgentina libertarian economist Javier Milei took office on Sunday warning in...
Britain sets out safeguards for accessing cash in digital age, ET BFSI
Britain's banks and building societies should make sure customers can still access cash before closing a branch as more financial services move online, the country's markets regulator proposed on Thursday.The Financial Conduct Authority (FCA) said it was using powers...
UPenn President Liz Magill, board chair both resign following backlash over congressional antisemitism testimony
University of Pennsylvania President Liz Magill testifies before a House Education and the Workforce Committee hearing titled "Holding Campus Leaders Accountable and Confronting Antisemitism" on Capitol Hill in Washington, U.S., on Dec. 5, 2023.Ken Cedeno |...
U.S. government uses emergency authority to provide tank shells to Israel
WASHINGTON D.C., UNITED STATES - AUGUST 15 : Pentagon logo is seen ahead of a press conference at the Pentagon in Washington D.C., United States on August 15, 2023. (Photo by Celal Gunes/Anadolu Agency via Getty Images)Anadolu Agency | Anadolu Agency | Getty ImagesThe...
Ukraine aid in growing jeopardy as Republicans double down on their demands for border security
A deal to provide further U.S. assistance to Ukraine by year-end appears to be increasingly out of reach for President Joe Biden. The impasse is deepening in Congress despite dire warnings from the White House about the consequences of inaction as Republicans insist...
Trump PAC paid part of $900,000 fee to fraud trial expert witness
Former U.S. President Donald Trump departs during a break in the civil fraud trial against the Trump Organization, at the New York State Supreme Court in New York City on Dec. 7, 2023.Timothy A. Clary | Afp | Getty ImagesThe political action committee backing the 2024...
Trump gag order upheld, but narrowed, in DC election case
Former US President Donald Trump looks on during the civil fraud trial against the Trump Organization, at the New York State Supreme Court in New York City on December 7, 2023.Eduardo Munoz Alvarez | AFP | Getty ImagesA federal appeals court Friday upheld, but...
Texas Supreme Court temporarily blocks woman from emergency abortion
Abortion rights activists hold up signs outside the U.S. Supreme Court Building on April 19, 2023 in Washington, DC.Anna Moneymaker | Getty ImagesThe Texas Supreme Court temporarily blocked a pregnant woman from obtaining an emergency abortion on Friday, shortly after...
Is RBI’s connected lending framework a precursor to allow corporates in banking?, ET BFSI
RBI Governor Shaktikanta Das The Reserve Bank of India (RBI) on Friday said it plans to introduce a unified regulatory framework for connected lending across all regulated entities.RBI Governor Shaktikanta Das highlighted the need for a comprehensive approach, stating...
Binance founder CZ too rich to leave U.S. before sentencing: Judge
Zhao Changpeng, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 16, 2022. Benoit Tessier | ReutersBillionaire Binance founder...
U.S. issues strongest criticism of Israel yet as civilian deaths in Gaza surge
US Secretary of State Antony Blinken speaks to the media prior to departure from Al Maktoum International Airport in Dubai, on December 1, 2023.Saul Loeb | Afp | Getty ImagesThe Biden administration issued its strongest criticism yet of Israel's military campaign in...
Russia’s Putin says he will run for president in 2024: State media
Russian President Vladimir Putin chairs a meeting with the government via a video link at the Novo-Ogaryovo state residence outside Moscow on March 29, 2023.Gavriil Grigorov | AFP | Getty ImagesIncumbent Russian leader Vladimir Putin has confirmed he will run in the...
Complaints to RBI Ombudsman drop to 1.44 lakh so far this fiscal amid changes to system, ET BFSI
The Reserve Bank of India (RBI) has recorded 144,400 complaints under the Ombudsman scheme in the current fiscal so far, with 94 per cent already resolved, according to the government. The remaining 8,604 complaints are pending. All complaints from the past three...
Rate unchanged at 6.5%, FY24 GDP growth at 7%, inflation 5.4%, ET BFSI
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has announced to keep the policy rate unchanged at 6.5% for the fifth monetary policy of the financial year 2023-24.The RBI has left the repo rate unchanged in its past four bi-monthly monetary...
RBI Innovation Hub to setup FinTech repository by Apr’24, BFSI News, ET BFSI
RBI (File Photo)The Reserve Bank of India held its monetary policy announcement today, where the monetary policy committee decided unanimously to keep the repo rate unchanged at 6.5 per cent. Apart from policy announcements and inflation, growth projections, the RBI...
RBI less hawkish on liquidity management, rate-cut not likely before Aug’24: Economists, ET BFSI
The Reserve Bank of India on Friday decided to retain the repo rate at 6.5 per cent, thereby maintaining a pause on its rate-hike cycle for the fifth consecutive time.Top economists believe that the policy decision by the Reserve Bank of India was on expected lines....
Key takeaways from monetary policy, ET BFSI
RBI monetary policy: The Reserve Bank of India in its monetary policy has raised the GDP growth forecast for the current financial year 2023-24 to 7% as against 6.5% earlier. The change in forecast comes days after the GDP growth for the July-September quarter came in...
CPI inflation may fall below 5% only in next fiscal; food prices seen uncertain: RBI forecast, ET BFSI
CPI inflation may fall below 5% only in next fiscal; food prices seen uncertain: RBI forecastThe Reserve Bank of India sees CPI inflation falling below 5 per cent only in the second quarter of the next fiscal as it sees recurring food price shocks impeding the ongoing...
RBI to establish cloud facility for financial sector for enhanced data security, ET BFSI
The Reserve Bank of India Governor Shaktikanta Das in its monetary policy announcement today announced some additional measures, of which a significant development is that the RBI is set to establish a cloud facility for the financial sector for enhanced data...
Latest news on Russia and the war in Ukraine
Russia adopts new tactic in intense fight for Donetsk's AvdiivkaUkrainian soldiers fire from a 120mm mortar on Dec. 7, 2023, in Avdiivka, Ukraine.Libkos | Getty Images News | Getty ImagesGround fighting has intensified as Ukrainian forces battle to hold off Russian...
What is RBI’s ‘Connected Lending’ and purpose behind its framework, ET BFSI
At the fifth Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), the Governor Shaktikanta Das on Friday made an important announcement on the ‘Connected Lending’. For the last MPC meet of the Calendar Year 2023, the central bank has announced to come...
Major announcements of December MPC meet, BFSI News, ET BFSI
RBI MPC Highlights: After detailed assessment of the evolving financial developments, the six-member monetary policy committee (MPC) has decided unanimously to keep the policy repo rate unchanged at 6.5 per cent for the fifth consecutive time.Announcing the bi-monthly...
House panel probes Harvard, MIT, UPenn amid antisemitism fight
WASHINGTON, DC - DECEMBER 05: (L-R) Dr. Claudine Gay, President of Harvard University, Liz Magill, President of University of Pennsylvania, Dr. Pamela Nadell, Professor of History and Jewish Studies at American University, and Dr. Sally Kornbluth, President of...
RBI to make it difficult for influential people to twist loan conditions in their favor, ET BFSI
The Reserve Bank of India (RBI) has announced the tightening of conditions related to connected lending. As per the announcement, connected lending practices create moral hazards in lending. There is a need for a unified regulatory framework to create an arm’s length...
North Dakota senator’s son charged with manslaughter in police chase that killed an officer
The 42-year-old son of U.S. Sen. Kevin Cramer was charged Thursday with manslaughter and fleeing an officer after a police pursuit ended in a crash that killed a North Dakota sheriff's deputy who had taken cover behind his squad car after laying a tire deflation...
UPI payment limit to hospitals, educational institutes raised to Rs 5 lakh: RBI, ET BFSI
Mumbai, In a major decision, the RBI on Friday announced to raise the UPI payment limit to hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh presently and hiked the cap for e-mandates for recurring payments to Rs 1 lakh. Unveiling the December...
BlackRock CEO Larry Fink responds to Ron DeSantis, Vivek Ramaswamy
Participant seen holding a sign outside BlackRock headquarters in Manhattan, where their annual shareholders meeting took place, May 25, 2022.Erik Mcgregor | Lightrocket | Getty ImagesBlackRock CEO Larry Fink on Thursday accused two Republican presidential contenders...
Russian spies targeting UK with cyber campaign to undermine democracy: Report
A new U.K. intelligence report points to a years-long "campaign of malicious cyber activity" against politicians, civil servants and journalists by Russian spies.Dan Kitwood | Getty ImagesLONDON — The U.K. on Thursday accused Russia of conducting a years-long...
Trump in court for $250 million NY fraud trial that threatens his real estate empire
Former U.S. President Donald Trump speaks to the media as he arrives at New York State Supreme court for the second day of the civil fraud trial against him on October 03, 2023 in New York City.Spencer Platt | Getty ImagesFormer President Donald Trump on Thursday...
Haley’s Wall Street donor surge draws fire at GOP debate
Florida Governor Ron DeSantis (R) and former Governor from South Carolina and UN ambassador Nikki Haley gesture as they speak during the fourth Republican presidential primary debate at the University of Alabama in Tuscaloosa, Alabama, on December 6, 2023.Jim Watson |...
Bank of Canada holds rates, still fretting about inflation outlook, ET BFSI
The Bank of Canada on Wednesday held its key overnight rate at 5% and left the door open to another hike, saying it was still concerned about inflation while acknowledging an economic slowdown and a general easing of prices.The central bank raised rates by a quarter...
UK PM Rishi Sunak seeks to prevent party revolt with new Rwanda migrant bill
LONDON, ENGLAND - DECEMBER 06: Britain's Prime Minister Rishi Sunak departs from number 10, Downing Street ahead of the weekly PMQ session in the House of Commons on December 06, 2023 in London, England. (Photo by Leon Neal/Getty Images)Leon Neal | Getty Images News |...
Status quo to continue? RBI may retain repo rates and focus on liquidity tightening; GDP aim may see uptick, ET BFSI
The Reserve Bank of India’s rate-setting panel, Monetary Policy Committee (MPC), is likely to keep the repo rate unchanged at 6.5 per cent for the fifth consecutive time, shifting its focus on liquidity tightening, according to some economists. RBI Governor...
Police say 3 dead, fourth wounded and shooter also dead in University of Nevada, Las Vegas attack
Law enforcement officers head into the University of Nevada, Las Vegas, campus after reports of an active shooter, Wednesday, Dec. 6, 2023, in Las Vegas.Steve Marcus | Las Vegas Sun | APThree people were shot to death and a fourth critically wounded Wednesday in an...
Martin Shkreli violated release to go on Tucker Carlson show: Court doc
Martin Shkreli, former chief executive officer of Turing Pharmaceuticals AG, exits court in New York, US, on Wednesday, Oct. 4, 2023. Yuki Iwamura | Bloomberg | Getty ImagesInfamous "Pharma Bro" Martin Shkreli violated his prison release conditions to appear on former...
Republican debate first test she needed to ace
Republican presidential candidate former U.N. Ambassador Nikki Haley participates in the NewsNation Republican Presidential Primary Debate at the University of Alabama Moody Music Hall on December 6, 2023 in Tuscaloosa, Alabama. Justin Sullivan | Getty ImagesFormer...
UN chief invokes rarely used power to push for Israel-Hamas cease-fire
Secretary-General of the United Nations António Guterres delivers an address at the opening ceremony of the World Climate Action Summit during COP28 on December 01, 2023 in Dubai, United Arab Emirates.Chris Jackson | Chris Jackson Collection | Getty ImagesU.N. chief...
Biden’s Israel support leaves him as isolated as Russia on world stage: Bremmer
The Biden administration's steadfast support of Israel in its war against Hamas in Gaza has cost him tremendous political capital internationally, according to one high-profile geopolitical commentator.Washington's stated unconditional backing of Israel — politically,...
Deutsche Bank, BFSI News, ET BFSI
Mumbai: The Reserve Bank-led Monetary Policy Committee (MPC) is unlikely to tweak repo rates till June next year, according to a foreign brokerage report. The bi-monthly MPC meeting started on Wednesday and the decision on rates will be announced on Friday. According...
Latest news on Russia and the war in Ukraine
Russia rebukes the U.S. after Biden comments on potential NATO-Russia warAnatoly Antonov, Russian ambassador to the United States.Mark Wilson | Getty Images News | Getty ImagesA top Russian official said U.S. President Joe Biden's warning about a potential direct...
Sebi seeks ‘commitment’ from fund managers that AIFs won’t be misused, ET BFSI
Mumbai: The Indian capital market regulator would give private equity (PE) and venture capital (VC) funds some latitude only after they commit that the funds would not be misused to sidestep other financial sector regulations. The Securities & Exchange Board of...
NFRA bans two auditors for up to 10 years for lapses in DHFL’s FY18 audits, ET BFSI
NEW DELHI: The National Financial Reporting Authority (NFRA) has barred two partners of Mumbai-based Chaturvedi & Shah LLP (C&S) and slapped penalties on them for alleged professional lapses in auditing erstwhile Dewan Housing Finance Corporation Ltd’s...
Top EU officials meet with Xi in China summit with trade in focus
Ursula von der Leyen, president of the European Commission, speaks at a news conference following the EU-China summit at the EU Council headquarters in Brussels, Belgium, on Friday, April 1, 2022.Valeria Mongelli | Bloomberg | Getty ImagesTop EU officials met Chinese...
Former Speaker Kevin McCarthy to resign from Congress at year end
Former Speaker of the House Kevin McCarthy (R-CA) speaks to reporters after he was ousted from the position of Speaker by a vote of the House of Representatives at the U.S. Capitol in Washington, U.S. October 3, 2023.Jonathan Ernst | ReutersFormer House Speaker Kevin...
India swap market signals cenbank will differ from Fed’s rate-cut path, ET BFSI
India's overnight index swap market is signalling that the country's central bank will not rush to cut interest rates even if the U.S. Federal Reserve starts bringing down rates early next year. The odds of the Fed's first rate cut coming in March have risen to 63%,...
Biden impeachment inquiry vote planned for next week, House GOP says
US House Speaker Mike Johnson (R-LA) speaks during a news conference following the House Republican caucus meeting at the US Capitol in Washington, DC, on November 29, 2023.Jim Watson | AFP | Getty ImagesHouse Republican leaders expect to vote next week to formalize...
New Trump administration will come after the media, ally warns
Former President Donald Trump gives remarks at the South Texas International airport on November 19, 2023 in Edinburg, Texas.Michael Gonzalez | Getty ImagesA second Donald Trump administration will take action "criminally or civilly" against people in the media, an...
Special election to replace George Santos set Feb. 13
Progressive activists with MoveOn display a 15 foot inflatable of Rep. George Santos, R-N.Y., as they call for his expulsion from Congress, on Capitol Hill in Washington, D.C., on Nov. 28, 2023.Drew Angerer | Getty ImagesThe special election to fill expelled Rep....
Nikki Haley raises over $500,000 at event with Wall Street execs
Nikki Haley, the candidate of the Republican Party in the 2024 presidential elections in the US, delivers remarks during a Town Hall campaign event in the Lowcountry in Bluffton SC, United States on November 27, 2023.Peter Zay | Anadolu | Getty ImagesFormer U.S....
Govt blocks over 100 websites promoting illegal investments, money laundered through intl’ Fintechs, ET BFSI
Amid the increasing cases of cybercrimes, the government on recommendation of the Union Home Ministry has taken strict measures and blocked over 100 websites, which facilitated organised illegal investments and task-based part time job frauds.These websites, which...
Heavy fighting across Gaza halts most aid delivery
An Israeli military tank rolls near the border with the Gaza Strip on December 5, 2023, amid continuing battles between Israel and the militant group Hamas.Menahem Kahana | AFP | Getty ImagesIsraeli forces battled Hamas militants across Gaza on Wednesday after...
Lenders again move RBI on wilful defaulter tag for non-performing accounts, ET BFSI
Banks have again reached out to the Reserve Bank of India (RBI), seeking more time to declare a non-performing account as a wilful defaulter, said people with knowledge of the development.In September, the RBI had granted banks six months in its draft rules 'Framework...
Will FD interest rates touch 10%? All eyes on RBI MPC on December 8, 2023, ET BFSI
Is the era of rising deposit rates over or will the interest rates on fixed deposits (FDs) go up further? All eyes are on the upcoming bi-monthly Monetary Policy Committee announcement by the Reserve Bank of India (RBI) on December 8, 2023. While the possibility of...
Latest news on Russia and the war in Ukraine
Hungary's ruling party submits resolution opposing Ukraine's EU accession talksRussian President Vladimir Putin (L) meets Prime Minister of Hungary, Viktor Orban (R) in Budapest, Hungary on October 30, 2019.Anadolu | Anadolu | Getty Images Hungary's ruling party...
Tesla faces Scandi revolt as Danes join Swedish strike
Elon Musk, chief executive officer of Tesla Inc., during a fireside discussion on artificial intelligence risks with Rishi Sunak, UK prime minister, not pictured, in London, UK, on Thursday, Nov. 2, 2023. Tolga Akmen | Bloomberg | Getty ImagesTesla faces a growing...
Check the date, time, and where to watch, ET BFSI
RBI (File Photo)The Reserve Bank of India’s (RBI) Monetary Policy Committee meeting is planned to be held for three days from 6th of December to 8th of December. The RBI Governor Shaktikanta Das will hold deliberations while leading dialogues around a range of issues...
Putin makes rare visit to the UAE, Saudi Arabia to talk relations
MOSCOW, RUSSIA - SEPTEMBER 9: (RUSSIA OUT) Russian President Vladimir Putin delivers a speech during the concert marking the City Day on September 9, 2023 in Moscow, Russia. Putin and Moscow's Mayor Sobyanin, who is expected to be re-elected this week took part in the...
U.S. ‘losing a tremendous amount of credibility in the Arab world,’ ex-Egyptian minister says
Ambulances used to transport patients from Gaza via the Rafah crossing are seen on November 22, 2023 in Arish, Egypt. Ali Moustafa | Getty ImagesThe current conflict in Gaza should provide a wake-up call to politicians in Washington, D.C, according to a former...
Former researcher alleges Harvard forced her out to preserve Facebook donations
WASHINGTON — Social media researcher Joan Donovan says she knows the exact moment her career began to go off the rails. The moment led to her departure from Harvard University in what she calls a firing, which Harvard says was anything but. The resulting dispute has...
Sources, BFSI News, ET BFSI
MUMBAI - India's central bank has told peer-to-peer lending platforms to halt certain activities after inspections found rule violations and misleading sales practices, four sources with direct knowledge of the matter said.The Reserve Bank of India, also the country's...
Treasury Secretary Yellen heads to Mexico to bolster trade
US Treasury Secretary Janet Yellen hosts Leaders from Americas Partnership for Economic Prosperity (APEP) countries at the Treasury Department in Washington, DC, on November 3, 2023.Olivier Douliery | AFP | Getty ImagesWASHINGTON — Treasury Secretary Janet Yellen will...
RBI MPC likely to hold policy retain rates, stance as inflationary conditions persist, ET BFSI
The Reserve Bank of India (RBI) is anticipated to keep its benchmark repo rate unchanged at 6.50% during the upcoming Monetary Policy Committee (MPC) meeting scheduled from December 6-8, according to economists. The decision aligns with the central bank's recent...
Latest news on Russia and the war in Ukraine
Debates on Ukraine's EU membership to start TuesdayEnvoys of the European Union's member countries are set to start debating a proposal to begin membership talks with Ukraine on Tuesday, Reuters reported, citing officials and diplomats.The discussions are part of the...
Lenders again move to RBI on wilful defaulter tag for non-performing accounts, ET BFSI
Banks have again reached out to the Reserve Bank of India (RBI), seeking more time to declare a non-performing account as a wilful defaulter, said people with knowledge of the development.In September, the RBI had granted banks six months in its draft rules 'Framework...
Former U.S. ambassador spied for Cuba for decades: Justice Department
U.S. Attorney General Merrick Garland announces that Victor Manuel Rocha, the former U.S. ambassador to Bolivia, has been charged with acting illegally as a foreign agent for the government of Cuba, Dec. 4, 2023.Drew Angerer | Getty ImagesA retired American diplomat...
RBI cancels licence of Kolhapur-based Shankarrao Pujari Nutan Nagari Sahakari Bank, ET BFSI
The Reserve Bank of India (RBI) on Monday cancelled the licence of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur as it does not have adequate capital and earning prospects. Consequently, the bank ceases to carry on banking business, with...
Swiss bank Banque Pictet admits hiding Americans’ income from IRS
A sign sits outside Banque Pictet & Cie SA in Geneva, Switzerland, on Friday, Oct. 16, 2015. Luke MacGregor | Bloomberg | Getty ImagesA major Swiss bank admitted to conspiring with U.S. taxpayers and others to hide over $5.6 billion from the Internal Revenue...
GOP senator backs unpaid-for Israel aid bill — after border funding
Sen. Roger Marshall, R-Kan., questions Ron Price, CCO of the PGA Tour, and Jimmy Dunne, PGA board member, during the Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations hearing titled "The PGA-LIV Deal: Implications for the...
North Dakota Gov. Doug Burgum ends 2024 Republican presidential bid days before the fourth debate
North Dakota Gov. Doug Burgum ended his campaign for the Republican presidential nomination on Monday despite a stronger-than-expected showing fueled by a gift card-for-campaign donation gimmick that helped get him on the debate stage.Burgum, a second-term governor...
5 things to know before the stock market opens Monday
Here are the most important news items that investors need to start their trading day:1. Inching higherWall Street hopes stocks can sustain a steady climb this week after a stellar November. The S&P 500 has notched a five-week winning streak, hitting its highest...
Five key transformational moves by RBI, BFSI News, ET BFSI
While in the year 2023, India has witnessed many impactful events like geopolitical tensions worldwide, central banks globally hiking rates, the IPO boom, important M&A deals and much more, the Indian Central Bank has been quite proactive on the policy front. The...
Sebi re-examining ‘skin in the game’ policy for mutual funds, BFSI News, ET BFSI
The Securities and Exchange Board of India (Sebi) is re-examining its 'Skin in the Game' policy for the mutual fund industry that requires a wide section of executives at asset managers to put a fifth of their salaries in the products of their employer, a person with...
Latest news on Russia and the war in Ukraine
Ukrainian soldiers in a tank in the direction of Avdiivka in Donetsk Oblast, Ukraine, on Dec. 1, 2023.Anadolu | Anadolu | Getty ImagesAt least two people were reportedly killed in Russian shelling in the Kherson region on Sunday, while 18 attack drones fired from...
RBI has food for thought but likely to keep rate pause, BFSI News, ET BFSI
MUMBAI: The Reserve Bank of India's Monetary Policy Committee (MPC) is likely to keep interest rates unchanged this week while signalling tight liquidity conditions and vigilance on inflation, as rising food prices are seen exerting upward pressure on upcoming...
RBI ban makes online payment aggregators seek alternative business lines, ET BFSI
The nearly-a-year-old regulatory ban on payment aggregators like Paytm, Razorpay, Cashfree and PayU to onboard new merchants and businesses has forced these venture capital-backed firms to scout for alternative revenue sources.The continuing restriction on these...
RBI to retain 6.5% interest rate as economic growth comfortable, inflation in check: Experts, ET BFSI
The MPC consists of three external members and three officials of the RBI. The external members on the panel are Shashanka Bhide, Ashima Goyal, and Jayanth R Varma. Besides Governor Das, the other RBI officials in MPC are Rajiv Ranjan (Executive Director) and Michael...
U.S. warship, commercial ships face Houthi drones in Red Sea
The U.S. Navy destroyer USS Carney (DDG 64) sets sail in the Bosphorus in Istanbul, Turkey, July 14, 2019.Yoruk Isik | ReutersA U.S. naval ship shot down several Houthi drones after commercial vessels were attacked in the Red Sea, the Pentagon reported on Sunday, the...
Britain yet to make the case for a digital pound, lawmakers say, ET BFSI
A digital pound should not be available in large sums initially to avoid the risk of bank runs, British lawmakers said in a report on Saturday that also highlighted the need to safeguard cash and user privacy.The Bank of England and finance ministry have said an...
NACH facility now available for investing in government bonds, T-bills; how it is better than UPI, ET BFSI
Reserve Bank of India (RBI) has allowed investors of its Retail Direct Platform to use the National Automated Clearing House (NACH) facility to make investments. “Once an investor chooses NACH as the payment option while placing a bid, the investor need not log in...
Rep. Don Beyer works toward master’s degree in AI
Rep. Don Beyer, D-Va.Bill Clark | CQ-Roll Call, Inc. | Getty ImagesWASHINGTON — Don Beyer isn't the average student at George Mason University. He's 73 years old. He prefers a notebook and pen to a laptop for note-taking. And he's a top lawmaker on AI policy in...
North Korea says interference in its satellites would be declaration of war
A TV news screen at Seoul's Yongsan Railway Station shows a report that North Korea's reconnaissance satellite has entered orbit.Sopa Images | Lightrocket | Getty ImagesNorth Korea said on Saturday it would consider any interference with its satellite operations a...
RBI receives 97% of 2000 rupee notes as of Nov 30, ET BFSI
Of the total 2000 rupee bank notes that were withdrawn from circulation as on 19th May this year, 97.26% have been returned, said the Reserve Bank Of India (RBI). The total value of Rs. 2000 bank notes in circulation which amounted to Rs. 3.56 lakh crore on 19th May...
NY Democrats to meet tonight to screen potential Santos replacements
U.S. Representative George Santos (R-NY) walks to a series of votes including a vote to expel him from the House of Representatives, on Capitol Hill in Washington, U.S., December 1, 2023. Leah Millis | ReutersDemocratic party officials in New York will hold a meeting...
Trump not immune from Jan. 6 Capitol riot lawsuits: court
An advertisement soliciting donations for former U.S. President Donald Trump is seen as it was introduced as evidence and displayed during the second public hearing of the U.S. House Select Committee to Investigate the January 6 Attack on the United States Capitol, at...
Sandra Day O’Connor, first woman on Supreme Court, dies at 93
Former Supreme Court Justice Sandra Day O'Connor testifies before the Senate Judiciary Committee hearing on 'Ensuring Judicial Independence Through Civics Education' on July 25, 2012 in Washington, DC.Karen Bleier | AFP | Getty ImagesSandra Day O'Connor, the first...
GOP Rep. George Santos faces expulsion vote in House
U.S. Rep. George Santos (R-NY) holds a press conference to address efforts to expel him from the House of Representatives, at the U.S. Capitol in Washington, U.S., November 30, 2023. Elizabeth Frantz | ReutersThe House is set to vote Friday on whether to expel Rep....
RBI, Bank of England sign MoU on information exchange related to CCIL, ET BFSI
The Reserve Bank of India (RBI) and the Bank of England (BoE), on 1st December 2023, signed a Memorandum of Understanding (MoU) concerning cooperation and exchange of information in relation to the Clearing Corporation of India Limited (CCIL). The MoU establishes a...
Sebi slaps Rs 16 lakh fine on Stock Holding Corp of India for flouting market rules, ET BFSI
Market regulator Sebi has slapped a fine of Rs 16 lakh on Stock Holding Corporation of India Ltd for violating foreign portfolio investor rules. The decision came after Sebi had conducted an inspection of documents, and other records of SHCIL, a Designated Depository...
Crypto ally Rep. Patrick McHenry fights for industry-backed regulation bill
Representative Patrick McHenry (R-NC), the temporary leader of the House of Representatives and the speaker pro tempore, holds the gavel in the House Chamber as they prepare to vote on a new Speaker of the House at the US Capitol in Washington, DC, on October 17,...
Why cash is still the king despite soaring digital payments, ET BFSI
Despite the traction observed in digital payments, cash persists due to a strong inclination of the populace to transact and save in cash, according to an RBI paper. "Cash serves as the de facto foundation for all types of payments. It also plays a crucial role in...
ARCs request RBI to simplify ‘rigid’ settlement process, BFSI News, ET BFSI
Mumbai: Asset reconstruction companies (ARC) have written to the Reserve Bank of India (RBI) to review settlement guidelines issued in October 2022 to ensure further simplification without compromising on the objective of a mechanism harmonious with the processes that...
Russia-Ukraine war updates for Dec.1, 2023
Zelenskyy urges faster fortification of frontline areasUkrainian President Volodymyr Zelenskyy on Thursday called for quicker fortifications in key battlegrounds that face assaults from Russian forces, particularly in eastern Ukraine."In all major sectors, we need to...
Trump gag order in fraud case reinstated by New York appeals court
Former U.S. President Donald Trump looks on, as the trial of himself, his adult sons, the Trump Organization and others in a civil fraud case brought by state Attorney General Letitia James continues, in New York City, U.S., October 3, 2023. Eduardo Munoz | ReutersA...
India GDP growth in Q2 FY24 beats estimates at 7.6%, BFSI News, ET BFSI
India’s GDP growth for the second quarter of the current financial year 2023-24 came in at a much better than expected number of 7.6%, much higher than 6.2% in the second quarter of the previous fiscal year. Most analysts were expecting the Q2 GDP growth data to...
Trump slams Jamie Dimon over Nikki Haley praise
Former President Donald Trump (L) and JP Morgan CEO Jamie Dimon.ReutersFormer President Donald Trump on Thursday ripped Jamie Dimon as an "overrated Globalist" after the JPMorgan CEO praised rival Republican Nikki Haley and urged business leaders to help her...
Biden administration proposes biggest changes to lead pipe rules in more than three decades
Most U.S. cities would have to replace lead water pipes within 10 years under strict new rules proposed by the Environmental Protection Agency as the Biden administration moves to reduce lead in drinking water and prevent public health crises like the ones in Flint,...
House Republicans expect to expel New York lawmaker
Rep. George Santos, R-N.Y., is seen in the U.S. Capitol on Tuesday, November 28, 2023.Tom Williams | Cq-roll Call, Inc. | Getty ImagesMultiple House Republicans said Wednesday they believe there is now enough support by GOP lawmakers to boot Rep. George Santos from...
Trump financial watchdog tells judge money transfers
Former US President Donald Trump arrives back from a break at New York Supreme Court during his civil fraud trial on November 6, 2023 in New York City.Adam Gray | AFP | Getty ImagesThe financial watchdog overseeing the Trump Organization informed a New York judge on...
Loss and Damage Fund, climate finance and NDCs to be among key focus areas for India: Environment Minister, ET BFSI
"We have seen India's commitment towards its environment-friendly policies... There are many issues to discuss here...there is loss and damage, also the issues of the last COP like article 6 and the climate finance associated with developing countries, those issues...
VP Kamala Harris ducks TikTok, Elon Musk antisemitism questions
Vice President Kamala Harris speaks during the New York Times annual DealBook summit on November 29, 2023 in New York City. Michael M. Santiago | Getty ImagesVice President Kamala Harris refused to speak Wednesday about two hot-button issues — TikTok regulation and...
Henry Kissinger, the towering American diplomat, dies at age 100
Henry Kissinger circa 1976 in New York City.PL Gould | Archive Photos | Getty ImagesHenry Kissinger, the Holocaust survivor and Harvard professor who became a towering U.S. diplomat, master political manipulator and pop culture icon — loved by admirers and loathed by...
Latest news on Russia and the war in Ukraine
Russian missiles and drones strike Ukraine overnight, injuring at least 10 peopleFirefighters try to extinguish a fire at a destroyed building after a Russian shelling at night, in the center of Pokrovsk, Ukraine, on Nov. 30, 2023.Anadolu | Anadolu | Getty...
How IBBI amendments are likely to benefit homebuyers of stuck projects, ET BFSI
The Insolvency & Bankruptcy Board of India (IBBI) is gearing up to finalise crucial amendments to regulations, spanning simplifying procedures for home buyers to refining personal and corporate insolvency proceedings. The move aims to enhance the functioning of...
Delhi HC seeks RBI response on banks’ preparedness against cyber frauds, ET BFSI
NEW DELHI: The Delhi High Court has recently directed the Reserve Bank of India (RBI) to submit an affidavit, clarifying the guidelines issued to commercial banks about the required response to requests for information from cyber cells of police authorities in case of...
Mark Cuban says ‘no plans’ to run for president after Mavericks deal
Dallas Mavericks owner Mark Cuban reacts during a timeout in the game against the Golden State Warriors at American Airlines Center on March 22, 2023 in Dallas, Texas.Tim Heitman | Getty ImagesMark Cuban, fresh off the news that he is selling a majority stake in the...
Man charged in alleged Indian plot to kill U.S. citizen
US President Joe Biden greets India's Prime Minister Narendra Modi as he arrives at the South Portico of the White House in Washington, DC on June 21, 2023.Mandel Ngan | Afp | Getty ImagesFederal prosecutors on Wednesday announced murder-for-hire charges against a man...
Jamie Dimon urges business leaders to help Nikki Haley
JPMorgan CEO Jamie Dimon has a message for some of the world's wealthiest corporate leaders: Help Nikki Haley's presidential campaign."Even if you're a very liberal Democrat, I urge you, help Nikki Haley, too. Get a choice on the Republican side that might be better...
India’s growth to slow down further to 6.1% in FY25, ET BFSI
.Indian economy is likely to slow down further to 6.1% compared with 6.3% projected in FY24 as global growth remains subdued in the coming year, the Organisation for Economic Co-operation and Development noted in its latest economic outlook released...
CFPB fines Bank of America $12 million for mortgage violations
A man walks past an ATM outside Bank of America Corp. headquarters in Charlotte, North Carolina, May 2, 2016.Chris Keane | Bloomberg | Getty ImagesWASHINGTON — The Consumer Financial Protection Bureau on Tuesday fined Bank of America $12 million for reporting false...
Israel-Hamas war: News on Gaza conflict
Six-truck convoy reaches Jabalia region, UN agency saysA six-truck convoy carrying humanitarian aid has reached U.N. shelters in the Jabalia region, the site of the largest refugee camp in the Palestinian territories, which has been cut off from assistance for nearly...
RBI’s crackdown on consumer loans set to spur co-lending between banks and NBFCs, ET BFSI
The Reserve Bank of India's (RBI) recent decision to raise the risk weight on consumer credit is poised to reshape lending dynamics, with co-lending partnerships between banks and non-banking financial companies (NBFCs) expected to witness a notable uptick. This move,...
Cybersecurity, customer protection essential for digital payments momentum: RBI paper, ET BFSI
Cybersecurity, customer protection, and cost-effectiveness are essential for sustaining the momentum towards digital payments pushed by the Covid pandemic, said Reserve Bank paper on Tuesday. The transactional use of cash has been on a decline and is increasingly...
Donations to Hamas-linked charities up 70% since Oct. 7 attack
A Palestinian holds Hamas flags while waiting for the release of prisoners in exchange for Israeli hostages held by Hamas, in Ramallah in the occupied West Bank on November 27, 2023.John Macdougall | AFP | Getty ImagesFinancial investigators in Israel have identified...
Machine learning tech can help predict inflation better: RBI economists, ET BFSI
Traditional mathematical models like Phillips Curve, used to predict inflation and forecast its trajectory may not be the best to capture the relation between inflation and its causes, said the economists at The Reserve Bank Of India (RBI). They suggest newer...
Latest news on Russia and the war in Ukraine
Hungary will never send weapons to Ukraine, foreign minister saysHungary's Foreign Minister Péter Szijjártó told CNBC on Tuesday that the country will never send weapons to Ukraine, saying that the "more weapons delivered, the longer the war will take."Szijjártó added...
Sebi proposes changes in regulatory framework for Special Situation Funds, ET BFSI
Defaulting promoters cannot misuse 'special situation funds' to surreptitiously buy into their companies to retain control. Market regulator Securities and Board of India (Sebi) on Tuesday proposed that if the investment in the special situation fund (SSF) is by a...
We will look into it if disclosures on IPO valuation are meaningless, says Sebi chief, ET BFSI
Amid concerns in some quarters over the exorbitant valuation of certain initial public offerings, Sebi Chairperson Madhabi Puri Buch has said the regulator would certainly look into the matter if disclosures on the valuation are meaningless.The comments have come amid...
White House corporate ‘price gouging’ pressure campaign
US President Joe Biden speaks about strengthening US ports and supply chains after the International Longshore and Warehouse Union and the Pacific Maritime Association finalized a new contract covering west coast ports, in the State Dining Room of the White House in...
Billionaire-backed Koch network endorses Nikki Haley for president
Republican presidential candidate and former U.S. Ambassador to the United Nations Nikki Haley listens as she is introduced during a campaign stop in Hooksett, New Hampshire, U.S., November 20, 2023. Brian Snyder | ReutersThe political network largely financed by...
Hunter Biden offers to testify before Congress in December
Hunter Biden, son of U.S. President Joe Biden, walks with family members in Nantucket, Massachusetts, U.S, November 24, 2023. Tom Brenner | ReutersHunter Biden said Tuesday he would testify before Congress next month, as part of a Republican-led impeachment...
U.S. needs ‘bipartisan’ leadership and a ‘strong middle’: Ray Dalio
As the U.S. gears up for its next presidential election in 2024, the country needs a "strong middle" political ground and bipartisan cooperation, according to Ray Dalio, founder of investment company Bridgewater."If you bring the sides together in a bipartisan way,...
Trump loses bid for Jan. 6 subpoenas in election case
Republican presidential candidate and former U.S. President Donald Trump holds a campaign rally at Ted Hendricks Stadium in Hialeah, Florida, U.S. November 8, 2023. REUTERS/Octavio JonesOctavio Jones | ReutersA federal judge on Monday denied a request by Donald Trump...
Trump will be final defense witness at New York fraud trial, lawyer says
Former U.S. President Donald Trump is questioned by Judge Arthur F. Engoron before being fined $10,000 for violating a gag order for a second time, during the Trump Organization civil fraud trial in New York State Supreme Court in the Manhattan borough of New York...
Why urban cooperative banks are facing RBI ire again, ET BFSI
Urban cooperative banks are in the news for the wrong reasons again with the Reserve Bank of India superseding the board of Abhyudaya Coop Bank, just when the reforms after the PMC Bank episode had promised to bring discipline in the sector. Since 2020, urban...
Latest news on Russia and the war in Ukraine
Russian forces continue efforts to encircle AvdiivkaSmoke rises from the area in the direction of Avdiivka in the course of the Russia-Ukraine war, as seen from Donetsk, Russian-controlled Ukraine, on Oct. 11, 2023.Alexander Ermochenko | ReutersRussian forces are...
RBI, BoE closer to settling CCIL issue in boost for Bond Street, ET BFSI
Mumbai: The Reserve Bank of India and regulators in the UK have made significant headway in crafting a new agreement to govern the treatment of the Clearing Corporation of India (CCIL), with both sides moving closer to swiftly removing a hurdle that had threatened to...
Israel-Hamas war: News on Gaza conflict
Peace settlement could fuel inflation in Israel, economist saysMarc Ostwald, global strategist and chief economist at ADM Investor Services, discusses the Bank of Israel's decision to keep it's rates unchanged at 4.75% and what it could mean for the country's economy...
RBI, international counterparts discuss CBDCs for cross-border settlements, ET BFSI
India's banking regulator is in discussions with its counterparts in the US and Hong Kong, and the Society for Worldwide Interbank Financial Telecommunications (Swift), to assess the feasibility of quick and inexpensive digital cross-border settlements that will...
How RBI’s stricter norms are likely to affect big lenders such as SBI, HDFC Bank and Bajaj Finance, ET BFSI
The recent move by the Reserve Bank of India (RBI) to tighten capital norms for unsecured retail loans has sent shockwaves through the banking sector, impacting major players. The focus on unsecured lending, including personal loans, credit cards, and exposure to...
Biden slams corporations over high consumer costs
U.S. President Joe Biden speaks about efforts to strengthen United States supply chains that effect economic and national security, during the first meeting of the new White House Council on Supply Chain Resilience, in the Indian Treaty Room of the Eisenhower...
Ken Langone to meet with Nikki Haley as he considers support
Ken Langone arrives at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on Wednesday, July 12, 2023.David A. Grogan | CNBCHome Depot co-founder and billionaire Ken Langone plans to meet with former U.S. ambassador to the United Nations Nikki...
5 things to know before the stock market opens Monday
Here are the most important news items that investors need to start their trading day:1. Capping a strong NovemberWall Street hopes to close out November on a high note, after U.S. stocks posted four straight positive weeks. The three major U.S. indexes climbed last...
Biden will convene his new supply chain council and announce 30 steps to strengthen U.S. logistics
US President Joe Biden speaks about strengthening US ports and supply chains after the International Longshore and Warehouse Union and the Pacific Maritime Association finalized a new contract covering west coast ports, in the State Dining Room of the White House in...
Sebi OKs fractional ownership framework for realty assets, BFSI News, ET BFSI
The board of the Securities and Exchange Board of India on Saturday approved a proposal to introduce a framework for fractional ownership of real estate assets. The regulator, however, deferred its plan to make changes to delisting rules.Sebi had proposed to allow...
Latest news on Russia and the war in Ukraine
Drone warfare has intensified between Russia and Ukraine over the weekend, with both sides targeting each other's capital cities with dozens of drones.Russian authorities claimed Sunday that Ukraine had targeted Moscow with dozens of drones on Saturday night, just...
Invesco under Sebi lens for alleged violation of rules, BFSI News, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi) has issued a show-cause notice to the local unit of Invesco, a US-based asset manager, for possible violations of mutual fund rules that potentially risked investor money, people familiar with the development...
Israel-Hamas war live updates: News on Gaza conflict
Biden calls for Gaza truce to continueU.S. President Joe Biden speaks about the release of hostages from Gaza, in Nantucket, Massachusetts, on Nov. 24, 2023.Brendan Smialowski | AFP | Getty ImagesU.S. President Joe Biden said Sunday he hoped the Gaza truce would be...
Three Palestinian students shot near the University of Vermont
University of Vermont Photo: rachaelvoorheesThree Palestinian students were shot and wounded Saturday night, according to a police report.The Burlington Police Department in Vermont reported that two of the three 20-year-old men are in stable condition,...
Rep. Dean Phillips, Democrat challenging Biden, won’t run for reelection
Rep. Dean Phillips, D-Minn., speaks during the news conference on the Invest to Protect Act outside the Capitol on Thursday, May 12, 2022. Kevin Dietsch | Getty Images News | Getty ImagesRep. Dean Phillips, the Minnesota Democrat challenging President Joe Biden for...
‘Growing optimism’ for release of four-year-old hostage
Jake Sullivan, White House national security adviser, speaks during a news conference in the James S. Brady Press Briefing Room at the White House in Washington, DC, US, on Thursday, Nov. 10, 2022.Ken Cedeno | Bloomberg | Getty ImagesUnited States National Security...
Sebi tweaks rules, asks AIFs to dematerialise units, BFSI News, ET BFSI
To facilitate ease of compliance and strengthen investor protection in Alternative Investment Funds (AIFs), Sebi on Saturday said all the fresh investments made by an AIF after September 2024 should be held in demat form. Approving amendment to AIF rules, Sebi said...
RBI adds 19 unauthorised forex trading platforms in Alert List, ET BFSI
The Reserve Bank on Friday updated the 'Alert List' of unauthorised forex trading platforms by adding 19 more entities, including FX SmartBull, Just Markets, and GoDo FX, taking the total to 75. The Alert List contains the names of entities, which are neither...
Six ways RBI crackdown on consumer loans can impact FinTech firms, ET BFSI
FinTech lenders face potential customer migration to traditional banks and NBFCs due to an anticipated increase in interest rates. The Reserve Bank of India's decision to raise weights on unsecured loans is expected to drive up the cost of funds for fintech...
Amid bank frauds, government to meet RBI, Trai, NPCI, BFSI News, ET BFSI
NEW DELHI: Days after the problems at UCO Bank and multiple instances of frauds on a daily basis, the finance ministry and the parliamentary panel on ICT have decided to look into the issue.Next week, financial services secretary Vivek Joshi will hold consultations...
RBI seeks ways to make digital currency payments easy as cash, ET BFSI
Offline and feature phone-based payments and purpose-defined payments are the next big charters for the Reserve Bank of India and the National Payments Corporation of India (NPCI), for pushing the adoption of the central bank-backed digital currency (CBDC), said two...
RBI sees ‘dark patterns’ in mis-selling of digital loans, BFSI News, ET BFSI
MUMBAI: RBI deputy governor M Rajeshwar Rao has cautioned about 'dark patterns' in mis-selling of digital loans where customers are deceived into availing high-cost loans. The deputy governor has also said that RBI will relook at risk management framework for lenders...
RBI outlines the future of banking; says era of exclusiveness of banks is over, ET BFSI
The Reserve Bank of India fee;s that banks will have to transition from a sectoral approach to an ecosystem approach and that the era of exclusiveness of providing banking services by banks are over.In the newer paradigm, markets are likely to become the central point...
Cyber fraud cases are rising, Banks should fortify cyber security: RBI, ET BFSI
"Unfortunately, it appears that the efforts of the banks to provide timely solutions to customer grievances have not kept pace with explosion in technology and products."The RBI on Thursday said that the banks should focus on fortifying cyber security and prevention...
RBI’s hardening cautionary stand on unsecured lending and its impact on the larger market, ET BFSI
As the Reserve Bank of India wants banks to go slow on unsecured lending, a major impact could be felt in securitisation of such loans. Further with the central bank governor highlighting the possible risks to the financial balance of the country because of increased...
Israel-Hamas war live updates: News on Gaza conflict
Aid trucks arrive in Gaza Strip under deal terms, Israeli agency saysTrucks carrying humanitarian aid begin to move into Gaza Strip through the Rafah border crossing with Egypt on Nov. 24, 2023.Anadolu | Anadolu | Getty ImagesAid trucks have begun to enter the Gaza...
RBI sees ‘dark patterns’ in mis-selling of digital loans, BFSI News, ET BFSI
MUMBAI: RBI deputy governor M Rajeshwar Rao has cautioned about 'dark patterns' in mis-selling of digital loans where customers are deceived into availing high-cost loans. The deputy governor has also said that RBI will relook at risk management framework for lenders...
RBI seeks ways to make digital currency payments easy as cash, ET BFSI
Offline, feature phone-based payments and purpose-defined payments are the next big charters for the Reserve Bank of India and the National Payments Corporation of India (NPCI), for pushing the adoption of the central bank digital currency (CBDC), said two bankers in...
Latest news on Russia and the war in Ukraine
An aerial view shows Ukraine's Motherland monument, with its new Ukrainian coat of arms shield, after fresh snowfall on Nov. 22, 2023, in Kyiv, Ukraine.Kostya Liberov | Libkos | Getty Images News | Getty ImagesRussian forces continued to bombard the eastern Ukrainian...
New York City Mayor Eric Adams accused of 1993 sexual assault in legal filing
New York Mayor Eric Adams speaks during his weekly press conference at New York City Hall on November 14, 2023.Angela Weiss | Afp | Getty ImagesNew York City Mayor Eric Adams has been accused of sexually assaulting a woman in 1993, according to a legal summons filed...
Banks need to focus more on redressal of customer grievances: RBI DG, ET BFSI
Mumbai, Reserve Bank of India's Deputy Governor M Rajeshwar Rao on Thursday asked banks to focus more on redressal of customer grievances. He said banks are "hugely invested" in customer acquisition but paying little attention to upping redressal of customer...
RBI circular does not affect Fedbank Fin’s unsecured portfolio: MD, ET BFSI
Anil Kothuri, MD & CEO, Fedbank Financial Services, says RBI’s intent is to clamp down on unsecured lending which is used to fuel consumption and that is what they seek to moderate and put guardrails around. “The loans that we do are loans for working capital for...
RBI Governor flags bank-NBFC links as ‘contagion risk’, BFSI News, ET BFSI
Concentrated borrowing linkages between non-bank financiers and mainstream lenders may pose contagion risks, Reserve Bank of India (RBI) governor Shaktikanta Das said, pointing to potential sectoral fault lines a week after a concerned regulator sought to restrain the...
Credit for lower food, travel prices
U.S. President Joe Biden pardons the National Thanksgiving turkeys Liberty and Bell during a ceremony on the South Lawn of the White House on November 20, 2023 in Washington, DC.Win Mcnamee | Getty ImagesGathering around the Thanksgiving table will cost Americans less...
RBI Governor flags bank-NBFC links as ‘contagion risk’, BFSI News, ET BFSI
Concentrated borrowing linkages between non-bank financiers and mainstream lenders may pose contagion risks, Reserve Bank of India (RBI) governor Shaktikanta Das said, pointing to potential sectoral fault lines a week after a concerned regulator sought to restrain the...
Latest news on Russia and the war in Ukraine
Putin peace talk comments designed to pressure West, analysts sayRussian President Vladimir Putin.Mikhail Svetlov | Getty Images News | Getty ImagesAnalysts say Russian President Vladimir Putin's comments Wednesday regarding peace talks with Ukraine were likely aimed...
Borrowers with low credit scores may face hurdles after RBI raises risk weights, ET BFSI
The Reserve Bank of India's recent increase in risk weights of banks and non-banking finance companies would not only impact borrowers with an increase in loan costs, they will have to be prudent in repayments too.The RBI's move mandates lenders to set aside higher...
Israel-Hamas war live updates: News on Gaza conflict
Qatari diplomat lays out further details of hostage release dealQatar's lead negotiator in the Israel-Hamas hostage release talks, Mohammed al-Khulaifi, has laid out further details of the agreement.His country, alongside Egypt and the U.S., mediated the negotiations...
Why does the RBI invoke the Mahabharata? What does it have to do with inflation and growth?, ET BFSI
Monetary policy is mostly a decision on interest rates and hence on the surface, appears least complicated. However, the drivers of monetary policy can be numerous and communicating them, a lot tougher. Reserve Bank of India Governor Shaktikanta Das has leaned on the...
Headline inflation remains vulnerable to recurring and overlapping shocks: RBI Guv, ET BFSI
Headline inflation remains vulnerable to recurring and overlapping shocks due to overseas plus domestic factors, said Reserves Bank of India's Governor Shaktikanta Das on Wednesday at the inaugural address at FIBAC 2023.Household price rise expectations are becoming...
Israeli official outlines tentative deal to free Hamas hostages: NBC
Candles lit in a Star of David shape surround a slogan during a gathering in Tel Aviv on November 21, 2023, calling for the release of Israelis held hostage in the Gaza Strip since the October 7 attack by Hamas militants, amid ongoing battles between Israel and the...
Recoveries from personal guarantors a measly 5.22%, to rise after SC verdict, ET BFSI
The recovery rate from personal guarantors, currently at 5.22%, is anticipated to rise following the Supreme Court’s recent ruling affirming the constitutionality of the IBC provisions regarding Personal Guarantors’ Insolvency Resolution. This ruling implies that the...
Biden proposes ban on cable cord cutting fees
US President Joe Biden speaks during a meeting on progress to counter the flow of fentanyl into the US, in the Roosevelt Room of the White House in Washington, DC, on November 21, 2023.Andrew Caballero-Reynolds | AFP | Getty ImagesWASHINGTON — The Federal...
Rs 25,000 crore of Sahara depositors stuck; What is the Consolidated Fund of India, ET BFSI
The government is looking into the legality of transferring unclaimed funds of the Sahara-Sebi Refund Account to the Consolidated Fund of India, with a provision to refund investors who stake claims later, according to a recent Economic Times news report.The fund has...
Republican Celeste Maloy wins Utah’s 2nd Congressional District
Celeste Maloy speaks during the 2nd Congressional District Republican primary debate for outgoing Rep. Chris Stewart's seat, Friday, Aug. 4, 2023, in Farmington, Utah.Rick Bowmer | APRepublican Celeste Maloy won Utah's 2nd Congressional District on Tuesday, defeating...
RBI governor Shaktikanta Das asks banks to avoid ‘all forms of exuberance’, ET BFSI
MUMBAI: Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday cautioned the country's lenders against "all forms of exuberance" days after tightening rules for consumer loans.While credit growth is accelerating, banks and non bank finance companies (NBFCs)...
What is the last date for exchange Rs 2000 banknotes in RBI?, ET BFSI
The last date to deposit and exchange Rs 2000 banknote at bank branches was October 7, 2023. However, individuals and entities can still exchange and deposit Rs 2000 banknotes at the 19 RBI Issue Offices.What will be the last date for exchange of Rs 2000 banknotes in...
Israel and Hamas reach deal to release 50 civilians held in Gaza: Qatar
Protesters lift placards as they rally in Tel Aviv on November 18, 2023 to demand the release of Israelis held hostage in Gaza since the October 7 attack by Hamas militants, amid ongoing battles between Israel and the Palestinian armed group.Ahmad Gharabli | AFP |...
RBI Gov Das, ET BFSI
India's startup ecosystem and specifically fintech sector is ever evolving and they are riding on the tech-heavy digital journey. Indian banks have also accelerated their digitalisation journey and are re-evaluating the conventional banking business model.RBI governor...
Israel-Hamas war live updates: News on Gaza conflict
Ambulances arrive at Al-Shifa hospital for more evacuationsThe Palestine Red Crescent Society said 14 ambulances are present at the Al-Shifa hospital in the Gaza Strip to facilitate more evacuations."14 PRCS ambulances arrived Al-Shifa Hospital to evacuate the wounded...
SEBI Chairperson unveils Investor Risk Reduction Access platform, ET BFSI
Chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch has launched the Investor Risk Reduction Access (IRRA) platform at the Bombay Stock Exchange (BSE).Risk Mitigation in financial markets is an evergreen subject and constant efforts are...
India didn’t witness banking stress like US due to regulatory reforms: Shaktikanta Das, ET BFSI
There has been a significant change in terms of interest rates in consecutive monetary policy announcements for both US and India, where both the countries have increased their rates over past few months consecutively. This has had an impact over the banking sector,...
