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Investors wealth rises by Rs 4.97 lakh crore in morning deals as markets rally, ET BFSI
New Delhi, Investors became richer by over Rs 4.97 lakh crore on Monday as equity benchmark indices jumped more than 1 per cent to hit life-time peaks after the BJP's win in three Hindi heartland states. BJP's clear majority in Madhya Pradesh, Rajasthan and...
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...
ITAT upholds tax sop for interest earned on deposits with co-op bank, in the hands of a CHS, ET BFSI
MUMBAI: The Income-tax Appellate Tribunal (ITAT), Mumbai bench, in the case of Kinjal Heaven Co-operative Society (a housing society) has upheld its deduction claim under section 80P(2)(d) for interest earned on its deposits with a co-operative bank.Tax tribunal...
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...
Apple eyes Chase partnership, as it plans to cut Goldman Sachs ties, ET BFSI
Apple has proposed splitting up with Goldman Sachs, as the latter wants to get out of its relationship with the iPhone maker and wind up its consumer lending business. As Apple bids farewell to Goldman, it is looking for a new partner to take on its credit card and...
Uber shares pop as company is slated to join S&P 500
Uber CEO, Dara Khosrowshahi speaks during the "Intentional Equity in Sustainability" conversation at the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 15, 2023.Andrew Caballero-Reynolds | AFP | Getty ImagesShares of...
MCX gold hits fresh lifetime high of Rs 64,000, YTD gains soar to Rs 8,900/10 gram, ET BFSI
Tracking a rally in the international market, gold prices in India also surged to fresh lifetime highs on MCX. February gold futures hit an all-time high Rs 64,063 per 10 grams in Monday's trade while on the Comex a peak of $2,146.79 per troy ounce was scaled. 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...
Analysts, BFSI News, ET BFSI
The near-term trend still remains positive, and the Nifty may expect upside targets of 20,500 and, subsequently, 20,900 this month, according to technical analysts. Stocks such as ITC, Torrent Pharma, GAIL, Can Fin Homes, Bajaj Finance, and Bajaj Finserv have shown...
Global warming could cost poor countries trillions. They’ve urged the UN climate summit to help, ET BFSI
Dubai, Dec 4 (AP) A prominent developing-world leader on the issue of climate change said Monday that global taxes on the financial services, oil and gas, and shipping industries could drum up hundreds of billions of dollars for poorer countries to adapt and cope with...
NFRA has retrospective jurisdiction, says National Company Law Appellate Tribunal, ET BFSI
NEW DLEHI: In a boost to the National Financial Reporting Authority, the National Company Law Appellate Tribunal (NCLAT) has held that the agency set up to keep an oversight over auditors of listed and large companies has "superior authority" over the Institute of...
Company to cut 5% of employees
Jeff Lawson, chief executive officer of Twilio Inc., during the Singapore FinTech Festival in Singapore, on Friday, Nov. 17, 2023.Lionel Ng | Bloomberg | Getty ImagesSoftware provider Twilio said Monday it would lay off roughly 5% of its workforce citing...
Sensex surges over 800 points, Nifty above 20,550 as BJP state election wins bolster Modi’s Lok Sabha 2024 prospects, ET BFSI
Sensex surged over as 800 points in opening trade on Monday to cross an all time high level of over 68,000, bolstered by the Bharatiya Janata Party’s massive victories in state elections ahead of the 2024 Lok Sabha polls. Nifty50 scaled fresh highs of 20,550, up over...
Nine bidders submit plans for Rolta India which owes Rs 14,000 crore, ET BFSI
Mumbai: Lenders to debt-laden software company Rolta India have received nine resolution plans under the ongoing bank-led insolvency process to settle more than ₹14,000 crore in unpaid dues owed to secured and unsecured creditors.People aware of the development told...
How Israel is using drones in Gaza
THE GAZA STRIP is a risky place for an invading army: its cities provide cover for Hamas fighters, who know the terrain; it is heavily populated, with civilians often in harm’s way; fighting in built-up areas is likely to be at close quarters and consequently bloody....
FPIs infuse Rs 9,000 cr in equities in Nov; inflow in debt at 6-yr high, ET BFSI
New Delhi: After turning net sellers in the past two months, FPIs again made a comeback in the Indian stock markets in November and pumped in Rs 9,000 crore amid fall in US treasury bond yields and the resilience of the domestic market. Additionally, Foreign Portfolio...
Alaska Airlines to acquire Hawaiian Airlines in $1.9 billion deal
Alaska Air Group has agreed to buy rival Hawaiian Airlines in a $1.9 billion deal, setting up another potential regulatory battle in the second proposed airline merger in less than two years.Alaska would pay $18 a share for Hawaiian and would take on $900 million of...
Warburg Pincus names Vishal Mahadevia as Asia private equity head, ET BFSI
Private equity firm Warburg Pincus on Monday named India head, Vishal Mahadevia, as head of Asia private equity, a newly created position, while veteran China head Frank Wei will step down amid an Asia-wide reshuffle at the U.S. investment firm.Mahadevia, a 17-year...
Yen Strengthens, Aussie Falls in Anticipation of Tokyo CPI and RBA
Today’s markets are characterized by a sense of caution, with most major pairs and crosses gyrating inside Friday’s range. Japanese Yen is an exception as a stronger performer, although it has not yet seen significant follow-through buying. Dollar and the Euro are...
After getting FPI ‘Visa’ for D-Street, Russians move to open GIFT shops, ET BFSI
Mumbai: Russians are working to gain a toehold in GIFT City, India's financial services centre in Gujarat.Just a few months after half a dozen Russian institutions were permitted by the Indian capital market regulator to trade as foreign portfolio investors (FPIs) on...
Piramal Alternatives to deploy Rs 200 crore in ATM player TSI India, ET BFSI
The country’s leading ATM operator, Transactions Solutions International (India), has secured Rs 200 crore of investment from Piramal Alternatives. TSI has more than 14,000 ATMs under management and offers automated Bill Pay solutions for utility companies. The...
Shrinithi Capital partners with ESAF Small Finance Bank, BFSI News, ET BFSI
Chennai: Shrinithi Capital, which specialises in commercial vehicle and two-wheeler loans, has announced a partnership with ESAF Small Finance Bank. The collaboration is part of Shrinithi Capital’s expansion plans to enter the small truck transporters and owner cum...
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...
Credit card customers cheated of Rs 31 lakh by cybercrooks, BFSI News, ET BFSI
Ahmedabad: Eighty-four credit card customers of a private bank were cheated of a total of Rs 31.25 lakh by cybercrooks over a period of six months. The fraudsters would call up the customers after the bank issued them credit cards, take their credentials and make...
OpenAI COO Brad Lightcap interview with CNBC
Weeks before OpenAI launched ChatGPT in November 2022, the buzzy artificial intelligence company's executive team devoted an entire meeting to debating one question: should they even release the tool? "If you know Sam [Altman], he likes to cycle through topics at a...
Geojit ropes in two CEOs for private wealth & managed assets, BFSI News, ET BFSI
Mumbai, Investment services firm Geojit Financial on Monday appointed Rahul Roy Chowdhury as the chief executive of its private wealth services arm and Gopinath Natarajan as head of its portfolio & managed assets. The new CEOs will lead the company's wealth...
20% rally in 3 months! This PSU bank hits a fresh 52-week high; should you buy or book profits?, ET BFSI
Canara Bank, part of the PSU banking segment, rallied more than 20% in the last 3 months to hit a fresh record high in December 2023 and the chart pattern suggests that the rally may not be over yet.Short-term traders can look to buy the stock for a target of Rs 432...
India to become $5 trillion economy early in Amrit Kaal: FinMin, ET BFSI
NEW DELHI: Minister of state for finance Pankaj Chaudhary declared on Monday that India is poised to achieve the milestone of a USD 5 trillion economy in the early stages of the 'Amrit Kaal,' as part of its broader aim to become an advanced economy by 2047.According...
The rupee rises 6 paise to 83.27 against the US dollar in early trade, ET BFSI
Mumbai, The rupee appreciated 6 paise to 83.27 against the US dollar in early trade on Monday amid a positive trend in domestic equities and foreign fund inflows. At the interbank foreign exchange, the rupee opened at 83.28 against the dollar and then touched a low of...
68% equity schemes underperform their benchmarks in five years, ET BFSI
Around 68 per cent equity schemes have failed to beat their respective benchmarks in a five year horizon, an analysis by ETMutualFunds showed. We analysed the daily rolling returns of 171 equity schemes that have completed five years of existence in the market and...
Ethereum Team Leader Critiques University’s Apathy Towards Crypto Education
The Ethereum team leader, Péter Szilágyi, recently expressed his dissatisfaction regarding his alma mater's apparent disinterest in providing students with opportunities to engage with Ethereum technology. Szilágyi's frustration was articulated through a series of...
L&T Finance Holdings merges subsidiaries to form single entity, ET BFSI
L&T Finance Holdings Ltd. (LTFH), on Monday announced the successful completion of the merger of its subsidiaries, viz., L&T Finance Ltd., L&T Infra Credit Ltd. and L&T Mutual Fund Trustee Ltd. with itself, in a press note.After completing the...
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...
China frames ‘One Province, One Policy’ plan for financial risk, ET BFSI
China's regulator wants provinces to come up with their own plans to handle financial risks, according to a report, about a month after officials pledged to set up a mechanism to resolve local debt issues.The country should make a greater effort in financial risk...
North Korea’s Cyber Onslaught on Cryptocurrency: A $3 Billion Digital Heist
In recent years, North Korea has notably intensified its cyber operations, particularly targeting the cryptocurrency industry. This strategic shift emerged around 2017 when the country's cybercriminal activities, previously focused on traditional financial...
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...
At Rs 22 lakh crore, NBFCs spot a big opportunity in small ticket loan against property market, ET BFSI
Non-Banking Financial Companies (NBFCs) are increasingly favouring the Small Ticket Loan Against Property (S-LAP) segment over medium ticket loans. The market potential for S-LAP is estimated at a substantial Rs 22 lakh crore, with lenders having tapped only around Rs...
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...
Spotify to lay off 17% of employees, CEO Daniel Ek says
It comes after Spotify reported a 65 million euros ($70.7 million) profit in the third quarter, citing lower spend on marketing and personnel.Spotify raised prices of its subscription plans earlier this year and has been expanding into podcasts and audio books.The...
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...
Former Blackstone executive Mathew Cyriac set to buy ex-firm’s 51% stake in International ARC, ET BFSI
Blackstone, the world’s largest alternative asset manager, is exiting the distressed assets space in India by selling its controlling interest in a high-profile, five-year-old joint venture that includes the Tata Group, HDFC Bank and ICICI Bank as partners. Besides...
Asian shares turn mixed, gold tops $2,100 an ounce, BFSI News, ET BFSI
SYDNEY: Asian shares were mixed on Monday while gold spiked to all-time peaks above $2,100 at the start of a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.In particular, the U.S. November...
Arbitrum DAO Approves Additional Funding for STIP Proposals
The Arbitrum DAO, a layer-2 networking system designed to enhance Ethereum blockchain scalability, has recently taken a significant step in expanding its Short-Term Incentive Program (STIP). The DAO, governed by ARB token holders and financed through transaction fees,...
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...
Shrinithi Capital partners with ESAF Small Finance Bank, BFSI News, ET BFSI
Chennai: Shrinithi Capital, which specialises in commercial vehicle and two-wheeler loans, has announced a partnership with ESAF Small Finance Bank. The collaboration is part of Shrinithi Capital’s expansion plans to enter the small truck transporters and owner cum...
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...
Copenhagen targets $3 bln for emerging market greenfield renewables fund, ET BFSI
DUBAI: Danish investment firm Copenhagen Infrastructure Partners is looking to raise $3 billion for a new fund focused on building renewable energy projects from scratch in emerging and middle-income countries, the heads of the fund told Reuters.The 14-year Growth...
FX option expiries for 4 December 10am New York cut
There are a couple to take note of for the day, as highlighted in bold.The first being for EUR/USD at 1.0860, though the level doesn't really hold much technical significance. Trading sentiment will still largely rely on the bond market and overall risk mood but all...
Bitcoin price at $100,000 in 2024? Crypto execs say bull run has begun
Yuichiro Chino | Moment | Getty ImagesExecutives in the cryptocurrency industry called the start of a new bull run with a growing number of voices calling for fresh all-time highs for bitcoin in 2024 above $100,000.Bitcoin has rallied more than 120% this year, with...
Gold and Bitcoin Lead Market Frenzy, Yen Jumps While Others Tread Cautiously
Gold and Bitcoin are leading the charge in Asian markets today, with Gold breaking to a new record high and Bitcoin surpassing the 40000 mark. This surge contrasts with the mixed performance of Asian equity markets, where indices like Japan’s Nikkei and Hong Kong’s...
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...
Bitcoin nears $40,000 in solid weekend rally. ETF approval remains the catalyst
Enthusiasm is quietly building around bitcoin as risk trades improve and interest rates fall. Liquidity is improving and the industry appears to have cleaned up following the fines and Binance and the collapse at FTX.Bitcoin is up $792 to $39,577, which is the highest...
Meta AI chief Yann LeCun skeptical about AGI, quantum computing
Yann LeCun, chief AI scientist at Meta, speaks at the Viva Tech conference in Paris, June 13, 2023.Chesnot | Getty Images News | Getty ImagesMeta's chief scientist and deep learning pioneer Yann LeCun said he believes that current AI systems are decades away from...
What strong Black Friday retail sales mean for holiday spending
Shoppers walk around Twelve Oaks Mall on November 24, 2023 in Novi, Michigan. Emily Elconin | Getty ImagesRetailers are cheering after shoppers spent big on gifts and decor in the days after they gobbled up turkey and stuffing.But the strong showing does not...
Growth is slowing around the world, ET BFSI
The world’s advanced economies are heading into a deepening slowdown as markedly higher interest rates take a hefty toll on activity that could still become more acute, the OECD warned.Growth is losing momentum in many countries and won’t edge up until 2025, when real...
Assembly poll results, RBI policy among 7 factors that will drive Dalal Street this week, ET BFSI
MUMBAI: Domestic equities kicked off December on a high note, with the benchmark Nifty 50 scaling fresh lifetime highs, as foreign investors were buoyed by the robust GDP data and upbeat global markets. On Friday, the Nifty 50 ended at 20267.90 points, clocking more...
317 arrested for cyber frauds in Faridabad this year, Rs 5.2 crore recovered, ET BFSI
FARIDABAD: A total of 141 cybercrime cases have been registered in the city this year so far, according to the data released by the city police. An amount of Rs 5.2 crore has been recovered collectively from all the cases. The data stated that out of the registered...
Why climate finance is an important tool to accelerate clean energy initiatives, ET BFSI
In addition to the remarkable growth in India's renewable energy sector, the global landscape is evolving, with significant implications for sustainable energy initiatives. The ongoing COP28 conference is poised to be a crucial platform for nations worldwide to...
This SGB series can be withdrawn at 111.5% higher than issue price, ET BFSI
The premature redemption price of Sovereign Gold Bond (SGB) 2017-18 Series X will be Rs 6,265 per unit, according to a press release by the Reserve Bank of India (RBI) dated December 1, 2023."The redemption price of SGB shall be based on the simple average of closing...
You pay 18% more than the interest amount, even in ‘No Cost EMI’, ET BFSI
Most credit card holders are aware of the high interest rate of revolving credit, like in a credit card which can go up to 42% annually. Many people who can’t clear their dues in one credit cycle prefer converting the purchases into EMIs so that they can pay a much...
IMF ED KV Subramanian rebuts Raghuram Rajan, applauds India’s resilient 7.7% GDP growth, ET BFSI
IMF ED KV Subramanian rebuts critics, applauds India's resilient 7.7 per cent GDP growth.Responding to former RBI Governor Raghuram Rajan's comments on Indian GDP growth, KV Subramanian, Executive Director of the International Monetary Fund (IMF) and Former Chief...
FPIs infuse Rs 9,000 cr in equities in Nov; inflow in debt at 6-yr high, ET BFSI
New Delhi, Dec 3: After turning net sellers in the past two months, FPIs again made a comeback in the Indian stock markets in November and pumped in Rs 9,000 crore amid fall in US treasury bond yields and the resilience of the domestic market. Additionally, Foreign...
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...
Kross files Rs 500 crore IPO papers with Sebi, BFSI News, ET BFSI
NEW DELHI: Kross Ltd, a specialist in manufacturing forging components for top OEMs -- has filed preliminary papers with capital markets regulator Sebi to raise Rs 500 crore through an Initial Public Offering (IPO). The maiden public issue of the Jamshedpur-based...
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...
What’s fuelling the surge?, BFSI News, ET BFSI
Domestic gold surged to a fresh all-time high as the most active MCX near-month futures boomed to Rs 63350 per ten grams last week. Firm overseas prices, weak Indian rupee and expectations of an increase in jewelry demand and peak wedding season propelled the...
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...
Market Upturn as Inflation Cools; Stocks Climb, Euro and Dollar Falter
Financial markets were dominated by themes of cooling inflation, a slowing economy, and increasing expectations of policy easing by both ECB and Fed last week. This convergence of factors ignited a full risk-on mode among investors, propelling major US stock indexes...
How Rio Tinto is poised to benefit from the EV boom
Copper mines like Rio Tinto's Bingham Canyon mine on the outskirts of Salt Lake City are on the frontline of America's transition to clean energy.Global demand for copper, a major component of electric vehicles, is expected to grow from 25 million metric tons to...
Pfizer weight loss pill joins list of obesity drug flops
Sopa Images | Lightrocket | Getty ImagesPfizer's twice-daily version of its experimental weight loss pill has now joined a long list of other scrapped drugs that aimed to treat obesity but came with unintended consequences. The drugmaker on Friday said it will stop...
India proposes to host UN climate conference in 2028; launches Green Credit Initiative, ET BFSI
DUBAI: Prime Minister Narendra Modi on Friday proposed to host the UN climate conference in 2028 or COP33 in India and launched the Green Credit Initiative focused on creating carbon sinks through people's participation.Addressing the high-level segment for heads of...
Narayan Sheshadri appointed IDRCL chair, incumbent Diwakar Gupta to head NARCL, ET BFSI
Former KPMG managing partner Narayan Seshadri will take over as chairman of the India Debt Resolution Co Ltd (IDRCL), the agent to government-backed bad bank, after the board of the company approved the appointment on Friday, people familiar with the development...
A strong third quarter on the cards for the Indian economy, ET BFSI
India's economy is set for a strong third quarter after a stellar show in the July-September period, showed a series of high-frequency indicators released on Friday.Manufacturing picked up pace in November, goods and services tax (GST) collections posted another month...
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...
Southwest, pilots union near a preliminary labor deal
A Southwest Airlines Boeing 737-700 aircraft lands at Ronald Reagan Washington National Airport in Arlington, Virginia, May 7, 2023.Nicolas Economou | Nurphoto | Getty ImagesSouthwest Airlines and its pilots union are closing in on a new contract that would raise pay...
India’s forex reserves up by $2.54 bn to $597.94 bn for the week ending Nov 24, ET BFSI
India's foreign exchange reserves increased by $2.54 billion to $597.94 billion for the week ending November 24, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves witnessed a surge of $5.08 billion to $595.397 billion for...
Uber shares pop on inclusion in S&P 500
Dara Khosrowshahi, CEO of Uber, speaking on Squawk Box at the WEF in Davos, Switzerland on Jan. 18th, 2023. Adam Galica | CNBCUber shares rose 5% in extended trading on Friday after the ride-hailing company was added to the S&P 500 Index, replacing Sealed Air...
Barclays, Citi raise India’s growth closer to 7% after GDP beat, ET BFSI
Economists raised their full-year projections for India’s economy sharply after data on Thursday showed growth outperformed last quarter, fueled by a manufacturing boom.Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending...
Amazon broke federal labor law by racially disparaging union leaders
Amazon and consultants for the company violated federal labor law by interrogating and threatening employees regarding their union activities, and racially disparaging organizers who were seeking to unionize a Staten Island warehouse, a National Labor Relations Board...
Amazon buys SpaceX rocket launches for Kuiper satellite internet project
A Falcon 9 rocket launches a Starlink mission on January 31, 2023 from Vandenberg Space Force Base in California.SpaceXAmazon bought three rocket launches from SpaceX for its Project Kuiper internet satellites, the tech giant announced on Friday.The move is a surprise...
Circle Formally Refutes Allegations of Illicit Financing and Connections to Justin Sun
Circle, a leading issuer of stablecoins, has recently addressed and strongly refuted allegations regarding its involvement in illicit financing and alleged connections with Justin Sun, the founder of Tron. These claims, brought forward by the nonprofit watchdog...
Millennials taking charge of nuptials, 42% to self-fund their weddings: Report, ET BFSI
~ Anushka Sengupta & Shrishti SharmaWhile the wedding season has kicked in and over 35 lakh weddings are happening between November 23 and December 15, 2023, according to the CAIT Research & Trade Development Society, a recent survey of 1200 millennials...
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...
Apple, Paramount streaming bundle report boosts media stocks
Jakub Porzycki | Nurphoto | Getty ImagesMedia stocks jumped on Friday following a Wall Street Journal report that Apple and Paramount Global are in early-stage talks to offer a bundle of the two company's streaming platforms. The companies have talked about bundling...
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...
UiPath stock spikes after earnings beat, generative AI integration
Co-founder and CEO of UiPath Daniel Dines speaks on stage at TechCrunch Disrupt Berlin 2019 at Arena Berlin on December 12, 2019 in Berlin, Germany.Noam Galai | Getty ImagesUiPath stock popped more than 20% on Friday, one day after the company released quarterly...
What is antisemitism—and why do differences in interpretation matter?
SINCE HAMAS’S terrorist attack on Israel on October 7th, and the outbreak of war in Gaza, there has been a sharp increase around the world in reports of antisemitic incidents. The Anti-Defamation League (ADL), an NGO based in New York City, says that in the two weeks...
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...
Panera Bread IPO filing
A Panera Bread mango yuzu citrus charged lemonade is displayed at a Panera Bread restaurant in Novato, California, on Nov. 1, 2023.Justin Sullivan | Getty ImagesPanera Bread has confidentially filed to go public again, the Financial Times reported.The restaurant...
Canadian Dollar Rises on Jobs Data, Dollar Soft, Euro Worse
Canadian Dollar is firming slightly up in early US session, bolstered by stronger-than-expected Canadian job growth data. Despite the weakness in oil prices following disappointment over OPEC’s production cut decisions, Loonie is displaying resilience. However, in the...
RBI data, BFSI News, ET BFSI
Bank credit to industry decelerated to 5.4 per cent in October compared to 13.5 per cent in the year-ago month, according to Reserve Bank data released on Thursday. The data also revealed that credit growth to agriculture and allied activities improved to 17.5 per...
Fedbank Financial Services shares settle on muted note in debut trade, ET BFSI
New Delhi, Shares of Fedbank Financial Services Ltd (Fedfina), a subsidiary of Federal Bank, made a muted market debut on Thursday and ended at par with the issue price of Rs 140 on the BSE. The stock listed at Rs 137.75, registering a decline of 1.60 per cent from...
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....
How Apple makes its own chips for iPhone and Mac, edging out Intel
Apple's soaring stock price over the past two decades has been driven by its iconic consumer devices. It started with the iPod and iMac. Then came the iPhone and iPad. And more recently, the Apple Watch and AirPods.But there's a lot more to the biggest U.S. company by...
Strong US GDP data drives rupee to a fresh low, ET BFSI
The rupee settled at a fresh closing low versus the dollar on Thursday as an unexpectedly strong US GDP estimate sparked speculation that much-awaited monetary policy easing by the Federal Reserve would be pushed further into 2024 as growth in the world’s largest...
Loans to NBFCs, trade and retail drive credit growth in October, ET BFSI
Credit growth moderated in October as lending to all major sectors including retail, industry and loans to services slowed down as also due to the merger impact of HDFC with HDFC Bank.On a year-on-year (y-o-y) basis, non-food bank credit rose 15.3 per cent in October...
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...
RBI says Rs 2,000 notes totalling Rs 9,760 cr still with public, ET BFSI
Mumbai, The Reserve Bank of India (RBI) on Friday said nearly 97.26 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,760 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of...
Pfizer to discontinue twice-daily version of weight loss pill
CFOTO | Future Publishing | Getty ImagesPfizer on Friday said it would stop developing the twice-daily version of its experimental weight loss pill after obese patients taking the drug lost weight but had trouble tolerating the drug in a mid-stage clinical study. The...
Rupee ends at record closing low, underperforms key Asian peers in Nov, ET BFSI
MUMBAI, - The Indian rupee fell to its lifetime closing low on Thursday and was the worst performer among key Asian peers in November which have rallied amid a slump in US yields and the greenback.Likely intervention from the Reserve Bank of India limited further...
Google AI and Robotic Systems Forge New Frontier in Material Discovery
On November 29, 2023, a groundbreaking development in material science emerged from the collaboration of Google DeepMind and autonomous robotic systems. The initiative, spearheaded by Google's AI division, has successfully predicted the stability of nearly 400,000...
FPIs change course, buy over Rs 9,000 cr of Indian equities in Nov, ET BFSI
Mumbai: Overseas investors bought Indian equities worth more than ₹9,000 crore in November, reversing two consecutive exit runs in the previous two months, as a decline in energy prices and stable US yields burnished the allure of risk assets in Emerging...
Manufacturing activity regains momentum, rises to 56 in November, ET BFSI
Manufacturing activity regained momentum in November, aided by strengthening demand and lower input cost inflation, according to private survey data released Friday.The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 56...
December begins with Dhamaka! Nifty hits record high on GDP, exit poll, ET BFSI
NEW DELHI: Nifty50 hit at a fresh record high on Friday as faster-than-expected economic growth in the September quarter added to optimism over the global interest rate outlook, and exit polls results indicate a high possibility of political stability after the...
Exploring CapCut’s Diverse Image Template Categories
Exploring CapCut's Diverse Image Template Categories CapCut's online editor, known primarily for its video editing prowess, has expanded its offerings to include a rich collection of image templates across diverse categories. These templates cater to an array of...
GDP numbers suggest private capex gaining steam, say experts, BFSI News, ET BFSI
The second quarter GDP numbers driven by a strong rebound in the manufacturing sector suggest that private capex spending is gaining steam, experts said. India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large...
Coinbase jumps in November as FTX, Binance founders brace for prison
Brian Armstrong, CEO of Coinbase, slammed the U.S. Securities and Exchange Commission. He also said the cryptocurrency exchange is looking to invest more outside of the U.S.Carlos Jasso | Bloomberg | Getty ImagesIn a month that saw two of the crypto industry's leading...
Inside Tennessee’s most expensive home, near Nashville
This story is part of CNBC's new quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees.Twin Rivers Farm could break records as Tennessee's...
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...
Elon Musk takes stage at Tesla Cybertruck deliveries event in Austin
Tesla CEO Elon Musk took the stage to reveal details about the company's new and unconventional Cybertruck pickup on Thursday in Austin, Texas, one day after he appeared in a bizarre interview at the DealBook Summit in New York. At that earlier event, Musk boasted,...
Amid a string of solid IPO debuts, Fedbank Financial disappoints. What should investors do?, ET BFSI
Amidst a string of IPOs making solid debuts at the bourses, Fedbank Financial Services had a tepid listing with a 1% discount to its IPO price.The lackluster listing was in line with pre-listing expectations, which were dampened by a weak grey market premium and a...
Sound of Freedom producer Angel Studios releases The Shift
Neal McDonough stars as a mysterious man known as "the benefactor" in Angel Studio's "The Shift."Angel Studios"Sound of Freedom" broke the Hollywood mold this summer. Now, the studio behind the surprising smash is looking to follow-up that success with a science...
The brave nation builders of India Inc, BFSI News, ET BFSI
I find the men in orange safety jackets and helmets very courageous. Atop a 50-feet bridge, where there is barely any space you will find them going about their job nonchalantly while dealing with a blowing wind. At any hour of the day or night, you will see them...
Mastercard’s Dynamic Yield Launches AI-Driven Shopping Muse to Enhance Online Retail
On November 30, 2023, Dynamic Yield by Mastercard, from its headquarters in Purchase, NY, introduced Shopping Muse, a breakthrough in the retail landscape. This advanced generative AI tool, Shopping Muse, is set to redefine how consumers engage with online retail...
OpenAI tender offer on track despite leadership fracas: sources
Sam Altman, CEO of OpenAI participates in the "Charting the Path Forward: The Future of Artificial Intelligence" at the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 16, 2023.Andrew Caballero-Reynolds | AFP | Getty...
Microfinance institutions crucial for financial inclusion, says Assam IAS officer, ET BFSI
Laya Madduri, Secretary, Government of Assam said that financial inclusion is a critical issue that demands our attention. Microfinance institutions play a crucial role in filling the void to provide financial services in rural areas.Madduri at the 2nd National Summit...
Read Linda Yaccarino’s message to X employees about Musk interview
Linda Yaccarino, CEO, X/Twitter speaks onstage during Vox Media's 2023 Code Conference at The Ritz-Carlton, Laguna Niguel on September 27, 2023 in Dana Point, California. Jerod Harris | Getty Images Entertainment | Getty ImagesLinda Yaccarino sent a memo to employees...
Retailers, Covid-era nostalgia revive the vinyl records industry
A stack of freshly pressed gold vinyl records at United Record Pressing.CNBCThis story is part of CNBC's new quarterly Cities of Success series, which explores cities that have been transformed into business hubs with an entrepreneurial spirit that has attracted...
GIFT City gears up for direct listings, re-insurance, BFSI News, ET BFSI
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth.The first phase followed the creation in 2020 of a new regulator, the International Financial...
Federal judge blocks Montana’s TikTok ban, which would have been the first of its kind
TikTok Music has launched on Wednesday in Australia, Singapore and Mexico to a small group of users.Jaap Arriens | Nurphoto | Getty ImagesA federal judge in Montana has blocked a law that would have resulted in a state-wide ban of TikTok starting on Jan. 1, 2024.Judge...
Binance.US Distances Itself from Binance.com; CZ Steps Down as Chairman
Binance.US, the American arm of the globally renowned cryptocurrency exchange Binance, has made a significant announcement concerning its operations and leadership structure. This news comes in the wake of recent settlements involving Binance.com and its founder,...
Rupee rises 8 paise to 83.29 against US dollar in early trade, ET BFSI
The rupee rose by 8 paise to 83.29 against the US dollar in early trade on Friday on the back of massive equity buying by foreign institutional investors and softening crude oil prices. Positive cues from equity markets amid strong domestic macroeconomic data boosted...
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...
Novo Nordisk sues pharmacies over impure Wegovy, Ozempic dupes
A 0.25 mg injection pen of Novo Nordisk's weight loss drug Wegovy is shown in this photo in Oslo, Norway, on Aug. 31, 2023.Victoria Klesty | ReutersNovo Nordisk on Thursday said it sued two compounding pharmacies in Florida for allegedly selling impure and...
Robinhood CEO says payment for order flow is ‘here to stay’
Vlad Tenev, co-founder and CEO of Robinhood, rings the opening bell at the Nasdaq on July 29, 2021.Source: The NasdaqRobinhood CEO Vlad Tenev says he doesn't believe that the payment for order flow (PFOF) model of market-maker routing that the company incorporates in...
Clix Capital’s CFO aims to close FY24 with 3X profitability, 40% AUM growth, ET BFSI
Clix Capital CFO Gagan Aggarwal Gagan Aggarwal, Chief Financial Officer at Gurugram-based non-bank finance company Clix Capital aims to finish the financial year 2023-24 with a 3X growth in profit to about Rs 80 crore and 40% growth in Assets Under Management (AUM) to...
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...
Barclays, Citi raise India’s economic growth closer to 7% after GDP boost, ET BFSI
Economists raised their full-year projections for India’s economy sharply after data on Thursday showed growth outperformed last quarter, fueled by a manufacturing boom.Barclays Plc and Citigroup Inc predict the economy will now expand 6.7% in the fiscal year ending...
FX option expiries for 1 December 10am New York cut
There are a couple to take note of, as highlighted in bold.The first being for EUR/USD at the 1.0900 mark, which could act as a bit of a magnet in keeping price action more contained in the session ahead. That is if bond yields are also trading more sideways before...
One tiny country drove 15% of Nvidia’s revenue – here’s why it needs so many chips
Microchip and Nvidia logo displayed on a phone screen are seen in this multiple exposure illustration photo taken in Krakow, Poland on April 10, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)Nurphoto | Nurphoto | Getty ImagesAs Nvidia posted stellar...
Ulta Beauty (ULTA) Q3 2023 earnings
Shares of Ulta Beauty rose in after-hours trading Thursday, as the company said its third-quarter sales rose while shoppers showed once again they're willing to spend on fragrances, skin care and more even when the budget is tight.The specialty beauty retailer raised...
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...
Dollar and Euro Neck-and-Neck for Weakest Performer, Awaiting ISM Manufacturing Insights
The competition between Dollar and Euro for the title of the week’s weakest performer remains intense. Current talking point is particularly on ECB, where economists are increasingly predicting an early rate cut following this week’s pivotal inflation data. Goldman...
Microsoft’s 2.5 billion GBP Investment in UK AI: Catalyst for Innovation and Growth
Microsoft has made an announcement on a big investment in the artificial intelligence (AI) infrastructure of the United Kingdom. The company's objective is to dramatically enhance the capabilities of the nation's AI. The following are some of the important topics that...
Mars accused of using child labor in cocoa supply chain
Detail of a recently opened cocoa pod in Asikasu on December 19, 2020. The beans will be leave to ferment for 5 days before put them under the sun to dry them. (Photo by CRISTINA ALDEHUELA / AFP) (Photo by CRISTINA ALDEHUELA/AFP via Getty Images)Cristina Aldehuela |...
More than 500 companies had perfect scores on top LGBTQ+ index
Attendees hold large Pride flag at the 2023 LA Pride Parade on June 11, 2023 in Hollywood, California. (Photo by Rodin Eckenroth/Getty Images)Rodin Eckenroth | Getty ImagesIn a year stained by boycotts, protests and heightened consumer choice, hundreds of companies...
Billionaires to transfer $5 trillion to their children
In recent months, the world's new billionaires made more of their fortunes from inheritance than from entrepreneurship, according to the UBS Billionaire Ambitions Report.It marked the first time in the nine-year history of the report that newly minted billionaires...
Biotech stocks jump on AbbVie deal to buy cancer drugmaker ImmunoGen
Test tubes are seen in front of a displayed AbbVie logo in this illustration taken on May 21, 2021.Dado Ruvic | ReutersBiotech stocks rose Thursday as AbbVie announced plans to buy cancer drug developer ImmunoGen for $10.1 billion. Shares of ImmunoGen jumped more than...
Disney CEO Bob Iger says movies have been too focused on messaging
NYT Columnist Andrew Ross Sorkin and C.E.O. of The Walt Disney Company Bob Iger speak during the New York Times annual DealBook summit on November 29, 2023 in New York City. Michael M. Santiago | Getty ImagesDisney Chief Executive Officer Bob Iger said Wednesday he...
Nashville real estate boom sends prices up, builders scrambling
Detached houses on a large housing development on the western side of Nashville, Tennessee.Georgeclerk | Istock | Getty ImagesNashville natives say they barely recognize the city's skyline anymore, and they probably won't anytime soon, as cranes still litter the...
Google could delete your old Gmail account as soon as Friday
The Gmail application is seen on a portable device on Dec. 6, 2017.NurPhoto | NurPhoto | Getty ImagesGoogle will begin deleting inactive Gmail accounts as soon as Friday under a new security policy. If you have a Google account that you haven't used in a while, here's...
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...
Here is govt’s big plan to stop online frauds in India, BFSI News, ET BFSI
The government is planning to implement several measures to tackle the increasing problem of cyber fraud in the financial sector. These measures include blocking the unique mobile device identifier (IMEI) and imposing limits on withdrawals from suspicious accounts to...
Nelson Peltz seeks seats on Disney board
Nelson Peltz, founder and chief executive officer of Trian Fund Management, during the Future Investment Initiative (FII) Institute Priority Summit in Miami, Florida, US, on Thursday, March 30, 2023.Marco Bello | Bloomberg | Getty ImagesActivist investor Nelson Peltz...
Nashville’s heath tech startup scene is booming. Here’s why.
NASHVILLE, TENNESSEE - SEPTEMBER 1, 2019: Tourists visit the bars and country music venues in the Lower Broadway entertainment district in Nashville, Tennessee. (Photo by Robert Alexander/Getty Images)Robert Alexander | Archive Photos | Getty ImagesOn a flight from...
Slowing speedometer in global race can’t deter the fastest growing economy, ET BFSI
There are two headlines that you can choose from India’s expected fiscal second quarter growth numbers. One is that the gross domestic product growth reading is likely to beat forecasts, the other is that the print will show a moderation from the first quarter number,...
Covid vaccine rates are falling in U.S.
A sign advertises Covid vaccine shots at a Walgreens Pharmacy in Somerville, Massachusetts, on Aug. 14, 2023.Brian Snyder | ReutersThree years into the Covid-19 pandemic, few Americans are rolling up their sleeves to get a Covid vaccine. Only 15.7% of U.S. adults had...
Corporate debt servicing improves despite higher interest cost, ET BFSI
Despite a 60 basis point ( 0.60 percent) rise in policy rates between September 2022 and September 23, corporate debt servicing as measured by interest coverage ratio improved from 4.49 in September'22 to 5.64 in September 23 implying higher lending rates have not hit...
Pending home sales drop to record low
A home with a sign indicating that it is under contract to be sold is seen in a neighborhood of downtown Washington.Jim Bourg | ReutersPending home sales, a measure of signed contracts on existing homes, dropped 1.5% in October from September. They hit the lowest...
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...
Digital bank robberies key risk for central bank e-money, BIS report warns, ET BFSI
Digital bank robberies and other cyber hacks will be a key risk for countries launching digital versions of their currencies, a new report from the Bank for International Settlements has warned.The BIS, dubbed the central bankers' central bank, has been overseeing...
X CEO addresses Musk’s ‘go f— yourself’ comment to advertisers
Linda Yaccarino: CEO of X speaking with CNBC's Sara Eisen on Aug. 10th, 2023.CNBCX CEO Linda Yaccarino addressed the explicit comments Elon Musk hurled at advertisers during what she called a "wide ranging" and "candid" interview with CNBC's Andrew Ross Sorkin at the...
Euro Sell-Off Intensifies Following CPI Miss, Spurring Broad-Based Dollar Rebound
Dollar is staging a broad-based rebound today, driven in part by the selloff in Euro. However, a more significant factor behind Dollar’s recovery appears to be the exhaustion of selling momentum as the month draws to a close. This rebound continues after both headline...
India could get nearly $4-b inflows on US pension board’s index switch, ET BFSI
Mumbai: Reliance Industries, ICICI Bank, Infosys, HDFC Bank, and TCS could be the primary beneficiaries of a recent decision by the Federal Retirement Thrift Investment Board, a US Pension Fund, to change its benchmark index for its International Stock Index...
China FX regulator fines AgBank over FX related wrongdoings, ET BFSI
China's foreign exchange regulator fined Agricultural Bank of China 5.53 million yuan ($776,129) over some foreign exchange related wrongdoings.The State Administration of Foreign Exchange's Beijing bureau also gave a warning to the lender while it confiscated illegal...
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...
Fedbank Financial stock lists at 2% discount over issue price, ET BFSI
Shares of Fedbank Financial on Thursday got listed with a discount of 1.6% on BSE on debut at the bourses on Thursday. The stock was listed at Rs 137.75 on BSE.Meanwhile, on the NSE the stock was listed at Rs 138, down 1.4%.The IPO, which was priced in the range of...
Qualcomm to invest INR 175 crore at R&D unit in Bengaluru, projecting over 1500 jobs, ET BFSI
The committee approved eight projects, each with more than INR 50 crore investment, totaling INR 2,088.44 crore. These hold the potential to create 6,360 jobs.An investment proposal by the US semiconductor giant Qualcomm in Bengaluru is among the 62 investments...
Fedbank Financial Services shares debut on muted note; bounce back later, ET BFSI
New Delhi, Shares of Fedbank Financial Services Ltd (Fedfina), a subsidiary of Federal Bank, made a muted market debut on Thursday, listing with a discount of nearly 2 per cent, against the issue price of Rs 140. The stock listed at Rs 137.75, registering a decline of...
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,...
Ford reinstates 2023 guidance, says UAW deal to cost $8.8 billion
NEW YORK – Ford Motor on Thursday reinstated 2023 guidance after pulling its forecast last month due to the impacts of labor strikes and negotiations with the United Auto Workers union.The guidance calls for $10 billion to $10.5 billion in adjusted earnings before...
IDFC First Bank, Hurun India unveil ‘Top 200 self-made entrepreneurs of the Millennia 2023’, ET BFSI
IDFC First Bank and Hurun India jointly released “Top 200 Self-made Entrepreneurs of the Millennia 2023”, Radhakishan Damani of Avenue Supermarts occupies the number 1 spot, followed by the founders of Flipkart and Zomato.The list recognises the 200 most valuable...
IIFL Finance raises $50 million from Japan’s Mizuho Bank, BFSI News, ET BFSI
Non-bank lender IIFL Finance on Wednesday raised $50 million in three-year external commercial borrowing (ECB) from Japan's Mizuho Bank.The loan, priced at 120 basis points over Tokyo overnight average rate (Tonar), will be used for onward retail lending. One basis...
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...
Cabinet approves Terms of Reference for the Sixteenth Finance Commission, ET BFSI
The Union cabinet on Wednesday approved the Terms of Reference (TOR) for the sixteenth Finance Commission to recommend the tax distribution between the Union and the States of the net proceeds of taxes, on the measures needed to augment the resources of local bodies...
Meta Platforms’ paid ad-free service breaches EU consumer laws, claims complaint, ET BFSI
Meta Platforms' paid no-ads subscription service, which it rolled out in Europe this month, breaches EU consumer laws, Europe's largest consumer group said on Thursday as it took its grievance to consumer protection authorities.The joint complaint from the European...
Grand Theft Auto is coming to Netflix Games
Grand Theft Auto V packaging and the Netflix logo are displayed on a phone screen in this photo taken in Krakow, Poland, on Oct. 18, 2023.Nurphoto | Getty ImagesNetflix announced Wednesday that it will make three "Grand Theft Auto" titles available to play for...
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...
FTC chair Khan defends her tenure, doesn’t subscribe to Amazon Prime
Federal Trade Commission Chair Lina Khan speaks during The New York Times annual DealBook Summit in New York City on Nov. 29, 2023.Michael M. Santiago | Getty ImagesFederal Trade Commission Chair Lina Khan defended her track record in court when it comes to blocking...
Godrej Capital Nirmaan partners with DBS Bank India, Visa and Amazon to aid MSME growth, ET BFSI
Representative imageIn a move aimed at widening its horizon, Godrej Capital Nirmaan on Thursday announced partnership with DBS Bank India, Visa and Amazon to aid MSME growth."The Godrej Group, with a rich history of over 125 years in Indian business, stands poised to...
Miriam Adelson makes play for Texas with Mavericks deal
Dr. Miriam Adelson speaks onstage during the 24th annual Keep Memory Alive 'Power of Love Gala' benefit for the Cleveland Clinic Lou Ruvo Center for Brain Health at MGM Grand Garden Arena on March 07, 2020 in Las Vegas, Nevada. (Photo by Denise Truscello/Getty Images...
Gold futures fall on low demand, BFSI News, ET BFSI
New Delhi, Gold price on Thursday fell Rs 4 to Rs 62,601 per 10 grams in futures trade as speculators reduced their positions. On the Multi Commodity Exchange, gold contracts for December delivery traded marginally lower by Rs 4 or 0.01 per cent at Rs 62,601 per 10...
Salesforce (CRM) Q3 earnings report 2024
Marc Benioff, CEO of Salesforce, participates in a conversation on AI and the Future at the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 16, 2023.Andrew Caballero-Reynolds | AFP | Getty ImagesSalesforce shares rose...
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...
Medimix maker Cholayil edges closer to $50 million PE funding, ET BFSI
CHENNAI: Cholayil Private, the company behind iconic brands Medimix and Cuticura, is in the process of raising around $50 million (around Rs 400 crore) in private equity (PE) funding as the 54-year old brand looks to capitalise on the natural push in personal care....
Meta Q3 threats report shows risk of China influence ahead of election
Mark Zuckerberg, CEO of Meta, attends a U.S. Senate bipartisan Artificial Intelligence Insight Forum at the U.S. Capitol in Washington, D.C., Sept. 13, 2023.Stefani Reynolds | AFP | Getty ImagesIn its latest quarterly report on adversarial threats, Meta said on...
Iger explains Marvels flop, too many Disney sequels
NYT Columnist Andrew Ross Sorkin and C.E.O. of The Walt Disney Company Bob Iger speak during the New York Times annual DealBook summit on November 29, 2023 in New York City. Michael M. Santiago | Getty ImagesOne year after returning to the helm of Disney, Bob Iger...
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...
OECD warns global economy risks losing momentum, BFSI News, ET BFSI
The world’s advanced economies are heading into a deepening slowdown as markedly higher interest rates take a hefty toll on activity that could still become more acute, the OECD warned.Moreover, the OECD said the risks to the forecast are tilted downwards amid...
Elon Musk says advertisers trying to ‘blackmail’ him: ‘Go f— yourself’
C.E.O. of Tesla, Chief Engineer of SpaceX and C.T.O. of X Elon Musk takes the stage during the New York Times annual DealBook summit on November 29, 2023 in New York City. Michael M. Santiago | Getty ImagesSpeaking at the 2023 DealBook Summit in New York on Wednesday,...
Spirit Airlines offers buyouts to salaried employees
A Spirit Airlines plane takes off at Los Angeles International Airport in Los Angeles, June 1, 2023.Mario Tama | Getty ImagesSpirit Airlines is offering voluntary exit packages to salaried employees, the budget carrier's latest cost-cutting measure as it expects...
TN govt signs MoUs for Rs 5,567 crore MSME investments, BFSI News, ET BFSI
CHENNAI: Ahead of the Global Investors Meet (GIM) in January, the MSME department of the Tamil Nadu government on Wednesday signed 293 MoUs to bring in investments of 5,567 crore. The investments will be made across sectors such as auto components manufacturing,...
Zepz, a $5 billion fintech unicorn, is laying off more staff
Zepz, which owns the WorldRemit and Sendwave brands, has a headcount of around 1,600.Sopa Images | Lightrocket | Getty ImagesZepz, the money transfer group that owns WorldRemit, made a fresh round of layoffs.The British fintech unicorn, which is backed by TCV, Accel,...
FX option expiries for 30 November 10am New York cut
There aren't any major expiries that should be significant in terms of impact on the day. As such, trading sentiment will rely more on the risk mood and bond market sentiment, but also with month-end flows to be taken into consideration. That will matter more on the...
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...
Corporate debt servicing improves despite higher interest cost, ET BFSI
Despite a 60 basis point (0.60 per cent) rise in policy rates between September 2022 and September 23, corporate debt servicing as measured by interest coverage ratio improved from 4.49 in September'22 to 5.64 in September 23 implying higher lending rates have not hit...
PGA Tour commissioner talking to several possible investors
PGA Tour Commissioner Jay Monahan speaks during a press conference prior to the TOUR Championship at East Lake Golf Club on August 24, 2022 in Atlanta, Georgia.Cliff Hawkins | Getty ImagesPGA Tour Commissioner Jay Monahan said Wednesday that the organization is...
Elon Musk says he won’t vote for Biden over Trump
Elon Musk said Wednesday that he won't vote for President Joe Biden in the 2024 election, even if former president Donald Trump is the Republican nominee."I would not vote for Biden," Musk said during a wide-ranging interview with Andrew Ross Sorkin at the DealBook...
3 IPOs to list today. Will Tata Technologies outshine all the others?, ET BFSI
The shares of three companies -- Tata Technologies, Gandhar Oil and Fedbank Financial -- will debut on the exchanges tomorrow. If we go by the grey market trends, Tata Technologies seems to be emerging as the clear winner in the IPO frenzy season.According to the...
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...
Microsoft secures non-voting board seat at OpenAI
Sam Altman, chief executive officer (CEO) of OpenAI and inventor of the AI software ChatGPT, joins the Technical University of Munich (TUM) for a panel discussion. Sven Hoppe | Picture Alliance | Getty ImagesMicrosoft will have a non-voting board seat at OpenAI, the...
UAW launches union campaigns at Tesla, 12 other automakers in the U.S.
United Auto Workers President Shawn Fain, middle, visits striking UAW Local 551 workers outside a Ford assembly center on South Burley Avenue on Saturday, Oct. 7, 2023, in Chicago. John J. Kim | Tribune News Service | Getty ImagesThe United Auto Workers union is...
Dollar and Euro Slide on Rate Cut Expectations, with US PCE and Eurozone CPI in Focus
Dollar and Euro are emerging as notable underperformers for the week, largely influenced by increasing market anticipation of interest rate cuts by Fed and ECB in the coming year, a sentiment that is also impacting treasury yields. In US, 10-year treasury yield, a key...
Dunamu’s Upbit Reports 81% Profit Drop in Q3 2023
The revenues of Dunamu, the parent company of Upbit, one of the most prominent cryptocurrency exchanges in South Korea, dropped by an astounding 81% during the third quarter of 2023, according to the company's report. The performance of the corporation during the same...
TN govt signs MoUs for Rs 5,567 crore MSME investments, BFSI News, ET BFSI
CHENNAI: Ahead of the Global Investors Meet (GIM) in January, the MSME department of the Tamil Nadu government on Wednesday signed 293 MoUs to bring in investments of 5,567 crore. The investments will be made across sectors such as auto components manufacturing,...
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...
GIFT City gears up for direct listings, re-insurance, BFSI News, ET BFSI
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth.The first phase followed the creation in 2020 of a new regulator, the International Financial...
Robinhood to launch in the UK in latest international expansion bid
A woman's silhouette holds a smartphone with the Robinhood Markets logo in the background.Rafael Henrique | Sopa Images | Lightrocket | Getty ImagesOnline investments app Robinhood said Thursday that it's set to launch its platform in the U.K. in early 2024, marking...
Rupee edges up on foreign banks’ dollar sales, weaker greenback, ET BFSI
The Indian rupee closed slightly higher on Tuesday, supported by foreign banks' dollar sales and softness in the greenback, which is hovering close to 3-month lows.The rupee ended at 83.3325 against the U.S. dollar, compared with its previous close at 83.3675.Asian...
How Nashville hot chicken became so big
Prince's Hot ChickenCourtesy: Prince's Hot ChickenNashville hot chicken had its humble beginnings nearly a century ago. Now, the specialty chicken style is a national phenomenon.The Tennessee city has numerous hot chicken restaurants competing for the top spot, as...
Discount brokers top in client tally, bank-led companies rake in higher fees, ET BFSI
Mumbai: Discount or online brokers have emerged as the predominant winners in the client acquisition race in the past five years. However, bank-owned brokers continue to maintain the highest average revenue per user (ARPU), though their share has shrunk compared to...
Major League Pickleball asks players to take 40% pay cut
Thomas Wilson of the LA Mad Drops hits a volley shot during the MLP Mesa Premier League Championships at Legacy Sports USA on January 29, 2023 in Mesa, Arizona.Bruce Yeung | Getty ImagesPickleball's rapid growth may be coming back down to reality.Major League...
AI will be ‘fairly competitive’ with humans in 5 years
Nvidia CEO Jensen Huang said Wednesday that artificial intelligence is gaining on humans.Speaking at the New York Times' annual DealBook summit, Huang said that if artificial general intelligence (AGI) is defined as a computer that can complete tests in a "fairly...
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...
Sebi moves to prevent misuse of SSFs, BFSI News, ET BFSI
Mumbai: Defaulting promoters cannot misuse 'special situation funds' to surreptitiously buy into their companies to retain control. Market regulator Securities and Exchange Board of India (Sebi) on Tuesday proposed that if the investment in the special situation fund...
Luxury hotels move into Nashville as demand for rooms surges
Nashville is seeing an unprecedented surge in luxury hotels, with renowned brands such as the Four Seasons Hotel, the W Hotel and the Grand Hyatt opening their doors in Music City.More than 90 new hotels have been constructed in Nashville since 2013, contributing more...
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...
Senior executives don’t need pampering, career guidance
Jensen Huang speaks onstage during The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center on November 29, 2023 in New York City.Slaven Vlasic | Getty ImagesNvidia CEO Jensen Huang offered a glimpse into his unusual management style, including having "50...
Cigna shares slide after report it could merge with Humana
The Cigna Group headquarters in Bloomfield, Connecticut, US, on Friday, Oct. 27, 2023. BlooJoe Buglewicz | Bloomberg | Getty ImagesShares of Cigna slid on Wednesday after a report that the company is in talks with Humana about a merger between the two health care...
What does it take to expel an American congressman?
GEORGE SANTOS burned bright and briefly. Shortly after his election to Congress in November 2022, the lies he told to win the seat began to be revealed. The Republican had claimed, falsely, that his grandparents had fled the Holocaust and that his mother was at the...
Redemption price of first ever Sovereign Gold Bond (SGB) tranche announced; investors to earn 11%, ET BFSI
The Reserve Bank of India (RBI) has announced the final redemption price of the first ever tranche of the Sovereign Gold Bond (SGB). SGB 2015-I tranche is due for redemption on November 30, 2023.Sovereign Gold Bonds: What are the tax implications?The first SGB was...
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...
M-cap of BSE-listed firms hits record high of Rs 331 lakh crore, ET BFSI
The combined market capitalisation of BSE-listed firms hit an all-time high of Rs 331 lakh crore on Tuesday and is just shy of entering the landmark $4-trillion club.At the end of trade, the market capitalisation of BSE-listed companies reached Rs 3,31,05,425.71...
U.S. Chipmakers a decade away from China independence
Jensen Huang, CEO of NVIDIA, arrives for the Inaugural AI Insight Forum in Russell Building on Capitol Hill, on Wednesday, September 13, 2023. (Tom Williams/CQ-Roll Call, Inc via Getty Images)Tom Williams | Cq-roll Call, Inc. | Getty ImagesU.S. chipmakers are at least...
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...
Jamie Dimon says JPMorgan Chase would exit China if ordered to
Chairman and C.E.O. of JPMorgan Chase & Co. Jaime Dimon speaks during the New York Times annual DealBook summit on November 29, 2023 in New York City. Michael M. Santiago | Getty ImagesJPMorgan Chase CEO Jamie Dimon said Wednesday that his bank would exit China if...
Gold nears record level in India, at 6-month high globally, ET BFSI
MUMBAI: After gold prices rallied to a six-month high in the international market, analysts are looking at a similar run in the price of the yellow metal here at home. On Tuesday, gold on the New York Commodity Exchange rallied nearly 1% to trade at $2,028/Oz as the...
56% of investors plan to increase ESG investments in 2024: Report, ET BFSI
Over half of the investors plan to increase their ESG-orientated investments in 2024, reveals a new global survey from deVere Group.The 800+ clients polled from deVere Group, which writes business in more than 70 countries globally, illuminate a strong trend in the...
Centre suspends 70 lakh mobile numbers due to suspicious activity: DFS Secretary, ET BFSI
To check digital frauds, the government has suspended 70 lakh mobile numbers on account of suspicious transactions, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging out of a meeting to discuss issues related to financial cyber security and increasing...
By 2030, for adding renewable energy, Rs 12 lakh crore will be needed from the NBFC space: IREDA chief, ET BFSI
Pradip Kumar Das, CMD, IREDA, says “keeping in mind the nuances and intricacies of renewable energy, we have maintained a steady growth. So having a higher name and adding NPA does not sound good. Our NPA has been drastically reduced in the last three years. Our loan...
Dollar Finds Its Footing, Euro Faces Headwinds, Aussie at a Critical Point
Dollar is stabilizing after earlier selloff but remains the weakest performer for the week. Its modest recovery can be partly attributed to a bounce back against Euro, which is currently under pressure due to Germany’s lower-than-expected CPI readings. Meanwhile,...
Charlie Munger, the ‘Oracle of Pasadena’ who was Warren Buffett’s second-in-command dies, ET BFSI
Charles Munger, who died on Tuesday, went from working for Warren Buffett's grandfather for 20 cents an hour during the Great Depression to spending more than four decades as Buffett's second-in-command and foil atop Berkshire Hathaway Inc.Munger's family had advised...
Google Maps new colors upset some, including former designer
Combo shows Google Maps old look and new updated design.Courtesy: Google MapsIf you want to spark a good-hearted debate at the office water cooler, ask your coworkers what they think about the new Google Maps color scheme.The new update, which has been out for weeks,...
GM labor deals with UAW, Unifor to increase costs by $9.3 billion
United Auto Workers members strike the General Motors Lansing Delta Assembly Plant on September 29, 2023 in Lansing, Michigan. Bill Pugliano | Getty ImagesGeneral Motors expects new labor contracts with the United Auto Workers and Canadian union Unifor to increase its...
Cabinet gives a go ahead to some 16th Finance Commission’s terms, free ration scheme extension, ET BFSI
The Union Cabinet on Wednesday greenlit certain terms of the 16th Finance Commission in a meeting held on Tuesday, said Anurag Thakur, while addressing the media.Finance Secretary T V Somanathan, in an interview with PTI, had earlier stated that the government aims to...
High staff churn in India’s financial sector to persist in FY24: TeamLease executive, ET BFSI
Soaring attrition in India's financial sector will persist through next fiscal year due to a demand-supply mismatch, a senior executive at TeamLease, one of India's largest staffing services providers, said on Tuesday.HDFC Bank, India's largest private lender, saw its...
Sequoia-backed Mobikwik said to pick banks for $84 million IPO, ET BFSI
One Mobikwik Systems Ltd. has selected banks for its initial public offering in Mumbai that could raise about $84 million, according to people familiar with the matter.The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd. and SBI Capital Markets...
Mark Cuban selling Dallas Mavericks majority stake to Adelson
Billionaire investor Mark Cuban is selling a majority stake of the Dallas Mavericks to Miriam Adelson and her family, a source familiar with the deal told CNBC.Cuban still owns a stake in the team and will run basketball operations.Adelson is selling $2 billion worth...
India on path to triple renewable energy capacity by 2030 but faces financing hurdle: Report, ET BFSI
New Delhi: India's 14th National Electricity Plan (NEP) sets it on a path to more than triple its renewable energy capacity by 2030, but the country needs a whopping USD 293 billion to achieve this, according to a report released by global energy think tank Ember on...
Solid Start! IREDA shares list at 56% premium over IPO price, ET BFSI
The shares of renewable energy financing company IREDA listed at a 56.25% premium over the issue price on the exchanges on Wednesday.The stock debuted at Rs 50 on both NSE and BSE compared with the IPO price of Rs 32.IREDA extended its gains by 11.4% to Rs 55.7 from...
Foot Locker (FL) earnings Q3 2023
A Foot Locker store near the Times Square neighborhood of New York, US, on Monday, Nov. 13, 2023. Bing Guan | Bloomberg | Getty ImagesShares of Foot Locker rose on Wednesday after the company posted surprise earnings and sales beats and said it saw strong results over...
GM initiates buyback, increases dividend and reinstates 2023 guidance
Mary Barra, Chair and CEO of the General Motors Company (GM), speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022.Patrick T. Fallon | AFP | Getty ImagesGeneral Motors is seeking to regain Wall Street's confidence leading...
Additional housing loans for stalled real estate projects to be treated as standard credit, ET BFSI
Any additional housing loans for stalled real estate projects that are being revived under a dedicated government scheme can be treated as standard loans, the Reserve Bank of India has told banks.A communication in this regard was sent out to banks last month, people...
UAE likely to invest between USD 20-25 billion in cash-strapped Pakistan: Report, ET BFSI
Pakistan and the UAE have inked several agreements under which the Gulf nation is likely to invest between USD 20-25 billion in the cash-strapped nation, according to a media report. The signing ceremony took place on Monday in Abu Dhabi after caretaker Prime Minister...
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...
IndusInd Bank, Paytm & 7 other stocks to trade in India Standard index from Thursday, ET BFSI
Nine new stocks will be part of the MSCI India Index as the rejig comes into effect from Thursday. These stocks are IndusInd Bank, Suzlon Energy, Persistent Systems, APL Apollo, Polycab, Macrotech Developers, Tata Motors A, One 97 Communications (Paytm), Tata...
The Impact of Multifunction Crypto-Asset Intermediaries on Market Stability Post-FTX Collapse
The Financial Stability Board (FSB) report, along with other sources, offers significant insights into the impact of multifunction crypto-asset intermediaries (MCIs) and key market events, such as the collapse of FTX in November 2022 and the crypto-asset market...
Don’t miss these 8 money deadlines in December 2023! From bank locker agreement to free Aadhaar updation, MF nomination & UPI, ET BFSI
Don’t miss important deadlines! December 2023, the final month of the year, is a crucial period for various financial deadlines. Here are eight important deadlines to keep in mind:Bank locker agreement deadline: The Reserve Bank of India (RBI) has set December 31,...
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...
Kedara Capital backs decision made on ESOPs issued to Religare Chairperson, ET BFSI
New Delhi, Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur...
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,...
Voyager Digital Agrees to $1.65 Billion Settlement with FTC in Landmark Case
A decision that is of great significance has been handed down by the United States District Court for the Southern District of New York. A judge named Gregory Woods gave his approval to an order that required Voyager Digital and its affiliates to make a payment of...
Stock rally brings Gautam Adani back among world’s 20 richest billionaires, ET BFSI
Indian billionaire Gautam Adani has paved his way back into the top 20 richest people in the world riding on a back-to-back rally that has seen the combined market cap of Adani Group-owned companies go up by 1.33 lakh crore. Adani is now at the 19th spot in the...
OpenAI competitors Hugging Face and Cohere report increased inquiries
Hugging Face CEO Clement Delangue (R) departs the closed-door "AI Insight Forum" outside the Kennedy Caucus Room in the Russell Senate Office Building on Capitol Hill on September 13, 2023 in Washington, DC.Chip Somodevilla | Getty ImagesArtificial intelligence...
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...
RevFin to finance Bziness and Bziness Pro e-scooters of Quantum Energy, ET BFSI
Under this collaboration, Revfin will empower the fleet companies with the required funds to add Quantum Energy’s cutting-edge Bziness and Bziness Pro e-scooters to their fleets. New Delhi: Quantum Energy, a leading electric vehicle (EV) startup specializing in the...
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...
Apple is trying to unwind its Goldman Sachs credit card partnership
David Solomon, Chairman and CEO, Goldman Sachs, participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California.Michael Kovac | Getty Images Entertainment | Getty...
Family offices move money out of stocks and into private markets
Family offices now have more of their money invested in private markets than the public stock market — even as the market rallies — according to a new survey.A survey of North American family offices conducted by Campden Wealth and RBC found that family offices had...
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...
US recession will prompt 175 basis points in Fed cuts next year, DB economists say, ET BFSI
The Federal Reserve will cut rates more aggressively than markets are currently pricing in as a mild U.S. recession arrives in the first half of next year, economists at Deutsche Bank projected on Monday.In an outlook report, the Deutsche Bank economists projected 175...
Meta updates political ad rules to cover AI-generated images, videos
Facebook co-founder and Meta CEO Mark Zuckerberg sits in his seat inside a bipartisan Artificial Intelligence Insight Forum for all U.S. senators hosted by Senate Majority Leader Chuck Schumer at the U.S. Capitol in Washington, D.C., on Sept. 13, 2023.Leah Millis |...
Jump Crypto Enters Confidential Phase in SEC vs. Terraform Labs Case
Jump Crypto Holdings has been allowed to submit papers in a secret manner, which is a key milestone in the litigation that the Securities and Exchange Commission (SEC) is pursuing against Terraform Labs and its creator, Do Kwon. In the current legal procedures, this...
Umesh Revankar on how new RBI norms will impact Shriram Finance & what Paytm partnership means, ET BFSI
Umesh Revankar, Executive Vice-Chairman, Shriram Finance, says SME portfolio is around 11%, which we intend to grow that. Paytm has on-boarded more than 75 lakh merchants on their platform and we feel that lending to SME through that platform where we get the credit...
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...
Disney CEO Bob Iger says he wants to build again during town hall
Bob Iger, Disney, at Apple programSource: AppleDisney Chief Executive Officer Bob Iger told employees Tuesday during an internal town hall that he is looking forward to "building again" after spending 2023 mending parts of the business that "needed attention.""I feel...
Okta hackers stole data on all customer support users, company says
In this photo illustration, an Okta logo is displayed on a smartphone.Rafael Henrique | SOPA Images | LightRocket | Getty ImagesHackers who compromised Okta's customer support system stole data from all of the cybersecurity firm's customer support users, Okta said in...
Why “offshoring” asylum-seekers rarely works
ASYLUM CLAIMS in Western countries are surging. EU members are on track to receive 1m applications this year, more than at any time since the migrant crisis of 2015-16. More than 800,000 have been lodged in America in the past year, an annual jump of nearly...
BSE m-cap rides rally in Adani stocks, tops $4 trillion, ET BFSI
MUMBAI: A fag-end rally during Tuesday's session lifted the sensex by 204 points; it also pushed up BSE's market capitalisation to Rs 336 lakh crore or $4.02 trillion, a new all-time peak for the Indian market. One of the major factors behind the $4-tn milestone...
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...
Companies pay more for debt fundraise as liquidity’s tight, ET BFSI
Mumbai: Bereft of the extra funds sloshing about within the financial system during the Covid pandemic, top-rated companies are now paying more to raise money through bond markets, with the pricing of issues by even the likes of Reliance Industries reflecting the...
FX option expiries for 29 November 10am New York cut
There are some large expiries on the board today but none of which that are really sitting close to the current spot price to be of much impact I would say. In any case, trading sentiment today will largely be driven by the bond market and with Treasury yields set for...
Pinduoduo transaction revenue up 315% as Chinese consumers hunt for bargains
Chinese flag waving in front of Shanghai cityscape.Eternity in an Instant | Stone | Getty ImagesConsumers in China are hunting for bargains when they spend, the latest earnings from online retailers show.Chinese e-commerce giant Pinduoduo posted 94% growth in...
Thanksgiving broadcasts post record ratings
Macy's Thanksgiving Day Parade, 2023: Birds Of A Feather Stream Together - Peacock FloatNBC | NBCUniversal | Getty ImagesThanksgiving TV viewership gave media companies a lot to be grateful for this year.A range of events over the holiday broke ratings records.NBC...
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...
Fed’s Dovish Tone Pressures Dollar and Yields, RBNZ’s Hawkishness Lifts Kiwi
Dollar’s decline finally takes off again overnight, following dovish comments from some Fed officials. In particular, Fed Governor Christopher Waller, typically known for his hawkish views, softened his stance and expressed a level of satisfaction with the current...
Fireblocks Introduces ‘Off Exchange’ to Address Exchange Counterparty Risk, Integrates with Deribit
On November 28, 2023, Fireblocks, an innovative digital asset operations platform, announced the introduction of 'Off Exchange', a first-of-its-kind solution aiming to revolutionize the way institutional traders interact with digital asset exchanges. This...
Black Friday weekend shopping turnout soars to a record
Shoppers browse for dresses during the Black Friday sale at the Vivo Activewear women's clothing store in downtown Nairobi, Kenya November 24, 2023. Thomas Mukoya | ReutersShoppers kicked off the holiday season with a bang, as a record 200.4 million people hit stores...
Amazon announces Q, an AI chatbot for businesses
Amazon Web Services CEO Adam Selipsky speaks at the Bloomberg Technology Summit in San Francisco on June 22, 2023.David Paul Morris | Bloomberg | Getty ImagesAmazon on Tuesday announced a new chatbot called Q for people to use at work.The product, announced at Amazon...
Fox News founder Rupert Murdoch deposed in Smartmatic election lawsuit
Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho.Drew Angerer | Getty ImagesRupert Murdoch is being deposed Tuesday...
China investors face huge losses over Zhongzhi, BFSI News, ET BFSI
As China's embattled shadow banking giant Zhongzhi Enterprise Group faces a criminal probe, lawyers and analysts are assessing the damage to investors. One estimate puts that at about $56 billion. More than three quarters of investor cash would be lost, with just 100...
Amazon reveals Trainium2 AI chip while deepening Nvidia relationship
Amazon Web Services CEO Adam Selipsky speaks at the Collision conference in Toronto on June 27, 2023.Chloe Ellingson | Bloomberg | Getty ImagesAmazon's AWS cloud unit announced its new Trainium2 artificial intelligence chip and the general-purpose Graviton4 processor...
Home prices rose in September even as mortgage rates surged
A townhouse for sale in the Upper East Side neighborhood of NYC.Adam Jeffery | CNBCHigher mortgage rates appear to be doing very little to cool home prices.Nationally, prices were 3.9% higher in September compared with the same month a year earlier, up from a 2.5%...
India to remain fastest-growing major economy, but demand uneven, ET BFSI
BENGALURU: India's economic expansion likely moderated but remained strong in the September quarter, supported by robust service activity and solid urban demand despite a global slowdown dampening export growth, according to a Reuters poll of economists.Gross domestic...
Amazon touts record sales in kickoff to holiday shopping season
Packages travel on a conveyor during Cyber Monday at the Amazon's fulfillment center in Robbinsville, New Jersey, U.S., November 27, 2023. Mike Segar | ReutersAmazon said Tuesday it rang up "record-breaking" sales in the run-up to Cyber Monday as consumers, still...
Jana Small Finance Bank Limited receives final SEBI observations for their proposed IPO, ET BFSI
The Bank had filed DRHP proposing to raise funds through offer of equity shares (face value of Rs. 10 each) comprising of fresh issue aggregating up to Rs. 575 crore (The “Fresh Issue”) and an Offer for Sale aggregating up to 4,051,516 equity shares by “Investor...
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...
Goa’s unpaid debt up 618% to Rs 31k crore in 2 decades: RBI, ET BFSI
Panaji: Goa’s gross fiscal deficit has increased by 680% since 2004-05 as the government struggles to earn enough revenue to meet its yearly expenses, particularly expenditure on social welfare schemes and infrastructure development. To try and fund this deficit, the...
UK regulators say Adobe’s Figma acquisition could harm competition
David Wadhwani, senior vice president of digital media for Adobe, speaks during the launch of Adobe Creative Cloud and CS6 in San Francisco, April 23, 2012.David Paul Morris | Bloomberg | Getty ImagesBritain's top competition watchdog said Tuesday that Adobe's...
India braces for a Rs 50,000 crore rise in its subsidy bill for FY24, ET BFSI
The subsidy outgo for FY24 was planned at Rs 4.03 trillion, but it could rise up to Rs 4.53 trillion. Even with this stretched welfare spending, it would be significantly less than the previous fiscal's subsidy bill of Rs 5.62 trillion. "There will be Rs 50,000 crore...
Activist fund Anson takes Twilio stake, urges board to sell
Jeff Lawson, co-founder and chief executive officer of Twilio Inc., center, rings the opening bell on the floor of the New York Stock Exchange in New York, Sept.17, 2018.Michael Nagle | Bloomberg | Getty ImagesActivist investor Anson Funds has built a stake in Twilio...
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...
S&P revises India’s FY24 growth upwards to 6.4%, ET BFSI
S&P Global Ratings, Monday, revised India’s growth forecast for FY24 upward to 6.4% from 6% projected earlier, bringing it in line with RBI’s estimate of 6.5%.“We have revised up our projection for India's GDP growth for fiscal 2024 (ending in March 2024) to 6.4%,...
India Shelter Finance, DOMS Industries, 3 others get Sebi nod to float IPOs, ET BFSI
Five firms, including affordable housing finance company India Shelter Finance, pencil maker DOMS Industries and lender Jana Small Finance Bank, have received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs). The other...
Hesitant Dollar Sellers In Search of Clear Signals for Further Action
The forex markets today are characterized by a lack of decisive direction. Dollar remains generally weak, yet there seems to be a reluctance among sellers to push it further down. Market focus is now shifting to comments from several Fed officials scheduled for today...
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,...
Finance Minister Nirmala Sitharaman demands action, not words at COP 28, ET BFSI
DUBAI: Finance Minister Nirmala Sitharaman on Monday called for concrete action on climate funding and transfer of technology at the upcoming global climate summit, saying that India will be pushing forward to showcase what it has achieved with its own funds. The 28th...
LIC keen to keep part of its stake in IDBI Bank to reap benefit of bancassurance, ET BFSI
State-owned LIC, promoter of IDBI Bank, has said it plans to retain a part of its stake in the lender to harness the benefits of the bancassurance. Along with the government, Life Insurance Corporation (LIC) will also divest its stake in IDBI Bank but may not exit...
Rupee edges up on foreign banks’ dollar sales, weaker greenback, ET BFSI
The Indian rupee closed slightly higher on Tuesday, supported by foreign banks' dollar sales and softness in the greenback, which is hovering close to 3-month lows.The rupee ended at 83.3325 against the U.S. dollar, compared with its previous close at 83.3675.Asian...
Vitalik Buterin’s Vision of Techno-Optimism and AI’s Future
Vitalik Buterin, the founder of Ethereum, presents a compelling narrative on techno-optimism in his latest article. He starts by acknowledging the influence of Marc Andreessen's "techno-optimist manifesto" and the ensuing debate it sparked among thought leaders....
Net zero goal calls for $5 trillion in annual green investments: IMF, ET BFSI
The path to net zero by 2050 would require green investments to rise from $900 billion in 2020 to $5 trillion annually by 2030, according to the International Monetary Fund (IMF).In a blog, the IMF's Simon Black, Florence Jaumotte, and Prasad Ananthakrishnan argued...
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...
Last dates for free Aadhaar updation, investing in special FDs, update bank locker agreement, ET BFSI
December is the last month of the calendar year and it is also a month with many financial deadlines. Some of these money deadlines include mutual fund nomination deadline, last date to invest in SBI Amrit Kalash, bank locker agreement deadline and many more. Here is...
Tornado Cash Token Plummets Following Binance Delisting Announcement
Following the news that Binance, the biggest cryptocurrency exchange in the world in terms of volume, made about the delisting of the Tornado Cash (TORN) token, the value of the token witnessed a significant decline over time. It is important to note that the market...
Tesla beats claim that it fired factory workers amid union campaign
Brand new Tesla cars sit parked at a Tesla dealership on October 18, 2023 in Corte Madera, California. Justin Sullivan | Getty ImagesA U.S. labor board has dismissed claims that Tesla illegally fired employees working on Autopilot software at a New York factory to put...
Sovereign Gold Bonds | SGB: Eight years later, SGB-I returns glitter, ET BFSI
Mumbai: Investors in the first tranche of sovereign gold bonds (SGB), launched in November 2015, have made an annualised return of 10.87%. The Reserve Bank of India (RBI) announced a final redemption price of ₹6,132 per gram of gold when these bonds mature on November...
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...
Europe tech industry funding halves in 2023; AI a bright spot: Atomico
A 3D map showing the continent of Europe.Constantine Johnny | Moment | Getty ImagesVenture capital investment into Europe's tech industry plunged by half in 2023 as investors continued to reel from the effects of high interest rates, according to data from venture...
RBI, BFSI News, ET BFSI
PANAJI: Goa's gross fiscal deficit has increased by 680% since 2004-05 as the government struggles to earn enough revenue to meet its yearly expenses, particularly expenditure on social welfare schemes and infrastructure development. To try and fund this deficit, the...
Tata Technologies IPO share allotment expected Tuesday. Here’s how you can check status, ET BFSI
The share allotment of Tata Technologies IPO is expected to be finalised tomorrow. Investors received shares on a lottery basis and the whole process was supervised by the registrar.On the allotment date, investors get to know about the number of shares allotted to...
Hive Digital Technologies Bolsters Global Reach with Swedish Data Center Acquisition
Hive Digital Technologies, a prominent player in cryptocurrency mining, has recently announced a significant expansion of its global operations. The company's latest move involves the acquisition of a new property and data center in Boden, Sweden. This acquisition is...
Chinese AI firm SenseTime falls after short seller allegations
SenseTime, a Chinese artificial intelligence company, has filed to go public in Hong Kong. The move comes as China continues to tighten regulation on the country's technology giants.Pavlo Gonchar | SOPA Images | LightRocket | Getty ImagesShares of SenseTime fell as...
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...
Flying taxi firm Lilium receives EU approval for its electric jets
German company Lilium produces flying electric passenger drones.LiliumLilium, a German air taxi firm, has received regulatory approval to design and operate its electric vertical takeoff and landing vehicles, the company said Monday.Lilium was awarded "Design...
Rivian R1T EV leasing launches in select markets
A Rivian electric pickup truck sits in a parking lot at a Rivian service center in South San Francisco, California, on May 9, 2022.Justin Sullivan | Getty ImagesRivian on Monday started leasing select models of its all-electric R1T pickup truck, a move to expand sales...
IIFL Samasta aims to raise Rs 1,000 crore in public bonds, BFSI News, ET BFSI
Kolkata: IIFL Finance's microfinance subsidiary IIFL Samasta Finance is all set to hit the market with to raise Rs 1000 crore in its maiden public bond issue at 9.6-10.5% interest rate.One of the leading NBFC-MFI with Rs 12200 crore of assets under management, IIFL...
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...
First Sovereign Gold Bond (SGB) maturity date is Nov 30; how to check bank account to receive redemption money, ET BFSI
The Reserve Bank of India has announced the final redemption date for the Sovereign Gold Bond (SGB) Scheme SGB 2015-I, which is set on November 30, 2023.The price for the final redemption due on November 30, 2023 shall be Rs 6,132 per unit of SGB based on the simple...
Binance founder Changpeng Zhao has to stay in U.S. after guilty plea
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 | ReutersBinance founder Changpeng Zhao, who pleaded guilty last...
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...
Disney ‘Wish’ disappoints at the Thanksgiving box office
Ariana DeBose stars as Asha in Disney's new animated film "Wish."DisneyDisney needs to do more than wish on some stars to get out of its animation rut.Its latest animated feature "Wish," billed as a celebration of 100 years of storytelling, fumbled at the box office...
Umesh Revankar on how new RBI norms will impact Shriram Finance & what Paytm partnership means, ET BFSI
Umesh Revankar, Executive Vice-Chairman, Shriram Finance, says SME portfolio is around 11%, which we intend to grow that. Paytm has on-boarded more than 75 lakh merchants on their platform and we feel that lending to SME through that platform where we get the credit...
Shopify, Etsy, Wayfair rally after record Black Friday spending online
An Amazon worker moves a package onto a cart at an Amazon delivery station in Alpharetta, Georgia, on Nov. 28, 2022.Justin Sullivan | Getty ImagesShoppers turned out in full force on Thanksgiving and over the Black Friday weekend, largely shunning physical stores for...
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...
Kedara Capital backs decision made on ESOPs issued to Religare Chairperson, ET BFSI
New Delhi, Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur...
FX option expiries for 28 November 10am New York cut
There is just one to take note of, as highlighted in bold.That being for USD/JPY at 148.50 but the level doesn't really hold much technical significance. If anything else, it could limit any upside in the pair in the session ahead. But a lot about the trading mood...
Amazon rolls out palm-scanning technology for office workers
Amazon is expanding its palm-scanning technology beyond grocery stores and is rolling out a version that's designed for the business world.Amazon One Enterprise repackages the company's palm-based payment system as an authentication tool that lets corporate employees...
Shein files for U.S. IPO, looks to expand global reach
A Shein pop-up store inside a Forever 21 store in Times Square in New York on Nov. 10, 2023.Yuki Iwamura | Bloomberg | Getty ImagesShein has confidentially filed to go public in the U.S. as the Chinese-founded fast-fashion juggernaut looks to expand its global reach...
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...
Yen Strengthens Amid Speculation of BoJ Policy Shift and Business Sector’s Currency Concerns
Yen has a notable bounce in Asian session today, fueled by a Nikkei report suggesting that BoJ is finally near to the end its negative interest rate policy. This policy shift, which could see interest rates rise as early as the first half of next year, hinges on the...
Who are the Palestinians in Israel’s prisons?
Hamas hopes to swap more for Israeli hostages Your browser does not support this video. Released Palestinian prisoners are greeted in the West Bank Image: Getty Images Over the past four days, as part of a truce, Israel has released 117 Palestinian prisoners in...
Indel Money’s net profit rises 127% in Q2FY24, revenue up 61%, ET BFSI
Gold loan non-banking finance company Indel Money has witnessed a rise of 127.21% in its net profit in the second quarter of FY24 to 18.91 crore from Rs 8.32 crore in the corresponding period of FY23. The revenue for the quarter rose by 61.09% to Rs. 77.03 crore as...
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...
iRobot (IRBT) drops 19% after EU warns Amazon deal may hurt competition
iRobot's Roomba.Source: iRobotShares of iRobot plunged as much as 19% on Monday after the EU's antitrust watchdog issued a warning that Amazon's planned $1.7 billion acquisition of the Roomba maker raises competition concerns.The European Commission opened an in-depth...
Finnish startup Varjo launches $3,990 XR-4 mixed reality headset
The XR-4 is a mixed reality headset from Finnish startup Varjo that's targeted at the enterprise.VarjoFinnish mixed-reality startup Varjo on Monday launched its latest headset, the XR-4, a product it hopes to sell to large enterprise firms.The headset, which starts at...
Sebi-registered advisors may keep Finfluencers away, says Stocktwits, ET BFSI
Stocktwits has initiated a program to onboard SEBI-registered Research Analysts (RAs), offering them a compelling value proposition as it looks to provide accurate insights to its vast community of retail investors while mitigating the influence of so-called...
Euro-Area recession looks likely, ET BFSI
A recession in the euro area is looking increasingly likely as the economic downturn persists in the final quarter of the year, private-sector activity surveys showed.Meantime, the outlook for global trade got a boost this week as South Korea’s exports are likely to...
Zions, Comerica, First Horizon: Regional bank takeover risk
A customer enters Comerica Inc. Bank headquarters in Dallas, Texas.Cooper Neill | Bloomberg | Getty ImagesA trio of regional banks face increasing pressure on returns and profitability that makes them potential targets for acquisition by a larger rival, according to...
Apple iPhone maker Foxconn to invest $1.5 billion in India expansion
A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019.Bloomberg | Bloomberg | Getty ImagesFoxconn Technology will invest more than $1.5 billion in an Indian construction project to fulfill the Apple...
‘Core inflation may bottom out around 4%’, BFSI News, ET BFSI
Core inflation, which excludes volatile food and energy prices, may stabilise around 4% in January with a limited scope for further decline as prices continue to be sticky in certain service sectors, according to economists. A higher core is likely to keep retail...
Tesla sues Swedish government after postal workers block license plates
Tesla and SpaceX's CEO Elon Musk reacts during an in-conversation event with British Prime Minister Rishi Sunak in London, Britain, Thursday, Nov. 2, 2023. Kirsty Wigglesworth | ReutersTesla filed a lawsuit against the Swedish Transport Agency on Monday after postal...
India Inc steps up focus on returning women professionals, ET BFSI
BENGALURU: Indian companies are rolling out “returnship” programmes to empower women seeking to rejoin the workforce after a career break.Companies across sectors--pharmaceuticals, insurance, technology, financial services and renewable energy--are accelerating their...
S&P revises India’s FY24 growth upwards to 6.4%, ET BFSI
S&P Global Ratings, Monday, revised India’s growth forecast for FY24 upward to 6.4% from 6% projected earlier, bringing it in line with RBI’s estimate of 6.5%.The American rating agency, however, lowered the FY25 growth estimate by 0.5 percentage points to 6.4%....
Israel hosts wartime visit by Elon Musk, eyes Starlink for Gaza
American billionaire Elon Musk (C) and Israeli delegation, including Prime Minister Benjamin Netanyahu (R), visit the Kfar Aza settlements in southern Israel, one of the locations targeted by Hamas on Oct. 7, in Kfar Aza, Israel on November 2023.GPO Israel | Anadolu |...
Mounjaro superior to Ozempic for weight loss, study says
A pharmacist displays a box of Mounjaro, a tirzepatide injection drug used for treating type 2 diabetes and made by Lilly at Rock Canyon Pharmacy in Provo, Utah, May 29, 2023.George Frey | ReutersThe blockbuster diabetes drug Mounjaro is more effective for weight loss...
Flying taxi firm ilium receives EU approval for its electric jets
German company Lilium produces flying electric passenger drones.LiliumLilium, a German air taxi firm, has received regulatory approval to design and operate its electric vertical takeoff and landing vehicles, the company said Monday.Lilium was awarded "Design...
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...
US jury asks TCS to pay $ 210 million, BFSI News, ET BFSI
BENGALURU: A US jury has asked TCS to pay $210 million for misappropriation of US IT services firm DXC’s (formerly CSC) source code to develop its software platform, TCS Bancs, that would compete with the latter.The US jury said TCS accessed a trade secret by...
Dollar Dips, Euro Struggles in Lackluster Market
As US session commences, Dollar is showing a more notable downturn following a rather uneventful day. In the background risk sentiment is steady, with investors and traders largely holding their positions in anticipation of key economic data releases. The upcoming PCE...
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...
Want to build a career in the BFSI sector? These skills will get you higher pay, ET BFSI
The banking, financial services and insurance (BFSI) segment has undergone a massive digital transformation as more financial transactions have moved online. This field offers a wide range of career opportunities in roles related to risk management, financial...
crypto industry can turn page after Binance settlement
Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks during the Messari Mainnet summit in New York, on Thursday, Sept. 21, 2023.Michael Nagle | Bloomberg | Getty ImagesThe crypto industry can finally close the chapter on a litany of scandals and...
TikTok owner ByteDance axes hundreds of jobs in gaming unit
Sheldon Cooper | LightRocket | Getty ImagesTikTok parent company ByteDance is cutting hundreds of jobs in its gaming division, a person familiar with the matter told CNBC, marking a significant retreat from a segment it has invested billions of dollars in to challenge...
India to remain fastest-growing major economy, but demand uneven: Poll, ET BFSI
BENGALURU: India's economic expansion likely moderated but remained strong in the September quarter, supported by robust service activity and solid urban demand despite a global slowdown dampening export growth, according to a Reuters poll of economists.Gross domestic...
Veteran dealmaker Sanjay Nayar teams up with Peak Ventures for cleantech play, ET BFSI
Former KKR India CEO and chairman Sanjay Nayar, who now runs technology-focused venture capital fund Sorin Investments, is entering a new space: climatetech.Nayar is partnering with Peak Ventures – an early-stage firm focused on cleantech areas such as new energy,...
Report, BFSI News, ET BFSI
MUMBAI: If BFSIs were to be excluded, corporate sales in Q2 FY24 would register a half percentage point decline in sales even though overall profits rose nearly 30% due to drop in expenses. If banks and finance companies are included, the sales are up 2.8% while...
Cosmos Hub Votes to Reduce ATOM Inflation Rate to 10%
Recently, the governing body of the Cosmos Hub approved a significant change to the blockchain's economic model. The community voted to reduce the maximum inflation rate of ATOM, the native token of Cosmos Hub, from its current rate of around 14% to a new cap of 10%....
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...
Sovereign Gold Bonds | SGB: Eight years later, SGB-I returns glitter, ET BFSI
Mumbai: Investors in the first tranche of sovereign gold bonds (SGB), launched in November 2015, have made an annualised return of 10.87%. The Reserve Bank of India (RBI) announced a final redemption price of ₹6,132 per gram of gold when these bonds mature on November...
California Advances in Generative AI with New Report
The Newsom Administration released an insightful report in response to Governor Gavin Newsom's Executive Order from September 2023. This report focuses on the utilization and potential challenges of Generative Artificial Intelligence (GenAI) within the California...
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...
Yen Cautious Rebounds While Gold Rallies Above 2k
Yen is having a moderate rebound today, spurred by slightly stronger-than-expected corporate services price inflation data. However, this uptick in is showing only restrained momentum, especially noticeable even against a weaker Dollar. The limited rise can be...
Credit card spend hits record Rs 1.78 lakh crore in Oct amid RBI crackdown on consumer loans, ET BFSI
Credit card spending in India reached a historic high, surging to Rs 1.78 lakh crore, representing a substantial 25.35% increase from September 2023, fuelled by robust consumer activity during the festive season, with a notable focus on e-commerce platforms.The...
Seen huge increase in imports from India, says Swedish Financial Markets Minister, ET BFSI
Higher interest rates and various military conflicts may have dampened global economic demand, but imports of Indian goods to Sweden have registered a “huge increase” this year, Niklas Wykman, Minister for Financial Markets, Sweden, said to Bhaskar Dutta. In 2022,...
FX option expiries for 27 November 10am New York cut
There aren't any significant expiries that are close to, or might influence, spot levels on the day. As such, the more mixed and tepid trading sentiment is likely to keep up in the session ahead before US traders enter the fray. There will be bigger fish to fry in the...
Nigerian Police Arrest Politician Wilfred Bonse for Involvement in Patricia Technologies Financial Fraud
The Nigeria Police Force (NPF) has announced a significant breakthrough in a complex financial fraud investigation involving Patricia Technologies Limited. On November 23, 2023, the Force Public Relations Officer, ACP Olumuyiwa Adejobi, detailed the arrest of...
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...
Sebi to introduce regulatory framework for index providers, BFSI News, ET BFSI
Markets watchdog Sebi on Saturday approved providing flexibility to Not for Profit Organisations (NPOs) in raising funds through the social stock exchange and also decided to introduce a regulatory framework for index providers. These were among the decisions taken by...
Thanksgiving Day online sales, discounts jump
Anastasiia Krivenok | Moment | Getty ImagesOnline spending on Thanksgiving Day jumped 5.5% compared to a year ago, according to Adobe Analytics, a reflection of holiday shoppers who are buying more of their gifts online and responding to discounts.E-commerce sales...
Small music venues fight to keep prices affordable amid inflation
Melis82 | Istock | Getty ImagesIt has never been easy for small or independent music venues to turn a profit. Now, with inflated operating costs, some owners are struggling to keep ticket prices affordable for audiences and take chances on lesser-known artists.The...
State Govt and Bank Holidays in Maharashtra 2024, BFSI News, ET BFSI
The Government of Maharashtra has published its list of public holidays for the year 2024 via a notification dated November 9, 2023. In India, public and bank holidays differ depending on the state and the region’s major festivals. Say for example, Maharashtra...
Dollar’s Weak Streak Continues, Sterling and Antipodean Currencies Shine
Dollar ended as the weakest performer last week, with it poor performance aligning with broader rally in both stock and commodity markets, underpinned by growing investor sentiment favoring US economic soft-landing. Furthermore, minutes from FOMC meeting suggested a...
Centrum ropes in EY to find buyers for its stake in housing arm, ET BFSI
Kolkata: The Centrum Group has roped in EY to find a buyer for its stake in housing loan subsidiary Centrum Housing Finance.The Jaspal Bindra-led group plans to either exit the housing finance business fully or pare stake to become a minority shareholder."If we get a...
NBFCs play up spectre of collateral damage, knock on regulator’s doors, ET BFSI
Non-banking finance companies (NBFCs) in India have underlined the risk of collateral damage with respect to the RBI's new lending norms, Times of India said in a report on November 24.In a written communication to the apex bank, NBFCs -- lend to small businesses and...
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...
Binance’s MVB Accelerator Program Collaborates with CMC Labs to Launch Innovative Founder Track
The Most Valuable Builder (MVB) accelerator program, which is a collaborative project between BNB Chain and Binance Labs, has been in the forefront of supporting Web3 builders and fostering the development of the BNB Chain ecosystem ever since it was first introduced...
India’s forex reserves jump USD 5.08 bn to USD 595.40 bn, BFSI News, ET BFSI
Mumbai, India's forex reserves increased by USD 5.077 billion to USD 595.397 billion during the week ended November 17, the Reserve Bank said on Friday. In the previous reporting week, the kitty declined USD 462 million to USD 590.321 billion. For the week ended...
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...
Svatantra Microfin completes acquisition of Chaitanya India Fin Credit, ET BFSI
Ananya Birla-led Svatantra Microfin has on Friday completed the acquisition of Sachin Bansal's Navi Group's subsidiary Chaitanya India Fin Credit."It’s official!! This is the moment we formally completed the acquisition of Chaitanya. Today marks a huge step as we...
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...
Finmin calls meeting of bankers, other senior officials to deal with digital payment fraud, ET BFSI
The Finance Ministry has called a meeting of senior bankers and RBI representatives on Tuesday to discuss steps to deal with increasing digital payment fraud and cyber security issue. The meeting to be chaired by Financial Services Secretary will discuss issues...
Richard Teng Signals Unchanged Core Values at Binance Amid Leadership Transition
Within a recent post on social media, Richard Teng, who was recently hired as the CEO of Binance, provided reassurance to stakeholders over the exchange's commitment to maintaining its key principles. His message, which comes after a turbulent era for the corporation,...
Rupee ends little changed; strength in Asian peers fails to aid, ET BFSI
Broad losses in the dollar failed to aid the Indian rupee on Thursday as demand for the greenback from local corporates and large foreign banks weighed despite gains across most other Asian peers.The rupee ended at 83.3425 against the U.S. dollar, barely changed from...
iRobot stock up 39% on report Amazon deal set to get EU approval
iRobot's Roomba.Source: iRobotShares of iRobot, the maker of Roomba vacuums, closed up about 39% on Friday after a report said the European Union is set to approve Amazon's $1.7 billion acquisition of the company.Reuters said Thursday morning the deal is set to "win...
Securitisation in personal loan segment may see temporary pause: Icra, ET BFSI
New Delhi, The sale of personal loan retail pools may see a temporary pause after the RBI's decision to increase the risk weights on unsecured asset classes of banks and non-banking financial companies (NBFCs) by 25 per cent, a report said. The sale of personal loan...
Who is Geert Wilders, the surprise winner of the Dutch election?
ON NOVEMBER 22ND Geert Wilders’s anti-immigrant Party for Freedom (PVV) finished first in the Dutch general election, winning 37 of the 150 seats in parliament, or 23.6% of the vote. His victory was a huge surprise. But the beneficiary of this sudden turn to the hard...
Sebi asked to consult stakeholders at drafting stage to ensure regulations are not overly restrictive: FM, ET BFSI
The government has asked capital markets regulator Sebi to seek inputs from shareholders while drafting norms and rework them if the proposals are perceived to be much too restrictive, finance minister Nirmala Sitharaman said on Thursday, seeking to allay industry...
Impact of Digital Payments, ET BFSI
Mumbai: For the second consecutive time in 20 years, the currency in circulation (CIC) dipped during Diwali week as citizens shifted to digital modes of payment to make their festival purchases.Data released by RBI on Wednesday revealed that during the week ended...
BFSI may just be the theme to bank on for future upside, BFSI News, ET BFSI
Mumbai: Investors eyeing a thematic bet can add a banking and financial services fund to their portfolio taking advantage of the underperformance of the banking sector compared to the Nifty 50.Strong bank balance sheets, a fresh start to the credit cycle, and...
The coming IPO boom, BFSI News, ET BFSI
As the Tata Technologies initial public offering (IPO) closes for subscription today, the marquee Tata issue after almost a decade, is trading in the grey market at a premium of over 80%. Such a huge premium has led analysts to speculate whether the IPO from the Tata...
Bitcoin trades to the highest level since May 2022
The price of bitcoin has extended to the highest level since May 2022. The high price has reached $38408Bitcoin moves above and away from the 38.2% retracementLooking at the daily chart above, the price of the digital currency moved above the 38.2% of the move down...
RBI’s move on unsecured consumer credit to constrain loan growth in the segment: Report, ET BFSI
The Reserve Bank of India's recent decision that require banks and non-bank financial institutions to allocate more capital against unsecured consumer credit will constrain loan growth in the segment, according to a report. This should also reduce the potential for...
L&T Finance to trim bank borrowing to whittle spike in cost of funds, ET BFSI
Mumbai, Leading non-banking player L&T Finance expects its cost of funds to marginally rise by 12-14 basis points due to the recent RBI action related to unsecured credit, and also plans to reduce borrowings from banks. L&T Finance has said it will cut its...
Customer data with account aggregators completely safe in India: Sitharaman, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday assured that customer data shared with account aggregators (AA) is completely safe in India. Concerned over the slow movement of the AA scheme, she said, "It is not as much as I would want to see. It can be...
Rupee falls 2 paise to all-time low of 83.36 against US dollar in early trade, ET BFSI
Mumbai, The rupee depreciated 2 paise and fell to its all-time low of 83.36 against the US dollar in the morning session on Friday, tracking a negative trend in domestic equities. At the interbank foreign exchange, the rupee opened at 83.33 against the dollar. It...
Huobi HTX Responds to Recent Hack, Ensures Full Compensation for Affected Users
On November 22nd, 2023, Huobi HTX, previously known as Huobi Global, experienced a significant security breach. This attack led to a substantial loss, initially estimated at $13.6 million but later valued at approximately $30 million. This incident marks another in a...
American Dream mall evacuated on Black Friday over bomb threat
American Dream megamall and entertainment complex in East Rutherford, N.J. After more than 17 years in the making, it finally opened October 25, 2019. Then came the coronoavirus pandemic.Timothy A. Clary | AFP | Getty ImagesNew Jersey's American Dream Mall – the...
Canadian Dollar Rallies on Retail Sales Surprise, Kiwi and Sterling Firm
Canadian Dollar is having a notable rebound in early US session, fueled by unexpectedly robust Canadian retail sales data. This data indicated a surprising resurgence in consumer spending, defying the constraints of high interest rates and ongoing inflation. Despite...
NBFC body appeals to RBI to review recent risk weight increase, ET BFSI
A representative body of non-banking financial companies (NFBCs) has requested the central bank to re-evaluate the sharp increase in risk weights assigned to bank loans to NBFCs, according to a letter sent to the regulator on Thursday and seen by Reuters.The Reserve...
Go First lenders to vote on liquidation, BFSI News, ET BFSI
MUMBAI: Go First's lenders will vote on a proposal to liquidate the insolvent Indian airline, two banking sources said on Thursday, days after a deadline to bid for the company ended with no suitors. "The proposal whether or not to liquidate the airline has been...
Alibaba (BABA) shakes up cloud unit management after scrapping IPO
The World Artificial Intelligence Conference in Shanghai in July 2023.Aly Song | ReutersAlibaba has begun an overhaul of its cloud computing unit, bringing in veterans to new leadership positions, as it looks to revive the division after cancelling its public...
Wallet of Satoshi Withdraws from the U.S. Market Amid Regulatory Challenges
The recent announcement by Wallet of Satoshi (WoS) to withdraw its app from the U.S. Apple and Google app stores and cease serving U.S. customers marks a significant shift in the Bitcoin wallet landscape. This decision reflects the increasingly challenging regulatory...
Bitcoin rises to new high for the year Friday above $38,000
Yuichiro Chino | Moment | Getty ImagesCrypto prices have recovered from a big dip earlier in the week, with bitcoin hitting a new high for 2023 on Friday.Bitcoin touched a high of $38,015.16 on Friday morning, according to CoinMetrics, its highest level in more than a...
Senco Gold will close the year with around 12-12.5% stud ratio: CFO, ET BFSI
Sanjay Banka, CFO Senco GoldSanjay Banka, CFO, Senco Gold, says “the next two quarters will not be better than the first half. If we look at the past trends, the major sales happen up to Dhanteras. We have already seen around 26-27% year-on-year growth till today. The...
Nirmala Sitharaman unveils pioneering ‘India Stack’ at DATE 2023, spearheading global digital transformation, ET BFSI
Union Finance Minister Nirmala Sitharaman (File Photo)Finance Minister Nirmala Sitharaman marked the commencement of the Digital Acceleration and Transformation Expo (DATE) 2023, a pivotal event held at Yashobhoomi in Dwarka, Delhi.The expo serves as a converging...
Infra Financiers seek to raise Rs 30,000 crore, BFSI News, ET BFSI
Mumbai: As general elections head closer, Indian financiers are rushing to bond markets to raise capital for infrastructure projects, with big names such as the National Bank for Financing Infrastructure and Development as well as large public sector banks eyeing fund...
Atomicals Market Addresses Security Breach and Announces Compensation Measures
The recent events surrounding Atomicals Market (AM) have been a significant concern for the Atomicals community, especially following a severe security breach in two of its trading markets. This breach led to hacker attacks and considerable losses for users, stirring...
NFL Black Friday game Jets vs Dolphins on Amazon Prime, not on TV
Jacob Kupferman | Getty ImagesThe Miami Dolphins and the New York Jets face off in the National Football League's first ever Black Friday game this week — but it's not going to be the usual broadcast or cable offering. The game will stream exclusively on Amazon's...
Liquidity with banks can upset RBI’s Monetary Policy transmission, ET BFSI
Is the RBI’s policy tightening guaranteed to reduce credit growth sufficiently so as to bring down inflation on a sustainable basis? The answer lies in what banks do in response.The Reserve Bank of India (RBI)’s monetary policy mandate is to manage the stock of money...
New Finance Commission may tweak formula; SDGs, climate could get more weight, ET BFSI
The government is likely to ask the next Finance Commission to consider a higher weight for the human development index (HDI) and sustainable development goals (SDGs) while recommending the distribution of resources among states. It may also ask the commission to...
Spending and ethics in focus
TikTok has officially launched its e-commerce service TikTok Shop in the US. Costfoto | Nurphoto | Getty ImagesConsumers are increasingly turning to social media for their shopping this holiday season, and TikTok's latest venture into e-commerce has emerged at the...
CFTC’s Stern Warning to Crypto Exchanges Following Binance Case
As of late, the Commodity Futures Trading Commission (CFTC) has adopted a resolute position against Binance, which is the biggest cryptocurrency exchange in the world. As the former Chief Executive Officer of Binance, Changpeng Zhao (CZ) has resigned from his position...
Retailers use deals and events to drive sales
Target hosted a free "Winter Wonderland" event in New York City to show off the holiday season's hottest toys. It's an example of the extra effort that retailers are putting in to motivate shoppers.Melissa Repko | CNBCNEW YORK CITY — On a recent weekend in downtown...
NBFCs should remain cautious on lending; need not go too far in their enthusiasm: FM, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday said NBFCs and small finance banks need to remain cautious while lending as suggested by the Reserve Bank. Speaking at 'DATE with Tech' event here, Sitharaman cautioned that NBFCs and small finance banks...
Asian Development Bank unleashes $170 million wave to transform Kochi’s water landscape, ET BFSI
In a significant development, the Asian Development Bank (ADB) has given the nod to a USD 170 million loan aimed at modernizing water supply services in Kochi, a bustling city in the southern Indian state of Kerala.According to ADB, this move is expected to play a...
Nvidia shares fall as it reportedly delays new China AI chip
Jensen Huang, president of Nvidia, holding the Grace hopper superchip CPU used for generative AI at the Supermicro keynote presentation during Computex 2023.Walid Berrazeg | Lightrocket | Getty ImagesNvidia shares fell on Friday with the company reportedly delaying a...
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...
WhaleFin is being sued by Atletico Madrid for unpaid sponsorship
Atletico Madrid, a top-tier Spanish football team, is apparently getting ready to file a lawsuit against WhaleFin, a cryptocurrency exchange located in Singapore, for failing to pay sponsorship money of forty million euros, which is equivalent to forty-four million...
LIC shares jump 10% to record best day since listing, ET BFSI
Shares of Life Insurance Corporation (LIC) jumped 10% today to record best single-day gain since listing. Investors appear to be buoyed by the company's plans to launch 3-4 new products over the coming months to push growth in its new business premium (NBP).Trading at...
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...
Jefferies reshuffles portfolio to use spare cash, sells 3 stocks and buys 6, ET BFSI
NEW DELHI: Global brokerage firm Jefferies, which had tactically raised cash during the peak of the market in September, has now redeployed the idle capital to buy 6 stocks and also sold 4 counters. Jefferies has replaced Maruti Suzuki with Eicher Motors, Marico with...
NBFC body seeks RBI to re-evaluate hike in risk weights assigned to bank loans, ET BFSI
The latest move by the Reserve Bank of India (RBI) to regulate the growth of consumption oriented credit by levying risk weight of 125% on consumer credit exposure of NBFCs has raised many questions on the business of these lenders. In this context, FIDC, the...
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...
Social Media Site X Limits Changpeng Zhao’s Account Access
Unexpected Limitation on Changpeng Zhao's User Account Changpeng "CZ" Zhao, the former CEO of cryptocurrency exchange Binance, had his account temporarily blocked by social media site X, previously known as Twitter. Users had to accept that Zhao's account was...
SEBI tells SC it won’t ask for probe timeline extension, ET BFSI
Market regulator SEBI on Friday informed the Supreme Court that it will not be seeking an extension to complete its probe in the Adani-Hindenburg matter.A Supreme Court-appointed expert committee had in an interim report in May stated that it saw "no evident pattern...
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...
Fedbank Financial Services IPO sails through on Day 3, BFSI News, ET BFSI
The Rs 1092 crore initial public offering (IPO) of Fedbank Financial Services was fully subscribed on the third and the last day of the bidding process on Friday. The issue was booked 90% on day two.At 11:12 am, the issue attracted bids for 5,68,20,424 shares, or 1.02...
Exploit of KyberSwap’s Concentrated Liquidity Feature Results in $46 Million Loss
On November 23, 2023, the decentralized finance (DeFi) space was shaken by a meticulously planned exploit of KyberSwap, a leading decentralized exchange (DEX). The exploit, which Doug Colkitt, creator of Ambient exchange, characterized as "the most complex and...
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...
Indian economy better poised than China to handle global headwinds, says Axis Bank’s chief Economist, ET BFSI
Despite strong global headwinds and aggressive liquidity tightening by the central bank, the Indian economy is still accelerating, said Axis Banks' chief Economist Neelkanth Mishra, who is also the part-time chairman of UIDAI. Speaking at ICFAI's NJ Yasaswy memorial...
NBFC body appeals to RBI to review recent risk weight increase, ET BFSI
A representative body of non-banking financial companies (NFBCs) has requested the central bank to re-evaluate the sharp increase in risk weights assigned to bank loans to NBFCs, according to a letter sent to the regulator on Thursday and seen by Reuters.The Reserve...