AMERICAN FINANCIAL BACKING
US weekly jobless claims rise labor market slows
The labor market shows signs of easing as unemployment benefits claims increase. Layoffs rise due to interest rates impacting demand, and challenges in seasonal data adjustments persist. Market anticipates Fed's potential rate cuts. Job cuts decrease in June, but higher than last year. Nonfarm payrolls data may reveal job increase. Job openings ratio remains steady, while Fed deliberates policy changes post-hikes. Continuing claims rise due to policy effects.
Global firms buy PB Fintech stakes from early backers
Foreign portfolio investors (FPIs) have lapped up shares in Gurugram-based listed fintech firm PB Fintech, as its founders and early investors sold their shares, in full or in part, in multiple tranches. These transactions happened through bulk deals when several early-stage investors of the company exited the firm fully or partly after 2021, when it went public.
Who is Cryptoqueen Ruja Ignatova? Why is there multi-million dollar bounty?
Ruja Ignatova who has been accused in a multi-billion-dollar scam has a $4 million bounty on her head. This has been offered by the FBI which has sought the assistance to locate her. She has accused of selling fake cryptocurrency to the customers of ‘One Coin’ of which she is a co-founder.
Flipkart, PhonePe on path to profitability: Walmart CFO
Walmart CFO David Rainey said ecommerce company Flipkart and PhonePe are on the path to profitability. Flipkart’s losses in the ecommerce segment have been improving, he said at an investor conference. He also said this “gives us a lot of confidence in what the overall financial profile of this business looks like a few years from now”.
Rupee recovers 3 paise to 83.58 against US dollar in early trade
Rupee trades 3 paise higher at 83.58 against the US dollar, supported by foreign capital and strong equity market sentiment.
Small Indian-American community making grand contributions in the US: Report
The report "Indiaspora Impact Report: Small Community, Big Contributions," conducted by Boston Consulting Group, is the first volume in a series to look at the impact of the Indian diaspora, with a special focus on public service, business, culture and innovation in the United States.
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Dollar or other currencies? How the US is daring the world to find a dollar alternative
The United States is challenging its own foundations as the world's reserve currency with attacks on the legal system following Donald Trump's conviction. Despite growing consternation, no credible alternative has emerged. The dollar's dominance stems from U.S. democratic principles, but threats loom as sanctions and political turmoil test its credibility.
G7 plans to warn small Chinese banks over Russia ties, sources say
U.S. officials expect the G7 wealthy democracies to warn smaller Chinese banks at the upcoming summit hosted by Prime Minister Giorgia Meloni regarding their assistance to Russia in evading Western sanctions.
Muhammad Ali''s childhood home is for sale in Kentucky after being converted into a museum
The owners are asking $1.5 million for the three properties. Finding a buyer willing to maintain Ali's childhood home as a museum would be "the best possible result," co-owner George Bochetto said.
Boxing legend Muhammad Ali's childhood home-turned-museum listed for sale: Check details
Muhammad Ali's childhood home, now transformed into a museum, is up for sale in Louisville, Kentucky, along with two neighboring properties. The two-bedroom, one-bathroom house served as a museum offering insights into Ali's formative years and attracted visitors worldwide. Despite its high-profile debut, the museum faced financial difficulties and closed after less than two years.
Jefferies bullish on Adani Group on the back of a renewed expansion spree
Adani Group, rebounding from market losses caused by a US short seller report in early 2023, is now on an "expansion spree," aiming for a USD 90 billion capex over the next decade. Jefferies reports a 40% YoY EBITDA growth, with focus on debt containment and fresh funds. Various Adani companies witnessed significant developments, including acquisitions, power plant commissioning, and renewable energy capacity addition.
The business ties that bind the U.S. and China are strong but fraying
Many big U.S. companies depend on China for a substantial part of their income and rely on Chinese suppliers and factories for their products.
Here's what every key witness said at Donald Trump's hush money trial
Key witnesses in Donald Trump's trial, such as Hope Hicks and Robert Costello, provided insights into the events following the 'Access Hollywood' leak. Testimonies also included details from Trump's lawyers and associates.
Chatter doesn't matter: Has Adani been able to firewall himself?
Adani Group faced a tumultuous period after allegations by Hindenburg Research, but quickly recovered and regained market value. Recent accusations regarding a coal deal and ethical concerns have failed to impact the group's stocks significantly. Investors seem impervious to negative chatter as the group continues its growth journey.
Financial Times report against Adani Group is just for noise: Cantor Fitzgerald
Cantor Fitzgerald dismisses recent Financial Times report on Adani Group as market noise, indicating investors' confidence remains intact. Adani Enterprises' shares surged 8.2% following the allegations, marking a tenth consecutive day of market capitalization gains. Adani Group refuted the accusations, citing contractual obligations and rigorous testing processes, while Cantor highlighted discrepancies in the FT report's sources and noted India's growth trajectory as favorable for Adani Enterprises despite controversies.
Gold prices hold steady on Fed rate outlook
Gold prices were steady on Wednesday and hovered above key $2,400 level touched earlier this week, supported by safe-haven buying and the prospect of interest rate cuts from the U.S. Federal Reserve later this year.
It's open season on international students across the world; and countries have billions at stake
Countries are reevaluating visa programs and education exports as student numbers surge, impacting housing costs, public services, and financial contributions. The debate involves higher-education providers, employers, tuition fees, migration policies, funding models, the role of the Office for Students, and government language affecting international student perceptions.
TCS CEO says AI could kill India's call centres soon. Is he right?
According to TCS CEO K Krithivasan, AI could result in “minimal” need for call centres in about a year. If Krithivasan’s prediction were to come true, it would mean a lot of change for a lot of people in very little time.
US weekly jobless claims increase more than expected
Labor market shows signs of easing as new unemployment benefit claims by Americans exceed expectations, reaching 231,000. The rise, partly due to seasonal factors, reflects adjustments post-interest rate hikes, with expectations of Federal Reserve rate cuts.
Asia stocks drift, dollar firm as Fed rate path pondered
MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.19%, weighed down partly by declines from mainland Chinese blue chips. However, Hong Kong's Hang Seng rose 0.52%.
TikTok tells advertisers: ‘We are not backing down’
Sofia Hernandez, TikTok's global head of business marketing, declared that TikTok had gone from "being viral to vital" for businesses. The company's executives introduced new tools for running ads against trends and events like the Summer Olympics in Paris.
Huawei secretly backs US research, awarding millions in prizes
Huawei Technologies Co., a Chinese telecommunications giant blacklisted by the US, is secretly funding cutting-edge research at American universities, including Harvard, through an independent Washington-based foundation. The foundation, Optica, administers a research competition solely funded by Huawei, attracting top scientists worldwide. Huawei's involvement has sparked controversy due to concerns about national security and lack of transparency. Despite this, the foundation defends the partnership, emphasizing the support for global research and academic communication.
Edelweiss fund to back Matrix Lab founder's buyout of Viatris API biz
Kotak is lending $150 million (₹1,250 crore) under a mezzanine debt facility to Prasad at 18-20% and arranging an additional $300 million from other lenders including Edelweiss Domestic Performing Credit Fund, two people close to the development said. The Edelweiss fund is lending the money, a senior debt facility, at 10-11%.
Want to support an ageing parent financially? Ask these 5 questions
Here are five credit-related questions to ask older parents if you don't know where to begin.
Joe Biden plans to cancel student loan debt, 23 million Americans may be impacted
President Biden's student debt relief plans target 23 million Americans, including up to $20,000 debt cancellation. Despite challenges, the administration continues efforts for loan forgiveness, with a focus on benefiting as many borrowers as possible.
Bond fund managers bet on credit derivatives markets
Bond fund managers have so much cash they’re turning to the derivatives market to put it to work, pushing down the cost of protection against defaults close to levels that prevailed when central banks were just starting to raise interest rates.
Donald Trump defends increasing tariffs on Chinese imports, dismisses retaliatory move threat
Trump also laid out some of his financial priorities and defended his planned 10% across-the-board tariffs, saying any resulting price increase for families could be offset by tax cuts and calling for his 2017 tax cuts to be extended.
US sanctions money network tied to the Yemen Houthi rebels blamed for shipping vessel attacks
Included in the sanctions are the head of a financial intermediary in Sana'a, Yemen, along with three exchange houses in Yemen and Turkey. U.S. Treasury alleges that the people and firms helped transfer millions of dollars to the Houthis at the direction of sanctioned Iranian financial facilitator Sa'id al-Jamal. The sanctions block access to U.S. property and bank accounts and prevent the targeted people and companies from doing business with Americans.
Americans ramped up spending during the holidays despite some financial anxiety and higher costs
Holiday sales from the beginning of November through Christmas Eve climbed 3.1%, a slower pace than the 7.6% increase from a year earlier, according to Mastercard SpendingPulse, which tracks all kinds of payments including cash and debit cards. This year's sales are more in line with what is typical during the holiday season, however, after a surge in spending last year during the same period.
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