REPORTING
Rupee inches higher tracking gains in most Asian peers
The Indian rupee reached 83.4625 against the U.S. dollar, aided by a weaker dollar index and gains in yen and yuan. Brent crude prices eased. The U.S. jobs report and bond yields will impact Federal Reserve rate forecasts. Importers' hedging may limit rupee gains. Lloyd Chan of MUFG Bank expects the dollar to weaken as U.S. job market softens.
Gold lingers near 2-week high as focus shifts to US payrolls
Gold prices remain steady near a two-week high following weaker US economic data, leading to speculation of potential interest rate cuts. Investors are closely watching Friday's non-farm payrolls data for further guidance. The market awaits further developments amidst the ongoing economic uncertainty.
Dr Reddy's, Sun Pharma recall drugs in US market: USFDA
Dr Reddy's Laboratories and Sun Pharma are recalling products in the US due to manufacturing issues, as per the latest USFDA Enforcement Report. Dr Reddy's is recalling insomnia and gout drugs, with 13,752 bottles of Eszopiclone tablets affected by failed impurities at their Bachupally plant. Sun Pharma is recalling 2,088 vials of Decitabine for Injection due to CGMP deviations at their Gujarat plant, prompting Class II recalls by both companies.
Cement sector sees marginal growth of 2-3 pc in Q1FY25: Icra
The cement sector experienced a modest 2-3 per cent growth in Q1 due to a slowdown in construction during the Lok Sabha polls, but FY2024-25 is expected to see a 7-8 per cent increase driven by infrastructure and housing demand. Top players are set to consolidate, expanding capacity and improving operating profits by 1-3 per cent from softened raw materials prices. Cement makers are also increasing green power usage to reduce emissions by 15-17 per cent in the coming years.
Renukaswamy murder case: Bengaluru court extends judicial custody of actor Darshan & other accused till July 18
All the 17 accused, including Darshan and Pavithra, were produced before the magistrate through video conferencing from Bengaluru and Tumakuru prisons, where they are lodged, as their judicial custody ended today.
Russian-linked cybercampaigns put a bull's-eye on France. Their focus? The Olympics and elections
French officials and cybersecurity experts from Europe and the United States have identified disinformation campaigns targeting France, orchestrated from Russia. These efforts increased significantly due to France's legislative elections and the upcoming Paris Olympics.
Gold inches up after weak data fuels US rate cut bets
Dramatic gold price surge expected amid cautious Fed approach and weaker employment reports, signaling potential economic challenges ahead.
Dollar on the defensive after soft data, little relief for yen
Currency markets react to global economic trends, with sterling potentially shifting leadership from Rishi Sunak to Keir Starmer in the UK.
These 8 bank stocks can give 20-40% returns in 1 year, according to analysts
Check out Stock Reports Plus, powered by Refinitiv, for price targets of over 4,000 listed stocks along with detailed company analysis focusing on five key components - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores. SR+ Reports is a complimentary offering to ETPrime members.
China leading generative AI patents race, UN report says
Generative AI, which produces text, images, computer code and even music from existing information, is exploding with more than 50,000 patent applications filed in the past decade, according to the World Intellectual Property Organization (WIPO), which oversees a system for countries to share recognition of patents.
Hedge fund’s secret Adani short revealed in blow-by-blow account
A short-seller's report targeting Adani Group led to a $153 bn market value drop. The investigation involved a hedge fund, regulator, and a big Indian bank. US regulators scrutinized hedge fund collaborations and short-selling's impact on market efficiency.
Yen slides to fresh lows as Japan authorities stick to sidelines
The Australian dollar rose on retail sales data, suggesting a Reserve Bank rate hike, while China's yuan hit an eight-month low due to local authorities' currency tolerance.
About 80% of sales professionals in India feel they are not sufficiently skilled: upGrad Enterprise report
According to upGrad Enterprise's Grand Sales & Workplace Report 2024, 80% of India's sales professionals feel unprepared for a rapidly evolving work environment. The report highlights that 61% are considering job changes within 3-24 months, with high stress levels, especially in automotive and retail sectors, and a significant gender income disparity in sales roles.
India vs SA ICC T20 World Cup Final: Playing XI, weather forecast, pitch report, where to watch, and other key things
India vs SA T20 World Cup 2024 Final Barbados: India will face South Africa in the T20 World Cup final on Saturday, June 29, at the Kensington Oval in Barbados. Both teams have shown exceptional performances throughout the tournament. The pitch at Kensington Oval favors pace bowlers, and winning the toss has historically been advantageous. India and South Africa, each with strong squads, will compete for the prestigious title.
UFO sighted once again? Dark metallic disk reportedly spotted over Colorado amphitheater. Will NASA admit it? Details here
The National UFO Reporting Center has said that there have been 3320 UFO sightings reported in Colorado. It comes second after Oregon with 3,587 sightings reported. NASA has said that there is no evidence to suggest existence of the UFOs or aliens.
US Treasury finalises new crypto tax reporting rules
The new tax reporting requirements for crypto brokers aim to improve accuracy, ensuring that crypto owners pay the tax owed on digital asset transactions. The rules will help simplify reporting and may lead to additional IRS regulations for non-custodial brokers in the future.
FATF lauds India efforts to combat laundering and terrorist financing
The Financial Action Task Force (FATF) has recognized India's achievements in combating money laundering and terrorism funding. The MER, adopted in Singapore, places India in the'regular follow-up' category, a distinction shared by only four other G20 countries. The MER assessed India's measures and compliance with FATF norms.
MEA rejects US report on religious freedom as 'deeply biased, motivated by votebank considerations'
MEA Spokesperson Randhir Jaiswal addressed the media, stating, "We have noted the release of the US State Department’s report on international religious freedom for 2023. As in the past, the report is deeply biased, lacks an understanding of India's social fabric, and is visibly driven by vote bank considerations and a prescriptive outlook. We, therefore, reject it."
Indian banks' gross NPA ratio at multi-year low of 2.8%, net NPA down to 0.6% in FY24: RBI Fin Stability Report
The Reserve Bank of India reported that Indian banks' gross NPA ratio reached a multi-year low of 2.8%, with net NPA at 0.6% by March 2024. The global economy faces risks from geopolitical tensions and high public debt, but India's financial system remains robust, supporting economic growth through sustained credit expansion, the RBI said.
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