RUSSIAN CENTRAL BANK ASSETS
Future Enterprises' creditors scrap simultaneous vote for its assets
Creditors had divided FEL's assets into three clusters - insurance, textile businesses, and other residual stakes including its investments in a manufacturing unit each at Tarapur-Palghar in Maharashtra and Mahadevapura-Bengaluru in Karnataka. Central Bank had emerged the highest bidder for the insurance business, while metals company Orissa Metaliks had pipped Mumbai-based financial services firm Uniworth Finlease with a ₹75 crore offer for the manufacturing units.
Bandhan investors cautious ahead of leadership change
Analysts view the central bank move as administrative in nature to ensure a smooth leadership transition in the Kolkata-based lender, but concerns over Bandhan Bank's asset quality perhaps kept investors anxious.
Central banks must prepare for profound impact of AI, BIS says
In its first major report about the rapidly advancing world of AI Bank for International Settlements (BIS)has said, policymakers need to harness its immense power to monitor data in real time to "sharpen" their inflation-predicting abilities. A former Swedish central banker said, "We like to hold humans accountable."
Oil prices steady as markets weigh supply tensions, China economic recovery
Oil prices remained steady on Tuesday, balancing concerns over China's economic recovery, tensions in the Middle East, and Ukrainian attacks on Russian refineries.
Moscow warns of retaliation if income from its assets is seized
Leaders of the G7 agreed at a summit in Italy last week to use interest from Russian assets frozen in the West to provide a $50 billion loan to Ukraine. Russia says the action is illegal and will rebound against the West by undermining confidence in the global financial system.
Vladimir Putin says freezing of Russian assets in West is 'theft'
Russian President Vladimir Putin criticised the freezing of Russian assets abroad as "theft" and vowed to retaliate. G7 leaders agreed on a $50 billion loan for Ukraine using profits from frozen Russian assets, prompting US President Joe Biden to emphasize resolve against Russia. Putin accused Western countries of justifying their actions and warned of severe consequences, stating the nuclear standoff is nearing a critical point.
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RBI declines to extend Bansal third tenure at Edelweiss ARC as MD & CEO
The Reserve Bank of India has declined the reappointment of RK Bansal as MD and CEO of Edelweiss Asset Reconstruction (ARC), citing regulatory lapses and allegations of loan evergreening. This decision follows a recent ban on Edelweiss ARC and its subsidiary, ECL Finance, from acquiring new stressed loans and undertaking new businesses.
G7 leaders agree to lend Ukraine billions backed by Russia's frozen assets. Here's how it will work
The Group of Seven leaders have reached a historic agreement to provide a $50 billion loan to support Ukraine in its ongoing conflict with Russia. This loan will be backed by interest earned on profits from Russia's frozen central bank assets, with details currently being finalized at the G7 summit in Italy. President Joe Biden hailed the agreement as a crucial step in providing sustainable support for Ukraine, while Ukrainian President Volodymyr Zelenskyy expressed gratitude for the international assistance.
Asian stocks build on Wall St records after US inflation data
Asian traders extended a rally across world markets Thursday as they welcomed figures showing US inflation slowed further last month, tempering concerns about the Federal Reserve's forecast of just one interest rate cut this year. However, the Fed later in the day released its keenly awaited "dot plot" outlook for interest rates, which showed that decision-makers saw just one cut this year -- down from three predicted in its previous guidance in March.
In USA's backyard, Russian army to begin naval and air exercises in the Caribbean
Russia is deploying maritime and air assets in the Caribbean region. The US is not concerned at this stage but is closely monitoring the developments.
AMCs, insurance stocks offering good money-making proposition: Deven Choksey
I believe that the market is going to remain positive. Investors are going to be remaining confident. Maybe these numbers are going to be forgotten after a couple of days once the ministries and the governments are formed.
Surge in credit demand will boost the banking sector: Ashish Gupta, Axis Asset Management
"We want to ensure that one style does not get imposed on all products and there is enough diversity of styles and products," says Ashish Gupta, CIO, Axis Asset Management.
View: Central banks are moving over to the yellow metal to de-dollarise and tackle global uncertainty
Gold prices have surged to a record high of $2,400/oz, driven by uncertainty rather than demand. Central banks have significantly increased their gold holdings, with a notable shift towards ETF investments.
G7 officials make progress but no final deal on money for Ukraine from frozen Russian assets
G7 finance officials are nearing an agreement on using frozen Russian assets to benefit Ukraine, with final decisions to be made at a June summit of national leaders.
G7 will try to use frozen Russian assets to help Ukraine
The G7 froze some $300 billion of Russian assets shortly after Moscow invaded its neighbour in February 2022. "We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine," the draft statement said.
Gold's march likely to continue, use price corrections to buy
Gold prices have moved up sharply in recent times and outperformed the Nifty 50 over a 5-year period returning 17.39% against the Nifty's return of 15.24%. However, it trailed over a 10-year period returning 9.02%, against the Nifty 50 return of 13.3%. Over last three months, prices rose 19%, while over a year, they rose 22.8%.
World Bank chief Ajay Banga open to managing G7 loan to Ukraine
World Bank President Ajay Banga is open to managing a fund for Ukraine, disbursing a G7 loan using earnings from frozen Russian assets for non-military purposes.
With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets
Ukraine's allies are debating how to use frozen Russian assets to support Kyiv's war effort amid Russia's territorial gains. The issue of $260 billion in Russian assets frozen abroad is a key concern at the G7 meeting in Italy.
PSBs ask US to route advisories via finance ministry
Executives from some of the top lenders, including State Bank of India, Punjab National Bank and Canara Bank, met with a six-member US Treasury delegation last month. The discussions focused on Russian payments and a possible breach of the internationally imposed $60 a barrel purchase price on Russian crude.
Rouble firms to strongest since late January vs dollar
The Russian rouble reached its highest level since January against the dollar, supported by high interest rates, capital controls, and increased state forex sales. Presidential decree mandated capital controls, and the central bank's hawkish stance on inflation supports the rouble. Brent crude oil prices fell to $82.24 a barrel.
EU signs off on using Russian asset profits for Ukraine
The European Union on Tuesday formally approved using the profits from frozen Russian central bank assets to arm Ukraine, as the United States presses for a more ambitious plan. The final approval of the EU scheme, after months of legal wrangling, comes as the United States and Britain are pushing for a more far-reaching plan at the G7.
Centre may get around ₹1 lakh crore in RBI dividend
Last week, the RBI announced a steep cut in the government's borrowing through Treasury Bills, reducing the amount of funds that the Centre would have garnered through these short-term instruments by ₹60,000 crore.
Bank of Maharashtra tops among PSU banks in business growth in FY24
Bank of Maharashtra, a state-owned lender, demonstrated impressive growth in total business and deposit mobilization during the last fiscal year, outperforming many public sector banks struggling to achieve double-digit growth. With a 15.94% rise in total business and a 15.66% increase in deposits, Bank of Maharashtra led the pack, followed by SBI. It maintained its dominance in low-cost CASA deposits, crucial for reducing fund costs.
5 world market themes for the week ahead
Markets are hoping for evidence that will solidify a brightening global economic outlook, though rising trade tensions are casting a cloud, while G7 finance ministers gather in Italy.
Gold folio additions surge in April even as smart investors book profits
The assets under management (AUM) of gold ETFs rose by 43% YoY to a record Rs 32,789 crore while the total folio count reached 51 lakh, the data from Association of Mutual Funds in India (AMFI) showed. The total inflow in the past 12 months was Rs 5,248 crore.
Gold Price Today: Gold prices rise by Rs 1,350 in 10 days to Rs 72,010/ 10 grams, silver rates shoots above Rs 85,000 mark
Gold prices on MCX surged Rs 1,347 in 10 days, opening at Rs 72,010/10 grams today, up 0.22% or Rs 155. Silver also rose. Despite challenges, gold soared 13% this year.
Gold beats Nifty in 5-year timeframe. How much should you invest?
Gold's enduring appeal in India extends beyond symbolizing wealth, outperforming Nifty. Central Banks favor Gold amid dollar risks, while QE and rising debts support its safe-haven status. Diversify portfolios with Gold ETFs for stable returns.
Russian central bank extends curbs on transferring funds abroad for six months
Russia's central bank has extended restrictions on transferring funds abroad for another six months, the regulator said on Friday.
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