Usa Financial News

Digital asset investment products notched a fourth week of consecutive inflow with Bitcoin (BTC) recording $55.3million as investors hovered around a spot BTC ETF approval in the United States.

Visuals of long queues and desperate struggles for bags of rice at grocery stores in the US did the rounds on news platforms a couple of months ago when India, the largest exporter of rice in the world, banned the export of non-basmati rice in July. Non-basmati white rice constitutes about 25% of total rice exported from the country.

Logitech International lifted its full-year guidance on Tuesday after the computer keyboard and webcam maker increased profit and slowed the rate of its sales downturn during its second quarter ended Sept. 30. The Swiss-American company, which experienced a strong pandemic as people stocked up on its equipment to work from home, added it was closer to finding a new CEO after Bracken Darrell left in June to take charge of Vans sneaker maker VF Corp.

Bitcoin, once again, is generating buzz as it surges past the $33,000 mark, raising speculations about a possible "next wave" in the cryptocurrency realm.

Also Read: Nifty Smallcap index drops over 2% to 2-week low; NBCC, IRB lead the sell-off today Sensex closed at its lowest level in four months after breaching through 65,000. The Nifty 50 and the midcap index close at their lowest points in almost two months. The Nifty midcap 100 closed 2.88% lower, and the Nifty smallcap index lost 3.80%.

₹10,000 per 10 grams in the domestic market to ₹60,700. Analysts expect gold prices to remain elevated and continue giving decent returns going ahead in light of the upcoming festive season. Also Read: Why the Gold Price is Rising? Should You Buy Gold Now? On Tuesday, gold prices traded higher.

BSE query on “movement in volume", said it was “not in possession of any event or information which is ‘material’ and requires a disclosure". SpiceJet is also not in possession of as much funds as it needs, and it will need someone to pump in generous capital to give it a new lease of life. SpiceJet has seen many owners since 2004, when Ajay Singh bought an existing company and used it to float SpiceJet.

₹10,000 per kWH of battery for BEVs. Unlike its Japanese counterpart Suzuki Motor, with which it now has a joint manufacturing arrangement in India, Toyota was long content to milk the market for its top-selling Multi Utility Vehicles, premium sedans and high-end SUVs, after failing to make an impact in the affordable hatchback and sedan markets. In fact, close to 39% of its September sales volumes came from rebadged hatchbacks and compact SUVs, including mild hybrids, manufactured by Suzuki.

Cathie Wood-led Ark Invest offloaded 42,613 shares of US-based crypto exchange Coinbase through ARK Next Generation Internet ETF and ARK Fintech Innovation ETF as the price of Bitcoin closed in on $35,000 on Monday. 

Investing.com-- Gold prices traded in a mixed range on Tuesday, retaining most recent gains as traders watched for any more developments in the Israel-Hamas war, while focus also turned to a string of key U.S. economic readings due this week.

Adani Total Gas Ltd is the first of the group's seven listed firms to reach that price, having been alerted to an 85% downside in Adani shares nine months ago by US short seller Hindenburg Research. The conglomerate's city-gas distributor's shares fell 2.6% to 575.7 rupees on Monday, extending their losses from their closing price of 3,891.75 rupees on January 24 to 85%, according to Bloomberg report.

H-1B status. Under the current system, students in the STEM field of study (science, technology, engineering, and mathematics) are granted one year of OPT, while those in other fields receive the same. However, under a set of new proposals to modernise the H-1B system, the United States is planning to extend the OPT period for STEM students to a total of three years. International students studying in the United States on an F-1 or study visa and looking to switch to a non-immigrant work visa or H-1B have a lot to gain from the proposed H-1B modernisation rules, which were released on Friday night. The new rules offer more flexibility and benefits for these students. Cyrus D Mehta, an immigration attorney based in New York, told TOI that the proposed rule extends the cap-gap protection period. With the new proposal, this period is extended from September 30 to April 1 of the following year. In other words, students now have the opportunity to enjoy an additional six months of status and employment authorization. For international students who have completed their qualifications and are eligible for optional practical training (OPT), the proposed rules are even more beneficial.

government bond yields and will take «appropriate» action, including delaying planned treasury auctions, if they rise beyond tolerance levels, a government official said. The benchmark 10-year G-sec yield was trading at 7.38% on Monday, a tad lower than a seven-month high of 7.40% it hit on October 9. The global financial markets have been roiled by the surge in the US bond yields with the 10-year benchmark crossing the 5% psychological mark for the first time since 2007. «The recent spike in yields is because of various factors. It is not much of a concern at this point in time.

Biden and Xi have not engaged in any discussions since their last meeting in November, which took place on the sidelines of the Group of 20 summit in Bali, Indonesia. Tensions between the world's leading economies have remained consistently elevated throughout the past year.

EU Tax Observatory said on Monday. If levied, the sum would be equivalent to only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research group hosted at the Paris School of Economics said. Currently billionaires' effective personal tax is often far less than what other taxpayers of more modest means pay because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report. «In our view, this is difficult to justify because it risks to undermine the sustainability of tax systems and the social acceptability of taxation,» the observatory's director Gabriel Zucman told journalists. Billionaires' personal tax in the United States is estimated to be close to 0.5% and as low as zero in otherwise high-tax France, the Observatory estimated. Growing wealth inequality in some countries is fuelling calls for the richest citizens to bear more of the tax burden as public finances struggle to cope with aging populations, huge financing needs for climate transition and legacy COVID debt. U.S.

UN General Assembly will meet Thursday to discuss the conflict triggered by the attack by Hamas militants on Israel, the body's president announced in a letter to member states. The Security Council has so far failed to agree on a resolution concerning the war, but a number of states — including Jordan on behalf of an Arab group of nations, Russia, Syria, Bangladesh, Vietnam and Cambodia — formally requested General Assembly President Dennis Francis to schedule the meeting. Last week, the UN Security Council, regularly divided on the Israeli-Palestinian issue, rejected a Russian draft resolution calling for a «humanitarian pause.» Only five of the 15 member states had supported the text, which condemned all violence against civilians and all terrorist acts, but did not name Hamas, an unacceptable omission to the United States, the United Kingdom and France. Washington then vetoed a second resolution put forward by Brazil as the text did not mention Israel's right to defend itself. Twelve out of 15 Council members voted in favor of that resolution, which also condemned the «heinous terrorist attacks by Hamas,» while Russia and the United Kingdom abstained. The United States was the only vote against, but as one of the body's five permanent members its vote counts as a veto. The Security Council will meet to discuss the issue Tuesday ahead of the General Assembly's gathering Thursday at 10:00 am (1400 GMT).

Torrent Pharma on Monday posted Rs 386 crore net profit, a year-on-year (YoY) rise of 24% in the second quarter ended September led by sales growth across its key markets of India, Brazil and Germany. The company reported net profit of Rs 312 crore during the corresponding period of previous year. Revenues rose 16% YoY to Rs 2,660 crore during Q2FY24, compared to Rs 2,291 crore in Q2FY23. The earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22% YoY to Rs 825 crore. The R&D spend rose 9% YoY to Rs 132 crore in the second quarter. India sales that constitute over half of Torrent's revenues grew 18% YoY to Rs 1,444 crores in Q2FY24. Torrent said the growth was led by continued double digit growth in chronic therapies, revival in gastro demand, traction in consumer division, and new launches. Curatio portfolio grew by 17% led by strong growth in top focus brands. Brazil revenue was up by 36% YoY to Rs 252 crore.

penny stocks plunged on Monday, bearing the biggest brunt of investors' increased risk aversion triggered by concerns over the surge in US bond yields and geopolitical uncertainties. The Nifty Midcap 150 dropped 2.7% and Small Cap 250 declined 3.8%, their biggest single day fall since September 12. Nifty's Microcap 250 index tumbled 5.11%. Analysts said shares of smaller companies were overbought after the recent scorching rally that had resulted in their valuations turning pricey. «We are seeing a mean reversion phenomenon in the markets where the mid- and small-cap indices both peaked in October and are now experiencing a correction at a rate faster than the Nifty» said Deepak Jasani, head of retail research at HDFC Securities.

California is taking decisive action to combat what it perceives as a growing threat of crypto scams. 

DeFi Education Fund (DEF), a crypto research and advocacy group, and crypto investment company Paradigm have filed a separate amicus brief supporting James Harper’s lawsuit against the US Internal Revenue Service (IRS).

By Kevin Buckland