Usa Financial News

Indian Americans favour a third term for Prime Minister Narendra Modi as his government's policies are transforming India, an influential community leader has said. Indians are part of the deep economic growth of the United States and they've been working hard to contribute to the economic growth, Indian-American Democratic fundraiser Ajay Jain Bhaturia said, underling that when they see similar economic growth happening back in India, they feel very proud of it. «I think the majority of Indian Americans want Prime Minister Modi to come back. It's a sense of pride for them that when India shines, they shine,» Bhaturia told PTI in an interview.

US Dollar weak global trends, gold prices on MCX traded on a lacklustre note on Wednesday. Gold futures on MCX rose Rs 34 or 0.05% to Rs 71,182 per 10 grams while MCX July silver contracts gained Rs 111 or 0.13% to Rs 82,989 per kg. Gold and silver prices lost momentum and closed on a negative note on Tuesday.

dog attack inside a lift of the Lotus 300 Society. The shocking episode, captured on CCTV, quickly spread across social media platforms, highlighting concerns about safety in residential areas. The footage reveals the girl standing in the lift when suddenly, a dog lunges inside and bites her arm. Overwhelmed by pain, she recoils as the dog continues its assault. A bystander intervenes, driving the dog away and ensuring the girl's safety, yet the trauma lingers as she visibly shakes with fear and pain.

FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court. FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims.

Donald Trump will be convicted in all or at least a few of the 34 felony charges he is facing in the Manhattan federal court. In a survey poll conducted by USA Today and Suffolk University found that 65% of the respondents expect a guilty verdict on at least some of the 34 charges that Trump is facing in a hush money trial, reports USA Today. Only 23% of those surveyed, disproportionately Trump supporters, say he will be exonerated. The Republican contender has been accused of paying $ 130,000 to adult film star Stormy Daniels and falsifying business records to cover it up.

International Cricket Council has secured a five-year contract with Sky for the New Zealand market, covering all ICC men's and women's events until the end of 2028. Under the new partnership, Sky will broadcast 16 international events, including the ICC Men’s and Women’s Cricket World Cups, the ICC Men’s and Women’s T20 World Cups, the ICC Champions Trophies, the World Test Championship Finals, and the U19 World Cups. The first of these exciting events commences in June with the ICC Men’s T20 World Cup 2024, hosted in the USA and the West Indies. This will be followed by the ICC Women’s T20 World Cup in Bangladesh in October and extend through to the ICC Men’s T20 World Cup 2028 in Australia and New Zealand.

Star India's operating loss from the sports business has increased by 50% to $342 million for the six months ended March 30, compared to $228 million in the corresponding six months of the previous fiscal. For the period under review, the Walt Disney-owned company's operating revenue from the sports business rose 40% to $504 million, while operating expenses jumped 51% to $786 million. In its Q2 results, Walt Disney said that the higher programming and production costs at Star India were attributable to higher rights costs for ICC and, to a lesser extent, IPL cricket programming in the current period compared to the prior-year period.

Ashwin Ramaswami, the first Gen Z Indian-American running for a US State legislature, has raised over USD 280,000, which is considered to be a substantial figure at the state level. Ramaswami, 24, has outraised his incumbent opponent Shawn Still by 22 times in the latest filing period from Feb 1 to April 30. While Ramaswami raised over USD 146,000, his opponent raised only USD 6,400. The two are running for the State Senate in the District 48 of Georgia. According to the latest public campaign finance report, Ramaswami has raised a total of over USD 280,000 and has USD 208,000 cash on hand, his campaign said.

Instacart is partnering with Uber Eats to offer a new perk to its customers: restaurant delivery. San Francisco-based Instacart said Tuesday that its U.S. shoppers will see a «Restaurants» tab in the company's app in the coming weeks. Restaurant orders will be delivered by Uber Eats drivers.

Gold prices were steady on Wednesday, while market participants awaited fresh cues from U.S. Federal Reserve officials for further clarity on the timeline for potential interest rate cuts.

Oil prices fell in early Asian trading hours on Wednesday after market sources said that data from the American Petroleum Institute showed an increase in U.S. crude and fuel stockpiles, an indicator of weak demand. Brent crude oil futures fell 21 cents, or 0.3%, to $82.95 a barrel by 0020 GMT. U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2%, to $78.25 a barrel.

Saudi Aramco, an oil colossus, is planning to splurge. Microsoft is likely to spend more. The comparison with the famously capex-happy energy industry is apt not just because of the sums involved.

Dr Reddy’s Laboratories: The pharmaceutical company reported a net profit of ₹1,307 crore for Q4FY24, a 36% year-on-year increase, primarily driven by strong performance in the US market. The company's revenue increased to ₹7,083 crore during the quarter, a 12% year-on-year growth. For the full year FY24, DRL reported a net profit of ₹5,568.4 crore, a 36% increase, and total revenues of ₹27,920 crore, up 14% on year.

FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court.

Also Read: Nifty 50, Sensex today: What to expect in Indian stock market trade on May 8 According to Vinod Nair, Head of Research at Geojit Financial Services, the domestic market kept consolidating in spite of encouraging signals from outside the world. A number of variables, such as premium valuations and the low turnout in the current election, are contributing to profit booking in the home market. Nonetheless, FMCG continued to be the largest sectoral gainer throughout today's trading session, supported by hopes for better volume growth from rural regions thanks to favourable monsoon forecasts.

Worldcoin officials want to smooth out their “differences” with Argentina regulators, with Tools for Humanity CEO Alex Blania visiting President Javier Milei’s advisors this week.

On a mostly bearish day in the cryptocurrency market on Tuesday, Render (RNDR), Kaspa (KAS) and Tron (TRX) are top crypto gainers today and some of the only coins trading in the green over the past 24 hours.

The notorious Poloniex hacker responsible for last year’s security breach on the cryptocurrency exchange is on the move again. The thief transferred 1,100 Ethereum (ETH), valued at $3.4 million, to the sanctioned crypto mixer Tornado Cash on May 7 in an effort to launder the stolen funds.

Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), defended the agency’s attention to the crypto industry in an interview on May 7, asserting that it’s not an undue focus but rather a response to the prevalence of scams and frauds within the sector. 

Robinhood Markets, a prominent retail trading platform, announced its intention on May 7 to challenge the US Securities and Exchange Commission (SEC) in court following allegations of securities violations. 

social media platform’s advertising system helped push quarterly sales higher than expected in its first results as a public company. Revenue increased 48% to $243 million in the period ended March 31, the social media company said Tuesday in a statement. Analysts, on average, estimated $211.9 million, according to data compiled by Bloomberg.