2020 Financial News

bitcoin hit $59,000 on Wednesday in the global crypto markets. And if the current rally continues, this would be maiden cryptocurrency's substantial monthly rally since Dec 2020. In just one day, bitcoin rose 4.4 per cent reaching 59,259, its highest level since Dec 2021.

KKR & Co. is exploring options including selling its controlling stake in India’s JB Chemicals & Pharmaceuticals Ltd. amid interest from potential buyers, according to people familiar with the matter. The US private equity firm is looking to hire financial advisers to help evaluate a sale of its 53.8% stake in the Mumbai-based company, the people said, asking not to be identified as the matter is private. Other buyout firms and industry players have shown preliminary interest in buying KKR’s stake, the people said. Shares of the company, which is known as JB Pharma, have climbed 68% in the past 12 months, valuing the firm at just over $3 billion.

New Jersey, has been indicted for illegally evading customs duties for millions of dollars of jewellery imports into the US and operating unlicensed money transmitting businesses, a US attorney has said. Monishkumar Kirankumar Doshi Shah (39) was arrested over the weekend and appeared on February 26 before US Magistrate Judge André M Espinosa in the Newark federal court.

₹86.2 trillion. Of this, ₹31.6 trillion flowed into fixed deposits of banks and other institutions, while ₹5.1 trillion flowed into mutual funds (MFs) and stocks, amounting to about 6% of the overall flow. Given this, the remaining 94% went into fixed-income investments, like life insurance schemes, provident and pension funds, fixed deposits and small savings schemes.

PlayStation unit and shut down a London-based studio, Reuters reported. The decision comes in response to the ongoing challenges faced by the videogame industry in the aftermath of the post-pandemic slump, it added. The job cuts will affect around 8 percent of the division's workforce spanning regions from the Americas to Asia.

The U.S. government is threatening to sue PacifiCorp, a unit of Warren Buffett's Berkshire Hathaway, to recover nearly $1 billion of costs related to the 2020 wildfires in southern Oregon and northern California

The government of Argentina’s libertarian President Javier Milei has condemned a threat by the governor of the oil-rich province of Chubut to cut off energy supplies to the rest of the country amid a dispute over funding reductions

Southern California Edison will pay $80 million to settle claims on behalf of the U.S. Forest Service connected to a massive wildfire that destroyed more than a thousand homes and other structures in 2017

By Lucia Mutikani

By Andrea Shalal, Nandita Bose and Kat Stafford

NEW DELHI : The Indian Space Research Organisation (Isro) on Tuesday revealed the first four astronauts selected for India’s human spaceflight programme, Gaganyaan. The astronauts are test pilots with the Indian Air Force, and will be a part of the country’s first ever manned space mission that is scheduled for take-off by the end of next year. The astronauts—Group Captains Prashanth Balakrishnan Nair, Ajit Krishnan and Angad Pratap, and Wing Commander Subhanshu Shukla—were offered designatory astronaut-wing badges by Prime Minister Narendra Modi at an event at the Vikram Sarabhai Space Centre in Thiruvananthapuram, Isro’s headquarters.

Brian Kahn, whose role in the collapse of a US hedge fund has drawn scrutiny from prosecutors and battered shares of B. Riley Financial Inc., has been accused of defaulting on parts of a settlement meant to help repay investors who lost hundreds of millions of dollars. 

Chennai's famous mosque in Koyambedu, SC says that unauthorised religious structures on public land can never be a venue for preaching religion. «Move the mosque somewhere else, illegal encroachment in the name of religion will not be permitted, SC added. The apex court, presided over by justices Surya Kant and KV Viswanathan, underscored the obligation of states and high courts to ensure the eradication of such encroachments, regardless of whether they are temples, churches, mosques, or gurdwaras. The directive came in response to an appeal concerning a mosque unlawfully erected on public land in Chennai, Tamil Nadu. The Madras High Court had previously ordered the removal of the mosque, a decision contested by the Hidaya Muslim Welfare Trust, represented by senior advocate S Nagamuthu.

By Jeff Mason

Berkshire Hathaway's shares closed down by more than 2% on Monday, slowing its march to $1 trillion market value on investor worries after the U.S. government warned of a lawsuit against its power company, PacifiCorp. Berkshire disclosed the risk of a lawsuit against its unit over its alleged failure to cover $356 million in costs associated with the 2020 Slater wildfire in southern Oregon and northern California.

that its Arkansas distribution center shipped FDA-regulated products to more than 400 Family Dollar stores in Alabama, Missouri, Mississippi, Louisiana, Arkansas, and Tennessee. According to the plea agreement, the company began receiving reports in August 2020 of mouse and pest issues with deliveries to stores.

By Echha Jain

Millions of workers across Michigan who’ve historically been shut out of the employer-sponsored retirement plan market could get a new option to prepare for their retirement courtesy of a newly introduced bill.

Toyota and Honda vehicles and 150,000 Ford vehicles in the US. The notice has been issued by the National Highway Traffic Safety Administration. Mercedes-Benz has has also recalled thousands of SUVs in order to fix transmission software, as per a report in USA Today. While Ford vehicles have been called for seat belt issue and Honda, and Toyota vehicles were called for air bag issues, USA Today reported.

Jurgen Klopp's last dance at Liverpool is off to the perfect start. Klopp steps down as manager at the end of the season and looks determined to go out on a high. Having collected his eighth trophy with the Merseyside club on Sunday – beating Chelsea 1-0 to win the English League Cup – he is targeting another three before he walks away. The Premier League title, FA Cup and Europa League are still within reach in what could be a glorious finale.

The technology sector has been a key driver of the S&P 500's strength, led by the Magnificent 7.