2020 Financial News

The SEC has barred a former Fifth Third advisor who violated his clients’ trust by secretly funneling hundreds of thousands of dollars of their money into failed options trades.

MONTREAL — Nuvei Corp. shareholders have voted in favour of a plan that will see the company bought by an American private equity firm and taken private.

₹21,178.94 crore on 4 June when the Nifty tanked 8.5% to 21884.50 points from the previous session after the BJP failed to secure a majority on its own – winning 240 seats against an anticipated 330 – in the Lok Sabha polls. The purchase on that single day accounts for almost 46% of the total purchase of ₹46,383.8 crore in the fiscal year through 14 June, as per NSE data.

Canada’s top banking regulator held the domestic stability buffer at 3.5 per cent Tuesday following a semi-annual review of the ‘rainy day’ funds the country’s largest banks must set aside to help absorb losses and to keep loans flowing in the event of financial shocks or uncertainties.

The Indian government is considering to lower certain personal income tax rates, multiple government officials were quoted as saying by Moneycontrol.

A top U.S. banking regulator is preparing to hand Citigroup a failing grade on its living-will plan, the latest rebuke for the megabank that has struggled to stay in the government’s good graces. The Federal Deposit Insurance Corp.’s five-member board intends to vote Thursday to downgrade its rating on Citi’s data-management systems to a “deficiency" from a “shortcoming," people familiar with the matter said.

A federal appellate panel says a Michigan state judge will have to decide whether to shut down a portion of an aging petroleum pipeline running beneath the Straits of Mackinac

As part of the transition, Emma Mogford and Mahgul Ansari will replace Barnett as managers of the TM Tellworth UK Income and Growth fund, with the change effective from today (17 June). Mogford and Ansari currently manage the Premier Miton Monthly Income fund and the Premier Miton Optimum Income fund. Having joined the Premier Miton team in 2020, Mogford was awarded fund manager of the year (small to medium firms) at Investment Week's Women in Investment Awards 2023. Premier Miton shutters sustainable European fund after three years Mike O'Shea, CEO of Premier Miton, said: «Investo...

—Name withheld on request The Finance Act 2020 brought about some changes in tax laws for Indian citizens residing abroad. Two important changes that refer to the threshold of ₹15 lakh relate to (a) Indian citizens visiting India; and (b) Indian citizens not paying taxes anywhere across the world, respectively.

With the dawn of Modi 3.0, all eyes are eagerly set on the upcoming Union Budget of 2024, slated for presentation in July. Anticipation runs high among industries, farmers, taxpayers, and the middle class alike, as they await potential boosts and tax reliefs from Finance Minister Nirmala Sitharaman. 

Chinese Premier Li Qiang has arrived in Australia on a relations-mending mission

Chinese Premier Li Qiang’s visit to Australia has focused on positive aspects of the bilateral relationship including shared giant pandas and a rebounding wine trade after he urged both countries to shelve their differences

Oil edged higher after its biggest weekly advance since early April, extending a short-covering rally as traders weighed a raft of data from China.

Michelin has announced the launch of its most fuel-efficient truck and bus tyre, the Michelin X Multi Energy Z+, for the Indian market. This latest line of made-in-India tyres is engineered for Indian road and load conditions and also takes into account the growing demand for fuel-efficient tyres by Indian fleet owners.

Modi 3.0 Budget 2024: Finance Minister Nirmala Sitharaman will present the first budget of Modi 3.0 government in the second half of July. Industries, farmers and other stakeholders across sectors are eagerly anticipating potential booster announcements from the Narendra Modi government in the upcoming budget. Among these hopeful groups are taxpayers also, who are particularly expecting relief from the Finance Minister in form of tax sops. The middle-class, in particular, has not seen significant tax reductions in the last two budgets.

A new study has revealed that Rotovac, an indigenous rotavirus vaccine by Bharat Biotech can lead to bowel complications. The findings of the study were published in the International Journal of Risk and Safety in Medicine.

The fund was originally launched in September 2020 as part of the Schroder International Selection Fund range, available in most European countries and Bermuda. Nick Kirrage takes sole leadership of Schroders global value team as Kevin Murphy joins Whitmore's boutique Via the onshoring of the fund, Schroders has now made it available to UK investors. The strategy is run by managers Vera German and Juan Torres in a contrarian way and supported by a fundamental deep-value investment philosophy over a long-term investment horizon. German and Torres only invest in assets they believ...

Kylian Mbappe and France have been to the last two World Cup finals but are on a mission as they begin their Euro 2024 campaign against Austria on Monday, having endured disappointment in recent editions of the continental championship. Les Bleus won the World Cup in Russia in 2018, when a teenage Mbappe announced himself on the global stage, and only lost the 2022 final on penalties after an epic battle with Argentina in Doha. They also won the UEFA Nations League in 2021, but the European Championship is the one title that has evaded the French since Didier Deschamps became coach in 2012.

Sales of affordable homes — priced up to Rs 60 lakh each — declined 4 per cent in eight major cities to 61,121 units during January-March this year on lower supply and higher demand for luxury apartments, according to PropEquity. The top eight cities are — Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. Real estate data analytic firm PropEquity data showed that sales of homes, costing up to Rs 60 lakh each stood at 6,3787 units in the January-March period of the last calendar year. A lower supply of affordable homes is one of the key factors for this marginal fall in sales.

PLI scheme, the government is in the final stages to put in place similar processes for other manufacturing units, an official said. The move assumes significance as some domestic manufacturing firms have flagged the issue of delay in getting visas for Chinese technicians, who are required for works like installation or repair of certain machines, besides training workers in India. «Most of the PLI (production-linked incentive scheme) visas have been taken care of. For general manufacturing also, we are trying to create a better streamlined SOP… that is with the Ministry of Home Affairs. It's at the final stages. We are hoping to sort it out. We have done a lot of sensitisation,» the official said. The rollout of SOPs does not require any approval from the Union cabinet as it is an internal process to relax norms «a bit» for facilitating visa applications of Chinese professionals or technicians whose expertise is required by domestic manufacturing units, the official added.

Li Qiang's visit to Australia on Sunday focused on positive aspects of the bilateral relationship including shared giant pandas and a rebounding wine trade after he urged both countries to put aside their differences. China's most powerful leader after President Xi Jinping arrived late Saturday in Adelaide, the capital of South Australia state, which has produced most of the Australian wine entering China since crippling tariffs were lifted in March that had effectively ended a 1.2 billion Australian dollar (USD 790 million) a year trade since 2020. Li visited Adelaide Zoo, which has been home to China-born giant pandas Wang Wang and Fu Ni since 2009, before he was to have lunch at a restaurant at an Adelaide winery.