CEO Financial News

Allworth Financial, a registered investment advisory firm with its headquarters in Folsom, California, announced Thursday that it has purchased two advisory firms, both based in California, that combined oversee more than $650 million in client assets.

Bitcoin (BTC)  has the potential to skyrocket to $1 million within a matter of days to weeks following the approval of a spot Bitcoin exchange-traded fund (ETF).

ALSO READ: Google CEO Sundar Pichai opens up on company's biggest layoff in 25 years: ‘We could have done differently’ Although slightly more optimistic than the CBO, the Federal Reserve had a similar outlook for the economy in 2024. It predicted that the real GDP growth would slow down to 1.4 percent in 2024, before rebounding in the following years. The Fed also expected the unemployment rate to increase to 4.1 percent by the end of 2024, which was lower than the CBO’s estimate, reported Hindustan Times.

America’s core working age cohort of investors has shown the most confidence in being able to manage the ups and downs of the market according to a new study.

Sam Altman has doubled down on his vision for cryptocurrency project Worldcoin, following reports the company was seeking $50 million in funding. Worldcoin says it aims to create a global identity and financial network. More than 2.6 million people have signed up to have their irises scanned by Worldcoin's «orb» devices in exchange for a digital ID and free cryptocurrency.

Diageo India. The Manipur government's decision to legalise liquor in the state is also expected to drive up sales. The state government withdrew the prohibition from district headquarters, greater Imphal areas, tourist locations and registered hotel establishments, according to media reports.

When Donald Trump sat down in the office of his Bedminster, N.J., golf club late this summer to flesh out his trade and border policy, familiar faces were across from him: Robert Lighthizer and Russell Vought, two of the architects of the former president’s populist first-term record. Trump’s former trade representative and White House budget director, respectively, are part of a cadre of allies helping him shape policy proposals across a range of topics, laying the groundwork for what would be an aggressive and controversial second-term agenda.

visa-free destinations as their ideal choice of international destination. As per MakeMyTrip, countries that removed visa requirements for travelers from India have seen over 30 percent positive uptick in terms of searches and bookings. Ahead of the Christmas vacation, several Asian countries including Malaysia, Thailand, Vietnam, Sri Lanka have recently announced that they are implementing visa-free entry for visitors from India and other countries.

By Aditya Kalra, Munsif Vengattil and Arpan Chaturvedi

(Updated — December 15, 2023 4:26 AM EST)

e-commerce and fintech company Bolt has confirmed it laid off 29 per cent of its staff. According to a Bolt spokesperson, the company made the cuts to get Bolt to «an operating model optimised for sustainable growth and efficiency», reports TechCrunch.

Zee Entertainment Enterprises Limited (ZEEL) and Culver Max Entertainment (formerly known as Sony Pictures India), according to a Moneycontrol report. It was hearing an appeal by Axis Finance and IDBI Bank who have challenged the merger in the tribunal. The next hearing has been listed for January 8, 2024.

₹1,500 crore through Qualified Institutions placement (QIP) route. Sterling and Wilson shares gained as much as 4.99% to a fresh 52-week high of ₹445.30 apiece on the BSE. Sterling and Wilson Renewable had, on December 11, launched a QIP issue worth ₹1,500 crore.

By David Shepardson

Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday announced that it has entered into a second strategic partnership with Mediterranean Shipping Company's (MSC) arm, Terminal Investment Limited (TiL), for the operation of Adani Ennore Container Terminal Pvt Ltd (AECTPL). Notably, TiL is an associate of MSC, the world’s largest container shipping line. The company through its subsidiary Mundi Ltd is set to acquire a 49 per cent in AECTPL from APSEZ for Rs 247 crore.

Renewable Energy Limited has raised Rs. 1,500 crore through the qualified institutions placement (QIP) route. The bulk of the proceeds from the QIP will be used to pare down debt furthermore providing us capital to pursue the fast-growing solar EPC markets in India and abroad, the company said in a statement, adding that the QIP witnessed a strong response from both domestic mutual funds and global FIIs. “The last couple of months have been challenging for us as an organization and the successful completion of the QIP is a significant moment in our journey," said Amit Jain, Global CEO, Sterling and Wilson Renewable Energy. The company had missed scheduled payments to lenders this September it faced a liquidity crisis triggered by the invocation of two bank guarantees. Shapoorji Pallonji and Company Pvt Ltd holds an 18.5% stake in the company and Reliance Industries, through a subsidiary, holds 40% equity. The company said it’s unexecuted order book as of September 30th, 2023, continues to remain healthy at Rs 6,835 crore aided by strong domestic EPC order inflows with a growing bid pipeline in both India and abroad.

Anil Kothuri, MD & CEO, Fedbank Financial Services, says: “We intend opening 50 branches this year and most of which are done. And all the branches we open this year are focused on selling small mortgages. So, that branch count is slated to go from 130 to 180 okay. Now, every year we will continue to open branches and expand. Our norm is to open something like 50-60 branches every year. So, our branch count will increase by roughly 8% from here on every year for the foreseeable future. That will help us expand our presence in places where we are not there. We will enrich our presence in northern India and then foray eastwards.” You have reached an AUM of around Rs 10,000 crore and the growth was also strong at 38% on a year-on-year basis. But going forward, do you think the base effect will come into picture or do you expect this pace of 35-40% AUM growth to continue in the coming years? What we are guiding is that our AUM will grow by at least 25% year-on-year from here on.

“Alternative investments through (AIFs) typically make up about 15-20% of their overall profile," Gautami Gavankar, CEO, Estate Planning and Trusteeship at Kotak Mahindra Trusteeship Services Limited. In an interview with ETMarkets, Gavankar said: “PMS has always been a part of the industry, but for the last couple of years, there has been a momentum in AIF,” Edited excerpts: We are inching towards the last month of 2023 – any key learnings from the wealth space that you have come across and will hold true in the coming years as we all know that we live in a dynamic environment? What are the requests that you are getting from your clients when it comes to managing wealth – are they open in taking more risks compared to the past and exploring new products? The average age of HNI and UHNI investors has been dropping, accompanied by significant wealth creation in recent years.

Elon Musk must testify again for the U.S. Securities and Exchange Commission's probe of his $44 billion Twitter takeover, handing the SEC a victory in its latest skirmish with the world's richest person. During a hearing in San Francisco, U.S. Magistrate Judge Laurel Beeler quickly rejected arguments by Musk's attorney that SEC officials do not have the authority to issue subpoenas, saying the agency has broad investigative powers and that no judge would «second guess» an SEC probe.

Elon Musk's social media platform X, formerly known as Twitter, took a step closer to offering payment features after receiving a money-transmitter license from a 13th U.S. state this week. The approval by Pennsylvania, which occurred on Monday according to a public licensing database, has not been previously reported. It grants X the ability to facilitate money transfers and paves the way for the company to allow users to send money to one another, similar to PayPal's Venmo.

Sensex's ascent from 60,000 to 70,000 was not a one-sided move with the index taking nearly 551 sessions to move up 10,000 points. In contrast, the Sensex completed the journey from 50,000 to 60,000 in 158 sessions.