CEO Financial News

CoinShares CEO Jean-Marie Mognetti said that London’s lack of intersection between crypto and traditional finance might limit its potential to fully exploit opportunities in the emerging asset class.

A Swiss proxy adviser representing a former Credit Suisse shareholders has backed a class-action lawsuit seeking a better price from UBS for its takeover of its cross-town rival, it said on Tuesday. Ethos Foundation, which represents a Swiss pension funds that owned more than three per cent of Credit Suisse, "has decided to support the Lausanne-based legal start-up LegalPass in its legal action against the exchange ratio set in the context of the acquisition of Credit Suisse by UBS," it said in a statement.

Airtel Payments Bank, a FASTag issuer, has collaborated with Park+ to enable FASTag-based smart parking solution at Varanasi's Lal Bahadur Shastri Airport. The FASTag-based smart parking solution enables automatic cashless payments at airport parking, making vehicle movement in the parking zone frictionless and time efficient.

HDFC Bank and HDFC (Housing Development Finance Corporation) have become one entity from July 1. The merger is not going to have any large impact on the existing home loan customers of HDFC, except for the change in the name of the lender from HDFC to HDFC Bank.

For most people, it is essential to have a bank account today because it comes with so many benefits and facilities. However, how many bank accounts should you have? Is one bank account enough or should you have more than one? While there is no fixed rule, the number of bank accounts a person should have depends on various factors, including one’s financial goals, convenience, and personal preferences.

Mutual Fund on Tuesday launched an open-ended equity scheme, Bandhan Financial Services Fund. This new scheme offers investors the opportunity to benefit from the multi-year growth opportunities in the financial services sector.

palm oil imports jumped 49% from the previous month to their highest in three months as buyers took advantage of a dip in prices to their lowest in 28 months to increase purchases, six dealers told Reuters. A rebound in buying by the world's biggest vegetable oil importer would support Malaysian palm oil futures and help top producers Indonesia and Malaysia to trim inventories. Palm oil imports by India rose to 655,000 metric tons in June, up from 439,173 metric tons in May, according to average estimates from the dealers.

Meta Platforms plans to release a microblogging app called Threads, a new product that is expected to hit the market Thursday, days after Twitter owner Elon Musk announced new strictures that will limit how many posts users see on that platform. Social-media veterans and analysts see the planned app as a formidable competitor for Twitter, which has faced falling revenue and other challenges since Musk took over the company in October. Meta, like other tech giants, has a record of copying features of competitors’ platforms and implementing them into its own services.

China's commerce ministry said on Monday it would control exports of eight gallium products and six germanium products from Aug. 1 to protect national security, a move analysts saw as a response to escalating efforts by the United States to curb China's technological advances. Companies caught out by the abrupt news acted to secure supplies, with one U.S.

cryptocurrency market was trading on a mixed note on Tuesday. Bitcoin, Ethereum, XRP and Cardano were trading with gains, while BNB, Litecoin, Polkadot and Solana witnessed some cuts. Bitcoin (BTC) rose 1.17% to $31,021, whereas Ethereum (ETH) was below the $1,950 level. BTC volume in the last 24 hours stood at approximately $16.17 billion, rising 47.24% in the last 24 hours. «The crypto market witnessed a remarkable surge in the past 24 hours, with a total volume of $37.82 billion, marking an impressive 25.34% increase. Notably, the DeFi sector contributed $2.94 billion, accounting for 7.78% of the overall market volume,» Shivam Thakral, CEO of BuyUcoin, said. «Adding to the excitement, Bitcoin surpassed the $31,000 mark, driven by the euphoria surrounding the application for a Bitcoin ETF. This achievement further fuels optimism and interest in the cryptocurrency market,» he added.

Bandhan Mutual Fund has announced the launch of the Bandhan Financial Services Fund, an open-ended equity scheme, that allows investors to benefit from the multi-year growth opportunities in the financial services sector. The New Fund Offer will open for subscription on July 10 and will close on July 24. “A significant portion of India’s economic growth is fueled by the financial services sector. Powerful enablers like increasing financial inclusion, growing digitization, and the relatively stronger balance sheet of banks and NBFCs provide visibility for strong earnings growth for this sector. It has been a key driver of returns for the capital market with the Financial Services Index growing 18X since inception compared to 10X for the Nifty 500 Index,” said Vishal Kapoor, CEO, Bandhan AMC. “The Bandhan Financial Services Fund will go beyond the traditional Banking sector by diversifying further with investments in Capital Markets, NBFCs, Insurance, and Fintech as well, providing investors with an opportunity to benefit from India’s long-term growth story,” added Kapoor.

Byju Raveendran, Divya Gokulnath and Riju Ravindran, the promoters of beleaguered edtech major Byju’s, have together sold shares worth about $408.53 million in 40 secondary transactions since 2015, according to research and data platform PrivateCircle. In two instances where the secondary share price was not available, PrivateCircle used the closest available primary share price and analysed various public data sources to arrive at the findings.

₹1.53 crore on income of ₹3.42 crore received by the family-held trusts that owned a south Mumbai flat, according to the CBI. According to the English daily Economic Times, the probe agency told the special CBI court that payment was made after a preliminary inquiry (PE) was kicked off against Kochhar and her husband Deepak. The south Mumbai flat and a loan of ₹64 crore are the two instances of alleged "bribery" claimed by CBI in its probe that Deepak Kochhar received in 2016.

Chinese chip makers and suppliers, gathered in Shanghai for an industry event, were in a grim but defiant mood following a report that the U.S. plans to widen export controls targeting the industry. Among those already blacklisted, Yangtze Memory Technologies urged suppliers to show “integrity" and deliver machinery parts it had already purchased.

L&T Finance Holdings' share price fell by almost 5 per cent in morning trade on BSE on Tuesday (July 4) in an otherwise positive market. The stock opened at ₹135.95 against the previous close of ₹137.30 and fell 4.88 per cent to the level of ₹130.60. The company in a BSE filing on July 1 informed Dinanath Dubhashi, Managing Director & CEO of the firm will superannuate on April 30, 2024.

(Reuters) — Meta Platforms plans to launch a microblogging app, Threads, days after Twitter executive chair Elon Musk announced a temporary cap on how many posts users can read on the social media site.

China to impose export restrictions on metals essential to make semiconductors, electric vehicles, and high-tech sectors has escalated its trade war with the United States, threatening to derail already-fragile global supply chains. The controls, China said, were aimed at protecting national security and interests. Exporters will now need prior permission to ship some gallium and germanium products. Following the sudden announcement on Monday, companies are scrambling to soothe investor worries. A China-based germanium producer told Reuters enquiries from abroad and prices had surged overnight. China's commerce ministry stated that, starting from August 1, it would exercise control over the exports of eight gallium products and six germanium products, citing the need to safeguard national security and interests. Analysts interpret this move as a retaliatory response to Washington's increasing efforts to curb China's technological advancements. Peter Arkell, Chairman of the Global Mining Association of China, told Reuters, «China has hit the American trade restrictions where it hurts.» He emphasized the significance of gallium and germanium, among other minor metals, in a wide range of tech products, highlighting that China dominates their production. Replacing China as a major supplier in the short or even medium term is deemed unrealistic.

HealthifyMe had raised $30 million in a pre Series D funding round led by LeapFrog Investments, Khosla Ventures, FinnFund and Van Lanschot Kempen in the first week of June. There were eight investors who participated in the latest funding round and the company is planning to use the capital raised to power its product suite with Generative AI.  Tushar Vashisht, a former investment banker and a University of Pennsylvania graduate founded HealthifyMe in the year 2012.

US-based semiconductor company Microchip Technology has announced a $300 million investment plan to expand its operations in India, just days after similar moves from industry players Micron, Applied Materials, and Lam Research. To strengthen its presence in India, the company has inaugurated a new research and development (R&D) facility at One Golden Mile Office Tower in Hyderabad.

The CEO of an automotive-technology company said he is buying a majority stake in Forbes Global Media Holdings in a deal that values the business media outlet at nearly $800 million. Austin Russell—the 28-year-old founder of Luminar Technologies, which makes sensors and software used for safety and autonomous-driving features—said he has agreed to buy an 82% stake in Forbes. His purchase includes the remaining portion of the company owned by its namesake family and brings to a close a lengthy sale process.

Each member of the Bloomberg Billionaires Index made an average of $14 million per day over the past six months, according to data compiled by Bloomberg. It was the best half-year for billionaires since the back half of 2020, when the economy rebounded from a Covid-induced slump. The gains coincided with a broad stock market rally, as investors brushed off the effects of central bank interest rate hikes, the ongoing war in Ukraine and a crisis in regional banks.