COST Financial News

Federal Reserve is in focus next week, as uncertainty swirls over how much the U.S. central bank will cut interest rates at its monetary policy meeting and the pace at which it will reduce borrowing costs in coming months. The S&P 500 index is just 1% shy of its July record high despite weeks of market swings sparked by worries over the economy and seesawing bets on the size of the cut at the Fed's Sept. 17-18 meeting.

Subscribe to enjoy similar stories. India’s small savings schemes, long cherished for their high interest rates, are under the scanner. The government has announced a strict crackdown on irregular Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) accounts, stripping them of their attractive 7.1% and 8.2% interest rates.

Subscribe to enjoy similar stories. SINCE ITS founding in 1968 Intel has been synonymous with shrinkage. In its first four decades this was high praise.

Some Canadian energy companies are better placed to weather the precipitous drop in the price of oil, according to an analysis by Scotiabank Global Equity Research.

Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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viability gap funding (VGF) for 1,000 MW of offshore wind energy projects to be developed by the end of FY32 with an outlay of ₹6,853 crore. The contracts for the projects--to be developed off the coast of Gujarat and Tamil Nadu--will be awarded through international competitive bidding by the ministry of new and renewable energy through the Solar Energy Corporation of India. The outlay for the capacity addition was approved by the Cabinet in June. As per the proposed guidelines, the successful bidder or bidders will get to sign a power purchase agreement with a fixed tariff of ₹4.5 a unit for capacity in Gujarat and ₹4 a unit in Tamil Nadu. Bidders will be required to make technical and financial bids, and the lowest quoted VGF will get the highest capacity.

Biden administration on Friday locked in steep tariff hikes on Chinese imports, including a 100% duty on electric vehicles, to strengthen protections for strategic domestic industries from China's state-driven excess production capacity. The U.S. Trade Representative's said that many of the tariffs, including a 100% duty on Chinese EVs, 50% on solar cells and 25% on steel, aluminum, EV batteries and key minerals, would go into effect on Sept. 27. The USTR determination, published on Friday but first reviewed by Reuters, showed a 50% duty on Chinese semiconductors, which now include two new categories — polysilicon used in solar panels and silicon wafers — are due to start in 2025.

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The owner of the only platinum and palladium mines in the U.S. plans to lay off hundreds of employees in Montana due to declining prices for palladium, which is used in catalytic converters

Aircraft assembly workers have walked off the job at Boeing factories near Seattle and elsewhere after union members voted overwhelmingly to reject a tentative contract that would have increased wages by 25% over four years

Pepe Unchained ($PEPU) is emerging as the top token presale of 2024 after recently reaching the $13.1 million milestone in funds raised.

Subscribe to enjoy similar stories. In the early hours of Friday, Sam Altman’s OpenAI unveiled a new foundational artificial intelligence model called OpenAI o1.

IPO of Bajaj Housing Finance might have a spillover effect on the overall NBFC sector with the anticipated interest rate cuts going forward and valuations remaining attractive. Bajaj Housing Finance raised Rs 6,500 crore through its IPO and received overwhelming market response with bids exceeding Rs 3 lakh crore. This strong interest was driven by factors such as strong parentage, reasonable valuations, and the current IPO euphoria.

M Rajeshwar Rao, Deputy Governor of the Reserve Bank of India (RBI), has stated that infrastructure projects pose significant risks, complicating their financing. He advocated for a unified approach to infrastructure development, viewing projects as interconnected rather than independent. This announcement coincides with RBI's proposal for new rules requiring banks to set aside an additional 5% provision of the loan amount, up from the current requirement of 0.4%. If implemented, this would increase the cost of project financing. Rao made these comments at an infrastructure seminar organized by the National Bank for Financing Infrastructure and Development (NaBFID). «High sunk costs, coupled with long gestation periods, further complicate the financing of infrastructure projects and lead to asset-liability mismatches. Delays in approvals, clearances, land acquisition challenges, and breaches of agreements also add to the risks of project financing and cause further issues like cost overruns,» Rao said. He emphasized that infrastructure projects are interdependent, so issues in one project can impact others, making coordinated planning and execution crucial.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

China over the auditing of Evergrande, state media reported. Additionally, a fine of 116 million yuan has also been imposed on the audit firm by Chinese government. PwC has been in focus over its role in auditing China Evergrande Group which was accused of a $78 billion fraud, triggering a client exodus, cost cuts and layoffs. In the most recent case of a Big Four auditor being hit with hefty penalties, Deloitte's Beijing branch in March last year was fined 211.9 million yuan and the branch's operations were suspended for three months after serious deficiencies were found in its audit of China Huarong Asset Management.

Subscribe to enjoy similar stories. (Bloomberg) -- India’s central bank governor signaled he’s in no hurry to cut interest rates despite recent softening in inflation in the world’s fastest-growing major economy.

Vialto, which used to be part of PwC, is planning to restructure $1.5 billion of debt loaded onto the business in a private equity buyout after running into financial difficulty following its separation from the Big Four firm, the Financial Times reported on Friday. The firm is in talks with creditors, including Pimco and Blackstone, to reorganise its capital structure after cost overruns caused by rating agency downgrades, the newspaper reported. PwC sold its global mobility business to U.S. private equity firm Clayton, Dubilier & Rice in 2022 in a $2.2 billion deal to raise capital to invest in faster-growing areas of its consulting business, the report said. The firm was renamed to Vialto after the buyout, it added.

Ottawa may not be done firing trade salvos at China as Finance Minister Chrystia Freeland said the federal government was considering further tariffs.