COST Financial News

The struggling drugstore chain Walgreens will get about $1.1 billion for selling another slice of its stake in drug distributor Cencora

industry that's been a major drag on the economy. The IMF called on China to deploy «one-off» fiscal resources to complete and deliver pre-sold properties or compensate homebuyers, according to an annual review of the its economy published on Friday. It put the cost at 5.5% of GDP over four years. That would amount to almost $1 trillion based on last year's GDP, according to Bloomberg calculations.

Hindustan Zinc Ltd (HZL), part of mining major Vedanta Ltd, is looking for domestic partners to set up manufacturing plants to make Zinc-based batteries in India, senior executives said in an interaction with Mint. The company had earlier announced that it had entered into a strategic partnership with US-based AEsir Technologies to explore zinc-based energy storage solutions and reduce dependency on other critical minerals. “The world is going through an energy transition, so everybody is looking for a solution and with lithium being costly, not widely available, and has safety issues, so, we thought it to be the right opportunity for the Zinc business to get into it," said Arun Misra, CEO, HZL.

IRL, a social networking platform that assists Gen Z users in locating real-world events, has raised $170 million from investors, including SoftBank. IRL was promoted as a cutting-edge substitute for Facebook Groups, with substantial user participation. But last year, the app was taken down due to the discovery that the majority of its user base was fraudulent, which prompted SoftBank to file a different case.

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Prime Minister Narendra Modi, on Friday approved the development of eight national high speed corridor road projects with a length of 936 km at a cost of Rs 50,655 crore, aimed at improving logistics efficiency, reducing congestion and enhancing connectivity across the country. “Implementation of these eight projects will generate an estimated 4.42 crore mandays of direct and indirect employment,” the government said in a statement issued after the meeting. The projects are spread across Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Maharashtra and Assam.

US economy, corporate world and Federal Reserve. Some stock market watchers believe it is a kind of reset as the Dow slipped more than 600 points, indicating a new phase in the US economy- a slowdown. Besides, the S&P 500 fell 1.5% and the tech-heavy Nasdaq Composite also tumbled by 2.5%. The downslide was so clear and widespread that Dow futures slipped 400 points or 0.1%, S&P 500 futures fell 1.2% and Nasdaq futures came down 1.8%. As if this is not enough, some experts apprehend further bloodbath on Friday as Amazon and Intel have already reported a fall in their earnings, reports CNN Business. They have also indicated that the transition to AI has proven costly, though its prospects remain uncertain.

The Parliamentary Budget Officer (PBO) is projecting a $17.4 billion boost in income tax revenues from 2024-’25 to 2028-’29, thanks to the federal government’s latest effort to bolster the nation’s coffers. The policy change, which was introduced in Budget 2024 and came into effect on June 25, increases the capital gains inclusion rate for corporations and trusts from one-half to two-thirds and applies the same rate for individuals on yearly gains exceeding $250,000.

indexation benefit from the capital gain tax on property has spooked him. “The new taxation is good for short-term investors but not long-term investors. I calculated the tax outgo for the three properties in Bangalore I had held for over ten years. My tax outgo is 3x now without indexation. In many cases, I would not have paid any tax and had the option to offset them over the eight years,” he said. Experts say that the recent abolishment of indexation benefits on property sales is expected to slow down the resale residential market and deter owners of older properties and investors due to increased tax liabilities reducing potential profits. This change will likely moderate price growth in the resale segment and increase reduced transparency in value to avoid higher taxes, undermining efforts to formalise the real estate sector, they said.

In the span of two days, three more lawsuits have been brought against brokerages over their cash sweep rates, including two cases against Wells Fargo and another against LPL.

A new study by Fidelity reveals saving for college continues to be a major priority for American families even as they face ongoing pressure from inflation and ballooning tuition fees.

UBS Private Wealth Management managing director Alli McCartney explains how the Fed's messaging could affect the market on 'Making Money.'

Read this | Coal India: A diamond in the rough? The change in accounting policy pertains to stripping activity or overburden removal, with related provisions being written back to the income statement. This reclassification has led to a significant revision in earnings estimates. “On the basis of our operational forecasts as well as incorporating the revised accounting policy for stripping cost, our Ebitda and EPS estimates increase by 15% and 14% respectively, for FY25," said analysts at Emkay Global Financial Services.

Companies reward shareholders by way of dividend payment or share buybacks. Both are done from tax-paid reserves and company profits. Such payments are also used as tools of wealth distribution and efficient allocation of capital.

For real estate owners, especially those with long-held properties, the provisions of the Union Budget 2024 came as a rude shock, leaving them scrambling to decipher the new tax landscape.

Tata Motors on Thursday said its British arm Jaguar Land Rover has no plans at present to leverage India's new electric vehicle policy that offers import duty concessions to firms setting up manufacturing units in the country, as it is not suitable for the company. In March this year, the government announced the new electric vehicle policy to attract major global players like Tesla, allowing them to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing USD 35,000 and above for a period of five years from the date of issuance of the approval letter by the government. «At this point in time that specific policy is not something that is suitable for us. So, we don't intend to leverage it at this point in time,» Tata Motors Group CFO PB Balaji said at the earnings conference.

Apple said its third-quarter iPhone sales were better than expected and forecast more gains on Thursday as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed. Shares of the company rose nearly 1% in extended trading, outperforming other tech stocks that were broadly lower. Apple is expected to launch this fall what analysts have called the biggest software upgrade for the iPhone. It includes artificial intelligence features and comes at a time when rivals such as Samsung have been quicker to roll out similar services.

The overall growth of ER&D firms is still higher than IT services companies, but the trajectory of both segments have reversed in the recently concluded quarter. “Headcount growth has decelerated cumulatively for Indian pure-play ER&D services companies,” Kotak Institutional Equities said in a post-earnings season note. “These companies have focused on better resource utilization and hiring trainees to optimize cost structures over the past year.”

Bandhan Bank’s asset quality issues, high credit cost keep investors on edge “Then, of course, there has been an impact of (the) heat wave in the first quarter of this year and some degree of restricted movement of people during the course of election and hence, some of the northern states were hit largely because of that. Pockets of Tamil Nadu, Maharashtra, Madhya Pradesh were (impacted) because of monsoon as well," Kothari told analysts on 20 July. Another lender Ujjivan Small Finance Bank recently reduced its loan growth guidance for FY25 to 20%, from 25% earlier.

The Czech Republic’s central bank has cut its key interest rate for the sixth time in a row as inflation falls and the economy recovers more slowly than expected

The Environmental Protection Agency is issuing an emergency fuel waiver to help alleviate shortages in four states whose gasoline supplies have been impacted by the shutdown of an ExxonMobil refinery in Illinois