COST Financial News

cryptocurrency prices last year forced a procession of major firms into bankruptcy, trigging a government crackdown and erasing the savings of millions of inexperienced investors. But for a small group of corporate turnaround specialists, crypto's implosion has become a financial bonanza.Lawyers, accountants, consultants, cryptocurrency analysts and other professionals have racked up more than $700 million in fees since last year from the bankruptcies of five major crypto firms, including the digital currency exchange FTX, according to a New York Times analysis of court records. That sum is likely to grow significantly as the cases unfold over the coming months. Large fees are common in corporate bankruptcies, which require complex and time-intensive legal work to untangle.

When the leaders of the G20 countries meet on the 9th and 10th of this month, a primary concern will be accelerating the energy transition to address climate change. There is unanimous acknowledgement of the immediate threat posed by climate change, as well as the urgent need to shift from fossil fuels to non-fossils at an accelerated pace to curb CO2 emissions and strive to limit the global temperature increase to 1.5°C from pre-industrial levels.India has one of the lowest per capita emissions in the world. Our per capita emission is 2.40 tCO2e (tonne carbon dioxide equivalent), whereas the global average is 6.3 tCO2e.

Investing.com-- Gold prices fell Tuesday as the U.S. currency and bond yields remained firm before a string of Federal Reserve speakers this week. 

New Delhi: Industry bodies, civil society organizations and consumer groups have raised concerns to the Telecom Regulatory Authority of India over regulation of OTT apps, specifically on the selective banning of OTT apps, as has been proposed by the regulator in its ongoing consultation. In their submission to the TRAI, which is undertaking consultations over OTT regulation, the bodies including Internet and Mobile Association of India (IAMAI), Broadband India Forum, Consumer Unity and Trust Society (CUTS) and Asia Internet Coalition (AIC) comprising nearly a dozen consumer groups, have said that such apps were already regulated under the IT Act 2000 which will be replaced by the upcoming Digital India Act (DIA), hence the ongoing consultations should form part of Digital India Act and any other additional consultations by regulators like TRAI will also lead to overlap of regulatory structure.

central bank digital currency (CBDC) becomes a reality, said Reserve Bank of India Deputy Governor, T Rabi Sankar. «Why is the average cost of transaction for retail 6%? It is not (because of) technology, technology can be made», said Rabi Sankar, at the Global Fintech Festival. «It's a question of consensus that has to arise globally and a commitment that has to come up on changing these systems (among central banks).» Many central banks across the world are working at digital currencies with the Bank for International Settlements guiding them.

India a refuelling hub for green ships backed by its target of producing the cheapest green hydrogen, ammonia and methanol in the world, power and renewable energy minister RK Singh said on Tuesday. «The shipping world will go green. Just give it 5-7 years or 10 years.

₹10-35 per 50kg bag, analysts at Jefferies India Ltd said, after an interaction with dealers. The price hike follows 1-2% month-on-month decline in the price in August, and stable prices until then. The June quarter saw strong demand for cement, but instead of raising prices, companies chose to push volumes and expand the market shares.

The seasonally adjusted S&P Global India Services PMI Business Activity Index recorded an expansion in new business for the consecutive 25th month. A value of above 50 denotes expansion. «Demand strength also fostered a heightened sense of optimism regarding the outlook, boding well for economic growth prospects,» De Lima said. Strong services growth and capital spending pushed India's GDP growth to a four-quarter high of 7.8% in the first quarter of FY24, according to data released last week.

₹56,800 per tonne, up by nearly 1% versus the average in August. It is likely that the weakness in domestic steel price has bottomed out.

MUMBAI : High networth investor (HNI) and retail inflows into midcap and small cap stocks have helped these constituents steal the thunder from large-caps in the latest market rally from March to date. The Nifty Smallcap 100 index has surged 40.53% while the Nifty Midcap 100 has risen 35% from 20 March through 5 September.

MUMBAI : Global cooperation is essential to tackle cryptocurrencies and other threats emanating from the cyber space, finance minister Nirmala Sitharaman said on Tuesday, outlining a topic that is set to be a key Indian focus at a Group of 20 summit in New Delhi this weekend. “As much as you build firewalls, there are more and more newer ways in which attacks are being made. Crypto (is a) threat as well as an opportunity," Sitharaman said at a Global Fintech Fest here.

NEW DELHI : India’s services sector growth slowed down in August after registering a 13-year high in July, a private survey said, still recording one of the best sales performances over the same period at a time of elevated inflationary pressures. The S&P Global India services Purchasing Managers’ Index (PMI) fell to 60.1 in August, from 62.3 in July. The figure stood at 58.5 in June and 61.2 in May.

Huawei Technologies' breakthrough in making an advanced chip underscores China's determination and capacity for fighting back against US sanctions, but the efforts are likely very costly and could prompt Washington to tighten curbs, analysts said. Huawei unexpectedly unveiled the latest Mate 60 Pro smartphone last week during US Commerce Secretary Gina Raimondo's visit in China, as the government readies a new $40-billion investment fund to bolster its developing chip sector.

Birla Corporation has drawn up a strategy to augment its cement production capacity to 25 million tonnes by the 2025-26 fiscal from the existing 20 million tonnes, officials said on Tuesday. The cement maker is planning to meet its targeted production by increasing capacity utilisation at its Mukutban plant in Maharashtra, setting up the second clinker unit at Maihar in Madhya Pradesh and constructing new grinding units. «With the commissioning of Mukutban plant, we have virtually ring-fenced our core market of central India — which we can service seamlessly from our six plants, namely Maihar, Satna, Kundangunj, Raebareli, Chanderia, and now, Mukutban. »The strategic location of these plants and standardisation of product quality allow us to interchange source of supplies to maximise realisation and serviceability for our customers," Birla Corporation Chairman Harsh V Lodha told shareholders during the 103rd annual general meeting of the company here. With the increasing capacity utilisation of the Mukutban unit, the company is confident of increasing its market share in the premium cement segment in that state, where other major players are active.

By Carolyn Cohn

By David Kirton and Max A. Cherney

Greece was struck by tragedy as relentless downpours triggered flooding, claiming at least one life, according to reports from the country's fire brigade. These inundations came just a day after Greek officials reported progress in taming the colossal wildfires, now dubbed the «largest ever» in European Union history, that had wreaked havoc across the nation.

When inflation goes up, it can do wonders for companies’ profits. But when it starts to cool, the wonder goes away. The Commerce Department last week reported that after-tax U.S.

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MUNICH—For decades, German carmakers dominated their industry with brands that were bywords for excellence and consumer appeal. But as the sector transitions toward electric vehicles, they are falling behind. Nearly a decade into their electric-vehicle shift, and despite billions in investments, VW, BMW, Mercedes and others have failed to make a dent in Tesla’s share of the growing market.

bonus shares. «The Board of Directors of the company considered, approved and recommended a bonus issue of 2 equity shares for every 1 equity share held by the shareholders as on the record date,» the company said in a filing. The record date is yet to be determined by the company and will be informed to the exchanges soon. The proposed bonus issue is subject to approval at the AGM and will be completed within two months from the date of announcement. A company issues bonus shares for their shareholders in order to increase the liquidity of the stock as well as with the aim to decrease its stock price to make it affordable for investors. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.