COST Financial News

WASHINGTON (Reuters) — U.S. wholesale inventories fell more than initially estimated in June, which could have implications for the second-quarter gross domestic product estimate.

GlobalFoundries (NASDAQ:GFS) topped earnings and revenue expectations for the second quarter, it revealed Tuesday.

By Dan Burns

Mobile Premier League (MPL) will lay off 350 staffers with an aim to control its costs that are expected to rise as a result of the increase in burden from goods and services tax (GST). In an email sent to the company’s employees on August 8, MPL cofounder and chief executive Sai Srinivas wrote, “Last week, it was confirmed that a 28% GST will be levied on the full deposit value rather than on gross gaming revenue (GGR). The new rules will increase our tax burden by as much as 350-400%.

B2B sourcing platform Bidso has raised $1.5 million in a funding round led by Bengaluru-based PeerCapital. The round also saw investments from DeVC and angel investors including Mohit Sadaani of The Mom’s Co., RTP Global partner Nishit Garg, OfBusiness Founders Fund, Livspace CEO Saurabh Jain and Mosaic CEO Revant Bhate. While PeerCapital wrote a cheque of $1.2 million for the seed round, the remaining $300,000 was pumped in by the other investors, Bidso said in a statement on Tuesday.

Bloomberg News reported on Tuesday. The findings came as a big boost for Novo Nordisk with its stocks touching as high as 16.7%. The demand for Wegovy is already high in the market with the company getting a hard time keeping up with manufacturing and the new study is expected to boost demand further.

New Delhi: In a major boost to India’s fruit exports prospects, the commerce ministry on Tuesday said the first trial shipment of fresh pomegranate has been sent to the US through airways. The shipment was facilitated by the Agricultural and Processed Food Products Export Development Authority (APEDA). APEDA chairman Abhishek Dev said that the increase in pomegranate exports to the US would result in higher price realisation and increase in farmers‘ income.

By Samrhitha A

Bank stocks are under pressure early Tuesday after rating agency Moody's downgraded ten small regional banks and placed several larger banks on review for downgrades.

A triple whammy hit global bond markets last week, with the Bank of Japan loosening its yield curve control program, Fitch downgrading U.S. Treasurys, and rising commodity prices reviving the narrative of “higher for longer” for the Fed funds futures.

Exide Industries Ltd on Tuesday said it expects to regain its pre-covid EBITDA margin of 13-14 per cent in the next one to two years. The company's current EBITDA margin is 10.6 per cent, as input costs have remained erratic. «We are seeing a revamp in demand after Covid and expecting both automotive and industrial verticals will do well.

By Ismail Shakil and David Ljunggren

consumer goods companies such as Hindustan Unilever (HUL), Dabur, Marico, Tata Consumer Products and Havells have said in recent earnings calls they expect margins to improve significantly over the next three quarters of the current fiscal with input cost further moderating out and in some cases more than what they had initially projected, most of which will be ploughed back into advertising and promotional (A&P) investments. Margins are on an upward trajectory for most companies from December quarter with year-on-year reduction in inflation and raw material costs.

Power Finance Corporation will consider a proposal for issue of bonus shares to its investors on August 11. The company will also announce its results on the same day. «The Board of PFC will also be considering a proposal for issue of bonus shares to the equity shareholders of the company in the ratio, as it may deem fit by way of capitalization of reserves, subject to approval of shareholders,» the company said in a filing.

ease of doing business, an official said. Through this, the official said, states will get an insight into reforms which they can bring to improve the business climate for industry. For this, DPIIT officials held a meeting in June with all selected survey agencies for assessing the cost of regulation.

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Home Depot, Alteryx, International Flavors & Fragrances, and Willis Towers Watson.

“Alberta is calling,” read the ads plastered across Toronto’s transit system.“Find things you’d never expect,” they coax, “like an affordable house.”The advertisements, a blunt recruitment initiative from the Alberta government launched last fall, tout ample job opportunities alongside comparisons of housing prices between Toronto and Calgary.For the family of Suzi Hansen and Tyler Brown, Alberta’s advertising campaign seems to have worked.After years of being unable to break into the housing market while renting a townhome in Oakville, Ont., Hansen says she floated the idea of moving to Alberta to her husband. She says Brown was initially hesitant, but the siren song of an “Alberta is calling” radio ad playing on the drive into work as an industrial mechanic pushed him to think twice about the idea.“Their ad campaign really, really sold it for him,” Hansen recalled in an interview with Global News as she packed up their Oakville home.The family, with three kids aged 15, 12 and two, was preparing for a cross-country U-Haul trek to a small Alberta hamlet a couple hours west of Edmonton where they were immediately able to buy a detached house.The decision was familiar territory for Hansen, who originally came to Canada from Los Angeles because of unaffordable housing prices in California.

State of Elementary Education in Rural India - 2023,' was officially unveiled during the India Rural Colloquy - A Rural Renaissance in Delhi on August 8, 2023. The survey, a collaboration between Transform Rural India and Sambodhi Research and Communications highlights the progress towards gender-neutral education in rural India.

Independent analyst Anand Tandon, says eventually the cost of client acquisition has to be brought down to a level where it begins to make sense and you start making operating profit. Zomato is showing some signs of progressing in that direction. The challenge there is quite high because the cost of logistics cannot be brought down beyond a point and the challenge will remain that there is already some amount of pushback from the restaurants and the food suppliers to the margins that they are having to shell out to these companies.”There seems to be a big change of heart from the investors and also from the promoters/founders about what are the essentials to survive in the auction market and that is getting rewarded. Zomato stock price has gone up post numbers or Policybazaar has gone up of late. But now markets are convinced that these folks are here and they mean business. What is the way forward after the recent run up?You have to look at two things first.

airport lounges and fraud protection. A credit card can be expensive if you don’t pay your balance in full, and higher interest rates have now raised the cost of carrying a credit-card balance. Paying off a $1,000 balance in 12 months at the current average annual percentage rate of 22.16% means $103 in interest, compared with $77 roughly a year ago when the average was 16.65%, according to estimates from the Federal Reserve.

Marc Miller just finished five years as a federal minister working on Indigenous issues. Now, ironically, he’s minister of immigration, encouraging an influx of new Canadians many Indigenous Canadians think hasn’t served them so well.