Digital Financial News

Lending to the services sector slowed to 15.2 percent year-on-year (y-o-y) in September 2024 from 21.6 percent a year ago, primarily due to lower growth in credit to ‘non-banking financial companies’, the RBI said. Retail loan growth moderated to 16.4 percent (y-o-y) in September 2024 as compared with 18.2 percent a year ago, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding, the central bank said. However, ‘housing’ – the largest constituent of this segment – recorded accelerated growth.

inflation gauge closely watched by the Federal Reserve has dropped to near pre-pandemic levels. The Commerce Department reported that prices rose just 2.1% in September from a year earlier, down from a 2.3% rise in August. That is barely above the Fed's 2% inflation target and in line with readings in 2018, well before prices began surging after the pandemic recession. Yet some signs of inflation pressures remained. Excluding volatile food and energy costs, so-called core prices rose 2.7% in September from a year earlier for the third straight month. On a monthly basis, core prices rose 0.3% from August to September, up from just 0.1% from July to August. The increase in the core rate is higher than the Fed would prefer.

Chinese online retailer Temu is facing a European Union investigation over suspicions it’s failing to prevent the sale of illegal products

Bandra East was a Shiv Sena stronghold until the last Maharashtra assembly elections, but with a triangular contest this time, the outcome in this suburban Mumbai seat has become more unpredictable. Zeeshan Siddique, then with Congress, won from the constituency in 2019, defeating the undivided Shiv Sena's Vishwanath Mahadeshwar, a former mayor. Zeeshan might have an edge due to the sympathy factor in the aftermath of his father, NCP leader and former Congress minister Baba Siddique's murder earlier this month. But locals also say that his decision to join the Ajit Pawar-led Nationalist Congress Party, an ally of the BJP, could go against him as the constituency has a sizable Muslim population. The Ajit Pawar-led NCP is part of the ruling BJP-Shiv Sena-NCP 'Mahayuti' alliance.

Delhi Health Minister Saurabh Bharadwaj took a dig at the Centre over its Ayushman Bharat health insurance scheme on Thursday, claiming that it «exists only on paper». The minister said this during his visit to the Delhi government-run GB Pant Hospital. According to a statement issued by the Delhi government, Bharadwaj visited the hospital to meet patients on the occasion of Diwali, share festive greetings and distribute fruits. The ruling Aam Aadmi Party (AAP) in Delhi and the opposition Bharatiya Janata Party (BJP) are engaged in a political battle over the Ayushman Bharat scheme, which has not been implemented in the national capital.

US Vice President Kamala Harris and former US President Donald Trump in two critical Swing states, namely, Arizona and Nevada. According to The Hill, in Arizona, Democratic Presidential nominee Kamala Harris leads with a support of 48% among the likely voters while Republican Presidential candidate Donald Trump stands at 47% among the likely voters. The Hill reported, on the other hand, poll surveys are converse in Nevada where Donald Trump holds a significant advantage with 48% in comparison to Kamala Harris’s support of 47%. The national average of polls also reflects a similarly tight race where Democratic Presidential candidate Kamala Harris has 48.6% support whereas Donald Trump has 47.8% support, noted The Hill. The CNN polls were conducted pretty recently which involved near about 781 registered voters in Arizona and 683 registered voters in Nevada with the margin of error of +- 4.5% and 4.7% respectively.

property market, has scaled a new peak by recording the best October performance in terms of registration of real estate deals and revenue collection through stamp duty charges. The festive period, beginning with Navratri followed by Diwali, are considered auspicious for property purchases, and has played a key role in this rise in registrations apart from the ongoing positive momentum in deal activity. The country’s commercial capital has registered 12,915 property transactions during the month, up 22% from a year ago, while the exchequer has fetched 44% higher revenue worth Rs 1,201 crore through stamp duty collections, showed data from inspector general of registration, Maharashtra.

Elon Musk, has bought a compound in Austin, Texas which costs $35 million and it consists of three homes, standing within walking distance from one to another. According to New York Post, the main residence is a mansion of 14,400 square foot and it is made taking the inspiration from Tuscan villas accompanying a six-bedroom house directly.

Daylight saving time (DST) affects approximately 400 million individuals across North America and is currently a focal point of discussion regarding its necessity. This biannual ritual of adjusting clocks forward in spring and back in autumn has been a staple in American, Canadian, and Cuban culture for over a century. However, recent legislative efforts and changing public opinions are prompting a reevaluation of its significance in today's world.

Taylor Swift’s father, Scott Swift, recently shared his thoughts on her relationship with Kansas City Chiefs star Travis Kelce during an unplanned chat with Taylor Moore, a travel agent and TikTok creator. Seated next to Moore on a flight, Scott expressed his admiration for Kelce, unprompted, saying how much he appreciated Travis and noted that he had made the most significant positive impact among Taylor’s boyfriends over the past 12 years. Moore said Scott praised Kelce’s character and family, revealing that he had known Kylie Kelce’s father—Travis’ sister-in-law’s dad—even before Swift and Kelce began dating. Taylor Moore has mentioned about her interaction with Taylor Swift's father on a flight. Scott’s enthusiasm for the couple adds another layer to the public’s fascination with Swift and Kelce’s high-profile romance. The relationship first went public when Taylor Swift attended one of Kelce’s NFL games, sparking headlines and excitement among fans. Since then, Swift has been seen supporting Kelce at various events, and they were even spotted together celebrating the Kansas City Chiefs' Super Bowl win, adding fuel to what has become a cultural phenomenon among fans.

Gary Gensler, with knock-on implications for others on his agenda. Here's a list of rules and actions affected, according to legal filings, the SEC's agenda, and legal experts. * Nasdaq corporate board diversity: Conservative group the Alliance for Fair Board Recruitment sued the SEC in the Fifth Circuit after the agency blessed a Nasdaq rule promoting diversity on corporate boards. Gensler recently cited this lawsuit as the reason why he could not discuss progress on a similar SEC planned rule. * Proxy voting: The Sixth Circuit Court of Appeals last month sided with the SEC in a case brought by trade associations including the U.S. Chamber of Commerce, finding the agency was within its rights to rescind Donald Trump-era regulations on corporate elections.

Indian banks' loan growth moderated this September, compared with the same month a year ago, central bank data showed on Thursday, as the impact of the Reserve Bank of India's clampdown on «exuberance» in retail lending continued. Banks' credit grew at 14.4% year-on-year last month, slower than the 15.3% increase in September 2023, excluding the impact of HDFC Bank merging with parent Housing Development Finance Corp (HDFC), the RBI said. Including the impact of the merger, banks' loans grew 13% last month, compared with 20% a year ago.

Social Security's combined retirement and disability trust funds are on track to be depleted in 2035, according to the program's trustees. If we reach that point, we will be confronting a drastic across-the-board benefit cut of roughly 17%. How would the two major-party candidates for president handle the problem?

B R Naidu, recently appointed chairman of the Tirumala Tirupati Devasthanams (TTD) Board, announced his intention to establish a Hindu-only workforce at Tirumala, the sacred temple of Lord Venkateswara. «Everyone who works at Tirumala should be Hindu,» Naidu said in a statement on Thursday. «That would be my first effort. There are many issues in this. We have to look into that,» he continued, emphasizing the importance of maintaining the religious integrity of Tirumala’s operations. Naidu plans to consult with the Andhra Pradesh government to determine the next steps, which could involve reassigning non-Hindu employees to other government roles or offering them a Voluntary Retirement Scheme (VRS).

US elections. In some of the key battleground states, Indian-origin voters are so large in numbers, that election trends can change within a fraction of a second if these voters decided on rooting for a certain party.

Housing society management app Mygate saw its operating revenue rise 35% to Rs 96 crore in the financial year ended March 31 from Rs 71 crore in 2022-23. The Bengaluru-based company's consolidated net loss narrowed significantly by 82% to Rs 40 crore from Rs 227 crore a year ago. This sharp cut in losses was driven by a 51% reduction in its total expenses, which came down to Rs 149 crore in 2023-24 from Rs 304 crore in the previous year. In 2023-24, the company spent Rs 82 crore on employee benefits while incurring other expenses of Rs 61 crore.

Free Trade Agreement (FTA) with India and is building towards that magic moment, Britain's minister in charge of the Indo-Pacific said during a special Diwali reception in London. Catherine West, parliamentary under-secretary of state in the Foreign, Commonwealth and Development Office (FCDO), referenced the previous Conservative government's Diwali 2022 deadline to complete the FTA negotiations as she reiterated the recently elected Labour government's commitment to get the deal done. The FTA negotiations, which were paused for general elections in both countries, are aimed at significantly enhancing the estimated GBP 38.1 billion a year bilateral trading partnership. «As the new government, we're still extremely keen to be getting on with our trade deal, which was meant to be signed a couple of Diwalis ago. But we don't mind, what's a Diwali between friends,» said West, addressing the FCDO's gathering of parliamentarians, community leaders and professionals at Lancaster House to celebrate the Festival of Lights. «Our new Comprehensive Strategic Partnership is in the works, and all of these things go to building towards that magic moment where we light the candle on the free trade agreement. While I'm thinking of a lot of different things (this Diwali), it would be good to light the candle on that deal. Please pray for those negotiations, so we can have the light that goes on to the best positive feelings and the magic that you do get when you get a deal,» she said.

Asian central banks will cut interest rates slower than the U.S. Federal Reserve over the coming year, Reuters polls showed, as solid growth has eased pressure to maintain currency stability against a persistently strong dollar. A jumbo 50 basis points Fed rate cut in September and expectations for two more quarter-percentage point reductions by end-year has provided wriggle room for central banks in Asian economies to consider their next moves. The Fed is expected to cut rates by another 125 basis points next year, much more than Asian central banks. But with the U.S. economy showing continued resilience, the greater risk is for the Fed to move more gradually than speed up.

The Buckingham Murders will be released on Netflix soon. The crime thriller directed by Hansal Mehta, which had a theatrical release on September 13, is scheduled to have its OTT debut in November, according to What's on Netflix. The movie will premiere on Netflix in the first week of November. Here's everything you need to know about the whodunit mystery.

Kraken, one of the world's largest cryptocurrency exchanges, on Wednesday announced the layoff of 15% of its workers, a corporate restructuring and the appointment of a new co-chief executive. The cuts amounted to about 400 of the company's roughly 2,600 employees, two people with knowledge of the company said. They included two members of the leadership team: the chief operating officer, Gilles BianRosa, and the chief technology officer, Vishnu Patankar, two people said. Kraken named Arjun Sethi, a longtime Silicon Valley executive, as co-CEO, alongside Dave Ripley. Ripley became chief executive in 2023 after Jesse Powell, the company's founder, stepped down following internal struggles with employees.