Digital Financial News

Viral Berawala, Director, Buoyant Capital, says, “IT again has become a 7-8% growth sector plus add 3 or 4% for dividend. So IT reverts back to being a 11-12% growth sector and valuations for most companies are at least one standard deviation above average. In IT, we are unlikely to make disproportionate returns from this point on. It maybe an okay place to hide but not for making great returns.”Do you like the power space and which part of the value chain in power would you be most bullish on?In power, the August volume growth has been tremendous.

Sunil Singhania, Founder, Abakkus Asset Manager LLP, says “the only theme we follow is whether the company can double profits in four to five years and a lot of these themes are interesting and exciting. But the valuation at which the IPOs are coming and the stocks are getting listed is something which at least conservative investors like us cannot comprehend.”You have followed a template of 15-15-15, return ratio of 15%, growth 15%, and PE multiple of less than 15. Is that template still at play or the market conditions are forcing you to change that template?No, it is becoming difficult for sure.

Byju’s, allegedly hid $533 million in an obscure three-year-old hedge fund that once said its principal place of business was an IHOP pancake restaurant in Miami, according to lenders trying to recover the cash. Byju’s last year transferred more than half a billion dollars to Camshaft Capital Fund, the investment firm founded by William C. Morton when he was just 23 years old, some Byju’s lenders claim in a lawsuit. Morton’s fund received the money despite an apparent lack of formal training in investing, according to the lenders. What’s more, luxury cars — a 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith — have been registered in Morton’s name since the transfer occurred, according to court papers.

Apple on Tuesday announced the launch of its much-anticipated products, the Apple Watch Series 9, Apple Watch Ultra 2 and the all new iPhone 15. The Cupertino, California-based company also brought to the fore its commitment to sustainability and maximising the use of recycled materials, and also said it would no longer use leather in any new Apple product. Here are key announcements from the event:

iPhone. Many people believe that once a message is deleted, it's gone for good. However, iCloud can hold a backlog of these deleted messages, providing a clever workaround for those who need to retrieve them.

Personal Loans start at 10.10% p.a. – a discount of up to 80 basis points, with a nil processing fee and higher loan limits of up to ₹20 lakh. The Bank has introduced a fixed rate of interest option.

Oracle sank 9% on Tuesday, after a weak forecast suggested strong competition in the cloud-computing industry and a digital spending pullback were weighing on its revenue growth. The company was on track to lose about $30 billion in market value, based on its premarket share price of $115. The stock has risen 55% this year on optimism the rise of generative AI would drive up cloud demand. Lower-than-expected revenue for the first quarter and a below-estimate forecast for the second, however, signaled the boost from AI would take longer to materialize. Oracle, known for its database software, has been playing catch-up with cloud majors such as Amazon Web Services, Microsoft's Azure and Alphabet's Google Cloud at a time businesses are dialing back tech spending over concerns about the economy. CEO Safra Catz also warned of near-term weakness in revenue growth at the Cerner health records business, which Oracle bought for $28.3 billion last year.

Binance US chief executive Brian Shroder will leave the company and be replaced by general counsel Norman Reed on an interim basis, the crypto trading platform said. The exchange will also cut more than 100 positions, said a spokesperson for Binance US, the purportedly independent partner of Binance.

G20 summit has demonstrated to the world that India can provide leadership with a vision and forge consensus even in these difficult times, commerce and industry minister Piyush Goyal told Deepshikha Sikarwar in an interview. The India-Middle East-Europe Economic Corridor will help the region economically integrate, drive down logistics costs and speed up the movement of goods and people. Edited excerpts.What is the key takeaway from the G20 Summit?The New Delhi G20 Summit has demonstrated India's emergence on the world stage as a nation that can provide leadership — leadership of vision; leadership that is sensitive, cares for the world and that can be trusted; leadership that can take along divergent viewpoints and can build consensus for the entire world.

artificial intelligence and machine learning (AI/ML)-led work now make up 20% of the workforce of telecom service providers as compared to 7% in the July-September 2022 period on the back of 5G rollout, staffing experts have said. The proportion of AI/ML-led jobs is expected to reach 23% by the end of fiscal 2024 with the telcos sustaining hiring momentum for these profiles, they said.

The launch of Russia’s CBDC, the digital ruble, will help spur de-dollarization, a former government minister has claimed.

The Securities and Exchange Commission said Tuesday it reached a settlement with digital alternative investments platform YieldStreet of $1.9 million, with the company facing SEC allegations of failing to disclose critical information to investors in a $14.5 million asset-backed securities offering involving a ship that was to be taken apart.

Brand and automation software start-up Sesimi is looking for a strategic investor to join its shareholder register, telling potential backers to think of gross margins higher than 90 per cent from serving clients like Toyota, American Express and Cricket Australia.

IBM. Speaking at the flagship IBM Think conference in Mumbai, on Tuesday, Paul Burton, general manager, IBM Asia Pacific, and Sandip Patel, managing director, IBM India and South Asia, said that skill gaps and talent scarcity are also driving larger investments in artificial intelligence (AI) and automation.

Endeavour Energy is on the cusp of deploying a “self-healing” function that will allow its technicians to restore power to most customers within 70 seconds without having to visit the site physically.

In recent market movements, Bitcoin has shown resilience as it bounced back from the significant $25,000 support level, leading many to question if the recent sell-off is coming to a close. 

On New Year’s Day in 2024, there will be a new CEO at Homrich Berg.

Wealthtender, an independent find-an-advisor website and SEC-compliant online review platform, has announced its acquisition of AGC, an online community for financial advisors. The acquisition will be completed around Oct. 1 and will provide over 450 financial advisors with digital marketing tools and access to a community of peers.

artificial intelligence) may be the buzzword in marketing right now, but CXOs seem more concerned with rethinking their marketing strategy to be able to measure the direct impact of ad spends and finding the right talent, Stephan Zimmermann, senior partner at McKinsey & Company, said. Based in San Francisco, Zimmermann heads the consulting major's digital marketing and data analytics team of 1,400, half of whom are stationed in India. During his recent visit to India, Zimmermann had some 15-odd client meetings, but «nobody mentioned or discussed an AI tool saying they strongly believed in it or asked what I thought of it», he told ET in an exclusive chat. People are readily using generative AI to optimise marketing, automate repetitive tasks, and accelerate A/B testing. However, «none of the tools have yet transformed company performance», he said.

Apple is expected to respond within two weeks", he said to Reuters. "If they fail to do so, I am prepared to order a recall of all iPhones 12 in circulation. The rule is the same for everyone, including the digital giants," the minister added.

“There is no fixing Big Tech,” Cory Doctorow, a novelist and public-interest technologist who gained online fame with the blog “Boing Boing,” writes in his new book “The Internet Con: How To Seize The Means of Computation,” a manifesto for people who w...