Economy Financial News

Investing.com-- Gold prices rose slightly on Friday and were headed for a strong weekly performance as more weak U.S. economic data spurred bets that the Federal Reserve was done raising interest rates.

JSW Infrastructure, one of India's leading commercial port companies, spiked up nearly 8.5% to hit an all-time high of ₹220 apiece in early trade on Friday after the company received a LoA worth ₹4,119 crore. In an exchange filing on Thursday, the company said it emerged as the winning bidder for the development of an all-weather, deep-water, greenfield port at Keni in Karnataka on a public-private partnership basis.

KUALA LUMPUR (Reuters) — Malaysia's economy grew 3.3% in the third quarter from a year earlier, above expectations and recovering from two-year lows in the previous quarter, as strong private consumption offset weak exports, the government and central bank said on Friday.

By Anton Bridge and Miho Uranaka

Investing.com — Stocks were lower heading into the final few minutes of trading on Thursday, taking a pause in a rally after cautious words about consumer spending from the largest U.S. retailer, Walmart (NYSE:WMT).

Investing.com-- Most Asian currencies moved little on Friday after strong gains earlier this week, while the dollar headed for a sharp weekly fall as weak labor market data fueled more bets that the Federal Reserve will trim interest rates by mid-2024. 

By Samuel Shen and Rae Wee

Investing.com-- Chinese technology stocks plummeted on Friday, with Alibaba Group (HK:9988) (NYSE:BABA) leading losses after the e-commerce giant shelved a planned IPO for its cloud unit, citing the impact of U.S. curbs on chip exports to China. 

Investing.com-- Most Asian stocks fell on Friday, cooling after marking some strong gains earlier this week, while Chinese technology stocks clocked steep losses after Alibaba flagged the impact of recent U.S. chip export curbs. 

By Duncan Miriri

Shares in Chinese e-commerce titan Alibaba tanked more than seven percent at the Hong Kong open Friday after the firm's surprise decision to call off part of its high-profile restructuring because of the US-China chip war. In a move that shocked investors, the Hangzhou-based tech giant said Thursday that US curbs on exports of advanced chips had forced it to call off the spinoff of its cloud computing arm. The firm's stock dived 7.13 percent soon after the starting bell in Hong Kong, tracking a collapse in its New York-listed shares. Washington has moved to bar the shipment to China of powerful chips, including those from California-based Nvidia, which are crucial to the development of artificial intelligence, on national security grounds. In one of its most wide-ranging restructurings, Alibaba said in March it planned to split the vast group into six distinct entities that would be able to separately pursue funding through public listings. But on Thursday, it called off the creation of its Cloud Intelligence arm in light of «the recent expansion of US restrictions on export of advanced computing chips». «We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement,» the company said in its earnings release. «Accordingly, we have decided to not proceed with a full spin-off, and instead we will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,» Alibaba said. Alibaba is a key player in China's expansive digital economy and the operator of a major online shopping platform. The Hangzhou-based group's performance is considered a barometer of domestic consumption, which has flagged in recent

Xi Jinping, fresh off his meeting with President Joe Biden, courted Indo-Pacific leaders in a flurry of meetings on Thursday at a time of intensifying competition with the United States. Xi held individual talks with the leaders of Mexico, Peru, and Fiji, and he planned a later session with Japanese Prime Minister Fumio Kishida, all on the sidelines of a summit of Asia-Pacific Economic Cooperation economies.

₹13,546 crore amid festive season after the stock market ended on a higher note for second day straight.The RBI on Thursday tightened norms for personal loans and credit cards in the form of higher capital requirements. The new norms will make personal loans and credit cards costlier and may curb growth in these categories.Several reports in US on Thursday indicated a slowing economy.

The crypto industry should focus on building blockchain-based solutions everybody can benefit from instead of launching cash grabs for brands, says Amy Peck, CEO of tech-focused consulting firm EndeavourXR.

By Lananh Nguyen, Nupur Anand and Pete Schroeder

Investing.com — The Dow closed lower Thursday, paced by a slump in Walmart and worries about the economy following a wave of mostly weaker-than-expected economic data. 

Alliance (IESA). The focus is on holistic mobility, involving startups in the EV sector," a person close to the developments said on condition of anonymity.

MUMBAI : The Securities and Exchange Board of India (Sebi) will propose a review of its regulations for delisting stocks at its next board meeting, chairperson Madhabi Puri Buch said. “There was a popular belief that we would never review the delisting regulations and that we would stay with the reverse book-building process. A consultation paper has already been floated, and Sebi has received a lot of feedback.

MUMBAI : There is a “wide consensus" supported by economic forecasts that real gross domestic product (GDP) growth in the second quarter will turn out to be better than the Reserve Bank of India’s (RBI) projection of 6.5%, an article in the central bank’s November bulletin said on Thursday. The estimates for the second quarter (Q2) of FY24 are set to be released at the end of this month.

Cleveland Federal Reserve President Loretta Mester said Thursday that this week's news showing lower levels of inflation isn't enough to convince her that the central bank has won its battle against higher prices.

Indian economy, buttressed by North Block’s unwavering focus on productivity-boosting structural reforms, investments and ‘ebullient’ domestic consumption, is expected to expand faster in the third quarter than earlier estimated despite lingering growth concerns beyond home, the central bank said in its latest bulletin Thursday. “Investment demand appears to be resilient with the government’s infrastructure spending, an uptick in private capex, automation, digitalisation, and indigenisation providing a boost,” the Reserve Bank of India (RBI) said. India’s gross domestic product (GDP) expanded 7.8% in the first quarter of FY24, through which the RBI expects the economy to grow 6.5%. An ET poll of economists has pegged the second-quarter growth rate at 6.7%.