Economy Financial News

Andrew Forrest’s Fortescue says it is expanding into asset management, part of the iron ore and energy group’s strategy to fund green investments.

Facilitating seamless cross-border payments for MSMEs is a pivotal factor in propelling them towards achieving 60% of the formidable $2 trillion export target by 2030. 

Amnish Aggarwal, Head-Research, Prabhudas Lilladher, says “companies which were having a good amount of cash with them, their treasury incomes have gone up because of the higher interest rates. So, whatever has been the aggregate beat, these are one of the two major reasons why this has not been a disappointing quarter as far as the numbers are concerned.” The narrative approaching the results was that people became watchful that this result season we would start seeing some early kind of cracks in some of the numbers either flat to weakish. But by the time we are winding up our Q2 earnings season, the narrative seemed to have changed. It turned out pretty okay. What were some of the hits and misses in your view? If you look at the aggregate numbers which we have studied so far, there are two big factors why you can say first of all as far as your aggregate volumes are concerned and when I am saying this we are referring to the volume growth in any sector or the segment. So, there has not been any big surprise element on that part. The demand conditions have not predominantly changed than what we were talking say a month or two back. But what has been surprising is that the benefit of benign raw material prices has been better than what it was anticipated say a couple of months back.

By David Lawder

By Julie Zhu

By Kevin Buckland

BUENOS AIRES (Reuters) — Argentina's Economy Minister Sergio Massa plans to renegotiate the country's loan with the International Monetary Fund (IMF) if he wins the upcoming presidential election, he said Wednesday evening in a TV interview.

By Tetsushi Kajimoto

Russia’s State Duma passed a record federal budget in its second reading which aims to increase spending by around 25% in 2024, with record amounts going on defense

gains for the S&P 500 Index in 2024, say strategists at Goldman Sachs Group Inc., becoming the latest Wall Street bank to come out with a bullish call. The team, led by David Kostin, joins others who have turned more positive about the outlook for equities, like Morgan Stanley's Michael Wilson. Meanwhile, Bank of America Corp.'s Michael Hartnett has said investors have moved to overweight positions in stocks and bonds. Kostin's expectations are still moderate: he sees the US benchmark ending next year at 4,700 points, nearly 5% above its current level, but a slower advance than this year's 17% rally so far. A supportive mix of factors awaits US stocks, with the economy set to avoid a recession, earnings rising and valuations remaining steady, the Goldman team wrote in a note Wednesday.

Reserve Bank of India mandated tokenisation of cards for ecommerce transactions, global card payment scheme Visa said in a report. Out of these, Visa has issued around 300 million tokens, said the report, to be released on Thursday.

“We are excited to welcome Bitvo’s clients to the WonderFi ecosystem,” said WonderFi President and Chief Executive Officer, Dean Skurka. “The acquisition of Bitvo’s clients represents a non-dilutive acquisition for WonderFi, with immediate cash flow, increased scale, and an expected payback period of less than six months.”

Investing.com — Stocks rallied on Wednesday after more inflation readings showing prices cooling faster than expected bolstered investor sentiment that the Federal Reserve could end its interest rate increases.

In February 2023, we wrote this article. The article walks through Michael Kantrowitz’s HOPE model. HOPE, or Housing, New Orders (ISM), Corporate Profits, and Employment, provides a handy acronym to track parts of the economy that are interest rate sensitive and tend to be leading recession indicators.

Investing.com — Oil prices settled lower Wednesday, weighed down by a stronger dollar and a larger-than-expected increase in weekly U.S. crude inventories that renewed concerns about the demand outlook.    

The United States District Court for the Northern District of Florida issued a decision concerning the designation of Tornado Cash by the Office of Foreign Assets Control (OFAC). The case, identified as Case 3:22-cv-20375-TKW-ZCB, revolved around the designation of Tornado Cash under the International Emergency Economic Powers Act (IEEPA). The IEEPA authorizes the president to declare national emergencies to handle unusual foreign threats to the United States' national security, foreign policy, or economy. Utilizing this authority, the president had declared national emergencies concerning malicious foreign cyber-enabled activities and North Korea's nuclear missile program.

Warner Bros have said. \ The production, directed by Greta Gerwig, created 685 jobs, involved over 6,000 extras, supported 754 local businesses, and paid more than £40 million in local wages. Filming primarily took place at the Warner Bros.

By Joseph White

Former Kansas City Federal Reserve Bank President and CEO Thomas Hoenig discusses potential for a recession during his appearance on 'Mornings with Maria.'

Bank of India (RBI). Bank credit to large industries showed a growth of 6.1% in the same period. Although the merger of erstwhile Housing Development Finance Corp.

Also Read: US October wholesale prices fall to 0.5% in biggest monthly drop since April 2020 Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a November 17 expiry, was last trading lower by 1.43 per cent at ₹6,415 per bbl, having swung between ₹6,393 and ₹6,548 during the session far, against a previous close of ₹6,508 per barrel. -Top oil exporters Saudi Arabia and Russia said this month they would continue with their additional voluntary oil output cuts of 1.3 million barrels per day until the end of the year.