Election Financial News

The bond-market tremors came two weeks and two continents apart.

Joe Biden has pulled out of the US Presidential Election 2024 and endorsed Vice President Kamala Harris. The first vice president of the Indian- African descent is most likely to be nominated as the Democrat candidate for the November 5 election. However, a fundamental question in the US political system is: What will happen to the millions of dollars the incumbent president has collected as campaign funds? Will Kamala Harris get it? Will it be refunded to the donors? Will it go to the Democratic Party coffers? Or can Joe Biden take it for his personal use?

NEW DELHI : Going into the 2024 general elections, the ruling Bharatiya Janata Party (BJP) played up its achievements on jobs, welfare schemes and growth. The shock from an electoral result way below expectations makes this a major budget for the party, leading to a core focus on economic revival at an all-round level. With major state elections due later this year and next year, the BJP-led coalition has its work cut out on these four fronts.

WASHINGTON—What a year these past few weeks have been. President Biden’s withdrawal from the 2024 campaign caps off a historically tumultuous stretch in American politics, as a series of unexpected events—from a presidential debate for the ages to a near-assassination—have shaken up the political landscape and thrust it into uncharted territory. Until recently, the 2024 presidential election was shaping up as a snoozer of a rematch, with the same candidates who battled each other in 2020 ignoring the electorate’s pleas for change and slogging joylessly toward a November grudge match.

Last night (21 July), Biden announced he was pulling out of the 2024 election, following weeks of internal Democratic and punditry pressure to withdraw. Biden, who took the White House office in 2020, said in a letter addressed to «my fellow Americans», that it had been the «greatest honour of my life to serve as your president». «While it has been my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as president for the remainder of my term,» he said. Investors not expect...

Market veteran Madhu Kela feels that the one engine of the economy of India doing well is the stock market. It is aiding a lot of capital formation. There has never been a healthier situation for the government. Today, if the government wants to raise even Rs 1 lakh crore, they have to only sell 2-3% of the PSUs and that can give them fiscal space of maybe 0.3-0.4%. There are lots of levers. Why will they want to kill the market? The taxation is not low. When long-term capital gains or short-term capital gains tax is combined with dividend distribution, buyback taxation, STT, and income tax, it is not low and there is a marginal tax on F&O already. The most important point in the mind of the market right now is in the Budget tomorrow, especially in the backdrop of so much commentary coming in that regulator is saying mutual funds are taking away the bulk of deposits from the banking. The regulator, SEBI, is sounding worried about rising speculation on the F&O side. The market is expecting some move in the Budget to curb that. Is it justified to expect some move? Madhu Kela: Not a question I would have loved to start with.

In a surprising development, President Joe Biden declared on Sunday that he would not seek re-election. This decision throws the Democratic nomination into uncertainty just months before the November election against former President Donald Trump.

Netanyahu visits Washington this week, under pressure to end the Gaza war both from Israelis who want hostages brought home and from a U.S. administration focusing increasingly on the presidential election. The visit, Netanyahu's first to his most important international ally since returning for a record sixth term as prime minister at the end of 2022, has been overshadowed by President Joe Biden's decision not to seek reelection. A meeting with Biden is tentatively planned for Tuesday if the president has recovered from Covid-19, and Netanyahu is scheduled to address the U.S. Congress on Wednesday.

India is in for a major event this week, the Budget, which has been crucial given the kind of spending the government of India is doing in certain sectors and which has a direct impact on the stock market, discounting every single statement and reflected in prices.

Yogi Adityanath from some BJP leaders as well as NDA partners in the state have led to speculations that there may be a change of guard after the by-elections to ten vacant Vidhan Sabha seats are over. While any such move will come at a cost that the high command will have to factor-in, a reshuffle in the party’s organizational set-up appears more imminent. The contest between Yogi Adityanath and deputy CM Keshav Prasad Maurya, who has been vocal about his disenchantment and not hidden his ambitions, goes back to the 2017 Vidhan Sabha elections. A strong OBC leader and the then BJP unit president, Maurya played a key role in BJP’s impressive performance where it won 312 seats. He was naturally a contender for the CM post. Most of the candidates fielded by BJP were of his choice and hence backed him. BJP Chief Amit Shah decided to make Yogi Adityanath the CM, ostensibly keeping the 2019 Lok Sabha elections in mind. In the fight between Kamandal and Mandal, Hindutva usually trumps caste as religious polarization blurs the community differences. Maurya had to settle for the Deputy CM post and also share the post with Dinesh Sharma, a Brahmin leader.

Drilled down to its basics, a budget, whether of the government or a household, is essentially the same. It must balance expenditure on one hand with receipts or income on the other. But there is one key difference.

Joe Biden described the challenge of leading a psychologically traumatized nation. The United States had endured a life-altering pandemic. There was a jarring burst of inflation and now global conflict with Russia invading Ukraine, as well as the persistent threat to democracy he felt Donald Trump posed. How could Biden possibly heal that collective trauma?

dollar slipped and Asian stocks fell after Joe Biden ended his reelection campaign and endorsed Vice President Kamala Harris. China’s central bank cut a key short-term interest rate. A Bloomberg gauge of the US currency’s strength fell 0.2% Monday after the US President bowed to pressure from the Democrats and pulled out of the November election race, while the Mexican peso climbed. US stock futures gained.

Donald Trump", all eyes are now on the Democratic National Committee (DNC) Chair. Questions have now turned to Harris' electoral viability — and how she might perform against former President Donald Trump. Across recent polls, Harris trails Trump by 2 percentage points nationally on average, 46 per cent to 48 per cent. This is an improvement over Biden's standing in the race: He trailed the Trump by 3 percentage points in the polling average, 47 per cent to 44 per cent, as per a report on NYT News Service. In recent swing state polls, taken before Biden announced he would withdraw from the presidential race and completed before the assassination attempt on Trump, Harris was only down by 1 percentage point in the crucial swing state of Pennsylvania in a hypothetical matchup with Trump. And she was winning by a more comfortable 5 percentage points in Virginia, a state where Biden was up by only a razor-thin margin.

YSRCP to hit capital street YSRCP is bringing the issue of post-poll violence in Andhra Pradesh to New Delhi. Former chief minister and YSRCP chief YS Jagan Mohan Reddy will hold a protest with party MPs, MLAs and MLCs in the national capital. The party will organise an exhibition of photographs and videos of party workers who allegedly have been targeted by the ruling TDP over the last 45 days since the regime change. YSRCP has invited all political parties to lend support to this move. Samajwadi's wishlist After strong performance in the Lok Sabha elections in Uttar Pradesh, Samajwadi Party is now looking to extend its footprint beyond the state. To put pressure on Congress for an alliance in Maharashtra, all the 37 SP MPs held a public meeting in Bandra, Mumbai. SP supremo Akhilesh Yadav wants a few seats from Congress in Maharashtra and Haryana.

Joe Biden announced Sunday that he is withdrawing from the presidential election race and endorsed Kamala Harris to take his place against Donald Trump this November.“It has been the greatest honour of my life to serve as your President,” Biden said in a statement released Sunday shortly before 2 p.m. ET.“And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” he said.Biden said he would address the nation later this week to provide more details about his decision.In a separate statement, Biden gave his endorsement to his vice-president, Kamala Harris.“My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President.

Thirty-six congressional Democrats have publicly called on Democratic President Joe Biden to end his re-election bid after the 81-year-old incumbent's halting debate performance against Republican rival Donald Trump, as per a Reuters report. They represent more than one in eight Democrats in Congress, where Biden's party controls 213 seats in the House of Representatives and 51 in the Senate.

Joe Biden ending his reelection bid and endorsing Vice President Kamala Harris, Democrats now must navigate a shift that is unprecedented this late in an election year. Democrats are set to hold their convention in Chicago on Aug. 19-22. What was supposed to be a coronation for Biden now becomes an open contest in which nearly 4,700 delegates will be responsible for picking a new standard-bearer to challenge Republican Donald Trump in the fall. The path ahead is neither easy nor obvious, even with Biden endorsing Harris. There are unanswered questions about logistics, money and political fallout.

Joe Biden has announced his decision to withdraw from the 2024 US Presidential race, citing the best interests of his party and the nation. This move follows mounting pressure from within his own party, particularly after a challenging debate performance against former President Donald Trump in June.

Joe Biden's decision to end his reelection campaign on Sunday followed a series of strategic missteps by his campaign team and White House aides that amplified concerns that the 81-year-old president wouldn't be able to win in November's election, or run the country for another four years. Biden's halting performance at the June 27 presidential debate against Republican candidate Donald Trump, pushed even some of his closest allies to question whether he could endure a full campaign, and added gasoline to a smoldering Democratic party movement questioning the wisdom of his second term. Within days, Biden went from the party's figurehead to a liability. He became the first sitting president to stand down from a possible reelection since Lyndon B. Johnson in 1968.

Joe Biden on Sunday announced that he has decided to 'step down' as Democratic Party's Presidential candidate in the forthcoming elections, following his fellow party members losing faith in his mental stability and lack of confidence to beat Donald Trump. «It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,» Biden said in a letter to his countrymen. However, the President has not made it clear yet on who will replace him as Democrats' Presidential face.