Exit Financial News

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pension scheme for unorganised workers, Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), saw the exit of about 21% subscribers in less than six months, raising questions on the viability of the scheme. The total number of subscribers under the scheme fell to 4.43 million on July 11, down 1.19 million from an all-time high of 5.62 million on January 31, as per government data.

₹247 apiece on 11 July to ₹189.50 a day later in response to higher tax on gaming. Manoj Vayalar, vice president, Religare Broking, however, said the increase in outstanding positions of futures contracts should not be seen as ‘mere shorting’ but as a ‘hedge’ by large funds ahead of the Q1 results.

Housing Development Finance Corporation (HDFC) merged with its subsidiary HDFC Bank on July 1, 2023, following which shares of HDFC ceased to exist on bourses from Thursday, July 13. The HDFC, HDFC Bank merger created the world's fourth largest bank of the world after JP Morgan Chase & Co, Industrial and Commercial Bank of China Ltd (ICBC) and Bank of America Corp. After this merger, HDFC Securities, HDFC AMC, HDFC Ergo GIC, HDFC Capital Advisors and HDFC Life Insurance have become the key subsidiaries of HDFC Bank.

(Reuters) — Carlyle Group (NASDAQ:CG) Inc and Trustar Capital are planning to raise $4 billion from funds including GIC Pte to buy part of their stakes in McDonald's Corp (NYSE:MCD) operations in Hong Kong and mainland China, Bloomberg News reported on Wednesday.

Vedanta declined almost three per cent in morning trade on BSE on Tuesday, a day after Taiwan-based firm Foxconn said it had decided to pull out of a $19.5 billion semiconductor joint venture (JV) with Vedanta. The stock opened at ₹275 against the previous close of ₹282.25 and fell 2.6 per cent to ₹274.90 soon.

The board revealed it has also received two other proposals, one of which is under consideration but remains at an early stage.

Manchester United is planning to buy Andre Onana from Inter Milan after David de Gea’s departure. Italian newspaper Gazzetta dello Sport reports that Andre Onana, the goalkeeper for Inter Milan, is expected to join Manchester United within the next 72 hours. Negotiations between the two clubs have been ongoing, and it appears that a deal for Onana is close to being finalized.

The ministry of corporate affairs is exploring the possibility of involving the Serious Fraud Investigation Office (SFIO), which has experts from different arms of the government, to probe the auditor resignation and delayed financial reporting by Think and Learn Pvt. Ltd, which runs online tutor Byju’s, two people familiar with the development said.

Binance's handling of the recent regulatory troubles has led to the departure of some top executives.

credit growth and favourable macroeconomic conditions have buoyed the securitisation volume by a full 60 per cent on-year to Rs 53,000 crore during the first quarter, and is likely to touch Rs 1,90,000 crore by March, despite the exit of HDFC, says a report. However, volumes will be impacted in the subsequent quarters due to the exit of HDFC following its merger with HDFC Bank, Icra Ratings said in a report.

HDFC Bank will replace Housing Development Finance Corporation in FTSE All-World index, effective July 13, following the completion of the merger of the two entities, the global index aggregator said. HDFC Bank will be added to the index with a total of 3,082,056,076 shares, and an investability weighting of 95.98%, FTSE Russell said in a release. HDFC Bank will remain a part of the FTSE MPF-All World, FTSE Global Large Cap, and FTSE Emerging indices, while HDFC will be deleted from these indices.

The FSB’s recommendations call for greater clarity on the redemption terms that open-ended funds could offer to investors, based on the liquidity of their holdings.

₹1,200 crore investment led by Multiples Private Equity (PE) along with its co-investors including International Finance Corporation (IFC) to expand access to capital for India’s micro, small and medium enterprises.  The deal comprises of a primary issuance of Rs 400 crore and provides a part exit to early investors, British International Investment (BII) and Lok Capital, the lender and Multiples PE said in a statement.  While Multiples PE, along with co-investor World Bank’s private investment arm IFC and others, will be infusing ₹1,050 crore; Avendus Future Leaders Fund also participated in the transaction investing Rs 150 crore.  Veritas proposes to use the fresh capital to enter new markets and strengthen its new product lines, including affordable housing loans.  “The fresh capital raised will provide significant runway for growth, help deepen our existing offerings and expand into the affordable housing space. We strongly believe these partnerships will further catalyse our mission to serve the underserved," said D. Arulmany, MD & CEO of Veritas.

Richard Buxton of Jupiter Asset Management (pictured)

Goldman Sachs is considering exiting its partnership with Apple, the Wall Street Journal reported on Friday, citing sources familiar with the matter. The iPhone-maker and Goldman Sachs started rolling out a virtual credit card in 2019.

HSBC is expected to tell staff today that it will downsize and quit its Canary Wharf headquarters where it has held its main UK presence for more than two decades.

The details behind Binance’s failed efforts to register for a virtual asset service provider (VASP) license in the Netherlands remain unclear due to the confidentiality requirements of the Dutch central bank’s supervisory laws.

Cryptocurrency exchange Binance said it will leave the Netherlands after the company's application to register under the Dutch crypto authorization regime was rejected.

Crypto exchange Bybit has announced plans to exit Canada, citing growing regulatory scrutiny in the country. 

DWS, the asset manager majority owned by Deutsche Bank, has announced chief financial officer Claire Peel will leave the firm later this year after five years in the role.