PAM Financial News

New Zealand are yet to cement their place at next year's 50-over World Cup, with the Kiwis currently sitting in sixth place on the Women's Championship standings with 21 points after no result was achieved at Basin Reserve on Thursday.

Markets regulator Sebi on Friday simplified the framework for asset management companies (AMCs) by reducing the requirement to upload draft SIDs to 8 working days from 21 days earlier. This is aimed at streamlining the process, reducing timelines, and enhancing investor protection while simplifying compliance for AMCs. Earlier, AMCs had to upload draft Scheme Information Documents (SIDs) on Sebi's website for 21 working days to receive public comments. Over time, the regulator has standardised and updated the format and content of SIDs to improve investor communication.

US Congress was scrambling to avert a partial government shutdown on Friday, hours after more than three dozen Republicans rejected a demand by President-elect Donald Trump to use the measure to lift the nation's debt ceiling. Republican House of Representatives Speaker Mike Johnson was trying to plot a course that could pass both his chamber, with narrow Republican control, and the Democratic-majority Senate, as a midnight Friday (0500 GMT Saturday) funding deadline loomed. «We have a plan,» Johnson told reporters at the Capitol on Friday. «We're expecting votes this morning.»

Reserve Bank of India (RBI) on Friday reviewed the global and domestic economic situation and outlook at a meeting chaired by new Governor Sanjay Malhotra. The 612th meeting of the Central Board of Directors of the RBI also placed on record its appreciation of the valuable services rendered by Shaktikanta Das during his tenure as the governor of the central bank. Das demitted officer earlier this month after completing an extended six-year tenure. «The Board reviewed the global and domestic economic situation and outlook, and discussed the activities of select central office departments as well as the draft report on Trend and Progress of Banking in India, 2023-24,» the RBI said in a statement.

Bharat Petroleum Corp Ltd has bought its first crude oil cargo from Argentina, two trade sources said on Friday, part of the company's effort to diversify the grades processed at its refineries. The state-run refiner has purchased the 1-million-barrel cargo of Medanito crude for February delivery from European trader Mercuria, the sources said. The light-sweet grade is of a similar quality to U.S. West Texas Intermediate crude, they added.

ICC reached a breakthrough in the Champions Trophy impasse with India playing all its matches of the mega event at a neutral venue instead of host country under a reciprocal arrangement. In return, Pakistan will also play all its games in ICC events hosted by India at a neutral venue until the ongoing cycle ends in 2027. The deadlock over the hosting of next year's Champions Trophy finally ended on Thursday. «I think the PCB took the sensible approach and instead of doing something rash and facing isolation in the ICC and among other cricket nations, it opted for a solution where I think the PCB has gained more than the BCCI,» said the legendary Javed Miandad.

Shiv Sena UBT leader Sanjay Raut on Friday claimed attacks on Marathi-speaking people have increased after the BJP won the Maharashtra assembly polls and alleged that an environment was being created to drive them out of Mumbai and neighbouring areas. Talking to reporters, Raut highlighted an incident at Kalyan in Thane district, where non-Marathi-speaking people allegedly attacked a Marathi-speaking family. He further dubbed the Maharashtra government as «inauspicious» over the death of 14 people in the collision between a navy craft and a passenger ferry. He alleged that dacoity and murders were taking place in villages and districts.

Vice President Jagdeep Dhankhar does not allow them to speak, Trinamool Congress (TMC) Parliamentary Party Leader Derek O'Brien on Friday alleged that the Rajya Sabha chairman spoke for around 30 per cent of the time the Upper House functioned. Slamming the chairman on the last day of the Winter Session, O'Brien in a brief statement said that the Upper House ran for a total of 43 hours till December 18 and Dhankhar spoke for around four and a half hours. There are no official records of speaking time of the Rajya Sabha chairman or its members.

prescription stimulants like Adderall to help them endure gruelling workdays that often extend beyond 22 hours. A recent investigation by The Wall Street Journal reveals how widespread the use of such substances has become among investment professionals, as they try to keep up with the relentless demands of their jobs. Stimulants such as Adderall, Vyvanse, and high-caffeine energy drinks are reportedly common tools used by young bankers to stay alert during marathon work hours.

Realty developers’ body CREDAI has written to the finance minister Nirmala Sitharaman urging a review of the proposal as the move would result in a substantial incremental impact on project costs, pushing housing prices up by around 10% across various property markets of the country. “FSI/ additional FSI charges constitute a significant part of the project cost, and the proposal to impose 18% GST on such charges could prove to be counterproductive and act as a deterrent to housing supply and demand, owing to additional financial obligations and increasing housing prices as a direct consequence. We strongly request and recommend to the Government to keep the FSI charges exempt from GST,” said Boman Irani, president, CREDAI.

The fund house informed about this to its unitholders through a notice-cum-addendum. The changes for Mirae Asset Balanced Advantage Fund, Mirae Asset Multi Asset Allocation Fund, Mirae Asset Equity Savings Fund, Mirae Asset Midcap Fund, and Mirae Asset Flexi cap Fund will be effective from January 1, 2025. The changes in Mirae Asset Gold ETF Fund of Fund will be effective from December 24.

Micron Technology shares slumped about 15% on Thursday, as a bleak forecast indicating sluggish demand for personal computers and smartphones overshadowed a lift from robust growth in sales of AI-related chips. The market for dynamic random-access memory (DRAM) chips used in personal computers and smartphones has remained under pressure since the end of the pandemic amid a lingering supply glut and sluggish consumer demand. Micron's flash memory chip revenue in fiscal 2025 is expected to be significantly weaker, as sales of such chips are more exposed to PC and mobile phone shipments, Morningstar analyst William Kerwin said.

A 2019 paper co-authored by Arvind Subramanian, former Chief Economic Advisor to the Government of India, and Josh Felman sheds light on the economic challenges India faced at the time. The authors highlighted a "Four Balance Sheet Challenge," warning that the economy was heading toward an «Intensive Care Unit» due to mounting financial stress. Subramanian argued that the roots of this issue could be traced back to the "Twin Balance Sheet Problem."

Partly cloudy skies will dominate the day, with early morning hours seeing haze or mist in some areas, potentially affecting visibility, as per the forecast by the Met department. This weather is being influenced by a well-marked low-pressure area over the Southwest Bay of Bengal, which is likely to move northwestwards towards the North Tamil Nadu and South Andhra Pradesh coasts over the next 12 hours.

WHY IT'S IMPORTANT Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

FIR against Rahul Gandhi is a diversionary tactic in response to his staunch protest against Home Minister Amit Shah's remarks on B R Ambedkar. In a post on X, KC Venugopal shared, «The FIR against Rahul Gandhi is nothing but a diversionary tactic in response to his staunch protest against the Home Minister. A case against him for defending Babasaheb's legacy is a badge of honour. In any case, Rahul Gandhi is already facing 26 FIRs due to the BJP's political vendetta and this latest FIR will not stop him or the Congress from standing up against the casteist RSS-BJP regime. At the same time, why has the Delhi Police not acted on the FIRs filed by women MPs of INC against the BJP leaders who physically assaulted them?» Delhi Police on Thursday registered an FIR against Rahul Gandhi, who is also Leader of Opposition in Lok Sabha, in connection with a scuffle in Parliament with BJP and Congress filing cross-complaints against each other.

The selection of the date of December 25 is believed to be nine months after the Annunciation which actually celebrates the conception of Jesus Christ on the date of March 25 which coincides with the spring equinox. The Early Christians initially focused on Easter as their main celebration; though however, as Christianity spread more and more, Christmas gained significant prominence. Near about by the sixth century, it was started being celebrated in numerous regions which including Jerusalem and Constantinople while it evolved into a significant holiday that combined religious observance with local customs and traditions.

Smriti Mandhana and Richa Ghosh struck quickfire fifties as India outplayed West Indies by 60 runs to clinch the three-match women's T20I series 2-1 here on Thursday. Stand-in skipper Mandhana continued her red-hot form with a making 77 off 47 balls, before Richa Ghosh's 18-ball fifty powered India to a record 217/4, India's highest in the format. Mandhana, leading in the absence of Harmanpreet Kaur, struck 13 fours and a six. Following her dismissal, Richa (54, 21b; 3x4, 5x6) took charge to equal Sophie Devine and Phoebe Litchfield's record for the fastest half-century in Women's T20Is.

Poonawalla Fincorp is implementing Artificial Intelligence (AI) in human resource (HR) processes, including managing potential risks and ensuring accuracy in AI-driven hiring. The company, which saw a top management rejig earlier this year including appointment of new MD and CEO Arvind Kapil who took charge in June, has undertaken an AI led transformation of talent acquisition. “AI is a critical development and one of the big bets for a managing director,” said Kapil. “We thought the first project that we would implement should be in the realm of HR.” “We will slowly step by step work towards different departments. For example, customer service business departments, compliance, credit and others,” he said. The company has also partnered with IIT Bombay for AI implementation.

According to Fortune, since his relocation from Washington to Indian Creek which is located in Florida, Jeff Bezos has sold approximately $13.6 billion worth of Amazon stock. The lack of a state income tax and capital gains tax in the state of Florida actually makes it a favorable environment for billionaires like Jeff Bezos specifically compared to Washington which has enacted a 7% capital gains tax on profits exceeding $250,000. The decision of Jeff Bezos to move to Florida was actually motivated by personal and professional reasons while including proximity to his parents and his aerospace company named Blue Origin, asserted Fortune. If Jeff Bezos had remained in the state of Washington during his stock sales then he would have faced a substantial capital gains tax bill of nearly $954 million.