President Financial News

Karnataka Cabinet on Thursday decided to advise Governor Thawarchand Gehlot to permit prosecution of Union Heavy Industries Minister HD Kumaraswamy and former BJP ministers Shashikala Jolle, Murugesh Nirani and G Janardhana Reddy as sought by the Lokayukta. The Cabinet decision comes days after Lokayukta’s special investigation team (SIT) sent a second letter to the Governor requesting permission to file chargesheet against Kumaraswamy in connection with the renewal of a mining lease. The ruling Congress has stepped up its counter-offensive against the BJP-JDS combine, both legally and politically, and is preparing to build a strong case ahead of the scheduled hearing of Chief Minister Siddaramaiah’s writ petition in the high court, coming up on August 29. The CM is battling charges of his wife being given 14 residential plots, unlawfully, in an upscale area in Mysuru.

Federal Reserve policymakers on Thursday lined up in support of U.S. interest-rate cuts starting next month now that inflation is well down from its highs and the U.S. labor market is cooling, though one signaled he is in no rush to ease policy. «For me, barring any surprise in the data we'll get between now and then, I think we need to start this process» of lowering rates, Philadephia Fed Bank President Patrick Harker said in an interview with Reuters. «I think a slow, methodical approach down is the right way to go.» Boston Fed President Susan Collins struck a similar tone, signaling her likely support for a rate cut at the U.S. central bank's policy meeting next month.

Philadelphia Federal Reserve President Patrick Harker on Thursday provided a strong endorsement to an interest rate cut on the way September.

Nitish Kumar have assured the Muslim bodies that their parties would oppose the Waqf (Amendment) Bill. His remarks came at a joint press conference of the All India Muslim Personal Law Board, Jamiat Ulema-e-Hindi and other Muslim organisations where they asserted that they will launch a nationwide movement if the proposed legislation is not withdrawn and exhaust all measures within the ambit of law. «We have met various opposition parties. We also met Chandrababu Naidu, who assured us that 'we will oppose this bill'. We met Nitish Kumar yesterday and he also assured us that 'we will oppose this bill'. Tejashwi Yadav has also assured us that his party would oppose the bill. Uddhav Thackeray has made a statement that he would not allow anyone to lay a hand on the Waqf and Tamil Nadu Chief minister M K Stalin has also said he would oppose,» Rahmani said. Specifically asked about the details of the meeting with Naidu and Kumar, Rahmani did not give a direct answer and said the Muslim organisations want all secular parties, including the BJP allies, to support their stand in view of justice and secularism.

Realty developer M3M has reported Rs 3,911 crore sale during Q1FY 25, an increase of 37% increase from Rs 2854 crore during the same period last year. In the residential and plot development segment, M3M reported sales of Rs 2028 crore in Gurugram, Panipat and Noida region during the first quarter of FY 2023-24. Its sales during the first quarter of FY 2024-25 increased by 46% increase to Rs 2971 crore. M3M generated Rs 826 crore from its commercial segment during Q1FY 2023-24, which increased to Rs 940 crore this year.

Canada’s two biggest railways, accounting for almost 80 per cent of the national network, shut down early Thursday after talks with a union failed, immediately blocking arteries of North American supply chains that carry about $1 billion per day in trade.

PayU has partnered with Amazon Pay Later to provide instant digital credit access to Indian shoppers. As part of this partnership, Amazon Pay Later will be integrated into PayU’s checkout infrastructure, allowing online merchants to offer an instant credit line to their customers, thereby boosting business revenues. “We believe this innovative solution is poised to significantly impact the way instant credit is accessed and utilised by consumers in India, while also helping merchants achieve better business outcomes,” said Nikhil Mehta, senior vice president of payments strategy and partnerships at PayU.

Madhapur, a village on the outskirts of Bhuj in Gujarat, is dubbed 'Asia's richest village.' With a population of around 32,000, up from 17,000 in 2011, its residents hold fixed deposits worth Rs 7,000 crore. The village's prosperity is attributed to its NRI (non-resident Indian) families who deposit crores every year in local banks and post offices. Madhapur is home to the Patel community and boasts 17 banks, including major public and private banks like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank. This is unusual for a single village, but more banks are interested in opening branches here. The significant deposits are primarily from families who live abroad, particularly in African countries where Gujaratis dominate the construction business. Many residents also reside in the UK, Australia, America, and New Zealand.

A key gauge of euro-zone wages eased — reinforcing the case for the European Central Bank to continue lowering interest rates next month.

Modi on Thursday reiterated India's previous standing of supporting dialogue and diplomacy and said India is willing to help Ukraine and nations West Asia revolve its conflicts. While speaking at the joint press briefing with Polish PM Donald Tusk, the PM further said that India does not believe war to be a solution. «The ongoing conflicts in Ukraine and West Asia are a matter of deep concern for all of us. India firmly believes that no problem can be solved on the battlefield. The loss of innocent lives in any crisis has become the biggest challenge for the entire humanity. We support dialogue and diplomacy for the early restoration of peace and stability. For this, India is ready to provide all possible cooperation along with its friendly countries,» he said. The prime minister's comments came ahead of his first visit to war-torn Ukraine on Friday by the invite of Ukrainian President Zelenskyy. PM Modi also thanked PM Tusk for playing a crucial role in facilitating the evacuation of Indian students from Ukraine during the initial months of the start of the its war with Russia in 2022.

In November 2022, after acquiring Twitter, Elon Musk joked to his millions of followers: “Wait, if I Tweet does that count as work?" An account secretly run by a Russian intelligence agency tried for a humorous reply: “Your boss will be angry." The awkward joke got zero likes. Russian trolls are ramping up their efforts again on social media ahead of another U.S. presidential election, and they seem desperate for influencers to notice them.

Editor’s note (June 20th 2024): The Supreme Court has ruled in Moore v United States, upholding the tax at issue (the “mandatory repatriation tax"). The court declined to weigh in on the constitutionality of a tax on unrealised gains. The rich are different from other people. They have more money and, in most places, they pay much less tax.

Donald Trump's nearly USD 500 million civil fraud judgment, arguing there's «overwhelming evidence» to support a judge's finding that the former president lied for years about his wealth as he built his real estate empire. In paperwork filed ahead of oral arguments next month, New York Attorney General Letitia James' office said the current Republican nominee's appeal is awash in «meritless legal arguments» and ignores volumes of trial evidence showing that he and his co-defendants engaged in «fraud and illegality on an immense scale.» «On appeal, defendants tellingly ignore almost all their deceptions,» Assistant Solicitor General Daniel S Magy wrote in a 168-page submission to the state's mid-level appeals court known as the Appellate Division. Trump, his company and top executives including his sons Eric and Donald Trump Jr «created and used financial statements rife with blatant misrepresentations and omissions to maintain loans worth more than half a billion dollars and to generate over USD 360 million in ill-gotten profits,» Magy wrote.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Lingo Telecom agreed to pay a $1 million fine after the agency said it transmitted fake robocalls imitating President Joe Biden seeking to dissuade people from voting for him in New Hampshire's Democratic primary election, a US government regulator said on Wednesday. The Federal Communications Commission said Lingo transmitted spoofed robocalls that used generative artificial intelligence voice-cloning technology «to spread disinformation.» The calls were directed by political consultant Steve Kramer, who has been charged by the New Hampshire state attorney general's office. The FCC earlier proposed fining Lingo $2 million for allegedly transmitting the robocalls in January. The FCC said Lingo under the settlement will implement a compliance plan requiring strict adherence to FCC caller ID authentication rules.

A former recruiter at Osaic, known until recently as Advisor Group, has dropped her lawsuit that alleged pay discrimination, retaliation and sexual harassment by the firm against her.

Buy or sell stocks today: The Indian domestic stock market index Nifty closed higher for the fifth consecutive session on Wednesday, August 21. The index was fueled by the gains from the domestic FMCG and IT sector, closing 0.29 per cent higher at 24,770.20 points, compared to 24,698.85 points at the previous market close. The Bombay Stock Exchange (BSE) Sensex closed 0.13 per cent higher at 80,905.30 points after Wednesday's session, compared to 80,802.86 points at the previous close.

Tim Walz accepts the Democratic nomination for vice president on Wednesday with 11 weeks to go before he and presidential running mate Kamala Harris face Republican former President Donald Trump in the 2024 U.S. election. Walz, 60, a military veteran, former high school teacher and football coach, will talk about growing up on a farm in Nebraska, his family and freedoms that Democrats say are under attack from Trump, making his third run for the White House. Walz has brought a folksy charm to the campaign trail, describing himself and Harris as «joyful warriors» focused on a brighter future, in contrast to Republicans who they say are stoking fear and division.

stocks inched higher on Wednesday amid range-bound trading after investors parsed a steep downward revision in payrolls, and the release of the minutes from the most recent meeting of the Federal Reserve, which cemented expectations for a September rate cut. All three major U.S. stock indexes closed modestly higher.

Comerica Wealth Management CIO John Lynch on the expected 2024 job revisions, his expectations for Federal Reserve Chairman Powell's Jackson Hole speech, where to allocate capital, and Target earnings.

Barron Trump, the youngest member of the Trump family, plans to enroll in a New York university this autumn. Prior to his campaign stop in Michigan, the former president stated in an exclusive interview that he's all set in a certain school that's very good. The former president majored in economics when he graduated from the University of Pennsylvania in 1968. The 45th president stated that although the school is located in the Empire State, a specific announcement about it will be made soon by his team. Trump grinned on being questioned whether the said school was New York University and insisted that he would not identify the university until the announcement went live. Barron Trump is smart and has always been a very good student at school. May marked Barron Trump's 18th high school graduation. His father had previously stated that he was in the process of choosing between multiple schools. According to Trump, his 6-foot-7 son is interested in politics and occasionally gives him advice. Also Read: Could trapped survivors still be found in the sunken superyacht? Experts warn time is running out