President Financial News

Bank of Americaindicated in February that it wanted to build out its European equity derivatives business this year. Accordingly, it has just made a mid-level equity derivatives hire from Morgan Stanley. At the same time, though, it lost a senior equity researcher to Citi, where one of it former equities stars is now heading research globally.

Auto components industry body ACMA on Monday called for incentivising capex expenditure, increasing depreciation rates on plant and machinery and rationalising GST rates on EVs and its components, ahead of the upcoming Budget 2024-25. In its recommendations submitted to the Ministry of Finance and the nodal ministry for automotive industry, the Ministry of Heavy Industries, ACMA also asked the government for clarification of tax deductions on business benefits and perquisites under Section 194R while suggesting an amnesty scheme for resolving legacy disputes under customs laws. ACMA said it has proposed several key measures to further bolster the sector. «These include incentivising capex expenditure by reintroducing additional investment allowance provision, increasing depreciation rates on plant and machinery in the auto component industry from 15 per cent to 25 per cent, and rationalising GST rates on EVs and its components,» ACMA said in a statement.

Fidelis Capital, an advisor-owned wealth management firm, has deepened its talent pool further with a seasoned expert in wealth management and sophisticated planning strategies.

Cetera Financial Group has made another key addition to its C-suite as it taps a Northwestern Mutual to its investment services arm.

India Bullion Jewellers Association (IBJA) has Aksha Mohit Kamboj as its Vice President, effective from June 22. Kamboj brings with her years of experience and expertise in the field of bullion and jewellery, and her appointment is poised to further strengthen IBJA’s leadership in the industry. Aksha Mohit Kamboj is the Executive Chairman of Aspect Global Ventures Pvt Ltd and is also the co-owner of Cricket ISPL team Tiigers of Kolkata. She is the first and the only woman appointed to such a prestigious post in the gold and jewellery sector. Commenting on her appointment, Kamboj said «I am looking forward to working closely with the leadership team and our esteemed members to uphold the highest standards of integrity and excellence in our industry»

Biju Janata Dal (BJD) has decided to renew its push for Special Category Status for Odisha, reported ANI. This decision came after a meeting of the party, chaired by BJD president Naveen Patnaik, and attended by all nine of the party's Rajya Sabha MPs. During the meeting, discussions centered around the long-standing demand for Special Category Status, which has been a critical issue for Odisha. The designation is sought to secure more financial assistance from the central government, which could significantly aid the state's development. BJD President Naveen Patnaik has been emphasising the importance of this status for Odisha's growth.

Charles Schwab’s division that focuses on increasing giving in the U.S. has reached a milestone 25 year anniversary – and is changing its name.

BJP leader and Union Health Minister JP Nadda has replaced Piyush Goyal to become the leader of the House in the Rajya Sabha. He recently took the oath as part of the new cabinet and was also assigned the Chemicals and Fertilisers Ministry. Nadda is currently serving as the BJP's National President. His term ends this month, but he may continue until the four state elections later this year are completed and a new president is elected. In the meantime, a Working President might be appointed to assist him with daily duties. After being sworn in, there was speculation that Nadda would step down as BJP National President, a role he assumed from the current Union Home Minister Amit Shah in 2020. However, it now seems he will stay on as the BJP's top organisational leader.

JP Nadda on Monday wrote to Congress President Mallikarjun Kharge, questioning the «stoic silence» of his party on the recent hooch tragedy which left several people dead in Tamil Nadu. Tamil Nadu hooch tragedy was entirely a «man-made disaster», Nadda said in his letter to Kharge, adding «perhaps if the deep nexus between the ruling DMK-INDI alliance dispensation and illicit liquor mafia did not exist today, 56 lives could have been saved.» Nadda said the ghastly images of burning funeral pyres from Karunapuram village in Kallakurichi in the aftermath of Tamil Nadu's «worst ever' spurious liquor consumption tragedy, that has left 56 dead until now and almost 159 persons hospitalised, has shaken the conscience of the entire nation.»

Congress said Monday Prime Minister Narendra Modi had nothing new to offer in his remarks ahead of the start of the 18th Lok Sabha and «as usual resorted to diversion» and that he has forgotten that the last 10 years of "undeclared emergency" was ended by the people. Congress president Mallikarjun Kharge said Prime Minister Modi made a longer than usual customary address «but clearly, even after the moral and political defeat, the arrogance remains». Kharge said the nation was hoping that Modi would say something on important issues. «Narendra Modi ji, you are giving advice to the Opposition. You are reminding us of the 50-year-old Emergency, but have forgotten the last 10 years of Undeclared Emergency, which was ended by the people,» he said in a post on 'X'.

Poland’s President Andrzej Duda is in China on a visit that brings the leader of a NATO member to a country that has backed Russia in its full-on invasion of Ukraine

Jairam Ramesh has hit back at Prime Minister Narendra Modi's remarks against the Opposition in Parliament over , calling for “slogans and drama".Responding on social media site X (formerly known as Twitter), Ramesh took a jibe at Modi's claims of being “non-biological"“The non-biological PM is telling the Opposition: substance, not slogans. INDIA is telling him: consensus, not confrontation," Ramesh wrote.“The non-biological PM is telling the Opposition: discussion, not disruption.

Jammu. The delegation which arrived in India on Sunday evening in connection with the 1960 Indus Water Treaty is scheduled to visit Kishtwar to see the Dam sites. The Indus Waters Treaty was signed between then Prime Minister Jawaharlal Nehru and former Pakistan President Ayub Khan in 1960 with the World Bank as a signatory to the pact.

When Steve Bannon is unhappy with Donald Trump, you know the former President has taken a good turn. Mr. Trump did so last week in saying he’d like to give a green card for residence in the U.S.

MPs from the Opposition INDIA bloc are expected to enter the Lok Sabha together on the first session of the 18th Lok Sabha, which will begin on Monday, sources said. According to sources, the opposition leaders will assemble where the statue of Mahatma Gandhi was placed earlier. They are also likely to carry a copy of the Constitution with them. The Congress MPs will also gather at the Congress Parliamentary Party (CPP) office in Parliament House this morning.

BJP MP Bhratruhari Mehtab was appointed as pro-tem Speaker, instead of Congress leader K Suresh, who is an eighth-term MP, the MPs of the India bloc have decided not to sit on the speaker's chair to assist the pro-tem Speaker during the oath-taking ceremony of MPs, sources said. According to the sources, Congress and India Bloc parties are upset with the fact that tradition has been broken as Mehtab was made the Protem Speaker instead of the 8-time Congress MP K Suresh. The Congress has reacted sharply to the central government's decision to appoint Mahtab as Pro-tem Speaker of Lok Sabha over senior-most Dalit MP Kodikkunnil Suresh of Congress, saying that the appointment by the BJP deviates from the traditional practice of appointing the senior member.

Buy or sell stocks for today: Following weak global market cues, the Indian stock market ended lower on Friday last week. Among the frontline indices, the Nifty 50 index dropped 65 points and closed at 23,501, while the BSE Sensex lost 269 points and closed at 77,209.

joint exercise between the Air Forces of the two nations being held from June 21-26. India's Ambassador to Egypt, Ajit Gupte, visited Berighat Air Base to interact with the Indian Air Force (IAF) contingent. In a post on X, Indian Embassy in Egypt stated, "India-Egypt defence cooperation continue to strengthen, with 4th joint exercises b/w IAF and EAF being held in Egypt from 21 to 26 June 2024. Amb @AjitVGupte visited Berighat Air Base to interact with IAF contingent. C 17, IL-78 and Rafales are participating in HOPEX with EAF."

India, said people with knowledge of the matter. That’s prompted some Indian companies to resume their pursuit of government approval for joint ventures (JVs) with Chinese partners, they said. These approvals are being given on acase-by-case basis, the people said. For instance, Haier Appliances India has got government nod to invest Rs 184 crore in AC component manufacturing after almost two-and-a-half years. The Department for Promotion of Industry & Internal Trade had directed the Chinese firm in November 2021 to take Press Note 3 clearance for its proposal under the production-linked incentive scheme for white goods.

Former President Donald Trump’s proposal to exclude tips from federal taxes is getting strong reviews from some Republican lawmakers

Democrats are putting a spotlight on more than 1 million union workers and retirees whose pensions are being saved under a 2021 law