President Financial News

By David Morgan

(Reuters) -Moody's on Friday changed its outlook on the U.S. credit rating to «negative» from «stable» citing large fiscal deficits and a decline in debt affordability.

Investing.com — The Dow rallied to notch second-straight weekly win Friday as big tech led a rebound in stocks following a wobble a day earlier when Fed chair Jerome Powell's reminder that rate hikes aren't over rattled markets.

President of Jump Crypto, Kanav Kariya, pleaded his Fifth Amendment rights while being questioned by the U.S. Securities and Exchange Commission over an alleged hidden market-making scheme with Terraform Labs’ founder, Do Kwon, that saw his company pocket over $1 billion. 

₹500 crore invested in NSE’s secondary market, direct retail pumped ₹50,500 crore into equity futures and equity options during April-September, NSE data shows. The inflows could exceed last fiscal year’s ₹60,000 crore, with six months left in FY24.

43-year-old Deepak Ghoghra. He is now contesting the election from the Dungarpur constituency on a Bharatiya Tribal Party (BTP) ticket. He is the son of BTP state president Velaram Ghoghra, news agency PTI reported.

Trinamool National General Secretary Abhishek Banerjee said on Friday that there is an attempt by the Bharatiya Janata Party (BJP) to stop him from conducting political programmes by using the central agencies. Kicking off a political campaign in his Constituency in Diamond Harbour ahead of 2024 Lok Sabha polls, Banerjee said BJP will try to play the communal card in the coming polls as it had done in 2019 and 2021. «Whenever there is any big political programme, an attempt is being made by the BJP to stop me through the agencies,» Banerjee said, citing examples of Delhi dharna for MGNREGA funds, Raj Bhawan dharna and Nabo Jowar campaign-when he was summoned by the central agencies. Abhishek Banerjee said BJP is unable to fight Trinamool Congress and thus taking various methods to use the agencies to stop the party. “It was alleged by them (BJP) that I was linked with the coal scam.

Associated Press reported on Friday. The White House said earlier that it anticipated Biden and Xi would meet on the sidelines of the Asia-Pacific Economic Cooperation summit (APEC) in San Francisco. However, the negotiations went down to the eve of the gathering, which kicks off Saturday, the report said.

Karnataka, BJP. This appointment comes into immediate effect," the BJP said in a statement. The Karnataka BJP still has to resolve some major issues within the party as the appointment of the Leader of Opposition (LoP) is also due in the southern state.

California Agave Council founding director Craig Reynolds weighs in on tequila shortages and why several California distilleries are turning to agave-based spirits on «Kennedy.»

Veterans Day on Saturday. The day observed annually on November 11, is a federal and bank holiday in the country which honours the service of military veterans. Originally called Armistice Day, this holiday had its roots in the aftermath of World War I and secured federal recognition as one of the nation's ten official holidays during the 1930s.

Vijayendra Yediyurappa son of former Karnataka Chief Minister BS Yediyurappa has been appointed as the BJP’s state unit president. Vijayendra sitting MLA in the Karnataka state assembly replaces Nalin Kumar Kateel whose term has been over for several months but he was continuing as BJP’s Karnataka state unit president. The announcement was made on Friday evening by the BJP’s national general secretary Arun Singh. This appointment came after much delay, as the BJP appeared in indecisive mode after it suffered massive defeat in the Karnataka assembly polls.

Annual private capital mobilisation by multilateral development banks needs to quadruple to $240 billion by 2030, co-chair of the Independent Expert Group of MDB reforms set up under India’s G20 presidency N K Singh said, while cautioning against a piecemeal approach to reform of these institutions. Speaking at the Paris Peace Forum at a session on “Achievements since the Summit for a New Global Financing Pact”, moderated by French President Emmanuel Macron, Singh asserted that MDBs required a tectonic makeover. “The next 12 months are crucial to translate the current fervour into changes in process, procedures, and hopefully changes for better outcomes…. I worry about a piecemeal approach to reforms, and institutions acting in silos,” Singh said, adding that a change is needed in the management culture on many fronts. The first volume, submitted to the G20 in July at Gandhinagar, had recommended enhancing their sustainable level of own-account non-concessional finance to $300 billion annually. The second volume handed before the Marrakech G20 ministerial has suggested introducing new instruments – pooled portfolio guarantees and hybrid capital — and inclusion of new investors into the MDB capital stack, as part of steps to diversify the sources of capital.

Higher interest rates and inflation have pushed household budgets to beyond their limits, forcing many American consumers to take on more debt.

Legislation that contains several provisions to stop major SEC rule proposals affecting financial advisors stalled in the House Thursday, and the so-called policy riders face a difficult legislative path ahead.

New opportunities for wealth and alternative asset managers is the focus of Emigrant Partners, and the firm is aiming for new growth with the expansion of its headcount.

Reindeer Games.” The network announced this festive installment during the season 25 finale of “Big Brother” on November 9, adding an exciting twist to the beloved reality series.

Investing.com — The U.S. dollar slipped higher in early European trade Friday, but was heading for healthy weekly gains after Fed Chair Jerome Powell raised the possibility of further rate hikes to combat inflation. 

As per data available from the industry body Society of Indian Automobile Manufacturers (SIAM), as many as 389,714 cars, sedans and utility vehicles were sold in the month under consideration, which is an increase of 15.9% over 336,330 units sold in the same period in the last financial year. This is the tenth straight month that monthly sales of passenger vehicles have breached the best-ever mark this year. The growth in the passenger vehicle segment was supported by demand for utility vehicles, which now account for more than half the passenger vehicles sold in the local market.

The Indian tractor segment has been witnessing robust growth over the last several quarters, but gradually there seems to be some signs of slowing down, and according to Rajesh Jejurikar, President – Auto & Farm, Mahindra & Mahindra, the tractor segment could see a flat growth in FY2024.

Dhateras business for traders: Traders’ body Confederation of All India Traders (CAIT) on Friday said more than Rs 50 crore business was expected across the country on Dhanteras festival which marked the beginning of the five-day Diwali celebrations including Choti Diwali or Narak Chaturdashi, Diwali and Govardhan Puja. The festive week will culminate with Bhai Dooj next week. In Delhi alone, Rs 5,000 crore trade was estimated on Dhanteras, CAIT said.