Provident Financial News

Monday’s market drop got to some retirement investors, who responded to the volatility by selling large cap stock and target-date funds and stable-value, bond-, and money-market funds.

A $3.65 billion term-loan package for Focus Financial Partners has been postponed, the third such instance this week for a US leveraged-loan deal as global market tumult of recent days has curbed debt market issuance.

₹1 lakh for up to 150 clients, ₹2 lakh for 150-300 clients, ₹5 lakh for 300-1,000 clients and ₹10 lakh for more than 1,000 clients. RIAs and RAs presently charge fees under two modes—assets under advice (AUA) mode (limit of 2.5% of AUA per annum per family of client) and fixed fee mode (limit of ₹1,25,000 per annum per family of client). If they wish to change the mode, the same can be effected only after 12 months since the last change of mode.

government has asked state-run banks to assist their regional rural arms in upgrading their technology and onboarding them to the National Payment Corporation of India's (NPCI) BASE platform that facilitates the direct benefit transfer (DBT) program. Last week, several cooperative banks and regional rural banks (RRBs) were affected by a ransomware on one of the technology service providers, C-Edge Technologies. «Sponsor banks have been asked to help their RRBs with technology upgrades, which will improve their performance in areas related to credit disbursement, NPA management and cybersecurity,» said a government official, adding that Nabard will be closely monitoring this initiative.

Yale Program on Climate Change Communication, in collaboration with C-Voter, Tuesday released the Yale Climate Opinion Maps for India. This new online interactive tool provides the first-ever estimates of public responses to climate change in 34 of India’s 36 states and union territories, and in 604 districts, depicting the variation in global warming knowledge, beliefs, risk perceptions, and policy preferences at state and local levels across the country. Prior studies of public responses to climate change in India have often provided results only at the national level. The recent national survey in India found that large majorities in India are worried about climate-related hazards, but until now we had little information about the diversity of climate opinions within the country. While national data show that 41% of people in India say they know a lot or something about global warming, there is substantial geographic variation within the country. In Gujarat, 52% of Indians know a lot or something about the issue, whereas in Maharashtra, only 33% report this level of knowledge. More Indians living in state capital cities say they know a lot or something about global warming compared to other districts. 74% think global warming will cause more severe heat waves and 85% are worried about global warming.

Google violated antitrust laws by maintaining its monopoly in the search engine market. Mehta found that Google's practice of paying companies like Apple to set it as the default search engine on their devices and browsers constituted an abuse of its dominant position. The antitrust lawsuit, initiated by the US Justice Dept and several states in 2020, went to trial in September 2023. In the ruling, Mehta stated, 'The court concludes that Google is a monopolist and has acted to maintain its monopoly, thereby violating Section 2 of the Sherman Act,' which prohibits individuals or businesses from 'monopolising, attempting to monopolise, or conspiring to monopolise any aspect of trade or commerce'. The search engine colossus today handles about 90% of global search queries. It has become so ubiquitous that 'to Google' is a verb synonymous with online searching, veritably making it gatekeeper of the internet for billions.

Carson Group is on the move again as it adds a Texas-headquartered planning firm to its network of partnerships.

₹25,999, instead of ₹41,999. It is powered by a Snapdragon 870 Octa-Core processor, complemented by the Adreno 650 GPU and Qualcomm's AI engine, ensuring smooth performance and efficient multitasking. With LPDDR5 RAM and UFS 3.1 storage, users can enjoy fast data transfer speeds and responsive app performance.

Coinfest Asia, the biggest Web3 festival in Asia, returns on 22-23 August 2024 for its third edition. Coinfest Asia will present many exciting activities in Nuanu City, Tabanan, Bali.

Elements, the planning tech firm known for its financial vitals system for advisors, has introduced a new feature aimed at improving goal-setting and client outcomes.

Chetak 3201 Special Edition electric scooter is priced at ₹1.29 lakh (ex-showroom, Bengaluru) and can only be purchased online on Amazon this month.Speaking of design, based on the top-end Premium variant, the exclusive Chetak 3201 Special Edition electric scooter features a sleek Brooklyn Black paint scheme and maintains its solid steel body. With an IP67 rating for water resistance, this e-scooter is perfect for riders who want to explore the city or ride in any weather condition.The Chetak 3201 Special Edition boasts an impressive range of 136 km on a single charge, with a top speed of 73 kmph, claims Bajaj Auto.

Haier 596L, 3-Star, 2-Door Side by Side Refrigerator The Haier 596L 3-Star Frost-Free Side-by-Side Refrigerator features 100% convertible fridge space, Expert Inverter technology for energy efficiency and quiet performance, and an external digital display. With a capacity of 596 litres, it's perfect for large families.

Mint has reviewed a copy of the petition. The administrator said the company’s debt stood at ₹26,000 crore when it was admitted into insolvency on 6 December 2021, and implementation of the resolution plan for Reliance Capital is important not only for its lenders but the banking sector in general. The NCLT is likely to take up the matter on Wednesday, a lawyer aware of the matter said on condition of anonymity.

telecom regulator has asked service providers and telemarketing companies to take immediate action against enterprises indulged in bulk calling through 10-digit numbers and deploy technical solutions which can trace and block such calls. ET has reported last week that the Telecom Regulatory Authority of India (TRAI), on July 24, directed all telecom firms to submit data around unregistered telemarketers, against whom maximum complaints have been registered by consumers in the April-June quarter. Telecom consumers receive lakhs of robocalls everyday by unregistered entities or telemarketers. Such calls bypass the system as these entities use a normal 10-digit numbering series and not the one assigned for telemarketing, say officials.

Wall Street's main indexes rose in volatile trading on Tuesday, as investors looked for bargains after a rout in the previous session, while dovish rate commentary from Federal Reserve officials also lifted the mood. Most megacap and growth stocks, which together lost $200 billion in market value on Monday, gained as Nvidia bounced back 2.3%.

Mahua Moitra on Tuesday hit out at Finance Minister Nirmala Sitharaman, saying she has made a mockery of people of India in the budget by doing absolutely nothing and whatever little changes are there are regressive and ill thought of. Speaking in the Lok Sabha, Moitra criticized the budget for failing to address the needs of the common people. «People wanted a course correction, but you have done the exact opposite. You have kept the same Cabinet, the same Finance Minister, who has given the same shoddy budget,» Moitra said. «The Finance Minister has made mockery of people of India in the budget by doing absolutely nothing, whatever little changes are there are regressive and ill thought of,» she added.

fiscal deficit will decide on the direction of sovereign ratings. S&P Director, Sovereign and International Public Finance Ratings (Asia-Pacific), Andrew Wood said the rating agency sees a lot of promise in India's economic growth story even though the global economic growth outlook remains somewhat challenging. «We could raise the rating if India's fiscal deficit narrows meaningfully such that change in net general government deficit falls below 7 per cent of GDP on a structural basis,» Wood said at a webinar on Asia-Pacific.

In a compelling episode of the Cryptonews Podcast , Evan Weiss, COO of Alluvial and a key member of Liquid Collective, sat down with Matt Zahab to explore the intricacies of staking within the Ethereum ecosystem and the future of DeFi.

GST Intelligence (DGGI) has issued a show-cause notice to a prominent cryptocurrency exchange, demanding a Goods and Services Tax (GST) payment of Rs 722 crore, ToI reported on August 6. This unprecedented action marks the first time the DGGI has targeted a cryptocurrency firm, setting a significant precedent in India’s regulation of the burgeoning virtual currency market, said the report (by Niyati Parikh). The notice was issued for fees collected from Indian customers trading in virtual digital assets (VDAs) on the platform, categorized under online information database access or retrieval (OIDAR) services. Earlier this year, the cryptocurrency exchange had received approval from India's financial intelligence unit (FIU) to register as a virtual asset service provider (VASP). However, the company was recently penalized Rs 18 crore by the FIU for failing to comply with anti-money laundering (AML) regulations. Despite being a major global player with a substantial market share and operations in multiple countries, the company had not registered under the Indian GST framework, leading to scrutiny from Indian tax authorities. It was revealed that the company earned at least Rs 4,000 crore from transaction fees charged to Indian customers, with these earnings credited to an account of a group company based abroad. The company has a global user base of 90 million, including a significant number of Indian customers.

Yen carry trade and recessionary fears in the US haunting equity investors worldwide, mutual fund investors are worried whether they should book some of the profits or instead gradually increase their SIPs. With the Sensex having fallen 4% from peak, analysts say the market correction provides the investors an opportunity to purchase more units at a lower price. “Investors with a long-term horizon should strongly consider topping up their SIPs during market dips, as this strategy can significantly enhance long-term returns. Market corrections provide an opportunity to purchase more units at a lower price, which can improve overall returns when the market eventually recovers. By regularly investing through SIPs and taking advantage of dips, investors benefit from rupee cost averaging, reducing the impact of market volatility over time,” recommends Sagar Shinde, VP Research, Fisdom. Also Read | 5 equity mutual funds multiplied SIP investments over 2.5 times in 5 years

India's gold industry, with the support of the World Gold Council (WGC), has established a self-regulatory organisation in a bid to increase consumer confidence and restore trust, the WGC said on Tuesday. The newly-formed Indian Association for Gold Excellence and Standards (IAGES) aims to promote fair, transparent and sustainable practices in the bullion industry, along with regulatory compliance, a code of conduct, and an audit framework, said Sachin Jain, CEO of WGC's Indian operations.