Reports Financial News

cryptocurrency companies from the broader US economy if they fail to block and report illicit money flows, deputy treasury secretary Wally Adeyemo warned the industry on Wednesday. Speaking at an event hosted by the Blockchain Association, Adeyemo said that crypto companies need to do more to curtail the flow of illicit finance, and that the lack of action across the sector presents a risk to the US.

The first phase followed the creation in 2020 of a new regulator, the International Financial Services Authority, which outlined an ambition to create a welcoming place where India-centric trading that’s moved to Dubai, Mauritius or Singapore can return home. K Rajaraman, who took charge as chairman of the IFSCA in August, spoke with Bloomberg News about the outlook for GIFT City. The interview is lightly edited for clarity: How has GIFT developed since the creation of the IFSCA? GIFT City started in 2007 as a completely greenfield experiment when PM Modi was the chief minister of the state of Gujarat. In 2020 the government created the IFSCA as a unified regulator.

Hindustan Copper and Manappuram Finance while Balrampur Chini, Bharat Heavy Electricals (BHEL), Granules India, and Indiabulls Housing Finance have moved out of the ban. The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%. Traders who trade in indices do not encounter a situation of security ban. MWPL for Hindustan Copper stood at 96.5% on Wednesday with OI reported by Trendlyne at 9.2 million.

Dipan Mehta, Director, Elixir Equities, says “Ujjivan Finance is one company we are quite positive on and it would be a perfect tactical play because once the merger takes place, the cost is going down and from a valuation multiple, it is very attractive compared to other microfinance companies. There is scope for the PEs to be re-rated and in the next three-four quarters, there is no threat of NPA. We will see a nice runway for earnings growth for Ujjivan Small Finance Bank." Would you call it a tactical trade or more a high-risk, high-return idea where the shelf life could be 6 to 12 months in your portfolio? Every fund manager has different tactics. Some stocks you buy are classic compounders. Some stocks you buy because they are cheap, but there are also some tactical and special situation stocks which you are tempted to buy depending on the lay of the land and depending on the terrain and what the company has to offer. Again, disclosure, there is Ujjivan Financial Services.

By Sam Nussey and Miho Uranaka

Investing.com-- Oil prices fell in Asian trade on Thursday tracking weak economic signals from top importer China, with traders now holding out for an upcoming OPEC+ meeting where the cartel is widely expected to announce more supply reductions. 

Gold prices consolidated in a tight range and hovered close to a near seven-month high on Thursday, as investors awaited key inflation print to gauge whether interest rate cuts in the U.S. would come sooner than previously expected. FUNDAMENTALS * Spot gold was flat at $2,043.69 per ounce by 0225 GMT, after hitting its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. * U.S.

Loco, a gaming-focused streaming platform, has laid off around 40, or 36%, of its 110 employees. The company announced the layoffs during a town hall meeting with employees on Wednesday, even as it plans to expand operations overseas. Anirudh Pandita and Ashwin Suresh, the founders, told employees that the layoffs are part of the firm’s restructuring strategy, said people aware of the matter.

Canada on Wednesday pressed India to cooperate in an investigation of the murder of a Sikh separatist in British Columbia after the U.S. revealed it had foiled an assassination attempt against a Sikh separatist on its soil.

rate hikes ahead of a crucial inflation report later in the day. The dollar index, which measures U.S. currency against six rivals, eased 0.058% to 102.74, not far from 102.46 — its lowest since Aug. 10 it touched on Wednesday. The index is down 3.7% in November on growing expectations the Fed will cut interest rates in the first half of 2024. The dollar clawed back some of its losses on Wednesday after data showed the U.S.

U.S. stocks edged lower on Wednesday as a robust upward GDP revision eased recession fears, while Federal Reserve officials' remarks raised questions about the duration of the central bank's restrictive policy. The Nasdaq joined the S&P 500 in negative territory, while the Dow ended nominally higher, as investors took a wait-and-see position ahead of Thursday's crucial personal consumption expenditure (PCE) inflation report. Despite the indexes' languid movement over the last three sessions, November has been a banner month.

Oil prices fell in early Asian trade on Thursday on weaker-than-expected Chinese manufacturing data, but investors maintained caution ahead of an OPEC+ meeting where production cuts are expected. Brent crude futures fell 28 cents, or 0.3%, to $82.90 a barrel by 0024 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.3%, to $77.68 a barrel. China's manufacturing activity contracted for a second straight month in November and at a quicker pace than expected, an official factory survey showed on Thursday, suggesting more policy support measures are needed to help shore up economic growth in the world's largest oil importer.

Sensex rallied 727.71 points, or 1.10%, to 66,901.91, while the Nifty 50 closed at 20,096.60 level, up 206.90 points or 1.04%. “We expect the market momentum to sustain over the next few days. However, several important events including India GDP, monthly F&O expiry, state election exit polls and OPEC+ meeting on Thursday could induce some volatility over the last 2 days.

OpenAI co-founder Sam Altman has officially returned as CEO of the AI startup after a tumultuous last week or so, which saw the 38-year-old fired and then announced he was being rehired. In addition, Greg Brockman is returning to his position as president of OpenAI, while Mira Murati, who was briefly appointed interim CEO of OpenAI following Altman's ouster, will now return to her role as the company's CTO.

Israel and the Palestinian militant group Hamas, the Red Cross and other authorities said. In a repeat of scenes over the past six days during a humanitarian pause in hostilities, the civilians were released to the International Committee of the Red Cross (ICRC) and driven in vehicles to Israel. Two Russian citizens and four Thai citizens were released outside the framework of the agreement while the 10 Israeli citizens freed included five dual citizens, Ansari said. They were a Dutch dual citizen, who is also a minor, three German dual citizens and one U.S.

HCL Group is moving closer to setting up an Outsourced Semiconductor Assembly and Test (OSAT) facility — also termed as a chip packaging unit — in Karnataka, multiple people aware of the developments told ET. The facility will be «small-to-medium sized» with an estimated investment of about $400 million, they added. The group — best known for its $12.6 billion IT arm HCLTech — is in active talks with the state government, which has offered land both near the international airport in Bengaluru as well as in Mysuru.

ED) has alleged a slew of violations under the foreign exchange law, including failure to submit crucial documents in time as well as realise export proceeds, by Byju’s parent Think & Learn, apart from holding founder Byju Raveendran responsible. ET on November 21 reported online thatED confirmed issuing showcase notices for alleged violations of the Foreign Exchange Management Act (Fema) amounting to Rs 9,362 crore by Think & Learn and Raveendran.

Shares of most companies in the power space are at all-time highs helped by the recent uptick in demand, an improvement in pricing trends, and pick-up in industrial demand. Shares of Torrent Power, NTPC and Power Finance Corp hit their lifetime highs on Wednesday, while REC hit its lifetime high earlier this month. Renewable energy player Suzlon Energy is also at a multi-year high, while Tata Power was at its highest level in more than a month. «Given the scanty and dry monsoon, we are seeing power demand shoot up leading to a demand-supply deficit, along with an uptick in rates.

COP 28 stands for the 28th meeting of the Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC). It takes place every year, and is the world’s only multilateral decision-making forum on climate change with almost complete membership of every country in the world. This year's COP holds significance in the wake of geopolitical risks that have come to forth after the Israel-Hamas war and Russia's ongoing "special military operation" in Ukraine.

Another senior executive has left the wealth management group at Wells Fargo & Co., the giant bank that has been overhauling its financial advice business since Charlie Scharf took the reins as CEO in 2019.

Stocks drifted to a mixed close on Wall Street as drops in several Big Tech companies offset gains in other parts of the market