Target Financial News

DUBAI: In an unprecedented move, the 28th round of the UN Climate Change Conference approved the structure and details of the loss and damage fund to help poor countries cope with climate disasters at its opening session. Traditionally, at the ceremonial opening of the COP, the host country takes over the presidency, the agenda for the talks is approved, and countries and negotiating groups set out their expectations. COP28 departed from the traditional fare with a quick round of pledges for the new fund. More than $400 million was pledged with hosts the UAE and Germany each pledging $100 million.

India's fiscal deficit for the first seven months of the current financial year touched 45% of the full-year budget estimate, marginally lower than the 45.6% deficit recorded in the year-ago period, data released by the Controller General of Accounts (CGA) showed on Thursday. In absolute terms, the fiscal deficit between April and October this year stood at ₹8.03 lakh crore against ₹7.6 lakh crore a year ago. The government has pegged FY24 fiscal deficit at 5.9% of the GDP or ₹17.8 lakh crore. A 15% year-on-year decline in capital expenditure (capex) in October helped contain the fiscal deficit at the end of seven months.

Alibaba Group Holding is set to lose its position as China's most valuable e-commerce firm to eight-year-old upstart PDD, a watershed moment for an internet industry that Jack Ma's firm dominated for more than a decade. Alibaba slid as much as 1.4% in Hong Kong, putting its market value at about $187 billion and on track to close below US-listed PDD Holdings' $188.3 billion, according to Bloomberg calculations. PDD, the company best known for hit US shopping app Temu and domestic bargains trailblazer Pinduoduo, closed nearly 2% higher in New York on Wednesday. The once-inconceivable shift reflects the turmoil that engulfed Alibaba after Beijing in 2020 targeted the company and its once-outspoken co-founder, kicking off a sweeping crackdown on the powerful tech sector.

Manchester United manager Erik ten Hag insisted his side are going in the right direction despite a 3-3 draw at Galatasaray on Wednesday that leaves the Red Devils on the brink of Champions League elimination. United twice let a two-goal lead slip in Istanbul as costly errors from goalkeeper Andre Onana and poor finishing left them still bottom of Group A. Ten Hag's side need to beat Bayern Munich in their final match at Old Trafford to have any chance of qualifying. But even victory over the German champions will not be enough if Galatasaray beat FC Copenhagen in two weeks' time or the Danish champions take at least four points from their final two matches. «We are going in the right direction so I know we will be successful in the long-term but if you want to stay in the Champions League you need to win these games,» said Ten Hag. «I was pleased with how we played but at the same time I have to criticise the team because the defending is not good enough.

BluPine Energy, a unit of London-based private equity firm Actis, has bought solar power assets from Acme group for an enterprise value of ₹1,700 crore, said people familiar with the matter. The acquired assets are housed in 14 special purpose vehicles. «Binding agreements have been signed.

ISRO). Rajiv Chetwani, chief information security officer, ISRO, was speaking at the Bengaluru Tech Summit.

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The decentralized exchange (DEX) dYdX experienced a significant financial event on November 17, requiring the use of its insurance fund. The exchange had to cover $9 million worth of customer liquidations following a dramatic market fluctuation. Antonio Juliano, the creator of dYdX, labeled the event as a «targeted attack,» suggesting a deliberate attempt to destabilize the exchange's financial stability.

Senator Elizabeth Warren emphasized the growing danger of cryptocurrency scams targeting seniors. Steve Weisman, a cybersecurity expert, supported Warren's proposed Digital Asset Anti-Money Laundering Act, aimed at curbing these scams.

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Investors are increasing their collective bets that the Federal Reserve will soon start cutting interest rates – a bet that went into overdrive this week and ignited the strongest rally in bonds in 40 years.

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Former Federal Reserve Bank of St. Louis James Bullard provides insight on the state of the economy on 'The Claman Countdown.'

Cryptocurrencies faced resistance in their upward trajectory throughout the first half of November, experiencing declines that were met with progressively higher levels of support.

₹8.03 trillion, or 45% of the annual estimates of ₹17.87 trillion, according to the data released by the Controller General of Accounts on Thursday. In comparison, the fiscal deficit for April-October of the previous fiscal stood at ₹7.58 trillion, or 45.6% of the annual estimates of ₹16.61 trillion. The widening of the fiscal deficit during FY24 was due to a jump in government spending to fuel economic growth, but this was to an extent offset by higher tax receipts and an increase in non-tax revenue.

ProfileTree, now extending their reach to India. This expansion is a testament to the global demand for innovative and effective web design solutions known for their creative flair and technical excellence. In a significant expansion of digital services, ProfileTree now offers specialized web design and digital marketing solutions to Indian businesses and entrepreneurs, specifically designed to target markets in the UK and Ireland.

oil-supply cuts to go alongside Saudi Arabia’s much-anticipated extension of its voluntary reduction of the same size. Members have agreed to this in principle and it now goes to a vote at the meeting, delegates said, asking not the be named because the information was private. The deal fulfills what delegates had said were Riyadh’s goals for the meeting. More than a week of preparatory talks appeared to have overcome internal disagreements over some members’ production quotas. Oil rose 1.3% to $84.16 a barrel as of 2:56 p.m.

By Nivedita Balu and Niket Nishant

Green Hydrogen and Green Energy Sector across the VGGS Roadshows and Delegation Visits. To incentivize investments in the green hydrogen domain, the Government of Gujarat has introduced a land allotment policy offering benefits to companies engaged in green hydrogen projects.

BSE Sensex rose nearly 100 points while the Nifty50 closed above 20,100 levels. Sectorally, buying was seen in healthcare, consumer durables, realty and capital goods stocks while utilities and banks saw some selling pressure. Stocks that were in focus include names like Gail India which was up more than 4%, Metro Brands closed with gains of over 2% to hit a fresh high and BSE which rose more than 2% to a fresh high on Thursday. We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout. We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view: Here’s what analyst Kush Ghodasara, CMT, SEBI RA: INH000002137 had to say: GAIL India The stock saw some enormous volume on Thursday and has managed to cross and close above 131, which was acting as strong support for the last few weeks. Technical indicators have not yet arrived at the overbought zone, which signals a fresh buy with trailing stop loss at Rs 126 for a target of Rs 143. Metro Brands The stock has been in a dream run as it is trading with support of 5 & 10 day average which is at Rs 1310 as now. On Thursday, we saw an inverted hammer kind of pattern and a new high, which suggests a trend reversal is in place if the next support is breached. Traders can avoid fresh positions but keep a strict stop loss for existing longs at Rs 1310. BSE Ltd The stock has been trading around the 10-Day average since the low in April 2023 at RS 450.