Trade Financial News

Small-scale fisher organisations from India, Indonesia, Bangladesh, Ecuador, and Gambia have asked fisheries subsidies negotiations to be kept out of the World Trade Organization (WTO) and said that the ongoing negotiations on curbing overcapacity and overfishing (OCOF) subsidies are “unfair and unbalanced”. They said that the exemptions for small-scale fishers across developing countries is being restricted by imposing irrational conditionalities. The World Forum of Fisher Peoples and World Forum of Fish Harvesters and Fish Workers have raised concerns at the negotiations which seek disciplines on subsidies such as those for construction, acquisition and modernisation of vessels.

Piyush Goyal has called for enhancing collaborations among trusted partner countries for smooth supply of critical minerals, semiconductors, pharmaceuticals, and green energy, an official statement said on Wednesday. The minister proposed this collaboration during the G7 Trade Ministers' meeting at Reggio Calabria, Italy. He also highlighted the importance of analyzing global supply chains' robustness in times of crisis like pandemic, Ukraine-Russia conflict, and Red Sea crisis. Goyal said that efforts are on in various countries to build resilient supply chains under platforms like the G20 Generic Framework for Mapping GVCs (global value chains), the 14 Member IPEF (Indo-Pacific Economic Framework for Prosperity) association, Trilateral Supply Chain Resilience Initiative (SCRI), and India-EU TTC (trade and technology council).

The last British Open at Royal Troon Golf Club in 2016 went down as one of the greatest duels in professional golf history. Henrik Stenson and Phil Mickelson put together two of the finest performances ever witnessed at a major, trading brilliant shots that cut through the blustery winds on the coast of Scotland. When Stenson finally pulled out the victory with four birdies in the final five holes, leaving him at an Open-record 20-under par and three strokes clear of the American, it might have seemed like the world’s best golfers had made easy work of an iconic course that dates back to the 19th century.

National Bank of Canada is raising an additional $20 million in connection with its planned acquisition of Canadian Western Bank, according to people familiar with the matter.

Decentralized predictions platform Polymarket has registered record trade volumes fueled by the anticipation surrounding the United States presidential election.

The acqusition of Elwood Capital Management (ECM) is another plank in Zodia Markets' ambition to build a fully-rounded digital asset business.Usman Ahmad, co-founder and CEO of Zodia Markets, says: "This acquisition is a significant progression to create greater diversification in our service offering and footprint, enabling scale and accelerating product capability. "Acquiring a successful, established business with a similar regulatory-first mindset allows us to extend our offering to the clients we will welcome and provide our existing clients with a broader suite of capabilities and value."For Elwood, the sale marks a strategic shift to focus on its institutional-grade SaaS products and services, including execution managment and portfolio and risk management.Chris Lawn, CEO of Elwood, comments: "The sale of our OTC trading business supports Elwood's strategic plan to build a world-class end-to-end EMS and PMS software platform and allows us to fully dedicate our resources to the SaaS business.

Jade City, a real-world asset (RWA) platform, is planning to launch its token by the end of the year, with the firm aiming to change the way precious commodities are accessed and traded.

In a stock exchange notice published today (17 July), alongside the trust's final results, the board said each existing ordinary share would be subdivided into ten new ordinary shares, subject to shareholder approval at the upcoming annual general meeting in September.  The move follows an increase in the price of the £4.4bn trust's existing ordinary shares in recent years, having regularly traded above £30 per share in the current financial year. «While this is positive for the company and our shareholders, we recognise that a higher share price might be a barrier to investment for c...

Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, has extended its winning streak, climbing above $65,500 and reaching an intra-day high of around $66,000, suggesting bullish Bitcoin price prediction.

Crypto derivatives trading firm Wintermute Asia has added spot and CFD product access to oneZero network.

Viksit Bharat. This approach will strengthen India’s global competitiveness by driving rapid decarbonization and digitization across the entire economy. This can help India leapfrog to the global production frontier and enable us to compete successfully with the world’s leading economies such as the US and China.

Stocks that traded heavily or had substantial price changes on Tuesday: Charles Schwab falls; Match Group, UnitedHealth rise

Bank of America said Tuesday its profits fell in the second quarter, as higher interest rates ate into expenses, including its large consumer banking franchise

Five Below says its CEO and President Joel Anderson has stepped down amid languishing sales at the discount retailer catering to teens

HSBC Holdings Plc said on Wednesday it appointed Georges Elhedery as its group chief executive, with effect from Sept. 2, making him the third CEO in less than eight years for the global lender. Elhedery is the current chief financial officer and will replace outgoing head Noel Quinn in September. Since 2020, Elhedery had been the co-head of the Global Banking and Markets business, the division that houses HSBC's trading and investment banking advisory businesses. Lebanon-born Elhedery, who began his career in banking as a rates trader before joining HSBC in 2005, was named the surprise successor to Ewen Stevenson as CFO in October 2022, just weeks after returning from a sabbatical.

Oil prices were steady on Wednesday, with global benchmark Brent hovering near the one-month low it hit in the prior session, as signs of weakening demand growth in China clashed with the prospect of declining U.S. oil stockpiles. Brent crude oil futures was down by 4 cents to $83.69 a barrel by 0315 GMT. U.S. West Texas Intermediate crude futures also eased 4 cents to $80.72.

Gold hit a record and bonds rallied on Wednesday as markets prepared for global interest rates to fall, while stocks in Taiwan slipped after U.S. presidential candidate Donald Trump sounded lukewarm in his commitment to the island's defence. The S&P 500 scaled record highs overnight and futures were steady in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan was flat and Japan's Nikkei rose 0.1%.

dollar, prompting more warnings from Japanese officials after last week's suspected intervention. Federal Reserve Chair Jerome Powell said at an event on Monday that recent inflation data bolstered policymakers' confidence that price pressures are on a sustainable path lower.

Tata Steel protect local jobs at its Port Talbot plant, before it approves the 500-million ($635 million) lifeline offered by the previous administration for building a low-carbon facility. «Decarbonisation does not mean deindustrialisation,» new UK business secretary Jonathan Reynolds told ET in a response to email queries. «I will be working to safeguard jobs as part of negotiations, securing the future of steel-making communities for generations to come.» In September 2023, Tata Steel announced plans for a new low-carbon electric arc furnace (EAF) at its Wales factory, to be commissioned in 2027. The project entails investment of 1.25 billion jointly with the UK government, and thus hinges upon final approval of the grant.

For years now, the Union budget has focused on making India a developed nation—viksit Bharat. However, it's time to add yet another angle to this exercise: a concerted effort to help build a class of viksit investors. To achieve this, the budget needs to adopt a carrot-and-stick approach.

The South Korean crypto exchange Upbit is facing scrutiny from a lawmaker concerned that it is turning into a “monopoly.”