CATEGORIES

Bitcoin surges to all-time high

The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump's victory in the US presidential election will be a boon for cryptocurrencies.

Swiggy IPO subscribed 12% on first day of offer

The initial public offering (IPO) of food delivery major Swiggy was subscribed 12 per cent on Wednesday, the opening day of the issue.

High-growth segments, Tier-II, -III cities to drive long-term gains for ABB

ABB reported a weak quarter. Revenue was at ₹2,910 crore, up only 5 per cent year-on-year (Y-o-Y), with operating profit at ₹540 crore, up 23 per cent and net profit at ₹440 crore.

Nvidia overtakes Apple as world's most valuable firm

Nvidia Corp became the largest company in the world on Tuesday, surpassing Apple Inc and underscoring just how dominant artificial intelligence has become on Wall Street.

Lulu generates demand for $37 billion, becomes largest IPO in UAE this year

Lulu Retail said on Wednesday that its initial public offering (IPO) was 25 times oversubscribed across all tranches, excluding cornerstone investors, generating a demand of more than $37 billion, making it the largest IPO in the UAE for 2024 till date.

New rules to crack down on polluters

In response to the Supreme Court's (SC's) strong stance on unchecked environmental violations, the Ministry of Environment, Forest, and Climate Change (MoEFCC) has introduced new rules for conducting inquiries and imposing penalties on polluters.

THE 'APPLE' OF INDIAN BUYERS' EYE

While Android continues to be the more popular smartphone platform in the country, iPhone has gained a stronger foothold in premium segment

Narrative and reality in J&K

For a long time, Jammu & Kashmir has been caught between a tug of war of narratives, which has severely affected the well-being of those who live there.

Trump 2.0

Stunning victory raises the stakes for stability and peace

Necessary rebalancing

Supreme Court gives a boost to private property rights

Can India avoid the middle-income trap?

Five key course corrections for India to become an advanced country and set a better path for others

A human paradigm for economic growth

The global economy has been shaken by the breakdown of global governance.

TRUMP TRIUMPHS

Donald Trump was elected US president, capping a remarkable comeback four years after he was voted out of the White House and ushering in a new American leadership likely to test democratic institutions at home and relations abroad.

Victory casts a shadow on US Federal Reserve's policy path

Donald Trump's victory in Tuesday's presidential contest threatens to upend the US economic outlook and alter the Federal Reserve's policy calculus in the months ahead, while renewing questions about how fiercely he might pressure the central bank during his second term in the White House.

Services PMI in Oct bounces back from 10-mth low

Growth in India's dominant services industry picked up last month after dipping to a 10-month low rate in September amid a marked expansion in demand, according to a private business survey that on Wednesday also reported improved job creation in the sector.

₹10,700 cr equity infusion into FCI cleared as working capital

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved an equity infusion of ₹10,700 crore in the state-owned Food Corporation of India (FCI) to boost its working capital requirements for the current financial year (FY25).

PM Vidyalaxmi scheme gets Cabinet approval

The Union Cabinet on Wednesday approved the PM-Vidyalaxmi scheme to provide monetary support to meritorious students in the form of education loans in both public and private institutions.

IFC to invest $400 mn in Bajaj Fin's $1 bn fundraise

International Finance Corporation (IFC) on Wednesday said that it will partner with Bajaj Finance to invest $400 million out of the $1 billion fundraising to aid in the expansion of the latter's EV fleet, energy-efficient consumer goods (EECG) and women empowerment.

Trump 2.0 may intensify focus on illegal immigration, Quad

In his second term as the US President, Donald Trump is expected to maintain an unwavering focus on curbing illegal immigration, while his opposition to the H1B visa regime may be less pronounced, foreign policy experts reckon.

FinMin asks PSBs to meet targets for agri-allied sector

The finance ministry has asked public-sector banks (PSBs) to meet loan targets for the agri-allied sector during the current financial year.

Biggest fall in nearly 5 months pulls down rupee to fresh low

Declines 0.20% to 84.28 a $; still 2nd best Asian currency

Regulation needed for innovation to thrive

At the Business Standard BFSI Insight Summit 2024, SHASHANK KUMAR, co-founder and managing director of Razorpay, said regulation was necessary for the growth of the financial technology (fintech) ecosystem, and norms did not necessarily stifle innovation at new-age companies. In a conversation with A K Bhattacharya of Business Standard, he pressed on the need for the Reserve Bank of India (RBI) to be the single regulator for all financial institutions, including traditional ones and fintech firms. Meanwhile, he acknowledged that while innovation at firms outpaced regulation, there must be a system to ensure the safety of the sector. He also added that the collaboration between banks and fintechs had demonstrated immense growth for the payments sector in the form of the Unified Payments Interface (UPI). Edited excerpts:

SFBs ready with systems to make the transition

Small finance banks (SFBs) in India have put in place systems to become universal banks, but they are not in a hurry to do so because they are building scale and capacities for long-term growth, according to their chief executive officers (CEOs).

RBI action specific, does not flag systemic concerns: NBFC chiefs

The heads of non-banking finance companies (NBFCs) opine that the recent action by the Reserve Bank of India (RBI) against four entities - Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and Navi Finserv Limited - will not affect the sector since the move was initiated by the regulator addressing specific concerns of these companies.

Interest rates not primary driver of deposit growth for private sector lenders

Customer service, not higher interest rates, will be the key driver for deposit mobilisation for private banks, said top executives from private sector banks at the Business Standard BFSI Insight Summit 2024.

Foreign banks focus on strengths to level up India play

India heads see new opportunities as Indian economy gains ground

Banking sector to be in a sweet spot as long as economy is robust: PSB chiefs

India's banking sector is expected to continue its good run on the back of solid economic growth and fundamentals, but needs to adopt a cautious approach and improve risk management practices and underwriting standards.

Banks driving deposits with value-added services

Slowdown in unsecured loan growth due to rising risk rates: SBI chief

B'desh chalks out plan to avert Adani's power cuts

Bangladesh is creating a \"dynamic payment plan\" for all electricity providers, including Adani Power, the country's power ministry chief said, as it races to stave off further blackouts after the company halved supply.

KKR may sell $750 million stake in JB Pharma

KKR & Co. is considering selling some of its controlling stake in JB Chemicals & Pharmaceuticals via a block trade in the market, according to people familiar with the matter.