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US dollar dips as easing AI and Mideast worries limit its appeal
After a six-month high, the US dollar is now on a downward trend, largely spurred by impressive job growth figures. Investors are eagerly awaiting the upcoming consumer price index data, a key factor for Federal Reserve rate considerations. Meanwhile, the euro and other currencies are rebounding against the dollar, backed by solid economic indicators.
US dollar holds onto payrolls gains, NZ dollar rises after election
Dollar index steadies at 102.20 after jumping about 0.7% Friday * Fed hike bets rekindled after receding amid AI stock selloff * NZ ballot too close to call, leader will not be known for weeks TOKYO
Global Market Today: Asian stocks open mostly higher, Nvidia probe looms
Benchmark stock indexes rose in Japan and Australia after a gauge of US semiconductor shares jumped 4.2% on Friday as speculation about possible tighter Democratic party regulation of the artificial intelligence industry eased. The MSCI Asia Pacific Index of equities gained 0.5%.
JPMorgan’s relationship with Jeffrey Epstein may be probed by Democrats after Senate takeover, says report
JPMorgan Chase’s banking relationship with the late sex offender Jeffrey Epstein will be probed by the Democrats after they take control of Congress early next year, a report said. The Democrats on the Senate Finance Committee want to know how top executives at JPMorgan dealt with Epstein. Senator Ron Wyden will chair the panel in January next year.
The fund that created the most wealth in 10 years was a plain S&P 500 ETF: $263 billion
The iShares Core S&P 500 ETF (IVV) generated the most shareholder value over the last 10 years. According to a Morningstar report, it created $263.1 billion in wealth for investors. Meanwhile, the Invesco QQQ Trust (QQQ) followed with $195.2 billion created for investors. Conversely, the ProShares UltraPro Short QQQ (SQQQ) lost $10 billion during the same decade. Smaller funds often struggled with losses due to market conditions and high-risk categories.
Barclays infuses Rs 1500 cr into Indian operations
Barclays Bank Plc has infused over ₹1,500 crore (£125 million) into its Indian operations, marking its third capital infusion in five years. The investment will support the growth of its investment banking and private banking businesses in India.
Persistent raises Rs 7,600 crore to wrap up funding for Nagarro SE deal
Persistent Systems has made waves in the financial market by securing ₹7,600 crore through non-convertible debentures aimed at funding its acquisition of Nagarro SE. This bold move saw bonds varying from two to three years issued, with demand soaring above ₹15,000 crore, attracting top investors. Additionally, the company successfully raised ₹600 crore with a one-year commercial paper at an impressive 8.75%.
SpaceX-Tesla merger could give Musk control without Mars, robotaxi milestones
Elon Musk's compensation packages at SpaceX and Tesla are tied to ambitious goals involving Mars and robotics. Recent discussions on a merger may provide Musk with greater voting control at Tesla. The current arrangement at SpaceX gives Musk significant voting rights without needing to achieve specified goals. Analysts suggest that Musk's plans may be adjusted post-merger to align with new market conditions.
'You don't need to crash a plane to...': Adam Robinson's April tweet goes viral after entrepreneur's death in Florida plane crash
An old tweet by tech entrepreneur Adam Robinson has gone viral after he died in a Florida plane crash at 44. Robinson, founder of Retention.com and RB2B, had written, “You don't need to crash a plane to learn to fly ... and you don't need VC to build a business.” Nine people died in the crash.
Adam Robinson, who was among 9 dead in Florida plane crash, was heading to Bahamas for his birthday celebration with his family before tragedy struck; all about the tech entrepreneur
A tragic plane crash in Florida claimed the lives of nine people, including entrepreneur Adam Robinson and his family, who were heading to the Bahamas for a birthday celebration. The Learjet 60 took off from Austin, Texas, before the mishap near Mar-a-Lago. While nearby residents were displaced, there was only one reported injury on the ground.
American companies brace for a pivot as US midterm elections get underway
US midterms: Corporate America is anticipating a potential shifts in Washington's power dynamics. Analysts predict that a strong Democratic showing could benefit sectors such as clean energy, housing and healthcare. Conversely, AI and defence stocks may face increased scrutiny from lawmakers.
HSBC to open Hong Kong AI Institute following Singapore launch
The AI unit will work with Hong Kong University of Science and Technology as its anchor academic partner, Elhedery said, though he did not disclose headcount details.
Blackstone-backed ASK Group appoints Nehal Shah as Group Head of Legal, Compliance and Secretarial
Blackstone-backed ASK Asset & Wealth Management Group has appointed Nehal Shah as group head of Legal, Compliance & Secretarial to strengthen its regulatory compliance and corporate governance functions. Shah brings over two decades of experience across financial services and capital markets.
Hinduja Housing Finance appoints Vivek Kannan as CEO, takes over from managing director Sachin Pillai
Vivek Kannan has been appointed as the chief executive officer of Hinduja Housing Finance Limited. He succeeded Sachin Pillai, who stepped down but remains on the board as a non-executive director. Kannan joined the company as Chief Operating Officer in 2020 and contributed significantly to its growth and transformation. With over two decades of experience, he has held leadership roles in various financial institutions.
AI boomerang: What one should keep in mind if Microsoft, Barclays Bank, Kroger rehire sacked employees?
Microsoft, Barclays Bank and supermarket chain Kroger are among the latest entries on a growing list of companies that have announced AI-related workforce reductions this year.
X factor in Musk cocktail: AI synergies are real, but the proposed SpaceX-Tesla merger has red flags for shareholders
Elon Musk is exploring a potential merger between Tesla and SpaceX amidst rising valuations and technological collaboration. Both companies aim to enhance their capabilities in AI and related technologies while managing significant capital expenditures. However, the merger raises concerns about shareholder control and scrutiny over company operations. Additionally, the merger could face political scrutiny from both Beijing and Washington due to data privacy issues.
Persistent Systems to raise Rs 6,000 crore via NCDs for Nagarro deal
Persistent Systems plans to raise more than ₹6,000 crore through non-convertible debentures for its Nagarro SE acquisition. The company successfully completed a QIP earlier this week, raising ₹4,264 crore. NCDs will range from one to five years, averaging three years in maturity. Persistent secured 94% of Nagarro shares after receiving shareholder offers this month. The total acquisition value is around $1.25 billion, with additional debt financing to be arranged.
MPC minutes: Two more interest rate hikes on cards, maybe even a third
Market participants and economists now expect a 25-bps increase in the December and February reviews. A further 25-bps increase in April isn't ruled out if crude oil prices remain persistently above $100. One basis point is a hundredth of a percentage point. "After the minutes were released, we think the probability of a consecutive hike in December has increased. Our terminal rate forecast is now at 6% for this hiking cycle and we expect the cycle to be rather shallow," Barclays said in a note.
Barclays Q3 profit rises 12% YoY, lender announces £500 million share buyback
Barclays reports a 12% rise in third-quarter pretax profit to £2.3 billion, broadly meeting expectations, and announces a £500 million share buyback. Strong equities trading and stable costs offset weaker fixed-income revenue, as investors assess the outlook for UK bank taxation.
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