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Negotiators from the European Union and South America finished two days of negotiations on trade, reporting "significant progress" on the contentious issues holding up the long-anticipated EU-Mercosur accord, according to two sources close to the negotiations.

Sources say that it now looks likely that negotiations on this issue may be concluded positively before the end of the year. The meeting marked the first face-to-face talks since April.

"The round of negotiations went very well. There was significant progress in the areas of the environment and government procurement," said a source at the Brazilian foreign ministry, where the talks were held.

"A new round of negotiations should take place in a few weeks," the official added.

Eleven governments of the EU, in a letter to President of the European Commission Ursula von der Leyen this week, asked for a swift conclusion of the 25-year-in-the-making trade deal.

"It is now urgent to secure the progress reached so far and close the negotiations," the letter seen by Reuters said. "We believe that all elements are in place to allow for a rapid conclusion of negotiations by the end of 2024," the prime ministers of Germany, Spain, Portugal, Sweden, Denmark, Finland, Croatia, Estonia, Latvia, Luxembourg and the Czech Republic wrote.

Mercosur groups Brazil, Argentina, Uruguay, Paraguay, and more recently Bolivia, in a market that is a much-wanted destination for EU manufacturing exporters, although European farmers, notably in France, fear the competition it would bring.

The deal was concluded in 2019, but its ratification has been held up by EU demands for commitments on Amazon deforestation and climate change.

In January, during protests by French farmers, French President Emmanuel Macron again reiterated his hostility toward the deal, citing environmental concerns and what he described as unfair competition faced by farmers.&nbsp;

The main French farmers' union, the FNSEA, said on Friday that it was against reopening negotiations because the EU-Mercosur deal would heighten competition for beef, poultry, rice, sugar, and ethanol producers.

"European agriculture should not be sacrificed in order to conclude international trade accords. On the contrary, agriculture should be protected and considered one of the main strategic European sectors," the union said in a statement.

With the European election over, now is the time to finalise the deal, the 11 prime ministers said in their letter.

"The agreement will create a free trade area encompassing more than 700 million people, creating enormous opportunities for European businesses and workers in markets which have been relatively closed up until now," the letter said.

Negotiators from the European Union and South America finished two days of negotiations on trade, reporting "significant progress" on the contentious issues holding up the long-anticipated EU-Mercosur accord, according to two sources close to the negotiations.

Negotiators from the European Union and South America finished two days of negotiations on trade, reporting "significant progress" on the contentious issues holding up the long-anticipated EU-Mercosur accord, according to two sources close to the negotiations. Sources say that it now looks likely that negotiations on this issue may be concluded positively before the end of the year. The meeting marked the first face-to-face talks since April. "The round of negotiations went very well. There was significant progress in the areas of the environment and government procurement," said a source at the Brazilian foreign ministry, where the talks were held. "A new round of negotiations should take place in a few weeks," the official added. Eleven governments of the EU, in a letter to President of the European Commission Ursula von der Leyen this week, asked for a swift conclusion of the 25-year-in-the-making trade deal. "It is now urgent to secure the progress reached so far and close the negotiations," the letter seen by Reuters said. "We believe that all elements are in place to allow for a rapid conclusion of negotiations by the end of 2024," the prime ministers of Germany, Spain, Portugal, Sweden, Denmark, Finland, Croatia, Estonia, Latvia, Luxembourg and the Czech Republic wrote. Mercosur groups Brazil, Argentina, Uruguay, Paraguay, and more recently Bolivia, in a market that is a much-wanted destination for EU manufacturing exporters, although European farmers, notably in France, fear the competition it would bring. The deal was concluded in 2019, but its ratification has been held up by EU demands for commitments on Amazon deforestation and climate change. In January, during protests by French farmers, French President Emmanuel Macron again reiterated his hostility toward the deal, citing environmental concerns and what he described as unfair competition faced by farmers. The main French farmers' union, the FNSEA, said on Friday that it was against reopening negotiations because the EU-Mercosur deal would heighten competition for beef, poultry, rice, sugar, and ethanol producers. "European agriculture should not be sacrificed in order to conclude international trade accords. On the contrary, agriculture should be protected and considered one of the main strategic European sectors," the union said in a statement. With the European election over, now is the time to finalise the deal, the 11 prime ministers said in their letter. "The agreement will create a free trade area encompassing more than 700 million people, creating enormous opportunities for European businesses and workers in markets which have been relatively closed up until now," the letter said.

Sources indicate progress in EU-Mercosur trade negotiations on contentious issues

In a recent address at the Texas Tribune Festival in Austin, Treasury Secretary Janet Yellen sought to alleviate concerns about the US economy, emphasizing its resilience and stability. Her remarks came on the heels of another month of disappointing employment figures, which have sparked apprehension among investors and analysts as detailed in a report by CNBC. Further, Janet Yellen said that she believes the U.S. economy is healthy and that recent months of cooler jobs data is a signal of a soft landing, not a recession.

Yellen's address aimed to reassure the public that the US economy remains solid and is heading toward what economists term a "soft landing." This concept involves the Federal Reserve&nbsp;raising interest rates to curb inflation and implementing cuts before a recession occurs. Despite the recent job data, Yellen expressed confidence in the economy's trajectory.

"We're observing a decrease in the urgency surrounding hiring and job vacancies, but significant layoffs are not occurring," Yellen noted. She acknowledged the deceleration in job growth compared to the hiring surge following the US reopening after the Covid-19 pandemic but emphasized that the economy is "well into a recovery" and "essentially functioning at full employment."

Job market trends and economic indicators<o:p></o:p>

The latest employment figures from the Bureau of Labor Statistics showed that nonfarm payrolls rose by 142,000 in August, falling short of the Dow Jones prediction of 161,000. This shortfall led to a decline in the S&amp;P 500, marking the worst week since March 2023. However, the unemployment rate ticked down to 4.2 per cent, and job growth in August surpassed that of July.

Yellen highlighted these positive indicators, stating, "I don't see any warning signs." She also pointed out the significant reduction in inflation, which has been a key focus for economic policymakers. "It has truly been remarkable to reduce inflation as significantly as we have. Most people would refer to this as the soft landing," she asserted.

&nbsp;Market reactions, future outlook and federal reserve expectations

The recent job data has reignited fears of a potential recession in the US, particularly concerning the Federal Reserve's ability to achieve a soft landing. Analysts widely anticipate that the Fed will reduce interest rates this month to support the economy.

Yellen's comments were aimed at calming these fears, emphasizing that the US is moving in the right direction. Her reassurance is crucial as the economy navigates a period of transition from rapid growth to more sustainable levels.

Further, despite the challenges posed by the recent job reports, Yellen's message was one of optimism and stability. She underscored the economy's resilience and its ability to adapt to changing conditions. The decrease in job vacancies and the slowdown in hiring urgency are seen as signs of a normalizing job market rather than indicators of a looming recession.

As the US economy continues on its path toward a soft landing, Yellen's reassurances are likely to influence market sentiment and investor confidence. Her statements reflect a broader consensus among economic policymakers that the US is well-positioned to navigate the current economic landscape without significant disruptions.

Therefore, Yellen's address at the Texas Tribune Festival provided a much-needed perspective on the US economy's current state and its future trajectory. As the economy moves forward, her confidence in its stability and resilience is a reassuring note for both investors and the general public.

In a recent address at the Texas Tribune Festival in Austin, Treasury Secretary Janet Yellen sought to alleviate concerns about the US economy, emphasizing its resilience and stability.

In a recent address at the Texas Tribune Festival in Austin, Treasury Secretary Janet Yellen sought to alleviate concerns about the US economy, emphasizing its resilience and stability. Her remarks came on the heels of another month of disappointing employment figures, which have sparked apprehension among investors and analysts as detailed in a report by CNBC. Further, Janet Yellen said that she believes the U.S. economy is healthy and that recent months of cooler jobs data is a signal of a soft landing, not a recession. Yellen's address aimed to reassure the public that the US economy remains solid and is heading toward what economists term a "soft landing." This concept involves the Federal Reserve raising interest rates to curb inflation and implementing cuts before a recession occurs. Despite the recent job data, Yellen expressed confidence in the economy's trajectory. "We're observing a decrease in the urgency surrounding hiring and job vacancies, but significant layoffs are not occurring," Yellen noted. She acknowledged the deceleration in job growth compared to the hiring surge following the US reopening after the Covid-19 pandemic but emphasized that the economy is "well into a recovery" and "essentially functioning at full employment." Job market trends and economic indicators The latest employment figures from the Bureau of Labor Statistics showed that nonfarm payrolls rose by 142,000 in August, falling short of the Dow Jones prediction of 161,000. This shortfall led to a decline in the S&P 500, marking the worst week since March 2023. However, the unemployment rate ticked down to 4.2 per cent, and job growth in August surpassed that of July. Yellen highlighted these positive indicators, stating, "I don't see any warning signs." She also pointed out the significant reduction in inflation, which has been a key focus for economic policymakers. "It has truly been remarkable to reduce inflation as significantly as we have. Most people would refer to this as the soft landing," she asserted. Market reactions, future outlook and federal reserve expectations The recent job data has reignited fears of a potential recession in the US, particularly concerning the Federal Reserve's ability to achieve a soft landing. Analysts widely anticipate that the Fed will reduce interest rates this month to support the economy. Yellen's comments were aimed at calming these fears, emphasizing that the US is moving in the right direction. Her reassurance is crucial as the economy navigates a period of transition from rapid growth to more sustainable levels. Further, despite the challenges posed by the recent job reports, Yellen's message was one of optimism and stability. She underscored the economy's resilience and its ability to adapt to changing conditions. The decrease in job vacancies and the slowdown in hiring urgency are seen as signs of a normalizing job market rather than indicators of a looming recession. As the US economy continues on its path toward a soft landing, Yellen's reassurances are likely to influence market sentiment and investor confidence. Her statements reflect a broader consensus among economic policymakers that the US is well-positioned to navigate the current economic landscape without significant disruptions. Therefore, Yellen's address at the Texas Tribune Festival provided a much-needed perspective on the US economy's current state and its future trajectory. As the economy moves forward, her confidence in its stability and resilience is a reassuring note for both investors and the general public.

US economy remains solid, heading toward soft landing, says Treasury Secretary Janet Yellen

In a question for the government, the Congress party has attacked the Securities and Exchange Board of India (SEBI) for its handling of the investigation into the Adani Group and two Mauritius-based foreign portfolio investors (FPIs). The controversy revolves around allegations of these FPIs violating new foreign investor norms and their involvement in the Adani Group's activities as detailed in a PTI report.

According to the report, two Mauritius-based FPIs, implicated in the January 2023 report by short-seller Hindenburg Research, have petitioned the Securities Appellate Tribunal seeking urgent relief from complying with SEBI's new foreign investor norms. These norms are set to come into effect on September 9th. Congress general secretary in-charge communications, Jairam Ramesh, highlighted that these FPIs are accused of participating in the Adani Group's attempts to bypass SEBI regulations and amass ‘benami’ stakes in its own companies.

Ramesh emphasized, "These are the very same FPIs who stand accused of participating in the Adani Group's brazen attempt to bypass SEBI's regulations and amass benami stakes in its own companies. These are the very firms that benefitted from SEBI's removal of the requirement to identify the 'ultimate beneficial owner' of offshore funds, a decision that it was forced under public pressure to reverse in June 2023 in a tacit admission of its guilt."

Delayed investigation, conflict of interest, concerns over black money

The Congress has expressed concerns that these FPIs are violating rules designed to prevent over-investment in a single stock, which could allow black money routed through tax havens to flood back into Indian capital markets. Ramesh stressed that these rules must be upheld at all costs to ensure the integrity of the capital markets.

A key point of contention is the delayed investigation by SEBI into these alleged violations. The investigation, which was supposed to be completed within two months and shared with the Supreme Court, has languished for 18 months. Ramesh pointed out, "The basic fact is that a SEBI investigation into these violations that was supposed to be completed in two months and shared with the Supreme Court is still languishing 18 months later."

Additionally, the Congress has raised questions about the multiple conflicts of interest involving SEBI's Chairperson, Madhabi Buch. Recent allegations by Hindenburg Research suggest that Buch and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal. However, Buch and her husband have denied these allegations, asserting that their finances are transparent.

Adani Group's rebuttal and ongoing controversy<o:p></o:p>

The Adani Group has dismissed the allegations as malicious and manipulative, stating that it complies with all laws and disclosure requirements. The group has also denied any commercial relationship with SEBI Chairperson Madhabi Buch or her husband.

The ongoing controversy has been a focal point for the Congress party's criticism of the government, particularly since Adani Group stocks suffered significantly following Hindenburg Research's allegations of fraudulent transactions and share-price manipulation. The opposition party has been persistent in its attack, alleging financial irregularities against the Adani Group and favoritism by the government to augment the conglomerate's profits.

Hence, the Congress's criticism of SEBI highlights the need for transparency and swift action in regulatory investigations. The delayed investigation and alleged conflicts of interest have raised significant concerns about the integrity of India's capital markets and the role of regulatory bodies in ensuring compliance with financial regulations.

In a question for the government, the Congress party has attacked the Securities and Exchange Board of India (SEBI) for its handling of the investigation into the Adani Group and two Mauritius-based foreign portfolio investors (FPIs).

In a question for the government, the Congress party has attacked the Securities and Exchange Board of India (SEBI) for its handling of the investigation into the Adani Group and two Mauritius-based foreign portfolio investors (FPIs). The controversy revolves around allegations of these FPIs violating new foreign investor norms and their involvement in the Adani Group's activities as detailed in a PTI report. According to the report, two Mauritius-based FPIs, implicated in the January 2023 report by short-seller Hindenburg Research, have petitioned the Securities Appellate Tribunal seeking urgent relief from complying with SEBI's new foreign investor norms. These norms are set to come into effect on September 9th. Congress general secretary in-charge communications, Jairam Ramesh, highlighted that these FPIs are accused of participating in the Adani Group's attempts to bypass SEBI regulations and amass ‘benami’ stakes in its own companies. Ramesh emphasized, "These are the very same FPIs who stand accused of participating in the Adani Group's brazen attempt to bypass SEBI's regulations and amass benami stakes in its own companies. These are the very firms that benefitted from SEBI's removal of the requirement to identify the 'ultimate beneficial owner' of offshore funds, a decision that it was forced under public pressure to reverse in June 2023 in a tacit admission of its guilt." Delayed investigation, conflict of interest, concerns over black money The Congress has expressed concerns that these FPIs are violating rules designed to prevent over-investment in a single stock, which could allow black money routed through tax havens to flood back into Indian capital markets. Ramesh stressed that these rules must be upheld at all costs to ensure the integrity of the capital markets. A key point of contention is the delayed investigation by SEBI into these alleged violations. The investigation, which was supposed to be completed within two months and shared with the Supreme Court, has languished for 18 months. Ramesh pointed out, "The basic fact is that a SEBI investigation into these violations that was supposed to be completed in two months and shared with the Supreme Court is still languishing 18 months later." Additionally, the Congress has raised questions about the multiple conflicts of interest involving SEBI's Chairperson, Madhabi Buch. Recent allegations by Hindenburg Research suggest that Buch and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal. However, Buch and her husband have denied these allegations, asserting that their finances are transparent. Adani Group's rebuttal and ongoing controversy The Adani Group has dismissed the allegations as malicious and manipulative, stating that it complies with all laws and disclosure requirements. The group has also denied any commercial relationship with SEBI Chairperson Madhabi Buch or her husband. The ongoing controversy has been a focal point for the Congress party's criticism of the government, particularly since Adani Group stocks suffered significantly following Hindenburg Research's allegations of fraudulent transactions and share-price manipulation. The opposition party has been persistent in its attack, alleging financial irregularities against the Adani Group and favoritism by the government to augment the conglomerate's profits. Hence, the Congress's criticism of SEBI highlights the need for transparency and swift action in regulatory investigations. The delayed investigation and alleged conflicts of interest have raised significant concerns about the integrity of India's capital markets and the role of regulatory bodies in ensuring compliance with financial regulations.

Congress criticizes SEBI over delayed investigation into Adani Group and Mauritius FPIs

In a recent address, Paolo Gentiloni, the European Union's (EU's)&nbsp;outgoing Commissioner for economy, highlighted the resilience of Europe's economy in the face of significant global challenges. Despite difficult forecasts predicting recessions and instability due to the Ukraine conflict, the EU's economy has shown signs of slow but steady growth.

Resilience in the face of challenges and navigating dynamics with China<o:p></o:p>

Gentiloni noted that the European economy managed to evade the alarming predictions of economic downturns. During an interview with CNBC at the Ambrosetti Forum, he further emphasised the European Union’s (EU's) need to balance its commitments to Ukraine while maintaining important trade relationships, particularly with China. This delicate balance is crucial as the EU navigates its future amidst complex geopolitical dynamics.

Emerging from the COVID-19 pandemic, the EU is now grappling with a cost-of-living crisis and high inflation, worsened by Russia's invasion of Ukraine and subsequent energy supply issues. Early indicators showed a Gross Domestic Product (GDP) growth of 0.3 per cent for the second quarter of this year. According to the European Commission, a GDP increase of 1 per cent is forecasted for 2024, driven by rising private consumption and a robust labour market.

The challenging trade situation of Europe with China remains a major issue that needs to be addressed soon. The recent tariff increases on Chinese electric vehicle imports, imposed to protect European industries, signify the EU's commitment to fair trade practices. Gentiloni highlighted the need for the incoming Commission to prioritize addressing relations with China, as trade issues coupled with support for Ukraine will define Europe's forthcoming strategies.

The EU's decision to impose tariffs on Chinese electric vehicles (EVs) was made to counter unfair subsidies that benefited Chinese manufacturers and posed a risk to European EV producers. This move has placed the EU in Beijing's sights, underscoring the need for careful navigation of these trade issues. Focus needs to be thrown on resolving differences and finding a reasonable solution.

Looking Ahead: Challenges and Opportunities<o:p></o:p>

The challenges ahead increase considerably due to the upcoming US elections and the uncertain political landscape in Europe. Gentiloni remained optimistic, indicating that even with a potential change in the US administration; he does not foresee significant shifts in economic ties. He emphasized the importance of supporting Ukraine and maintaining open international trade channels, which does not align with accepting China's stance on trade.

Gentiloni also cautioned that failure to enhance competitiveness, progress towards a capital markets union, and address defense challenges could render the evolving global landscape, making it extremely challenging for the Europeans. As he prepares to depart from his role, his commitment to contributing to European matters remains firm.

Hence, as Gentiloni prepares to leave the Commission, he has not yet revealed his future plans. However, he intends to contribute to European matters and perhaps engage in Italian politics. The left-leaning politician may face challenges from rising far-right support across Europe, which has prompted skepticism about the current Commission's ability to bring about needed changes.

Therefore, Europe's economy has demonstrated remarkable resilience in the face of difficult challenges. As it navigates the complicated landscape of global trade and geopolitical tensions, the EU must remain focused on its commitment to fair trade practices and support for Ukraine. The incoming Commission will need to prioritize these issues to ensure the continued growth and stability of the European economy.

In a recent address, Paolo Gentiloni, the European Union's (EU's) outgoing Commissioner for economy, highlighted the resilience of Europe's economy in the face of significant global challenges.

In a recent address, Paolo Gentiloni, the European Union's (EU's) outgoing Commissioner for economy, highlighted the resilience of Europe's economy in the face of significant global challenges. Despite difficult forecasts predicting recessions and instability due to the Ukraine conflict, the EU's economy has shown signs of slow but steady growth. Resilience in the face of challenges and navigating dynamics with China Gentiloni noted that the European economy managed to evade the alarming predictions of economic downturns. During an interview with CNBC at the Ambrosetti Forum, he further emphasised the European Union’s (EU's) need to balance its commitments to Ukraine while maintaining important trade relationships, particularly with China. This delicate balance is crucial as the EU navigates its future amidst complex geopolitical dynamics. Emerging from the COVID-19 pandemic, the EU is now grappling with a cost-of-living crisis and high inflation, worsened by Russia's invasion of Ukraine and subsequent energy supply issues. Early indicators showed a Gross Domestic Product (GDP) growth of 0.3 per cent for the second quarter of this year. According to the European Commission, a GDP increase of 1 per cent is forecasted for 2024, driven by rising private consumption and a robust labour market. The challenging trade situation of Europe with China remains a major issue that needs to be addressed soon. The recent tariff increases on Chinese electric vehicle imports, imposed to protect European industries, signify the EU's commitment to fair trade practices. Gentiloni highlighted the need for the incoming Commission to prioritize addressing relations with China, as trade issues coupled with support for Ukraine will define Europe's forthcoming strategies. The EU's decision to impose tariffs on Chinese electric vehicles (EVs) was made to counter unfair subsidies that benefited Chinese manufacturers and posed a risk to European EV producers. This move has placed the EU in Beijing's sights, underscoring the need for careful navigation of these trade issues. Focus needs to be thrown on resolving differences and finding a reasonable solution. Looking Ahead: Challenges and Opportunities The challenges ahead increase considerably due to the upcoming US elections and the uncertain political landscape in Europe. Gentiloni remained optimistic, indicating that even with a potential change in the US administration; he does not foresee significant shifts in economic ties. He emphasized the importance of supporting Ukraine and maintaining open international trade channels, which does not align with accepting China's stance on trade. Gentiloni also cautioned that failure to enhance competitiveness, progress towards a capital markets union, and address defense challenges could render the evolving global landscape, making it extremely challenging for the Europeans. As he prepares to depart from his role, his commitment to contributing to European matters remains firm. Hence, as Gentiloni prepares to leave the Commission, he has not yet revealed his future plans. However, he intends to contribute to European matters and perhaps engage in Italian politics. The left-leaning politician may face challenges from rising far-right support across Europe, which has prompted skepticism about the current Commission's ability to bring about needed changes. Therefore, Europe's economy has demonstrated remarkable resilience in the face of difficult challenges. As it navigates the complicated landscape of global trade and geopolitical tensions, the EU must remain focused on its commitment to fair trade practices and support for Ukraine. The incoming Commission will need to prioritize these issues to ensure the continued growth and stability of the European economy.

Europe's economy defies difficult forecasts, still, faces new challenges

In a recent conversation with NBC’s, “Meet the Press”, Senator Bernie Sanders once again aimed at the "billionaire class," advocating for significant changes in how wealth is taxed in the United States. Sanders, who has long been a vocal critic of the growing wealth gap, argued that the current structure of capital gains tax disproportionately benefits the wealthy as detailed in a report by CNBC. He urged Kamala Harris to consider raising her proposed 28 per cent tax rate on long-term capital gains. 

Sanders emphasized that the current tax system allows the super-rich to pay lower tax rates compared to ordinary citizens. He pointed out that this disparity is not only unfair but also contributes to the widening wealth gap between the rich and the poor. "The wealthiest individuals in our society are not paying their fair share," Sanders said. "It's time for a change."

Sanders' call for reform is rooted in his belief that the current capital gains tax structure is inherently flawed. Capital gains tax is levied on the profit made from the sale of assets such as stocks, real estate, and other investments. However, the tax rate on these gains is often lower than the tax rate on ordinary income, which Sanders argues is a major loophole that benefits the wealthy.

"The wealthy are able to accumulate more wealth because they are taxed at a lower rate on their investments," Sanders explained. "This is not only unfair but also unsustainable. We need a tax system that ensures everyone contributes their fair share."

Harris joins the call for change<o:p></o:p>

Vice President Kamala Harris has echoed Sanders' sentiments, highlighting the need for a fairer tax system. Harris emphasized that the current system favors a small percentage of the population at the expense of the majority. "We need to ensure that our tax system is fair and equitable," Harris said. "The wealthiest individuals must contribute to the federal budget in a way that reflects their ability to pay."

Harris also underscored the importance of addressing the wealth disparity in the context of broader economic policies. "By reforming the capital gains tax, we can not only generate more revenue for essential public services but also promote economic equality," she added.

The broader implications of tax reform<o:p></o:p>

The call for capital gains tax reform is part of a larger narrative about economic justice and fairness. Proponents of the reform argue that it is essential to address the systemic inequalities that have led to the concentration of wealth among counted elite.

By increasing the tax rate on capital gains, policymakers are expected to aim to, reduce the incentives for wealthy individuals to accumulate more wealth through investments rather than contributing to the economy through productive activities. This, in turn, could help in reducing the wealth gap and promoting a more equitable distribution of income.

Moreover, the revenue generated from such reforms could be used to fund critical public services such as education, healthcare, and infrastructure. This would not only benefit the broader population but also stimulate economic growth by investing in human capital and physical infrastructure.

Hence, the push for capital gains tax reform by Sanders and Harris reflects a broader commitment to economic fairness and equality. As the debate on wealth taxation continues, it remains to be seen how policymakers will balance the need for fairness with the complexities of the tax system in the US once we have a new government post the completion of the upcoming Presidential elections. However, one thing is clear: the current system needs reform, and addressing this issue could have far-reaching implications for the economy and society as a whole.

In a recent conversation with NBC’s, “Meet the Press”, Senator Bernie Sanders once again aimed at the "billionaire class," advocating for significant changes in how wealth is taxed in the United States.

In a recent conversation with NBC’s, “Meet the Press”, Senator Bernie Sanders once again aimed at the "billionaire class," advocating for significant changes in how wealth is taxed in the United States. Sanders, who has long been a vocal critic of the growing wealth gap, argued that the current structure of capital gains tax disproportionately benefits the wealthy as detailed in a report by CNBC. He urged Kamala Harris to consider raising her proposed 28 per cent tax rate on long-term capital gains. Sanders emphasized that the current tax system allows the super-rich to pay lower tax rates compared to ordinary citizens. He pointed out that this disparity is not only unfair but also contributes to the widening wealth gap between the rich and the poor. "The wealthiest individuals in our society are not paying their fair share," Sanders said. "It's time for a change." Sanders' call for reform is rooted in his belief that the current capital gains tax structure is inherently flawed. Capital gains tax is levied on the profit made from the sale of assets such as stocks, real estate, and other investments. However, the tax rate on these gains is often lower than the tax rate on ordinary income, which Sanders argues is a major loophole that benefits the wealthy. "The wealthy are able to accumulate more wealth because they are taxed at a lower rate on their investments," Sanders explained. "This is not only unfair but also unsustainable. We need a tax system that ensures everyone contributes their fair share." Harris joins the call for change Vice President Kamala Harris has echoed Sanders' sentiments, highlighting the need for a fairer tax system. Harris emphasized that the current system favors a small percentage of the population at the expense of the majority. "We need to ensure that our tax system is fair and equitable," Harris said. "The wealthiest individuals must contribute to the federal budget in a way that reflects their ability to pay." Harris also underscored the importance of addressing the wealth disparity in the context of broader economic policies. "By reforming the capital gains tax, we can not only generate more revenue for essential public services but also promote economic equality," she added. The broader implications of tax reform The call for capital gains tax reform is part of a larger narrative about economic justice and fairness. Proponents of the reform argue that it is essential to address the systemic inequalities that have led to the concentration of wealth among counted elite. By increasing the tax rate on capital gains, policymakers are expected to aim to, reduce the incentives for wealthy individuals to accumulate more wealth through investments rather than contributing to the economy through productive activities. This, in turn, could help in reducing the wealth gap and promoting a more equitable distribution of income. Moreover, the revenue generated from such reforms could be used to fund critical public services such as education, healthcare, and infrastructure. This would not only benefit the broader population but also stimulate economic growth by investing in human capital and physical infrastructure. Hence, the push for capital gains tax reform by Sanders and Harris reflects a broader commitment to economic fairness and equality. As the debate on wealth taxation continues, it remains to be seen how policymakers will balance the need for fairness with the complexities of the tax system in the US once we have a new government post the completion of the upcoming Presidential elections. However, one thing is clear: the current system needs reform, and addressing this issue could have far-reaching implications for the economy and society as a whole.

Bernie Sanders calls for capital gains tax reform to address wealth disparity

The Biden administration schemes to slap export controls on critical technologies ranging from quantum computing to semiconductor goods in an effort to harmonise key allies in a US-led effort to slow innovation in China and other adversarial countries.

The proposed regulations would restrict exports of quantum computers and components, key chip-making equipment, a cutting-edge semiconductor technology known as gate all-around and associated components and software made from metals and metal alloys. They would apply to all foreign exports, though they provide for licensing exceptions for countries that adopt similar controls. That would include Japan and the Netherlands for instance, among other close allies, and the US expects others to follow, the Commerce Department said in a statement.

Given American leadership in a range of academic fields and research partnerships, the prospect of easier licence approvals is also an added carrot for countries to join the US camp. For years, Washington has tightened the screws on China and other adversaries' access to advanced technologies seen as crucial for artificial intelligence, citing fears that high-end chips and components could give Beijing a military edge.

ASML Holding NV, which makes the chip gear vital to produce the most advanced semiconductors, said Friday that it can now go directly to the Dutch government for approval to ship certain types of machines — rather than the US. And Taiwan's economic minister said the island would take its cues from Washington.

“We respect global norms,” Minister of Economic Affairs Kuo Jyh-huei told reporters. “Taiwan cannot be independent from the norms of friendly countries in the world. I think we should follow suit.”

The Biden administration schemes to slap export controls on critical technologies ranging from quantum computing to semiconductor goods in an effort to harmonise key allies in a US-led effort to slow innovation in China and other adversarial countries.

The Biden administration schemes to slap export controls on critical technologies ranging from quantum computing to semiconductor goods in an effort to harmonise key allies in a US-led effort to slow innovation in China and other adversarial countries. The proposed regulations would restrict exports of quantum computers and components, key chip-making equipment, a cutting-edge semiconductor technology known as gate all-around and associated components and software made from metals and metal alloys. They would apply to all foreign exports, though they provide for licensing exceptions for countries that adopt similar controls. That would include Japan and the Netherlands for instance, among other close allies, and the US expects others to follow, the Commerce Department said in a statement. Given American leadership in a range of academic fields and research partnerships, the prospect of easier licence approvals is also an added carrot for countries to join the US camp. For years, Washington has tightened the screws on China and other adversaries' access to advanced technologies seen as crucial for artificial intelligence, citing fears that high-end chips and components could give Beijing a military edge. ASML Holding NV, which makes the chip gear vital to produce the most advanced semiconductors, said Friday that it can now go directly to the Dutch government for approval to ship certain types of machines — rather than the US. And Taiwan's economic minister said the island would take its cues from Washington. “We respect global norms,” Minister of Economic Affairs Kuo Jyh-huei told reporters. “Taiwan cannot be independent from the norms of friendly countries in the world. I think we should follow suit.”

US set to impose export restrictions on quantum and chip technologies to China

Crude oil had the biggest drop in 11 months as a weak US jobs report accelerated speculation that demand in the world's biggest crude oil consumer would be timid.

West Texas Intermediate fell 2.1 per cent to settle at $67.67 a barrel, wrapping up the biggest weekly decline since October 2023. While the US jobs data released Friday increased wagers that the Fed will approve a super-sized interest rate cut, it also perpetuated the view of slowing oil demand that has weighed on crude for weeks.

“The market is still on tenterhooks evaluating the strength of the global economy and what the Fed will do,” said Rebecca Babin, senior energy trader at CIBC Private Wealth.

Recent efforts to choke supplies haven't stemmed crude's slide. While the OPEC+ alliance this week abandoned a proposal to increase production by 180,000 barrels a day in October and November, a longer-term plan to revive 2.2 million barrels a day over the course of a year remained in place, with the completion date pushed back two months to December 2025.

Brent futures have been in a downtrend since early July, with weakness in the economies of top oil consumers China and the US fuelling fears about demand, while crude production in the world's largest economy has also steadily risen in recent years, adding supply pressure to global balances.

That means that even the OPEC+ delay and an almost 7 million-barrel weekly drop in US crude inventories have managed to do very little in terms of pushing up oil prices. The monthly market outlooks of OPEC, the Energy Information Administration, and the International Energy Agency will be closely watched next week.

“We see the OPEC+ unwind delay, ongoing geopolitics and financial positioning providing price support at $70 to $72 Brent,” Citigroup Inc. analysts including Eric Lee said in a note. The bank said it sees “moves down to the $60 range in 2025 as a sizable market surplus emerges.”

Crude oil had the biggest drop in 11 months as a weak US jobs report accelerated speculation that demand in the world's biggest crude oil consumer would be timid.

Crude oil had the biggest drop in 11 months as a weak US jobs report accelerated speculation that demand in the world's biggest crude oil consumer would be timid. West Texas Intermediate fell 2.1 per cent to settle at $67.67 a barrel, wrapping up the biggest weekly decline since October 2023. While the US jobs data released Friday increased wagers that the Fed will approve a super-sized interest rate cut, it also perpetuated the view of slowing oil demand that has weighed on crude for weeks. “The market is still on tenterhooks evaluating the strength of the global economy and what the Fed will do,” said Rebecca Babin, senior energy trader at CIBC Private Wealth. Recent efforts to choke supplies haven't stemmed crude's slide. While the OPEC+ alliance this week abandoned a proposal to increase production by 180,000 barrels a day in October and November, a longer-term plan to revive 2.2 million barrels a day over the course of a year remained in place, with the completion date pushed back two months to December 2025. Brent futures have been in a downtrend since early July, with weakness in the economies of top oil consumers China and the US fuelling fears about demand, while crude production in the world's largest economy has also steadily risen in recent years, adding supply pressure to global balances. That means that even the OPEC+ delay and an almost 7 million-barrel weekly drop in US crude inventories have managed to do very little in terms of pushing up oil prices. The monthly market outlooks of OPEC, the Energy Information Administration, and the International Energy Agency will be closely watched next week. “We see the OPEC+ unwind delay, ongoing geopolitics and financial positioning providing price support at $70 to $72 Brent,” Citigroup Inc. analysts including Eric Lee said in a note. The bank said it sees “moves down to the $60 range in 2025 as a sizable market surplus emerges.”

Oil tumbles amid weak US jobs data and demand concerns

Bitcoin and other cryptocurrencies plunged after earlier gains were erased, as digital assets got caught in a wild trading session across markets after a disappointing US jobs report.

Bitcoin jumped as much as 1.6 per cent following the August employment report Friday morning in New York, only to turn decidedly lower about an hour later. The original crypto asset fell 4.5 per cent at about $53,555, its lowest price since Aug. 5, as of 2:54 p.m. in New York. Ether, the second-biggest cryptocurrency, tumbled almost 6 per cent.

US payrolls rose by 142,000 in August, less than the 165,000 average forecast in a Bloomberg survey, and the prior two months' figures were revised lower by 86,000. Swaps traders have increased the chances that the US central bank will cut rates by a half percentage point, or 50 basis points, when policymakers meet later this month to announce what is broadly expected to be the first rate cut in over four years. But traders later revised whether the report was bad enough to inspire that big of a cut.

A looser monetary policy is good news for speculative assets like crypto.

“Today it’s more of a risk-asset selloff,” said Cosmo Jiang, portfolio manager at Pantera Capital. “I think expectations for a 50 basis-point cut in September got too high, and my view is it is super unlikely to happen. Mixed employment data this morning, or in other words not obviously bad, lowers the probability of a 50 basis-point cut. And risk assets — equities, crypto — are all down on that.”

Stocks also fell, with the S&amp;P 500 opening higher before sliding 1.8 per cent in roughly the last hour of trading. Bitcoin and other major tokens have been tightly tracking global equities in recent weeks. The 30-day correlation coefficient for a gauge of the largest 100 digital assets and MSCI's index of world shares is near 0.60, one of the highest levels over the past two years, data compiled by Bloomberg show. A reading of 1 indicates assets are moving in lockstep, while minus 1 signals an inverse tie.

“Bitcoin has been responding to macro events in a highly correlated manner to equities,” said Benjamin Celermajer, co-chief investment officer at Magnet Capital.

Record inflows into US spot-Bitcoin exchange-traded funds ignited the record-breaking rally in the largest digital asset earlier in the year. But that rally then fizzled, and the ETFs have lost money in recent days amid outflows.

Bitcoin and other cryptocurrencies plunged after earlier gains were erased, as digital assets got caught in a wild trading session across markets after a disappointing US jobs report.

Bitcoin and other cryptocurrencies plunged after earlier gains were erased, as digital assets got caught in a wild trading session across markets after a disappointing US jobs report. Bitcoin jumped as much as 1.6 per cent following the August employment report Friday morning in New York, only to turn decidedly lower about an hour later. The original crypto asset fell 4.5 per cent at about $53,555, its lowest price since Aug. 5, as of 2:54 p.m. in New York. Ether, the second-biggest cryptocurrency, tumbled almost 6 per cent. US payrolls rose by 142,000 in August, less than the 165,000 average forecast in a Bloomberg survey, and the prior two months' figures were revised lower by 86,000. Swaps traders have increased the chances that the US central bank will cut rates by a half percentage point, or 50 basis points, when policymakers meet later this month to announce what is broadly expected to be the first rate cut in over four years. But traders later revised whether the report was bad enough to inspire that big of a cut. A looser monetary policy is good news for speculative assets like crypto. “Today it’s more of a risk-asset selloff,” said Cosmo Jiang, portfolio manager at Pantera Capital. “I think expectations for a 50 basis-point cut in September got too high, and my view is it is super unlikely to happen. Mixed employment data this morning, or in other words not obviously bad, lowers the probability of a 50 basis-point cut. And risk assets — equities, crypto — are all down on that.” Stocks also fell, with the S&P 500 opening higher before sliding 1.8 per cent in roughly the last hour of trading. Bitcoin and other major tokens have been tightly tracking global equities in recent weeks. The 30-day correlation coefficient for a gauge of the largest 100 digital assets and MSCI's index of world shares is near 0.60, one of the highest levels over the past two years, data compiled by Bloomberg show. A reading of 1 indicates assets are moving in lockstep, while minus 1 signals an inverse tie. “Bitcoin has been responding to macro events in a highly correlated manner to equities,” said Benjamin Celermajer, co-chief investment officer at Magnet Capital. Record inflows into US spot-Bitcoin exchange-traded funds ignited the record-breaking rally in the largest digital asset earlier in the year. But that rally then fizzled, and the ETFs have lost money in recent days amid outflows.

Bitcoin falls to 1-month low as jobs data sparks market volatility

Exports of fuel oil destined for the US Gulf Coast plunged last month to their lowest level since January 2019, reflecting a weakening of refinery demand as margins have softened, analysts said.

Feedstocks such as high sulphur fuel oil and other heavy residues can be further processed into more valuable products such as gasoline and diesel using secondary units.

But deliveries of those supplies to the Gulf Coast, America's largest refining centre, dropped by a third in August from the prior month to 260,000 barrels per day (bpd), according to data from ship tracker Kpler, a more-than-five-year low.

Shipments leaving Mexico for the Gulf Coast were down 25 per cent month-over-month, at 77,000 bpd, their lowest since July 2021, and were driving the majority of the fall, the Kpler data showed.

"On the demand side, refinery margins aren't strong enough to incentivise U.S. Gulf Coast refiners to run their secondary units harder to process this fuel oil," said Rohit Rathod, a market analyst at energy researcher Vortexa.

U.S. gasoline margins, or the spread between gasoline futures and West Texas Intermediate crude futures, typically narrow going into the end of summer driving season. Currently, though, that spread stands at around $12 a barrel, or about $10 a barrel below where it was this time last year.

"We are seeing at least double digit percentage point reductions in secondary unit utilisation, particularly on the East and Gulf Coast because of shrinking margins," said Rommel Oates, founder of refinery operations intelligence firm, Refinery Calculator.

Refinery Calculator said it would expect this trend to spread more broadly across other US refineries over the next few months, weighing on August fuel oil loadings.

As of June 2024, Gulf and East Coast combined operating refining capacity accounted for just under 60 per cent of total US capacity, according to the most recent data analysed by the Energy Information Administration.

Exports of fuel oil destined for the US Gulf Coast plunged last month to their lowest level since January 2019, reflecting a weakening of refinery demand as margins have softened, analysts said.

Exports of fuel oil destined for the US Gulf Coast plunged last month to their lowest level since January 2019, reflecting a weakening of refinery demand as margins have softened, analysts said. Feedstocks such as high sulphur fuel oil and other heavy residues can be further processed into more valuable products such as gasoline and diesel using secondary units. But deliveries of those supplies to the Gulf Coast, America's largest refining centre, dropped by a third in August from the prior month to 260,000 barrels per day (bpd), according to data from ship tracker Kpler, a more-than-five-year low. Shipments leaving Mexico for the Gulf Coast were down 25 per cent month-over-month, at 77,000 bpd, their lowest since July 2021, and were driving the majority of the fall, the Kpler data showed. "On the demand side, refinery margins aren't strong enough to incentivise U.S. Gulf Coast refiners to run their secondary units harder to process this fuel oil," said Rohit Rathod, a market analyst at energy researcher Vortexa. U.S. gasoline margins, or the spread between gasoline futures and West Texas Intermediate crude futures, typically narrow going into the end of summer driving season. Currently, though, that spread stands at around $12 a barrel, or about $10 a barrel below where it was this time last year. "We are seeing at least double digit percentage point reductions in secondary unit utilisation, particularly on the East and Gulf Coast because of shrinking margins," said Rommel Oates, founder of refinery operations intelligence firm, Refinery Calculator. Refinery Calculator said it would expect this trend to spread more broadly across other US refineries over the next few months, weighing on August fuel oil loadings. As of June 2024, Gulf and East Coast combined operating refining capacity accounted for just under 60 per cent of total US capacity, according to the most recent data analysed by the Energy Information Administration.

Fuel oil shipments to the US Gulf Coast reach a 5-year low as refinery demand declines

New Zealand's residential construction slumped to a four-year low last quarter, in a further sign the economy may have tipped into another recession.

Spending in constant prices-a measure of volume-fell to NZ$5.2 billion ($3 billion) in the three months through June, Statistics New Zealand said Friday in Wellington. That's the lowest level since the same period in 2020 when the nation was in a lockdown during the pandemic.

Economists broadly anticipate that the economy contracted in the second quarter as higher interest rates curbed spending and investment. The Reserve Bank, which entered an easing cycle last month, expects activity also contracted in the third quarter-setting the economy up for its third recession in less than two years.

The report today showed residential construction decreased for a seventh consecutive quarter, sliding 0.7 per cent from the first three months of the year. Total building, which includes nonresidential activity, declined by 0.2 per cent. 
&nbsp; 
The statistics bureau is set to release second-quarter gross domestic product data on Sept. 19. Other recent reports have indicated that exports and retail sales have fallen, adding to expectations of a contraction.

Construction activity has been buffeted by the rising costs of both materials and finance, pushing buyers and developers to the sidelines. Home-building approvals in the 12 months through July were down 22 per cent on the year-earlier period.

Sentiment in the industry remains weak. Fletcher Building, the country's largest supplier of wallboard, timber and other construction materials, last month said volumes in its materials and distribution business were under pressure and are expected to drop at least a further 10 per cent in the year through June 2025.

New Zealand's residential construction slumped to a four-year low last quarter, in a further sign the economy may have tipped into another recession. Spending in constant prices-a measure of volume-fell to NZ$5.

New Zealand's residential construction slumped to a four-year low last quarter, in a further sign the economy may have tipped into another recession. Spending in constant prices-a measure of volume-fell to NZ$5.2 billion ($3 billion) in the three months through June, Statistics New Zealand said Friday in Wellington. That's the lowest level since the same period in 2020 when the nation was in a lockdown during the pandemic. Economists broadly anticipate that the economy contracted in the second quarter as higher interest rates curbed spending and investment. The Reserve Bank, which entered an easing cycle last month, expects activity also contracted in the third quarter-setting the economy up for its third recession in less than two years. The report today showed residential construction decreased for a seventh consecutive quarter, sliding 0.7 per cent from the first three months of the year. Total building, which includes nonresidential activity, declined by 0.2 per cent. The statistics bureau is set to release second-quarter gross domestic product data on Sept. 19. Other recent reports have indicated that exports and retail sales have fallen, adding to expectations of a contraction. Construction activity has been buffeted by the rising costs of both materials and finance, pushing buyers and developers to the sidelines. Home-building approvals in the 12 months through July were down 22 per cent on the year-earlier period. Sentiment in the industry remains weak. Fletcher Building, the country's largest supplier of wallboard, timber and other construction materials, last month said volumes in its materials and distribution business were under pressure and are expected to drop at least a further 10 per cent in the year through June 2025.

New Zealand's declining housing construction signals rising recession threat

Household spending in Japan rose less than expected in July, with consumers still showing wariness in opening wallets amid high prices, a factor that could further complicate the central bank's plans for more rate hikes over the coming months.

Consumer spending inched up 0.1 per cent in July from a year earlier, against the median market forecast for 1.2 per cent growth, government data showed on Friday. On a seasonally adjusted, month-on-month basis, spending fell 1.7 per cent versus an estimated 0.2 per cent drop.

"There is a very good chance that consumer spending will be negative again in the next month," said Takeshi Minami, chief economist at Norinchukin Research Institute, adding that households appear to be sceptical about whether wage gains will continue next year.

Data a day earlier showed Japan's inflation-adjusted wages grew for a second straight month in July, propelled by a bump in summertime bonuses. Base pay, or regular pay, rose at the quickest pace in nearly 32 years, reflecting the outcome of this spring's labour-management wage talks.

However, the government said the big test would be whether real wages continue rising in August and beyond without the seasonal factor of summer bonuses.

Consumers spent more on television and travelling but cut back on food and utility expenses due to higher prices in July, an internal affairs ministry official said, adding they also put their income into savings.

Private consumption, accounting for over half of the economic output, had become a weak link in the Japanese economy over the last year or so. But it marked the first gain in five quarters in the April-to-June period, stirring hopes that a consumer-led recovery might be in store.

Strong consumption, added to solid wages and durable inflation, are the chief reasons the Bank of Japan says are indispensable in deciding on further rises in interest rates.

With a view that the economy was making progress toward durably achieving its 2 per cent inflation target, the BOJ jettisoned negative interest rates in March and raised short-term rates to 0.25 per cent in July.

The BOJ needs to confirm through relevant data before raising borrowing costs again, Minami said, adding the July rate hike was carried out without looking at the recovery of consumption.

The Japanese government last month upgraded its economic assessment for the first time in more than a year on signs of improving personal spending.

Household spending in Japan rose less than expected in July, with consumers still showing wariness in opening wallets amid high prices, a factor that could further complicate the central bank's plans for more rate hikes over the coming months.

Household spending in Japan rose less than expected in July, with consumers still showing wariness in opening wallets amid high prices, a factor that could further complicate the central bank's plans for more rate hikes over the coming months. Consumer spending inched up 0.1 per cent in July from a year earlier, against the median market forecast for 1.2 per cent growth, government data showed on Friday. On a seasonally adjusted, month-on-month basis, spending fell 1.7 per cent versus an estimated 0.2 per cent drop. "There is a very good chance that consumer spending will be negative again in the next month," said Takeshi Minami, chief economist at Norinchukin Research Institute, adding that households appear to be sceptical about whether wage gains will continue next year. Data a day earlier showed Japan's inflation-adjusted wages grew for a second straight month in July, propelled by a bump in summertime bonuses. Base pay, or regular pay, rose at the quickest pace in nearly 32 years, reflecting the outcome of this spring's labour-management wage talks. However, the government said the big test would be whether real wages continue rising in August and beyond without the seasonal factor of summer bonuses. Consumers spent more on television and travelling but cut back on food and utility expenses due to higher prices in July, an internal affairs ministry official said, adding they also put their income into savings. Private consumption, accounting for over half of the economic output, had become a weak link in the Japanese economy over the last year or so. But it marked the first gain in five quarters in the April-to-June period, stirring hopes that a consumer-led recovery might be in store. Strong consumption, added to solid wages and durable inflation, are the chief reasons the Bank of Japan says are indispensable in deciding on further rises in interest rates. With a view that the economy was making progress toward durably achieving its 2 per cent inflation target, the BOJ jettisoned negative interest rates in March and raised short-term rates to 0.25 per cent in July. The BOJ needs to confirm through relevant data before raising borrowing costs again, Minami said, adding the July rate hike was carried out without looking at the recovery of consumption. The Japanese government last month upgraded its economic assessment for the first time in more than a year on signs of improving personal spending.

Japan's sluggish consumer spending growth adds challenges to BOJ's rate hike plan

According to a report, Britain needs an extra one trillion pounds ($1.3 trillion) of investment over the next decade to achieve economic growth.

New British Prime Minister Keir Starmer said he wanted the economy to achieve annual growth of 2.5 per cent when campaigning in the run-up to July 4's election - a rate Britain has not regularly reached since before the 2008 financial crisis.

According to a report by the UK financial services lobby group Capital Markets Industry Taskforce, an annual growth rate of 3 per cent would necessitate an extra investment of 100 billion pounds a year over the coming decade, especially in energy, housing and venture capital.

The investment could come out of the six trillion pounds in long-term capital in Britain's pensions and insurance sector, said Nigel Wilson, the report's lead author and former boss of Legal &amp; General, in a dialogue with Reuters.

"We've underinvested in the UK for such a long time, there's a massive gap between the other G7 countries and ourselves," he said.

"We have the long-term capital in the UK, it needs to be reallocated."

The British economy needs an extra 50 billion pounds each year of energy investment as it aims to meet net zero targets, 30 billion pounds in housing, and 20-30 billion in venture capital, the report said.

The government should consider incentives to investments, such as reducing taxes on shares for retail investors, the report added.

UK pensions have a "significantly lower" allocation to domestic and unlisted equities compared to most developed market pension systems around the world, according to a separate report published on Friday by think tank New Financial.

UK pensions could as much as double their allocations and still be in line with the pensions industry in other advanced markets, the report said.

While attempting to increase UK pensions investment in domestic startups, the UK government has called for a review of Britain's pension system.

According to a report, Britain needs an extra one trillion pounds ($1.3 trillion) of investment over the next decade to achieve economic growth. New British Prime Minister Keir Starmer said he wanted the economy to achieve annual growth of 2.

According to a report, Britain needs an extra one trillion pounds ($1.3 trillion) of investment over the next decade to achieve economic growth. New British Prime Minister Keir Starmer said he wanted the economy to achieve annual growth of 2.5 per cent when campaigning in the run-up to July 4's election - a rate Britain has not regularly reached since before the 2008 financial crisis. According to a report by the UK financial services lobby group Capital Markets Industry Taskforce, an annual growth rate of 3 per cent would necessitate an extra investment of 100 billion pounds a year over the coming decade, especially in energy, housing and venture capital. The investment could come out of the six trillion pounds in long-term capital in Britain's pensions and insurance sector, said Nigel Wilson, the report's lead author and former boss of Legal & General, in a dialogue with Reuters. "We've underinvested in the UK for such a long time, there's a massive gap between the other G7 countries and ourselves," he said. "We have the long-term capital in the UK, it needs to be reallocated." The British economy needs an extra 50 billion pounds each year of energy investment as it aims to meet net zero targets, 30 billion pounds in housing, and 20-30 billion in venture capital, the report said. The government should consider incentives to investments, such as reducing taxes on shares for retail investors, the report added. UK pensions have a "significantly lower" allocation to domestic and unlisted equities compared to most developed market pension systems around the world, according to a separate report published on Friday by think tank New Financial. UK pensions could as much as double their allocations and still be in line with the pensions industry in other advanced markets, the report said. While attempting to increase UK pensions investment in domestic startups, the UK government has called for a review of Britain's pension system.

Report reveals Britain requires an additional $1.3 trillion investment to fuel economic growth

Geespace, backed by Chinese automaker Geely, said on Friday that it launched a third batch of satellites to form a mega constellation, the China equivalent of US firm SpaceX's Starlink.

The 10 low Earth orbit satellites were launched from the Taiyuan Satellite Launch Centre in the northern province of Shanxi, Geespace said in a statement.

"With this latest launch, the constellation now includes 30 satellites, covering 90% of the globe with 24-hour communication services," Geespace said.

"This deployment marks the first time a Chinese commercial aerospace company has offered LEO satellite communication on a global scale," the company said.

The carmaker's Geely Technology Group established Geespace for research, launching, and operation of low-orbit satellites in 2018.

LEO satellites normally operate within altitudes of 300-2,000 km above the Earth's surface and enjoy relative advantages in cost and transmission efficiency compared with higher-orbit satellites.

Geespace launched its first 20 satellites into orbit in two separate launches, in 2022 and earlier this year.

Geespace intends to deploy a constellation of close to 6,000 LEO satellites that would be deployed to provide global broadband. The company called the satellite constellation "China's private equivalent to 'Starlink.'"

SpaceX's Starlink is an increasingly implemented commercial broadband constellation presently with approximately 5,500 satellites in space, used by consumers, companies, and government agencies.

Starlink, owned by billionaire Elon Musk, has tens of thousands of users in the US, with plans for tens of thousands more satellites for the system - already the largest of its kind.

Geespace's Friday satellite launch is part of the first construction phase for its constellation to be in orbit, servicing more than 200 million users globally by the end of 2025.

In the second phase, another 264 satellites will be added for mobile phone communications, and in the third phase, 5,676 satellites will be launched for high-speed broadband.

Geespace is one of many Chinese companies hoping to compete with Starlink.

Last month, state-owned Shanghai Spacecom Satellite Technology launched a batch of LEO satellites from Taiyuan for its "Thousand Sails Constellation," also known as the "G60 Starlink Plan".

It aims to launch 108 satellites this year, 648 satellites by the end of 2025, and have a total of 15,000 deployed before 2030.

Geespace, backed by Chinese automaker Geely, said on Friday that it launched a third batch of satellites to form a mega constellation, the China equivalent of US firm SpaceX's Starlink.

Geespace, backed by Chinese automaker Geely, said on Friday that it launched a third batch of satellites to form a mega constellation, the China equivalent of US firm SpaceX's Starlink. The 10 low Earth orbit satellites were launched from the Taiyuan Satellite Launch Centre in the northern province of Shanxi, Geespace said in a statement. "With this latest launch, the constellation now includes 30 satellites, covering 90% of the globe with 24-hour communication services," Geespace said. "This deployment marks the first time a Chinese commercial aerospace company has offered LEO satellite communication on a global scale," the company said. The carmaker's Geely Technology Group established Geespace for research, launching, and operation of low-orbit satellites in 2018. LEO satellites normally operate within altitudes of 300-2,000 km above the Earth's surface and enjoy relative advantages in cost and transmission efficiency compared with higher-orbit satellites. Geespace launched its first 20 satellites into orbit in two separate launches, in 2022 and earlier this year. Geespace intends to deploy a constellation of close to 6,000 LEO satellites that would be deployed to provide global broadband. The company called the satellite constellation "China's private equivalent to 'Starlink.'" SpaceX's Starlink is an increasingly implemented commercial broadband constellation presently with approximately 5,500 satellites in space, used by consumers, companies, and government agencies. Starlink, owned by billionaire Elon Musk, has tens of thousands of users in the US, with plans for tens of thousands more satellites for the system - already the largest of its kind. Geespace's Friday satellite launch is part of the first construction phase for its constellation to be in orbit, servicing more than 200 million users globally by the end of 2025. In the second phase, another 264 satellites will be added for mobile phone communications, and in the third phase, 5,676 satellites will be launched for high-speed broadband. Geespace is one of many Chinese companies hoping to compete with Starlink. Last month, state-owned Shanghai Spacecom Satellite Technology launched a batch of LEO satellites from Taiyuan for its "Thousand Sails Constellation," also known as the "G60 Starlink Plan". It aims to launch 108 satellites this year, 648 satellites by the end of 2025, and have a total of 15,000 deployed before 2030.

China's Geespace deploys 10 low-orbit satellites, targeting Starlink’s market

The deal combining two state-backed brokerages to make a sector leader in China with $230 billion in assets is part of Beijing's drive to consolidate the $1.7 trillion industry amid challenging markets. The analysts said this is going to pick up more pace.

Shanghai-based Guotai Junan Securities will acquire cross-town rival Haitong Securities in a share swap, the two firms said late on Thursday, pending regulatory and shareholder approval.

The combined entity, with 1.6 trillion yuan ($226 billion) in total assets, will dethrone Citic Securities to become China's largest brokerage. Trading in shares of Guotai Junan and Haitong was frozen on Friday.

In addition, both Haitong and Guotai Junan are controlled by companies running state assets for the Shanghai government.

Under the deal, Guotai Junan plans to issue new shares to investors in Haitong's mainland China and Hong Kong listed shares, according to exchange filings. Also, it will issue new shares in the onshore market to raise funds for the deal.

Huatai Securities said in a research note that the consolidation of China's brokerage industry is expected to accelerate, and it will be about firms with state shareholders taking centre stage.

Beijing has turned up the rhetoric about the need for reform in the brokerage sector with new directives to encourage mergers and acquisitions and restructuring in the industry where over 140 Chinese and foreign players compete.

The securities regulator of China announced in March it would work to cultivate about ten leading institutions in the next five years, or two to three internationally competitive investment banks and institutions, by 2035.

Since the end of last year, there have been notices regarding the M&amp;A between six pairs of smaller brokerages, such as, according to the official Shanghai Securities News, the merger between Ping An Securities and Founder Securities.

The latest announcement comes three months after Shanghai Communist Party Secretary Chen Jining called on Guotai Junan during a visit to the brokerage "to march toward becoming a globally competitive and influential investment bank."

The deal would also fuel market expectations of more mergers and acquisitions, potentially including deals involving CICC and Galaxy Securities, said Xu Kang, an analyst at Hua Chuang Securities.

Other possible mergers include those between Citic Securities and China Securities, Xu said.

Spokespersons for CICC, Galaxy Securities, Citic Securities, and China Securities did not immediately respond to Reuters requests for comment.

The deal combining two state-backed brokerages to make a sector leader in China with $230 billion in assets is part of Beijing's drive to consolidate the $1.7 trillion industry amid challenging markets.

The deal combining two state-backed brokerages to make a sector leader in China with $230 billion in assets is part of Beijing's drive to consolidate the $1.7 trillion industry amid challenging markets. The analysts said this is going to pick up more pace. Shanghai-based Guotai Junan Securities will acquire cross-town rival Haitong Securities in a share swap, the two firms said late on Thursday, pending regulatory and shareholder approval. The combined entity, with 1.6 trillion yuan ($226 billion) in total assets, will dethrone Citic Securities to become China's largest brokerage. Trading in shares of Guotai Junan and Haitong was frozen on Friday. In addition, both Haitong and Guotai Junan are controlled by companies running state assets for the Shanghai government. Under the deal, Guotai Junan plans to issue new shares to investors in Haitong's mainland China and Hong Kong listed shares, according to exchange filings. Also, it will issue new shares in the onshore market to raise funds for the deal. Huatai Securities said in a research note that the consolidation of China's brokerage industry is expected to accelerate, and it will be about firms with state shareholders taking centre stage. Beijing has turned up the rhetoric about the need for reform in the brokerage sector with new directives to encourage mergers and acquisitions and restructuring in the industry where over 140 Chinese and foreign players compete. The securities regulator of China announced in March it would work to cultivate about ten leading institutions in the next five years, or two to three internationally competitive investment banks and institutions, by 2035. Since the end of last year, there have been notices regarding the M&A between six pairs of smaller brokerages, such as, according to the official Shanghai Securities News, the merger between Ping An Securities and Founder Securities. The latest announcement comes three months after Shanghai Communist Party Secretary Chen Jining called on Guotai Junan during a visit to the brokerage "to march toward becoming a globally competitive and influential investment bank." The deal would also fuel market expectations of more mergers and acquisitions, potentially including deals involving CICC and Galaxy Securities, said Xu Kang, an analyst at Hua Chuang Securities. Other possible mergers include those between Citic Securities and China Securities, Xu said. Spokespersons for CICC, Galaxy Securities, Citic Securities, and China Securities did not immediately respond to Reuters requests for comment.

China’s brokerage giants merge: Guotai Junan and Haitong lead $1.7 trillion industry shake-up

Wall Street is preparing for a significant economic announcement on Friday when the labor department releases a jobs report that is anticipated to influence Federal Reserve policies. Analysts expect an increase of 161,000 in nonfarm payrolls for August, alongside a slight drop in the unemployment rate to 4.2 per cent as explained in a CNBC report.&nbsp;<o:p></o:p>

However, recent figures indicate a notable slowdown in hiring, suggesting potential risks to this forecast. As financial markets increasingly expect that the Fed will initiate interest rate reductions in the coming weeks, the outcomes of Friday's report will play a crucial role in shaping these expectations. Giacomo Santangelo, an economist at Monster, expressed concerns by saying, "The labor market has cooled more rapidly than initially informed, raising questions about Friday's report."<o:p></o:p>

Job growth has seen a downward trend throughout 2024, evident after a report indicated merely 114,000 new jobs added in July. This, coupled with fears of a prolonged period of high interest rates, has fueled growing concerns about overall economic stability. The latest report by ADP on private sector growth only confirmed these fears, showing an increase of just 99,000 jobs for August, the smallest since January 2021.

<o:p>All eyes are on the upcoming report followed by the September 18 meeting</o:p>

In anticipation of the Fed's next moves, there's speculation that they may reduce rates by a full percentage point in their upcoming meeting on September 18. Traders are also factoring in a series of cuts that could lower the federal funds rate by around 2.25 percentage points through 2025, a significant shift aimed at normalising rates from their highest levels in over two decades.<o:p></o:p>

Remarking on the importance of gradual adjustments, Santangelo warned, "If they are overly aggressive for an extended period without easing monetary policy, it could lead to a significant recession." While there is optimism surrounding the labour market, the uncertainty provokes cautious sentiment among job seekers.<o:p></o:p>

Furthermore, Zeta Economic Index data indicates an increase in worries surrounding job stability, despite a generally stable economic environment. In August, the job market sentiment index fell by 1 per cent and is down 4.6 per cent from the previous year, reflecting ongoing fears about job security amidst decent economic growth.<o:p></o:p>

Ultimately, as markets keep a keen eye on wage growth, projected average hourly earnings are expected to rise by 0.3 percent for the month and by 3.7 percent year-over-year. Even though inflation concerns have lessened, the findings from Friday's report will be pivotal for determining future economic trajectories. 
 
 
<o:p></o:p>

<o:p>&nbsp;</o:p>

Wall Street is preparing for a significant economic announcement on Friday when the labor department releases a jobs report that is anticipated to influence Federal Reserve policies.

Wall Street is preparing for a significant economic announcement on Friday when the labor department releases a jobs report that is anticipated to influence Federal Reserve policies. Analysts expect an increase of 161,000 in nonfarm payrolls for August, alongside a slight drop in the unemployment rate to 4.2 per cent as explained in a CNBC report. However, recent figures indicate a notable slowdown in hiring, suggesting potential risks to this forecast. As financial markets increasingly expect that the Fed will initiate interest rate reductions in the coming weeks, the outcomes of Friday's report will play a crucial role in shaping these expectations. Giacomo Santangelo, an economist at Monster, expressed concerns by saying, "The labor market has cooled more rapidly than initially informed, raising questions about Friday's report." Job growth has seen a downward trend throughout 2024, evident after a report indicated merely 114,000 new jobs added in July. This, coupled with fears of a prolonged period of high interest rates, has fueled growing concerns about overall economic stability. The latest report by ADP on private sector growth only confirmed these fears, showing an increase of just 99,000 jobs for August, the smallest since January 2021. All eyes are on the upcoming report followed by the September 18 meeting In anticipation of the Fed's next moves, there's speculation that they may reduce rates by a full percentage point in their upcoming meeting on September 18. Traders are also factoring in a series of cuts that could lower the federal funds rate by around 2.25 percentage points through 2025, a significant shift aimed at normalising rates from their highest levels in over two decades. Remarking on the importance of gradual adjustments, Santangelo warned, "If they are overly aggressive for an extended period without easing monetary policy, it could lead to a significant recession." While there is optimism surrounding the labour market, the uncertainty provokes cautious sentiment among job seekers. Furthermore, Zeta Economic Index data indicates an increase in worries surrounding job stability, despite a generally stable economic environment. In August, the job market sentiment index fell by 1 per cent and is down 4.6 per cent from the previous year, reflecting ongoing fears about job security amidst decent economic growth. Ultimately, as markets keep a keen eye on wage growth, projected average hourly earnings are expected to rise by 0.3 percent for the month and by 3.7 percent year-over-year. Even though inflation concerns have lessened, the findings from Friday's report will be pivotal for determining future economic trajectories.

Jobs report due: Wall Street braces for significant economic announcement

As the cost-of-living crisis intensifies, New Zealand is witnessing a significant exodus of its citizens, with over 131,200 Kiwis leaving for foreign shores in the past year alone. This mass migration, which marks a 70 percent increase since June 2019, stems from a perfect storm of soaring prices, elevated interest rates, and a shortage of quality employment opportunities as detailed in a CNBC report.&nbsp;<o:p></o:p>

The growing trend is particularly alarming for younger generations, as over half of the emigrants are aged between 20 and 39. For instance, Wilson Ong, a 32-year-old manager in the fashion retail industry, expressed his concerns about the limited job market back home. He stated, "In New Zealand, it feels like the job market limits your opportunities and the experiences you can gain."

Persistent inflation, high cost of living is a serious challenge for the economy 
 
The situation has worsened due to the high cost of living, which has seen inflation rates spike to over 7.3 per cent at their peak, affecting the purchasing power of many New Zealanders. Although the rate has decreased to 3.3 per cent as of June 2024, it still remains above the Reserve Bank's target of 1 to 3 per cent. This economic pressure has prompted many citizens to seek a better quality of life abroad. 
 
Australasia remains a prime destination for New Zealanders seeking greener pastures. The Australian economy, regarded as more robust, actively recruits Kiwi workers through a special visa programme that eases migration. Many Kiwis are drawn not only by the better job prospects but also by significantly higher salary offers. Reports suggest that a construction foreman in Sydney can earn over 60 percent more than their Auckland counterparts. 
 
Economic experts, including Shamubeel Eaqub, warn that without a swift improvement in the job market and economic conditions, the flow of New Zealand's economic refugees is likely to continue. He noted, "I believe the economy will worsen before it improves, attributing many issues to post-Covid policies, including the sustained high interest rates."<o:p></o:p>

This shift in outlook calls for urgent government intervention to rejuvenate the economy and retain its talent. Without strategic policy changes and a renewed focus on job creation, New Zealand risks losing its young professionals to countries promising greater opportunities and stability. 
 
The current emigration trend reflects a broader narrative of discontent among New Zealand's youth, who feel increasingly trapped by economic circumstances. As the country grapples with these challenges, the government faces mounting pressure to address the underlying issues driving its citizens abroad. 
 
<o:p></o:p>

As the cost-of-living crisis intensifies, New Zealand is witnessing a significant exodus of its citizens, with over 131,200 Kiwis leaving for foreign shores in the past year alone.

As the cost-of-living crisis intensifies, New Zealand is witnessing a significant exodus of its citizens, with over 131,200 Kiwis leaving for foreign shores in the past year alone. This mass migration, which marks a 70 percent increase since June 2019, stems from a perfect storm of soaring prices, elevated interest rates, and a shortage of quality employment opportunities as detailed in a CNBC report. The growing trend is particularly alarming for younger generations, as over half of the emigrants are aged between 20 and 39. For instance, Wilson Ong, a 32-year-old manager in the fashion retail industry, expressed his concerns about the limited job market back home. He stated, "In New Zealand, it feels like the job market limits your opportunities and the experiences you can gain." Persistent inflation, high cost of living is a serious challenge for the economy The situation has worsened due to the high cost of living, which has seen inflation rates spike to over 7.3 per cent at their peak, affecting the purchasing power of many New Zealanders. Although the rate has decreased to 3.3 per cent as of June 2024, it still remains above the Reserve Bank's target of 1 to 3 per cent. This economic pressure has prompted many citizens to seek a better quality of life abroad. Australasia remains a prime destination for New Zealanders seeking greener pastures. The Australian economy, regarded as more robust, actively recruits Kiwi workers through a special visa programme that eases migration. Many Kiwis are drawn not only by the better job prospects but also by significantly higher salary offers. Reports suggest that a construction foreman in Sydney can earn over 60 percent more than their Auckland counterparts. Economic experts, including Shamubeel Eaqub, warn that without a swift improvement in the job market and economic conditions, the flow of New Zealand's economic refugees is likely to continue. He noted, "I believe the economy will worsen before it improves, attributing many issues to post-Covid policies, including the sustained high interest rates." This shift in outlook calls for urgent government intervention to rejuvenate the economy and retain its talent. Without strategic policy changes and a renewed focus on job creation, New Zealand risks losing its young professionals to countries promising greater opportunities and stability. The current emigration trend reflects a broader narrative of discontent among New Zealand's youth, who feel increasingly trapped by economic circumstances. As the country grapples with these challenges, the government faces mounting pressure to address the underlying issues driving its citizens abroad.

Economic refugees flee from New Zealand as cost-of-living crisis deepens

Indian Electronics and Information Technology (I-T) Minister Ashwini Vaishnaw is among TIME Magazine's 100 Most Influential People in Artificial Intelligence (AI).

Indian Electronics and Information Technology (I-T) Minister Ashwini Vaishnaw is among TIME Magazine's 100 Most Influential People in Artificial Intelligence (AI). According to a report by TIME, India is trying to become a major player in the world of AI and Vaishnaw is leading this effort. "While the country has yet to create binding AI laws, for the past year, it has chaired the Global Partnership on Artificial Intelligence—an international initiative to support states in governing AI," the report said. India recently hosted the Global IndiaAI Summit in July where Vaishnaw emphasised the need to democratise technology so that it is accessible to all. The summit was attended by more than 2,000 AI experts including senior leaders from OpenAI and Microsoft, and delegates from over 50 countries. The IndiaAI initiative The report pointed out that most of India's AI efforts have been funnelled through the IndiaAI initiative, managed by Vaishnaw's ministry. "The ministry aims to secure over 10,000 Graphic Processing Units, the chips that power most AI technology, to increase the country’s computing capacity; provide finance for local startups; increase access to high-quality datasets; expand access to AI educational opportunities for Indians; and develop its own state-of-the-art AI models," the report added. "Under Vaishnaw’s leadership, the country hopes to become one of the top five countries for semiconductor manufacturing—a key component for modern AI systems—within the next five years," it further said. The report also highlighted the challenges that Vaishnaw would face in realising the above ambitions. "India's tech sector struggles with low private R&D investment and a lack of advanced manufacturing ecosystems. Its educational system is also catching up to produce the specialised workforce needed for cutting-edge AI and semiconductor development," the report said. (With inputs from agencies)

Indian minister Ashwini Vaishnaw among TIME's most influential people in AI

A common concern of all those investing their hard-earned money to earn some good interest amount is the taxes that will be levied on them.&nbsp;

First, let's understand how taxes are charged on the interest we earn over the investments made in different instruments.

According to the tax system in India, the Long Term Capital Gain (LTCG) tax of 12.5% is charged when the asset is sold after 24 months and the profit earned is more than Rs. 1.25 lakh in a fiscal year.

Meanwhile, the Short Term Capital Gain (STCG) of 20% is charged when the asset is sold in less than 12 months.

In the case of fixed deposits, the tax on the interest earned is calculated on the basis of the income tax slab.&nbsp;

Those who fall under the 30% tax slab, will pay 30% income tax and 4% cess on the interest earned.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-heres-how-tds-changes-in-indian-budget-2024-will-impact-your-salary-mutual-fund-investments-743799">Money-Wise: Here’s how TDS changes in Indian Budget 2024 will impact your salary, mutual fund investments</a>

If the interest earned in the entire financial year is more than Rs 40,000 in AY 2024-24, a TDS of 10 per cent will be calculated on your Fixed Deposit (FD). The TDS on interest earned is exempted if the total interest income from FDs is less than Rs 40,000 in a year.&nbsp;

For those whose overall income is less than Rs 2.5 lakh in a year, no tax is charged on FD.&nbsp;

In the case of individuals, the exemption limit for TDS on FDs is Rs 40,000 and in the case of senior citizens, it is Rs 50,000.&nbsp;

<h2>Here's how you can save taxes on interest incomes</h2>

<h3>Tax on Capital Gains</h3>

For saving tax on Long-Term Capital Gain, the investor can buy a new residential house property and enjoy exemption on capital tax under Section 54 and Section 54F.

Another way is to purchase bonds issued by NHAI and RECL using the entire long-term capital gains to save tax under Section 54EC.

A third way out is opening a capital gain account scheme through which the investor can get tax exemptions without buying a residential property.

Watch:&nbsp;China's retail investors turn to fixed-income over stocks

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/chinas-retail-investors-turn-to-fixed-income-over-stocks-753330/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The withdrawal of funds from this account is permitted only for purchasing houses and plots. In case, the funds are withdrawn and not utilised for the same purpose within three years of withdrawal, the LTCG tax is levied on the entire amount.&nbsp;

<h3>Tax on interests earned in Fixed Deposits</h3>

In order to save TDS on Fixed Deposits if the income is below the basic exemption limit, the investor needs to submit Form 15G and 15H to the bank at the start of the financial year.

<h3>Tax on interests earned in Savings Account</h3>

Unlike other interests earned which are taxed, the interests earned in Savings Account up to Rs 10,000 every year are exempted under Section 80TTA deduction of the Income Tax Act.&nbsp;

This exemption applies to all individuals and HUFs (who are above 60 years) apart from senior citizens.

<h3>Tax-free interest schemes</h3>

In India, an easy and safe way to save tax on interest gains is by investing money in tax-free interest schemes which are exempted under Section 80c of the Income Tax Act.

These tax-free investment schemes are:

<ul>
	<li>National Pension Scheme (NPS)</li>
	<li>Unit Linked Insurance Plan (ULIP)</li>
	<li>Tax-Saver Fixed Deposit (FD) Scheme</li>
	<li>Sukanya Samriddhi Yojana (SSY)</li>
	<li>National Savings Certificate (NSC)</li>
	<li>Senior Citizens Savings Scheme (SCSS)</li>
	<li>Public Provident Fund (PPF)</li>
</ul>

A common concern of all those investing their hard-earned money to earn some good interest amount is the taxes that will be levied on them. First, let's understand how taxes are charged on the interest we earn over the investments made in different instruments.

A common concern of all those investing their hard-earned money to earn some good interest amount is the taxes that will be levied on them. First, let's understand how taxes are charged on the interest we earn over the investments made in different instruments. According to the tax system in India, the Long Term Capital Gain (LTCG) tax of 12.5% is charged when the asset is sold after 24 months and the profit earned is more than Rs. 1.25 lakh in a fiscal year. Meanwhile, the Short Term Capital Gain (STCG) of 20% is charged when the asset is sold in less than 12 months. In the case of fixed deposits, the tax on the interest earned is calculated on the basis of the income tax slab. Those who fall under the 30% tax slab, will pay 30% income tax and 4% cess on the interest earned. Also Read: Money-Wise: Here’s how TDS changes in Indian Budget 2024 will impact your salary, mutual fund investments If the interest earned in the entire financial year is more than Rs 40,000 in AY 2024-24, a TDS of 10 per cent will be calculated on your Fixed Deposit (FD). The TDS on interest earned is exempted if the total interest income from FDs is less than Rs 40,000 in a year. For those whose overall income is less than Rs 2.5 lakh in a year, no tax is charged on FD. In the case of individuals, the exemption limit for TDS on FDs is Rs 40,000 and in the case of senior citizens, it is Rs 50,000. Here's how you can save taxes on interest incomes Tax on Capital Gains For saving tax on Long-Term Capital Gain, the investor can buy a new residential house property and enjoy exemption on capital tax under Section 54 and Section 54F. Another way is to purchase bonds issued by NHAI and RECL using the entire long-term capital gains to save tax under Section 54EC. A third way out is opening a capital gain account scheme through which the investor can get tax exemptions without buying a residential property. Watch: China's retail investors turn to fixed-income over stocks The withdrawal of funds from this account is permitted only for purchasing houses and plots. In case, the funds are withdrawn and not utilised for the same purpose within three years of withdrawal, the LTCG tax is levied on the entire amount. Tax on interests earned in Fixed Deposits In order to save TDS on Fixed Deposits if the income is below the basic exemption limit, the investor needs to submit Form 15G and 15H to the bank at the start of the financial year. Tax on interests earned in Savings Account Unlike other interests earned which are taxed, the interests earned in Savings Account up to Rs 10,000 every year are exempted under Section 80TTA deduction of the Income Tax Act. This exemption applies to all individuals and HUFs (who are above 60 years) apart from senior citizens. Tax-free interest schemes In India, an easy and safe way to save tax on interest gains is by investing money in tax-free interest schemes which are exempted under Section 80c of the Income Tax Act. These tax-free investment schemes are: National Pension Scheme (NPS) Unit Linked Insurance Plan (ULIP) Tax-Saver Fixed Deposit (FD) Scheme Sukanya Samriddhi Yojana (SSY) National Savings Certificate (NSC) Senior Citizens Savings Scheme (SCSS) Public Provident Fund (PPF)

Money-Wise: Planning to save taxes on interests earned? Here's how you can in India

The Securities and Exchange Board of India (SEBI) is facing heightened scrutiny as the Public Accounts Committee (PAC) has decided to include a review of the regulator's performance in its agenda. This move comes in response to serious allegations made against Sebi's Chairperson, Madhabi Puri Buch, by the US-based firm Hindenburg Research. The committee, led by senior Congress leader K C Venugopal, is expected to summon Buch for questioning regarding these claims as detailed in a report by Indian Express.&nbsp;<o:p></o:p>

Allegations of offshore investments<o:p></o:p>

The controversy erupted when Hindenburg Research alleged that both Madhabi Buch and her husband, Dhaval Buch, held stakes in obscure offshore entities linked to the Adani Group's alleged money siphoning scandal. The allegations have sparked a wave of political outrage, with opposition parties calling for a parliamentary probe into the matter. The Public Accounts Committee (PAC) has taken the unusual step of including a review of regulatory bodies established by Act of Parliament in its agenda, a move that has not been seen in recent years.<o:p></o:p>

In response to the allegations, the Buch's issued a joint statement clarifying that their investment in the fund mentioned in the Hindenburg report was made in 2015, prior to Madhabi's appointment as a Whole Time Member of Sebi in 2017 and her subsequent elevation to Chairperson in March 2022. They emphasised that all disclosures and recusal norms have been diligently followed as per Sebi's code of conduct.<o:p></o:p>

Calls for accountability<o:p></o:p>

The growing calls for accountability come as the Congress party held nationwide protests last month, demanding Buch's resignation from her position. The PAC, which is expected to meet several times this month, aims to address the pressing issues surrounding Sebi's governance and effectiveness in protecting investor interests.<o:p></o:p>

The committee's next meeting is scheduled for September 10, where it will discuss various subjects, including a performance audit of the National Rural Drinking Water Programme. However, the inclusion of Sebi's review reflects a significant shift in focus towards regulatory oversight, highlighting the importance of maintaining public trust in financial institutions.<o:p></o:p>

Sebi's role and future implications<o:p></o:p>

As the primary regulator of the securities market in India, Sebi plays a crucial role in ensuring transparency and safeguarding investor interests. The upcoming review by the&nbsp;Public Accounts Committee&nbsp;presents an opportunity for Sebi to address the concerns raised and reaffirm its commitment to effective regulation.<o:p></o:p>

The implications of this scrutiny are significant, not only for Sebi but also for the broader financial landscape in India. As the market continues to evolve, the need for a robust and responsive regulatory framework is paramount. The outcome of the committee's review will likely shape the future direction of Sebi and its ability to navigate the complexities of modern financial markets.<o:p></o:p>

Hence, the Public Accounts Committee's decision to review Sebi's performance amid serious allegations against its chairperson underscores the critical need for accountability and transparency in India's financial regulatory framework. As the situation unfolds, all eyes will be on the committee's findings and the potential impact on the regulator's operations and reputation.<o:p></o:p>

<o:p>&nbsp;</o:p>

The Securities and Exchange Board of India (SEBI) is facing heightened scrutiny as the Public Accounts Committee (PAC) has decided to include a review of the regulator's performance in its agenda.

The Securities and Exchange Board of India (SEBI) is facing heightened scrutiny as the Public Accounts Committee (PAC) has decided to include a review of the regulator's performance in its agenda. This move comes in response to serious allegations made against Sebi's Chairperson, Madhabi Puri Buch, by the US-based firm Hindenburg Research. The committee, led by senior Congress leader K C Venugopal, is expected to summon Buch for questioning regarding these claims as detailed in a report by Indian Express. Allegations of offshore investments The controversy erupted when Hindenburg Research alleged that both Madhabi Buch and her husband, Dhaval Buch, held stakes in obscure offshore entities linked to the Adani Group's alleged money siphoning scandal. The allegations have sparked a wave of political outrage, with opposition parties calling for a parliamentary probe into the matter. The Public Accounts Committee (PAC) has taken the unusual step of including a review of regulatory bodies established by Act of Parliament in its agenda, a move that has not been seen in recent years. In response to the allegations, the Buch's issued a joint statement clarifying that their investment in the fund mentioned in the Hindenburg report was made in 2015, prior to Madhabi's appointment as a Whole Time Member of Sebi in 2017 and her subsequent elevation to Chairperson in March 2022. They emphasised that all disclosures and recusal norms have been diligently followed as per Sebi's code of conduct. Calls for accountability The growing calls for accountability come as the Congress party held nationwide protests last month, demanding Buch's resignation from her position. The PAC, which is expected to meet several times this month, aims to address the pressing issues surrounding Sebi's governance and effectiveness in protecting investor interests. The committee's next meeting is scheduled for September 10, where it will discuss various subjects, including a performance audit of the National Rural Drinking Water Programme. However, the inclusion of Sebi's review reflects a significant shift in focus towards regulatory oversight, highlighting the importance of maintaining public trust in financial institutions. Sebi's role and future implications As the primary regulator of the securities market in India, Sebi plays a crucial role in ensuring transparency and safeguarding investor interests. The upcoming review by the Public Accounts Committee presents an opportunity for Sebi to address the concerns raised and reaffirm its commitment to effective regulation. The implications of this scrutiny are significant, not only for Sebi but also for the broader financial landscape in India. As the market continues to evolve, the need for a robust and responsive regulatory framework is paramount. The outcome of the committee's review will likely shape the future direction of Sebi and its ability to navigate the complexities of modern financial markets. Hence, the Public Accounts Committee's decision to review Sebi's performance amid serious allegations against its chairperson underscores the critical need for accountability and transparency in India's financial regulatory framework. As the situation unfolds, all eyes will be on the committee's findings and the potential impact on the regulator's operations and reputation.

Sebi under fire: Parliamentary committee to scrutinise regulator amid controversy

An Indian court evicted US lenders from an influential creditors committee, part of a setback for the group's efforts to collect more than $1.2 billion from troubled education technology company Think &amp; Learn Pvt, better known as Byju's.

Under a ruling from the official handling the bankruptcy suit against Byju's, lenders were denied a vote in deciding who should take control of the company pending the formulation of a plan for the debt repayment to creditors. The Lenders accused the official- Interim Resolution Professional, Pankaj Srivastava for Byju's - of "secretly plotting to reject" their claims and rigging the creditors' vote by keeping them excluded.

Before lenders' representative, Glas Trust, knew they were booted out, Srivastava called a creditors committee meeting and got himself elected as "permanent resolution professional," lenders said in an emailed statement. An email sent after business hours in India wasn't returned by Srivastava.

“Pankaj Srivastava’s actions are unprecedented and entirely illegitimate as no interim resolution professional in the history of the Insolvency and Bankruptcy Code of India has ever attempted to unlawfully strip financial creditors of claims of this magnitude,” the lenders said.

Lenders have for months attempted to push Byju's into an insolvency proceeding in a court in India, so far with limited success. One piece of that court battle has now landed before India's Supreme Court.

The lenders have meanwhile been on a hunt, in the US, for $533 million which Byju's founder Byju Raveendran had reportedly claimed was so well hidden, nobody would ever find it, according to court documents.

Byju's is facing a fraudulent-transfer lawsuit in a US bankruptcy court; that involves Byju's Alpha, a shell company created by Byju's to tap US capital markets. When Byju's defaulted, lenders took control of the shell company, put it under court protection, and sued to get the $533 million they claim they should receive.

In India, Byju's had a deal to end the main insolvency case against it — filed by India's governing board for cricket. The lenders asked the Supreme Court of India to block that deal, arguing money that should go to them was wrongly being used to pay off the cricket board instead. The court hasn't yet ruled on that appeal.

An Indian court evicted US lenders from an influential creditors committee, part of a setback for the group's efforts to collect more than $1.2 billion from troubled education technology company Think & Learn Pvt, better known as Byju's.

An Indian court evicted US lenders from an influential creditors committee, part of a setback for the group's efforts to collect more than $1.2 billion from troubled education technology company Think & Learn Pvt, better known as Byju's. Under a ruling from the official handling the bankruptcy suit against Byju's, lenders were denied a vote in deciding who should take control of the company pending the formulation of a plan for the debt repayment to creditors. The Lenders accused the official- Interim Resolution Professional, Pankaj Srivastava for Byju's - of "secretly plotting to reject" their claims and rigging the creditors' vote by keeping them excluded. Before lenders' representative, Glas Trust, knew they were booted out, Srivastava called a creditors committee meeting and got himself elected as "permanent resolution professional," lenders said in an emailed statement. An email sent after business hours in India wasn't returned by Srivastava. “Pankaj Srivastava’s actions are unprecedented and entirely illegitimate as no interim resolution professional in the history of the Insolvency and Bankruptcy Code of India has ever attempted to unlawfully strip financial creditors of claims of this magnitude,” the lenders said. Lenders have for months attempted to push Byju's into an insolvency proceeding in a court in India, so far with limited success. One piece of that court battle has now landed before India's Supreme Court. The lenders have meanwhile been on a hunt, in the US, for $533 million which Byju's founder Byju Raveendran had reportedly claimed was so well hidden, nobody would ever find it, according to court documents. Byju's is facing a fraudulent-transfer lawsuit in a US bankruptcy court; that involves Byju's Alpha, a shell company created by Byju's to tap US capital markets. When Byju's defaulted, lenders took control of the shell company, put it under court protection, and sued to get the $533 million they claim they should receive. In India, Byju's had a deal to end the main insolvency case against it — filed by India's governing board for cricket. The lenders asked the Supreme Court of India to block that deal, arguing money that should go to them was wrongly being used to pay off the cricket board instead. The court hasn't yet ruled on that appeal.

US lenders face setback amid $1.2 billion recovery case against Byju's

Japan's inflation-adjusted wages rose for a second straight month in July, bolstered by a bump in summertime bonuses, government data showed on Thursday.

Real wages in the world's fourth-largest economy grew 0.4 per cent in July, rising at a slower pace than June's 1.1 per cent growth when it turned positive for the first time in 27 months, data from the labour ministry showed.

The timing of the BOJ rate hike largely depends on wages. BOJ Governor Kazuo Ueda has reiterated that inflation will not durably reach the central bank's 2 per cent target without broad-based increases in pay accompanying the rise in prices.

July's slowdown in real wage growth was because fewer firms paid bonuses in that month compared to June, according to a labour ministry official. Special payments rose 6.2 per cent in July, after a revised 7.8 per cent increase in the previous month.

Most companies pay summer bonuses in June and July, so the contribution of special pay to lifting real wages would disappear from August, the official said.

"From August and thereafter monthly wages (composed of regular and overtime payment) will be a deciding factor" in anchoring growth in the real wages, the official said.

Nominal wages, or the average total cash earnings per worker, grew 3.6 per cent to 403,490 yen ($2,785.19), compared with a 4.5 per cent increase in June when it marked the fastest pace of growth since January 1997.

Base pay, or regular pay, rose 2.7 per cent, the fastest growth in almost 32 years, boosted by results of this spring's labour-management wage talks. Overtime pay, which reflects the strength of corporate Japan, fell 0.1 per cent in July after a revised 0.9 per cent gain in June.

Japanese firms agreed on an average pay increase of 5.10 per cent per month this year- the highest pay growth in 33 years.

Meanwhile, the consumer price index officials use to calculate real wages, which includes fresh food prices but excludes owners' equivalent rent, rose 3.2 per cent, edging down from a 3.3 per cent gain the previous month.

"Prices are still at a high level, so if prices subside a little more, real wages may continue to be positive," the official said.

Japan's inflation-adjusted wages rose for a second straight month in July, bolstered by a bump in summertime bonuses, government data showed on Thursday. Real wages in the world's fourth-largest economy grew 0.

Japan's inflation-adjusted wages rose for a second straight month in July, bolstered by a bump in summertime bonuses, government data showed on Thursday. Real wages in the world's fourth-largest economy grew 0.4 per cent in July, rising at a slower pace than June's 1.1 per cent growth when it turned positive for the first time in 27 months, data from the labour ministry showed. The timing of the BOJ rate hike largely depends on wages. BOJ Governor Kazuo Ueda has reiterated that inflation will not durably reach the central bank's 2 per cent target without broad-based increases in pay accompanying the rise in prices. July's slowdown in real wage growth was because fewer firms paid bonuses in that month compared to June, according to a labour ministry official. Special payments rose 6.2 per cent in July, after a revised 7.8 per cent increase in the previous month. Most companies pay summer bonuses in June and July, so the contribution of special pay to lifting real wages would disappear from August, the official said. "From August and thereafter monthly wages (composed of regular and overtime payment) will be a deciding factor" in anchoring growth in the real wages, the official said. Nominal wages, or the average total cash earnings per worker, grew 3.6 per cent to 403,490 yen ($2,785.19), compared with a 4.5 per cent increase in June when it marked the fastest pace of growth since January 1997. Base pay, or regular pay, rose 2.7 per cent, the fastest growth in almost 32 years, boosted by results of this spring's labour-management wage talks. Overtime pay, which reflects the strength of corporate Japan, fell 0.1 per cent in July after a revised 0.9 per cent gain in June. Japanese firms agreed on an average pay increase of 5.10 per cent per month this year- the highest pay growth in 33 years. Meanwhile, the consumer price index officials use to calculate real wages, which includes fresh food prices but excludes owners' equivalent rent, rose 3.2 per cent, edging down from a 3.3 per cent gain the previous month. "Prices are still at a high level, so if prices subside a little more, real wages may continue to be positive," the official said.

Japan’s real wages rise for second month in July on strong bonuses

JPMorgan Chase &amp; Co. discarded its buy recommendation for Chinese stocks, as the increase in volatility due to US elections was added onto the growth headwinds and tepid policy support.

Strategists led by Pedro Martins cut China to neutral from overweight in a note Wednesday. The risk of a renewed trade war between Washington and Beijing could hang over the shares in the run-up to November's US presidential vote, while moves by President Xi Jinping's government to help drag the country out of its economic slump continue to be "underwhelming."

“The impact of a potential ‘Tariff War 2.0’ (with tariffs increasing from 20 per cent to 60 per cent) could be more significant than the first tariff war,” the strategists wrote. “We expect China’s long-term growth to trend down structurally due to supply-chain relocation, the expansion of US-China conflicts, and continued domestic issues.”

The strategists added that challenges in managing the high weight of China in the MSCI emerging-market index and growing EM ex-China mandates were institutional factors likely to weigh on stock prices.

Strategists, including JPMorgan chief Asia and China equity strategist Wendy Liu, wrote in a separate note that the bank cut its end-2024 base target for the MSCI China Index to 60 from 66 and for the CSI300 Index to 3,500 from 3,900. They are still above the 55.7 and 3,252 levels at which the gauges last closed.

This comes after the vast majority of global banks now expect China's economy to grow less than 5 per cent this year. The latest to slash its forecast is Bank of America Corp. Meanwhile, JPMorgan's Haibin Zhu has also trimmed China's 2024 GDP growth forecast to 4.6 per cent.

“We think the market may trade on the weak side during Sept-Oct after Q2 results,” Liu wrote. “During this time, the US presidential election, the Fed’s rate decisions, and the US growth outlook will be front and centre.”

JPMorgan also increased the cash level in its China equity model portfolio to 7.7 per cent from 1 per cent, a report said.

JPMorgan Chase & Co. discarded its buy recommendation for Chinese stocks, as the increase in volatility due to US elections was added onto the growth headwinds and tepid policy support.

JPMorgan Chase & Co. discarded its buy recommendation for Chinese stocks, as the increase in volatility due to US elections was added onto the growth headwinds and tepid policy support. Strategists led by Pedro Martins cut China to neutral from overweight in a note Wednesday. The risk of a renewed trade war between Washington and Beijing could hang over the shares in the run-up to November's US presidential vote, while moves by President Xi Jinping's government to help drag the country out of its economic slump continue to be "underwhelming." “The impact of a potential ‘Tariff War 2.0’ (with tariffs increasing from 20 per cent to 60 per cent) could be more significant than the first tariff war,” the strategists wrote. “We expect China’s long-term growth to trend down structurally due to supply-chain relocation, the expansion of US-China conflicts, and continued domestic issues.” The strategists added that challenges in managing the high weight of China in the MSCI emerging-market index and growing EM ex-China mandates were institutional factors likely to weigh on stock prices. Strategists, including JPMorgan chief Asia and China equity strategist Wendy Liu, wrote in a separate note that the bank cut its end-2024 base target for the MSCI China Index to 60 from 66 and for the CSI300 Index to 3,500 from 3,900. They are still above the 55.7 and 3,252 levels at which the gauges last closed. This comes after the vast majority of global banks now expect China's economy to grow less than 5 per cent this year. The latest to slash its forecast is Bank of America Corp. Meanwhile, JPMorgan's Haibin Zhu has also trimmed China's 2024 GDP growth forecast to 4.6 per cent. “We think the market may trade on the weak side during Sept-Oct after Q2 results,” Liu wrote. “During this time, the US presidential election, the Fed’s rate decisions, and the US growth outlook will be front and centre.” JPMorgan also increased the cash level in its China equity model portfolio to 7.7 per cent from 1 per cent, a report said.

JPMorgan downgrades Chinese stocks amid US election risks and tepid policy support

Uber Technologies Inc. is tapping the US investment-grade bond market for the first time since it attained the status of a blue-chip company.

It sold $4 billion of bonds in three pieces, said a person familiar with the matter, who asked not to be identified because the details are private. The longest piece of the offering, a 30-year security, priced at 1.3 percentage points over Treasuries after initial talks of about 1.6 percentage points, said the person.

Early demand indications were around $8 billion following investor calls Tuesday, according to people with knowledge of the matter. Morgan Stanley, BofA Securities Inc. and JPMorgan Chase &amp; Co. managed the bond sale.

Uber didn't immediately respond to a request for comment. Representatives for BofA, JPMorgan and Morgan Stanley declined to comment.

The deal was attractive because of the company's record profitability in the second quarter, double-digit bookings, and top-line growth, according to Bloomberg Intelligence analyst Robert Schiffman. "Rapidly improving free cash flow trends should continue to propel Uber's ratings higher over the next few years," he added.

The proceeds from the offering are assumed to be used by Uber to repay about $1.97 billion of outstanding loans as of the end of June, and the remainder will be used to redeem $1.5 billion worth of 8 per cent senior notes due 2026 and for general corporate purpose, said the people.

The company's credit rating was first upgraded to BBB- by S&amp;P Global Ratings from BB+ on Aug. 16. Days later, Fitch Ratings assigned Uber a BBB grade and, on Aug. 27, Moody's Ratings also raised the firm to investment grade.

Uber Technologies Inc. is tapping the US investment-grade bond market for the first time since it attained the status of a blue-chip company. It sold $4 billion of bonds in three pieces, said a person familiar with the matter, who asked not to be identified because the details are private.

Uber Technologies Inc. is tapping the US investment-grade bond market for the first time since it attained the status of a blue-chip company. It sold $4 billion of bonds in three pieces, said a person familiar with the matter, who asked not to be identified because the details are private. The longest piece of the offering, a 30-year security, priced at 1.3 percentage points over Treasuries after initial talks of about 1.6 percentage points, said the person. Early demand indications were around $8 billion following investor calls Tuesday, according to people with knowledge of the matter. Morgan Stanley, BofA Securities Inc. and JPMorgan Chase & Co. managed the bond sale. Uber didn't immediately respond to a request for comment. Representatives for BofA, JPMorgan and Morgan Stanley declined to comment. The deal was attractive because of the company's record profitability in the second quarter, double-digit bookings, and top-line growth, according to Bloomberg Intelligence analyst Robert Schiffman. "Rapidly improving free cash flow trends should continue to propel Uber's ratings higher over the next few years," he added. The proceeds from the offering are assumed to be used by Uber to repay about $1.97 billion of outstanding loans as of the end of June, and the remainder will be used to redeem $1.5 billion worth of 8 per cent senior notes due 2026 and for general corporate purpose, said the people. The company's credit rating was first upgraded to BBB- by S&P Global Ratings from BB+ on Aug. 16. Days later, Fitch Ratings assigned Uber a BBB grade and, on Aug. 27, Moody's Ratings also raised the firm to investment grade.

Uber enters investment-grade bond market with $4 billion offering

Broadcom Inc. has released its financial results for the third quarter of fiscal year 2024, showcasing a remarkable 47 per cent increase in revenue, which reached $13.07 billion. However, the semiconductor giant also reported a significant net loss of $1.88 billion, primarily due to acquisition-related costs associated with its integration of VMware, acquired in November 2023 as detailed in a CNBC report.&nbsp; 
 
Revenue growth is driven by AI and software solutions 
 
The report further stated that the revenue growth was bolstered by strong demand for Broadcom's semiconductor solutions, particularly in the artificial intelligence (AI) sector. The company’s President and CEO, Hock Tan, highlighted that the AI semiconductor solutions are projected to generate $12 billion in revenue for the fiscal year 2024. This growth is supported by advancements in Ethernet networking and custom AI accelerators designed for data centres.<o:p></o:p>

Broadcom's semiconductor solutions segment reported revenues of $7.27 billion, a 5 per cent increase year-over-year. Meanwhile, the infrastructure software segment saw an impressive 200 per cent surge in revenue, reaching $5.8 billion, largely attributed to the ongoing integration of VMware. This integration has not only expanded Broadcom's product offerings but has also significantly enhanced its market presence in the software domain.<o:p></o:p>

Future guidance by Broadcom<o:p></o:p>

Despite the substantial revenue increase, Broadcom's net loss of $1.88 billion, or $0.40 per share, starkly contrasts with the $3.3 billion profit reported in the same quarter last year. This loss was largely influenced by $1.5 billion in amortisation of acquisition-related intangible assets and other restructuring costs. However, on a non-GAAP basis i.e., Generally Accepted Accounting Principles basis, which excludes these one-time costs, Broadcom's earnings per share stood at $1.24, surpassing analysts' expectations of $1.20 per share.<o:p></o:p>

Looking ahead, Broadcom has provided guidance for the fourth quarter of fiscal year 2024, projecting revenues of approximately $14 billion, which would represent a 51 per cent increase compared to the previous year. The company anticipates an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin of around 64 percent of projected revenue, indicating a strong operational performance as it continues to integrate VMware and expand its AI capabilities.<o:p></o:p>

Market reaction and investor sentiment<o:p></o:p>

Following the earnings announcement, Broadcom's stock experienced a decline of over 6 per cent in after-hours trading, reflecting investor concerns regarding the net loss and the impact of integration costs on future profitability. Despite this, the company's stock has risen approximately 40 per cent since the beginning of the year, outperforming the broader market.<o:p></o:p>

As investors digest the latest results, the focus will be on how effectively Broadcom can manage its integration of VMware and leverage its strengths in the AI sector to drive future growth. The ongoing demand for AI solutions presents a significant opportunity for Broadcom, and how the company navigates these challenges will be crucial for its stock performance in the coming quarters.<o:p></o:p>

Therefore, while Broadcom's third quarter 2024 results highlight impressive revenue growth, the significant net loss raises questions about the sustainability of its current trajectory. Investors will be keenly observing the company's performance in the fourth quarter as it aims to capitalise on the growing AI market and solidify its position within the technology sector.<o:p></o:p>

Broadcom Inc. has released its financial results for the third quarter of fiscal year 2024, showcasing a remarkable 47 per cent increase in revenue, which reached $13.

Broadcom Inc. has released its financial results for the third quarter of fiscal year 2024, showcasing a remarkable 47 per cent increase in revenue, which reached $13.07 billion. However, the semiconductor giant also reported a significant net loss of $1.88 billion, primarily due to acquisition-related costs associated with its integration of VMware, acquired in November 2023 as detailed in a CNBC report. Revenue growth is driven by AI and software solutions The report further stated that the revenue growth was bolstered by strong demand for Broadcom's semiconductor solutions, particularly in the artificial intelligence (AI) sector. The company’s President and CEO, Hock Tan, highlighted that the AI semiconductor solutions are projected to generate $12 billion in revenue for the fiscal year 2024. This growth is supported by advancements in Ethernet networking and custom AI accelerators designed for data centres. Broadcom's semiconductor solutions segment reported revenues of $7.27 billion, a 5 per cent increase year-over-year. Meanwhile, the infrastructure software segment saw an impressive 200 per cent surge in revenue, reaching $5.8 billion, largely attributed to the ongoing integration of VMware. This integration has not only expanded Broadcom's product offerings but has also significantly enhanced its market presence in the software domain. Future guidance by Broadcom Despite the substantial revenue increase, Broadcom's net loss of $1.88 billion, or $0.40 per share, starkly contrasts with the $3.3 billion profit reported in the same quarter last year. This loss was largely influenced by $1.5 billion in amortisation of acquisition-related intangible assets and other restructuring costs. However, on a non-GAAP basis i.e., Generally Accepted Accounting Principles basis, which excludes these one-time costs, Broadcom's earnings per share stood at $1.24, surpassing analysts' expectations of $1.20 per share. Looking ahead, Broadcom has provided guidance for the fourth quarter of fiscal year 2024, projecting revenues of approximately $14 billion, which would represent a 51 per cent increase compared to the previous year. The company anticipates an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin of around 64 percent of projected revenue, indicating a strong operational performance as it continues to integrate VMware and expand its AI capabilities. Market reaction and investor sentiment Following the earnings announcement, Broadcom's stock experienced a decline of over 6 per cent in after-hours trading, reflecting investor concerns regarding the net loss and the impact of integration costs on future profitability. Despite this, the company's stock has risen approximately 40 per cent since the beginning of the year, outperforming the broader market. As investors digest the latest results, the focus will be on how effectively Broadcom can manage its integration of VMware and leverage its strengths in the AI sector to drive future growth. The ongoing demand for AI solutions presents a significant opportunity for Broadcom, and how the company navigates these challenges will be crucial for its stock performance in the coming quarters. Therefore, while Broadcom's third quarter 2024 results highlight impressive revenue growth, the significant net loss raises questions about the sustainability of its current trajectory. Investors will be keenly observing the company's performance in the fourth quarter as it aims to capitalise on the growing AI market and solidify its position within the technology sector.

Broadcom reports strong Q3, targets $12 billion artificial intelligence chip revenue

Nvidia, in a response to a Bloomberg News report about the US Department of Justice sending out subpoenas as part of an antitrust probe, said it has been in touch with the government agency but hasn't been subpoenaed.

Those requests often come in the form of what's called a civil investigative demand, but is better known as a subpoena. The Department of Justice issued one such request to Nvidia for information related to its acquisition of RunAI, along with other areas of its chip business, one person with direct knowledge of the matter said.

Nvidia, in response to the story, said its lead in the market for AI computing is a function of its superior products.

“Nvidia wins on merit, as reflected in our benchmark results and value to customers, and customers can choose whatever solution is best for them,” the company said in a statement, adding, “We have inquired with the US Department of Justice and have not been subpoenaed. Nonetheless, we are happy to answer any questions regulators may have about our business.”

In the probe, which Bloomberg earlier reported in June, investigators have been reaching out to other technology companies for information. The DOJ's San Francisco office is taking the lead in running the inquiry, people familiar with the matter said. A representative for the DOJ declined to comment.

The people, who asked not to be identified because the discussions are private, said antitrust officials are concerned Nvidia is making it harder to switch to alternative suppliers and penalise buyers that don't exclusively use its artificial intelligence chips.

The regulators have been investigating the purchase of RunAI, announced in April. That company makes software to help manage AI computing and there are concerns the tie-up will make it harder for customers to switch away from Nvidia chips. Regulators also are inquiring whether Nvidia gives preferential supply and pricing to customers that use its technology exclusively or buy its complete systems, according to the people.

Nvidia has drawn regulatory scrutiny since it became the world's most valuable chipmaker and a key beneficiary of the AI spending boom, with sales more than doubling each quarter while it's eclipsed one-time chip leaders such as Intel Corp.

Nvidia, in a response to a Bloomberg News report about the US Department of Justice sending out subpoenas as part of an antitrust probe, said it has been in touch with the government agency but hasn't been subpoenaed.

Nvidia, in a response to a Bloomberg News report about the US Department of Justice sending out subpoenas as part of an antitrust probe, said it has been in touch with the government agency but hasn't been subpoenaed. Those requests often come in the form of what's called a civil investigative demand, but is better known as a subpoena. The Department of Justice issued one such request to Nvidia for information related to its acquisition of RunAI, along with other areas of its chip business, one person with direct knowledge of the matter said. Nvidia, in response to the story, said its lead in the market for AI computing is a function of its superior products. “Nvidia wins on merit, as reflected in our benchmark results and value to customers, and customers can choose whatever solution is best for them,” the company said in a statement, adding, “We have inquired with the US Department of Justice and have not been subpoenaed. Nonetheless, we are happy to answer any questions regulators may have about our business.” In the probe, which Bloomberg earlier reported in June, investigators have been reaching out to other technology companies for information. The DOJ's San Francisco office is taking the lead in running the inquiry, people familiar with the matter said. A representative for the DOJ declined to comment. The people, who asked not to be identified because the discussions are private, said antitrust officials are concerned Nvidia is making it harder to switch to alternative suppliers and penalise buyers that don't exclusively use its artificial intelligence chips. The regulators have been investigating the purchase of RunAI, announced in April. That company makes software to help manage AI computing and there are concerns the tie-up will make it harder for customers to switch away from Nvidia chips. Regulators also are inquiring whether Nvidia gives preferential supply and pricing to customers that use its technology exclusively or buy its complete systems, according to the people. Nvidia has drawn regulatory scrutiny since it became the world's most valuable chipmaker and a key beneficiary of the AI spending boom, with sales more than doubling each quarter while it's eclipsed one-time chip leaders such as Intel Corp.

Nvidia faces antitrust scrutiny from DOJ over AI chip dominance and RunAI acquisition

Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, has made headlines once again as he continues to capitalise on his investment in Bank of America Corp. Since mid-July, Buffett has extended his stock sales, amassing a staggering total of $6.97 billion.

This latest round of transactions, disclosed in a regulatory filing on Thursday, highlights Buffett's strategic approach to managing his portfolio while still retaining a significant stake in the banking giant according to a Bloomberg report. <o:p></o:p>

In the most recent transactions, Buffett's Berkshire Hathaway liquidated an additional $760 million worth of Bank of America shares just this week. Despite these sales, Berkshire remains the largest shareholder of Bank of America, holding approximately 11 percent of the company's total shares, which are currently valued at around $34.7 billion based on the latest closing price. This indicates that while Buffett is cashing in on his investment, he still believes in the long-term potential of the bank. It is crucial to note that the 94-year-old added Bank of America in Berkshire’s portfolio with a $5 billion deal in 2011 for preferred stock and warrants.

Who is Warren Buffett?<o:p></o:p>

Warren Buffett is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of June 2024, he had a net worth of $135 billion, making him the tenth-richest person in the world.<o:p></o:p>

Further, Buffett's strategy has often involved selling portions of his holdings when he perceives the stock to be overvalued or when he seeks to realise profits. His adeptness at timing the market has contributed to his reputation as one of the most successful investors of all time. The recent sales come amid a broader trend of profit-taking among investors, as market conditions fluctuate and economic uncertainties loom.

Market reactions and future implications 
 
The market has responded positively to Buffett's actions, as his reputation often influences investor sentiment. Analysts suggest that Buffett's continued confidence in Bank of America, despite the recent sales, signals a robust outlook for the bank's future performance. His ability to navigate market dynamics while maintaining a significant stake in the bank underlines his long-term investment thesis. 
 
As the financial landscape evolves, investors will be keenly observing Buffett's next moves. His decisions often serve as a barometer for market trends, and many look to his actions for guidance on potential investment opportunities. With the banking sector facing various challenges, including regulatory scrutiny and economic pressures, Buffett's ongoing involvement with Bank of America will be closely monitored.<o:p></o:p>

Hence, Warren Buffett's recent stock sales from Bank of America have not only yielded nearly $7 billion but also reaffirmed his position as a key player in the investment landscape. By strategically liquidating portions of his holdings while retaining a significant stake, Buffett demonstrates his commitment to long-term investment principles. As the market continues to evolve, his actions will undoubtedly shape investor sentiment and influence future market trends.<o:p></o:p>

<o:p>&nbsp;</o:p>

Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, has made headlines once again as he continues to capitalise on his investment in Bank of America Corp.

Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, has made headlines once again as he continues to capitalise on his investment in Bank of America Corp. Since mid-July, Buffett has extended his stock sales, amassing a staggering total of $6.97 billion. This latest round of transactions, disclosed in a regulatory filing on Thursday, highlights Buffett's strategic approach to managing his portfolio while still retaining a significant stake in the banking giant according to a Bloomberg report. In the most recent transactions, Buffett's Berkshire Hathaway liquidated an additional $760 million worth of Bank of America shares just this week. Despite these sales, Berkshire remains the largest shareholder of Bank of America, holding approximately 11 percent of the company's total shares, which are currently valued at around $34.7 billion based on the latest closing price. This indicates that while Buffett is cashing in on his investment, he still believes in the long-term potential of the bank. It is crucial to note that the 94-year-old added Bank of America in Berkshire’s portfolio with a $5 billion deal in 2011 for preferred stock and warrants. Who is Warren Buffett? Warren Buffett is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of June 2024, he had a net worth of $135 billion, making him the tenth-richest person in the world. Further, Buffett's strategy has often involved selling portions of his holdings when he perceives the stock to be overvalued or when he seeks to realise profits. His adeptness at timing the market has contributed to his reputation as one of the most successful investors of all time. The recent sales come amid a broader trend of profit-taking among investors, as market conditions fluctuate and economic uncertainties loom. Market reactions and future implications The market has responded positively to Buffett's actions, as his reputation often influences investor sentiment. Analysts suggest that Buffett's continued confidence in Bank of America, despite the recent sales, signals a robust outlook for the bank's future performance. His ability to navigate market dynamics while maintaining a significant stake in the bank underlines his long-term investment thesis. As the financial landscape evolves, investors will be keenly observing Buffett's next moves. His decisions often serve as a barometer for market trends, and many look to his actions for guidance on potential investment opportunities. With the banking sector facing various challenges, including regulatory scrutiny and economic pressures, Buffett's ongoing involvement with Bank of America will be closely monitored. Hence, Warren Buffett's recent stock sales from Bank of America have not only yielded nearly $7 billion but also reaffirmed his position as a key player in the investment landscape. By strategically liquidating portions of his holdings while retaining a significant stake, Buffett demonstrates his commitment to long-term investment principles. As the market continues to evolve, his actions will undoubtedly shape investor sentiment and influence future market trends.

Warren Buffett's profitable Bank of America stock sales approach $7 Billion