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In a press meeting on September 2, the Indian National Congress (INC) accused Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch of receiving a substantial salary from ICICI Bank while serving as a member of the regulatory body. The party has alleged a serious breach of ethics and accountability in public service.

During the conference, Indian National Congress spokesperson Pawan Khera claimed that Buch received Rs 16.8 crore from ICICI Bank between 2017 and 2024, which was 5.09 times more than her salary from SEBI during the same period, reportedly Rs 3.3 crore.

Khera questioned, "When she (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank. You are also a full-time SEBI member. Why were you taking a salary from ICICI?"

"This is a direct violation of Section 54 of SEBI. Therefore, if Madhabi Puri Buch has any shame, she should resign from her post," he said.

The Congress party has raised concerns about multiple investigations involving ICICI Bank that were concluded while Buch was allegedly drawing income from the private entities, including ICICI Prudential.

ICICI Bank-ICICI Securities merger and Hindenburg allegations<o:p></o:p>

The controversy surrounding Buch's alleged conflict of interest has also been fueled by SEBI's involvement in the merger between ICICI Bank Ltd and its subsidiary, ICICI Securities.

Further, the US-based short seller Hindenburg Research has recently accused Buch and her husband of making investments in obscure offshore funds, which it claimed were used in the "Adani money siphoning scandal." Hindenburg also alleged that SEBI may have circumvented its investigation into the Adani Group due to Buch's alleged conflict of interest.

Buch has dismissed the accusations as "character assassination" and emphasized that she has made all necessary disclosures and recusals to avoid any potential conflicts of interest.

Indian National Congress demands investigation through a Joint Parliamentary Committee<o:p></o:p>

The Congress party has been vocal in its criticism of the alleged ties between the Adani Group and the ruling Bharatiya Janata Party (BJP). Khera has been outspoken on the matter, posting his concerns on social media and demanding a Joint Parliamentary Committee (JPC) investigation. The Opposition party's demand for a JPC investigation has gained momentum, setting the stage for further political confrontation.

What is the Adani-Hindenburg-SEBI saga?<o:p></o:p>

The Adani-Hindenburg-SEBI saga has unfolded as a complex web of allegations and investigations, beginning with a scathing report from Hindenburg Research in January 2023. The report accused the Adani Group, led by Gautam Adani, of extensive stock manipulation and accounting fraud, claiming that the conglomerate had inflated its valuations through improper means.

This led to a dramatic sell-off of Adani stocks, resulting in a loss of over $150 billion in market value. In response to the allegations, the Supreme Court of India established a six-member expert committee to investigate potential regulatory failures by the Securities and Exchange Board of India (SEBI) in handling the situation. SEBI was tasked with examining whether the Adani Group violated public shareholding norms and engaged in undisclosed transactions.

As investigations progressed, Hindenburg released additional allegations in August 2024, claiming that SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, had stakes in offshore funds linked to the alleged money siphoning scandal involving the Adani Group. Hindenburg suggested that Buch's potential conflict of interest may have influenced SEBI's investigation, leading to accusations of bias.

Buch and SEBI have categorically denied these allegations, with Buch describing them as "character assassination." She asserted that she had made all necessary disclosures to avoid conflicts of interest. However, the controversy intensified when it was revealed that Buch had received income from consultancy firms while serving as SEBI chair, raising further questions about her impartiality.

In June 2024, SEBI issued a show-cause notice to Hindenburg Research regarding its short-selling activities related to Adani stocks, prompting Hindenburg to claim that the notice was an attempt to intimidate those exposing corruption. Hindenburg maintained that its research was based on thorough due diligence and publicly available information.

The political fallout from this saga has been significant, with the Indian National Congress demanding a Joint Parliamentary Committee investigation into the matter. The opposition party has accused the government of failing to ensure accountability and transparency within regulatory institutions. As the investigations continue, the Adani-Hindenburg saga remains a focal point of scrutiny, with implications for corporate governance and regulatory oversight in India.

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

In a press meeting on September 2, the Indian National Congress (INC) accused Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch of receiving a substantial salary from ICICI Bank while serving as a member of the regulatory body.

In a press meeting on September 2, the Indian National Congress (INC) accused Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch of receiving a substantial salary from ICICI Bank while serving as a member of the regulatory body. The party has alleged a serious breach of ethics and accountability in public service. During the conference, Indian National Congress spokesperson Pawan Khera claimed that Buch received Rs 16.8 crore from ICICI Bank between 2017 and 2024, which was 5.09 times more than her salary from SEBI during the same period, reportedly Rs 3.3 crore. Khera questioned, "When she (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank. You are also a full-time SEBI member. Why were you taking a salary from ICICI?" "This is a direct violation of Section 54 of SEBI. Therefore, if Madhabi Puri Buch has any shame, she should resign from her post," he said. The Congress party has raised concerns about multiple investigations involving ICICI Bank that were concluded while Buch was allegedly drawing income from the private entities, including ICICI Prudential. ICICI Bank-ICICI Securities merger and Hindenburg allegations The controversy surrounding Buch's alleged conflict of interest has also been fueled by SEBI's involvement in the merger between ICICI Bank Ltd and its subsidiary, ICICI Securities. Further, the US-based short seller Hindenburg Research has recently accused Buch and her husband of making investments in obscure offshore funds, which it claimed were used in the "Adani money siphoning scandal." Hindenburg also alleged that SEBI may have circumvented its investigation into the Adani Group due to Buch's alleged conflict of interest. Buch has dismissed the accusations as "character assassination" and emphasized that she has made all necessary disclosures and recusals to avoid any potential conflicts of interest. Indian National Congress demands investigation through a Joint Parliamentary Committee The Congress party has been vocal in its criticism of the alleged ties between the Adani Group and the ruling Bharatiya Janata Party (BJP). Khera has been outspoken on the matter, posting his concerns on social media and demanding a Joint Parliamentary Committee (JPC) investigation. The Opposition party's demand for a JPC investigation has gained momentum, setting the stage for further political confrontation. What is the Adani-Hindenburg-SEBI saga? The Adani-Hindenburg-SEBI saga has unfolded as a complex web of allegations and investigations, beginning with a scathing report from Hindenburg Research in January 2023. The report accused the Adani Group, led by Gautam Adani, of extensive stock manipulation and accounting fraud, claiming that the conglomerate had inflated its valuations through improper means. This led to a dramatic sell-off of Adani stocks, resulting in a loss of over $150 billion in market value. In response to the allegations, the Supreme Court of India established a six-member expert committee to investigate potential regulatory failures by the Securities and Exchange Board of India (SEBI) in handling the situation. SEBI was tasked with examining whether the Adani Group violated public shareholding norms and engaged in undisclosed transactions. As investigations progressed, Hindenburg released additional allegations in August 2024, claiming that SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, had stakes in offshore funds linked to the alleged money siphoning scandal involving the Adani Group. Hindenburg suggested that Buch's potential conflict of interest may have influenced SEBI's investigation, leading to accusations of bias. Buch and SEBI have categorically denied these allegations, with Buch describing them as "character assassination." She asserted that she had made all necessary disclosures to avoid conflicts of interest. However, the controversy intensified when it was revealed that Buch had received income from consultancy firms while serving as SEBI chair, raising further questions about her impartiality. In June 2024, SEBI issued a show-cause notice to Hindenburg Research regarding its short-selling activities related to Adani stocks, prompting Hindenburg to claim that the notice was an attempt to intimidate those exposing corruption. Hindenburg maintained that its research was based on thorough due diligence and publicly available information. The political fallout from this saga has been significant, with the Indian National Congress demanding a Joint Parliamentary Committee investigation into the matter. The opposition party has accused the government of failing to ensure accountability and transparency within regulatory institutions. As the investigations continue, the Adani-Hindenburg saga remains a focal point of scrutiny, with implications for corporate governance and regulatory oversight in India.

SEBI Chair under fire from Congress for Conflict of Interest, linked to Rs 16.8 crore ICICI Bank Payments

The Securities and Exchange Board of India (SEBI) has taken significant action by cancelling the registrations of 39 stock brokers, seven commodity brokers, and 22 depository participants. This decision, announced on 30 August 2024, results from these entities failing to meet essential compliance requirements, thereby posing a potential risk to investors, as detailed in a PTI report.

SEBI's primary aim in revoking these registrations is to prevent any misuse of their status, particularly as these brokers are no longer active members of recognised stock exchanges or affiliated with depositories. The regulator stated, "This move aims to protect unsuspecting investors," emphasising the importance of maintaining a secure trading environment.

Despite the cancellations, the affected entities remain accountable for their past actions and must settle any outstanding dues to SEBI. They are also required to preserve records, address investor grievances, and ensure the continuity of services to their clients. SEBI noted that these brokers were initially granted registration under the condition that they would maintain membership in a recognised stock exchange, a requirement they no longer fulfil.

Among the stock brokers whose registrations have been cancelled are Bezel Stock Brokers, Reflection Investments, and Quantum Global Securities. The list also includes other firms such as Aanya Commodities and Destiny Securities. The seven commodity brokers affected include Wealth Mantra Commodities and Sumpoorna Comtrade.

In addition to the brokers, SEBI has also cancelled the registrations of 22 depository participants, which are entities that facilitate the holding and transfer of securities in electronic form. These participants were found to have terminated their agreements with depositories, thus failing to meet the criteria set out under the Depository Participants Regulations of 2018.

Who is a stock broker?<o:p></o:p>

A stockbroker, also known as a broker, is a financial market representative who operates in securities. Their primary job role involves obtaining purchase and sale orders and executing the same. Market participants or investors rely on their expertise and knowledge regarding market dynamics to invest in stocks and other investment options.

What are the functions of stock brokers?<o:p></o:p>

Stockbrokers offer a range of essential services to their clients, including providing informed advice on buying and selling stocks and other securities based on thorough market research. They handle transactions and related paperwork, maintain detailed records of all activities, and manage clients' investment portfolios with regular updates and responses to inquiries. Additionally, they keep clients informed about new investment opportunities and assist in adjusting investment strategies in response to changing market conditions.

Caution for Investors<o:p></o:p>

Vijay Kedia, Founder and Managing Director at Kedia Capital Services, has cautioned investors who may have a Demat account with any of the banned brokers, urging them to proceed with caution. He stated, "SEBI has banned these 39 stock brokers. If you have a Demat account with any of these, be cautious!"

The list of cancelled registrations includes:-<o:p></o:p>

1. Bezel Stock Brokers Private Limited

2. Reflection Investments

3. Action Financial Services (India) Ltd

4. Sumpoorna Portfolio Limited

5. Vineet Securities Pvt Ltd

6. Quantum Global Securities Limited

7. Wellindia Securities Limited

8. Vrise Securities Private Limited

9. Credential Stock Brokers Ltd

10. Aanya Commodities Pvt Ltd

11. Amber Solutions Pvt Ltd

12. Arcadia Share &amp; Stock Brokers Private Limited

13. C.M. Goenka Stock Brokers Pvt Ltd

14. Destiny Securities Ltd

15. Bhavesh Dhirajlal Stock Broking Co Ltd

16. Enrich Fin &amp; Securities Ltd

17. First Futures and Stocks Private Limited

18. Ganga Yamuna Finvest Private Limited

19. Gems Equities &amp; Securities Pvt Ltd

20. Indovision Securities Limited

21. Olympia Securities Limited (Investnet Securities India Ltd)

22. Century Consultants Ltd

23. Merfin (India) Ltd

24. Micro Forex Equity &amp; Derivatives Private Limited

25. Moneyflo Securities Private Limited

26. Mousumi Deb Roy (Goodluck Securities)

27. Orient Capital Markets Pvt Ltd

28. Orion Capital and Debt Market

29. Parikh &amp; Shah Finvest Pvt Ltd

30. Prem Somani Share Brokers Pvt Ltd

31. Prime Broking Company (I) Limited

32. Rusoday Securities Ltd

33. Saarc Net Limited

34. Star Share &amp; Stock Brokers Ltd

35. Unicon Securities Pvt Ltd (Unickon Securities Pvt Ltd)

36. Wealth Mantra Limited

37. Yuvraj Securities

38. Classic Share &amp; Stock Broking Services Ltd

39. Grovalue Securities Private Limited

<o:p>&nbsp;</o:p> 
The cancellation of registrations is part of SEBI's ongoing efforts to uphold the integrity of the capital markets and ensure that only compliant entities operate within this space. The regulator has emphasised that all parties involved must take necessary actions regarding any defaults or pending matters, ensuring that investor interests remain protected.

The Securities and Exchange Board of India (SEBI) has taken significant action by cancelling the registrations of 39 stock brokers, seven commodity brokers, and 22 depository participants.

The Securities and Exchange Board of India (SEBI) has taken significant action by cancelling the registrations of 39 stock brokers, seven commodity brokers, and 22 depository participants. This decision, announced on 30 August 2024, results from these entities failing to meet essential compliance requirements, thereby posing a potential risk to investors, as detailed in a PTI report. SEBI's primary aim in revoking these registrations is to prevent any misuse of their status, particularly as these brokers are no longer active members of recognised stock exchanges or affiliated with depositories. The regulator stated, "This move aims to protect unsuspecting investors," emphasising the importance of maintaining a secure trading environment. Despite the cancellations, the affected entities remain accountable for their past actions and must settle any outstanding dues to SEBI. They are also required to preserve records, address investor grievances, and ensure the continuity of services to their clients. SEBI noted that these brokers were initially granted registration under the condition that they would maintain membership in a recognised stock exchange, a requirement they no longer fulfil. Among the stock brokers whose registrations have been cancelled are Bezel Stock Brokers, Reflection Investments, and Quantum Global Securities. The list also includes other firms such as Aanya Commodities and Destiny Securities. The seven commodity brokers affected include Wealth Mantra Commodities and Sumpoorna Comtrade. In addition to the brokers, SEBI has also cancelled the registrations of 22 depository participants, which are entities that facilitate the holding and transfer of securities in electronic form. These participants were found to have terminated their agreements with depositories, thus failing to meet the criteria set out under the Depository Participants Regulations of 2018. Who is a stock broker? A stockbroker, also known as a broker, is a financial market representative who operates in securities. Their primary job role involves obtaining purchase and sale orders and executing the same. Market participants or investors rely on their expertise and knowledge regarding market dynamics to invest in stocks and other investment options. What are the functions of stock brokers? Stockbrokers offer a range of essential services to their clients, including providing informed advice on buying and selling stocks and other securities based on thorough market research. They handle transactions and related paperwork, maintain detailed records of all activities, and manage clients' investment portfolios with regular updates and responses to inquiries. Additionally, they keep clients informed about new investment opportunities and assist in adjusting investment strategies in response to changing market conditions. Caution for Investors Vijay Kedia, Founder and Managing Director at Kedia Capital Services, has cautioned investors who may have a Demat account with any of the banned brokers, urging them to proceed with caution. He stated, "SEBI has banned these 39 stock brokers. If you have a Demat account with any of these, be cautious!" The list of cancelled registrations includes:- 1. Bezel Stock Brokers Private Limited 2. Reflection Investments 3. Action Financial Services (India) Ltd 4. Sumpoorna Portfolio Limited 5. Vineet Securities Pvt Ltd 6. Quantum Global Securities Limited 7. Wellindia Securities Limited 8. Vrise Securities Private Limited 9. Credential Stock Brokers Ltd 10. Aanya Commodities Pvt Ltd 11. Amber Solutions Pvt Ltd 12. Arcadia Share & Stock Brokers Private Limited 13. C.M. Goenka Stock Brokers Pvt Ltd 14. Destiny Securities Ltd 15. Bhavesh Dhirajlal Stock Broking Co Ltd 16. Enrich Fin & Securities Ltd 17. First Futures and Stocks Private Limited 18. Ganga Yamuna Finvest Private Limited 19. Gems Equities & Securities Pvt Ltd 20. Indovision Securities Limited 21. Olympia Securities Limited (Investnet Securities India Ltd) 22. Century Consultants Ltd 23. Merfin (India) Ltd 24. Micro Forex Equity & Derivatives Private Limited 25. Moneyflo Securities Private Limited 26. Mousumi Deb Roy (Goodluck Securities) 27. Orient Capital Markets Pvt Ltd 28. Orion Capital and Debt Market 29. Parikh & Shah Finvest Pvt Ltd 30. Prem Somani Share Brokers Pvt Ltd 31. Prime Broking Company (I) Limited 32. Rusoday Securities Ltd 33. Saarc Net Limited 34. Star Share & Stock Brokers Ltd 35. Unicon Securities Pvt Ltd (Unickon Securities Pvt Ltd) 36. Wealth Mantra Limited 37. Yuvraj Securities 38. Classic Share & Stock Broking Services Ltd 39. Grovalue Securities Private Limited The cancellation of registrations is part of SEBI's ongoing efforts to uphold the integrity of the capital markets and ensure that only compliant entities operate within this space. The regulator has emphasised that all parties involved must take necessary actions regarding any defaults or pending matters, ensuring that investor interests remain protected.

SEBI cancels registration of 39 stock brokers, 7 commodity brokers

Iran's president said Saturday that his country needs about $100 billion in foreign investment to reach the annual target of 8 per cent economic growth from the current 4 per cent.

These comments by Masoud Pezeshkian came during his first live televised interview that was broadcast by state television after he was elected in July.

Pezeshkian said Iran needs up to $250 billion to reach its goal, and more than half of the funding for that amount is available from domestic resources. Experts say growth in GDP of 8 per cent would reduce double-digit rates of inflation and unemployment.

Already, hundreds of entities and individuals, including Iran's central bank, government officials, drone makers and money changers, face international sanctions; most stand accused of materially aiding Iran's Revolutionary Guard and foreign militant groups such as Hamas, Hezbollah and the Houthis.

During his interview, Pezeshkian complained about the sanctions and said his administration plans to reduce inflation — it is running at more than 40 per cent annually — "if we solve our problems with neighbours and the world." He did not elaborate.

At a news conference, Pezeshkian confirmed that his first foreign travel would be to neighbouring Iraq, and then he would fly to New York to participate in the United Nations General Assembly meeting on Sept. 22-23. He said that while he was in New York, he would meet with Iranian expatriates to invite them to invest in Iran. Out of more than 8 million Iranian expatriates, some 1.5 million Iranians live in the United States.

Pezeshkian, considered a reformist, was sworn in last month; parliament approved his cabinet earlier this August and promised a softer tone both inside and outside of the country. His predecessor, hard-line protege of Iran's supreme leader Ebrahim Raisi, who oversaw uranium enrichment in the country to near-Weapons-grade levels, died in a helicopter crash in May, along with seven other people.

Iran's economy has been under pressure since 2018, when then-President Donald Trump pulled the US out of the deal designed to straitjacket Tehran's nuclear program and reimposed hard-hitting sanctions. Pezeshkian said in his presidential campaign that he would try to revive the nuclear deal.

Iran's president said Saturday that his country needs about $100 billion in foreign investment to reach the annual target of 8 per cent economic growth from the current 4 per cent.

Iran's president said Saturday that his country needs about $100 billion in foreign investment to reach the annual target of 8 per cent economic growth from the current 4 per cent. These comments by Masoud Pezeshkian came during his first live televised interview that was broadcast by state television after he was elected in July. Pezeshkian said Iran needs up to $250 billion to reach its goal, and more than half of the funding for that amount is available from domestic resources. Experts say growth in GDP of 8 per cent would reduce double-digit rates of inflation and unemployment. Already, hundreds of entities and individuals, including Iran's central bank, government officials, drone makers and money changers, face international sanctions; most stand accused of materially aiding Iran's Revolutionary Guard and foreign militant groups such as Hamas, Hezbollah and the Houthis. During his interview, Pezeshkian complained about the sanctions and said his administration plans to reduce inflation — it is running at more than 40 per cent annually — "if we solve our problems with neighbours and the world." He did not elaborate. At a news conference, Pezeshkian confirmed that his first foreign travel would be to neighbouring Iraq, and then he would fly to New York to participate in the United Nations General Assembly meeting on Sept. 22-23. He said that while he was in New York, he would meet with Iranian expatriates to invite them to invest in Iran. Out of more than 8 million Iranian expatriates, some 1.5 million Iranians live in the United States. Pezeshkian, considered a reformist, was sworn in last month; parliament approved his cabinet earlier this August and promised a softer tone both inside and outside of the country. His predecessor, hard-line protege of Iran's supreme leader Ebrahim Raisi, who oversaw uranium enrichment in the country to near-Weapons-grade levels, died in a helicopter crash in May, along with seven other people. Iran's economy has been under pressure since 2018, when then-President Donald Trump pulled the US out of the deal designed to straitjacket Tehran's nuclear program and reimposed hard-hitting sanctions. Pezeshkian said in his presidential campaign that he would try to revive the nuclear deal.

Iran needs $100 billion in foreign investments to hit economic growth targets, says Iran’s president

The Supreme Court of Brazil has ruled for an "immediate and complete suspension" of Elon Musk-owned Twitter, now rebranded as X, after the latter failed to name a legal representative in the South American country this week. The move has mobilised the crypto community, with much of the community reliant on X for crypto market news and seeing the government's shutdown as only underscoring the need for bitcoin and decentralised, censorship-resistant technology.

Municipal elections are due in Brazil this October, and the country of over 170 million requires tech platforms to designate legal representatives for receiving government takedown notices. According to the Brazilian government, X had not taken the necessary measures to follow that requirement amid an uptick in hate speech and disinformation on the platform.

Earlier this month, however, X announced that the company's so-called legal representative in Brazil was "threatened" with arrest and got multiple frozen bank accounts. It claimed it had of its own accord stopped operations in the country to protect staff.

The day the Brazilian ban took hold, on August 29, Musk lashed out at the judge who'd imposed it. Musk first pinned a tweet calling Supreme Court Judge Alexandre de Moraes "an evil dictator cosplaying as a judge." He also tweeted an apparent public service message urging users to download virtual private networks in order to evade the ban.

G1 Globo, a Brazilian media, reported that the Supreme Court promised to inflict a fine of 50,000 Brazilian real per day against any users that try to bypass the ban using X over VPN.

It is not the first ban on technology platforms in the country. Previously, WhatsApp, also belonging to Facebook's parent company Meta, was banned because of "total disrespect for Brazilian laws."

The crypto community has rallied around Musk since the ban went into effect.

The Supreme Court of Brazil has ruled for an "immediate and complete suspension" of Elon Musk-owned Twitter, now rebranded as X, after the latter failed to name a legal representative in the South American country this week.

The Supreme Court of Brazil has ruled for an "immediate and complete suspension" of Elon Musk-owned Twitter, now rebranded as X, after the latter failed to name a legal representative in the South American country this week. The move has mobilised the crypto community, with much of the community reliant on X for crypto market news and seeing the government's shutdown as only underscoring the need for bitcoin and decentralised, censorship-resistant technology. Municipal elections are due in Brazil this October, and the country of over 170 million requires tech platforms to designate legal representatives for receiving government takedown notices. According to the Brazilian government, X had not taken the necessary measures to follow that requirement amid an uptick in hate speech and disinformation on the platform. Earlier this month, however, X announced that the company's so-called legal representative in Brazil was "threatened" with arrest and got multiple frozen bank accounts. It claimed it had of its own accord stopped operations in the country to protect staff. The day the Brazilian ban took hold, on August 29, Musk lashed out at the judge who'd imposed it. Musk first pinned a tweet calling Supreme Court Judge Alexandre de Moraes "an evil dictator cosplaying as a judge." He also tweeted an apparent public service message urging users to download virtual private networks in order to evade the ban. G1 Globo, a Brazilian media, reported that the Supreme Court promised to inflict a fine of 50,000 Brazilian real per day against any users that try to bypass the ban using X over VPN. It is not the first ban on technology platforms in the country. Previously, WhatsApp, also belonging to Facebook's parent company Meta, was banned because of "total disrespect for Brazilian laws." The crypto community has rallied around Musk since the ban went into effect.

Crypto community stunned as Brazil imposes ban on X

A new poll from Fairleigh Dickinson University discloses that 1 in 7 voters in the US have put money into crypto, and these crypto investors are more inclined to vote for Republican presidential candidate Donald Trump than Kamala Harris.

The survey canvassed a national list of over 800 registered voters from August 17 to 20. Participants were asked if they had ever invested in crypto or non-fungible tokens (NFTs) and if they’ve ever traded stocks, options, or crypto on Robinhood or E*Trade.

As per the survey, crypto holders are 50 per cent more inclined to back Trump, while just 38 per cent are likely to cast their vote for Harris.

“Trump has been reaching out to the crypto community, and it seems to have paid off,” Dan Cassino, the executive director of the poll at FDU, said.

“It might be easy to dismiss them as insignificant, but I don’t think people realise exactly how widespread crypto ownership is,” he added.

Crypto owners now represent 50 million Americans, making them a crucial segment of the electorate. Candidates are mindful of their increasing political influence, with Trump wooing crypto voters at a recent Bitcoin conference in Nashville, Tennessee. On stage, Trump vowed to create a strategic bitcoin reserve and free Ross Ulbricht, who is currently imprisoned for his role as the founder of the drug marketplace Silk Road.

However, non-crypto holders surveyed by FDU strongly favour Harris. These respondents show 53 per cent support for Harris compared to only 41 per cent for Trump, showing a 12-point lead for Harris.

“The ideology underlying crypto is based on distrust of existing power structures, and that makes it a reasonable fit for Trump,” said Cassino about the results.

“The fact that crypto owners aren’t conservatives or liberals or MAGA voters means that they’re up for grabs, and in an election that’s expected to be close, they’re too big a group to ignore.”

The data also showed that Republicans scored higher (18 per cent) than Democrats (11 per cent) in terms of their crypto ownership.

A new poll from Fairleigh Dickinson University discloses that 1 in 7 voters in the US have put money into crypto, and these crypto investors are more inclined to vote for Republican presidential candidate Donald Trump than Kamala Harris.

A new poll from Fairleigh Dickinson University discloses that 1 in 7 voters in the US have put money into crypto, and these crypto investors are more inclined to vote for Republican presidential candidate Donald Trump than Kamala Harris. The survey canvassed a national list of over 800 registered voters from August 17 to 20. Participants were asked if they had ever invested in crypto or non-fungible tokens (NFTs) and if they’ve ever traded stocks, options, or crypto on Robinhood or E*Trade. As per the survey, crypto holders are 50 per cent more inclined to back Trump, while just 38 per cent are likely to cast their vote for Harris. “Trump has been reaching out to the crypto community, and it seems to have paid off,” Dan Cassino, the executive director of the poll at FDU, said. “It might be easy to dismiss them as insignificant, but I don’t think people realise exactly how widespread crypto ownership is,” he added. Crypto owners now represent 50 million Americans, making them a crucial segment of the electorate. Candidates are mindful of their increasing political influence, with Trump wooing crypto voters at a recent Bitcoin conference in Nashville, Tennessee. On stage, Trump vowed to create a strategic bitcoin reserve and free Ross Ulbricht, who is currently imprisoned for his role as the founder of the drug marketplace Silk Road. However, non-crypto holders surveyed by FDU strongly favour Harris. These respondents show 53 per cent support for Harris compared to only 41 per cent for Trump, showing a 12-point lead for Harris. “The ideology underlying crypto is based on distrust of existing power structures, and that makes it a reasonable fit for Trump,” said Cassino about the results. “The fact that crypto owners aren’t conservatives or liberals or MAGA voters means that they’re up for grabs, and in an election that’s expected to be close, they’re too big a group to ignore.” The data also showed that Republicans scored higher (18 per cent) than Democrats (11 per cent) in terms of their crypto ownership.

Survey finds crypto investors favour Trump over Harris

Upcoming readouts on the US labour market, including the monthly payrolls report, will give Federal Reserve policymakers a look at the necessity of further interest-rate reductions beyond an all-but-certain cut in just more than two weeks.

While broad inflation is cooling, though still above the Fed's objective, Chair Jerome Powell has telegraphed a September rate cut and said officials "do not seek or welcome" further cooling in the labour market. That echoes government figures weeks earlier showing lower-than-expected July job growth and the highest jobless rate in nearly three years.

This Friday's August jobs report is forecast to show payrolls in the world's largest economy rose by about 165,000, according to the median estimate in a Bloomberg survey of economists.

While above the modest 114,000 gain in July, average payroll growth over the most recent three months would ease to a little more than 150,000 - the smallest since the start of 2021. The jobless rate probably edged down in August, to 4.2 per cent from 4.3 per cent.

Data on job openings, a gauge of labour demand, will be released two days before the Friday report and are expected to cool to 8.1 million, a three-month low, but just above a more than three-year low.

The job-openings-to-unemployed-workers ratio, closely watched by the Fed, has fallen to 1.2, compared with pre-pandemic levels and suggests a labour market where demand is roughly in balance with supply. It peaked in 2022 at 2 to 1.

The report on job openings also includes the number of layoffs and discharges. Any significant increase could heighten concerns among Fed officials that the labour market is softening.

Other reports on labour next week include weekly jobless claims and ADP Research Institute's snapshot of August payrolls. The Fed also will release its Beige Book of regional economic conditions and the Institute for Supply Management reports purchasing managers indexes for manufacturing and services.

Upcoming readouts on the US labour market, including the monthly payrolls report, will give Federal Reserve policymakers a look at the necessity of further interest-rate reductions beyond an all-but-certain cut in just more than two weeks.

Upcoming readouts on the US labour market, including the monthly payrolls report, will give Federal Reserve policymakers a look at the necessity of further interest-rate reductions beyond an all-but-certain cut in just more than two weeks. While broad inflation is cooling, though still above the Fed's objective, Chair Jerome Powell has telegraphed a September rate cut and said officials "do not seek or welcome" further cooling in the labour market. That echoes government figures weeks earlier showing lower-than-expected July job growth and the highest jobless rate in nearly three years. This Friday's August jobs report is forecast to show payrolls in the world's largest economy rose by about 165,000, according to the median estimate in a Bloomberg survey of economists. While above the modest 114,000 gain in July, average payroll growth over the most recent three months would ease to a little more than 150,000 - the smallest since the start of 2021. The jobless rate probably edged down in August, to 4.2 per cent from 4.3 per cent. Data on job openings, a gauge of labour demand, will be released two days before the Friday report and are expected to cool to 8.1 million, a three-month low, but just above a more than three-year low. The job-openings-to-unemployed-workers ratio, closely watched by the Fed, has fallen to 1.2, compared with pre-pandemic levels and suggests a labour market where demand is roughly in balance with supply. It peaked in 2022 at 2 to 1. The report on job openings also includes the number of layoffs and discharges. Any significant increase could heighten concerns among Fed officials that the labour market is softening. Other reports on labour next week include weekly jobless claims and ADP Research Institute's snapshot of August payrolls. The Fed also will release its Beige Book of regional economic conditions and the Institute for Supply Management reports purchasing managers indexes for manufacturing and services.

Fed eyes key labour market data as rate cut decision looms

The Dutch government will consider the economic interests of ASML when deciding on further tightening export rules for the company's chipmaking equipment to China, Dutch Prime Minister Dick Schoof said on Friday.

"We are in talks, good talks and we are also watching out very specifically for the economic interests of ASML, those need to be weighed against other risks and the economic interests are extremely important," Schoof said, responding to questions about potential new restrictions on ASML exports to China.

"ASML is for the Netherlands an extremely important, innovative industry that should not suffer under any circumstances, because that would damage ASML's global position," he added.

Schoof declined to comment on Bloomberg News reports from Thursday that suggested the Netherlands would impose further curbs on ASML's chip business with China.

China is ASML's third-largest market after Taiwan and South Korea, with Chinese companies accounting for about 20 per cent of its current order backlog. Following earlier restrictions, Chinese chipmakers are primarily buying older ASML equipment that isn't subject to export restrictions and is used to produce "legacy" chips vital to industrial manufacturing worldwide.

Previous Dutch rules mandated a licence for ASML's high-end products. In October 2023, the US began independently restricting ASML from exporting some mid-range tools—a move that stirred debate in the Dutch parliament.

The Dutch government, closely aligned with the US and a staunch NATO supporter, is also displeased with China's backing of Russia in the Ukraine war.

The Dutch government will consider the economic interests of ASML when deciding on further tightening export rules for the company's chipmaking equipment to China, Dutch Prime Minister Dick Schoof said on Friday.

The Dutch government will consider the economic interests of ASML when deciding on further tightening export rules for the company's chipmaking equipment to China, Dutch Prime Minister Dick Schoof said on Friday. "We are in talks, good talks and we are also watching out very specifically for the economic interests of ASML, those need to be weighed against other risks and the economic interests are extremely important," Schoof said, responding to questions about potential new restrictions on ASML exports to China. "ASML is for the Netherlands an extremely important, innovative industry that should not suffer under any circumstances, because that would damage ASML's global position," he added. Schoof declined to comment on Bloomberg News reports from Thursday that suggested the Netherlands would impose further curbs on ASML's chip business with China. China is ASML's third-largest market after Taiwan and South Korea, with Chinese companies accounting for about 20 per cent of its current order backlog. Following earlier restrictions, Chinese chipmakers are primarily buying older ASML equipment that isn't subject to export restrictions and is used to produce "legacy" chips vital to industrial manufacturing worldwide. Previous Dutch rules mandated a licence for ASML's high-end products. In October 2023, the US began independently restricting ASML from exporting some mid-range tools—a move that stirred debate in the Dutch parliament. The Dutch government, closely aligned with the US and a staunch NATO supporter, is also displeased with China's backing of Russia in the Ukraine war.

Dutch PM weighs ASML's economic interests amid potential tightening of China export rules

In 2023, when Nashik-born Tushar (24) received his coveted MBA degree from a premier Delhi institution, it was a moment of remarkable significance for him and his family. A voracious reader of literature "of all kinds", Tushar's MBA came after he explained the meaning of financial discipline in one of his exams.&nbsp;

Yet about a year down the line, despite landing an equally coveted wealth management role at a leading global multinational in Gurugram, he has "little to no savings" with him.&nbsp;

"I have responsibilities back home. Half my earnings go home and it will take me a while to accumulate some savings."&nbsp;

That's unlike Rishali (25), who came to New Delhi to work in a 'Big Four' last year and doesn't have to act as an economic asset to her household&nbsp;just as yet. A year into the job, she says she has enough to sustain herself for three to four months in a metro city if she loses her job.

Both Tushar and Rishali fall under a corporate finance term called HENRYs — High-Earning but Not Rich Yet. By convention, most of HENRYs' income is consumed in the economy by consumer spending, educational costs, and housing.&nbsp;

Author and internet entrepreneur Ankur Warikoo does not expect youngsters to be rich. "By definition, youngsters will be high-earning but not rich yet, because becoming rich requires compounding which requires time," Warikoo said.

"I expect them to be financially disciplined," he added.

Rishali has consumed all of Warikoo's work as audiobooks in recent months during her 90-minute commute from work to the office.&nbsp;

"What they teach you in those classes works fantastically well in the corporate world when your firm is dealing with huge sums of money. But when it comes to the financial discipline in day-to-day life, Warikoo has really helped people like me," Rishali said while referring to the difference between what she learned during her MBA and her passive consumption of Warikoo's work.&nbsp;

Tushar never read Warikoo's work but is aware of his influence.&nbsp;

"I work hard at my job and send money home. My peers have that kind of disposable money because they have not yet started taking on the responsibilities. To me, those responsibilities are important alongside working hard at my job. I have just started. So I also cut myself slack when it comes to partying a night out in the cyber city or HKV," Tushar said while referring to Gurugram's cyber city and Hauz Khas Village, the famous partying spots in Delhi-NCR.&nbsp;

The bestselling author Chetan Bhagat believes that 'HENRY' could be anybody "who is not there yet".

"There is a certain audience that believes that the content they consume should also not just be interesting and entertaining, but it should also help them develop and help them get better," Bhagat said while adding that people who want to earn more money among other priorities, get attracted to the content which will purportedly help them at it.&nbsp;

"I think these people who are not there yet (the NTYs) are the ones who are reading, listening, or consuming this kind of content," Bhagat said.&nbsp;

The self-help genre has struck a chord with Indian youngsters, says Shailesh Sawlani, India manager of Audible, the Amazon-owned online audiobook and podcast service.&nbsp;

"Our 2023 listenership data reaffirms this, with Well-being and self-development topping the charts in the Top 5 most listened-to genres," Sawlani said.&nbsp;

Also watch |&nbsp;Budget 2024: Indian youngsters call for tax reforms | Nirmala Sitharaman | Narendra Modi | Vibe Check

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Audiobooks and podcasts have gained considerable popularity as a screen-free form of entertainment while commuting, working out, or running errands, Sawlani added.&nbsp;

At its core, the self-help and personal finance genre's growth is driven by individuals "looking to elevate their pockets of time with immersive content that helps broaden their perspectives."

But between the lines, like Tushar, a big lot among India's Gen-Z HENRYs are stuck between individual-focused expenses and the expenses of their dependents, mostly parents and siblings. That requires a different approach to the financial discipline amid the prevalence of Western ideas of development based on the financial freedom of an individual.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-indexation-gone-in-real-estate-is-property-still-best-investment-for-indians-744486">Money-Wise: With 'indexation' gone in real estate, is property still best investment for Indians?</a>

"There is always going to be a family perspective to it," Kevin Missal, author of 'Karna, The King of Anga' said.

The financial discipline, Warikoo added, means that youngsters must "allocate money towards their needs or mandatory spends, their desires and their investments ", while also being cognisant of the limits for each area and stick to that budget.

In 2023, when Nashik-born Tushar (24) received his coveted MBA degree from a premier Delhi institution, it was a moment of remarkable significance for him and his family.

In 2023, when Nashik-born Tushar (24) received his coveted MBA degree from a premier Delhi institution, it was a moment of remarkable significance for him and his family. A voracious reader of literature "of all kinds", Tushar's MBA came after he explained the meaning of financial discipline in one of his exams. Yet about a year down the line, despite landing an equally coveted wealth management role at a leading global multinational in Gurugram, he has "little to no savings" with him. "I have responsibilities back home. Half my earnings go home and it will take me a while to accumulate some savings." That's unlike Rishali (25), who came to New Delhi to work in a 'Big Four' last year and doesn't have to act as an economic asset to her household just as yet. A year into the job, she says she has enough to sustain herself for three to four months in a metro city if she loses her job. Both Tushar and Rishali fall under a corporate finance term called HENRYs — High-Earning but Not Rich Yet. By convention, most of HENRYs' income is consumed in the economy by consumer spending, educational costs, and housing. Author and internet entrepreneur Ankur Warikoo does not expect youngsters to be rich. "By definition, youngsters will be high-earning but not rich yet, because becoming rich requires compounding which requires time," Warikoo said. "I expect them to be financially disciplined," he added. Rishali has consumed all of Warikoo's work as audiobooks in recent months during her 90-minute commute from work to the office. "What they teach you in those classes works fantastically well in the corporate world when your firm is dealing with huge sums of money. But when it comes to the financial discipline in day-to-day life, Warikoo has really helped people like me," Rishali said while referring to the difference between what she learned during her MBA and her passive consumption of Warikoo's work. Tushar never read Warikoo's work but is aware of his influence. "I work hard at my job and send money home. My peers have that kind of disposable money because they have not yet started taking on the responsibilities. To me, those responsibilities are important alongside working hard at my job. I have just started. So I also cut myself slack when it comes to partying a night out in the cyber city or HKV," Tushar said while referring to Gurugram's cyber city and Hauz Khas Village, the famous partying spots in Delhi-NCR. The bestselling author Chetan Bhagat believes that 'HENRY' could be anybody "who is not there yet". "There is a certain audience that believes that the content they consume should also not just be interesting and entertaining, but it should also help them develop and help them get better," Bhagat said while adding that people who want to earn more money among other priorities, get attracted to the content which will purportedly help them at it. "I think these people who are not there yet (the NTYs) are the ones who are reading, listening, or consuming this kind of content," Bhagat said. The self-help genre has struck a chord with Indian youngsters, says Shailesh Sawlani, India manager of Audible, the Amazon-owned online audiobook and podcast service. "Our 2023 listenership data reaffirms this, with Well-being and self-development topping the charts in the Top 5 most listened-to genres," Sawlani said. Also watch | Budget 2024: Indian youngsters call for tax reforms | Nirmala Sitharaman | Narendra Modi | Vibe Check × Audiobooks and podcasts have gained considerable popularity as a screen-free form of entertainment while commuting, working out, or running errands, Sawlani added. At its core, the self-help and personal finance genre's growth is driven by individuals "looking to elevate their pockets of time with immersive content that helps broaden their perspectives." But between the lines, like Tushar, a big lot among India's Gen-Z HENRYs are stuck between individual-focused expenses and the expenses of their dependents, mostly parents and siblings. That requires a different approach to the financial discipline amid the prevalence of Western ideas of development based on the financial freedom of an individual. Also read | Money-Wise: With 'indexation' gone in real estate, is property still best investment for Indians? "There is always going to be a family perspective to it," Kevin Missal, author of 'Karna, The King of Anga' said. The financial discipline, Warikoo added, means that youngsters must "allocate money towards their needs or mandatory spends, their desires and their investments ", while also being cognisant of the limits for each area and stick to that budget.

How India's Gen-Z HENRYs are keeping up with financial discipline

Zero-emissions truck manufacturer Nikola Corp. announced that it has appointed former Forward Air CEO Tom Schmitt as its chief commercial officer. Schmitt's exit from Forward Air in February followed the company's problematic merger with Omni Logistics.

Schmitt orchestrated the deal, which positioned Forward as both a capacity provider and competitor to some of its freight forwarding clients. The acquisition, which shareholders claimed bypassed their approval, faced intense scrutiny from investors and analysts. Under pressure from multiple sides, Forward even attempted to withdraw from the agreement without success.

From the time the deal was announced in August 2023 to a mid-May low, shares of the expedited trucking company plummeted nearly 90 per cent.

At Nikola, a manufacturer of hydrogen-powered fuel cell trucks, Schmitt will focus on scaling the business by managing "sales, commercial operations, dealerships, service, customer success, and marketing functions."

"Fortifying our commercial team is crucial to our success as we focus on our customers' experience and expanding the zero-emission Class 8 marketplace," said Steve Girsky, Nikola president and CEO, in a news release. "Tom brings a solid track record built over the past 35-plus years that will help drive forward Nikola's strategic and operational goals, inside and out."

Before his role at Forward in 2018, Schmitt was the chief commercial officer at DB Schenker. He is recognised for restructuring and selling Canadian natural spring water provider Aqua Terra in 2015. He has also been the CEO of Canadian parcel company Purolator and led FedEx Supply Chain.

"I've been following Nikola for years, and it's an honour to join this mission-driven organisation with the sole goal of decarbonising the trucking industry," said Schmitt. "I look forward to working with the passionate Nikola team in bringing that goal to fruition."

Schmitt's arrival at Nikola comes as the company works to achieve a financial recovery following founder Trevor Milton's fraud conviction. Multiple executive changes have occurred since Girsky, a former vice chairman at General Motors, joined the company a year ago.

Zero-emissions truck manufacturer Nikola Corp. announced that it has appointed former Forward Air CEO Tom Schmitt as its chief commercial officer. Schmitt's exit from Forward Air in February followed the company's problematic merger with Omni Logistics.

Zero-emissions truck manufacturer Nikola Corp. announced that it has appointed former Forward Air CEO Tom Schmitt as its chief commercial officer. Schmitt's exit from Forward Air in February followed the company's problematic merger with Omni Logistics. Schmitt orchestrated the deal, which positioned Forward as both a capacity provider and competitor to some of its freight forwarding clients. The acquisition, which shareholders claimed bypassed their approval, faced intense scrutiny from investors and analysts. Under pressure from multiple sides, Forward even attempted to withdraw from the agreement without success. From the time the deal was announced in August 2023 to a mid-May low, shares of the expedited trucking company plummeted nearly 90 per cent. At Nikola, a manufacturer of hydrogen-powered fuel cell trucks, Schmitt will focus on scaling the business by managing "sales, commercial operations, dealerships, service, customer success, and marketing functions." "Fortifying our commercial team is crucial to our success as we focus on our customers' experience and expanding the zero-emission Class 8 marketplace," said Steve Girsky, Nikola president and CEO, in a news release. "Tom brings a solid track record built over the past 35-plus years that will help drive forward Nikola's strategic and operational goals, inside and out." Before his role at Forward in 2018, Schmitt was the chief commercial officer at DB Schenker. He is recognised for restructuring and selling Canadian natural spring water provider Aqua Terra in 2015. He has also been the CEO of Canadian parcel company Purolator and led FedEx Supply Chain. "I've been following Nikola for years, and it's an honour to join this mission-driven organisation with the sole goal of decarbonising the trucking industry," said Schmitt. "I look forward to working with the passionate Nikola team in bringing that goal to fruition." Schmitt's arrival at Nikola comes as the company works to achieve a financial recovery following founder Trevor Milton's fraud conviction. Multiple executive changes have occurred since Girsky, a former vice chairman at General Motors, joined the company a year ago.

Nikola hires former Forward Air CEO Tom Schmitt as chief commercial officer

Brazil's central bank announced it would offer up to $1.5 billion in an auction on Friday, following weeks of turbulence in the country's currency. The announcement, made on Thursday night, came after the real experienced its fourth consecutive day of losses, making it one of the worst-performing currencies in emerging markets this year. The auction will occur on Friday morning on the spot market.

Alongside concerns about President Luiz Inacio Lula da Silva's fiscal policies and future interest rate trends, the real has also been impacted — alongside Mexico's peso — by the unwinding of carry trades amid a rally in the Japanese yen. The region's high double-digit interest rates previously made it a popular target for this strategy, which involves borrowing in the currency of a low-yielding nation to invest in higher-yielding ones.

According to the central bank, this form of intervention last occurred in December 2021. The prices for the auction will be determined based on the PTAX rate, the official currency fixing rate.

In April, the bank used swaps—a more typical intervention tactic—offering $1 billion in the market. Last month, traders speculated about a potential market intervention when the real fell past 5.7 per dollar, a rare move by the central bank in recent years.

The real has dropped nearly 14 per cent this year, marking it as the worst-performing major currency after the Mexican peso. It has dropped by 2.5 per cent this week alone, trailing only the peso in losses during this period.

Brazil's central bank announced it would offer up to $1.5 billion in an auction on Friday, following weeks of turbulence in the country's currency. The announcement, made on Thursday night, came after the real experienced its fourth consecutive day of losses, making it one of the worst-performing currencies in emerging markets this year.

Brazil's central bank announced it would offer up to $1.5 billion in an auction on Friday, following weeks of turbulence in the country's currency. The announcement, made on Thursday night, came after the real experienced its fourth consecutive day of losses, making it one of the worst-performing currencies in emerging markets this year. The auction will occur on Friday morning on the spot market. Alongside concerns about President Luiz Inacio Lula da Silva's fiscal policies and future interest rate trends, the real has also been impacted — alongside Mexico's peso — by the unwinding of carry trades amid a rally in the Japanese yen. The region's high double-digit interest rates previously made it a popular target for this strategy, which involves borrowing in the currency of a low-yielding nation to invest in higher-yielding ones. According to the central bank, this form of intervention last occurred in December 2021. The prices for the auction will be determined based on the PTAX rate, the official currency fixing rate. In April, the bank used swaps—a more typical intervention tactic—offering $1 billion in the market. Last month, traders speculated about a potential market intervention when the real fell past 5.7 per dollar, a rare move by the central bank in recent years. The real has dropped nearly 14 per cent this year, marking it as the worst-performing major currency after the Mexican peso. It has dropped by 2.5 per cent this week alone, trailing only the peso in losses during this period.

Brazil's central bank to sell $1.5 billion amid currency volatility

Core inflation in Japan's capital climbed for the fourth consecutive month in August, data showed on Friday, comfortably staying above the Bank of Japan's 2 per cent target and supporting market expectations of further interest rate increases.

The Tokyo core consumer price index (CPI), which excludes volatile fresh food prices, rose 2.4 per cent in August from a year earlier, surpassing the median market forecast of 2.2 per cent and the 2.2 per cent increase recorded in July.

A separate index that excludes both fresh food and fuel costs, closely monitored by the BOJ as a broader gauge of price trends, rose 1.6 per cent in August from a year earlier, up from a 1.5 per cent rise in July.

The uptick in Tokyo inflation, seen as a precursor to nationwide trends, was largely driven by the gradual phase-out of government subsidies on utility bills and higher rice prices amid worsening shortages due to extreme heat.

"Some one-time factors pushed up inflation but the underlying inflation trend will continue to moderate in coming months," said Takeshi Minami, chief economist at Norinchukin Research Institute.

However, with wage growth anticipated to support private consumption and drive up inflation, the case is strengthening for the Bank of Japan to raise interest rates further, Minami noted.

Separately, the Ministry of Economy, Trade and Industry upgraded its assessment of industrial output for the first time since March last year after data showed output increased 2.8 per cent in July from the previous month.

Manufacturers surveyed by the ministry expect output to rise 2.2 per cent in August but decline by 3.3 per cent in September, the data indicated.

Still, an official advised caution about the outlook, noting that production plans might not be as sturdy as projected in August.

The BOJ ended its negative interest rate policy in March and raised its short-term policy rate to 0.25 per cent in July, marking significant steps away from a decade-long radical stimulus approach.

BOJ Governor Kazuo Ueda stated that the central bank would consider further rate hikes if inflation appears set to sustainably reach its 2 per cent target in the coming years, as forecasted by the BOJ board.

The central bank expects that rising wages will push up service prices and help keep inflation around the 2 per cent mark.

Core inflation in Japan's capital climbed for the fourth consecutive month in August, data showed on Friday, comfortably staying above the Bank of Japan's 2 per cent target and supporting market expectations of further interest rate increases.

Core inflation in Japan's capital climbed for the fourth consecutive month in August, data showed on Friday, comfortably staying above the Bank of Japan's 2 per cent target and supporting market expectations of further interest rate increases. The Tokyo core consumer price index (CPI), which excludes volatile fresh food prices, rose 2.4 per cent in August from a year earlier, surpassing the median market forecast of 2.2 per cent and the 2.2 per cent increase recorded in July. A separate index that excludes both fresh food and fuel costs, closely monitored by the BOJ as a broader gauge of price trends, rose 1.6 per cent in August from a year earlier, up from a 1.5 per cent rise in July. The uptick in Tokyo inflation, seen as a precursor to nationwide trends, was largely driven by the gradual phase-out of government subsidies on utility bills and higher rice prices amid worsening shortages due to extreme heat. "Some one-time factors pushed up inflation but the underlying inflation trend will continue to moderate in coming months," said Takeshi Minami, chief economist at Norinchukin Research Institute. However, with wage growth anticipated to support private consumption and drive up inflation, the case is strengthening for the Bank of Japan to raise interest rates further, Minami noted. Separately, the Ministry of Economy, Trade and Industry upgraded its assessment of industrial output for the first time since March last year after data showed output increased 2.8 per cent in July from the previous month. Manufacturers surveyed by the ministry expect output to rise 2.2 per cent in August but decline by 3.3 per cent in September, the data indicated. Still, an official advised caution about the outlook, noting that production plans might not be as sturdy as projected in August. The BOJ ended its negative interest rate policy in March and raised its short-term policy rate to 0.25 per cent in July, marking significant steps away from a decade-long radical stimulus approach. BOJ Governor Kazuo Ueda stated that the central bank would consider further rate hikes if inflation appears set to sustainably reach its 2 per cent target in the coming years, as forecasted by the BOJ board. The central bank expects that rising wages will push up service prices and help keep inflation around the 2 per cent mark.

Tokyo core inflation rises, strengthening the case for BOJ rate hikes

In a significant economic update, the US economy’s growth rate for the second quarter of 2024 has been revised upward to 3 per cent, according to data released on August 29. This revision marks a notable improvement from earlier estimates and underscores the critical role that consumer spending continues to play in sustaining the nation’s economic momentum, as detailed in a report by Reuters.&nbsp;

How has the consumer spending and unemployment rate performed?&nbsp;

Consumer spending, which accounts for more than two-thirds of the US economy, surged at a revised rate of 2.9 per cent during the second quarter. This increase reflects the enduring confidence of American consumers, who have maintained robust spending levels despite ongoing concerns about inflation and rising interest rates.&nbsp;

The stability of the US job market, characterised by low unemployment rates, has been a significant factor in bolstering consumer confidence. This security has encouraged households to continue spending, thereby driving economic growth during a period of global uncertainty.&nbsp;

Role of business investments&nbsp;

Business investment also played a crucial role in the revised growth figures. Companies across various sectors have increased their investments in infrastructure, technology, and other long-term assets, contributing to the overall economic expansion. These investments are expected to have lasting positive effects on productivity and growth.&nbsp;

The moderation of inflation, while still a concern, has also supported consumer spending by preserving purchasing power. Recent data suggests that price increases are beginning to slow, allowing consumers to maintain their spending habits without feeling the full brunt of inflationary pressures.&nbsp;

The revised growth rate has significant implications for US economic policy. The Federal Reserve may need to reconsider its approach to interest rate adjustments, taking into account the stronger-than-expected economic data. A cautious stance on rate hikes could be necessary to avoid hindering the current economic momentum.&nbsp;

Additionally, the government may prioritise further infrastructure investments, seeing them as essential to long-term economic efficiency. Support for small businesses could also become a focus, as these enterprises are key to maintaining a diverse and innovative economy.

Despite the encouraging economic indicators, there are still concerns about consumer sentiment. Some recent surveys indicate a dip in consumer optimism, driven by fears of inflation and potential economic downturns. This could impact future spending patterns, making it critical for policymakers to address these concerns through clear communication and strategic adjustments.&nbsp;

As the US economy navigates the complexities of inflation and global uncertainties, the revised growth rate for Q2 2024 serves as a reminder of the resilience and adaptability of the American economy. However, sustaining this momentum will require a balanced approach that considers both growth and consumer confidence in the months ahead.

In a significant economic update, the US economy’s growth rate for the second quarter of 2024 has been revised upward to 3 per cent, according to data released on August 29.

In a significant economic update, the US economy’s growth rate for the second quarter of 2024 has been revised upward to 3 per cent, according to data released on August 29. This revision marks a notable improvement from earlier estimates and underscores the critical role that consumer spending continues to play in sustaining the nation’s economic momentum, as detailed in a report by Reuters. How has the consumer spending and unemployment rate performed? Consumer spending, which accounts for more than two-thirds of the US economy, surged at a revised rate of 2.9 per cent during the second quarter. This increase reflects the enduring confidence of American consumers, who have maintained robust spending levels despite ongoing concerns about inflation and rising interest rates. The stability of the US job market, characterised by low unemployment rates, has been a significant factor in bolstering consumer confidence. This security has encouraged households to continue spending, thereby driving economic growth during a period of global uncertainty. Role of business investments Business investment also played a crucial role in the revised growth figures. Companies across various sectors have increased their investments in infrastructure, technology, and other long-term assets, contributing to the overall economic expansion. These investments are expected to have lasting positive effects on productivity and growth. The moderation of inflation, while still a concern, has also supported consumer spending by preserving purchasing power. Recent data suggests that price increases are beginning to slow, allowing consumers to maintain their spending habits without feeling the full brunt of inflationary pressures. The revised growth rate has significant implications for US economic policy. The Federal Reserve may need to reconsider its approach to interest rate adjustments, taking into account the stronger-than-expected economic data. A cautious stance on rate hikes could be necessary to avoid hindering the current economic momentum. Additionally, the government may prioritise further infrastructure investments, seeing them as essential to long-term economic efficiency. Support for small businesses could also become a focus, as these enterprises are key to maintaining a diverse and innovative economy. Despite the encouraging economic indicators, there are still concerns about consumer sentiment. Some recent surveys indicate a dip in consumer optimism, driven by fears of inflation and potential economic downturns. This could impact future spending patterns, making it critical for policymakers to address these concerns through clear communication and strategic adjustments. As the US economy navigates the complexities of inflation and global uncertainties, the revised growth rate for Q2 2024 serves as a reminder of the resilience and adaptability of the American economy. However, sustaining this momentum will require a balanced approach that considers both growth and consumer confidence in the months ahead.

US economy sees 3% growth in the second quarter, boosted by consumer spending

Touted as a landmark move for the artificial intelligence sector, leading AI firms OpenAI and Anthropic have entered into agreements with the United States government aimed at advancing research, testing, and evaluation of artificial intelligence (AI) technologies, according to a report by Reuters. This collaboration underscores a growing recognition of the need for safe and ethical AI development, particularly as these technologies become increasingly integrated into various aspects of society.&nbsp;

The agreements, announced on August 29, 2024, represent a significant step forward in the relationship between the government and private artificial intelligence companies. As artificial intelligence technologies evolve rapidly, the need for rigorous testing and evaluation frameworks has become paramount. The partnerships will enable OpenAI and Anthropic to work closely with the US Artificial Intelligence Safety Institute, focusing on the assessment of AI capabilities and the identification of potential safety risks.&nbsp;

Brief description of Open AI and Anthropic&nbsp;

OpenAI is an American artificial intelligence (AI) research organisation founded in December 2015 and headquartered in San Francisco, California. Its mission is to develop "safe and beneficial" artificial general intelligence (AGI), which it defines as "highly autonomous systems that outperform humans at most economically valuable work".&nbsp;

As a leading organisation in the ongoing AI boom, OpenAI is known for the GPT family of large language models, the DALL-E series of text-to-image models, and a text-to-video model named Sora. Its release of ChatGPT in November 2022 has been credited with catalysing widespread interest in generative AI.&nbsp;

Further, Anthropic PBC is a US-based artificial intelligence (AI) startup public-benefit company founded in 2021. It researches and develops AI to "study their safety properties at the technological frontier" and uses this research to deploy safe, reliable models for the public. Anthropic has developed a family of large language models (LLMs) named Claude as a competitor to OpenAI's ChatGPT and Google's Gemini.

What are the key objectives of the partnership of these firms with the US government?&nbsp;

• Enhanced safety protocols: The primary goal of these partnerships is to establish robust safety protocols for AI systems. By collaborating with government agencies, both companies aim to create a framework that ensures AI technologies are developed and deployed responsibly.&nbsp;

• Research and development: The agreements facilitate joint research initiatives that will explore various aspects of AI, including its societal impacts and ethical considerations. This research is crucial for informing future regulatory frameworks and guiding best practices in AI deployment.&nbsp;

• Public trust and transparency: By engaging with government entities, OpenAI and Anthropic are taking proactive steps to build public trust in AI technologies. Transparency in AI development is essential for alleviating concerns about misuse and unintended consequences.&nbsp;

Navigating regulatory scrutiny&nbsp;

The timing of these agreements is particularly significant as both OpenAI and Anthropic face increasing regulatory scrutiny over the safe and ethical use of AI technologies. As governments worldwide grapple with the implications of AI, these partnerships position the companies as leaders in advocating for responsible AI practices.&nbsp;

What are the implications of this partnership for the AI industry?&nbsp;

The collaboration between OpenAI, Anthropic, and the US government could set a precedent for future partnerships in the AI sector. As the industry continues to grow, the establishment of clear safety standards and ethical guidelines will be critical for fostering innovation while mitigating risks.

Touted as a landmark move for the artificial intelligence sector, leading AI firms OpenAI and Anthropic have entered into agreements with the United States government aimed at advancing research, testing, and evaluation of artificial intelligence (AI) technologies, according to a report by Reuters.

Touted as a landmark move for the artificial intelligence sector, leading AI firms OpenAI and Anthropic have entered into agreements with the United States government aimed at advancing research, testing, and evaluation of artificial intelligence (AI) technologies, according to a report by Reuters. This collaboration underscores a growing recognition of the need for safe and ethical AI development, particularly as these technologies become increasingly integrated into various aspects of society. The agreements, announced on August 29, 2024, represent a significant step forward in the relationship between the government and private artificial intelligence companies. As artificial intelligence technologies evolve rapidly, the need for rigorous testing and evaluation frameworks has become paramount. The partnerships will enable OpenAI and Anthropic to work closely with the US Artificial Intelligence Safety Institute, focusing on the assessment of AI capabilities and the identification of potential safety risks. Brief description of Open AI and Anthropic OpenAI is an American artificial intelligence (AI) research organisation founded in December 2015 and headquartered in San Francisco, California. Its mission is to develop "safe and beneficial" artificial general intelligence (AGI), which it defines as "highly autonomous systems that outperform humans at most economically valuable work". As a leading organisation in the ongoing AI boom, OpenAI is known for the GPT family of large language models, the DALL-E series of text-to-image models, and a text-to-video model named Sora. Its release of ChatGPT in November 2022 has been credited with catalysing widespread interest in generative AI. Further, Anthropic PBC is a US-based artificial intelligence (AI) startup public-benefit company founded in 2021. It researches and develops AI to "study their safety properties at the technological frontier" and uses this research to deploy safe, reliable models for the public. Anthropic has developed a family of large language models (LLMs) named Claude as a competitor to OpenAI's ChatGPT and Google's Gemini. What are the key objectives of the partnership of these firms with the US government? • Enhanced safety protocols: The primary goal of these partnerships is to establish robust safety protocols for AI systems. By collaborating with government agencies, both companies aim to create a framework that ensures AI technologies are developed and deployed responsibly. • Research and development: The agreements facilitate joint research initiatives that will explore various aspects of AI, including its societal impacts and ethical considerations. This research is crucial for informing future regulatory frameworks and guiding best practices in AI deployment. • Public trust and transparency: By engaging with government entities, OpenAI and Anthropic are taking proactive steps to build public trust in AI technologies. Transparency in AI development is essential for alleviating concerns about misuse and unintended consequences. Navigating regulatory scrutiny The timing of these agreements is particularly significant as both OpenAI and Anthropic face increasing regulatory scrutiny over the safe and ethical use of AI technologies. As governments worldwide grapple with the implications of AI, these partnerships position the companies as leaders in advocating for responsible AI practices. What are the implications of this partnership for the AI industry? The collaboration between OpenAI, Anthropic, and the US government could set a precedent for future partnerships in the AI sector. As the industry continues to grow, the establishment of clear safety standards and ethical guidelines will be critical for fostering innovation while mitigating risks.

OpenAI and Anthropic partner with US government for cutting-edge AI research

India’s Ministry of Finance has clarified that there are no restrictions on queer individuals opening joint bank accounts with their partners. They can also name their partners as their nominees in the event of the death of the account holder.

In a notice dated August 28, the finance ministry further clarified that in response to the case of Supriyo Chakraborty and others vs. Union of India, there are no restrictions for queer people to avail crucial banking rights.

The finance ministry added that all Scheduled Commercial Banks in the country have been notified of this.

<h2>Old Demand, New Relief&nbsp;</h2>

Banking was considered one of the key rights that Indian queers did not have when compared to their fellow cis-gendered, heterosexual citizens.&nbsp;

Activists had long demanded that banking rights are crucial to ensure financial security and protect the community from the pressures of economic hardships. Other demands include marriage equality, workplace equality, and 'Anti-Discrimination law'.&nbsp;

What is notable is that queer couples often live outside the boundaries of a typical familial setup. As many are estranged or are away from natal family violence.

In the event of the death of a queer partner, their banking rights till now went to their family, not their partner(s).&nbsp;

Thus, when the RBI and finance ministry clarified, the community erupted, with many labelling it as a ‘big win.’&nbsp;

This author caught up with Yash, the founder of Official Humans of Queer, to know about this development and its real-life impact on the queer rights movement.

How is this a ‘win’ for the community, and will it be implemented in a fair and accessible manner?

“Yes. Basic, but yes. However, whenever a new clarification or policy comes up for our community, the bigger challenge is always implementation. We have seen private banks like Axis promoting similar schemes in 2021 or 2022, but in reality, even their staff were unaware and discriminatory towards people who tried to avail themselves of the policy.”

“Since this clarification is coming from the government in light of the recent update, I hope it gets implemented effectively. I can't comment on how accessible it will be for queer couples, as many times, queer folks are not out and don't want to reveal their identities in such places due to fear.”

Also read:&nbsp;<a href="http://wionews.com/trending/lgbtq-youth-face-higher-rates-of-mental-health-issues-and-suicidal-thoughts-cdc-report-finds-747943" hreflang="en">LGBTQ+ youth face higher rates of mental health issues and suicidal thoughts, CDC report finds</a>

“While this statement might sound very positive and promising, I'm still waiting for the guidelines from the banks, and at a deeper level, I'm concerned about the sensitivity of the staff at these banks who work directly with people. I hope we get to access and use this policy in a respectful and equal manner.”

The notification letter mentions the word ‘queer,’ a far cry from the derogatory and often ‘gay-specific’ language of yesteryears. What do you make of this?

“I love that they are using these inclusive words for the community, but at the same time, they haven't defined 'queer' in this reference. And as far as we know, the policies work in a defined way.”&nbsp;

“So, when they are talking about 'queer', will they allow people who are in non-monogamous relationships, or people who are not into the idea of romantic relationships but living with their friends as their partners? So, it would have been better if they had defined the same because we all know how they work.”&nbsp;

It is to be noted that Yash already has his account at HDFC Bank with his partner as a nominee under the ‘others’ section.&nbsp;

So, all banks already give one access to name anyone as your nominee.&nbsp; The question is whether the banks will now allow partners to be named as spouses, officially.&nbsp;

<h2>On-ground changes awaited</h2>

Banking equality is a win for any society, and this clarification will be a milestone in ensuring equality for all citizens of the country, queer or not. But the real test will be on-ground changes, especially in the semi-urban and rural banks of the country.

The country and the community would be watching very closely.

India’s Ministry of Finance has clarified that there are no restrictions on queer individuals opening joint bank accounts with their partners. They can also name their partners as their nominees in the event of the death of the account holder.

India’s Ministry of Finance has clarified that there are no restrictions on queer individuals opening joint bank accounts with their partners. They can also name their partners as their nominees in the event of the death of the account holder. In a notice dated August 28, the finance ministry further clarified that in response to the case of Supriyo Chakraborty and others vs. Union of India, there are no restrictions for queer people to avail crucial banking rights. The finance ministry added that all Scheduled Commercial Banks in the country have been notified of this. Old Demand, New Relief Banking was considered one of the key rights that Indian queers did not have when compared to their fellow cis-gendered, heterosexual citizens. Activists had long demanded that banking rights are crucial to ensure financial security and protect the community from the pressures of economic hardships. Other demands include marriage equality, workplace equality, and 'Anti-Discrimination law'. What is notable is that queer couples often live outside the boundaries of a typical familial setup. As many are estranged or are away from natal family violence. In the event of the death of a queer partner, their banking rights till now went to their family, not their partner(s). Thus, when the RBI and finance ministry clarified, the community erupted, with many labelling it as a ‘big win.’ This author caught up with Yash, the founder of Official Humans of Queer, to know about this development and its real-life impact on the queer rights movement. How is this a ‘win’ for the community, and will it be implemented in a fair and accessible manner? “Yes. Basic, but yes. However, whenever a new clarification or policy comes up for our community, the bigger challenge is always implementation. We have seen private banks like Axis promoting similar schemes in 2021 or 2022, but in reality, even their staff were unaware and discriminatory towards people who tried to avail themselves of the policy.” “Since this clarification is coming from the government in light of the recent update, I hope it gets implemented effectively. I can't comment on how accessible it will be for queer couples, as many times, queer folks are not out and don't want to reveal their identities in such places due to fear.” Also read: LGBTQ+ youth face higher rates of mental health issues and suicidal thoughts, CDC report finds “While this statement might sound very positive and promising, I'm still waiting for the guidelines from the banks, and at a deeper level, I'm concerned about the sensitivity of the staff at these banks who work directly with people. I hope we get to access and use this policy in a respectful and equal manner.” The notification letter mentions the word ‘queer,’ a far cry from the derogatory and often ‘gay-specific’ language of yesteryears. What do you make of this? “I love that they are using these inclusive words for the community, but at the same time, they haven't defined 'queer' in this reference. And as far as we know, the policies work in a defined way.” “So, when they are talking about 'queer', will they allow people who are in non-monogamous relationships, or people who are not into the idea of romantic relationships but living with their friends as their partners? So, it would have been better if they had defined the same because we all know how they work.” It is to be noted that Yash already has his account at HDFC Bank with his partner as a nominee under the ‘others’ section. So, all banks already give one access to name anyone as your nominee. The question is whether the banks will now allow partners to be named as spouses, officially. On-ground changes awaited Banking equality is a win for any society, and this clarification will be a milestone in ensuring equality for all citizens of the country, queer or not. But the real test will be on-ground changes, especially in the semi-urban and rural banks of the country. The country and the community would be watching very closely.

RBI gives banking rights to its queer citizens. Community awaits on-ground changes

The Indian economy continues to be robust amidst global challenges, with the outlook having softened somewhat due to the slowing of some critical economic measures, according to the latest Monthly Economic Review of the National Council of Applied Economic Research (NCAER), as detailed by PTI.&nbsp;

Further, the report, released on August 28, underlines the fact that bank credit growth in both food and non-food sectors witnessed a deceleration in June 2024. This was more pronounced in personal loans and bank credit to the services sector, where growth rates declined.&nbsp;

However, the report from NCAER showed that the purchasing managers' index (PMI) for manufacturing and services declined marginally in July 2024 but still remained in an expansionary momentum. This particular index indicates that expansion remains in the sectors for manufacturing and services, although at a slower pace.&nbsp;

Another bright spot, according to the report, is that the growth of the Index of Industrial Production (IIP) registered moderate to lower growth in June 2024, on similar lines to the IIP for core industries. Such a trend reflects a slackening momentum in industrial output- an indication that will influence overall economic growth if sustained.&nbsp;

On a positive note, the report indicated that headline inflation at the Consumer Price Index in July 2024 moderated due to the easing of food inflation. Given the reduction of the increase of prices, thus would further mean that consumer prices have stabilised, which would be seen as a break for households and the business community. Likewise, wholesale price inflation eased during the month of July 2024, consolidating the trend of easing price pressures in the economy.&nbsp;

The merchandise trade deficit, however, has been widening, as the report pointed out, in July 2024. On the other hand, there was an increase in the services trade surplus sequentially in the same period, and that acted as a counterbalance to the overall trade scenario.

The Indian economy continues to be robust amidst global challenges, with the outlook having softened somewhat due to the slowing of some critical economic measures, according to the latest Monthly Economic Review of the National Council of Applied Economic Research (NCAER), as detailed by PTI.

The Indian economy continues to be robust amidst global challenges, with the outlook having softened somewhat due to the slowing of some critical economic measures, according to the latest Monthly Economic Review of the National Council of Applied Economic Research (NCAER), as detailed by PTI. Further, the report, released on August 28, underlines the fact that bank credit growth in both food and non-food sectors witnessed a deceleration in June 2024. This was more pronounced in personal loans and bank credit to the services sector, where growth rates declined. However, the report from NCAER showed that the purchasing managers' index (PMI) for manufacturing and services declined marginally in July 2024 but still remained in an expansionary momentum. This particular index indicates that expansion remains in the sectors for manufacturing and services, although at a slower pace. Another bright spot, according to the report, is that the growth of the Index of Industrial Production (IIP) registered moderate to lower growth in June 2024, on similar lines to the IIP for core industries. Such a trend reflects a slackening momentum in industrial output- an indication that will influence overall economic growth if sustained. On a positive note, the report indicated that headline inflation at the Consumer Price Index in July 2024 moderated due to the easing of food inflation. Given the reduction of the increase of prices, thus would further mean that consumer prices have stabilised, which would be seen as a break for households and the business community. Likewise, wholesale price inflation eased during the month of July 2024, consolidating the trend of easing price pressures in the economy. The merchandise trade deficit, however, has been widening, as the report pointed out, in July 2024. On the other hand, there was an increase in the services trade surplus sequentially in the same period, and that acted as a counterbalance to the overall trade scenario.

Indian economy shows resilience amid global challenges: NCAER Report

Economically-crippled Pakistan has now touched the mark of $254 billion (PKR&nbsp;71 trillion) in debt as of June 2024, Pakistan-based ARY News reported, on Friday (Aug 30).&nbsp;

The Pakistan federal government released details of the domestic and foreign debt of the country, and the data was presented to the National Assembly.&nbsp;

The country's total debt comprises 66 per cent domestic debt and 34 per cent foreign debt, according to the document presented in the National Assembly.&nbsp;

The total debt sums to Rs 47 trillion in domestic loans and over Rs 24 trillion in foreign loans.&nbsp;

<a href="https://www.wionews.com/south-asia/pakistan-gets-24th-imf-loan-since-1947-this-time-its-7-billion-740483">Also read:&nbsp;Pakistan gets 24th IMF loan since 1947; this time it’s $7 billion</a>

Moreover, the Pakistan Ministry of Finance also presented a debt repayment schedule for the next several years.&nbsp;

As per the schedule, Pakistan will pay Rs 18,700 billion in 2024, Rs 8,700 billion in 2025, Rs 7,600 billion in 2026, and Rs 4,300 billion in 2027.&nbsp;

Watch |&nbsp;Pakistan battles security crisis in Balochistan

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Further, in future, the debt-ridden country will have to pay Rs 6,000 billion in 2028, &nbsp;Rs 8,400 billion in 2029, Rs 2,400 billion in 2030, and Rs 2,600 billion in 2031.&nbsp;

Pakistan also has to pay a significant portion of the debt and is scheduled for repayment in 2031.&nbsp;

The country has been dealing with significant economic challenges, due to which, it was seeking bailout programs from International Monetary Fund (IMF).&nbsp;

In July, Prime Minister&nbsp;Shehbaz Sharif-led Pakistan government revealed a three-year economic plan, aiming to increase the share of provinces in the federal budget. The plan also highlighted the country's debt burden with total debts expected to reach PKR 79,731 billion by the end of the current fiscal year.

Earlier, the federal government shared a three-year economic plan, which aims to increase the share of provinces in the budget from 39.4 per cent to 48.7 per cent by 2027.&nbsp;

The provinces will receive Rs 10,350 billion by 2026-27 under the National Finance Commission (NFC) Award, the report stated.&nbsp;

(With inputs from agencies)

Economically-crippled Pakistan has now touched the mark of $254 billion (PKR 71 trillion) in debt as of June 2024, Pakistan-based ARY News reported, on Friday (Aug 30).

Economically-crippled Pakistan has now touched the mark of $254 billion (PKR 71 trillion) in debt as of June 2024, Pakistan-based ARY News reported, on Friday (Aug 30). The Pakistan federal government released details of the domestic and foreign debt of the country, and the data was presented to the National Assembly. The country's total debt comprises 66 per cent domestic debt and 34 per cent foreign debt, according to the document presented in the National Assembly. The total debt sums to Rs 47 trillion in domestic loans and over Rs 24 trillion in foreign loans. Also read: Pakistan gets 24th IMF loan since 1947; this time it’s $7 billion Moreover, the Pakistan Ministry of Finance also presented a debt repayment schedule for the next several years. As per the schedule, Pakistan will pay Rs 18,700 billion in 2024, Rs 8,700 billion in 2025, Rs 7,600 billion in 2026, and Rs 4,300 billion in 2027. Watch | Pakistan battles security crisis in Balochistan × Further, in future, the debt-ridden country will have to pay Rs 6,000 billion in 2028, Rs 8,400 billion in 2029, Rs 2,400 billion in 2030, and Rs 2,600 billion in 2031. Pakistan also has to pay a significant portion of the debt and is scheduled for repayment in 2031. The country has been dealing with significant economic challenges, due to which, it was seeking bailout programs from International Monetary Fund (IMF). In July, Prime Minister Shehbaz Sharif-led Pakistan government revealed a three-year economic plan, aiming to increase the share of provinces in the federal budget. The plan also highlighted the country's debt burden with total debts expected to reach PKR 79,731 billion by the end of the current fiscal year. Earlier, the federal government shared a three-year economic plan, which aims to increase the share of provinces in the budget from 39.4 per cent to 48.7 per cent by 2027. The provinces will receive Rs 10,350 billion by 2026-27 under the National Finance Commission (NFC) Award, the report stated. (With inputs from agencies)

Pakistan debt crosses $254 billion as of June 2024

In a major overhaul to the pension system of India, the Union government announced a new Unified Pension Scheme (UPS) that assures&nbsp;pension to central government employees, along with other benefits, post-retirement.

The decision was taken in the wake of the central government employees' long-pending demand to bring reforms in the National Pension Scheme (NPS). The government will implement the UPS on April 1, 2025.

In this week's Money-Wise, we try to analyse the newly rolled out Unified Pension Scheme and how it is different from the previous pension schemes.

<h2>UPS: A mixed basket of all goodness of NPS and OPS?</h2>

The newly-introduced Unified Pension Scheme stands a little ahead of the National Pension Scheme (NPS) as it ensures fixed pension&nbsp;to retirees, which was a major drawback of the NPS.&nbsp;

The assured pension will be 50 per cent of the average basic salary drawn by a government&nbsp;employee in the last 12 months after serving for a minimum of 25 years.

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/india-unveils-new-pension-scheme-for-govt-employees-here-are-its-key-features-753011">India unveils new pension scheme for government employees; here are its key features</a>

Apart from the assured pension, the UPS offers inflation&nbsp;indexation, an assured minimum pension of Rs 10,000 per month and a family pension, which were missing in the NPS. The family pension, which was part of the OPS (Old Pension Scheme), will be 60 per cent of the pension last received by the retiree.

The UPS also has the feature of lumpsum payment at superannuation, along with gratuity, which will be calculated as 1/10th of the monthly emolument plus dearness allowance for every six months served in the government.

A key feature borrowed from the NPS is that of a contributory and fully funded scheme, which means that the members can contribute towards their pension fund and ensure a high pension payout upon retirement.

<h2>Here's how UPS differs from NPS and OPS in key features</h2>

<h2><img alt="pension scheme plans" data-entity-type="file" data-entity-uuid="c37e8031-7fbb-4bc4-8c9a-5edaad878de0" src="//cdn.wionews.com/sites/default/files/inline-images/ups%20vs%20nps%20vs%20ops%20%281%29.png" /></h2>

<h2>Who all are eligible for UPS?</h2>

Unde UPS, government employees will be eligible for a fixed pension amount after completing at least 10 years of service and will receive a pension of 50% of the average basic pay after completing 25 years.&nbsp;

All those employees who have retired under the NPS from 2004 onwards are also eligible and can avail UPS. All those who are currently under NPS and have opted for Voluntary Retirement Scheme (VRS) under NPS will also have the choice of joining the UPS if they are government employees, which will then remain unchanged.

Watch:&nbsp;Family-owned businesses dominate Indian GDP

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However, the government employees are still free to remain under the NPS.

<h2>UPS vs NPS: Which is a better investment for employees?</h2>

Those who subscribe to the UPS will get a guaranteed pension amount, however, the pension amount under NPS fluctuates because the investment is made in the market-linked security schemes.&nbsp;

Although UPS gives an assured pension, NPS can at times provide a higher pension amount when there are higher returns in the market-linked investments, though the situation can be the exact opposite if the market is down.&nbsp;

UPS is more suitable for employees who want a guaranteed pension amount without any risk and NPS is for those who aim for higher returns and are willing to take risks by making market-based investments.

In a major overhaul to the pension system of India, the Union government announced a new Unified Pension Scheme (UPS) that assures pension to central government employees, along with other benefits, post-retirement.

In a major overhaul to the pension system of India, the Union government announced a new Unified Pension Scheme (UPS) that assures pension to central government employees, along with other benefits, post-retirement. The decision was taken in the wake of the central government employees' long-pending demand to bring reforms in the National Pension Scheme (NPS). The government will implement the UPS on April 1, 2025. In this week's Money-Wise, we try to analyse the newly rolled out Unified Pension Scheme and how it is different from the previous pension schemes. UPS: A mixed basket of all goodness of NPS and OPS? The newly-introduced Unified Pension Scheme stands a little ahead of the National Pension Scheme (NPS) as it ensures fixed pension to retirees, which was a major drawback of the NPS. The assured pension will be 50 per cent of the average basic salary drawn by a government employee in the last 12 months after serving for a minimum of 25 years. Also Read: India unveils new pension scheme for government employees; here are its key features Apart from the assured pension, the UPS offers inflation indexation, an assured minimum pension of Rs 10,000 per month and a family pension, which were missing in the NPS. The family pension, which was part of the OPS (Old Pension Scheme), will be 60 per cent of the pension last received by the retiree. The UPS also has the feature of lumpsum payment at superannuation, along with gratuity, which will be calculated as 1/10th of the monthly emolument plus dearness allowance for every six months served in the government. A key feature borrowed from the NPS is that of a contributory and fully funded scheme, which means that the members can contribute towards their pension fund and ensure a high pension payout upon retirement. Here's how UPS differs from NPS and OPS in key features Who all are eligible for UPS? Unde UPS, government employees will be eligible for a fixed pension amount after completing at least 10 years of service and will receive a pension of 50% of the average basic pay after completing 25 years. All those employees who have retired under the NPS from 2004 onwards are also eligible and can avail UPS. All those who are currently under NPS and have opted for Voluntary Retirement Scheme (VRS) under NPS will also have the choice of joining the UPS if they are government employees, which will then remain unchanged. Watch: Family-owned businesses dominate Indian GDP However, the government employees are still free to remain under the NPS. UPS vs NPS: Which is a better investment for employees? Those who subscribe to the UPS will get a guaranteed pension amount, however, the pension amount under NPS fluctuates because the investment is made in the market-linked security schemes. Although UPS gives an assured pension, NPS can at times provide a higher pension amount when there are higher returns in the market-linked investments, though the situation can be the exact opposite if the market is down. UPS is more suitable for employees who want a guaranteed pension amount without any risk and NPS is for those who aim for higher returns and are willing to take risks by making market-based investments.

Money-Wise: India introduces Unified Pension Scheme. Will it be more beneficial than NPS & OPS?

Despite the cryptocurrency industry being plagued by frequent hacks, the month of August witnessed a notable fall in the amount of crypto stolen through hacks and rug pulls, according to a recent report from bug bounty platform Immunefi.

In August, approximately $15 million in crypto was stolen, pushing the total amount lost in 2024 to just over $1.2 billion. Although this marks a 15 per cent increase in stolen crypto compared to 2023, these funds were dispersed across more than 150 incidents in the first eight months of 2024, Immunefi reported.

Most of this year's attacks have targeted DeFi, according to Immunefi's data, and were not due to code flaws or stolen private keys, the report said.

Instead, hackers have increasingly focused on BNB Chain, which has become the go-to blockchain ecosystem of choice for hackers looking to carry out targeted rug pull scams and other crypto heists, according to a separate Immunefi report released last month. The rise in rug pulls on BNB Chain has been fueled by forked code, following several recent hard forks — ZhangHeng, Plato, and Hertz — to mitigate the risk of future security breaches.

Despite these measures, BNB Chain has seen $1.64 billion stolen since its inception in 2017, a figure likely to grow as hackers continue to seek lucrative targets on the network.

Ethereum, another leading blockchain network, has also faced numerous hacks and scams, leading to substantial financial losses for its users.

Despite the cryptocurrency industry being plagued by frequent hacks, the month of August witnessed a notable fall in the amount of crypto stolen through hacks and rug pulls, according to a recent report from bug bounty platform Immunefi.

Despite the cryptocurrency industry being plagued by frequent hacks, the month of August witnessed a notable fall in the amount of crypto stolen through hacks and rug pulls, according to a recent report from bug bounty platform Immunefi. In August, approximately $15 million in crypto was stolen, pushing the total amount lost in 2024 to just over $1.2 billion. Although this marks a 15 per cent increase in stolen crypto compared to 2023, these funds were dispersed across more than 150 incidents in the first eight months of 2024, Immunefi reported. Most of this year's attacks have targeted DeFi, according to Immunefi's data, and were not due to code flaws or stolen private keys, the report said. Instead, hackers have increasingly focused on BNB Chain, which has become the go-to blockchain ecosystem of choice for hackers looking to carry out targeted rug pull scams and other crypto heists, according to a separate Immunefi report released last month. The rise in rug pulls on BNB Chain has been fueled by forked code, following several recent hard forks — ZhangHeng, Plato, and Hertz — to mitigate the risk of future security breaches. Despite these measures, BNB Chain has seen $1.64 billion stolen since its inception in 2017, a figure likely to grow as hackers continue to seek lucrative targets on the network. Ethereum, another leading blockchain network, has also faced numerous hacks and scams, leading to substantial financial losses for its users.

Crypto thefts in 2024 surpass $1.2 billion

The chief executive of National Australia Bank Ltd. stated that increasing divisions within the country's economy are complicating the task of setting appropriate monetary policies.

"There are two Australias," Andrew Irvine, the head of Australia's largest business bank, said during the House of Representatives Economics Committee's annual review into lenders on Friday. He pointed out that while profits are soaring for resource companies and related sectors, the housing shortage has become the country's "single biggest social issue."

His remarks highlight the difficulties policymakers face as the central bank strives to balance high asset prices with tight interest rates, while the Australian government works to mitigate the effects of rising energy and food prices on consumers.

"The averages tell a story of a country growing at 1.5 per cent, which is the lowest Australia has grown in 30 years. The problem is the averages don't tell the full story and we live in a very diverse country," said Irvine, who succeeded Ross McEwan as CEO of the nation's second-largest bank in April.

"In southeast Australia, Victoria in particular, people are doing it tougher," Irvine said. "These economies are more correlated to domestic demand, more correlated to interest rate settings than the resource correlated economies. That's where we're seeing the hardship emerging," Irvine said.

Irvine's observations recall Australia's experience during the peak of the mining investment boom 15 years ago, when the economy was divided between booming resources and stagnating industries in regions like western Sydney. The Reserve Bank frequently emphasises that interest rates are a blunt tool that must be set based on overall demand, meaning their impact will disproportionately affect certain parts of the economy.

Many of the bank's customers are having to make difficult choices about where to allocate their spending, Irvine said. NAB is the third of Australia's four largest banks to appear before the parliamentary review.

ANZ Group Holdings Ltd. CEO Shayne Elliott is expected to face extensive questioning from Australian lawmakers later, marking his first time doing so since a series of scandals involving the bank's bond trading business and broader corporate culture.

On Thursday, Commonwealth Bank of Australia CEO Matt Comyn remarked that regulators have an "undue level of concern" regarding the major banks' decision to scrap bonus caps, while Westpac Banking Corp.'s Peter King criticised social media tech giants for being "absent" in addressing scams.

The chief executive of National Australia Bank Ltd. stated that increasing divisions within the country's economy are complicating the task of setting appropriate monetary policies.

The chief executive of National Australia Bank Ltd. stated that increasing divisions within the country's economy are complicating the task of setting appropriate monetary policies. "There are two Australias," Andrew Irvine, the head of Australia's largest business bank, said during the House of Representatives Economics Committee's annual review into lenders on Friday. He pointed out that while profits are soaring for resource companies and related sectors, the housing shortage has become the country's "single biggest social issue." His remarks highlight the difficulties policymakers face as the central bank strives to balance high asset prices with tight interest rates, while the Australian government works to mitigate the effects of rising energy and food prices on consumers. "The averages tell a story of a country growing at 1.5 per cent, which is the lowest Australia has grown in 30 years. The problem is the averages don't tell the full story and we live in a very diverse country," said Irvine, who succeeded Ross McEwan as CEO of the nation's second-largest bank in April. "In southeast Australia, Victoria in particular, people are doing it tougher," Irvine said. "These economies are more correlated to domestic demand, more correlated to interest rate settings than the resource correlated economies. That's where we're seeing the hardship emerging," Irvine said. Irvine's observations recall Australia's experience during the peak of the mining investment boom 15 years ago, when the economy was divided between booming resources and stagnating industries in regions like western Sydney. The Reserve Bank frequently emphasises that interest rates are a blunt tool that must be set based on overall demand, meaning their impact will disproportionately affect certain parts of the economy. Many of the bank's customers are having to make difficult choices about where to allocate their spending, Irvine said. NAB is the third of Australia's four largest banks to appear before the parliamentary review. ANZ Group Holdings Ltd. CEO Shayne Elliott is expected to face extensive questioning from Australian lawmakers later, marking his first time doing so since a series of scandals involving the bank's bond trading business and broader corporate culture. On Thursday, Commonwealth Bank of Australia CEO Matt Comyn remarked that regulators have an "undue level of concern" regarding the major banks' decision to scrap bonus caps, while Westpac Banking Corp.'s Peter King criticised social media tech giants for being "absent" in addressing scams.

NAB Chief: Economic divisions in Australia complicate RBA's task

Australia's banking regulator intends to stress test the nation's financial sector to gain a better understanding of the impact of private credit capital flows on other segments of the market.

"Private credit is a new and emerging risk that we are looking at," said John Lonsdale, chair of the Australian Prudential Regulation Authority (APRA), at a media conference in Sydney on Wednesday. "We want to work on more transparency in this area and we've signalled that already there is quite a lot of opaqueness."

Private credit is one of the fastest-growing sectors in financial markets at the moment, with this investment class being viewed as an alternative to the bond and loan markets, where banks typically serve as intermediaries. APRA plans to conduct a cross-industry stress test to examine "the linkages between the different sectors and how private credit might flow," Lonsdale explained.

The agency is joining forces with the Australian Securities and Investments Commission to increase scrutiny on private markets as more regulatory guardrails are being implemented elsewhere to handle potential risks. Private credit constituted over 10 per cent of Australia's A$1.4 trillion ($950 billion) corporate debt market in 2023, according to restructuring firm Alvarez &amp; Marsal Inc., a proportion Lonsdale describes as "significant."

APRA is also examining "strategic asset allocation" and the exposure that Australia's A$4 trillion pension pool has to private credit. Opportunities in Australian private credit were previously mostly limited to super and pension funds due to high entry barriers, but they are now becoming more accessible to individual investors, according to wealth management firm JBWere earlier this month.

Potential risks are "being discussed in international forums," Lonsdale noted. "We attend the Basel Committee, and it's an issue being looked at there. The same can be said at the Financial Stability Board."

Australia's banking regulator intends to stress test the nation's financial sector to gain a better understanding of the impact of private credit capital flows on other segments of the market.

Australia's banking regulator intends to stress test the nation's financial sector to gain a better understanding of the impact of private credit capital flows on other segments of the market. "Private credit is a new and emerging risk that we are looking at," said John Lonsdale, chair of the Australian Prudential Regulation Authority (APRA), at a media conference in Sydney on Wednesday. "We want to work on more transparency in this area and we've signalled that already there is quite a lot of opaqueness." Private credit is one of the fastest-growing sectors in financial markets at the moment, with this investment class being viewed as an alternative to the bond and loan markets, where banks typically serve as intermediaries. APRA plans to conduct a cross-industry stress test to examine "the linkages between the different sectors and how private credit might flow," Lonsdale explained. The agency is joining forces with the Australian Securities and Investments Commission to increase scrutiny on private markets as more regulatory guardrails are being implemented elsewhere to handle potential risks. Private credit constituted over 10 per cent of Australia's A$1.4 trillion ($950 billion) corporate debt market in 2023, according to restructuring firm Alvarez & Marsal Inc., a proportion Lonsdale describes as "significant." APRA is also examining "strategic asset allocation" and the exposure that Australia's A$4 trillion pension pool has to private credit. Opportunities in Australian private credit were previously mostly limited to super and pension funds due to high entry barriers, but they are now becoming more accessible to individual investors, according to wealth management firm JBWere earlier this month. Potential risks are "being discussed in international forums," Lonsdale noted. "We attend the Basel Committee, and it's an issue being looked at there. The same can be said at the Financial Stability Board."

Australia's banking regulator to conduct stress tests on private credit risks

BlackRock, the world's largest asset manager, has rolled out its new Ethereum exchange-traded fund (ETF) on B3, one of the leading exchanges in Latin America, to cater to growing investor interest in cryptocurrency in a region known for high adoption rates.

The new Ethereum ETF started trading on Wednesday under the ticker ETHA39 and was introduced via a Brazilian depositary receipt. Management fees for this fund will mirror those in the US, set at 0.25 per cent annually. However, during the fund's initial year—or until ETF reaches $2.5 billion in assets under management—BlackRock is offering a reduced fee of just 0.12 per cent.

In the United States, BlackRock has solidified its position as a prominent player in the crypto ETF arena, with its iShares Ethereum Trust on track to garner $1 billion in inflows, according to Morningstar data.

Its widely acclaimed iShares Bitcoin Trust ETF [IBIT] has also garnered significant attention from both retail and institutional investors, remaining one of the most actively traded ETFs on the market.

"[iShares Bitcoin Trust ETF] is the fastest-growing ETF in history over a three-month period," said BlackRock's director in Brazil, Cristiano Castro, at the launch event.

"This shows that there was pent-up demand for the product," Castro added. "BlackRock's strategy is to meet this demand and make it easier for investors to access these digital products within the capital market."

As one of the largest financial markets in Latin America, Brazil offers a substantial opportunity for the expansion of crypto products. An increasing number of Brazilian traders are engaging with crypto, but even those who have not yet ventured into the cryptocurrency space see BlackRock's involvement as a vote of confidence, Castro stated.

"It's like a BlackRock endorsement," Castro told local media. "Investors often already know our products, how our governance works and feel more comfortable having this exposure to a lesser-known asset."

BlackRock, the world's largest asset manager, has rolled out its new Ethereum exchange-traded fund (ETF) on B3, one of the leading exchanges in Latin America, to cater to growing investor interest in cryptocurrency in a region known for high adoption rates.

BlackRock, the world's largest asset manager, has rolled out its new Ethereum exchange-traded fund (ETF) on B3, one of the leading exchanges in Latin America, to cater to growing investor interest in cryptocurrency in a region known for high adoption rates. The new Ethereum ETF started trading on Wednesday under the ticker ETHA39 and was introduced via a Brazilian depositary receipt. Management fees for this fund will mirror those in the US, set at 0.25 per cent annually. However, during the fund's initial year—or until ETF reaches $2.5 billion in assets under management—BlackRock is offering a reduced fee of just 0.12 per cent. In the United States, BlackRock has solidified its position as a prominent player in the crypto ETF arena, with its iShares Ethereum Trust on track to garner $1 billion in inflows, according to Morningstar data. Its widely acclaimed iShares Bitcoin Trust ETF [IBIT] has also garnered significant attention from both retail and institutional investors, remaining one of the most actively traded ETFs on the market. "[iShares Bitcoin Trust ETF] is the fastest-growing ETF in history over a three-month period," said BlackRock's director in Brazil, Cristiano Castro, at the launch event. "This shows that there was pent-up demand for the product," Castro added. "BlackRock's strategy is to meet this demand and make it easier for investors to access these digital products within the capital market." As one of the largest financial markets in Latin America, Brazil offers a substantial opportunity for the expansion of crypto products. An increasing number of Brazilian traders are engaging with crypto, but even those who have not yet ventured into the cryptocurrency space see BlackRock's involvement as a vote of confidence, Castro stated. "It's like a BlackRock endorsement," Castro told local media. "Investors often already know our products, how our governance works and feel more comfortable having this exposure to a lesser-known asset."

BlackRock launches Ethereum ETF in Brazil

Cybersecurity specialist CrowdStrike Holdings on Wednesday estimated it took a roughly $60 million hit to its sales pipeline last month after its mishandling of a software update caused a technology meltdown that left thousands of people stranded at airports along with other frustrating disruptions.

Although the massive outage rattled customers that had been expected to finalise deals totalling $60 million during the last few weeks of CrowdStrike's fiscal second quarter, executives at the Austin, Texas-based company predicted they will still be able to secure those contracts before their fiscal year ends in January 2025. This confidence stems from the belief that customers still trust its cybersecurity products despite the July 19 blunder that froze machines running on Windows software.

"Our mission is alive and well, and I know that CrowdStrike's very best days are ahead of us," CrowdStrike CEO George Kurtz assured analysts during a conference call discussing the company's April-July period. He also apologised for the company's role in the outage, stating, "will never be lost on me, and my commitment is to make sure this never happens again. The days following the incident were among the most challenging in my career because I deeply felt what our customers experienced."

Kurtz's reassuring remarks, combined with quarterly earnings that beat analysts' expectations, seemed to calm investors who have been buying up CrowdStrike's stock in recent weeks after initially selling off shares following the chaos that the company attributed to a computer bug. The shares rose slightly in Wednesday's extended trading, leaving the stock price 13 per cent below its level before the tech meltdown — a loss of about $10 billion in market value. Earlier this month, CrowdStrike's shares fell nearly 25 per cent, wiping out more than $20 billion in market value.

Even if the $60 million in deals that CrowdStrike expected to close before the tech meltdown never materialise, it will be a small price to pay compared to the massive costs those affected by the outage are facing.

Delta Air Lines, for example, has estimated that it may owe its customers $380 million after the CrowdStrike-induced outage disrupted its computer systems so badly that it had to cancel approximately 7,000 flights. Delta has threatened to sue CrowdStrike, which has insisted that the airline is using the tech meltdown as an excuse for its own mismanagement.

CrowdStrike didn't provide an estimate of the legal expenses it may incur from the outage but suggested the costs likely won't be too heavy.

"Our customer agreements contain provisions limiting our liability, and we maintain insurance policies intended to mitigate the potential impact of certain claims," Burt Podbere, CrowdStrike's chief financial officer, said during Wednesday's conference call.

Cybersecurity specialist CrowdStrike Holdings on Wednesday estimated it took a roughly $60 million hit to its sales pipeline last month after its mishandling of a software update caused a technology meltdown that left thousands of people stranded at airports along with other frustrating disruptions.

Cybersecurity specialist CrowdStrike Holdings on Wednesday estimated it took a roughly $60 million hit to its sales pipeline last month after its mishandling of a software update caused a technology meltdown that left thousands of people stranded at airports along with other frustrating disruptions. Although the massive outage rattled customers that had been expected to finalise deals totalling $60 million during the last few weeks of CrowdStrike's fiscal second quarter, executives at the Austin, Texas-based company predicted they will still be able to secure those contracts before their fiscal year ends in January 2025. This confidence stems from the belief that customers still trust its cybersecurity products despite the July 19 blunder that froze machines running on Windows software. "Our mission is alive and well, and I know that CrowdStrike's very best days are ahead of us," CrowdStrike CEO George Kurtz assured analysts during a conference call discussing the company's April-July period. He also apologised for the company's role in the outage, stating, "will never be lost on me, and my commitment is to make sure this never happens again. The days following the incident were among the most challenging in my career because I deeply felt what our customers experienced." Kurtz's reassuring remarks, combined with quarterly earnings that beat analysts' expectations, seemed to calm investors who have been buying up CrowdStrike's stock in recent weeks after initially selling off shares following the chaos that the company attributed to a computer bug. The shares rose slightly in Wednesday's extended trading, leaving the stock price 13 per cent below its level before the tech meltdown — a loss of about $10 billion in market value. Earlier this month, CrowdStrike's shares fell nearly 25 per cent, wiping out more than $20 billion in market value. Even if the $60 million in deals that CrowdStrike expected to close before the tech meltdown never materialise, it will be a small price to pay compared to the massive costs those affected by the outage are facing. Delta Air Lines, for example, has estimated that it may owe its customers $380 million after the CrowdStrike-induced outage disrupted its computer systems so badly that it had to cancel approximately 7,000 flights. Delta has threatened to sue CrowdStrike, which has insisted that the airline is using the tech meltdown as an excuse for its own mismanagement. CrowdStrike didn't provide an estimate of the legal expenses it may incur from the outage but suggested the costs likely won't be too heavy. "Our customer agreements contain provisions limiting our liability, and we maintain insurance policies intended to mitigate the potential impact of certain claims," Burt Podbere, CrowdStrike's chief financial officer, said during Wednesday's conference call.

CrowdStrike faces $60 Million hit after software update debacle, hopes to regain lost sales pipeline

Federal Reserve Bank of Atlanta President Raphael Bostic on Wednesday indicated that with inflation falling further and the unemployment rate rising more than he had expected, it might be "time to move" on rate reductions. However, he stressed the need for caution before taking action. Bostic mentioned he would want confirmation from the upcoming monthly jobs report and two inflation reports before the Fed's September 17-18 meeting to ensure the economic trends continue.

"I don't want us to be in a situation where we cut, and then we have to raise rates again: that would be a very bad outcome," he said at an event hosted by the Stanford Club of Georgia and the Stanford Black Alumni Association–Atlanta, noting it would erode people's confidence in the Fed.

"If I'm going to err on one side, it's going to be waiting longer just to make sure that we don't have that up and down."

The Fed has kept its policy rate in the 5.25 per cent-5.50 per cent range for more than a year to combat high inflation. Last week, Fed Chair Powell mentioned "the time has come" to lower borrowing costs, given the significant easing of price pressures and a cooling labour market.

For much of this year, Bostic had anticipated that the Fed would need to reduce rates just once in 2024, likely in the fourth quarter. Recently, he has shown a greater openness to starting sooner.

Federal Reserve Bank of Atlanta President Raphael Bostic on Wednesday indicated that with inflation falling further and the unemployment rate rising more than he had expected, it might be "time to move" on rate reductions.

Federal Reserve Bank of Atlanta President Raphael Bostic on Wednesday indicated that with inflation falling further and the unemployment rate rising more than he had expected, it might be "time to move" on rate reductions. However, he stressed the need for caution before taking action. Bostic mentioned he would want confirmation from the upcoming monthly jobs report and two inflation reports before the Fed's September 17-18 meeting to ensure the economic trends continue. "I don't want us to be in a situation where we cut, and then we have to raise rates again: that would be a very bad outcome," he said at an event hosted by the Stanford Club of Georgia and the Stanford Black Alumni Association–Atlanta, noting it would erode people's confidence in the Fed. "If I'm going to err on one side, it's going to be waiting longer just to make sure that we don't have that up and down." The Fed has kept its policy rate in the 5.25 per cent-5.50 per cent range for more than a year to combat high inflation. Last week, Fed Chair Powell mentioned "the time has come" to lower borrowing costs, given the significant easing of price pressures and a cooling labour market. For much of this year, Bostic had anticipated that the Fed would need to reduce rates just once in 2024, likely in the fourth quarter. Recently, he has shown a greater openness to starting sooner.

Atlanta Fed Chief Bostic suggests rate cuts are imminent but advocates caution

In a boost to the Indian economy, Moody's Investors Service upgraded its estimate of gross domestic product growth in 2024 to as high as 7.2 per cent from 6.8 per cent. This upgrade reflects the confidence in the resilience of India's economy and the expected rebound in private consumption by the agency. This statement was issued on August 29, 2024, and is likely to encourage investor sentiment in the country.&nbsp;

Brief history of Moody's ratings&nbsp;

Moody's Ratings, commonly called Moody's, is the bond credit rating business of Moody's Corporation, is the company's traditional line of business and also the historical name.&nbsp;

The Moody's Rating enables global financial research into bonds issued by both commercial and government entities. In layman's terms, Moody's is one of the Big Three, along with Standard &amp; Poor's and Fitch Group, a credit rating agency. It was also among the Fortune 500 in the listing of 2021.&nbsp;

What does Moody's do?&nbsp;

It appraises the creditworthiness of the debtors by a standard ratings scale normally applied to measure expected investor loss in case of a default. Moody's Rating has rated debt securities in several segments of bond markets.&nbsp;

These include Government, Municipal and Corporate Bonds; Managed Investments, such as Money Market Funds and Fixed-Income Funds; Financial Institutions, including Banks and Non-bank Finance Companies; and Asset Classes in Structured Finance.&nbsp;

In Moody's Rating, securities are rated from AAA to C, in which AAA is assigned to the securities with extremely low expectation of default and regarded as being of the highest quality. Issues rated C represent the lowest rated class and are either in default or very close to it, with little to no prospect for recovery.&nbsp;

Key indications by Moody's pointing towards the strong economy of India:

• Increased Private Consumption: Strong private consumption was recorded by the rating agency and is believed to help pace the economic growth. Spending is foreseen to be further increased with improved consumer confidence, boosting the economy.

• Resilient Economic Performance: The 7.8 per cent growth in the first quarter of 2024 abetted an exceedingly strong start for India. It has brought into view the relative resilience of the country in overcoming adversities posed by the global economy.&nbsp;

• Moderating Inflation: There was the point, too, wherein the rating agency observed that the rate of inflation was stabilising, a sure factor in sustaining purchasing power and consumer spending. A stable environment for inflation invites investment and economic activity.&nbsp;

It further revised upwards the growth forecast for 2025 to 6.6 percent from an earlier estimate of 6.4 percent for the year following the election cycle. This indicates sustained momentum of the Indian economy, reflecting continued structural reforms and a global economic environment that has been propitious for the country.&nbsp;

Further, it projects global growth to stabilise at 2.7 per cent in 2024 and 2.5 per cent in 2025, respectively, from 3.0 per cent in 2023. Even with the global outlook possibly decelerating, India's economic fundamentals remain strong.&nbsp;

Investor Takeaway&nbsp;

The only thing that might be expected to bring more and more foreign investment to India is an improved growth forecast, considering the desire of investors to take part in a fast-growing economy. Similarly, in any country, good perceptions regarding the prospects of its economy might lead to speculations that in turn increase capital inflows into that country, boosting its financial stability.

In a boost to the Indian economy, Moody's Investors Service upgraded its estimate of gross domestic product growth in 2024 to as high as 7.2 per cent from 6.8 per cent.

In a boost to the Indian economy, Moody's Investors Service upgraded its estimate of gross domestic product growth in 2024 to as high as 7.2 per cent from 6.8 per cent. This upgrade reflects the confidence in the resilience of India's economy and the expected rebound in private consumption by the agency. This statement was issued on August 29, 2024, and is likely to encourage investor sentiment in the country. Brief history of Moody's ratings Moody's Ratings, commonly called Moody's, is the bond credit rating business of Moody's Corporation, is the company's traditional line of business and also the historical name. The Moody's Rating enables global financial research into bonds issued by both commercial and government entities. In layman's terms, Moody's is one of the Big Three, along with Standard & Poor's and Fitch Group, a credit rating agency. It was also among the Fortune 500 in the listing of 2021. What does Moody's do? It appraises the creditworthiness of the debtors by a standard ratings scale normally applied to measure expected investor loss in case of a default. Moody's Rating has rated debt securities in several segments of bond markets. These include Government, Municipal and Corporate Bonds; Managed Investments, such as Money Market Funds and Fixed-Income Funds; Financial Institutions, including Banks and Non-bank Finance Companies; and Asset Classes in Structured Finance. In Moody's Rating, securities are rated from AAA to C, in which AAA is assigned to the securities with extremely low expectation of default and regarded as being of the highest quality. Issues rated C represent the lowest rated class and are either in default or very close to it, with little to no prospect for recovery. Key indications by Moody's pointing towards the strong economy of India: • Increased Private Consumption: Strong private consumption was recorded by the rating agency and is believed to help pace the economic growth. Spending is foreseen to be further increased with improved consumer confidence, boosting the economy. • Resilient Economic Performance: The 7.8 per cent growth in the first quarter of 2024 abetted an exceedingly strong start for India. It has brought into view the relative resilience of the country in overcoming adversities posed by the global economy. • Moderating Inflation: There was the point, too, wherein the rating agency observed that the rate of inflation was stabilising, a sure factor in sustaining purchasing power and consumer spending. A stable environment for inflation invites investment and economic activity. It further revised upwards the growth forecast for 2025 to 6.6 percent from an earlier estimate of 6.4 percent for the year following the election cycle. This indicates sustained momentum of the Indian economy, reflecting continued structural reforms and a global economic environment that has been propitious for the country. Further, it projects global growth to stabilise at 2.7 per cent in 2024 and 2.5 per cent in 2025, respectively, from 3.0 per cent in 2023. Even with the global outlook possibly decelerating, India's economic fundamentals remain strong. Investor Takeaway The only thing that might be expected to bring more and more foreign investment to India is an improved growth forecast, considering the desire of investors to take part in a fast-growing economy. Similarly, in any country, good perceptions regarding the prospects of its economy might lead to speculations that in turn increase capital inflows into that country, boosting its financial stability.

Moody's pegs India's GDP growth at 7.2% for 2024

MAI Labs is proud to announce the launch of KALP Studio, a revolutionary platform designed to democratise blockchain and Web 3.0 development for developers of all experience levels. With the ability to build products on KALP DLT or even create entirely new chains, KALP Studio offers an unprecedented ecosystem.&nbsp;

As a powerful platform, KALP Studio is a unique, all-in-one platform that offers a complete ecosystem with pre-built DIY modules and robust infrastructure. It enables the fastest deployment of decentralised applications (dApps), adaptable to any industry or use case ripe for Blockchain disruption. Solutions built on KALP Studio are not only scalable and secure but also fully compliant, making them ideal for enterprise-grade innovations.&nbsp;

“By 2030, the blockchain market is expected to cross $3.1 trillion, worldwide. The blockchain industry still faces three major challenges in such a rapidly growing market. Firstly, there is a lack of availability of Blockchain experts to meet the expediting requirements. Secondly, the turnaround time within the market is too long. And thirdly, the overall cost of development is too high to adopt the advanced blockchain technology," Mrityuanjaya Prajapati, founder and CEO of KALP Studio, said at the launch. &nbsp;

“The vision to build KALP Studio to address these challenges and support the Global blockchain developers' community and businesses with a premium &amp; wholesome infrastructure. Thus, the industry can leverage the full potential of the market with groundbreaking blockchain &amp; Web3 innovations." 
 
Tapan Sangal, founder of MAI Labs, highlighting some of the unique offerings said, “KALP Studio is a revolutionary platform for the blockchain industry. Being a chain-agnostic wholesome infrastructure with pre-built DIY modules, it can build disruptive industry solutions on blockchain. It exponentially reduces costs and accelerates the project turnaround time. Overall, KALP Studio is an exclusive experience for developers with its advanced customization options and the best UI/UX.”&nbsp; 
 
Considering the advance technology capabilities of the platform, KALP Studio is already selected as an exclusive platform for building blockchain Projects, for “BUILD Hackathon”.&nbsp;

<a href="https://www.wionews.com/videos/ai-blockchain-internet-shaping-indias-digital-landscape-712129">Watch |&nbsp;AI, blockchain, &amp; internet shaping India's digital landscape</a>

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&nbsp;

<h2>About KALP Studio</h2>

KALP Studio, a product of KALP Digital, is a one-stop blockchain development infrastructure. It has an extensive ready-to-use module library for (dApps), future-centric features, third-party integration &amp; advanced customization capabilities, the best UI/UX and a complete supportive ecosystem to develop anything blockchain. It can accelerate even the most innovative, scalable &amp; complex blockchain solutions development, seamlessly.&nbsp;

<a href="https://www.wionews.com/business-economy/nearly-10-per-cent-of-indian-women-own-crypto-exploring-the-trend-626023">Also read |&nbsp;Nearly 10 per cent of Indian women own crypto: Exploring the trend</a>

<h2>About MAI Labs</h2>

MAI Labs is a deep tech company committed to democratizing and empowering users worldwide with accessible, innovative, and cutting-edge technologies. With a presence in the United States, India, Mauritius, Singapore and Dubai, MAI Labs leads a portfolio of ventures including MayaaVerse, Kalp Studio STOEX, MyIPR, and NIFTIQ among others, all dedicated to democratising access and providing creative, immersive solutions.

MAI Labs is proud to announce the launch of KALP Studio, a revolutionary platform designed to democratise blockchain and Web 3.0 development for developers of all experience levels.

MAI Labs is proud to announce the launch of KALP Studio, a revolutionary platform designed to democratise blockchain and Web 3.0 development for developers of all experience levels. With the ability to build products on KALP DLT or even create entirely new chains, KALP Studio offers an unprecedented ecosystem. As a powerful platform, KALP Studio is a unique, all-in-one platform that offers a complete ecosystem with pre-built DIY modules and robust infrastructure. It enables the fastest deployment of decentralised applications (dApps), adaptable to any industry or use case ripe for Blockchain disruption. Solutions built on KALP Studio are not only scalable and secure but also fully compliant, making them ideal for enterprise-grade innovations. “By 2030, the blockchain market is expected to cross $3.1 trillion, worldwide. The blockchain industry still faces three major challenges in such a rapidly growing market. Firstly, there is a lack of availability of Blockchain experts to meet the expediting requirements. Secondly, the turnaround time within the market is too long. And thirdly, the overall cost of development is too high to adopt the advanced blockchain technology," Mrityuanjaya Prajapati, founder and CEO of KALP Studio, said at the launch. “The vision to build KALP Studio to address these challenges and support the Global blockchain developers' community and businesses with a premium & wholesome infrastructure. Thus, the industry can leverage the full potential of the market with groundbreaking blockchain & Web3 innovations." Tapan Sangal, founder of MAI Labs, highlighting some of the unique offerings said, “KALP Studio is a revolutionary platform for the blockchain industry. Being a chain-agnostic wholesome infrastructure with pre-built DIY modules, it can build disruptive industry solutions on blockchain. It exponentially reduces costs and accelerates the project turnaround time. Overall, KALP Studio is an exclusive experience for developers with its advanced customization options and the best UI/UX.” Considering the advance technology capabilities of the platform, KALP Studio is already selected as an exclusive platform for building blockchain Projects, for “BUILD Hackathon”. Watch | AI, blockchain, & internet shaping India's digital landscape × About KALP Studio KALP Studio, a product of KALP Digital, is a one-stop blockchain development infrastructure. It has an extensive ready-to-use module library for (dApps), future-centric features, third-party integration & advanced customization capabilities, the best UI/UX and a complete supportive ecosystem to develop anything blockchain. It can accelerate even the most innovative, scalable & complex blockchain solutions development, seamlessly. Also read | Nearly 10 per cent of Indian women own crypto: Exploring the trend About MAI Labs MAI Labs is a deep tech company committed to democratizing and empowering users worldwide with accessible, innovative, and cutting-edge technologies. With a presence in the United States, India, Mauritius, Singapore and Dubai, MAI Labs leads a portfolio of ventures including MayaaVerse, Kalp Studio STOEX, MyIPR, and NIFTIQ among others, all dedicated to democratising access and providing creative, immersive solutions.

Revolutionary: MAI Labs introduces KALP Studio, a complete infrastructure for blockchain development

Another major development comes as Fitch Ratings has reaffirmed the rating of India's sovereign debt at BBB- while maintaining a stable outlook and pointed to strong growth potential and fiscal credibility for the country in its report dated August 29. The rating firm said that India has been able to resist the unfavourable situation of the global economic atmosphere and hinted that the country keeps its bases covered for financial stability.&nbsp;

What does a rating of BBB- mean?&nbsp;

Rating of BBB-, the lowest investment grade category, based on a current expectation that default risk is low. It also reflects an adequate capacity to meet financial commitments, which may be vulnerable to adverse economic conditions and changes in circumstances compared with higherrated borrowers.&nbsp;

In this regard, Fitch's move to maintain India's rating at BBB with a stable outlook reflects its belief in the trajectory of the country's economy. The stable outlook implies that ratings are unlikely to change unless there is a remarkable change in the country's economic performance and fiscal policies.

Reasons for India's good growth outlook&nbsp;

India's good growth outlook according to Fitch is supported by the following factors:&nbsp;

• Resilience amidst Global Economic Challenges: Despite the unending global economic uncertainties, India has been able to keep up its ground and be steady on its financial standing.&nbsp;

• Strong Growth Potential: Fitch expects India's GDP growth to rebound to 6.7% in fiscal year 2025 after recovery in the succeeding years.&nbsp;

• Given the good performance of the banking and private sectors, the government's initiatives into infrastructure-together with the growing bank and private sector balance sheets-will continue to ramp up investment growth.&nbsp;

• High general government debts: India's general government debt remains high relative to the median of countries rated BBB. There is nevertheless some offsetting to the high government debt burden from reliance on domestic, rather than foreign, sources of financing.&nbsp;

While mentioning strengths, Fitch pointed out areas that require attention:&nbsp;

• Current Account Deficit: Fitch outlined that India must make efforts toward narrowing the current account deficit in order to retain its strong financial position.&nbsp;

• Financial Sector: Fitch advised that reforms in boosting efficiency and stability in the financial sector would add to growth.&nbsp;

• Inflation rate moderation: Controlling inflation is crucial to sustaining purchasing power and, therefore, to sustainable economic development.&nbsp;

• Integrate ESG governance: Fitch also recommended incorporating ESG considerations into policy decisions in India for long-term growth and stability.&nbsp;

Thus, with Fitch confirming India's BBB rating on a stable outlook, the economy unleashes its strength and potential for growth. While India tries to tackle the global economic scenario, policymakers are expected to remove the challenges observed and continue with the policies supporting sustainable economic development.

Another major development comes as Fitch Ratings has reaffirmed the rating of India's sovereign debt at BBB- while maintaining a stable outlook and pointed to strong growth potential and fiscal credibility for the country in its report dated August 29.

Another major development comes as Fitch Ratings has reaffirmed the rating of India's sovereign debt at BBB- while maintaining a stable outlook and pointed to strong growth potential and fiscal credibility for the country in its report dated August 29. The rating firm said that India has been able to resist the unfavourable situation of the global economic atmosphere and hinted that the country keeps its bases covered for financial stability. What does a rating of BBB- mean? Rating of BBB-, the lowest investment grade category, based on a current expectation that default risk is low. It also reflects an adequate capacity to meet financial commitments, which may be vulnerable to adverse economic conditions and changes in circumstances compared with higherrated borrowers. In this regard, Fitch's move to maintain India's rating at BBB with a stable outlook reflects its belief in the trajectory of the country's economy. The stable outlook implies that ratings are unlikely to change unless there is a remarkable change in the country's economic performance and fiscal policies. Reasons for India's good growth outlook India's good growth outlook according to Fitch is supported by the following factors: • Resilience amidst Global Economic Challenges: Despite the unending global economic uncertainties, India has been able to keep up its ground and be steady on its financial standing. • Strong Growth Potential: Fitch expects India's GDP growth to rebound to 6.7% in fiscal year 2025 after recovery in the succeeding years. • Given the good performance of the banking and private sectors, the government's initiatives into infrastructure-together with the growing bank and private sector balance sheets-will continue to ramp up investment growth. • High general government debts: India's general government debt remains high relative to the median of countries rated BBB. There is nevertheless some offsetting to the high government debt burden from reliance on domestic, rather than foreign, sources of financing. While mentioning strengths, Fitch pointed out areas that require attention: • Current Account Deficit: Fitch outlined that India must make efforts toward narrowing the current account deficit in order to retain its strong financial position. • Financial Sector: Fitch advised that reforms in boosting efficiency and stability in the financial sector would add to growth. • Inflation rate moderation: Controlling inflation is crucial to sustaining purchasing power and, therefore, to sustainable economic development. • Integrate ESG governance: Fitch also recommended incorporating ESG considerations into policy decisions in India for long-term growth and stability. Thus, with Fitch confirming India's BBB rating on a stable outlook, the economy unleashes its strength and potential for growth. While India tries to tackle the global economic scenario, policymakers are expected to remove the challenges observed and continue with the policies supporting sustainable economic development.

Fitch Ratings reaffirms sovereign debt rating of India with a stable outlook