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Paytm, India's digital payments pioneer, is again in the news owing to a regulatory crackdown. The company has notified its investors of an administrative warning from the country's market regulator, SEBI, over related-party transactions with Paytm Payments Bank in FY22 without auditor approval.

Paytm's troubles began with Paytm Payments Bank, when India's central bank barred it from further transactions due to regulatory non-adherence. Paytm's troubles have spiked since then, with falling stock prices and employee troubles weighing on the already troubled landscape. However, Paytm remains confident of its rebound, signalling a renewed sense of functioning and eyeing new avenues for growth.&nbsp;

On the recent SEBI's warnings, Paytm said and I quote, 'The warning pertains to the excess related party transactions (RPTs) entered into by Paytm and/or its subsidiaries with Paytm Payments Bank Limited (PPBL) during FY 2021-22, which were allegedly conducted without the due approval of either the audit committee or shareholders.'

'The company stated in its stock exchange filing that it is committed to upholding and demonstrating the highest compliance standards and will submit a detailed response to SEBI, addressing the regulator’s concerns on the matter,' the response added.

Paytm has assured stakeholders that this administrative warning will not impact its financial, operational, or other activities. However, the gravity of the situation is yet to be deciphered.

Paytm, India's digital payments pioneer, is again in the news owing to a regulatory crackdown. The company has notified its investors of an administrative warning from the country's market regulator, SEBI, over related-party transactions with Paytm Payments Bank in FY22 without auditor approval.

Paytm, India's digital payments pioneer, is again in the news owing to a regulatory crackdown. The company has notified its investors of an administrative warning from the country's market regulator, SEBI, over related-party transactions with Paytm Payments Bank in FY22 without auditor approval. Paytm's troubles began with Paytm Payments Bank, when India's central bank barred it from further transactions due to regulatory non-adherence. Paytm's troubles have spiked since then, with falling stock prices and employee troubles weighing on the already troubled landscape. However, Paytm remains confident of its rebound, signalling a renewed sense of functioning and eyeing new avenues for growth. On the recent SEBI's warnings, Paytm said and I quote, 'The warning pertains to the excess related party transactions (RPTs) entered into by Paytm and/or its subsidiaries with Paytm Payments Bank Limited (PPBL) during FY 2021-22, which were allegedly conducted without the due approval of either the audit committee or shareholders.' 'The company stated in its stock exchange filing that it is committed to upholding and demonstrating the highest compliance standards and will submit a detailed response to SEBI, addressing the regulator’s concerns on the matter,' the response added. Paytm has assured stakeholders that this administrative warning will not impact its financial, operational, or other activities. However, the gravity of the situation is yet to be deciphered.

Paytm assures adherence amid SEBI warning for related party transactions

Skechers USA, a giant in shoes, filed a suit Tuesday accusing clothier and outdoor gear purveyor LL Bean of illegally copying its shoe designs, according to Reuters.

The lawsuit, filed Monday in Manhattan federal court, said that Freeport casual shoes created by LL Bean infringed on two patented designs for "heel cups" developed by Skechers.

Skechers, the third-largest footwear company in the world, described its heel cup designs as "distinctive and stylish" with "gracious, sweeping, gently rolling lines and slopes," thereby suggesting a simile for the shape of the heel.

The company alleges that LL Bean independently designed similar shoes after Skechers had invested considerable upfront resources in developing and marketing the original designs, which had been proven to have wide market appeal.

"Only after Skechers had taken on the great risk and monumental expense of developing and marketing its shoes with the heel cup designs, and proved that they had widespread consumer appeal, did LL Bean enter the market with its infringing shoe," Skechers said in its complaint.

The lawsuit sets unspecified damages, triple damages for a willful infringement case, and asks for an injunction on sales of the alleged infringing shoes.

LL Bean and Skechers did not respond to requests seeking comment immediately.

The lawsuit comes at a time when recessionary fears have most Americans remaining tightfisted with discretionary spending.&nbsp;

LL Bean's Freeport shoes, named for the company's Maine hometown, sell for $99 on its website.

Founded in 1912, LL Bean is known for its outdoor gear and apparel on its website. Skechers — founded 80 years later, in 1992 — is headquartered in Manhattan Beach, California.

Skechers USA, a giant in shoes, filed a suit Tuesday accusing clothier and outdoor gear purveyor LL Bean of illegally copying its shoe designs, according to Reuters.

Skechers USA, a giant in shoes, filed a suit Tuesday accusing clothier and outdoor gear purveyor LL Bean of illegally copying its shoe designs, according to Reuters. The lawsuit, filed Monday in Manhattan federal court, said that Freeport casual shoes created by LL Bean infringed on two patented designs for "heel cups" developed by Skechers. Skechers, the third-largest footwear company in the world, described its heel cup designs as "distinctive and stylish" with "gracious, sweeping, gently rolling lines and slopes," thereby suggesting a simile for the shape of the heel. The company alleges that LL Bean independently designed similar shoes after Skechers had invested considerable upfront resources in developing and marketing the original designs, which had been proven to have wide market appeal. "Only after Skechers had taken on the great risk and monumental expense of developing and marketing its shoes with the heel cup designs, and proved that they had widespread consumer appeal, did LL Bean enter the market with its infringing shoe," Skechers said in its complaint. The lawsuit sets unspecified damages, triple damages for a willful infringement case, and asks for an injunction on sales of the alleged infringing shoes. LL Bean and Skechers did not respond to requests seeking comment immediately. The lawsuit comes at a time when recessionary fears have most Americans remaining tightfisted with discretionary spending. LL Bean's Freeport shoes, named for the company's Maine hometown, sell for $99 on its website. Founded in 1912, LL Bean is known for its outdoor gear and apparel on its website. Skechers — founded 80 years later, in 1992 — is headquartered in Manhattan Beach, California.

Skechers sues LL Bean over alleged shoe design infringement

Morgan Stanley beat second-quarter profit expectations on Tuesday due to its massive rise in investment banking revenues, even with the muted growth of its wealth management division.

Shares of the bank rose 1.4 per cent in morning trading after earlier losses in the premarket.

Wealth management revenue growth slowed to 2 per cent in the second quarter from a year earlier when it rose 16 per cent.

Net new assets were $36.4 billion, well below $89.5 billion a year earlier. 
Unit revenue of $6.79 billion fell just shy of Wall Street expectations, LSEG data cited by Reuters showed.

In contrast, institutional securities revenue jumped 23 per cent to $7 billion, with investment banking revenue becoming 51 per cent higher. 
Chief Financial Officer Sharon Yeshaya said the investment banking sector was "in the early innings of recovery" and added that broad-based growth has been witnessed across sectors and regions.

"Investment banking pipelines are healthy and diverse, dialogues are active, and markets are open," Yeshaya said on a conference call with analysts.

Growth in net new assets within the wealth management business can be lumpy and was impacted by higher client tax payments, though annual growth remains within the company's guidance of 5 per cent to 7 per cent, she added.

Citigroup analysts, led by Keith Horowitz, termed the results an "overall solid quarter," pumping up their confidence in Morgan Stanley's wealth management trajectory despite uneven net new asset growth.

Wealth management has been in its prime for Morgan Stanley under former Chief Executive Officer James Gorman and is now engaged in the generation of stable revenue as opposed to the more volatile investment banking and trading businesses.

The bank has eyes on the management of $10 trillion in client assets. 
The bank's net income rose to $3.1 billion, or $1.82 per share, in the three months ended June 30, from $2.2 billion, or $1.24 per share, a year earlier.

Analysts surveyed by LSEG had expected $1.65 per share on average. 
Total quarterly revenue of $15.02 billion at Morgan Stanley also exceeded Wall Street expectations, and the bank increased its quarterly dividend by 7.5 cents to $0.925 a share.

With a better outlook in the economy, expectations of interest rate cuts by the US, and rocketing equity markets, buyouts, debt sales, and stock offerings are getting a new lease of life after the nearly two-year drought for activity on Wall Street.

Morgan Stanley's investment banking revenues leapt 51 per cent to $1.62 billion in the second quarter.

"The firm delivered another strong quarter in an improving capital markets environment," said Chief Executive Officer Ted Pick.

Equity underwriting revenue rose 56 per cent to $352 million as initial public offerings and private stock sales rebounded, while fixed income underwriting jumped 71 per cent to $675 million.

Yeshaya noted that there was fast growth in non-investment grade issues. Advisory revenues rose 30 per cent to $592 million as completed deals rose.

Other major banks, including Goldman Sachs, JPMorgan Chase, and Citi, also post strong investment banking revenue.

The equities and bond trading desks of Morgan Stanley did better than expected for the April-June quarter.

Revenues from equities were up 18 per cent year-on-year, with revenues from fixed income 16 per cent higher, mirroring strong results across the Street.

Revenues at the institutional securities unit rose to $7 billion from $5.7 billion a year ago.

Morgan Stanley beat second-quarter profit expectations on Tuesday due to its massive rise in investment banking revenues, even with the muted growth of its wealth management division.

Morgan Stanley beat second-quarter profit expectations on Tuesday due to its massive rise in investment banking revenues, even with the muted growth of its wealth management division. Shares of the bank rose 1.4 per cent in morning trading after earlier losses in the premarket. Wealth management revenue growth slowed to 2 per cent in the second quarter from a year earlier when it rose 16 per cent. Net new assets were $36.4 billion, well below $89.5 billion a year earlier. Unit revenue of $6.79 billion fell just shy of Wall Street expectations, LSEG data cited by Reuters showed. In contrast, institutional securities revenue jumped 23 per cent to $7 billion, with investment banking revenue becoming 51 per cent higher. Chief Financial Officer Sharon Yeshaya said the investment banking sector was "in the early innings of recovery" and added that broad-based growth has been witnessed across sectors and regions. "Investment banking pipelines are healthy and diverse, dialogues are active, and markets are open," Yeshaya said on a conference call with analysts. Growth in net new assets within the wealth management business can be lumpy and was impacted by higher client tax payments, though annual growth remains within the company's guidance of 5 per cent to 7 per cent, she added. Citigroup analysts, led by Keith Horowitz, termed the results an "overall solid quarter," pumping up their confidence in Morgan Stanley's wealth management trajectory despite uneven net new asset growth. Wealth management has been in its prime for Morgan Stanley under former Chief Executive Officer James Gorman and is now engaged in the generation of stable revenue as opposed to the more volatile investment banking and trading businesses. The bank has eyes on the management of $10 trillion in client assets. The bank's net income rose to $3.1 billion, or $1.82 per share, in the three months ended June 30, from $2.2 billion, or $1.24 per share, a year earlier. Analysts surveyed by LSEG had expected $1.65 per share on average. Total quarterly revenue of $15.02 billion at Morgan Stanley also exceeded Wall Street expectations, and the bank increased its quarterly dividend by 7.5 cents to $0.925 a share. With a better outlook in the economy, expectations of interest rate cuts by the US, and rocketing equity markets, buyouts, debt sales, and stock offerings are getting a new lease of life after the nearly two-year drought for activity on Wall Street. Morgan Stanley's investment banking revenues leapt 51 per cent to $1.62 billion in the second quarter. "The firm delivered another strong quarter in an improving capital markets environment," said Chief Executive Officer Ted Pick. Equity underwriting revenue rose 56 per cent to $352 million as initial public offerings and private stock sales rebounded, while fixed income underwriting jumped 71 per cent to $675 million. Yeshaya noted that there was fast growth in non-investment grade issues. Advisory revenues rose 30 per cent to $592 million as completed deals rose. Other major banks, including Goldman Sachs, JPMorgan Chase, and Citi, also post strong investment banking revenue. The equities and bond trading desks of Morgan Stanley did better than expected for the April-June quarter. Revenues from equities were up 18 per cent year-on-year, with revenues from fixed income 16 per cent higher, mirroring strong results across the Street. Revenues at the institutional securities unit rose to $7 billion from $5.7 billion a year ago.

Morgan Stanley exceeds Q2 profit expectations amid investment banking surge

The US Federal Trade Commission (FTC) has pulled Amazon for more information over its recent deal to hire top executives and researchers from AI startup Adept.

That signals an increasing unease by the FTC regarding how AI-related deals are structured and follows a wider review of collaborations between major tech firms and top AI startups.

The probe, which hasn't been previously reported, centres on the following: Amazon announced last month that Adept's CEO, David Luan, and other top officials were joining Amazon, as well as that Amazon would license some of Adept's technology.

Such informal inquiries do not always lead to official investigations or enforcement actions. 
The push here for Amazon is to try to match other competitors like Google or Microsoft in racing to develop advanced large language models for instant responses to complex prompts.

This project will now be led under the new Artificial General Intelligence (AGI) team at Amazon by Luan, heading the "AGI Autonomy" team of many people formerly at Adept, reporting directly to Rohit Prasad, head of the AGI team.

In 2022, Adept attracted attention early on with its $400 million capital raise from venture capital investors for training large models for general-use tasks aimed at enterprise customers. 
Valued at a plus of $1 billion and having open-sourced some of the models, Adept could not launch successful commercial products.

What remains to be seen is whether Amazon has compensated the investors or, at a minimum, licensing fees. The FTC, Amazon, and Adept have all declined to comment.

But as part of a broader pattern, the FTC is separately investigating a similar move by Microsoft, which recently poached key leadership and employees from another startup, Inflection AI, and agreed to a $650 million licensing fee.

People familiar with the matter say the FTC has begun investigating whether such deals are being used to circumvent merger disclosure requirements.

This isn't the first time that Amazon has tiptoed into the AI startup space. Since September, Amazon has sunk $4 billion into AI startup Anthropic in exchange for a minority stake in the San Francisco company.

Back in January, the FTC opened an investigation into investments and partnerships in the AI space by requesting information on the relationships between large tech firms like Microsoft, Google, and Amazon and AI companies, including how such deals affect strategic decisions, pricing, product and service access, and personnel.

In the US, antitrust regulators have pointed out such concerns that large technology companies might use this AI advantage against smaller rivals.

The FTC and the Justice Department have divvied the oversight of potential investigations into companies like Microsoft, OpenAI, and Nvidia.

The US Federal Trade Commission (FTC) has pulled Amazon for more information over its recent deal to hire top executives and researchers from AI startup Adept. That signals an increasing unease by the FTC regarding how AI-related deals are structured and follows a wider review of collaborations between major tech firms and top AI startups.

The US Federal Trade Commission (FTC) has pulled Amazon for more information over its recent deal to hire top executives and researchers from AI startup Adept. That signals an increasing unease by the FTC regarding how AI-related deals are structured and follows a wider review of collaborations between major tech firms and top AI startups. The probe, which hasn't been previously reported, centres on the following: Amazon announced last month that Adept's CEO, David Luan, and other top officials were joining Amazon, as well as that Amazon would license some of Adept's technology. Such informal inquiries do not always lead to official investigations or enforcement actions. The push here for Amazon is to try to match other competitors like Google or Microsoft in racing to develop advanced large language models for instant responses to complex prompts. This project will now be led under the new Artificial General Intelligence (AGI) team at Amazon by Luan, heading the "AGI Autonomy" team of many people formerly at Adept, reporting directly to Rohit Prasad, head of the AGI team. In 2022, Adept attracted attention early on with its $400 million capital raise from venture capital investors for training large models for general-use tasks aimed at enterprise customers. Valued at a plus of $1 billion and having open-sourced some of the models, Adept could not launch successful commercial products. What remains to be seen is whether Amazon has compensated the investors or, at a minimum, licensing fees. The FTC, Amazon, and Adept have all declined to comment. But as part of a broader pattern, the FTC is separately investigating a similar move by Microsoft, which recently poached key leadership and employees from another startup, Inflection AI, and agreed to a $650 million licensing fee. People familiar with the matter say the FTC has begun investigating whether such deals are being used to circumvent merger disclosure requirements. This isn't the first time that Amazon has tiptoed into the AI startup space. Since September, Amazon has sunk $4 billion into AI startup Anthropic in exchange for a minority stake in the San Francisco company. Back in January, the FTC opened an investigation into investments and partnerships in the AI space by requesting information on the relationships between large tech firms like Microsoft, Google, and Amazon and AI companies, including how such deals affect strategic decisions, pricing, product and service access, and personnel. In the US, antitrust regulators have pointed out such concerns that large technology companies might use this AI advantage against smaller rivals. The FTC and the Justice Department have divvied the oversight of potential investigations into companies like Microsoft, OpenAI, and Nvidia.

FTC inquires into Amazon's AI hiring deal amid broader scrutiny of big tech partnerships

UK economists are predicting slow expansion from the past to continue amid growing skepticism about Keir Starmer's newly-elected government to boost growth, a survey cited by Bloomberg showed.

Economists expect a slightly faster growth of 0.8 per cent in 2024 and 1.3 per cent in 2025. These projections are up 0.1 percentage points compared to the previous survey.

The forecasters also raise doubts over Labour party's plans for UK's long-term growth, while anticipating a looser fiscal policy under the new finance minister Rachel Reeves.

Reeves had earlier mentioned how it's a long-way to go for the economy to revive. 'We've just got started, there's a lot more to do, but I'm determined to fulfil that number one mission of this incoming Labour government to grow our economy and create good jobs right across the UK,' she said.

Reeves also seemed optimistic about the blitz of policy reforms aimed at boosting the economy. 'Well I hope that the plans that I've set in motion this week - the reform of the planning system, establishing the National Wealth Fund to co-invest with businesses, leveraging in billions of pounds of private sector investment - is what's needed to grow our economy and create good jobs right across the UK. There's a huge amount of work to be done. I've been in post for a week now, we've done more to reform the planning system in the first 72 hours I was in this role than the previous government did in 14 years.'

However, economists doubt the efficiency of reforms to propel UK's growth among G7 nations, as eyed by the new government. The coming months will be crucial to determine UK's growth trajectory.

UK economists are predicting slow expansion from the past to continue amid growing skepticism about Keir Starmer's newly-elected government to boost growth, a survey cited by Bloomberg showed.

UK economists are predicting slow expansion from the past to continue amid growing skepticism about Keir Starmer's newly-elected government to boost growth, a survey cited by Bloomberg showed. Economists expect a slightly faster growth of 0.8 per cent in 2024 and 1.3 per cent in 2025. These projections are up 0.1 percentage points compared to the previous survey. The forecasters also raise doubts over Labour party's plans for UK's long-term growth, while anticipating a looser fiscal policy under the new finance minister Rachel Reeves. Reeves had earlier mentioned how it's a long-way to go for the economy to revive. 'We've just got started, there's a lot more to do, but I'm determined to fulfil that number one mission of this incoming Labour government to grow our economy and create good jobs right across the UK,' she said. Reeves also seemed optimistic about the blitz of policy reforms aimed at boosting the economy. 'Well I hope that the plans that I've set in motion this week - the reform of the planning system, establishing the National Wealth Fund to co-invest with businesses, leveraging in billions of pounds of private sector investment - is what's needed to grow our economy and create good jobs right across the UK. There's a huge amount of work to be done. I've been in post for a week now, we've done more to reform the planning system in the first 72 hours I was in this role than the previous government did in 14 years.' However, economists doubt the efficiency of reforms to propel UK's growth among G7 nations, as eyed by the new government. The coming months will be crucial to determine UK's growth trajectory.

UK economists doubt Labour party's ability to boost growth

US retail sales were unchanged last month as a drop in receipts at auto dealers was offset by gains elsewhere, a sign consumers remain resilient and are helping to support second-quarter economic growth.

While the retail sales figure was unchanged, it had an upward revision to 0.3 per cent for May from an originally reported flat performance, the Commerce Department said. The report did little to change expectations that the Federal Reserve would start cutting interest rates as early as September as the economy cools and inflation stays low. The report allayed fears of a sharp slowdown in the world's largest economy.

"The economy is in pretty good shape, there are signs of softness around the edges where low and moderate-income consumers are pulling back. But openhanded spending by affluent consumers is keeping the economy as a whole moving forward," Bill Adams, chief economist at Comerica Bank said.

The economists had expected retail sales, which are mostly goods and not adjusted for inflation, to decline 0.3 per cent, building off a previously reported 0.1 per cent gain in May. Retail sales climbed 2.3 per cent year over year in June, but it is also the slowest pace of growth since the 7.7 per cent year-to-year gain in January 2023.

Consumers, suffering through a spell of high inflation, have been reaching for cheaper alternatives, earnings reports from big retailers and manufacturers showed on Thursday. Lower-income consumers were "stretched" and being very careful with their budgets to try and get by, said Ramon Laguarta, the CEO of PepsiCo Inc.

Internet shopping melted 1.9 per cent in June, building on a 1.1 per cent gain in May. Sales at gasoline stations fell 3.0 per cent, which might have been because of lower nickel prices. To some degree, this reduced price of factors likely freed up cash for other expenditures.

Sales at building material and garden equipment stores added 1.4 per cent, while food services and drinking places - a key measure of household spending -- rose 0.3 per cent after a 0.4 per cent advance in May. Sales at furniture stores rose 0.6 per cent, and sales at electronics and appliance stores were up 0.4 per cent. Clothing retailers, however, rose 0.6 per cent, sporting goods, hobby, musical instrument and bookstore sales edged down 0.1 per cent.

Receipts at motor vehicles and parts dealers fell 2.0 percent, as a result of a cyberattack that hindered the normal running of several auto dealerships in the latter half of June at software provider CDK.

Retail sales, excluding automobiles, gasoline stations, building materials, and food services, rose 0.9 per cent last month after an unrevised 0.4 per cent increase in May. Core retail sales, excluding automobiles, gasoline stations, building materials, and food services, rose 0.9 per cent last month after an unrevised 0.4 per cent rise in May. These so-called core retail sales most directly correspond to the consumer spending component of gross domestic product.

Overall consumer spending, representing over two-thirds of the economy, is now expected to expand at an annualized 2.0 per cent growth rate in the second quarter of the year, up from prior expectations for a gain of 1.5 per cent. The forecast is that overall economic growth in April-June will be about a 2 per cent growth rate -- down from a 1.4 per cent increase in the first quarter.

"The all-important US consumer, while increasingly discerning regarding purchases, continues to spend at a resilient pace," said Quincy Krosby, chief global strategist at LPL Financial. 
Consumer spending, however, appears less propitious. Most families have spent extraneous savings built up during the COVID-19 pandemic and accumulated large credit card debt, which is becoming very expensive as interest rates continue to rise. Wage growth is also slowing down, as the labour market eases. Consumer spending, nevertheless, stays brisk enough to keep expanded economic activity.

US retail sales were unchanged last month as a drop in receipts at auto dealers was offset by gains elsewhere, a sign consumers remain resilient and are helping to support second-quarter economic growth.

US retail sales were unchanged last month as a drop in receipts at auto dealers was offset by gains elsewhere, a sign consumers remain resilient and are helping to support second-quarter economic growth. While the retail sales figure was unchanged, it had an upward revision to 0.3 per cent for May from an originally reported flat performance, the Commerce Department said. The report did little to change expectations that the Federal Reserve would start cutting interest rates as early as September as the economy cools and inflation stays low. The report allayed fears of a sharp slowdown in the world's largest economy. "The economy is in pretty good shape, there are signs of softness around the edges where low and moderate-income consumers are pulling back. But openhanded spending by affluent consumers is keeping the economy as a whole moving forward," Bill Adams, chief economist at Comerica Bank said. The economists had expected retail sales, which are mostly goods and not adjusted for inflation, to decline 0.3 per cent, building off a previously reported 0.1 per cent gain in May. Retail sales climbed 2.3 per cent year over year in June, but it is also the slowest pace of growth since the 7.7 per cent year-to-year gain in January 2023. Consumers, suffering through a spell of high inflation, have been reaching for cheaper alternatives, earnings reports from big retailers and manufacturers showed on Thursday. Lower-income consumers were "stretched" and being very careful with their budgets to try and get by, said Ramon Laguarta, the CEO of PepsiCo Inc. Internet shopping melted 1.9 per cent in June, building on a 1.1 per cent gain in May. Sales at gasoline stations fell 3.0 per cent, which might have been because of lower nickel prices. To some degree, this reduced price of factors likely freed up cash for other expenditures. Sales at building material and garden equipment stores added 1.4 per cent, while food services and drinking places - a key measure of household spending -- rose 0.3 per cent after a 0.4 per cent advance in May. Sales at furniture stores rose 0.6 per cent, and sales at electronics and appliance stores were up 0.4 per cent. Clothing retailers, however, rose 0.6 per cent, sporting goods, hobby, musical instrument and bookstore sales edged down 0.1 per cent. Receipts at motor vehicles and parts dealers fell 2.0 percent, as a result of a cyberattack that hindered the normal running of several auto dealerships in the latter half of June at software provider CDK. Retail sales, excluding automobiles, gasoline stations, building materials, and food services, rose 0.9 per cent last month after an unrevised 0.4 per cent increase in May. Core retail sales, excluding automobiles, gasoline stations, building materials, and food services, rose 0.9 per cent last month after an unrevised 0.4 per cent rise in May. These so-called core retail sales most directly correspond to the consumer spending component of gross domestic product. Overall consumer spending, representing over two-thirds of the economy, is now expected to expand at an annualized 2.0 per cent growth rate in the second quarter of the year, up from prior expectations for a gain of 1.5 per cent. The forecast is that overall economic growth in April-June will be about a 2 per cent growth rate -- down from a 1.4 per cent increase in the first quarter. "The all-important US consumer, while increasingly discerning regarding purchases, continues to spend at a resilient pace," said Quincy Krosby, chief global strategist at LPL Financial. Consumer spending, however, appears less propitious. Most families have spent extraneous savings built up during the COVID-19 pandemic and accumulated large credit card debt, which is becoming very expensive as interest rates continue to rise. Wage growth is also slowing down, as the labour market eases. Consumer spending, nevertheless, stays brisk enough to keep expanded economic activity.

US retail sales hold steady in June amid mixed sector performance

The International Monetary Fund on Tuesday raised India's growth forecast for 2024-25 to 7% from 6.8% on the back of improving private consumption, particularly in rural India.

The&nbsp;IMF&nbsp;left unchanged its estimate for a 6.5% growth in Asia's third largest economy's gross domestic product in the 2025-26 financial year, it said in the World Economic Outlook.

The&nbsp;IMF&nbsp;had raised its forecast for India's GDP growth to 6.8% from 6.5% in April.

The International Monetary Fund on Tuesday raised India's growth forecast for 2024-25 to 7% from 6.8% on the back of improving private consumption, particularly in rural India.

The International Monetary Fund on Tuesday raised India's growth forecast for 2024-25 to 7% from 6.8% on the back of improving private consumption, particularly in rural India. The IMF left unchanged its estimate for a 6.5% growth in Asia's third largest economy's gross domestic product in the 2025-26 financial year, it said in the World Economic Outlook. The IMF had raised its forecast for India's GDP growth to 6.8% from 6.5% in April.

IMF raises India's GDP forecast to 7% for 2024-25

Will India's cricket body BCCI take over the running of eductech firm Byju's? The National Company Law Tribunal (NCLT) on Tuesday (July 16) admitted a plea from the Board of Control for Cricket in India seeking insolvency proceedings against Byju's. If the insolvency comes through, at least in theory BCCI, can take control of the company along with other creditors, which if it happens will be a rare occurrence.

<h2>What did the NCLT say?</h2>

The NCLT in Bengaluru ruled that Byju's had defaulted on a debt to BCCI over the Indian cricket team's jersey sponsorship deals. The debt works out to around 1.58 billion rupees ($18.9 million).&nbsp;Byju's had sought arbitration on the issue, which NCLT rejected.

<h2>What is BCCI's connection to Byju's?</h2>

BCCI and Byju's entered into a jersey sponsorship deal in 2019. Earlier the jersey sponsorship was with Chinese mobile phone firm Oppo.

The contract with Byju's was till 2022 and then renewed for 2023.

Amid a worsening financial turmoil, Byju's said in January 2023 that it would not extend sponsorship deals with BCCI, International Cricket Council (ICC) and Fédération Internationale de Football Association (FIFA).

BCCI filed an insolvency petition against Byju's in the same year with NCLT, which sought a response from the edutech firm in November 2023.

<h2>What was Byju's argument against insolvency proceedings?</h2>

Byju's lawyers insisted that BCCI could not be considered an 'operational creditor' as their deal was not for services, but for the transfer of some rights.

Byju's also claimed that BCCI could not prove a debt default, and cited other disputes with the cricket body that could prevent the Corporate Insolvency Resolution Process or CIRP, a recovery mechanism for corporates, from taking place.

<h2>What did NCLT rule on Byju's debt to BCCI?</h2>

In its order on Tuesday, the NCLT rejected the pleas by Byju's,&nbsp;citing email communication between the parties that established that Byju's owed money to BCCI.

"The Respondent herein has time and again acknowledged and duly planned a repayment schedule for the outstanding dues by sending the above mentioned emails," NCLT said in its order. "The condition of there being a ‘debt’ and a ‘default’ for the purposes of Section 9 of the IBC is held to be satisfied," the NCLT said, referring to the Insolvency and Bankruptcy Code (IBC) of 2016.

Also read:&nbsp;<a data-ved="2ahUKEwjGkqrnyauHAxXvcPUHHXJPAC0QxfQBKAB6BAgQEAE" href="https://www.wionews.com/india-news/explained-from-celebrated-hero-to-despised-villain-of-byjus-the-story-of-byju-raveendran-687275" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/india-news/explained-from-celebrated-hero-to-despised-villain-of-byjus-the-story-of-byju-raveendran-687275&amp;ved=2ahUKEwjGkqrnyauHAxXvcPUHHXJPAC0QxfQBKAB6BAgQEAE">Explained | From BYJU’S celebrated hero to despised villain, the story of Byju Raveendran</a>

BCCI had filed the petition under IBC, by which&nbsp;creditors can take control of a company from its current management.&nbsp;

"There is no reason to deny the petition filed...by the Operational Creditor to initiate CIRP against the Corporate Debtor, since the existence of a debt and a default in the payment of debt is clearly established," NCLT said.&nbsp;

"Therefore, the instant Company Petition...is admitted against the Corporate Debtor."

<h2>What happened to Byju's? The fall of an edutech giant</h2>

Byju's was the darling of investors as the top edutech company during the startup boom era.

Launched by Byju Raveendran, the company faced trouble as massive malpractices were exposed, including predatory marketing, selling courses to parents of children who didn't need them, and forcing many families into debt.

Once considered a billionaire, Raveendran's net worth fell to zero.

The bad press, public pressure and regulator scrutiny led to several investors exiting Byjus.

This led to a funding crisis for the company as top brass - both corporate and board - left the firm.&nbsp;Salaries could not be paid for months.

Watch:&nbsp;Byju's employees demand salary payment

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Those who left in the past year include chief financial officer Ajay Goel and India chief executive Arjun Mohoan, while&nbsp;advisors Rajnish Kumar and TV Mohandas Pai left this month.

In June, Prosus wrote off the value of its 9.6 per cent&nbsp;stake in the company. The investment company had put in a total of around $500 million in Byju’s.

At its peak, Byju's was valued at around $22 billion. This year, it raised&nbsp;$200 million through a rights issue. For this, the company was given a valuation of $225 million, which works out to around one&nbsp;per cent of its peak valuation.

<h2>What will happen to Byuj's now?</h2>

Pankaj Srivastava, who was appointed by NCLT in its order on Tuesday as the interim resolution professional, will run Byju’s till the lenders form a committee of creditors.&nbsp;

(With inputs from agencies)

Will India's cricket body BCCI take over the running of eductech firm Byju's? The National Company Law Tribunal (NCLT) on Tuesday (July 16) admitted a plea from the Board of Control for Cricket in India seeking insolvency proceedings against Byju's.

Will India's cricket body BCCI take over the running of eductech firm Byju's? The National Company Law Tribunal (NCLT) on Tuesday (July 16) admitted a plea from the Board of Control for Cricket in India seeking insolvency proceedings against Byju's. If the insolvency comes through, at least in theory BCCI, can take control of the company along with other creditors, which if it happens will be a rare occurrence. What did the NCLT say? The NCLT in Bengaluru ruled that Byju's had defaulted on a debt to BCCI over the Indian cricket team's jersey sponsorship deals. The debt works out to around 1.58 billion rupees ($18.9 million). Byju's had sought arbitration on the issue, which NCLT rejected. What is BCCI's connection to Byju's? BCCI and Byju's entered into a jersey sponsorship deal in 2019. Earlier the jersey sponsorship was with Chinese mobile phone firm Oppo. The contract with Byju's was till 2022 and then renewed for 2023. Amid a worsening financial turmoil, Byju's said in January 2023 that it would not extend sponsorship deals with BCCI, International Cricket Council (ICC) and Fédération Internationale de Football Association (FIFA). BCCI filed an insolvency petition against Byju's in the same year with NCLT, which sought a response from the edutech firm in November 2023. What was Byju's argument against insolvency proceedings? Byju's lawyers insisted that BCCI could not be considered an 'operational creditor' as their deal was not for services, but for the transfer of some rights. Byju's also claimed that BCCI could not prove a debt default, and cited other disputes with the cricket body that could prevent the Corporate Insolvency Resolution Process or CIRP, a recovery mechanism for corporates, from taking place. What did NCLT rule on Byju's debt to BCCI? In its order on Tuesday, the NCLT rejected the pleas by Byju's, citing email communication between the parties that established that Byju's owed money to BCCI. "The Respondent herein has time and again acknowledged and duly planned a repayment schedule for the outstanding dues by sending the above mentioned emails," NCLT said in its order. "The condition of there being a ‘debt’ and a ‘default’ for the purposes of Section 9 of the IBC is held to be satisfied," the NCLT said, referring to the Insolvency and Bankruptcy Code (IBC) of 2016. Also read: Explained | From BYJU’S celebrated hero to despised villain, the story of Byju Raveendran BCCI had filed the petition under IBC, by which creditors can take control of a company from its current management. "There is no reason to deny the petition filed...by the Operational Creditor to initiate CIRP against the Corporate Debtor, since the existence of a debt and a default in the payment of debt is clearly established," NCLT said. "Therefore, the instant Company Petition...is admitted against the Corporate Debtor." What happened to Byju's? The fall of an edutech giant Byju's was the darling of investors as the top edutech company during the startup boom era. Launched by Byju Raveendran, the company faced trouble as massive malpractices were exposed, including predatory marketing, selling courses to parents of children who didn't need them, and forcing many families into debt. Once considered a billionaire, Raveendran's net worth fell to zero. The bad press, public pressure and regulator scrutiny led to several investors exiting Byjus. This led to a funding crisis for the company as top brass - both corporate and board - left the firm. Salaries could not be paid for months. Watch: Byju's employees demand salary payment × Those who left in the past year include chief financial officer Ajay Goel and India chief executive Arjun Mohoan, while advisors Rajnish Kumar and TV Mohandas Pai left this month. In June, Prosus wrote off the value of its 9.6 per cent stake in the company. The investment company had put in a total of around $500 million in Byju’s. At its peak, Byju's was valued at around $22 billion. This year, it raised $200 million through a rights issue. For this, the company was given a valuation of $225 million, which works out to around one per cent of its peak valuation. What will happen to Byuj's now? Pankaj Srivastava, who was appointed by NCLT in its order on Tuesday as the interim resolution professional, will run Byju’s till the lenders form a committee of creditors. (With inputs from agencies)

Will BCCI take over Byju's? Company law panel admits plea for insolvency of edutech firm

The National Company Law Tribunal (NCLT) has admitted to BCCI's petition seeking insolvency proceedings against troubled ed-tech firm Byju's.

Byju's had a sponsorship contract with BCCI for the Indian cricket team. The petition, filed last year, aims to initiate insolvency proceedings against Byju's over alleged unpaid dues of $18 million outstanding dues.&nbsp;

Reports suggest that the BCCI's claim represents the largest among Byju's creditors. However, several other companies have also raised multiple claims. Surfer Technologies is seeking over $2.3&nbsp;million, while Cogent E-services has filed for more than $1.7&nbsp;million. The total amount due exceeds $23 million.

In 2022, Byju's had collaborated with the BCCI, the International Cricket Council (ICC), and FIFA. While these partnerships were slated to be renewed in 2023, the company declared its intention to discontinue these collaborations.

This comes as Byju's is facing an investor exodus. Tech investor Prosus wrote off its 9.6 per cent stake in the firm Byju's during the financial year 2024. Major investors, including Peak XV partner, left the board over disagreements and lack of compliance practices. The company's valuation has dramatically slumped from $22 billion to zero.

This follows a year-long probe by the Ministry of Corporate Affairs that revealed governance shortcomings as a major contributor to Byju's mounting losses.

The National Company Law Tribunal (NCLT) has admitted to BCCI's petition seeking insolvency proceedings against troubled ed-tech firm Byju's. Byju's had a sponsorship contract with BCCI for the Indian cricket team.

The National Company Law Tribunal (NCLT) has admitted to BCCI's petition seeking insolvency proceedings against troubled ed-tech firm Byju's. Byju's had a sponsorship contract with BCCI for the Indian cricket team. The petition, filed last year, aims to initiate insolvency proceedings against Byju's over alleged unpaid dues of $18 million outstanding dues. Reports suggest that the BCCI's claim represents the largest among Byju's creditors. However, several other companies have also raised multiple claims. Surfer Technologies is seeking over $2.3 million, while Cogent E-services has filed for more than $1.7 million. The total amount due exceeds $23 million. In 2022, Byju's had collaborated with the BCCI, the International Cricket Council (ICC), and FIFA. While these partnerships were slated to be renewed in 2023, the company declared its intention to discontinue these collaborations. This comes as Byju's is facing an investor exodus. Tech investor Prosus wrote off its 9.6 per cent stake in the firm Byju's during the financial year 2024. Major investors, including Peak XV partner, left the board over disagreements and lack of compliance practices. The company's valuation has dramatically slumped from $22 billion to zero. This follows a year-long probe by the Ministry of Corporate Affairs that revealed governance shortcomings as a major contributor to Byju's mounting losses.

BCCI drags Byju's to bankruptcy proceedings

The bull run in Indian stocks shows no signs of abating. Benchmark indices breached fresh records for the third straight session and eye new milestones.

The blue-chip Sensex index opened at a record high and surged further to hit a fresh all-time high of 80,898. The broader nifty 50 index also opened &amp; closed at a new record.

During the session, the index reached a new all-time high of 24,600. Both benchmarks closed at fresh records. The turnaround since the election results day's nearly 400 billion dollar loss has been significant.

Indian indices are already trading well over their year-end targets and eyeing new milestones. The Sensex is about 100 odd points away from the 81,000 mark, and the nifty is eyeing the 25,000 points level. The nifty index has set some kind of a record in 25 of 27 sessions since June 7th.

Investors positioning themselves for broad budget reforms are driving the climb in the share market with repeated new highs. Apart from profit booking, differing views over the budget have also caused high volatility at these record levels.

The rate of surge in Indian stocks implies that a disappointing budget will cause a more significant correction, similar to how the markets behaved on election day. For now, though, the trend in Indian stocks is records, new records and more records.

The bull run in Indian stocks shows no signs of abating. Benchmark indices breached fresh records for the third straight session and eye new milestones. The blue-chip Sensex index opened at a record high and surged further to hit a fresh all-time high of 80,898.

The bull run in Indian stocks shows no signs of abating. Benchmark indices breached fresh records for the third straight session and eye new milestones. The blue-chip Sensex index opened at a record high and surged further to hit a fresh all-time high of 80,898. The broader nifty 50 index also opened & closed at a new record. During the session, the index reached a new all-time high of 24,600. Both benchmarks closed at fresh records. The turnaround since the election results day's nearly 400 billion dollar loss has been significant. Indian indices are already trading well over their year-end targets and eyeing new milestones. The Sensex is about 100 odd points away from the 81,000 mark, and the nifty is eyeing the 25,000 points level. The nifty index has set some kind of a record in 25 of 27 sessions since June 7th. Investors positioning themselves for broad budget reforms are driving the climb in the share market with repeated new highs. Apart from profit booking, differing views over the budget have also caused high volatility at these record levels. The rate of surge in Indian stocks implies that a disappointing budget will cause a more significant correction, similar to how the markets behaved on election day. For now, though, the trend in Indian stocks is records, new records and more records.

Indian stocks hit new all-time highs

In yet another investor exodus from China to India, Singapore state investor Temasek has announced plans to invest up to $12 billion over three years in India's growing sectors of financial services and healthcare to offset losses in &nbsp;underperforming Chinese economy, according to sources quoted by Reuters.

This announcement comes at a time when Indian stock markets are witnessing record highs amid IPO boom. The country accounts for 7 per cent of Temasek's global exposure. This is lower than the 22 per cent investments in the United States and 19 per cent in China. But Mohit Bhandari, company's managing director for India investments, revealed that the company is bullish on India in the long term. Temasek deployed $3 billion in the fiscal year ending on March 31, its largest annual investment so far.

'We are cognizant of the current economic and the geopolitical tensions that exist in China and to that extent we will align our portfolio accordingly,' he said.

Temasek has already revealed how their United States and India assets are helping to counter below-par numbers in the second-largest economy of the world. The cautious approach comes amid China's trade tensions with the US and the EU which is further hurting investor sentiments.

Temasek's current investments in India include HDFC Bank, Ola-electric and Manipal hospitals. India's healthcare and hospital chains are attracting major investments from foreign investors.

In yet another investor exodus from China to India, Singapore state investor Temasek has announced plans to invest up to $12 billion over three years in India's growing sectors of financial services and healthcare to offset losses in underperforming Chinese economy, according to sources quoted by Reuters.

In yet another investor exodus from China to India, Singapore state investor Temasek has announced plans to invest up to $12 billion over three years in India's growing sectors of financial services and healthcare to offset losses in underperforming Chinese economy, according to sources quoted by Reuters. This announcement comes at a time when Indian stock markets are witnessing record highs amid IPO boom. The country accounts for 7 per cent of Temasek's global exposure. This is lower than the 22 per cent investments in the United States and 19 per cent in China. But Mohit Bhandari, company's managing director for India investments, revealed that the company is bullish on India in the long term. Temasek deployed $3 billion in the fiscal year ending on March 31, its largest annual investment so far. 'We are cognizant of the current economic and the geopolitical tensions that exist in China and to that extent we will align our portfolio accordingly,' he said. Temasek has already revealed how their United States and India assets are helping to counter below-par numbers in the second-largest economy of the world. The cautious approach comes amid China's trade tensions with the US and the EU which is further hurting investor sentiments. Temasek's current investments in India include HDFC Bank, Ola-electric and Manipal hospitals. India's healthcare and hospital chains are attracting major investments from foreign investors.

Temasek pivots to India with $12 billion investment plan

Donald Trump's shooting incident marks a pivotal moment in the history of the United States. It is the first major shooting incident on a key political figure since 1981.

Financial markets reacted swiftly, with the dollar strengthening and shift in US treasury yields. Bitcoin price surged to $60,000 as pro-market sentiment favours Trump's re-election following the attack. Analysts expect the reactions to amplify in coming days as uncertainty looms over the election rematch scheduled for November 5th. Meanwhile, Both gold and oil prices suffered losses following the attack.

According to recent polls, the attempted assassination has sparked market optimism for Trump. This mirrors historical trends seen after similar incidents involving political figures. Major industry leaders like Elon Musk and Bill Ackman have publicly endorsed Trump in the aftermath. Stock markets are also expected to surge amid growing investor confidence.

Economic issues such as immigration and fiscal policy continue to remain at the forefront of US voter concerns. However, Trump's perceived strength on economic matters, including extended tax cuts and potentially looser regulatory frameworks, ticks the scale in his favour.

Donald Trump's shooting incident marks a pivotal moment in the history of the United States. It is the first major shooting incident on a key political figure since 1981.

Donald Trump's shooting incident marks a pivotal moment in the history of the United States. It is the first major shooting incident on a key political figure since 1981. Financial markets reacted swiftly, with the dollar strengthening and shift in US treasury yields. Bitcoin price surged to $60,000 as pro-market sentiment favours Trump's re-election following the attack. Analysts expect the reactions to amplify in coming days as uncertainty looms over the election rematch scheduled for November 5th. Meanwhile, Both gold and oil prices suffered losses following the attack. According to recent polls, the attempted assassination has sparked market optimism for Trump. This mirrors historical trends seen after similar incidents involving political figures. Major industry leaders like Elon Musk and Bill Ackman have publicly endorsed Trump in the aftermath. Stock markets are also expected to surge amid growing investor confidence. Economic issues such as immigration and fiscal policy continue to remain at the forefront of US voter concerns. However, Trump's perceived strength on economic matters, including extended tax cuts and potentially looser regulatory frameworks, ticks the scale in his favour.

Market reactions to Trump Rally shooting

Bitcoin rallied Monday to its highest in two weeks amid heightened prospects for the US presidential candidate Donald Trump's victory following an attempt on his life. The prospects of Trump's win soared after he was shot in the ear during a campaign rally in the state of Pennsylvania on Saturday. Reports indicated that he was recovering well from the attack, according to his campaign team. Trump has portrayed himself as a pro-cryptocurrency candidate.

Bitcoin jumped 8.6 per cent to $62,508 in a session high earlier at $62,698. This leap brought Bitcoin's year-to-date gains to 47 per cent. Ether also gained 6.8 per cent to $3,322.

Trump is battling Democratic President Joe Biden for the presidency in November's US election and has been antagonistic toward Democratic efforts to rein in the cryptocurrency industry. &nbsp;At a fundraiser in San Francisco in June, Trump promoted himself as a champion of cryptocurrency, although he has given no details on what his crypto policy would look like.

"He's certainly positioned himself as pro-crypto and as the odds of his reelection were galvanised by the shooting on the weekend, it's certainly put a big boost underneath the bid in crypto markets and bitcoin obviously, just an absolute standout," said Tony Sycamore, a market analyst at IG.

Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organisers of the conference said last week.

Bitcoin had a blistering start to the year, underpinned by the launch of exchange-traded funds in the United States that drove it to its record of $73,803.25 about mid-March. Since then, the struggle persisted, hitting four-month lows at the beginning of July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox.

"We had four weeks of declines on the back of the Mt. Gox news...but the rebound, it looks to me like it's got further to go and I wouldn't be surprised seeing it head back up towards, at least towards $65,000 by the end of this week," said IG's Sycamore.

The assassination plot of Trump brought new volatility to the cryptocurrency market, underlining once more the intricate relationships between politics and digital assets.&nbsp;

Bitcoin rallied Monday to its highest in two weeks amid heightened prospects for the US presidential candidate Donald Trump's victory following an attempt on his life.

Bitcoin rallied Monday to its highest in two weeks amid heightened prospects for the US presidential candidate Donald Trump's victory following an attempt on his life. The prospects of Trump's win soared after he was shot in the ear during a campaign rally in the state of Pennsylvania on Saturday. Reports indicated that he was recovering well from the attack, according to his campaign team. Trump has portrayed himself as a pro-cryptocurrency candidate. Bitcoin jumped 8.6 per cent to $62,508 in a session high earlier at $62,698. This leap brought Bitcoin's year-to-date gains to 47 per cent. Ether also gained 6.8 per cent to $3,322. Trump is battling Democratic President Joe Biden for the presidency in November's US election and has been antagonistic toward Democratic efforts to rein in the cryptocurrency industry. At a fundraiser in San Francisco in June, Trump promoted himself as a champion of cryptocurrency, although he has given no details on what his crypto policy would look like. "He's certainly positioned himself as pro-crypto and as the odds of his reelection were galvanised by the shooting on the weekend, it's certainly put a big boost underneath the bid in crypto markets and bitcoin obviously, just an absolute standout," said Tony Sycamore, a market analyst at IG. Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organisers of the conference said last week. Bitcoin had a blistering start to the year, underpinned by the launch of exchange-traded funds in the United States that drove it to its record of $73,803.25 about mid-March. Since then, the struggle persisted, hitting four-month lows at the beginning of July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox. "We had four weeks of declines on the back of the Mt. Gox news...but the rebound, it looks to me like it's got further to go and I wouldn't be surprised seeing it head back up towards, at least towards $65,000 by the end of this week," said IG's Sycamore. The assassination plot of Trump brought new volatility to the cryptocurrency market, underlining once more the intricate relationships between politics and digital assets.

Trump's assassination attempt catalyses Bitcoin's price jump

BlackRock Inc., the world's leading asset manager, has announced its assets under management (AUM) rose to record highs of $10.65 trillion in the second quarter, helped by rising asset values in client portfolios and large inflows into the company's exchange-traded funds (EFTs).

Market conditions and AI stocks boost AUM

Just recently, the stock market has hit a record high, fueled by optimism about a soft landing for the US economy, and the interest in artificial intelligence-linked shares—the S&amp;P 500 index that bounced around 4 per cent in the latest reported quarter—further helps BlackRock's AUM rise above $9.43 trillion a year earlier and $10.5 trillion in the first quarter.

Growth opportunities in acquisitions and strategy

BlackRock announced that it will be making two major acquisitions in the last half of the year, strengthening its footing in areas of infrastructure investment and private markets.

"We see unbelievable growth opportunities for our clients and shareholders for 2024 and beyond," said Larry Fink during a conference call; he is the chairman and CEO of BlackRock.

He highlighted the potential for investments in the energy transition and AI data centres.

In the latest development, BlackRock signed an agreement with private markets data power Preqin for the purchase of almost $3.2 billion. &nbsp;

The acquisition has taken place on the heels of a $12.5 billion deal through the takeover of Global Infrastructure Partners that has placed the company in a leading position for projects under global infrastructure investment.

The deals would be finalised in closing in the current year.

Changing gear to high-margin products

Kyle Sanders, senior equity research analyst at Edward Jones, said the move was all about shifting to more lucrative product lines.

"There's been more movement on the institutional side because they want to move into higher-margin, higher-fee products, and alternatives would be at the top of the list," he said. He added the recent private markets expansion was "ridiculously high fees compared to an iShares ETF."

Record ETF inflows and revenue growth

BlackRock's total net inflows for the quarter amounted to $81.57 billion, slightly topping last year's $80.16 billion, which was enormous for ETFs, pulling in $83 billion in the best start to a year on record.

Investment Advisory and Administration fees generally form in percentage terms of the AUM and clocked at $3.72 billion went up by 8.6 per cent.

Revenue from technology services rose 10 per cent and reached $395 million, driven by the persistent demand for the firm's investment risk management platform Aladdin.

The average rising revenue for the firm was 8 per cent and reached $4.81 billion. Profit net climbed further in the same track and rose to $1.50 billion, or $9.99 per share, from $1.37 billion, or $9.06 per share from the previous year.

Stock performance

While the earnings report looks sound, BlackRock shares have still been retreating little by little.

Since the start of the year, the stock has risen by 2 per cent, while the S&amp;P 500 has advanced by 17.7 per cent.

(With inputs from Reuters)

BlackRock Inc., the world's leading asset manager, has announced its assets under management (AUM) rose to record highs of $10.65 trillion in the second quarter, helped by rising asset values in client portfolios and large inflows into the company's exchange-traded funds (EFTs).

BlackRock Inc., the world's leading asset manager, has announced its assets under management (AUM) rose to record highs of $10.65 trillion in the second quarter, helped by rising asset values in client portfolios and large inflows into the company's exchange-traded funds (EFTs). Market conditions and AI stocks boost AUM Just recently, the stock market has hit a record high, fueled by optimism about a soft landing for the US economy, and the interest in artificial intelligence-linked shares—the S&P 500 index that bounced around 4 per cent in the latest reported quarter—further helps BlackRock's AUM rise above $9.43 trillion a year earlier and $10.5 trillion in the first quarter. Growth opportunities in acquisitions and strategy BlackRock announced that it will be making two major acquisitions in the last half of the year, strengthening its footing in areas of infrastructure investment and private markets. "We see unbelievable growth opportunities for our clients and shareholders for 2024 and beyond," said Larry Fink during a conference call; he is the chairman and CEO of BlackRock. He highlighted the potential for investments in the energy transition and AI data centres. In the latest development, BlackRock signed an agreement with private markets data power Preqin for the purchase of almost $3.2 billion. The acquisition has taken place on the heels of a $12.5 billion deal through the takeover of Global Infrastructure Partners that has placed the company in a leading position for projects under global infrastructure investment. The deals would be finalised in closing in the current year. Changing gear to high-margin products Kyle Sanders, senior equity research analyst at Edward Jones, said the move was all about shifting to more lucrative product lines. "There's been more movement on the institutional side because they want to move into higher-margin, higher-fee products, and alternatives would be at the top of the list," he said. He added the recent private markets expansion was "ridiculously high fees compared to an iShares ETF." Record ETF inflows and revenue growth BlackRock's total net inflows for the quarter amounted to $81.57 billion, slightly topping last year's $80.16 billion, which was enormous for ETFs, pulling in $83 billion in the best start to a year on record. Investment Advisory and Administration fees generally form in percentage terms of the AUM and clocked at $3.72 billion went up by 8.6 per cent. Revenue from technology services rose 10 per cent and reached $395 million, driven by the persistent demand for the firm's investment risk management platform Aladdin. The average rising revenue for the firm was 8 per cent and reached $4.81 billion. Profit net climbed further in the same track and rose to $1.50 billion, or $9.99 per share, from $1.37 billion, or $9.06 per share from the previous year. Stock performance While the earnings report looks sound, BlackRock shares have still been retreating little by little. Since the start of the year, the stock has risen by 2 per cent, while the S&P 500 has advanced by 17.7 per cent. (With inputs from Reuters)

BlackRock's AUM hits record $10.65 trillion amid market rally and ETF inflows

Goldman Sachs reported great profit growth in the second quarter, helped by robust underwriting of debt and fixed-income trading.

Earnings at the Wall Street giant more than doubled from a year earlier but came in well below a record level from the first quarter.

Such results attest to how strongly the US economy is recovering. The job empowered chief executives to make purchases, sell debt, and offer shares.

Excluding one-off charges, CEO comments on performance

CEO David Solomon was happy with the results. He noted "We are pleased with our solid second-quarter results.

Our overall performance in the first half of the year reflects strong year-on-year growth in both Global Banking &amp; Markets and Asset &amp; Wealth Management.

The earnings came out at $3.04 billion, or $8.62 a share, for the quarter ended June 30. In sharp comparison, last year it had earnings of $1.22 billion, or $3.08 a share.

Investment banking and trading fees soar

Goldman Sachs registered a 21 per cent increase in its investment banking fees. The same was $1.73 billion for the quarter.

The fees arising from mergers and acquisitions advisory became 7 per cent more. Its debt and stock underwriting fees soared by 39 per cent and 25 per cent respectively.

The whole FICC trading increased by 17 per cent while the whole FICC financing boosted the FICC financing. Its equities trading revenue also became 7 per cent higher.

Improved profitability in the entire sector

Some of the other major investment banks that showed outstanding results for their investment banking business are JPMorgan Chase and Jefferies Financial.

Based on data compiled by Dealogic, investment banking revenues surged by 17 per cent globally. It increased to $41.6 billion between January and June.

Shift back to core businesses

After its foray into consumer banking didn't pay off, Goldman has hunkered down and focused on the things it historically does best.

Most of that is investment banking and trading, a strategy shift that investors seem to be getting behind.

The firm's stock surged 24.4 per cent this year through Thursday, outpacing Morgan Stanley's 11.6 per cent gain and JPMorgan Chase's 20.5 per cent rise. Goldman shares fell slightly in choppy premarket trading, however.

Growth in asset and wealth management

The asset and wealth management division services to high net worth and institutional clients. It has seen its revenue rise by 27 per cent in Q2.

Goldman oversees $2.93 trillion in its funds. The bank received, earlier in July, the mandate to manage UPS's $43.4 billion retirement client peg.

Platform Solutions hosts a handful of consumer units. It has increased revenues by a low 2 per cent.

Challenges in card sector

Goldman Sachs took a $58 million charge in the second quarter for its credit card business with General Motors.

The company is expected to leave the partnership, as their talks are ongoing for GM to replace Goldman with Barclays.

Negotiations are also said not to achieve a positive solution in the future for Goldman's credit card partnership with Apple.

The Fed's annual stress test pointed to potential problems and noted that Goldman's potential losses are among the worst in a hypothetical scenario.

Dividend increase

Amid the turmoils, Goldman Sachs declared a quarterly dividend hike to $3 a share. That is from $2.75 previously.

The bank's provisions for credit losses have more than halved. They turned out to be $282 million in the second quarter. That is from $615 million a year prior.

(With inputs from Reuters)

Goldman Sachs reported great profit growth in the second quarter, helped by robust underwriting of debt and fixed-income trading. Earnings at the Wall Street giant more than doubled from a year earlier but came in well below a record level from the first quarter.

Goldman Sachs reported great profit growth in the second quarter, helped by robust underwriting of debt and fixed-income trading. Earnings at the Wall Street giant more than doubled from a year earlier but came in well below a record level from the first quarter. Such results attest to how strongly the US economy is recovering. The job empowered chief executives to make purchases, sell debt, and offer shares. Excluding one-off charges, CEO comments on performance CEO David Solomon was happy with the results. He noted "We are pleased with our solid second-quarter results. Our overall performance in the first half of the year reflects strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management. The earnings came out at $3.04 billion, or $8.62 a share, for the quarter ended June 30. In sharp comparison, last year it had earnings of $1.22 billion, or $3.08 a share. Investment banking and trading fees soar Goldman Sachs registered a 21 per cent increase in its investment banking fees. The same was $1.73 billion for the quarter. The fees arising from mergers and acquisitions advisory became 7 per cent more. Its debt and stock underwriting fees soared by 39 per cent and 25 per cent respectively. The whole FICC trading increased by 17 per cent while the whole FICC financing boosted the FICC financing. Its equities trading revenue also became 7 per cent higher. Improved profitability in the entire sector Some of the other major investment banks that showed outstanding results for their investment banking business are JPMorgan Chase and Jefferies Financial. Based on data compiled by Dealogic, investment banking revenues surged by 17 per cent globally. It increased to $41.6 billion between January and June. Shift back to core businesses After its foray into consumer banking didn't pay off, Goldman has hunkered down and focused on the things it historically does best. Most of that is investment banking and trading, a strategy shift that investors seem to be getting behind. The firm's stock surged 24.4 per cent this year through Thursday, outpacing Morgan Stanley's 11.6 per cent gain and JPMorgan Chase's 20.5 per cent rise. Goldman shares fell slightly in choppy premarket trading, however. Growth in asset and wealth management The asset and wealth management division services to high net worth and institutional clients. It has seen its revenue rise by 27 per cent in Q2. Goldman oversees $2.93 trillion in its funds. The bank received, earlier in July, the mandate to manage UPS's $43.4 billion retirement client peg. Platform Solutions hosts a handful of consumer units. It has increased revenues by a low 2 per cent. Challenges in card sector Goldman Sachs took a $58 million charge in the second quarter for its credit card business with General Motors. The company is expected to leave the partnership, as their talks are ongoing for GM to replace Goldman with Barclays. Negotiations are also said not to achieve a positive solution in the future for Goldman's credit card partnership with Apple. The Fed's annual stress test pointed to potential problems and noted that Goldman's potential losses are among the worst in a hypothetical scenario. Dividend increase Amid the turmoils, Goldman Sachs declared a quarterly dividend hike to $3 a share. That is from $2.75 previously. The bank's provisions for credit losses have more than halved. They turned out to be $282 million in the second quarter. That is from $615 million a year prior. (With inputs from Reuters)

Goldman Sachs' Q2 profit soars amid strong trading and underwriting performance

Stocks tied to former President Donald Trump saw significant premarket gains on Monday. This followed an assassination attempt at a rally in Pennsylvania.

The incident left Trump with a minor ear injury. It appears to have bolstered his odds of winning the upcoming presidential election.

Consequently, investors are making strategic bets on assets poised to benefit from a potential Trump victory.

Crypto stocks rally

Crypto stocks experienced a notable boost mirroring Bitcoin's surge to a two-week high.

Companies such as Coinbase Global and bitcoin miners Riot Platforms Inc. They saw gains between 6 per cent and 7 per cent.

Dan Coatsworth, an investment analyst at AJ Bell noted that traders speculate on the increased likelihood of Trump's return to power.

Given his pro-crypto stance, this speculation has driven market activity.

"Trump is seen to be pro-crypto. The theory that he is now in a stronger position in the race to the White House has fired up traders" Coatsworth stated.

Trump Media &amp; Technology Group sees dramatic increase

Trump Media &amp; Technology Group (TMTG), is the parent company of the social media platform Truth Social.

The stock soared 67 per cent in premarket trading. Trump who owns a majority stake in TMTG, has seen the stock rise 75 per cent this year.

This rise is largely driven by retail traders' bets on his re-election.

The company's value was approximately $3.8 billion as of late June according to LSEG data.

Gun and prison stocks on the rise

Gun maker Smith &amp; Wesson Brands saw a 2.7 per cent increase.

This trend is often observed in the wake of mass shootings due to anticipated restrictions on firearm availability.

Similarly, prison operators Geo Group and CoreCivic each rose about 7 per cent.

These companies could benefit from Trump's immigration policies.

The policies stressed on stricter enforcement and potentially increased demand for detention facilities.

Tech stocks follow suit

Tech stocks linked to Trump also experienced gains.

Phunware a software developer that worked on Trump's 2020 campaign app, jumped 50 per cent.

Meanwhile, video-sharing platform Rumble favoured by conservative users, increased by 18 per cent.

Despite the dramatic events and market reactions broader market movements remained relatively subdued. S&amp;P 500 futures edged only 0.4 per cent higher.

"Markets were surprisingly calm given the assassination attempt," Coatsworth remarked. This reflected a measured overall response from investors.

(With inputs from Reuters)

Stocks tied to former President Donald Trump saw significant premarket gains on Monday. This followed an assassination attempt at a rally in Pennsylvania. The incident left Trump with a minor ear injury.

Stocks tied to former President Donald Trump saw significant premarket gains on Monday. This followed an assassination attempt at a rally in Pennsylvania. The incident left Trump with a minor ear injury. It appears to have bolstered his odds of winning the upcoming presidential election. Consequently, investors are making strategic bets on assets poised to benefit from a potential Trump victory. Crypto stocks rally Crypto stocks experienced a notable boost mirroring Bitcoin's surge to a two-week high. Companies such as Coinbase Global and bitcoin miners Riot Platforms Inc. They saw gains between 6 per cent and 7 per cent. Dan Coatsworth, an investment analyst at AJ Bell noted that traders speculate on the increased likelihood of Trump's return to power. Given his pro-crypto stance, this speculation has driven market activity. "Trump is seen to be pro-crypto. The theory that he is now in a stronger position in the race to the White House has fired up traders" Coatsworth stated. Trump Media & Technology Group sees dramatic increase Trump Media & Technology Group (TMTG), is the parent company of the social media platform Truth Social. The stock soared 67 per cent in premarket trading. Trump who owns a majority stake in TMTG, has seen the stock rise 75 per cent this year. This rise is largely driven by retail traders' bets on his re-election. The company's value was approximately $3.8 billion as of late June according to LSEG data. Gun and prison stocks on the rise Gun maker Smith & Wesson Brands saw a 2.7 per cent increase. This trend is often observed in the wake of mass shootings due to anticipated restrictions on firearm availability. Similarly, prison operators Geo Group and CoreCivic each rose about 7 per cent. These companies could benefit from Trump's immigration policies. The policies stressed on stricter enforcement and potentially increased demand for detention facilities. Tech stocks follow suit Tech stocks linked to Trump also experienced gains. Phunware a software developer that worked on Trump's 2020 campaign app, jumped 50 per cent. Meanwhile, video-sharing platform Rumble favoured by conservative users, increased by 18 per cent. Despite the dramatic events and market reactions broader market movements remained relatively subdued. S&P 500 futures edged only 0.4 per cent higher. "Markets were surprisingly calm given the assassination attempt," Coatsworth remarked. This reflected a measured overall response from investors. (With inputs from Reuters)

Trump-linked stocks surge following assassination attempt

Leaders of the Chinese communist party are meeting today for the Third Plenum, a meeting that aims to set the economic direction for the next five years.

What is the third plenum?

It's a key policy meeting held every five years to determine the country's long-term social and economic policies. The party holds a major congress twice a decade. Members of the central committee are elected at each congress. The 20th central committee was chosen at the last congress in October 2022.

Out of the seven plenums, the first, second, and seventh plenums typically focus on power transitions between central committees. The fourth and sixth plenums generally focus on party ideology. The third plenum generally focuses on long-term economic reforms. The third plenum in November 2013 focused on strengthening market forces to allocate resources. In February 2018, the party was urged to closely unite around the central committee with 'Xi' at its core.

However, China is at an economic crossroads as it hosts the third plenum meeting in Beijing, starting July 15.

What's at stake?

This key policy meeting comes amid the backdrop of lower-than-expected GDP numbers for the June quarter of 2024. China's growth engine is sputtering and needs a reform push to navigate the multi-faceted economic issues plaguing the country.

According to reports, Chinese policymakers are prioritising innovation over growth. The meeting is set to unveil a strategy to build a 'new quality productive force'. The strategy aims to focus on building cutting-edge technologies like AI &amp; semiconductors. This focus underlines China's quest for AI supremacy amid rising trade tensions with the US and Europe.&nbsp;

Apart from long-term planning, China also needs to focus on short-term economic issues. Growth is slowing, youth unemployment is surging, and a property market crisis is fuelling worries for the second-largest economy in the world.

‘We bought our house for around 870,000 yuan, but now it's just over 600,000 yuan if we sell it, because one of our neighbours just bought a flat which only costs around 600,000 yuan. it's the lowest the price has been in the last 10 years,’ Wang Dongmei, a Tianjin resident, told AFP on the rising property pressures.

In addition to promoting tech, the plenum will also tackle fiscal and tax reforms to support heavily indebted local governments. China's recent stimulus packages have failed to ignite demand and increase liquidity. The country is also pushing for a high-level socialist market economy that's more 'open'.

Xi Jinping announced his plans a month earlier. 'China's doors will only open wider and wider and will never be closed. We are planning and implementing major measures to further deepen reform comprehensively, further expand systematic opening up, and create a more market-oriented and international business environment.' he said at an event cited by AFP.

Leaders of the Chinese communist party are meeting today for the Third Plenum, a meeting that aims to set the economic direction for the next five years. What is the third plenum?

Leaders of the Chinese communist party are meeting today for the Third Plenum, a meeting that aims to set the economic direction for the next five years. What is the third plenum? It's a key policy meeting held every five years to determine the country's long-term social and economic policies. The party holds a major congress twice a decade. Members of the central committee are elected at each congress. The 20th central committee was chosen at the last congress in October 2022. Out of the seven plenums, the first, second, and seventh plenums typically focus on power transitions between central committees. The fourth and sixth plenums generally focus on party ideology. The third plenum generally focuses on long-term economic reforms. The third plenum in November 2013 focused on strengthening market forces to allocate resources. In February 2018, the party was urged to closely unite around the central committee with 'Xi' at its core. However, China is at an economic crossroads as it hosts the third plenum meeting in Beijing, starting July 15. What's at stake? This key policy meeting comes amid the backdrop of lower-than-expected GDP numbers for the June quarter of 2024. China's growth engine is sputtering and needs a reform push to navigate the multi-faceted economic issues plaguing the country. According to reports, Chinese policymakers are prioritising innovation over growth. The meeting is set to unveil a strategy to build a 'new quality productive force'. The strategy aims to focus on building cutting-edge technologies like AI & semiconductors. This focus underlines China's quest for AI supremacy amid rising trade tensions with the US and Europe. Apart from long-term planning, China also needs to focus on short-term economic issues. Growth is slowing, youth unemployment is surging, and a property market crisis is fuelling worries for the second-largest economy in the world. ‘We bought our house for around 870,000 yuan, but now it's just over 600,000 yuan if we sell it, because one of our neighbours just bought a flat which only costs around 600,000 yuan. it's the lowest the price has been in the last 10 years,’ Wang Dongmei, a Tianjin resident, told AFP on the rising property pressures. In addition to promoting tech, the plenum will also tackle fiscal and tax reforms to support heavily indebted local governments. China's recent stimulus packages have failed to ignite demand and increase liquidity. The country is also pushing for a high-level socialist market economy that's more 'open'. Xi Jinping announced his plans a month earlier. 'China's doors will only open wider and wider and will never be closed. We are planning and implementing major measures to further deepen reform comprehensively, further expand systematic opening up, and create a more market-oriented and international business environment.' he said at an event cited by AFP.

China's third plenum: what is it and what's at stake?

Oil prices seesawed Monday following an apparent assassination attempt on Republican presidential candidate Donald Trump, and ahead of China's Third Plenum.

Brent crude changed hands near $85 a barrel, as West Texas Intermediate remained above $82. The attack on Trump heaped further uncertainty into the race for the US presidency, thereby bolstering the dollar. Making dollar-priced commodities, including oil, more expensive.

Despite the volatility, oil prices remained significantly higher for the year, underpinned by the OPEC+ production cuts and robust fuel demand in the Northern Hemisphere's summer season. The investment world will look out for the Chinese Communist Party's Third Plenum this week, which is expected to show hints of the country's economic and political priorities, as it remains the world's largest crude importer.

China's appetite for raw materials, including crude oil, has waned in the first half of the year, putting a huge question mark on future demand. GDP growth slipped to its weakest in five quarters, while the International Energy Agency indicated that China's slackening economy may dampen global oil consumption growth.

“It’s not surprising following the attempted assassination of former President Donald Trump over the weekend that we are seeing a stronger US dollar, and that strength is weighing on oil,” said Warren Patterson, head of commodities strategy for ING Groep NV. “In addition, the market is also coming around to the idea that Chinese oil demand could very well disappoint this year.”

Nevertheless, timespreads suggest strong near-term demand. The gap between Brent's two nearest contracts remained in a bullish, backwardated structure, with the nearest contract trading at a premium over the later-dated one. At 95 cents a barrel, it’s almost double what it was a month ago.

The oil market is sailing through stormy seas of geopolitical events and a maze of economic indicators. The attempted assassination of Trump and China's Third Plenum added significant uncertainty, while the underlying signals of demand remained strong. Market participants will keenly watch these factors as China's trajectory becomes clearer.

Oil prices seesawed Monday following an apparent assassination attempt on Republican presidential candidate Donald Trump, and ahead of China's Third Plenum. Brent crude changed hands near $85 a barrel, as West Texas Intermediate remained above $82.

Oil prices seesawed Monday following an apparent assassination attempt on Republican presidential candidate Donald Trump, and ahead of China's Third Plenum. Brent crude changed hands near $85 a barrel, as West Texas Intermediate remained above $82. The attack on Trump heaped further uncertainty into the race for the US presidency, thereby bolstering the dollar. Making dollar-priced commodities, including oil, more expensive. Despite the volatility, oil prices remained significantly higher for the year, underpinned by the OPEC+ production cuts and robust fuel demand in the Northern Hemisphere's summer season. The investment world will look out for the Chinese Communist Party's Third Plenum this week, which is expected to show hints of the country's economic and political priorities, as it remains the world's largest crude importer. China's appetite for raw materials, including crude oil, has waned in the first half of the year, putting a huge question mark on future demand. GDP growth slipped to its weakest in five quarters, while the International Energy Agency indicated that China's slackening economy may dampen global oil consumption growth. “It’s not surprising following the attempted assassination of former President Donald Trump over the weekend that we are seeing a stronger US dollar, and that strength is weighing on oil,” said Warren Patterson, head of commodities strategy for ING Groep NV. “In addition, the market is also coming around to the idea that Chinese oil demand could very well disappoint this year.” Nevertheless, timespreads suggest strong near-term demand. The gap between Brent's two nearest contracts remained in a bullish, backwardated structure, with the nearest contract trading at a premium over the later-dated one. At 95 cents a barrel, it’s almost double what it was a month ago. The oil market is sailing through stormy seas of geopolitical events and a maze of economic indicators. The attempted assassination of Trump and China's Third Plenum added significant uncertainty, while the underlying signals of demand remained strong. Market participants will keenly watch these factors as China's trajectory becomes clearer.

Oil market oscillates amid geopolitical shockwaves and economic pivots

Digital mapping specialist TomTom has withdrawn its financial targets for 2025 following the announcement of an operating loss in the second quarter of more pronounced proportions than predicted, as weak demand for new cars hit the key automotive location technology business.

"A combination of downward revisions for near-term car production volumes and delays in new model introductions has resulted in a generally less predictable market environment," CEO Harold Goddijn said in the earnings statement.

New car sales in Europe dropped by 3 per cent in May year over year, the key bellwether of TomTom's revenues. Consequently, the Amsterdam-based company said it would miss its guidance for 2025 and intends to give new targets the following year when it reports its full-year results for 2024. TomTom had earlier forecasted to reach 600 million euros in location technology revenues in 2025.

TomTom now expects its revenue for 2024 to be at the lower end of the 570-610 million euro guidance range. The business announced a 5.2 million loss before interest and taxes in the second quarter of 2024, compared with a loss of 3.6 million euros in the same period a year ago. That was worse than analysts' expectations of a 4 million euro loss for the quarter, according to a company-compiled consensus.

In a separate company statement, amidst this financial struggle, TomTom announced an expansion and intensification of its partnership with Microsoft. This collaboration would entail the supplying of location technology by TomTom across the U.S. group's solutions, which will eventually pave the way for new opportunities in growth and innovation.

While TomTom faces formidable challenges as a result of the slowdown in demand for the automotive sector, the strategic tie-up with Microsoft could just help wriggle out of some of its problems. The company's revised targets and future plans will now be interesting to see as the company tries to ride out these stormy times.

Digital mapping specialist TomTom has withdrawn its financial targets for 2025 following the announcement of an operating loss in the second quarter of more pronounced proportions than predicted, as weak demand for new cars hit the key automotive location technology business.

Digital mapping specialist TomTom has withdrawn its financial targets for 2025 following the announcement of an operating loss in the second quarter of more pronounced proportions than predicted, as weak demand for new cars hit the key automotive location technology business. "A combination of downward revisions for near-term car production volumes and delays in new model introductions has resulted in a generally less predictable market environment," CEO Harold Goddijn said in the earnings statement. New car sales in Europe dropped by 3 per cent in May year over year, the key bellwether of TomTom's revenues. Consequently, the Amsterdam-based company said it would miss its guidance for 2025 and intends to give new targets the following year when it reports its full-year results for 2024. TomTom had earlier forecasted to reach 600 million euros in location technology revenues in 2025. TomTom now expects its revenue for 2024 to be at the lower end of the 570-610 million euro guidance range. The business announced a 5.2 million loss before interest and taxes in the second quarter of 2024, compared with a loss of 3.6 million euros in the same period a year ago. That was worse than analysts' expectations of a 4 million euro loss for the quarter, according to a company-compiled consensus. In a separate company statement, amidst this financial struggle, TomTom announced an expansion and intensification of its partnership with Microsoft. This collaboration would entail the supplying of location technology by TomTom across the U.S. group's solutions, which will eventually pave the way for new opportunities in growth and innovation. While TomTom faces formidable challenges as a result of the slowdown in demand for the automotive sector, the strategic tie-up with Microsoft could just help wriggle out of some of its problems. The company's revised targets and future plans will now be interesting to see as the company tries to ride out these stormy times.

TomTom's financial struggles intensify amid auto industry decline

The Beastie Boys have filed a lawsuit against Brinker International, the parent company of Chili's, alleging the chain used their seminal hit "Sabotage" in an ad without permission.

According to a federal lawsuit filed in New York on Wednesday, Brinker International created a Chili's ad running portions of "Sabotage" and aped the song's ultra-famous music video.

A request for comment via email to Brinker International was unreturned and an attorney for the company is not listed in the court filings.

"Sabotage," released in 1994, was one of the biggest hits for The Beastie Boys. Its music video, featuring the group running around wearing wigs, fake moustaches, and sunglasses in a comedy take on 1970s crime TV shows, is among those genre's most recognisable.

The lawsuit claims that in 2022, Brinker created a Chili's advertisement for social media that used parts of "Sabotage" along with a video of three people in 1970s-style disguises stealing ingredients from a Chili's restaurant.

The suit was brought by Beastie Boys surviving members Adam Horovitz and Michael Diamond, along with the executor of the estate of the late Adam Yauch. Yauch died in 2012 of cancer, leaving behind explicit instructions that his music could never be licensed to sell commercials should that opportunity ever arise.

This isn't the first time the Beastie Boys have taken action against the unauthorised use of their music. Back in 2014, they won $1.7 million for copyright violation against Monster Energy drink over the use of one of their songs.

It really, in that regard, reads a case of the beginning of a whole new fight to protect the rights of creative artists from exploitation by dispersed interests working subtly against their consent. The Beastie Boys have not taken the issue of intellectual property lightly; this case is a revelation to companies that are misusing copyrighted material unaware of the legal backlash that could await them.

The Beastie Boys have filed a lawsuit against Brinker International, the parent company of Chili's, alleging the chain used their seminal hit "Sabotage" in an ad without permission.

The Beastie Boys have filed a lawsuit against Brinker International, the parent company of Chili's, alleging the chain used their seminal hit "Sabotage" in an ad without permission. According to a federal lawsuit filed in New York on Wednesday, Brinker International created a Chili's ad running portions of "Sabotage" and aped the song's ultra-famous music video. A request for comment via email to Brinker International was unreturned and an attorney for the company is not listed in the court filings. "Sabotage," released in 1994, was one of the biggest hits for The Beastie Boys. Its music video, featuring the group running around wearing wigs, fake moustaches, and sunglasses in a comedy take on 1970s crime TV shows, is among those genre's most recognisable. The lawsuit claims that in 2022, Brinker created a Chili's advertisement for social media that used parts of "Sabotage" along with a video of three people in 1970s-style disguises stealing ingredients from a Chili's restaurant. The suit was brought by Beastie Boys surviving members Adam Horovitz and Michael Diamond, along with the executor of the estate of the late Adam Yauch. Yauch died in 2012 of cancer, leaving behind explicit instructions that his music could never be licensed to sell commercials should that opportunity ever arise. This isn't the first time the Beastie Boys have taken action against the unauthorised use of their music. Back in 2014, they won $1.7 million for copyright violation against Monster Energy drink over the use of one of their songs. It really, in that regard, reads a case of the beginning of a whole new fight to protect the rights of creative artists from exploitation by dispersed interests working subtly against their consent. The Beastie Boys have not taken the issue of intellectual property lightly; this case is a revelation to companies that are misusing copyrighted material unaware of the legal backlash that could await them.

Beastie Boys' legal showdown with Chili's: a battle for intellectual rights

What was expected to be a sudden change in consumer behaviour pegged to the Paris Olympics is now going to be a large financial drag on Delta Air Lines.

In an interview with CNBC, Delta CEO Ed Bastian broke the news that the company is anticipating a $100 million loss associated with the event, which is slated to begin on July 26.

“Unless you’re going to the Olympics, people aren’t going to Paris...very few are,” said Bastian while speaking to CNBC. “Business travel, you know, other type of tourism is potentially going elsewhere.”

In its bombshell earnings report, issued July 11, Delta disclosed profits slid down steeply. Net income was $1.31 billion for the second quarter of 2024, a plunge of 29 per cent from the same period in 2023. Earnings were $2.36 per share, a penny shy of the consensus estimate of $2.37.&nbsp;

On July 11, the shares skidded 4 per cent and lost another 3 per cent the following day. The stock has been down 8.1 per cent so far this month.

Bastian's comments come on the back of a July 1 press release from Air France-KLM, which estimated it would lose €160 million to €180 million due to travellers sidestepping Paris in the Olympic period.

“International markets show a significant avoidance of Paris,” said Air France-KLM in the press release. “Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.”

While the Paris Olympics are due to bring an estimated €6.7 billion to €11.1 billion ($7.3 billion to $12.1 billion) in net economic benefits to Paris—most of it from tourism, according to Reuters—flight bookings to the city, starting June 6, are due to rise by just 10 per cent compared with the same period last year, ForwardKeys data shows. Far from the 115 per cent increase in tourism during the 2016 Rio Games.

According to a study conducted by the University of Limoges, 2.3 million to 3.1 million ticket holders will travel to Paris. This, however, is not materialising in bookings for flights—a challenge not only for Delta but also for Air France-KLM.

In summary, the Paris Olympics, though a potential driver of high economic gains for the city, has had an odd effect: causing economic loss to major airlines through changed travel patterns. This includes Delta Air Lines, which is preparing for huge financial impacts as passengers readjust plans due to this event.

What was expected to be a sudden change in consumer behaviour pegged to the Paris Olympics is now going to be a large financial drag on Delta Air Lines. In an interview with CNBC, Delta CEO Ed Bastian broke the news that the company is anticipating a $100 million loss associated with the event, which is slated to begin on July 26.

What was expected to be a sudden change in consumer behaviour pegged to the Paris Olympics is now going to be a large financial drag on Delta Air Lines. In an interview with CNBC, Delta CEO Ed Bastian broke the news that the company is anticipating a $100 million loss associated with the event, which is slated to begin on July 26. “Unless you’re going to the Olympics, people aren’t going to Paris...very few are,” said Bastian while speaking to CNBC. “Business travel, you know, other type of tourism is potentially going elsewhere.” In its bombshell earnings report, issued July 11, Delta disclosed profits slid down steeply. Net income was $1.31 billion for the second quarter of 2024, a plunge of 29 per cent from the same period in 2023. Earnings were $2.36 per share, a penny shy of the consensus estimate of $2.37. On July 11, the shares skidded 4 per cent and lost another 3 per cent the following day. The stock has been down 8.1 per cent so far this month. Bastian's comments come on the back of a July 1 press release from Air France-KLM, which estimated it would lose €160 million to €180 million due to travellers sidestepping Paris in the Olympic period. “International markets show a significant avoidance of Paris,” said Air France-KLM in the press release. “Travel between the city and other destinations is also below the usual June-August average as residents in France seem to be postponing their holidays until after the Olympic Games or considering alternative travel plans.” While the Paris Olympics are due to bring an estimated €6.7 billion to €11.1 billion ($7.3 billion to $12.1 billion) in net economic benefits to Paris—most of it from tourism, according to Reuters—flight bookings to the city, starting June 6, are due to rise by just 10 per cent compared with the same period last year, ForwardKeys data shows. Far from the 115 per cent increase in tourism during the 2016 Rio Games. According to a study conducted by the University of Limoges, 2.3 million to 3.1 million ticket holders will travel to Paris. This, however, is not materialising in bookings for flights—a challenge not only for Delta but also for Air France-KLM. In summary, the Paris Olympics, though a potential driver of high economic gains for the city, has had an odd effect: causing economic loss to major airlines through changed travel patterns. This includes Delta Air Lines, which is preparing for huge financial impacts as passengers readjust plans due to this event.

Olympic Paradox: Paris games trigger financial turbulence for major airlines

Wall Street banks on Friday punted on a healthier pipeline of deals and a notable rise in investment-banking activity while reporting quarterly earnings, even as they grapple with multiple headwinds and reasons for caution.

Reports of three big US banks heralded the start of the second-quarter earnings season. Deal flow has picked up from the drought since the pandemic. Volumes of mergers and acquisitions came in at $1.6 trillion globally in the first half of the year, a 20 per cent rise from a year ago, according to Dealogic data. Volumes in the equity capital market rose by 10 per cent in the same period.

Citigroup posted a 60 per cent increase in its investment banking revenue amounting to $853 million. At JPMorgan, investment banking fees rose 50 per cent, better than the company's earlier forecast of a rise of 25 per cent to 30 per cent. Wells Fargo investment banking revenue surged 38 per cent to $430 million.

Despite these gains, the stock market has reacted cautiously. Shares of Wells Fargo were down 6 per cent midday Friday after the bank missed analysts' estimates for interest income. Citi fell 1.5 per cent after investors complained about expenses and market share. JPMorgan was down 0.3 per cent, which analysts attributed to worries about costs and provisions.

The CFO of Citi, Mark Mason, has commented that, in his view, the pipeline of announced deals looks very strong and should materialise by the end of this year and into 2025. That makes it an indicator that there could be quite a good period ahead for investment banking.

"There are a number of factors that come into play, including the broader regulatory environment, including elections, including how the rate environment and inflation continues to evolve," Mason said. "But the important thing is we are well positioned as we look at announced deals."

Wall Street banks on Friday punted on a healthier pipeline of deals and a notable rise in investment-banking activity while reporting quarterly earnings, even as they grapple with multiple headwinds and reasons for caution.

Wall Street banks on Friday punted on a healthier pipeline of deals and a notable rise in investment-banking activity while reporting quarterly earnings, even as they grapple with multiple headwinds and reasons for caution. Reports of three big US banks heralded the start of the second-quarter earnings season. Deal flow has picked up from the drought since the pandemic. Volumes of mergers and acquisitions came in at $1.6 trillion globally in the first half of the year, a 20 per cent rise from a year ago, according to Dealogic data. Volumes in the equity capital market rose by 10 per cent in the same period. Citigroup posted a 60 per cent increase in its investment banking revenue amounting to $853 million. At JPMorgan, investment banking fees rose 50 per cent, better than the company's earlier forecast of a rise of 25 per cent to 30 per cent. Wells Fargo investment banking revenue surged 38 per cent to $430 million. Despite these gains, the stock market has reacted cautiously. Shares of Wells Fargo were down 6 per cent midday Friday after the bank missed analysts' estimates for interest income. Citi fell 1.5 per cent after investors complained about expenses and market share. JPMorgan was down 0.3 per cent, which analysts attributed to worries about costs and provisions. The CFO of Citi, Mark Mason, has commented that, in his view, the pipeline of announced deals looks very strong and should materialise by the end of this year and into 2025. That makes it an indicator that there could be quite a good period ahead for investment banking. "There are a number of factors that come into play, including the broader regulatory environment, including elections, including how the rate environment and inflation continues to evolve," Mason said. "But the important thing is we are well positioned as we look at announced deals."

Wall Street banks eye investment banking resurgence amid multifaceted economic challenges

Financial institutions that are gobbling up Chinese government bonds are, in essence, betting against the Chinese economy, according to China's central bank-backed Financial News report on Saturday. The report cements the concerns of industry sources and experts over the country's bond market, following the People's Bank of China's expressed concerns and the introduction of measures to sell treasury bonds to temper a bond rally.

The People's Bank of China has been very vocal in its desire to keep an upward-sloping yield curve and try to minimise bond-market risks, the paper said. The central bank only disclosed earlier this month that it has hundreds of billions of yuan worth of bonds to borrow and sell at an appropriate time. Some experts told state-backed Financial News this would be a move aimed at stabilising the exchange rate and economic expectations.

Sources familiar with the matter said the move of the central bank was actually a response to a surge in bond purchases as it was concerned that market stability could be at risk. By selling treasury bonds, the PBOC aims to cool off the current rally of bonds and ensure the yield curve is balanced. Such an approach makes clear how the central bank stays committed to ensuring financial stability and managing economic expectations.

"Financial institutions frantically snapping up government bonds equals to expecting that interest rates will get lower and lower in the future," the paper said.

"They are basically shorting China's yuan and the Chinese economy, increasing the pressure for capital outflows."

In a nutshell, such actions on the part of the PBOC reflect the tight wire between maintaining stability in markets and heeding economic concerns.

Financial institutions that are gobbling up Chinese government bonds are, in essence, betting against the Chinese economy, according to China's central bank-backed Financial News report on Saturday.

Financial institutions that are gobbling up Chinese government bonds are, in essence, betting against the Chinese economy, according to China's central bank-backed Financial News report on Saturday. The report cements the concerns of industry sources and experts over the country's bond market, following the People's Bank of China's expressed concerns and the introduction of measures to sell treasury bonds to temper a bond rally. The People's Bank of China has been very vocal in its desire to keep an upward-sloping yield curve and try to minimise bond-market risks, the paper said. The central bank only disclosed earlier this month that it has hundreds of billions of yuan worth of bonds to borrow and sell at an appropriate time. Some experts told state-backed Financial News this would be a move aimed at stabilising the exchange rate and economic expectations. Sources familiar with the matter said the move of the central bank was actually a response to a surge in bond purchases as it was concerned that market stability could be at risk. By selling treasury bonds, the PBOC aims to cool off the current rally of bonds and ensure the yield curve is balanced. Such an approach makes clear how the central bank stays committed to ensuring financial stability and managing economic expectations. "Financial institutions frantically snapping up government bonds equals to expecting that interest rates will get lower and lower in the future," the paper said. "They are basically shorting China's yuan and the Chinese economy, increasing the pressure for capital outflows." In a nutshell, such actions on the part of the PBOC reflect the tight wire between maintaining stability in markets and heeding economic concerns.

China’s central bank battles bond frenzy to protect economic stability

Beginning on Sunday, the price for first-class US mail stamps will jump to 73 cents from 68 cents, the latest in a series of price hikes.

The hike, as announced in April and approved by the Postal Regulatory Commission late last month, marks a 7.8 per cent rise in the price of mailing services products. Forever first-class stamps can be used at any time, including after the rise of the price of postage.

In November, the US postal service posted a $6.5 billion annual net loss as first-class mail volume tumbled to its lowest level since 1968. The next raise in stamp prices bumps the cost up 46 per cent since 2019 when they were 50 cents.

USPS has been aggressively increasing the price of stamps because it has lost upwards of $100 billion since 2007. Currently, the Postal Service is undergoing a restructuring plan announced in 2021 to erase $160 billion in projected losses over the next decade.

Meanwhile, as the world's biggest mail delivery operation, USPS handles 123 billion pieces of mail and packages annually and accounts for 44 per cent of the world's mail.&nbsp;

The agency has said it expects its "new pricing policy to generate $44 billion in additional revenue" by 2031.

First-class mail volume dropped 6.1 per cent in the 12 months ending September 30, 2023, to 46 billion pieces, down 53 per cent since 2006, and the lowest volume since 1968. It is mainly used for sending letters and paying bills—is its highest revenue-generating mail class, contributing $24.5 billion or 31 per cent to USPS's total revenue in 2023.

In April 2022, President Joe Biden signed legislation offering USPS about $50 billion worth of financial relief for a decade.&nbsp;

Additionally, in May, at the urging of a bipartisan Senate group that expressed concerns about the impact on mail deliveries, US Postmaster General Louis DeJoy agreed not to further consolidate the Postal Service's processing network until at least January.

This is in the middle of efforts geared toward stabilising its financial situation, considering the challenges related to declining mail volumes and increased operational costs. Constant restructuring and price adjustment are to guarantee the long-term survival of the USPS.

Beginning on Sunday, the price for first-class US mail stamps will jump to 73 cents from 68 cents, the latest in a series of price hikes. The hike, as announced in April and approved by the Postal Regulatory Commission late last month, marks a 7.

Beginning on Sunday, the price for first-class US mail stamps will jump to 73 cents from 68 cents, the latest in a series of price hikes. The hike, as announced in April and approved by the Postal Regulatory Commission late last month, marks a 7.8 per cent rise in the price of mailing services products. Forever first-class stamps can be used at any time, including after the rise of the price of postage. In November, the US postal service posted a $6.5 billion annual net loss as first-class mail volume tumbled to its lowest level since 1968. The next raise in stamp prices bumps the cost up 46 per cent since 2019 when they were 50 cents. USPS has been aggressively increasing the price of stamps because it has lost upwards of $100 billion since 2007. Currently, the Postal Service is undergoing a restructuring plan announced in 2021 to erase $160 billion in projected losses over the next decade. Meanwhile, as the world's biggest mail delivery operation, USPS handles 123 billion pieces of mail and packages annually and accounts for 44 per cent of the world's mail. The agency has said it expects its "new pricing policy to generate $44 billion in additional revenue" by 2031. First-class mail volume dropped 6.1 per cent in the 12 months ending September 30, 2023, to 46 billion pieces, down 53 per cent since 2006, and the lowest volume since 1968. It is mainly used for sending letters and paying bills—is its highest revenue-generating mail class, contributing $24.5 billion or 31 per cent to USPS's total revenue in 2023. In April 2022, President Joe Biden signed legislation offering USPS about $50 billion worth of financial relief for a decade. Additionally, in May, at the urging of a bipartisan Senate group that expressed concerns about the impact on mail deliveries, US Postmaster General Louis DeJoy agreed not to further consolidate the Postal Service's processing network until at least January. This is in the middle of efforts geared toward stabilising its financial situation, considering the challenges related to declining mail volumes and increased operational costs. Constant restructuring and price adjustment are to guarantee the long-term survival of the USPS.

USPS embarks on aggressive price hike amid unprecedented financial overhaul

StubHub Inc. has decided to put off its planned US initial public offering until after the summer on account of soured market conditions, according to reports citing sources.

The operator of ticketing resale sites like StubHub and Viagogo had been anticipated to make its IPO filing public as early as Friday, the person said, requesting anonymity. Now, the company will have to file updated financial information with the US Securities and Exchange Commission, the person said.

Speaking on condition of anonymity because the source was not authorised to release the information, the source added nothing is yet final, and the details of the plan can still change. A spokesperson for StubHub didn't immediately respond to a request for comment. The Wall Street Journal previously reported the IPO launch would be delayed until at least September.

StubHub produced $350 million in earnings before interest, taxes, depreciation, and amortisation for the year ending in March, people familiar with the matter have said.

San Jose, California-based StubHub had previously considered an initial public offering via a direct listing in 2022 that would have valued the company at more than $13 billion and filed confidentially with the SEC at the time, Bloomberg News reported.

Resale ticket operations at StubHub and Viagogo span more than 90 countries, according to its website. &nbsp;Chief Executive Officer Eric Baker, one of StubHub’s co-founders, left before the business was sold in 2007 to eBay Inc. for $310 million. Subsequently, he launched a similar venture in Europe by the name of Viagogo in Europe. In 2019, Viagogo agreed to a $4.05 billion deal for the acquisition of StubHub. The deal was completed in the following year.

This delay in the IPO is reflective of the current volatility in the market. As StubHub continues to prepare for its public debut, the company must be agile to meet the changing market conditions and regulatory requirements.

StubHub Inc. has decided to put off its planned US initial public offering until after the summer on account of soured market conditions, according to reports citing sources.

StubHub Inc. has decided to put off its planned US initial public offering until after the summer on account of soured market conditions, according to reports citing sources. The operator of ticketing resale sites like StubHub and Viagogo had been anticipated to make its IPO filing public as early as Friday, the person said, requesting anonymity. Now, the company will have to file updated financial information with the US Securities and Exchange Commission, the person said. Speaking on condition of anonymity because the source was not authorised to release the information, the source added nothing is yet final, and the details of the plan can still change. A spokesperson for StubHub didn't immediately respond to a request for comment. The Wall Street Journal previously reported the IPO launch would be delayed until at least September. StubHub produced $350 million in earnings before interest, taxes, depreciation, and amortisation for the year ending in March, people familiar with the matter have said. San Jose, California-based StubHub had previously considered an initial public offering via a direct listing in 2022 that would have valued the company at more than $13 billion and filed confidentially with the SEC at the time, Bloomberg News reported. Resale ticket operations at StubHub and Viagogo span more than 90 countries, according to its website. Chief Executive Officer Eric Baker, one of StubHub’s co-founders, left before the business was sold in 2007 to eBay Inc. for $310 million. Subsequently, he launched a similar venture in Europe by the name of Viagogo in Europe. In 2019, Viagogo agreed to a $4.05 billion deal for the acquisition of StubHub. The deal was completed in the following year. This delay in the IPO is reflective of the current volatility in the market. As StubHub continues to prepare for its public debut, the company must be agile to meet the changing market conditions and regulatory requirements.

StubHub puts IPO on ice until after summer

Bond traders are increasingly betting that the Federal Reserve will cut interest rates by half a percentage point in September, breaking with the traditional quarter-point increment.

A shift in sentiment is evident in the federal fund's futures market, where softer-than-forecasted inflation data released Thursday unleashed a frenzy of buying of October contracts that spilt over into Friday.

Expiring Oct. 31, the contracts already fully price in a quarter-point rate cut at the Fed's September 18 meeting.

Any additional buying at higher price levels then indicates growing expectations that the Fed could start its first easing cycle in years with a more substantial move.

“The Fed is very well-placed to potentially cut in September,” said Marilyn Watson, head of global fundamental fixed-income strategy at BlackRock Inc., on Bloomberg TV. While she expects a quarter-point cut, “we think they’ll probably tee things up potentially in July. We know that the Fed has been very, very data dependent.”

The positions would also benefit if expectations for quarter-point rate cuts on both July 31 and September 18 rise. However, traders gave up hope for a July rate cut weeks ago, and no major Wall Street bank is currently predicting one.

According to data from CME Group Inc., Thursday's buying established new risk, with volume just shy of 260,000 contracts, the most ever for the October tenor. Buying interest remained lofty on Friday, with volume well over 150,000 by 1:30 p.m. New York time.

Market-implied expectations for Fed policy didn't change much Friday following a report on producer prices that did little to move the needle compared with Thursday's consumer price report.&nbsp;

The recent action in the bond market is just one part of a shift in trader bets for more aggressive Fed action on the economy. With inflation data continuing to swing market sentiment, attention will remain on the Fed's meetings ahead and possible rate cuts.

Bond traders are increasingly betting that the Federal Reserve will cut interest rates by half a percentage point in September, breaking with the traditional quarter-point increment.

Bond traders are increasingly betting that the Federal Reserve will cut interest rates by half a percentage point in September, breaking with the traditional quarter-point increment. A shift in sentiment is evident in the federal fund's futures market, where softer-than-forecasted inflation data released Thursday unleashed a frenzy of buying of October contracts that spilt over into Friday. Expiring Oct. 31, the contracts already fully price in a quarter-point rate cut at the Fed's September 18 meeting. Any additional buying at higher price levels then indicates growing expectations that the Fed could start its first easing cycle in years with a more substantial move. “The Fed is very well-placed to potentially cut in September,” said Marilyn Watson, head of global fundamental fixed-income strategy at BlackRock Inc., on Bloomberg TV. While she expects a quarter-point cut, “we think they’ll probably tee things up potentially in July. We know that the Fed has been very, very data dependent.” The positions would also benefit if expectations for quarter-point rate cuts on both July 31 and September 18 rise. However, traders gave up hope for a July rate cut weeks ago, and no major Wall Street bank is currently predicting one. According to data from CME Group Inc., Thursday's buying established new risk, with volume just shy of 260,000 contracts, the most ever for the October tenor. Buying interest remained lofty on Friday, with volume well over 150,000 by 1:30 p.m. New York time. Market-implied expectations for Fed policy didn't change much Friday following a report on producer prices that did little to move the needle compared with Thursday's consumer price report. The recent action in the bond market is just one part of a shift in trader bets for more aggressive Fed action on the economy. With inflation data continuing to swing market sentiment, attention will remain on the Fed's meetings ahead and possible rate cuts.

Bond traders bet big on bold fed rate cuts