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Germany finished this week its bid to divest billions of dollars of seized assets from its criminals as it sold and transferred its final batch from the Bitcoin wallets. According to new data from blockchain analytics firm Arkham Intelligence, the wallets currently have zero digital assets.

Within the past month, the wallet transfer by the German government had caused fear among most cryptocurrency community members, as it was believed that with large sell-offs, the price of Bitcoin would nosedive. Contrary to those assumptions, it rose 3 per cent. One BTC was above $58,000, up 1 per cent in the last 24 hours.

The government of Germany held nearly $3.4 billion worth of bitcoins in its wallets early this June. Well, these seized assets have been aggressively liquidated by the Federal Criminal Police Office of Germany, better known by its acronym in German as the Bundeskriminalamt, or BKA. Earlier this month, it offloaded $2.8 billion in bitcoin—equivalent to 50,000 bitcoins.

In particular, the government transferred funds to major crypto exchanges in the United States and Europe, including Coinbase, Bitstamp, and Kraken.

Some of the market observers have been obsessively following the transfers between the wallets and were quick to observe that some of the amounts were transferred back to the government's wallet addresses, signalling that BKA was essentially testing the liquidity before finally offloading assets.

On Thursday, the crypto market "Fear and Greed" index plunged to as low as "extreme fear" over government transfers. These nerves, though, were also quickly dashed immediately after the selling was over.&nbsp;

“One of the best metrics for identifying optimal entry points in a bull market is when short-term bitcoin holders sell at a loss and the fear index is ridiculously high (which has been happening in recent weeks),” noted a CryptoQuant analyst. “In contrast, previous market peaks have been signalled by long-term holders taking significant profits over numerous months, which hasn’t happened yet.”

The successful selloff of the government in Berlin of such volumes of bitcoin reinforces the fact that the cryptocurrency market is indeed robust and thus justifies the importance of strategic asset management. Continued increase in price, despite early scepticism of the investors, has been attributed to how market trust has never plummeted.

Germany finished this week its bid to divest billions of dollars of seized assets from its criminals as it sold and transferred its final batch from the Bitcoin wallets.

Germany finished this week its bid to divest billions of dollars of seized assets from its criminals as it sold and transferred its final batch from the Bitcoin wallets. According to new data from blockchain analytics firm Arkham Intelligence, the wallets currently have zero digital assets. Within the past month, the wallet transfer by the German government had caused fear among most cryptocurrency community members, as it was believed that with large sell-offs, the price of Bitcoin would nosedive. Contrary to those assumptions, it rose 3 per cent. One BTC was above $58,000, up 1 per cent in the last 24 hours. The government of Germany held nearly $3.4 billion worth of bitcoins in its wallets early this June. Well, these seized assets have been aggressively liquidated by the Federal Criminal Police Office of Germany, better known by its acronym in German as the Bundeskriminalamt, or BKA. Earlier this month, it offloaded $2.8 billion in bitcoin—equivalent to 50,000 bitcoins. In particular, the government transferred funds to major crypto exchanges in the United States and Europe, including Coinbase, Bitstamp, and Kraken. Some of the market observers have been obsessively following the transfers between the wallets and were quick to observe that some of the amounts were transferred back to the government's wallet addresses, signalling that BKA was essentially testing the liquidity before finally offloading assets. On Thursday, the crypto market "Fear and Greed" index plunged to as low as "extreme fear" over government transfers. These nerves, though, were also quickly dashed immediately after the selling was over. “One of the best metrics for identifying optimal entry points in a bull market is when short-term bitcoin holders sell at a loss and the fear index is ridiculously high (which has been happening in recent weeks),” noted a CryptoQuant analyst. “In contrast, previous market peaks have been signalled by long-term holders taking significant profits over numerous months, which hasn’t happened yet.” The successful selloff of the government in Berlin of such volumes of bitcoin reinforces the fact that the cryptocurrency market is indeed robust and thus justifies the importance of strategic asset management. Continued increase in price, despite early scepticism of the investors, has been attributed to how market trust has never plummeted.

Germany’s Bitcoin fire sell-off ignites Crypto resilience defying market fears

Estee Lauder announced on Thursday that Tracey Travis, the Company's Chief Financial Officer for the past 12 years, will step down and retire effective June 30, 2025.&nbsp;

Estee Lauder confirmed a successor has been identified and will be named in the coming weeks. Travis will work closely with the new CFO to ensure the transition is as seamless as possible, it added.

Travis joined Estee Lauder in August 2012 from her seven-plus years as CFO at Ralph Lauren. Under her leadership, Estee Lauder acquired companies such as Tom Ford and Deciem, strengthening its financial position while investing heavily in innovation and digital transformation.

"Tracey has been instrumental in growing Estee Lauder from a $24 billion market cap company in 2012 to over $135 billion at peak," Jefferies analyst Ashley Helgans said in a note earlier on Thursday.

"A fresh set of eyes on the business could be beneficial given the recent volatility and would allow for the company to reset the growth algorithm," Helgans added.

The company slashed its annual organic sales forecast in May on continued weakness in mainland China's prestige beauty market. However, it increased the profit outlook due to the rise in demand for luxury products in the United States and Asia-Pacific.

Estee Lauder shares, down over 30 per cent so far this year, edged higher in after-hours trading.

Travis's leaving the company brings to an end an important epoch for Estee Lauder and leaves a legacy of huge buildup in terms of financial strength and strategic investments done by the company. It is now gearing itself up for this change amid being caught in a mire of challenges in the current market and looks forward to new leadership to help it in its future course of growth.

Estee Lauder announced on Thursday that Tracey Travis, the Company's Chief Financial Officer for the past 12 years, will step down and retire effective June 30, 2025.

Estee Lauder announced on Thursday that Tracey Travis, the Company's Chief Financial Officer for the past 12 years, will step down and retire effective June 30, 2025. Estee Lauder confirmed a successor has been identified and will be named in the coming weeks. Travis will work closely with the new CFO to ensure the transition is as seamless as possible, it added. Travis joined Estee Lauder in August 2012 from her seven-plus years as CFO at Ralph Lauren. Under her leadership, Estee Lauder acquired companies such as Tom Ford and Deciem, strengthening its financial position while investing heavily in innovation and digital transformation. "Tracey has been instrumental in growing Estee Lauder from a $24 billion market cap company in 2012 to over $135 billion at peak," Jefferies analyst Ashley Helgans said in a note earlier on Thursday. "A fresh set of eyes on the business could be beneficial given the recent volatility and would allow for the company to reset the growth algorithm," Helgans added. The company slashed its annual organic sales forecast in May on continued weakness in mainland China's prestige beauty market. However, it increased the profit outlook due to the rise in demand for luxury products in the United States and Asia-Pacific. Estee Lauder shares, down over 30 per cent so far this year, edged higher in after-hours trading. Travis's leaving the company brings to an end an important epoch for Estee Lauder and leaves a legacy of huge buildup in terms of financial strength and strategic investments done by the company. It is now gearing itself up for this change amid being caught in a mire of challenges in the current market and looks forward to new leadership to help it in its future course of growth.

Estee Lauder's CFO departure signals a strategic shift amid market challenges

The SoftBank Group, based in Japan, has acquired artificial intelligence chip maker Graphcore for an undisclosed amount, putting an end to the speculations over the future of the company.&nbsp;

Graphcore was, at one time, modulated as a rival to Nvidia but failed to raise the needed investment to remain competitive in the burgeoning AI chip market.

By the end of 2020, Graphcore was valued at $2.77 billion, a filing published last year showed that a further fundraising round was needed in order to break even. It had cut staff by 20 per cent to 494 and pulled its operations in Norway, Japan, and South Korea.

At Thursday's media briefing, co-founder and CEO Nigel Toon said the SoftBank acquisition would give Graphcore the scale to contest the global market. On the same platform, he also admitted to the recent troubled past the company went through.&nbsp;

"The piece that surprised us was the speed at which this has taken off, and the scale that is involved," Toon said.

"This is a level of investment that is utterly massive. Graphcore, as a modestly-sized company compared to those we're competing with, has actually managed to go toe-to-toe and build world-class technology."

Toon will stay at the helm but refused to mention the price at which it was acquired.

He also reflected on the broader British technology industry, citing the long-term aversion of British pension funds to fast-growing startups as an obstacle to success.

"There's a massive opportunity here, but there's a lot of structural things that still need to be fixed," he said.

"If you look at where our money came from, some of it came from the UK, but the majority of it came from other regions. That's the reality of it, and that's the piece that we're going to need to fix, going forward."

Asked if Graphcore would work with Arm Holdings—a subsidiary of SoftBank—Toon said it would collaborate with partners across SoftBank's portfolio.

The acquisition of Graphcore by SoftBank underlines the ongoing consolidation in the AI chip sector, more importantly, placing AI technology at the centre of the global market. This, therefore, would provide Graphcore with much-needed impetus to innovate and grow so that it stands in a better position against giants like Nvidia.

The SoftBank Group, based in Japan, has acquired artificial intelligence chip maker Graphcore for an undisclosed amount, putting an end to the speculations over the future of the company.

The SoftBank Group, based in Japan, has acquired artificial intelligence chip maker Graphcore for an undisclosed amount, putting an end to the speculations over the future of the company. Graphcore was, at one time, modulated as a rival to Nvidia but failed to raise the needed investment to remain competitive in the burgeoning AI chip market. By the end of 2020, Graphcore was valued at $2.77 billion, a filing published last year showed that a further fundraising round was needed in order to break even. It had cut staff by 20 per cent to 494 and pulled its operations in Norway, Japan, and South Korea. At Thursday's media briefing, co-founder and CEO Nigel Toon said the SoftBank acquisition would give Graphcore the scale to contest the global market. On the same platform, he also admitted to the recent troubled past the company went through. "The piece that surprised us was the speed at which this has taken off, and the scale that is involved," Toon said. "This is a level of investment that is utterly massive. Graphcore, as a modestly-sized company compared to those we're competing with, has actually managed to go toe-to-toe and build world-class technology." Toon will stay at the helm but refused to mention the price at which it was acquired. He also reflected on the broader British technology industry, citing the long-term aversion of British pension funds to fast-growing startups as an obstacle to success. "There's a massive opportunity here, but there's a lot of structural things that still need to be fixed," he said. "If you look at where our money came from, some of it came from the UK, but the majority of it came from other regions. That's the reality of it, and that's the piece that we're going to need to fix, going forward." Asked if Graphcore would work with Arm Holdings—a subsidiary of SoftBank—Toon said it would collaborate with partners across SoftBank's portfolio. The acquisition of Graphcore by SoftBank underlines the ongoing consolidation in the AI chip sector, more importantly, placing AI technology at the centre of the global market. This, therefore, would provide Graphcore with much-needed impetus to innovate and grow so that it stands in a better position against giants like Nvidia.

Will SoftBank's Graphcore acquisition rewrite the AI chip battle?

Citigroup beat estimates with second-quarter profit, driven by a surge in investment banking revenue and growth within its services division.

The stock fell at the open as investors fretted over an uptick in costs and how the lender would boost market share.

The $1.52 a share profit topped the $1.39 analysts had forecast for the firm, according to LSEG data.

Those were strong results, but one analyst from Moody's Ratings said Citi still has some ways to go before it hits its stated profitability goal of 11 per cent-12 per cent, up from the 7.2 per cent return on equity it generated in the second quarter, Warren Kornfeld said.

The bank needs to gain market share and cut costs in areas where it is over-staffed, Kornfeld said:

These results come shortly after US regulators fined Citigroup $136 million for not doing enough to rectify identified data management concerns from 2020.

The bank has already charged off an amount to be used for these fines and further remediation efforts for data management.

Citigroup CEO Jane Fraser is leading through the most sweeping revamp of the bank to improve performance, cut costs, and slim down its operations.

As part of the turnarounds, the bank targets reducing the workforce by 20,000 employees in a minimum period of two years.

Its total revenue for the second quarter came in at $20.1 billion, up 4 per cent year-over-year, boosted by a one-time $400 million gain related to the sale of Visa stock.

Similar to what Fraser has been doing in an attempt to enhance transparency and accountability, Citigroup is now disclosing earnings separately for the following five business segments: services, markets, banking, US personal banking, and wealth management.

Investment banking revenue soared 60 per cent to $853 million in the quarter, which is a long-awaited sign of recovery from the industry dealmaking slump.

Such a surge fed a 38 per cent increase in overall banking revenue to $1.6 billion.

As CFO Mark Mason notes, Citigroup looks forward to continued bounty from the markets, which include a strong debt issuance and probably mergers and acquisitions playing a larger role later in the year.

In 2022, Citigroup appointed industry veteran Viswas Raghavan as the president of its banking operations.

It is Fraser's gamble to know that Raghavan will breathe new life into the unit focused on serving multinationals.

Revenue in the services segment, which includes Citigroup's crown jewel treasury and trade solutions business, increased 3 per cent to $4.7 billion.

The business processes trillions of dollars in payments daily for multinational corporations across the globe.

The strategic importance of this business was highlighted by Fraser recently at an investor day.

Markets revenue increased 6 per cent to $5.1 billion on the back of a massive spike in equities trading revenue.

Though operating expenses dropped 2 per cent to $13.4 billion thanks to the bank's restructuring efforts, these savings were compensated for by fines and connected investments in data remediation.

Citigroup now projects full-year expenses to come in at the high end of its prior forecast range, excluding the regulatory penalties.

It has yet to post any recognisable growth in one of its key growth areas: wealth management.

Revenue was up a bare 2 per cent this quarter. In contrast, the US personal banking division of the group generated a 6 per cent revenue increase to $4.9 billion, driven by branded card growth.

Analysts have billed 2024 as a bridge year for Citigroup as Fraser implements her turnaround plan. Investors have cheered on those efforts, sending the bank's stock 28 per cent higher so far this year, dramatically outperforming rivals.

Those regulatory headaches remain a reason investors are still approaching Citigroup with caution, even as the market cheers on its overhaul: Regulators recently dubbed the bank's plan for winding down in bankruptcy "deficient."

(With inputs from Reuters)

Citigroup beat estimates with second-quarter profit, driven by a surge in investment banking revenue and growth within its services division. The stock fell at the open as investors fretted over an uptick in costs and how the lender would boost market share.

Citigroup beat estimates with second-quarter profit, driven by a surge in investment banking revenue and growth within its services division. The stock fell at the open as investors fretted over an uptick in costs and how the lender would boost market share. The $1.52 a share profit topped the $1.39 analysts had forecast for the firm, according to LSEG data. Those were strong results, but one analyst from Moody's Ratings said Citi still has some ways to go before it hits its stated profitability goal of 11 per cent-12 per cent, up from the 7.2 per cent return on equity it generated in the second quarter, Warren Kornfeld said. The bank needs to gain market share and cut costs in areas where it is over-staffed, Kornfeld said: These results come shortly after US regulators fined Citigroup $136 million for not doing enough to rectify identified data management concerns from 2020. The bank has already charged off an amount to be used for these fines and further remediation efforts for data management. Citigroup CEO Jane Fraser is leading through the most sweeping revamp of the bank to improve performance, cut costs, and slim down its operations. As part of the turnarounds, the bank targets reducing the workforce by 20,000 employees in a minimum period of two years. Its total revenue for the second quarter came in at $20.1 billion, up 4 per cent year-over-year, boosted by a one-time $400 million gain related to the sale of Visa stock. Similar to what Fraser has been doing in an attempt to enhance transparency and accountability, Citigroup is now disclosing earnings separately for the following five business segments: services, markets, banking, US personal banking, and wealth management. Investment banking revenue soared 60 per cent to $853 million in the quarter, which is a long-awaited sign of recovery from the industry dealmaking slump. Such a surge fed a 38 per cent increase in overall banking revenue to $1.6 billion. As CFO Mark Mason notes, Citigroup looks forward to continued bounty from the markets, which include a strong debt issuance and probably mergers and acquisitions playing a larger role later in the year. In 2022, Citigroup appointed industry veteran Viswas Raghavan as the president of its banking operations. It is Fraser's gamble to know that Raghavan will breathe new life into the unit focused on serving multinationals. Revenue in the services segment, which includes Citigroup's crown jewel treasury and trade solutions business, increased 3 per cent to $4.7 billion. The business processes trillions of dollars in payments daily for multinational corporations across the globe. The strategic importance of this business was highlighted by Fraser recently at an investor day. Markets revenue increased 6 per cent to $5.1 billion on the back of a massive spike in equities trading revenue. Though operating expenses dropped 2 per cent to $13.4 billion thanks to the bank's restructuring efforts, these savings were compensated for by fines and connected investments in data remediation. Citigroup now projects full-year expenses to come in at the high end of its prior forecast range, excluding the regulatory penalties. It has yet to post any recognisable growth in one of its key growth areas: wealth management. Revenue was up a bare 2 per cent this quarter. In contrast, the US personal banking division of the group generated a 6 per cent revenue increase to $4.9 billion, driven by branded card growth. Analysts have billed 2024 as a bridge year for Citigroup as Fraser implements her turnaround plan. Investors have cheered on those efforts, sending the bank's stock 28 per cent higher so far this year, dramatically outperforming rivals. Those regulatory headaches remain a reason investors are still approaching Citigroup with caution, even as the market cheers on its overhaul: Regulators recently dubbed the bank's plan for winding down in bankruptcy "deficient." (With inputs from Reuters)

Citigroup beats profit estimates, but shares fall on expense concerns

Oil prices climbed for the third day on signs of stronger demand and hopes that the Federal Reserve will soon take its foot off the gas.&nbsp;

Brent crude ticked closer to $86 per barrel, while West Texas Intermediate eclipsed $83.

Fresh data showed an increase in US gasoline and jet fuel consumption as the summer travel season gets underway. Additionally, nationwide crude stockpiles continued to dwindle, while Brent's prompt spread emphasised tighter near-term conditions.

Slumping to its weakest since 2021, US inflation slowed sharply in June, fanning expectations that the Federal Reserve might cut borrowing costs this quarter. Concerning this development in price action, the sudden weakening of the US dollar happened amid a renewed appeal for commodities among overseas buyers.

Oil prices have risen this year as OPEC+ has restrained output to drain a glut in the market, offsetting increases from nations outside the group. The cartel anticipates that worldwide oil demand will gain more than 2 million barrels per day this year. However, the International Energy Agency injected a note of caution as it forecasted a slowing down of China's economic growth.

The underlying metrics portray strength despite lacklustre recent headline price movements. Brent's prompt spread- the gap between the two nearest contracts broke above $1 a barrel in backwardation this week, over twice the difference a month ago.

The performance of oil recently reflects some of the complexities that are at play in markets. In a market poised by improving indicators of demand and a looming potential pivot by the Federal Reserve, the oil market is caught between supply constraints and economic shifts.

Oil prices climbed for the third day on signs of stronger demand and hopes that the Federal Reserve will soon take its foot off the gas. Brent crude ticked closer to $86 per barrel, while West Texas Intermediate eclipsed $83.

Oil prices climbed for the third day on signs of stronger demand and hopes that the Federal Reserve will soon take its foot off the gas. Brent crude ticked closer to $86 per barrel, while West Texas Intermediate eclipsed $83. Fresh data showed an increase in US gasoline and jet fuel consumption as the summer travel season gets underway. Additionally, nationwide crude stockpiles continued to dwindle, while Brent's prompt spread emphasised tighter near-term conditions. Slumping to its weakest since 2021, US inflation slowed sharply in June, fanning expectations that the Federal Reserve might cut borrowing costs this quarter. Concerning this development in price action, the sudden weakening of the US dollar happened amid a renewed appeal for commodities among overseas buyers. Oil prices have risen this year as OPEC+ has restrained output to drain a glut in the market, offsetting increases from nations outside the group. The cartel anticipates that worldwide oil demand will gain more than 2 million barrels per day this year. However, the International Energy Agency injected a note of caution as it forecasted a slowing down of China's economic growth. The underlying metrics portray strength despite lacklustre recent headline price movements. Brent's prompt spread- the gap between the two nearest contracts broke above $1 a barrel in backwardation this week, over twice the difference a month ago. The performance of oil recently reflects some of the complexities that are at play in markets. In a market poised by improving indicators of demand and a looming potential pivot by the Federal Reserve, the oil market is caught between supply constraints and economic shifts.

Oil prices ascend as demand dynamics and Fed policy shifts converge

US producer prices increased in June continuing the trend of easing inflation that is strengthening expectations for a Federal Reserve interest rate cut in September.

The producer price index (PPI) is a measure of wholesale inflation.

It rose 0.2 per cent in June following flat reading in May.

This, according to the Labor Department's Bureau of Labor Statistics. The increase was slightly higher than the 0.1 per cent forecast by economists.

The 12-month PPI inflation rate climbed to 2.6 per cent in June. It was up from 2.4 per cent in May. However, this remains well below the highs seen earlier this year.

This news comes on the heels of Thursday's report showing a decline in consumer prices for the first time in four years.

The decline was driven by lower gasoline costs. There was a broad slowdown in the prices of goods and services including rent.

The combination of tame inflation data and a recent rise in the unemployment rate to a 2-and-a-half-year high of 4.1 per cent leads economists and financial markets to believe the Fed will cut interest rates in September.

Another reduction by year-end will potentially follow this action.

During his congressional testimony this week Federal Reserve Chair Jerome Powell acknowledged the improving inflation picture. However, he also expressed concerns about potential labour market weakness.

He stated, "We have seen considerable softening."

The Fed has kept its benchmark interest rate unchanged since last July. It has remained within the current range of 5.25 per cent to 5.50 per cent.

Since 2022 the central bank has raised rates by 5.25 percentage points. However, the recent economic data suggests a shift in policy direction.

This shift may be on the horizon.

(With inputs from Reuters)

US producer prices increased in June continuing the trend of easing inflation that is strengthening expectations for a Federal Reserve interest rate cut in September.

US producer prices increased in June continuing the trend of easing inflation that is strengthening expectations for a Federal Reserve interest rate cut in September. The producer price index (PPI) is a measure of wholesale inflation. It rose 0.2 per cent in June following flat reading in May. This, according to the Labor Department's Bureau of Labor Statistics. The increase was slightly higher than the 0.1 per cent forecast by economists. The 12-month PPI inflation rate climbed to 2.6 per cent in June. It was up from 2.4 per cent in May. However, this remains well below the highs seen earlier this year. This news comes on the heels of Thursday's report showing a decline in consumer prices for the first time in four years. The decline was driven by lower gasoline costs. There was a broad slowdown in the prices of goods and services including rent. The combination of tame inflation data and a recent rise in the unemployment rate to a 2-and-a-half-year high of 4.1 per cent leads economists and financial markets to believe the Fed will cut interest rates in September. Another reduction by year-end will potentially follow this action. During his congressional testimony this week Federal Reserve Chair Jerome Powell acknowledged the improving inflation picture. However, he also expressed concerns about potential labour market weakness. He stated, "We have seen considerable softening." The Fed has kept its benchmark interest rate unchanged since last July. It has remained within the current range of 5.25 per cent to 5.50 per cent. Since 2022 the central bank has raised rates by 5.25 percentage points. However, the recent economic data suggests a shift in policy direction. This shift may be on the horizon. (With inputs from Reuters)

Producer prices rise modestly, bolstering case for Fed rate cut in September

Saudi Arabia officially ended its 50-year 'Petrodollar' agreement with the United States, shifting to a multicurrency system for oil sales.

This transition allows the kingdom to sell oil in various currencies and is a welcome sign for those countries looking at options other than the dollar use.

Now, let's understand the Saudi-US deal for pegging the dollar for global oil sales.

The dollar's dominance was influenced by an agreement between Saudi Arabia and the US in which the kingdom agreed to exchange US dollars for crude oil shipments.

So, after the historic deal in 1974, much of the world followed a dollar-based price in the international oil market.

The shift away from the so-called Petrodollar deal by Saudi Arabia would alter the global economic landscape and threaten the dollar's dominance in international trade, even though the kingdom has not officially acknowledged the shift away from the greenback completely.

BRICS &amp; multi-currency trade&nbsp;

This move coincides with Saudi Arabia's recent participation as a guest nation at the BRICS outreach ministerial meeting in Russia.

BRICS, now comprising 10 full members, including Saudi Arabia, Egypt, Iran, UAE, and Ethiopia, is pushing for greater use of local currencies in international trade and financial transactions.

The BRICS meeting, held for the first time since the group's expansion in 2023, emphasised the necessity for reforms in International Financial Institutions, including the IMF and World Bank.

Meanwhile, both China &amp; Russia have called out the West for 'building walls' &amp; disrupting global trade.

Why is this happening?

The broader rhetoric of financial sanctions as a geopolitical tool by the US is driving these decisions of countries trying to move away from the dollar for global trade settlements.

The recent sanctions by the US and its Western allies on Russia to isolate it from the global financial system are a significant reason, as other countries worry about similar consequences in the future.

While Russia has managed to trade and expand outside the dollar-denominated markets, the sanctions have weighed on its exports and imports.

'Weaponisation' of foreign exchange reserves?

According to a poll by the UBS Group, central bank reserve managers are increasingly worried about the safety of their foreign currency holdings.

The poll respondents attributed this rising worry to the rising global geopolitical risk. 
&nbsp; 
The so-called "weaponisation" of foreign exchange reserves was deemed a high risk by one-third of the participants, double the number from the previous year.

For 87 per cent of the 40 central banks polled by UBS, the situation in West Asia, increasing tensions between China and the US, and the ongoing war between Russia and Ukraine were the top concerns.

With the risk that if hostilities intensify, central banks could face sanctions, seizures, or asset tapping, the viability of FX reserves as a viable option is being questioned.

The proposal to use the proceedings from Russia's frozen foreign-currency assets to aid in Ukraine's reconstruction endangers the usefulness of FX reserves, the safest and most liquid way for a nation to hold its money.

De-dollarisation jumps ahead?

If these worries cause people to flee dollar-denominated assets, the dominance of the US currency could be further challenged.

Global central banks, which manage the world's foreign exchange reserves, hold an average dollar amount of 55 per cent in their import war chest, which has remained relatively unchanged from 56 per cent a year ago.

However, that proportion has steadily declined from 67 per cent in 2021. &nbsp;

About 8 per cent of the respondents reported increasing their yen holdings, and 25 per cent said they increased their euro allocations in an attempt to diversify away from the dollar in their reserve mix.

As geopolitical risks rise, central banks are also increasing their gold reserves.

Some analysts think that political forces will use currency reserves as a weapon and that the dollar will suffer as a result.

Saudi Arabia officially ended its 50-year 'Petrodollar' agreement with the United States, shifting to a multicurrency system for oil sales. This transition allows the kingdom to sell oil in various currencies and is a welcome sign for those countries looking at options other than the dollar use.

Saudi Arabia officially ended its 50-year 'Petrodollar' agreement with the United States, shifting to a multicurrency system for oil sales. This transition allows the kingdom to sell oil in various currencies and is a welcome sign for those countries looking at options other than the dollar use. Now, let's understand the Saudi-US deal for pegging the dollar for global oil sales. The dollar's dominance was influenced by an agreement between Saudi Arabia and the US in which the kingdom agreed to exchange US dollars for crude oil shipments. So, after the historic deal in 1974, much of the world followed a dollar-based price in the international oil market. The shift away from the so-called Petrodollar deal by Saudi Arabia would alter the global economic landscape and threaten the dollar's dominance in international trade, even though the kingdom has not officially acknowledged the shift away from the greenback completely. BRICS & multi-currency trade This move coincides with Saudi Arabia's recent participation as a guest nation at the BRICS outreach ministerial meeting in Russia. BRICS, now comprising 10 full members, including Saudi Arabia, Egypt, Iran, UAE, and Ethiopia, is pushing for greater use of local currencies in international trade and financial transactions. The BRICS meeting, held for the first time since the group's expansion in 2023, emphasised the necessity for reforms in International Financial Institutions, including the IMF and World Bank. Meanwhile, both China & Russia have called out the West for 'building walls' & disrupting global trade. Why is this happening? The broader rhetoric of financial sanctions as a geopolitical tool by the US is driving these decisions of countries trying to move away from the dollar for global trade settlements. The recent sanctions by the US and its Western allies on Russia to isolate it from the global financial system are a significant reason, as other countries worry about similar consequences in the future. While Russia has managed to trade and expand outside the dollar-denominated markets, the sanctions have weighed on its exports and imports. 'Weaponisation' of foreign exchange reserves? According to a poll by the UBS Group, central bank reserve managers are increasingly worried about the safety of their foreign currency holdings. The poll respondents attributed this rising worry to the rising global geopolitical risk. The so-called "weaponisation" of foreign exchange reserves was deemed a high risk by one-third of the participants, double the number from the previous year. For 87 per cent of the 40 central banks polled by UBS, the situation in West Asia, increasing tensions between China and the US, and the ongoing war between Russia and Ukraine were the top concerns. With the risk that if hostilities intensify, central banks could face sanctions, seizures, or asset tapping, the viability of FX reserves as a viable option is being questioned. The proposal to use the proceedings from Russia's frozen foreign-currency assets to aid in Ukraine's reconstruction endangers the usefulness of FX reserves, the safest and most liquid way for a nation to hold its money. De-dollarisation jumps ahead? If these worries cause people to flee dollar-denominated assets, the dominance of the US currency could be further challenged. Global central banks, which manage the world's foreign exchange reserves, hold an average dollar amount of 55 per cent in their import war chest, which has remained relatively unchanged from 56 per cent a year ago. However, that proportion has steadily declined from 67 per cent in 2021. About 8 per cent of the respondents reported increasing their yen holdings, and 25 per cent said they increased their euro allocations in an attempt to diversify away from the dollar in their reserve mix. As geopolitical risks rise, central banks are also increasing their gold reserves. Some analysts think that political forces will use currency reserves as a weapon and that the dollar will suffer as a result.

What Saudi's decision to end the 'Petrodollar' deal mean?

JPMorgan Chase, the largest bank in the United States, has turned in better-than-expected second-quarter profits due to its perfect investment banking business with the high tide of merger and acquisition activities.

With a confident U.S. economic outlook buoying more companies to raise capital and strike deals, this would further enrich fee income for Wall Street banks.

JPMorgan's investment banking fees leapt 50 per cent from a low base in the previous quarter, topping the company's prediction of a 25 per cent-30 per cent rise.

JPMorgan CEO Jamie Dimon changed his mind from stating a similar list to admitting good signs about the economy but warned that there could be risks—to include "the most dangerous geopolitical situation in my career since World War II," not to add inflation and interest rates going higher than expected due to factors such as large fiscal deficits and trade disruption.

Provisions for possible loan losses rose 62 per cent compared with the first quarter, as it took an increasingly cautious stance.

But there was little sign of this caution's chilling effect on lending, which remained healthy, as higher interest rates buoyed net interest income.

The overall profit of JPMorgan rose 25 per cent to $18.15 billion, topping analyst expectations. Net income was still higher than analyst estimates, excluding a one-time gain from a deal with Visa.

Trading revenue did very well with a year-over-year increase of 10 per cent.

As far as its commercial and investment banking unit went, it marked record revenue for the first half of the year.

A spate of analysts pointed at the strong performance in investment banking and trading, while there were some pointers to weakness in consumer banking.

"The strength in investment banking and trading more than offset weak spots elsewhere," Opimas CEO Octavio Marenzi said to Reuters. The stock of JPMorgan eased a little in pre-market trade.

Investors had been paying close attention to succession plans at the bank, as Chief Executive Dimon is expected to retire in the next couple of years.

The board at JPMorgan is said to be reviewing an array of names, including co-heads for the commercial and investment bank, the consumer and community banking chief and the head of the asset and wealth management division.

(With inputs from Reuters)

JPMorgan Chase, the largest bank in the United States, has turned in better-than-expected second-quarter profits due to its perfect investment banking business with the high tide of merger and acquisition activities.

JPMorgan Chase, the largest bank in the United States, has turned in better-than-expected second-quarter profits due to its perfect investment banking business with the high tide of merger and acquisition activities. With a confident U.S. economic outlook buoying more companies to raise capital and strike deals, this would further enrich fee income for Wall Street banks. JPMorgan's investment banking fees leapt 50 per cent from a low base in the previous quarter, topping the company's prediction of a 25 per cent-30 per cent rise. JPMorgan CEO Jamie Dimon changed his mind from stating a similar list to admitting good signs about the economy but warned that there could be risks—to include "the most dangerous geopolitical situation in my career since World War II," not to add inflation and interest rates going higher than expected due to factors such as large fiscal deficits and trade disruption. Provisions for possible loan losses rose 62 per cent compared with the first quarter, as it took an increasingly cautious stance. But there was little sign of this caution's chilling effect on lending, which remained healthy, as higher interest rates buoyed net interest income. The overall profit of JPMorgan rose 25 per cent to $18.15 billion, topping analyst expectations. Net income was still higher than analyst estimates, excluding a one-time gain from a deal with Visa. Trading revenue did very well with a year-over-year increase of 10 per cent. As far as its commercial and investment banking unit went, it marked record revenue for the first half of the year. A spate of analysts pointed at the strong performance in investment banking and trading, while there were some pointers to weakness in consumer banking. "The strength in investment banking and trading more than offset weak spots elsewhere," Opimas CEO Octavio Marenzi said to Reuters. The stock of JPMorgan eased a little in pre-market trade. Investors had been paying close attention to succession plans at the bank, as Chief Executive Dimon is expected to retire in the next couple of years. The board at JPMorgan is said to be reviewing an array of names, including co-heads for the commercial and investment bank, the consumer and community banking chief and the head of the asset and wealth management division. (With inputs from Reuters)

JPMorgan Chase beats profit estimates on strong dealmaking, trading

'The Boeing Curse' has engulfed the aviation industry in a supply-demand 'tug of war'. While demand for air travel is peaking in 2024, owing to holidays and recovery post-COVID, supply woes continue to disrupt delivery plans for Boeing and Airbus. This is causing restlessness among major airlines, who are paying more to keep 'dated' aircrafts working overtime.

In yet another industry blow cited by Bloomberg News, Boeing has notified some 737 MAX customers of potential delays of 3 to 6 months for deliveries scheduled for 2025 &amp; 2026.

This adds to the production slowdowns caused by increased regulatory scrutiny and supply-chain issues. This slowdown is not restricted to Boeing. Even Airbus is struggling with production delays, with significant delays in the first quarter of 2024. However, Airbus is experiencing much less turbulence than Boeing, which is facing a criminal trial to top all this production chaos.&nbsp;

June came with a bit of sunshine, as it became Boeing's highest monthly delivery total since January. Boeing is also nearing a multi-billion dollar deal with Korean Air to sell 20 to 30 777X jets. Still, the journey for Boeing is 'clouded' with multiple 'shocks' lurking.

Meanwhile, Boeing's ambitious space project, the Starliner, continues to be stranded in space. NASA's astronauts Sunita Williams and Barry Wilmore are still docked with the International Space Station after facing delays due to technical problems. They had launched in June but encountered issues like helium leaks and thruster malfunctions. While both astronauts expressed confidence in a safe return on Starliner, the exact timeline for their journey back to Earth remains uncertain.

'The Boeing Curse' has engulfed the aviation industry in a supply-demand 'tug of war'. While demand for air travel is peaking in 2024, owing to holidays and recovery post-COVID, supply woes continue to disrupt delivery plans for Boeing and Airbus.

'The Boeing Curse' has engulfed the aviation industry in a supply-demand 'tug of war'. While demand for air travel is peaking in 2024, owing to holidays and recovery post-COVID, supply woes continue to disrupt delivery plans for Boeing and Airbus. This is causing restlessness among major airlines, who are paying more to keep 'dated' aircrafts working overtime. In yet another industry blow cited by Bloomberg News, Boeing has notified some 737 MAX customers of potential delays of 3 to 6 months for deliveries scheduled for 2025 & 2026. This adds to the production slowdowns caused by increased regulatory scrutiny and supply-chain issues. This slowdown is not restricted to Boeing. Even Airbus is struggling with production delays, with significant delays in the first quarter of 2024. However, Airbus is experiencing much less turbulence than Boeing, which is facing a criminal trial to top all this production chaos. June came with a bit of sunshine, as it became Boeing's highest monthly delivery total since January. Boeing is also nearing a multi-billion dollar deal with Korean Air to sell 20 to 30 777X jets. Still, the journey for Boeing is 'clouded' with multiple 'shocks' lurking. Meanwhile, Boeing's ambitious space project, the Starliner, continues to be stranded in space. NASA's astronauts Sunita Williams and Barry Wilmore are still docked with the International Space Station after facing delays due to technical problems. They had launched in June but encountered issues like helium leaks and thruster malfunctions. While both astronauts expressed confidence in a safe return on Starliner, the exact timeline for their journey back to Earth remains uncertain.

'The Boeing Curse': Production setbacks haunt aviation industry beyond 2024

Some of the opposition leaders in India, including Prashant Bhushan, Jairam Ramesh, and Saket Gokhale, have been cited by a BusinessWorld report as accusing the government of "major scam" facilitation through silver imports via Gujarat International Finance Tec-City.

However, experts believe those allegations are devoid of any merit.

The accusations have come forth in light of the sudden increase in silver imports from Dubai routed through GIFT City.

This surge in imports has come at a time when the India-UAE Comprehensive Economic Partnership Agreement came into force in May 2022, providing a preferential customs duty of 8 per cent on silver imports from the UAE, against the 15 per cent duty levied on imports from other countries like China.

This shift in import sources has been attributed to a deliberate attempt by the Indian government to reduce dependence on China, with whom India has strained political relations.

It is for this reason that China has supplied much silver before 2023 to India.

From the recent budget of 2023, the government increased the customs duty on silver imports from China to 15 per cent, which greatly saw the imports from that country drop significantly.

Opposition leaders base those scam allegations on a GTRI report titled "FTA Led Spike in Gold and Silver Imports from UAE."

Noting that there may be possibilities of "tariff arbitrage" by which a few importers could make undue gains by taking advantage of the difference in duty, the GTRI report is stressed.

However, experts counter that this report fails to consider the overall geopolitical perspective and the gainful provisions CEPA granted.

It is the highlight of the experts that it is not one-way traffic.

India has also gotten concessions on its exports to the UAE, which include jewellery that attracts a 5 per cent waiver on import duty.

This is a bilateral trade agreement, an opportunity for Indian manufacturers to take on China in the global market.

Further, experts highlight that the GTRI report does not account for the loss in revenue India would have incurred by continuing to rely on China for silver imports.

They believe the report is one-sided and the research methodology or skills of the people who put together it were never made transparent.

While the surge in silver imports through GIFT City raised an eyebrow, experts believe there was no reason to fear.

This only reflects more of a strategic move by the Indian government, which tends to decrease dependence on China and boost India's trading competitiveness.

Some of the opposition leaders in India, including Prashant Bhushan, Jairam Ramesh, and Saket Gokhale, have been cited by a BusinessWorld report as accusing the government of "major scam" facilitation through silver imports via Gujarat International Finance Tec-City.

Some of the opposition leaders in India, including Prashant Bhushan, Jairam Ramesh, and Saket Gokhale, have been cited by a BusinessWorld report as accusing the government of "major scam" facilitation through silver imports via Gujarat International Finance Tec-City. However, experts believe those allegations are devoid of any merit. The accusations have come forth in light of the sudden increase in silver imports from Dubai routed through GIFT City. This surge in imports has come at a time when the India-UAE Comprehensive Economic Partnership Agreement came into force in May 2022, providing a preferential customs duty of 8 per cent on silver imports from the UAE, against the 15 per cent duty levied on imports from other countries like China. This shift in import sources has been attributed to a deliberate attempt by the Indian government to reduce dependence on China, with whom India has strained political relations. It is for this reason that China has supplied much silver before 2023 to India. From the recent budget of 2023, the government increased the customs duty on silver imports from China to 15 per cent, which greatly saw the imports from that country drop significantly. Opposition leaders base those scam allegations on a GTRI report titled "FTA Led Spike in Gold and Silver Imports from UAE." Noting that there may be possibilities of "tariff arbitrage" by which a few importers could make undue gains by taking advantage of the difference in duty, the GTRI report is stressed. However, experts counter that this report fails to consider the overall geopolitical perspective and the gainful provisions CEPA granted. It is the highlight of the experts that it is not one-way traffic. India has also gotten concessions on its exports to the UAE, which include jewellery that attracts a 5 per cent waiver on import duty. This is a bilateral trade agreement, an opportunity for Indian manufacturers to take on China in the global market. Further, experts highlight that the GTRI report does not account for the loss in revenue India would have incurred by continuing to rely on China for silver imports. They believe the report is one-sided and the research methodology or skills of the people who put together it were never made transparent. While the surge in silver imports through GIFT City raised an eyebrow, experts believe there was no reason to fear. This only reflects more of a strategic move by the Indian government, which tends to decrease dependence on China and boost India's trading competitiveness.

Silver imports no scam, say experts countering opposition claims

The average Indian consumer is evolving. With the world on the tip of their hands, ambitions are soaring. ‘Affordable spending’ is still in the DNA, but the desire for luxury is slowly transforming the consumer landscape.

This analysis is reflective of a recent consumption trend. Luxury housing sales (more than $10 million) accounted for 41 per cent of the total housing sales in the first six months of 2024.

This luxury realty boom highlights the desire of an Indian consumer to have a home beyond ‘4-walls’. Real estate developers are also adapting, riding on the rising demand and desire for luxury. Ashwin Sheth Group, a Mumbai-based luxury real estate&nbsp;developer,&nbsp;&nbsp;recently announced new identity and expansion plans across India. The company is also planning to raise an IPO worth $359 million.

<a href="https://www.linkedin.com/in/bhavik-bhandari-13868511/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&amp;originalSubdomain=in">Bhavik Bhandari</a>, Chief Sales &amp; Marketing Officer at Ashwin Sheth Group, spoke to WION regarding the luxury market trends and government policies that have aided the growing consumption.

‘Markets across segments have evolved significantly. Consumers expect more since their experience is now more global than ever before. Luxury is not about the product per se but about the experience itself. Having multiple checkpoints for consumers to reach out to a brand is also luxury as it elevates the overall experience,' he said.

According to Bhandari, the concept of space has evolved. Owning a bigger space means you have ‘arrived’. When ambitions soar beyond 2 &amp; 3 BHKs and into 5-BHK penthouses, developers must also cater to this rising demand.&nbsp;

Speaking on the rise of ‘Branded Residencies,’ Bhandari highlighted the culture of collaboration with international brands, which allows for offering best-in-line products to match the consumer's aspirations.&nbsp;&nbsp;Another notable shift is the rise in ‘design nuances’, which includes the tech and security of the residence and how safe and grand it is. ‘Triple-height lobbies, one-of-a-kind clubhouses, finishes and amenities in the rooms, all this helps in elevating consumer experience’, Bhandari said.

Regarding the specific government policies that have supported this growth, Bhandari spoke about the RERA (Real Estate Regulatory Authority) Act. It came into effect in 2017 and aims to make the home-buying process more transparent and address the concerns of home buyers and all stakeholders. ‘The RERA&nbsp;regime has been really beneficial. Post-RERA, buyers have more optimism and a sense of security. It has also created a level-playing field and consolidation among industry players.&nbsp;&nbsp;Another major highlight is the rise of real estate beyond regional markets. Post-RERA, consumers are opening up about their demands. Now, one can stay in Mumbai but still buy lucrative properties in Bangalore or any other region’, he said.

No rosy outlook is without&nbsp;thorns. Speaking of the challenges, Bhandari highlighted the challenges in expansion, especially in other cities. This calls for more research into consumer behaviour across regions.&nbsp;&nbsp;However, the overall outlook remains positive and growth-oriented as luxury becomes ‘decentralised’.

The average Indian consumer is evolving. With the world on the tip of their hands, ambitions are soaring. ‘Affordable spending’ is still in the DNA, but the desire for luxury is slowly transforming the consumer landscape.

The average Indian consumer is evolving. With the world on the tip of their hands, ambitions are soaring. ‘Affordable spending’ is still in the DNA, but the desire for luxury is slowly transforming the consumer landscape. This analysis is reflective of a recent consumption trend. Luxury housing sales (more than $10 million) accounted for 41 per cent of the total housing sales in the first six months of 2024. This luxury realty boom highlights the desire of an Indian consumer to have a home beyond ‘4-walls’. Real estate developers are also adapting, riding on the rising demand and desire for luxury. Ashwin Sheth Group, a Mumbai-based luxury real estate developer, recently announced new identity and expansion plans across India. The company is also planning to raise an IPO worth $359 million. Bhavik Bhandari, Chief Sales & Marketing Officer at Ashwin Sheth Group, spoke to WION regarding the luxury market trends and government policies that have aided the growing consumption. ‘Markets across segments have evolved significantly. Consumers expect more since their experience is now more global than ever before. Luxury is not about the product per se but about the experience itself. Having multiple checkpoints for consumers to reach out to a brand is also luxury as it elevates the overall experience,' he said. According to Bhandari, the concept of space has evolved. Owning a bigger space means you have ‘arrived’. When ambitions soar beyond 2 & 3 BHKs and into 5-BHK penthouses, developers must also cater to this rising demand. Speaking on the rise of ‘Branded Residencies,’ Bhandari highlighted the culture of collaboration with international brands, which allows for offering best-in-line products to match the consumer's aspirations. Another notable shift is the rise in ‘design nuances’, which includes the tech and security of the residence and how safe and grand it is. ‘Triple-height lobbies, one-of-a-kind clubhouses, finishes and amenities in the rooms, all this helps in elevating consumer experience’, Bhandari said. Regarding the specific government policies that have supported this growth, Bhandari spoke about the RERA (Real Estate Regulatory Authority) Act. It came into effect in 2017 and aims to make the home-buying process more transparent and address the concerns of home buyers and all stakeholders. ‘The RERA regime has been really beneficial. Post-RERA, buyers have more optimism and a sense of security. It has also created a level-playing field and consolidation among industry players. Another major highlight is the rise of real estate beyond regional markets. Post-RERA, consumers are opening up about their demands. Now, one can stay in Mumbai but still buy lucrative properties in Bangalore or any other region’, he said. No rosy outlook is without thorns. Speaking of the challenges, Bhandari highlighted the challenges in expansion, especially in other cities. This calls for more research into consumer behaviour across regions. However, the overall outlook remains positive and growth-oriented as luxury becomes ‘decentralised’.

Indian consumer trends: Luxury housing boom redefines India’s real estate sector

For the very first time since making landmark climate neutrality commitments in 2020, China did not permit any new coal-based steelmaking projects in the first half of the year, according to a report released Thursday. This marks quite a blunt move in the country's approach toward greenifying the industry.

All 7.1 million tons of the annual steelmaking capacity approved by provincial governments in the first half of the year used electric arc furnaces, running on recycled scrap and electricity, and hence are a cleaner alternative to traditional coal-based methods, according to a report by the Center for Research on Energy and Clean Air.

The steel sector accounts for the second-largest source of China's carbon emissions at about 15 per cent, making the sector key to Beijing's 2060 goal for carbon neutrality. In recent years, Beijing has been seeking to clamp down on crude steel output and promote cleaner steelmaking technologies. However, challenges remain as mills are under pressure with low margins amid a sluggish economy.

According to CREA, this move might just be the signal step in China's decarbonisation of steel. This alone could help China slash 200 million tons of carbon dioxide emissions from the steel industry by 2025—representing a 10 per cent decrease from its peak in 2020, said the research organisation.

In May, the world's largest steel consumer announced a new action plan for the sector covering 2024-2025, aiming to reduce a total of 53 million tons of emissions and severely restricting low-value iron and steel exports.

“As China’s steel demand peaks and more scrap becomes available, it brings us a major opportunity to reduce emissions over the next 10 years,” Xinyi Shen, the lead author, said in the report.

China has taken proactive steps to reduce coal-based steel projects and promote cleaner alternatives, underlining the commitment to long-term environmental goals despite economic challenges. It can indeed turn the tide of global efforts toward fighting climate change.

For the very first time since making landmark climate neutrality commitments in 2020, China did not permit any new coal-based steelmaking projects in the first half of the year, according to a report released Thursday.

For the very first time since making landmark climate neutrality commitments in 2020, China did not permit any new coal-based steelmaking projects in the first half of the year, according to a report released Thursday. This marks quite a blunt move in the country's approach toward greenifying the industry. All 7.1 million tons of the annual steelmaking capacity approved by provincial governments in the first half of the year used electric arc furnaces, running on recycled scrap and electricity, and hence are a cleaner alternative to traditional coal-based methods, according to a report by the Center for Research on Energy and Clean Air. The steel sector accounts for the second-largest source of China's carbon emissions at about 15 per cent, making the sector key to Beijing's 2060 goal for carbon neutrality. In recent years, Beijing has been seeking to clamp down on crude steel output and promote cleaner steelmaking technologies. However, challenges remain as mills are under pressure with low margins amid a sluggish economy. According to CREA, this move might just be the signal step in China's decarbonisation of steel. This alone could help China slash 200 million tons of carbon dioxide emissions from the steel industry by 2025—representing a 10 per cent decrease from its peak in 2020, said the research organisation. In May, the world's largest steel consumer announced a new action plan for the sector covering 2024-2025, aiming to reduce a total of 53 million tons of emissions and severely restricting low-value iron and steel exports. “As China’s steel demand peaks and more scrap becomes available, it brings us a major opportunity to reduce emissions over the next 10 years,” Xinyi Shen, the lead author, said in the report. China has taken proactive steps to reduce coal-based steel projects and promote cleaner alternatives, underlining the commitment to long-term environmental goals despite economic challenges. It can indeed turn the tide of global efforts toward fighting climate change.

China's steel revolution: pioneering decarbonisation for global impact

Cost-conscious shoppers at Costco will now have to fork over an extra $5 to $10 per year as the popular warehouse chain said it will raise its membership fees for the first time in seven years.

In a monthly sales report on Wednesday, the Issaquah, Washington company said that it would increase the fee to gain entry into its more than 700 warehouses in the US and Canada by 8 per cent.

The new fees — which are effective Sept. 1 — will boost the price of Costco's basic Gold Star membership from $60 to $65 per year and the premium Executive membership from $120 to $130 a year. The annual fee hadn't budged since 2017, &nbsp;while several years of unusually high inflation rates—now finally cooling off in recent months—held sway.

No wonder, with inflationary pressures squeezing household budgets for many families lately, people appreciate more than ever Costco's promise to sell just about everything at rock-bottom prices. Of course, that phenomenon has worked for the company's bottom line and made its stock quite a commodity among investors. In merely the last 18 months, shares of Costco nearly doubled, adding some $180 billion to the company's market value.

The fee increase and Costco's newest sales gains pushed its shares up over 2 per cent following the news release. If the stock moves similarly in the regular trading session on Thursday, the shares will blow past a record.

In addition to the higher fees, Costco said that its total sales for the five-week period ending July 7 were $24.48 billion, a jump of more than 7 per cent from the same period a year ago.

The Costco membership fee increase simply underscores the tightrope businesses walk navigating a precarious economic climate. With the policy of low prices and incrementally higher membership fees, Costco strikes a fine balance between being attractive to value-minded consumers and keeping the company financially healthy. It is a move that will bring better customer loyalty and set it on one of long-term growth and market leadership.

Cost-conscious shoppers at Costco will now have to fork over an extra $5 to $10 per year as the popular warehouse chain said it will raise its membership fees for the first time in seven years.

Cost-conscious shoppers at Costco will now have to fork over an extra $5 to $10 per year as the popular warehouse chain said it will raise its membership fees for the first time in seven years. In a monthly sales report on Wednesday, the Issaquah, Washington company said that it would increase the fee to gain entry into its more than 700 warehouses in the US and Canada by 8 per cent. The new fees — which are effective Sept. 1 — will boost the price of Costco's basic Gold Star membership from $60 to $65 per year and the premium Executive membership from $120 to $130 a year. The annual fee hadn't budged since 2017, while several years of unusually high inflation rates—now finally cooling off in recent months—held sway. No wonder, with inflationary pressures squeezing household budgets for many families lately, people appreciate more than ever Costco's promise to sell just about everything at rock-bottom prices. Of course, that phenomenon has worked for the company's bottom line and made its stock quite a commodity among investors. In merely the last 18 months, shares of Costco nearly doubled, adding some $180 billion to the company's market value. The fee increase and Costco's newest sales gains pushed its shares up over 2 per cent following the news release. If the stock moves similarly in the regular trading session on Thursday, the shares will blow past a record. In addition to the higher fees, Costco said that its total sales for the five-week period ending July 7 were $24.48 billion, a jump of more than 7 per cent from the same period a year ago. The Costco membership fee increase simply underscores the tightrope businesses walk navigating a precarious economic climate. With the policy of low prices and incrementally higher membership fees, Costco strikes a fine balance between being attractive to value-minded consumers and keeping the company financially healthy. It is a move that will bring better customer loyalty and set it on one of long-term growth and market leadership.

Costco breaks 7-Year streak with membership fee hike: a strategic play on loyalty and growth

Advanced Micro Devices on Wednesday said it will acquire Finnish artificial intelligence startup Silo AI for about $665 million in cash in an increasingly competitive landscape of AI chips. The transaction is part of a bid to improve AMD's AI chip capabilities to better compete with arch-rival Nvidia Corporation.

Training and developing large language models is a complex task, even for the largest tech companies. The Silo AI acquisition will let AMD further develop and deploy AMD-powered AI models and help potential customers build complex AI models with the company's chips, AMD said.

The acquisition is likely to beef up AMD's software development efforts as well. While the transaction will not have any immediate impact on AMD's financials, it "unlocks a significant amount of business moving forward," AMD Senior Vice President of AI, Vamsi Boppana said in an interview. However, AMD did not give any concrete estimates for the business that this acquisition would generate.

Silo AI is a Helsinki, Finland-based startup offering end-to-end AI-driven solutions to customers by the integration of AI technology into their products and services. Working across Europe and North America, this company has operated with some of the most recognisable brands, such as Philips, Rolls-Royce, and Unilever.

Peter Sarlin, CEO and co-founder of Silo AI, will still be at the helm to lead the unit as part of the AMD Artificial Intelligence Group, AMD said. The deal is expected to close in the second half of 2024.

This acquisition is the latest in a series of strategic moves aimed at furthering AMD in the AI space. AMD also purchased AI software firms Mipsology and Nod.ai last year, and it has invested over $125 million in a dozen AI companies over the past 12 months.

Advanced Micro Devices on Wednesday said it will acquire Finnish artificial intelligence startup Silo AI for about $665 million in cash in an increasingly competitive landscape of AI chips.

Advanced Micro Devices on Wednesday said it will acquire Finnish artificial intelligence startup Silo AI for about $665 million in cash in an increasingly competitive landscape of AI chips. The transaction is part of a bid to improve AMD's AI chip capabilities to better compete with arch-rival Nvidia Corporation. Training and developing large language models is a complex task, even for the largest tech companies. The Silo AI acquisition will let AMD further develop and deploy AMD-powered AI models and help potential customers build complex AI models with the company's chips, AMD said. The acquisition is likely to beef up AMD's software development efforts as well. While the transaction will not have any immediate impact on AMD's financials, it "unlocks a significant amount of business moving forward," AMD Senior Vice President of AI, Vamsi Boppana said in an interview. However, AMD did not give any concrete estimates for the business that this acquisition would generate. Silo AI is a Helsinki, Finland-based startup offering end-to-end AI-driven solutions to customers by the integration of AI technology into their products and services. Working across Europe and North America, this company has operated with some of the most recognisable brands, such as Philips, Rolls-Royce, and Unilever. Peter Sarlin, CEO and co-founder of Silo AI, will still be at the helm to lead the unit as part of the AMD Artificial Intelligence Group, AMD said. The deal is expected to close in the second half of 2024. This acquisition is the latest in a series of strategic moves aimed at furthering AMD in the AI space. AMD also purchased AI software firms Mipsology and Nod.ai last year, and it has invested over $125 million in a dozen AI companies over the past 12 months.

Can AMD outsmart Nvidia with $665 Million Silo AI deal?

Federal Reserve Governor Lisa Cook was upbeat on the trajectory of the US economy on Wednesday, saying that inflation may further go down without a huge jump in unemployment.&nbsp;

In prepared remarks for an economics conference in Australia, Cook drew succinctly to point at evidence that, in her view, a "soft landing" for the US economy was lining up.

Based on Cook, the Fed's preferred measure of inflation recently hovered at 2.6 per cent, just a shade above the central bank's 2 per cent target, while the well-behaved unemployment rate was at 4.1 per cent.

"My baseline forecast...is that inflation will continue to move toward target over time, without much further rise in unemployment," Cook said

She did acknowledge that soft landings—the pressures of inflation going down without a recession—have occurred only a few times in the history of economies, but she also emphasised the rapid deflation of inflation and holding unemployment par as being bright spots for that scenario. No doubt this is a situation where timing with regard to the easing of monetary policy by the Fed makes a difference.

Soft landings are "more likely when policy easing began with inflation already close to target and when there was a relatively firm growth backdrop," she said. "In the US, what I have seen so far appears to be consistent with a soft landing: Inflation has fallen significantly from its peak, and the labour market has gradually cooled but remains strong."

The next meeting of the Federal Reserve is on July 30-31, and investors are now betting on possible rate cuts as early as the next meeting in September.&nbsp;

Cook's comment infers that the Fed is watching trends in inflation and labour market stability to achieve a balanced approach to monetary policy adjustments.

Federal Reserve Governor Lisa Cook was upbeat on the trajectory of the US economy on Wednesday, saying that inflation may further go down without a huge jump in unemployment.

Federal Reserve Governor Lisa Cook was upbeat on the trajectory of the US economy on Wednesday, saying that inflation may further go down without a huge jump in unemployment. In prepared remarks for an economics conference in Australia, Cook drew succinctly to point at evidence that, in her view, a "soft landing" for the US economy was lining up. Based on Cook, the Fed's preferred measure of inflation recently hovered at 2.6 per cent, just a shade above the central bank's 2 per cent target, while the well-behaved unemployment rate was at 4.1 per cent. "My baseline forecast...is that inflation will continue to move toward target over time, without much further rise in unemployment," Cook said She did acknowledge that soft landings—the pressures of inflation going down without a recession—have occurred only a few times in the history of economies, but she also emphasised the rapid deflation of inflation and holding unemployment par as being bright spots for that scenario. No doubt this is a situation where timing with regard to the easing of monetary policy by the Fed makes a difference. Soft landings are "more likely when policy easing began with inflation already close to target and when there was a relatively firm growth backdrop," she said. "In the US, what I have seen so far appears to be consistent with a soft landing: Inflation has fallen significantly from its peak, and the labour market has gradually cooled but remains strong." The next meeting of the Federal Reserve is on July 30-31, and investors are now betting on possible rate cuts as early as the next meeting in September. Cook's comment infers that the Fed is watching trends in inflation and labour market stability to achieve a balanced approach to monetary policy adjustments.

US Fed's soft landing bet: inflation falls, jobs steady, rate cuts loom

India's new budget is poised to significantly impact the country’s real estate industry, particularly in the realm of affordable housing.&nbsp; 
&nbsp; 
Over recent years, affordable housing initiatives have catalysed progress by offering tax incentives to developers and homebuyers alike.&nbsp; 
&nbsp; 
But the general consensus is that more needs to be done.&nbsp; 
&nbsp; 
Indeed, despite these strides, challenges persist.&nbsp; 
&nbsp; 
These range from high land costs for acquisition to rising construction costs, as well as the need for sustainable development practices. 
&nbsp; 
From a consumer perspective, the focus lies on measures that could potentially enhance affordability and accessibility to homes.&nbsp; 
&nbsp; 
Some of the major expectations include a reduction of the GST rate on basic construction materials like cement, which currently stands at 28 per cent. 
&nbsp; 
Such a move could reduce overall home construction costs and subsequently lower property prices.&nbsp; 
&nbsp; 
Experts stress the importance of increasing the deduction limit for home loan interest payments beyond the current Rs 2 lakh per annum.&nbsp; 
&nbsp; 
This will offer significant relief to homebuyers burdened by high property prices and rents.&nbsp; 
&nbsp; 
In recent years, home loan interest rates have risen sharply to near double-digit rates.&nbsp; 
&nbsp; 
Reason: The Reserve Bank of India has kept its key interest rate at 6.5 per cent for over a year.&nbsp; 
&nbsp; 
So, the 2-lakh rupee limit is seen by experts as too low in today's scenario.&nbsp; 
&nbsp; 
While the government has no play in the interest rate setting part, its broader policies can offset some of the burden.&nbsp; 
&nbsp; 
By raising the interest repayment limit as a tax deduction, more disposable income will be added to people's purses.&nbsp; 
&nbsp; 
The post-pandemic resurgence in real estate has underscored the sector's digitisation and adaptability.&nbsp; 
&nbsp; 
Looking ahead, the budget is anticipated to introduce reforms aimed at sustaining this growth momentum.&nbsp; 
&nbsp; 
Initiatives such as incentivising first-time homebuyers, revisiting stamp duty rates, and reviving the credit-linked subsidy scheme under p-m-a-y could empower India's burgeoning middle class with greater homeownership opportunities.&nbsp; 
&nbsp; 
Proposals to grant infrastructure status to the real estate sector could facilitate easier access to financing.&nbsp; 
&nbsp; 
This can potentially translate to lower borrowing costs and increased affordability across the housing market.&nbsp; 
&nbsp; 
In essence, the budget's impact on the real estate industry hinges on its ability to address these critical consumer-centric issues, thereby potentially making homeownership more attainable for India's expanding middle class.&nbsp; 
&nbsp; 
The real question is - will the new coalition government pass through these reforms in the budget on July 23rd?&nbsp;

India's new budget is poised to significantly impact the country’s real estate industry, particularly in the realm of affordable housing. Over recent years, affordable housing initiatives have catalysed progress by offering tax incentives to developers and homebuyers alike.

India's new budget is poised to significantly impact the country’s real estate industry, particularly in the realm of affordable housing. Over recent years, affordable housing initiatives have catalysed progress by offering tax incentives to developers and homebuyers alike. But the general consensus is that more needs to be done. Indeed, despite these strides, challenges persist. These range from high land costs for acquisition to rising construction costs, as well as the need for sustainable development practices. From a consumer perspective, the focus lies on measures that could potentially enhance affordability and accessibility to homes. Some of the major expectations include a reduction of the GST rate on basic construction materials like cement, which currently stands at 28 per cent. Such a move could reduce overall home construction costs and subsequently lower property prices. Experts stress the importance of increasing the deduction limit for home loan interest payments beyond the current Rs 2 lakh per annum. This will offer significant relief to homebuyers burdened by high property prices and rents. In recent years, home loan interest rates have risen sharply to near double-digit rates. Reason: The Reserve Bank of India has kept its key interest rate at 6.5 per cent for over a year. So, the 2-lakh rupee limit is seen by experts as too low in today's scenario. While the government has no play in the interest rate setting part, its broader policies can offset some of the burden. By raising the interest repayment limit as a tax deduction, more disposable income will be added to people's purses. The post-pandemic resurgence in real estate has underscored the sector's digitisation and adaptability. Looking ahead, the budget is anticipated to introduce reforms aimed at sustaining this growth momentum. Initiatives such as incentivising first-time homebuyers, revisiting stamp duty rates, and reviving the credit-linked subsidy scheme under p-m-a-y could empower India's burgeoning middle class with greater homeownership opportunities. Proposals to grant infrastructure status to the real estate sector could facilitate easier access to financing. This can potentially translate to lower borrowing costs and increased affordability across the housing market. In essence, the budget's impact on the real estate industry hinges on its ability to address these critical consumer-centric issues, thereby potentially making homeownership more attainable for India's expanding middle class. The real question is - will the new coalition government pass through these reforms in the budget on July 23rd?

India Budget 2024-25: What is real estate sector's wishlist?

Google parent Alphabet shelved plans to acquire online marketing software firm HubSpot weeks ago, a source cited by Reuters&nbsp;said on Wednesday.

The talks never reached a due diligence stage and collapsed weeks after initial conversations, the source said, on condition of anonymity to discuss confidential matters.

On Wednesday, shares of HubSpot plunged by 12 per cent, while shares of Alphabet were up 1.2 per cent. Reuters had reported in April about Alphabet's plan to bid for HubSpot with the help of advisers.

A deal for HubSpot, now valued at $25 billion, had the transaction gone forward, it would have been Alphabet's largest deal on record. However, such a large purchase would likely have attracted scrutiny from antitrust regulators. US authorities have grown very queasy about letting large technology firms expand further through acquisitions.

HubSpot is a marketing software company aimed at small and medium-sized businesses. The company's strategy is to get customers involved in a business brand using inbound marketing, where customers start engagement with a brand. The software offered by the company enables customers to produce interactive advertising content.

During the company's financial results call in May, HubSpot CEO Yamini Rangan emphasised that customer demand was fading. This decrease is attributed to small businesses fearing the economic implications of high interest rates.

It had earlier been reported by Bloomberg that Google pulled out of talks to buy HubSpot. The decision of Alphabet to abandon this deal mirrors, at a larger scale, the broad regulatory and market challenges that large technology companies face when contemplating major acquisitions.

Google parent Alphabet shelved plans to acquire online marketing software firm HubSpot weeks ago, a source cited by Reuters said on Wednesday. The talks never reached a due diligence stage and collapsed weeks after initial conversations, the source said, on condition of anonymity to discuss confidential matters.

Google parent Alphabet shelved plans to acquire online marketing software firm HubSpot weeks ago, a source cited by Reuters said on Wednesday. The talks never reached a due diligence stage and collapsed weeks after initial conversations, the source said, on condition of anonymity to discuss confidential matters. On Wednesday, shares of HubSpot plunged by 12 per cent, while shares of Alphabet were up 1.2 per cent. Reuters had reported in April about Alphabet's plan to bid for HubSpot with the help of advisers. A deal for HubSpot, now valued at $25 billion, had the transaction gone forward, it would have been Alphabet's largest deal on record. However, such a large purchase would likely have attracted scrutiny from antitrust regulators. US authorities have grown very queasy about letting large technology firms expand further through acquisitions. HubSpot is a marketing software company aimed at small and medium-sized businesses. The company's strategy is to get customers involved in a business brand using inbound marketing, where customers start engagement with a brand. The software offered by the company enables customers to produce interactive advertising content. During the company's financial results call in May, HubSpot CEO Yamini Rangan emphasised that customer demand was fading. This decrease is attributed to small businesses fearing the economic implications of high interest rates. It had earlier been reported by Bloomberg that Google pulled out of talks to buy HubSpot. The decision of Alphabet to abandon this deal mirrors, at a larger scale, the broad regulatory and market challenges that large technology companies face when contemplating major acquisitions.

Google parent Alphabet scrapped plan to acquire HubSpot weeks ago, source says

The Central Bank of New Zealand held the cash rate unchanged at 5.5 per cent on Wednesday but suggested an easing of policy when, as expected, inflation comes off the boil.&nbsp;

The decision was in line with forecasts by all economists polled by Reuters, but the dovish tone of the commentary was surprising to many from the Reserve Bank of New Zealand, also known as RBNZ.

"The Committee agreed that monetary policy will need to remain restrictive. The extent of this restraint will be tempered over time consistent with the expected decline in inflation pressures," the statement said.

At the May meeting, the RBNZ said that the policy would continue to be restrictive for a "sustained period" and pointed to higher rates if inflation did not abate.&nbsp;

On the back of the announcement, the New Zealand dollar slid 0.74 per cent to $0.6085 and hit a 16-month low against the Australian dollar. Two-year swap rates eased 11 basis points to 4.6850 per cent, a six-month low, implying an October cut of a 25-basis-point move.

"The RBNZ sounded rather dovish in its commentary," said Abhijit Surya, Australia and New Zealand economist at Capital Economics in a note. "The Committee's messaging gives us greater confidence that the Bank will commence its easing cycle in November."

The central bank revised its inflation outlook, saying monetary policy had "significantly" reduced consumer price inflation, Surya added.

The RBNZ said it expected headline inflation to return to the 1 per cent to 3 per cent target range in the second half of this year, from 4 per cent in the first quarter.

"Some domestically generated price pressures remain strong. But there are signs inflation persistence will ease in line with the fall in capacity pressures and business pricing intentions," the central bank said.

It does not release updated economic indicators or the forecast official cash rate track at Monetary Policy Reviews like that announced on Wednesday.

A frontrunner in withdrawing pandemic-era stimulus among its peers, the RBNZ has hiked rates by 525 basis points since October 2021 to contain high inflation—the most aggressive tightening since the advent of an official cash rate in 1999.

The rate hikes have grossly decelerated the economy, though recent statistics indicated that New Zealand had emerged from a technical recession during the first quarter of 2024 with 0.2 per cent growth.

The RBNZ is now adopting a very cautious stance while waiting to see if inflation picks up further and to what extent as it grapples with its dual mandate of taming inflation while at the same time giving room for the economy to grow.

The Central Bank of New Zealand held the cash rate unchanged at 5.5 per cent on Wednesday but suggested an easing of policy when, as expected, inflation comes off the boil.

The Central Bank of New Zealand held the cash rate unchanged at 5.5 per cent on Wednesday but suggested an easing of policy when, as expected, inflation comes off the boil. The decision was in line with forecasts by all economists polled by Reuters, but the dovish tone of the commentary was surprising to many from the Reserve Bank of New Zealand, also known as RBNZ. "The Committee agreed that monetary policy will need to remain restrictive. The extent of this restraint will be tempered over time consistent with the expected decline in inflation pressures," the statement said. At the May meeting, the RBNZ said that the policy would continue to be restrictive for a "sustained period" and pointed to higher rates if inflation did not abate. On the back of the announcement, the New Zealand dollar slid 0.74 per cent to $0.6085 and hit a 16-month low against the Australian dollar. Two-year swap rates eased 11 basis points to 4.6850 per cent, a six-month low, implying an October cut of a 25-basis-point move. "The RBNZ sounded rather dovish in its commentary," said Abhijit Surya, Australia and New Zealand economist at Capital Economics in a note. "The Committee's messaging gives us greater confidence that the Bank will commence its easing cycle in November." The central bank revised its inflation outlook, saying monetary policy had "significantly" reduced consumer price inflation, Surya added. The RBNZ said it expected headline inflation to return to the 1 per cent to 3 per cent target range in the second half of this year, from 4 per cent in the first quarter. "Some domestically generated price pressures remain strong. But there are signs inflation persistence will ease in line with the fall in capacity pressures and business pricing intentions," the central bank said. It does not release updated economic indicators or the forecast official cash rate track at Monetary Policy Reviews like that announced on Wednesday. A frontrunner in withdrawing pandemic-era stimulus among its peers, the RBNZ has hiked rates by 525 basis points since October 2021 to contain high inflation—the most aggressive tightening since the advent of an official cash rate in 1999. The rate hikes have grossly decelerated the economy, though recent statistics indicated that New Zealand had emerged from a technical recession during the first quarter of 2024 with 0.2 per cent growth. The RBNZ is now adopting a very cautious stance while waiting to see if inflation picks up further and to what extent as it grapples with its dual mandate of taming inflation while at the same time giving room for the economy to grow.

New Zealand holds rates steady at 5.5 per cent, signals dovish shift amid cooling inflation

Global shipments of personal computers rose 3 per cent in the second quarter, driven by rising demand for AI-capable devices, according to preliminary data from research firm IDC released on Tuesday.

PC shipments reached 64.9 million units in the three months ended June, the second consecutive quarter of growth after two years of decline.

Apple posted the largest gain among PC manufacturers, followed by Acer Group, which saw shipments climb 20.8 per cent from the second quarter of 2023. In all, Acer Group shipments leaped 13.7 per cent. Overall, the PC market is expected to recover from the slump in orders that followed the pandemic-driven buying spree.

Discussing the market dynamics, Ryan Reith, group vice president at IDC's Worldwide Device Trackers, said two straight quarters of year-over-year growth, the buzz around artificial intelligence PCs, and a commercial refresh cycle seem to be what the PC market needed.&nbsp;

"The buzz is clearly around AI, but a lot is happening with non-AI PC purchasing to make this mature market show signs of positivity."

Although this was a positive trend, weak results in China continued to hold back the market. Excluding China, worldwide shipments grew over 5 per cent year-over-year in the quarter.

China's Lenovo Group maintained the highest market share at 22.7 per cent, while HP followed close behind with 21.1 per cent. A shipment drop of 2.4 per cent still saw Dell Technologies holding a market share of 15.5 per cent.

The latest uptick in PC shipments is evidence of the strength and adaptability of the industry, further pushed now by AI technology. A continuing evolution on that scale sets up only gain: both sellers and consumers are in for a win.

Global shipments of personal computers rose 3 per cent in the second quarter, driven by rising demand for AI-capable devices, according to preliminary data from research firm IDC released on Tuesday.

Global shipments of personal computers rose 3 per cent in the second quarter, driven by rising demand for AI-capable devices, according to preliminary data from research firm IDC released on Tuesday. PC shipments reached 64.9 million units in the three months ended June, the second consecutive quarter of growth after two years of decline. Apple posted the largest gain among PC manufacturers, followed by Acer Group, which saw shipments climb 20.8 per cent from the second quarter of 2023. In all, Acer Group shipments leaped 13.7 per cent. Overall, the PC market is expected to recover from the slump in orders that followed the pandemic-driven buying spree. Discussing the market dynamics, Ryan Reith, group vice president at IDC's Worldwide Device Trackers, said two straight quarters of year-over-year growth, the buzz around artificial intelligence PCs, and a commercial refresh cycle seem to be what the PC market needed. "The buzz is clearly around AI, but a lot is happening with non-AI PC purchasing to make this mature market show signs of positivity." Although this was a positive trend, weak results in China continued to hold back the market. Excluding China, worldwide shipments grew over 5 per cent year-over-year in the quarter. China's Lenovo Group maintained the highest market share at 22.7 per cent, while HP followed close behind with 21.1 per cent. A shipment drop of 2.4 per cent still saw Dell Technologies holding a market share of 15.5 per cent. The latest uptick in PC shipments is evidence of the strength and adaptability of the industry, further pushed now by AI technology. A continuing evolution on that scale sets up only gain: both sellers and consumers are in for a win.

AI boom sparks resurgence in global PC shipments

Oil prices nudged higher as signs of another inventory draw in the US offset concerns on the timeline for Federal Reserve interest-rate cuts following Chair Jerome Powell's testimony.

Brent crude hovered close to $85 a barrel from a slide of more than 3 per cent in the previous three sessions, and West Texas Intermediate well below $82.

The American Petroleum Institute stated that the US crude stockpiles had a drop of 1.92 million barrels for the last week, with a big draw at the key Cushing, Oklahoma hub, according to sources with knowledge of the data. This comes after a more than 12 million-barrel plunge in stockpiles the prior week.

Despite recent volatility, oil prices are still easier for the year to date, underpinned by OPEC+ production cuts allied to expectations of easier monetary policy in the US. Powell said on Tuesday he was watching labour market weaknesses closely, but more evidence is needed of a slowdown in inflation before cutting borrowing costs.

This subdued crude trading, in particular, has weighed on measures of volatility. Brent's implied volatility—a forecast of likely movement in oil futures based on options pricing—is near its lowest level in about six years.

Traders now Await the monthly report from the Organization of the Petroleum Exporting Countries, due later in the day, which is expected to shed more light on the global market outlook. A similar report by the International Energy Agency is due tomorrow.

To sum up, oil prices inched up, with US crude inventories trimming a bit of the excess and supported by the broader market, underpinned by OPEC+ supply cuts and possible shifts in US monetary policy. The forthcoming reports from OPEC and IEA will have wide attention for further signs of the trend.

Oil prices nudged higher as signs of another inventory draw in the US offset concerns on the timeline for Federal Reserve interest-rate cuts following Chair Jerome Powell's testimony.

Oil prices nudged higher as signs of another inventory draw in the US offset concerns on the timeline for Federal Reserve interest-rate cuts following Chair Jerome Powell's testimony. Brent crude hovered close to $85 a barrel from a slide of more than 3 per cent in the previous three sessions, and West Texas Intermediate well below $82. The American Petroleum Institute stated that the US crude stockpiles had a drop of 1.92 million barrels for the last week, with a big draw at the key Cushing, Oklahoma hub, according to sources with knowledge of the data. This comes after a more than 12 million-barrel plunge in stockpiles the prior week. Despite recent volatility, oil prices are still easier for the year to date, underpinned by OPEC+ production cuts allied to expectations of easier monetary policy in the US. Powell said on Tuesday he was watching labour market weaknesses closely, but more evidence is needed of a slowdown in inflation before cutting borrowing costs. This subdued crude trading, in particular, has weighed on measures of volatility. Brent's implied volatility—a forecast of likely movement in oil futures based on options pricing—is near its lowest level in about six years. Traders now Await the monthly report from the Organization of the Petroleum Exporting Countries, due later in the day, which is expected to shed more light on the global market outlook. A similar report by the International Energy Agency is due tomorrow. To sum up, oil prices inched up, with US crude inventories trimming a bit of the excess and supported by the broader market, underpinned by OPEC+ supply cuts and possible shifts in US monetary policy. The forthcoming reports from OPEC and IEA will have wide attention for further signs of the trend.

Is the Fed's hesitation fuelling a surge in oil prices?

Britain's economy grew 0.4 per cent in May, stronger than expected and offering new Prime Minister Keir Starmer a boost at the beginning of his mandate.&nbsp; 
 
The 0.4 per cent rise, driven significantly by surging housing construction, was double the 0.2 per cent increase forecast by a Reuters poll of economists. 
 
The Office for National Statistics announced across-the-board increases in activity pointing to services, manufacturing, and construction.&nbsp; 
 
Most dramatically of all, construction rose 1.9 per cent—mainly driven by the housing sector. 
 
The UK economy expanded by 0.9 per cent in the three months to May, its highest growth rate since Q3 2021, while it also came in hotter than consensus expectations for a 0.7 per cent rise. 
 
Last month the Bank of England had forecast second-quarter growth of 0.5 per cent, highlighting&nbsp;the unexpected strength of May's figures. 
 
"The economy grew strongly in May with all the main sectors seeing increases," said Head of Economic Statistics at ONS, Liz McKeown.&nbsp; 
 
She added that many wholesalers and retailers rebounded from a weak start in April to underpin good economic performance. 
 
This can be very encouraging data to take on board for the new government amidst all the headwinds that would prepare it for the economic challenges ahead, demonstrating the resilience and recovery in many sectors of the economy. 
 
(With inputs from Reuters)

Britain's economy grew 0.4 per cent in May, stronger than expected and offering new Prime Minister Keir Starmer a boost at the beginning of his mandate. The 0.4 per cent rise, driven significantly by surging housing construction, was double the 0.

Britain's economy grew 0.4 per cent in May, stronger than expected and offering new Prime Minister Keir Starmer a boost at the beginning of his mandate. The 0.4 per cent rise, driven significantly by surging housing construction, was double the 0.2 per cent increase forecast by a Reuters poll of economists. The Office for National Statistics announced across-the-board increases in activity pointing to services, manufacturing, and construction. Most dramatically of all, construction rose 1.9 per cent—mainly driven by the housing sector. The UK economy expanded by 0.9 per cent in the three months to May, its highest growth rate since Q3 2021, while it also came in hotter than consensus expectations for a 0.7 per cent rise. Last month the Bank of England had forecast second-quarter growth of 0.5 per cent, highlighting the unexpected strength of May's figures. "The economy grew strongly in May with all the main sectors seeing increases," said Head of Economic Statistics at ONS, Liz McKeown. She added that many wholesalers and retailers rebounded from a weak start in April to underpin good economic performance. This can be very encouraging data to take on board for the new government amidst all the headwinds that would prepare it for the economic challenges ahead, demonstrating the resilience and recovery in many sectors of the economy. (With inputs from Reuters)

UK economic output surged by 0.4 per cent in May, exceeding expectations

A nonbinding offer to take the French cybersecurity company Exclusive Networks SA private has been made by an investor group led by Clayton Dubilier &amp; Rice, and Permira, according to sources with regard to the matter, for approximately $2.4 billion in its valuation.

Under the recommended deal, an offer price for shareholders would be €24 per share, according to Exclusive Networks in a statement, confirming an earlier Bloomberg News report. It is not certain that a deal will materialise as discussions are still at play.

The prospective buyer, the private equity group, has arranged financing that could be utilised to buy out minority shareholders in Exclusive Networks if it wants, said the people familiar with the matter who insisted on anonymity because the discussions are private.

Deal activity in the cybersecurity industry has been gaining steam over the years after a spate of high-profile security breaches. Permira, for example, announced a deal in May for Israeli fraud protection firm BioCatch. More recently, CyberArk Software Ltd. agreed to acquire Venafi, a company backed by Thoma Bravo, and cloud security firm Wiz Inc. reached a valuation of $12 billion in its latest funding round.

Exclusive Networks' shares surged 8.3 per cent to €23.60 in early Paris trading following the announcement. The stock was up 12 per cent this year through Monday's close. Permira is already the company's biggest shareholder, holding more than half of the company's issued shares, according to Bloomberg data.

These discussions have occurred in the aftermath of France's election, where a coalition of left-wing parties won the most seats in the National Assembly but fell short of securing an absolute majority—a political stalemate likely to frustrate more transactions in France because some investors will be wary of executing any deal during such uncertainty.

A nonbinding offer to take the French cybersecurity company Exclusive Networks SA private has been made by an investor group led by Clayton Dubilier & Rice, and Permira, according to sources with regard to the matter, for approximately $2.

A nonbinding offer to take the French cybersecurity company Exclusive Networks SA private has been made by an investor group led by Clayton Dubilier & Rice, and Permira, according to sources with regard to the matter, for approximately $2.4 billion in its valuation. Under the recommended deal, an offer price for shareholders would be €24 per share, according to Exclusive Networks in a statement, confirming an earlier Bloomberg News report. It is not certain that a deal will materialise as discussions are still at play. The prospective buyer, the private equity group, has arranged financing that could be utilised to buy out minority shareholders in Exclusive Networks if it wants, said the people familiar with the matter who insisted on anonymity because the discussions are private. Deal activity in the cybersecurity industry has been gaining steam over the years after a spate of high-profile security breaches. Permira, for example, announced a deal in May for Israeli fraud protection firm BioCatch. More recently, CyberArk Software Ltd. agreed to acquire Venafi, a company backed by Thoma Bravo, and cloud security firm Wiz Inc. reached a valuation of $12 billion in its latest funding round. Exclusive Networks' shares surged 8.3 per cent to €23.60 in early Paris trading following the announcement. The stock was up 12 per cent this year through Monday's close. Permira is already the company's biggest shareholder, holding more than half of the company's issued shares, according to Bloomberg data. These discussions have occurred in the aftermath of France's election, where a coalition of left-wing parties won the most seats in the National Assembly but fell short of securing an absolute majority—a political stalemate likely to frustrate more transactions in France because some investors will be wary of executing any deal during such uncertainty.

Investor group backs buyout offer for Exclusive Networks SA

In a surprising turn of events, US consumer prices fell marginally, highlighting the view that the disinflationary trend is getting firmer and puts the Federal Reserve closer to interest rate cuts.

The Bureau of Labor Statistics reported Thursday that the all-items seasonally adjusted consumer price index dropped 0.1 per cent in June after it was unchanged the previous month.

It's the second month in a row with low readings in core CPI, boosting confidence among Federal Reserve officials that inflation is finally cooling.

The broad CPI rose 3.0 per cent in the 12 months through June, compared with a 3.3 per cent increase in May.

It is the weakest annual rise in a year. Economists surveyed by Reuters had expected a 0.1 per cent gain for June and a year-over-year increase of 3.1 per cent, showing how much of a surprise came in the figures.

The annual rise in consumer prices was at 9.1 per cent in June 2022, but the CPI remains significantly higher than measures monitored by the Federal Reserve for its 2 per cent inflation goal.

Other important measures for the Fed, PCE price indexes, climbed 2.6 per cent in May.

This also comes a few days after news that the unemployment rate ticked higher to 4.1 per cent in June from 4.0 per cent in May, which has not been this high since March 2020.

At the same time, economic growth has cooled in response to aggressive rate hikes by the Fed in 2022 and 2023.

Second-quarter gross domestic product is forecasted to rise at an annualised 1.8 per cent, well below the level concluded as strong enough to increase inflation, as considered by policymakers.

Although Federal Reserve Chair Jerome Powell acknowledged recent positive trends in price pressures, he remained cautious.

He told lawmakers this week that he wouldn't declare victory over inflation, saying "more good data would strengthen" the case for rate cuts.

With financial markets and many economists now considering that labour markets are cooling down and that the economy is slowing, they expect the Federal Reserve to kick off its easing cycle in September.

The central bank has left its benchmark overnight interest rate in the 5.25 per cent-5.50 per cent range since last July, following a 525 basis point hike to its policy rate since 2022.

Excluding food and energy—the two most volatile components—the CPI rose 0.1 per cent, following a 0.2 per cent increase in May.

A year ago, core CPI rose 3.3 per cent versus a 3.4 per cent increase in May, underscoring expectations that underlying inflationary pressures are continuing to cool.

(With inputs from Reuters)

In a surprising turn of events, US consumer prices fell marginally, highlighting the view that the disinflationary trend is getting firmer and puts the Federal Reserve closer to interest rate cuts.

In a surprising turn of events, US consumer prices fell marginally, highlighting the view that the disinflationary trend is getting firmer and puts the Federal Reserve closer to interest rate cuts. The Bureau of Labor Statistics reported Thursday that the all-items seasonally adjusted consumer price index dropped 0.1 per cent in June after it was unchanged the previous month. It's the second month in a row with low readings in core CPI, boosting confidence among Federal Reserve officials that inflation is finally cooling. The broad CPI rose 3.0 per cent in the 12 months through June, compared with a 3.3 per cent increase in May. It is the weakest annual rise in a year. Economists surveyed by Reuters had expected a 0.1 per cent gain for June and a year-over-year increase of 3.1 per cent, showing how much of a surprise came in the figures. The annual rise in consumer prices was at 9.1 per cent in June 2022, but the CPI remains significantly higher than measures monitored by the Federal Reserve for its 2 per cent inflation goal. Other important measures for the Fed, PCE price indexes, climbed 2.6 per cent in May. This also comes a few days after news that the unemployment rate ticked higher to 4.1 per cent in June from 4.0 per cent in May, which has not been this high since March 2020. At the same time, economic growth has cooled in response to aggressive rate hikes by the Fed in 2022 and 2023. Second-quarter gross domestic product is forecasted to rise at an annualised 1.8 per cent, well below the level concluded as strong enough to increase inflation, as considered by policymakers. Although Federal Reserve Chair Jerome Powell acknowledged recent positive trends in price pressures, he remained cautious. He told lawmakers this week that he wouldn't declare victory over inflation, saying "more good data would strengthen" the case for rate cuts. With financial markets and many economists now considering that labour markets are cooling down and that the economy is slowing, they expect the Federal Reserve to kick off its easing cycle in September. The central bank has left its benchmark overnight interest rate in the 5.25 per cent-5.50 per cent range since last July, following a 525 basis point hike to its policy rate since 2022. Excluding food and energy—the two most volatile components—the CPI rose 0.1 per cent, following a 0.2 per cent increase in May. A year ago, core CPI rose 3.3 per cent versus a 3.4 per cent increase in May, underscoring expectations that underlying inflationary pressures are continuing to cool. (With inputs from Reuters)

US consumer prices decline, bringing Fed closer to rate cuts

On July 11, Prime Minister Narendra Modi interacted with top economists to take inputs and ideas for the upcoming Budget for 2024-25.

This meeting called for crystallising the financial blueprint of the Modi 3.0 government, was also attended by Union Finance Minister Nirmala Sitharaman, who would present the Budget in the Lok Sabha on July 23.

It saw the participation of lead attendees: Niti Aayog Vice Chairman Suman Bery, Union Minister for Finance Sitharaman, Minister for Planning Rao Inderjit Singh, Chief Economic Advisor V. Anantha Nageswaran, noted economists Surjit Bhalla and Ashok Gulati, and veteran banker K.V. Kamath.

The budget is expected to hurry out a roadmap of how India should progress and become a developed nation by 2047, as President Droupadi Murmu told Parliament in her recent address.

She has said that the government will bring substantial reforms to hasten the pace of development.

FM Sitharaman has been aggressive in her preparation and has met a host of stakeholders, including economists and industry leaders, to get views that could make this Budget comprehensive.

What has come as a consistent suggestion is that the government needs to give tax relief so that there can be more consumer spending, external pressure on inflation, and economic growth.

The economy of India has registered a wonderful growth of 8.2 per cent for FY 2023-24. This would be an ensuing budget after the interim one presented by Ms Sitharaman in February, specially made with elections to Lok Sabha in view.

All told the forthcoming Budget must reflect new thinking, not mere tinkering; the comprehensive policies of the government shall set the foundation for India's future economic path.

On July 11, Prime Minister Narendra Modi interacted with top economists to take inputs and ideas for the upcoming Budget for 2024-25. This meeting called for crystallising the financial blueprint of the Modi 3.

On July 11, Prime Minister Narendra Modi interacted with top economists to take inputs and ideas for the upcoming Budget for 2024-25. This meeting called for crystallising the financial blueprint of the Modi 3.0 government, was also attended by Union Finance Minister Nirmala Sitharaman, who would present the Budget in the Lok Sabha on July 23. It saw the participation of lead attendees: Niti Aayog Vice Chairman Suman Bery, Union Minister for Finance Sitharaman, Minister for Planning Rao Inderjit Singh, Chief Economic Advisor V. Anantha Nageswaran, noted economists Surjit Bhalla and Ashok Gulati, and veteran banker K.V. Kamath. The budget is expected to hurry out a roadmap of how India should progress and become a developed nation by 2047, as President Droupadi Murmu told Parliament in her recent address. She has said that the government will bring substantial reforms to hasten the pace of development. FM Sitharaman has been aggressive in her preparation and has met a host of stakeholders, including economists and industry leaders, to get views that could make this Budget comprehensive. What has come as a consistent suggestion is that the government needs to give tax relief so that there can be more consumer spending, external pressure on inflation, and economic growth. The economy of India has registered a wonderful growth of 8.2 per cent for FY 2023-24. This would be an ensuing budget after the interim one presented by Ms Sitharaman in February, specially made with elections to Lok Sabha in view. All told the forthcoming Budget must reflect new thinking, not mere tinkering; the comprehensive policies of the government shall set the foundation for India's future economic path.

PM Modi meets economists ahead of upcoming budget

The National Samsung Electronics Union in South Korea called for an indefinite strike on Wednesday to intensify its campaign against the company for better wages and benefits. Using estimates by the union's vice president, Lee Hyun-kuk, around 6,500 workers joined the strike that began on Monday, while the company has maintained that the first three days of striking did not cause any disturbance. However, the union is adamant about disturbance to the production on some of the chip lines such as with equipment running more slowly.

"Samsung Electronics will ensure no disruptions occur in the production lines. The company remains committed to engaging in good faith negotiations with the union," the company said in a statement.

The union, which represents about 30,000 members—nearly a quarter of Samsung's South Korea workforce—will extend a strike originally planned for three days until Wednesday after management failed to give any sign it would negotiate with them.

"We haven't spoken to management since we started the strike on Monday," said Lee.

The union wants to be treated as a partner on equal terms with management&nbsp;in a bid to push further an already beleaguered world's biggest memory chipmaker fighting razor-thin competition in AI chips.

However, the union officials have also denied reports about the low turnout, arguing that the union, which is only five years old, did not have adequate time to train its members on labour matters. Some training took place on Tuesday, and another one is scheduled for Wednesday to educate the members.

The NSEU has revised its demands and is holding out for a 3.5 per cent basic salary increase and a day off to celebrate the founding of the union, having earlier dropped the extra day's annual leave. Management earlier offered to raise the salary increase by 3 per cent, but the union disagrees that 3.5 per cent is needed to accurately reflect the real figure for inflation.

Analysts said it would be difficult to gauge the extent of damage to production from the strike without further clarity from the union related to wafers and processes.&nbsp;

Shares of Samsung shed 0.3 per cent in early trade, while the benchmark KOSPI index was little changed.

The National Samsung Electronics Union in South Korea called for an indefinite strike on Wednesday to intensify its campaign against the company for better wages and benefits.

The National Samsung Electronics Union in South Korea called for an indefinite strike on Wednesday to intensify its campaign against the company for better wages and benefits. Using estimates by the union's vice president, Lee Hyun-kuk, around 6,500 workers joined the strike that began on Monday, while the company has maintained that the first three days of striking did not cause any disturbance. However, the union is adamant about disturbance to the production on some of the chip lines such as with equipment running more slowly. "Samsung Electronics will ensure no disruptions occur in the production lines. The company remains committed to engaging in good faith negotiations with the union," the company said in a statement. The union, which represents about 30,000 members—nearly a quarter of Samsung's South Korea workforce—will extend a strike originally planned for three days until Wednesday after management failed to give any sign it would negotiate with them. "We haven't spoken to management since we started the strike on Monday," said Lee. The union wants to be treated as a partner on equal terms with management in a bid to push further an already beleaguered world's biggest memory chipmaker fighting razor-thin competition in AI chips. However, the union officials have also denied reports about the low turnout, arguing that the union, which is only five years old, did not have adequate time to train its members on labour matters. Some training took place on Tuesday, and another one is scheduled for Wednesday to educate the members. The NSEU has revised its demands and is holding out for a 3.5 per cent basic salary increase and a day off to celebrate the founding of the union, having earlier dropped the extra day's annual leave. Management earlier offered to raise the salary increase by 3 per cent, but the union disagrees that 3.5 per cent is needed to accurately reflect the real figure for inflation. Analysts said it would be difficult to gauge the extent of damage to production from the strike without further clarity from the union related to wafers and processes. Shares of Samsung shed 0.3 per cent in early trade, while the benchmark KOSPI index was little changed.

Samsung faces uncharted territory in South Korea as union calls indefinite strike

Indian stock benchmarks have surged to multiple new record highs since a near $400 billion wipeout on the election results day.

The recovery from the over 5 per cent fall on June 4 in under three sessions is the fastest rate in over a decade.

Both benchmark indices are eyeing new milestones after breaching year-end targets comfortably to new all-time highs on Tuesday.

The market capitalization of all the listed stocks on the blue-chip BSE Sensex index is about $5.2 trillion.

The country's stock market is now part of the exclusive club of the United States, China, Japan, and Hong Kong.

However, it took India just about six months to add the latest 1 trillion dollars to the market value of companies listed on its exchanges.

More importantly, the fact that millions of young Indians have flocked to equities investing is a defining characteristic of gains in the last several years.

New Milestones?

For now, the bull run has the Sensex eyeing new milestones, with the latest predictions calling for 1,00,000 points for the index by the end of next year.

The broader NSE Nifty is not too far behind, with the index approaching the 25,000 level.

After the 24,000 mark was breached, analysts have scurried to reassess their year-end targets for the index.

Since June 7, when the current trend of new record highs started after the dramatic fall on the vote count day, the Nifty index has hit a record in each trading session, barring just one day.

Let's put that into context - record milestones set in 21 of 22 trading sessions since June 7.

Tuesday marked a fresh all-time high for both benchmark indices.

The Nifty hit 24,443.6 points, and the Sensex surged to 80,397.17 before they closed at new record highs.

The Sensex has jumped over 8,000 points since the big loss on June 4.

Budget to drive markets further? &nbsp;

New milestones are being set on the back of expectations of a pro-growth and reforms-based budget.

However, the pace of the run-up also risks a stronger correction if the new coalition government fails to manage expectations and justify budget policies to the wider public.

The real question in the current bull run is - how high can flying Indian stocks rise?

Broadly, the ever-bullish stock analysts predict the current surge to continue, albeit at a marginal pace.

Still, when looking at valuations, the stock market froth is already to the brim, and unless there is a positive trigger from the budget, the rally looks extended.

However, the volume data suggests an increasing appetite for Indian stocks despite the record highs.

Foreign inflows to rise?

The one thing that sets the current rally apart from previous ones is the low activity from foreign investors, which is a good sign.

When and if foreign capital starts to flow significantly, the rally will get another leg up.

The broad expectation is that foreign inflows will rise after the budget announcement on July 23.

If the government is able to manage the thin line between expansive spending and fiscal discipline, foreign investors will flock to Indian markets.

Indian stock benchmarks have surged to multiple new record highs since a near $400 billion wipeout on the election results day. The recovery from the over 5 per cent fall on June 4 in under three sessions is the fastest rate in over a decade.

Indian stock benchmarks have surged to multiple new record highs since a near $400 billion wipeout on the election results day. The recovery from the over 5 per cent fall on June 4 in under three sessions is the fastest rate in over a decade. Both benchmark indices are eyeing new milestones after breaching year-end targets comfortably to new all-time highs on Tuesday. The market capitalization of all the listed stocks on the blue-chip BSE Sensex index is about $5.2 trillion. The country's stock market is now part of the exclusive club of the United States, China, Japan, and Hong Kong. However, it took India just about six months to add the latest 1 trillion dollars to the market value of companies listed on its exchanges. More importantly, the fact that millions of young Indians have flocked to equities investing is a defining characteristic of gains in the last several years. New Milestones? For now, the bull run has the Sensex eyeing new milestones, with the latest predictions calling for 1,00,000 points for the index by the end of next year. The broader NSE Nifty is not too far behind, with the index approaching the 25,000 level. After the 24,000 mark was breached, analysts have scurried to reassess their year-end targets for the index. Since June 7, when the current trend of new record highs started after the dramatic fall on the vote count day, the Nifty index has hit a record in each trading session, barring just one day. Let's put that into context - record milestones set in 21 of 22 trading sessions since June 7. Tuesday marked a fresh all-time high for both benchmark indices. The Nifty hit 24,443.6 points, and the Sensex surged to 80,397.17 before they closed at new record highs. The Sensex has jumped over 8,000 points since the big loss on June 4. Budget to drive markets further? New milestones are being set on the back of expectations of a pro-growth and reforms-based budget. However, the pace of the run-up also risks a stronger correction if the new coalition government fails to manage expectations and justify budget policies to the wider public. The real question in the current bull run is - how high can flying Indian stocks rise? Broadly, the ever-bullish stock analysts predict the current surge to continue, albeit at a marginal pace. Still, when looking at valuations, the stock market froth is already to the brim, and unless there is a positive trigger from the budget, the rally looks extended. However, the volume data suggests an increasing appetite for Indian stocks despite the record highs. Foreign inflows to rise? The one thing that sets the current rally apart from previous ones is the low activity from foreign investors, which is a good sign. When and if foreign capital starts to flow significantly, the rally will get another leg up. The broad expectation is that foreign inflows will rise after the budget announcement on July 23. If the government is able to manage the thin line between expansive spending and fiscal discipline, foreign investors will flock to Indian markets.

High-flying Indian stocks eye new milestones