The S&P global ratings gave a thumbs-up to Turkiye's economy. The ratings agency raised Turkiye's credit rating for the second time this year. S&P cited strong forex reserve building, disinflation, and a reduction in the current account deficit for is upgrade.

S&P Gives a Thumbs-Up to Turkiye's Economy

A poor Oct US Jobs report allows the fed to continue on its easing path. US Policymakers are now on course to reduce interest rates by a quarter point at their meeting this week.

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Despite an unprecedented surge in wealth, only 33% of American millionaires consider themselves truly rich. This paradox, revealed in a study by Edelman financial engines, shows that even among the affluent, financial insecurity is widespread.

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A Bloomberg report quotes sources showing Kenya is in talks for a 1.5 billion dollar loan from Abu Dhabi. This is to help bridge the east African nation's budget-financing gap. Watch to know more.

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India's Finance Minister Nirmala Sitharaman, on Wednesday (Sep 18)&nbsp;launched a new scheme under the National Pension System (NPS) aimed&nbsp;at financially securing the future of&nbsp;children.&nbsp;The NPS Vatsalya scheme will be managed under the Pension Fund Regulatory and Development Authority (PFRDA).&nbsp;

<h2>What is NPS Vatsalya?</h2>

NPS Vatsalya enables parents to safeguard the future of their children through a pension account and leverage the benefits of compounding for long-term wealth. NPS Vatsalya allows parents to deposit a minimum of Rs 1000 ($11.95) per year in the child’s name until they are&nbsp;a minor.&nbsp;

Sitharaman emphasised that the scheme highlights&nbsp;the government’s commitment to long-term financial planning and security for the country's citizens. The NPS Vatsalya will not only safeguard the children's future but is also designed on the principal intergenerational equity, providing coverage to both older and younger generations of the family. &nbsp;She also emphasised that NPS Vatsalya will encourage youngsters to develop a habit of saving and also mentioned that the scheme will provide a respectable future for individuals in their later years.&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
💡 Why Join <a href="https://twitter.com/hashtag/NPSVATSALYA?src=hash&amp;ref_src=twsrc%5Etfw">#NPSVATSALYA</a>? 
 
• Protection against uncertainty &amp; long-term financial security 
 
• Teaching financial responsibility &amp; pension planning 
 
• Encourages long-term investment 
 
• Flexible future financial planning 
 
• Compound interest benefits<a href="https://twitter.com/hashtag/SmartInvesting?src=hash&amp;ref_src=twsrc%5Etfw">#SmartInvesting</a> <a href="https://twitter.com/hashtag/Invest?src=hash&amp;ref_src=twsrc%5Etfw">#Invest</a> <a href="https://t.co/RENeMglWVR">pic.twitter.com/RENeMglWVR</a>
— PIB in Chandigarh (@PIBChandigarh) <a href="https://twitter.com/PIBChandigarh/status/1836323976559112262?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-vows-to-restore-jks-statehood-promises-monetary-assistance-to-farmers-women-760118">PM Modi vows to restore J&amp;K's statehood, promises monetary assistance to farmers, women</a>

<h2>How much can you save for your child through this scheme?</h2>

According to a post by&nbsp;the Press Information Bureau (PIB) on the social media platform X, NPS Vatsalya can allow you to save this much for your child:&nbsp;

Annual Contribution: Rs 10,000 ($119.53) 
Investment Duration: 18 years 
Expected Corpus at 18: Rs 5 lakh @10% rate of return (RoR) 
Expected Corpus at 60: 
@10% RoR: Rs 2.75 crore 
@11.59%* RoR: Rs 5.97 crore 
@12.86%# RoR: Rs 11.05 crore

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
📊 Your Pension Potential with <a href="https://twitter.com/hashtag/NPSVATSALYA?src=hash&amp;ref_src=twsrc%5Etfw">#NPSVATSALYA</a> 
 
• Annual Contribution: ₹10,000 
• Investment Duration: 18 years 
• Expected Corpus at 18: ₹5 lakh <a href="https://twitter.com/10?ref_src=twsrc%5Etfw">@10</a>% RoR 
 
Expected Corpus at 60:<a href="https://twitter.com/10?ref_src=twsrc%5Etfw">@10</a>% RoR: ₹2.75 Cr<a href="https://twitter.com/11?ref_src=twsrc%5Etfw">@11</a>.59%* RoR: ₹5.97 Cr<a href="https://twitter.com/12?ref_src=twsrc%5Etfw">@12</a>.86%# RoR: ₹11.05 Cr 
 
Start your investment today! <a href="https://t.co/S7pt00MuT2">pic.twitter.com/S7pt00MuT2</a>
— PIB in Chandigarh (@PIBChandigarh) <a href="https://twitter.com/PIBChandigarh/status/1836329030695391394?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<h2>How to open an account for NPS Vatsalya?</h2>

Opening an NPS Vatsalya account is simple and can be done online or offline at dedicated Points of Presence (POPs) like banks and post offices. To open an account online, visit the eNPS website and follow the steps mentioned on it.&nbsp;

<h2>Key Features of NPS Vatsalya Scheme:&nbsp;</h2>

Eligibility Criteria: Any minor with an Aadhar card or Pan card is eligible.&nbsp;

Contributors: Parents or official guardians can contribute on behalf of their children with a minimum amount of Rs 1,000 per year, with no maximum contribution.&nbsp;

<h2>What are the documents required to open an NPS Vatsalya account?</h2>

As per the NPS Trust Website, the following are the documented required:&nbsp;

<ul>
	<li>Date of birth proof of the minor (Birth Certificate, Matriculation Certificate, Passport or School Leaving Certificate).&nbsp;</li>
	<li>KYC of the guardian shall be done by providing identity proof and address (Passport, Voter ID card, Driving Licence, Aadhar Card).&nbsp;</li>
	<li>If the guardian is NRI, a solo or joint bank account of the minor is needed.&nbsp;</li>
</ul>

<h2>How to invest in NPS Vatsalya?</h2>

After the announcement of NPS Vatsalya, several banks released pension plans for minors. Banks such as the Reserve Bank of India, Punjab National Bank, Bank of Maharashtra, Canara Bank, Axis Bank, and ICICI Bank have released their pension plans under NPS Vatsalya. It is advised to check their official website or X handles for further information.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
Plan today for a brighter tomorrow. 
To apply online and for more info, visit: <a href="https://t.co/WpDI1x5NLJ">https://t.co/WpDI1x5NLJ</a><a href="https://twitter.com/PFRDAOfficial?ref_src=twsrc%5Etfw">@PFRDAOfficial</a><a href="https://twitter.com/hashtag/NPS?src=hash&amp;ref_src=twsrc%5Etfw">#NPS</a> <a href="https://twitter.com/hashtag/NPSZaruriHai?src=hash&amp;ref_src=twsrc%5Etfw">#NPSZaruriHai</a> <a href="https://twitter.com/hashtag/NPSPensionForAll?src=hash&amp;ref_src=twsrc%5Etfw">#NPSPensionForAll</a> <a href="https://twitter.com/hashtag/NPSVatsalya?src=hash&amp;ref_src=twsrc%5Etfw">#NPSVatsalya</a> <a href="https://twitter.com/hashtag/PensionkiGullak?src=hash&amp;ref_src=twsrc%5Etfw">#PensionkiGullak</a> <a href="https://twitter.com/hashtag/GiftofCare?src=hash&amp;ref_src=twsrc%5Etfw">#GiftofCare</a> <a href="https://twitter.com/hashtag/Banking?src=hash&amp;ref_src=twsrc%5Etfw">#Banking</a> <a href="https://twitter.com/hashtag/PNB?src=hash&amp;ref_src=twsrc%5Etfw">#PNB</a> <a href="https://t.co/5KG8oHeKtN">pic.twitter.com/5KG8oHeKtN</a>
— Punjab National Bank (@pnbindia) <a href="https://twitter.com/pnbindia/status/1836389719623467224?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

(With inputs from agencies)

India's Finance Minister Nirmala Sitharaman, on Wednesday (Sep 18) launched a new scheme under the National Pension System (NPS) aimed at financially securing the future of children.

India's Finance Minister Nirmala Sitharaman, on Wednesday (Sep 18) launched a new scheme under the National Pension System (NPS) aimed at financially securing the future of children. The NPS Vatsalya scheme will be managed under the Pension Fund Regulatory and Development Authority (PFRDA). What is NPS Vatsalya? NPS Vatsalya enables parents to safeguard the future of their children through a pension account and leverage the benefits of compounding for long-term wealth. NPS Vatsalya allows parents to deposit a minimum of Rs 1000 ($11.95) per year in the child’s name until they are a minor. Sitharaman emphasised that the scheme highlights the government’s commitment to long-term financial planning and security for the country's citizens. The NPS Vatsalya will not only safeguard the children's future but is also designed on the principal intergenerational equity, providing coverage to both older and younger generations of the family. She also emphasised that NPS Vatsalya will encourage youngsters to develop a habit of saving and also mentioned that the scheme will provide a respectable future for individuals in their later years. 💡 Why Join #NPSVATSALYA? • Protection against uncertainty & long-term financial security • Teaching financial responsibility & pension planning • Encourages long-term investment • Flexible future financial planning • Compound interest benefits#SmartInvesting #Invest pic.twitter.com/RENeMglWVR — PIB in Chandigarh (@PIBChandigarh) September 18, 2024 × Also Read | PM Modi vows to restore J&K's statehood, promises monetary assistance to farmers, women How much can you save for your child through this scheme? According to a post by the Press Information Bureau (PIB) on the social media platform X, NPS Vatsalya can allow you to save this much for your child: Annual Contribution: Rs 10,000 ($119.53) Investment Duration: 18 years Expected Corpus at 18: Rs 5 lakh @10% rate of return (RoR) Expected Corpus at 60: @10% RoR: Rs 2.75 crore @11.59%* RoR: Rs 5.97 crore @12.86%# RoR: Rs 11.05 crore 📊 Your Pension Potential with #NPSVATSALYA • Annual Contribution: ₹10,000 • Investment Duration: 18 years • Expected Corpus at 18: ₹5 lakh @10% RoR Expected Corpus at 60:@10% RoR: ₹2.75 Cr@11.59%* RoR: ₹5.97 Cr@12.86%# RoR: ₹11.05 Cr Start your investment today! pic.twitter.com/S7pt00MuT2 — PIB in Chandigarh (@PIBChandigarh) September 18, 2024 × How to open an account for NPS Vatsalya? Opening an NPS Vatsalya account is simple and can be done online or offline at dedicated Points of Presence (POPs) like banks and post offices. To open an account online, visit the eNPS website and follow the steps mentioned on it. Key Features of NPS Vatsalya Scheme: Eligibility Criteria: Any minor with an Aadhar card or Pan card is eligible. Contributors: Parents or official guardians can contribute on behalf of their children with a minimum amount of Rs 1,000 per year, with no maximum contribution. What are the documents required to open an NPS Vatsalya account? As per the NPS Trust Website, the following are the documented required: Date of birth proof of the minor (Birth Certificate, Matriculation Certificate, Passport or School Leaving Certificate). KYC of the guardian shall be done by providing identity proof and address (Passport, Voter ID card, Driving Licence, Aadhar Card). If the guardian is NRI, a solo or joint bank account of the minor is needed. How to invest in NPS Vatsalya? After the announcement of NPS Vatsalya, several banks released pension plans for minors. Banks such as the Reserve Bank of India, Punjab National Bank, Bank of Maharashtra, Canara Bank, Axis Bank, and ICICI Bank have released their pension plans under NPS Vatsalya. It is advised to check their official website or X handles for further information. Plan today for a brighter tomorrow. To apply online and for more info, visit: https://t.co/WpDI1x5NLJ@PFRDAOfficial#NPS #NPSZaruriHai #NPSPensionForAll #NPSVatsalya #PensionkiGullak #GiftofCare #Banking #PNB pic.twitter.com/5KG8oHeKtN — Punjab National Bank (@pnbindia) September 18, 2024 × (With inputs from agencies)

NPS Vatsalya: All you need to know about the pension scheme for children

Lebanon's former central bank chief was questioned over the embezzlement of 42 million dollars. He is wanted by authorities in France for alleged financial crimes, with Interpol issuing “red notices” targeting him. Watch.

Lebanon's former Central Bank Chief arrested

Let’s take a quick look at today's market updates. Asian markets are mostly in positive territory, recovering from the previous session’s sell-off. Watch WION to know more.

Volatility to persist until Fed's policy decision: Experts

A major development has emerged in the financial sector. China merchant fund management, one of china's top fund management firms is demanding that senior executives return pay exceeding a new salary cap set by the government.

China's 'common prosperity' drives reform

Aether Fuels, a cutting-edge climate technology company, has recently announced a significant milestone in its journey towards sustainable fuel production. The company has successfully secured USD 34 million in Series A funding from a diverse group of global investors. This impressive financial backing comes from a consortium led by AP Ventures, with participation from notable entities such as Chevron Technology Ventures, CDP Venture Capital, and Zeon Ventures.&nbsp; 
The company's existing investors, including Series Seed lead investor Xora Innovation, TechEnergy Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and JetBlue Ventures, have also contributed to this funding round.

The primary objective of this substantial investment is to accelerate the development and scale-up of Aether Aurora, Aether's proprietary technology designed to produce sustainable fuels for the aviation and maritime transportation sectors. This innovative technology, which builds upon a foundation licensed from Aether's strategic partner GTI Energy, represents a significant advancement in the Fischer-Tropsch (FT) process. By incorporating novel approaches in catalyst chemistry, reactor design, and process flow optimisation, Aether Aurora aims to dramatically reduce both the initial investment required for plant construction and ongoing operational costs, while simultaneously enhancing fuel yield.

A key advantage of the Aether Aurora technology lies in its remarkable flexibility. The system is capable of converting a wide array of waste carbon feedstocks into jet fuel and other liquid hydrocarbons. This versatility addresses a critical limitation faced by many other sustainable aviation fuel (SAF) production methods, which often struggle with supply constraints due to their reliance on specific feedstocks.

Kevin Eggers, representing AP Ventures, expressed enthusiasm about adding Aether to their portfolio of climate-focused companies. He highlighted Aether's distinctive approach, combining an elegant and innovative technology with superior economics. Eggers also praised the exceptional team assembled by Aether, which includes energy experts, business leaders, and experienced entrepreneurs. He noted that the company's unique market strategy and disciplined execution are informed by the team's collective experience in developing energy and fuel projects valued in the tens of billions of dollars.

Aether's CEO, Conor Madigan, welcomed the new investors while also expressing gratitude to existing backers for their continued support. Madigan emphasised the critical need to expand the supply of sustainable fuels, pointing out that without a significant scaling up of production capacity, the transition to sustainable fuels would remain constrained and slow. He asserted that Aether's disruptive, scalable solution directly addresses this challenge by simplifying the conversion process and enabling maximum carbon flexibility, resulting in increased product output at substantially lower capital expenditure compared to existing approaches.

The newly acquired capital will be strategically deployed to further enhance Aether's&nbsp;research and development infrastructure, scale up its novel catalysts and process technology, and accelerate the construction of a fully integrated 100 gallon-per-day (gpd) test production plant. This new facility will build upon the successful operation of an existing 1.5 gpd pilot line.

 
The company plans to initiate the development of a pipeline of commercial-scale production facilities, including projects in the United States and Southeast Asia, aimed at producing sustainable aviation fuel (SAF) and other high-value sustainable liquid fuels in collaboration with select strategic partners.

To facilitate these ambitious plans, Aether has partnered with GTI Energy to establish an Aether R&amp;D center within GTI Energy's Chicago-area campus. This collaboration, which began in 2022, builds upon a gas-to-liquid (GTL) technology program initiated by GTI Energy in 2016. The Aether Aurora solution incorporates critical innovations from this GTL program.

A distinguishing feature of Aether Aurora is its inherent design for feedstock flexibility, making it suitable for a wide range of sustainable fuel projects, including e-fuels, biofuels, and recycled carbon fuels. This adaptability allows the technology to efficiently process various inputs such as captured carbon dioxide, industrial waste gases, biogas, and treated agricultural residues. When combined with its cost efficiency, this versatility positions Aether Aurora as a highly differentiated solution in the sustainable fuel market.

Madigan concluded by noting that the investors' decision to back Aether, given their deep industry knowledge and experience, serves as a strong endorsement of the company's unique approach. He expressed enthusiasm about leveraging the expertise of these investors as Aether continues to execute its ambitious plans for revolutionising sustainable fuel production.&nbsp; 
&nbsp;

Aether Fuels, a cutting-edge climate technology company, has recently announced a significant milestone in its journey towards sustainable fuel production. The company has successfully secured USD 34 million in Series A funding from a diverse group of global investors.

Aether Fuels, a cutting-edge climate technology company, has recently announced a significant milestone in its journey towards sustainable fuel production. The company has successfully secured USD 34 million in Series A funding from a diverse group of global investors. This impressive financial backing comes from a consortium led by AP Ventures, with participation from notable entities such as Chevron Technology Ventures, CDP Venture Capital, and Zeon Ventures. The company's existing investors, including Series Seed lead investor Xora Innovation, TechEnergy Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and JetBlue Ventures, have also contributed to this funding round. The primary objective of this substantial investment is to accelerate the development and scale-up of Aether Aurora, Aether's proprietary technology designed to produce sustainable fuels for the aviation and maritime transportation sectors. This innovative technology, which builds upon a foundation licensed from Aether's strategic partner GTI Energy, represents a significant advancement in the Fischer-Tropsch (FT) process. By incorporating novel approaches in catalyst chemistry, reactor design, and process flow optimisation, Aether Aurora aims to dramatically reduce both the initial investment required for plant construction and ongoing operational costs, while simultaneously enhancing fuel yield. A key advantage of the Aether Aurora technology lies in its remarkable flexibility. The system is capable of converting a wide array of waste carbon feedstocks into jet fuel and other liquid hydrocarbons. This versatility addresses a critical limitation faced by many other sustainable aviation fuel (SAF) production methods, which often struggle with supply constraints due to their reliance on specific feedstocks. Kevin Eggers, representing AP Ventures, expressed enthusiasm about adding Aether to their portfolio of climate-focused companies. He highlighted Aether's distinctive approach, combining an elegant and innovative technology with superior economics. Eggers also praised the exceptional team assembled by Aether, which includes energy experts, business leaders, and experienced entrepreneurs. He noted that the company's unique market strategy and disciplined execution are informed by the team's collective experience in developing energy and fuel projects valued in the tens of billions of dollars. Aether's CEO, Conor Madigan, welcomed the new investors while also expressing gratitude to existing backers for their continued support. Madigan emphasised the critical need to expand the supply of sustainable fuels, pointing out that without a significant scaling up of production capacity, the transition to sustainable fuels would remain constrained and slow. He asserted that Aether's disruptive, scalable solution directly addresses this challenge by simplifying the conversion process and enabling maximum carbon flexibility, resulting in increased product output at substantially lower capital expenditure compared to existing approaches. The newly acquired capital will be strategically deployed to further enhance Aether's research and development infrastructure, scale up its novel catalysts and process technology, and accelerate the construction of a fully integrated 100 gallon-per-day (gpd) test production plant. This new facility will build upon the successful operation of an existing 1.5 gpd pilot line. The company plans to initiate the development of a pipeline of commercial-scale production facilities, including projects in the United States and Southeast Asia, aimed at producing sustainable aviation fuel (SAF) and other high-value sustainable liquid fuels in collaboration with select strategic partners. To facilitate these ambitious plans, Aether has partnered with GTI Energy to establish an Aether R&D center within GTI Energy's Chicago-area campus. This collaboration, which began in 2022, builds upon a gas-to-liquid (GTL) technology program initiated by GTI Energy in 2016. The Aether Aurora solution incorporates critical innovations from this GTL program. A distinguishing feature of Aether Aurora is its inherent design for feedstock flexibility, making it suitable for a wide range of sustainable fuel projects, including e-fuels, biofuels, and recycled carbon fuels. This adaptability allows the technology to efficiently process various inputs such as captured carbon dioxide, industrial waste gases, biogas, and treated agricultural residues. When combined with its cost efficiency, this versatility positions Aether Aurora as a highly differentiated solution in the sustainable fuel market. Madigan concluded by noting that the investors' decision to back Aether, given their deep industry knowledge and experience, serves as a strong endorsement of the company's unique approach. He expressed enthusiasm about leveraging the expertise of these investors as Aether continues to execute its ambitious plans for revolutionising sustainable fuel production.

Aether Fuels secures USD 34 million in series-A financing

After some strategic manoeuvring, the allocation of ministerial portfolios in India is finally out, with some key ministries assigned to big names that retained the roles they held in the Modi 2.0 cabinet. Crucial ministries in Prime Minister Narendra Modi's cabinet include the Ministry of Home Affairs, Ministry of Defence, Ministry of Finance and Ministry of External Affairs.&nbsp;

S Jaishankar, who spearheaded India's diplomatic strategy throughout the Russia-Ukraine conflict once again gets External Affairs Ministry. With no changes seen in the big four ministries, Rajnath Singh once more gets Defence Ministry, Nirmala Sitharaman Finance Ministry and Minister of Corporate Affairs whereas&nbsp;Amit Shah gets Minister of Home Affairs and Ministry of Cooperation.&nbsp;

These four ministries are the members of the Cabinet Committee on Security (CCS) which oversees debates within the national security apparatus. CCS also holds sway over pivotal decisions concerning important appointments, and national security issues.

The CCS is responsible for formulating policies related to security and defence, making decisions on defence expenditure and handling matters of national security significance. It plays a crucial role in ensuring the security and defence preparedness of India.

In the Modi 2.0 cabinet, the Ministry of Home was held by Amit Shah, the Ministry of Defence was held by Rajnath Singh, External Affairs by S Jaishankar, and Ministry of Finance by Nirmala Sitharaman.&nbsp;

In PM Modi's first cabinet, Rajnath Singh held home ministry, defence was held by Nirmala Sitharaman, late Sushma Swaraj held external affairs and finance was given to late Arun Jaitley.&nbsp;

Modi on Monday (June 10) held his first cabinet meeting after taking the oath the previous day. Major faces seen during the meet also included Amit Shah, Rajnath Singh, S Jaishankar, JP Nadda&nbsp;among others.&nbsp;

(With inputs from agencies)

After some strategic manoeuvring, the allocation of ministerial portfolios in India is finally out, with some key ministries assigned to big names that retained the roles they held in the Modi 2.

After some strategic manoeuvring, the allocation of ministerial portfolios in India is finally out, with some key ministries assigned to big names that retained the roles they held in the Modi 2.0 cabinet. Crucial ministries in Prime Minister Narendra Modi's cabinet include the Ministry of Home Affairs, Ministry of Defence, Ministry of Finance and Ministry of External Affairs. S Jaishankar, who spearheaded India's diplomatic strategy throughout the Russia-Ukraine conflict once again gets External Affairs Ministry. With no changes seen in the big four ministries, Rajnath Singh once more gets Defence Ministry, Nirmala Sitharaman Finance Ministry and Minister of Corporate Affairs whereas Amit Shah gets Minister of Home Affairs and Ministry of Cooperation. These four ministries are the members of the Cabinet Committee on Security (CCS) which oversees debates within the national security apparatus. CCS also holds sway over pivotal decisions concerning important appointments, and national security issues. The CCS is responsible for formulating policies related to security and defence, making decisions on defence expenditure and handling matters of national security significance. It plays a crucial role in ensuring the security and defence preparedness of India. In the Modi 2.0 cabinet, the Ministry of Home was held by Amit Shah, the Ministry of Defence was held by Rajnath Singh, External Affairs by S Jaishankar, and Ministry of Finance by Nirmala Sitharaman. In PM Modi's first cabinet, Rajnath Singh held home ministry, defence was held by Nirmala Sitharaman, late Sushma Swaraj held external affairs and finance was given to late Arun Jaitley. Modi on Monday (June 10) held his first cabinet meeting after taking the oath the previous day. Major faces seen during the meet also included Amit Shah, Rajnath Singh, S Jaishankar, JP Nadda among others. (With inputs from agencies)

Modi 3.0: Who secured India's key ministries: Home, foreign, defence and finance?

The countries met their target of providing a hundred billion dollars in annual climate aid to poor countries for the first time in 2022. However, the Organization for Economic Cooperation and Development(OECD) said that it happened two years later than expected. The failure to raise the money on time has eroded trust in climate negotiations.

Rich Nations two-year late to meet climate finance goals

The Dow Jones Industrial Average topped the 40,000 level for the first time Thursday, as U.S. stocks drifted higher to add to their records set a day before.

The Dow was up 106 points, or 0.3%, at 40,014, in midday trading. It made its last leap of 10,000 points in about three and a half years, as the U.S. economy and corporate profits crawled out of the crash caused COVID-19. They’ve continued to hold up so far despite the worst inflation in decades, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived.

The S&amp;P 500 index, which is much more widely followed on Wall Street and dictates the performance of many more 401(k) accounts than the Dow, was 0.2% higher, as of 11:40 a.m. Eastern time. The Nasdaq composite was up 0.2%. They also had rallied on Wednesday to all-time highs.

Walmart was one of the strongest forces lifting the market, and it rose 6% after reporting stronger profit for the latest quarter than analysts expected. It also said its revenue for the year could top the forecasted range it had earlier given.

Walmart’s strength could be an encouraging signal for the broader economy. Worries have been rising about whether U.S. households can keep up with still-high inflation, even if it’s not as bad as before, and more expensive credit-card payments, particularly those making lower incomes.

Target, which reports its quarterly results next week, climbed following Walmart’s report, along with other retailers like Dollar General and Dollar Tree. Each added at least 2.4%.

Chubb climbed 3.8% after Warren Buffett’s Berkshire Hathaway disclosed it had built an ownership stake in the insurer.

Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes jumped through May to records following a tough April. Another has been revived hopes that the Federal Reserve will be able to cut its main interest rate at least once or twice this year. The Fed has been keeping its federal funds rate at the highest level in more than two decades.

A string of worse-than-expected reports on inflation at the start of the year had put the potential for such cuts in jeopardy, but some more encouraging data has since arrived.

Treasury yields have eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough because of high interest rates to stifle inflation but not so much that it causes a bad recession. Yields were holding edging higher Thursday following some mixed data on the economy.

One report showed slightly more workers applied for unemployment benefits last week than economists expected, though the number remains low compared with history. Others said homebuilders broke ground on fewer projects last month than expected, manufacturing growth in the mid-Atlantic region was weaker than hoped and import prices rose more than forecast.

“Today’s numbers were in line with the overall theme of the week — nothing dramatic, but showing signs of a steady-to-cooling economy,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

The yield on the 10-year Treasury ticked up to 4.36% from 4.35% late Wednesday. The two-year yield, which moves more closely with expectations for action by the Fed, rose to 4.77% from 4.72%.

On the losing end of Wall Street, Deere fell 3.2% despite reporting stronger profit for its latest quarter than expected. It cut its forecast for profit over the full fiscal year below analysts’ estimates, as farmers buy fewer tractors and other equipment.

Homebuilders fell following the weaker-than-expected report on housing starts. They gave back some of their big gains the day before, when hopes for lower mortgage rates had sent them sharply higher. Lennar fell 2.1%, and D.R. Horton slipped 2%.

GameStop and AMC Entertainment slid for a second straight day, pulling back further from their jaw-dropping starts to the week. They’ve been moving more on excitement drummed up by investors than any changes to their financial prospects.

GameStop fell 25.2%, though it’s still up nearly 69% for the week so far. AMC Entertainment lost 13.9%.

Under Armour swung from an early loss to a slight gain after it warned that its revenue will be likely down by “a low double-digit percentage rate” this upcoming fiscal year, citing weaker demand from wholesalers and “inconsistent execution across our business.” The company announced a restructuring plan to cut costs and also announced a program to buy back up to $500 million of its stock. It was up 1.1%.

In stock markets abroad, indexes were modestly lower in much of Europe after mostly rising in Asia. Hong Kong’s Hang Seng jumped 1.6% after reopening following a holiday, while Japan’s Nikkei 225 rose 1.4%.

The Dow Jones Industrial Average topped the 40,000 level for the first time Thursday, as U.S. stocks drifted higher to add to their records set a day before. The Dow was up 106 points, or 0.

The Dow Jones Industrial Average topped the 40,000 level for the first time Thursday, as U.S. stocks drifted higher to add to their records set a day before. The Dow was up 106 points, or 0.3%, at 40,014, in midday trading. It made its last leap of 10,000 points in about three and a half years, as the U.S. economy and corporate profits crawled out of the crash caused COVID-19. They’ve continued to hold up so far despite the worst inflation in decades, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived. The S&P 500 index, which is much more widely followed on Wall Street and dictates the performance of many more 401(k) accounts than the Dow, was 0.2% higher, as of 11:40 a.m. Eastern time. The Nasdaq composite was up 0.2%. They also had rallied on Wednesday to all-time highs. Walmart was one of the strongest forces lifting the market, and it rose 6% after reporting stronger profit for the latest quarter than analysts expected. It also said its revenue for the year could top the forecasted range it had earlier given. Walmart’s strength could be an encouraging signal for the broader economy. Worries have been rising about whether U.S. households can keep up with still-high inflation, even if it’s not as bad as before, and more expensive credit-card payments, particularly those making lower incomes. Target, which reports its quarterly results next week, climbed following Walmart’s report, along with other retailers like Dollar General and Dollar Tree. Each added at least 2.4%. Chubb climbed 3.8% after Warren Buffett’s Berkshire Hathaway disclosed it had built an ownership stake in the insurer. Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes jumped through May to records following a tough April. Another has been revived hopes that the Federal Reserve will be able to cut its main interest rate at least once or twice this year. The Fed has been keeping its federal funds rate at the highest level in more than two decades. A string of worse-than-expected reports on inflation at the start of the year had put the potential for such cuts in jeopardy, but some more encouraging data has since arrived. Treasury yields have eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough because of high interest rates to stifle inflation but not so much that it causes a bad recession. Yields were holding edging higher Thursday following some mixed data on the economy. One report showed slightly more workers applied for unemployment benefits last week than economists expected, though the number remains low compared with history. Others said homebuilders broke ground on fewer projects last month than expected, manufacturing growth in the mid-Atlantic region was weaker than hoped and import prices rose more than forecast. “Today’s numbers were in line with the overall theme of the week — nothing dramatic, but showing signs of a steady-to-cooling economy,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. The yield on the 10-year Treasury ticked up to 4.36% from 4.35% late Wednesday. The two-year yield, which moves more closely with expectations for action by the Fed, rose to 4.77% from 4.72%. On the losing end of Wall Street, Deere fell 3.2% despite reporting stronger profit for its latest quarter than expected. It cut its forecast for profit over the full fiscal year below analysts’ estimates, as farmers buy fewer tractors and other equipment. Homebuilders fell following the weaker-than-expected report on housing starts. They gave back some of their big gains the day before, when hopes for lower mortgage rates had sent them sharply higher. Lennar fell 2.1%, and D.R. Horton slipped 2%. GameStop and AMC Entertainment slid for a second straight day, pulling back further from their jaw-dropping starts to the week. They’ve been moving more on excitement drummed up by investors than any changes to their financial prospects. GameStop fell 25.2%, though it’s still up nearly 69% for the week so far. AMC Entertainment lost 13.9%. Under Armour swung from an early loss to a slight gain after it warned that its revenue will be likely down by “a low double-digit percentage rate” this upcoming fiscal year, citing weaker demand from wholesalers and “inconsistent execution across our business.” The company announced a restructuring plan to cut costs and also announced a program to buy back up to $500 million of its stock. It was up 1.1%. In stock markets abroad, indexes were modestly lower in much of Europe after mostly rising in Asia. Hong Kong’s Hang Seng jumped 1.6% after reopening following a holiday, while Japan’s Nikkei 225 rose 1.4%.

Stock market today: Dow tops 40,000 for the first time as Wall Street drifts higher

More people find themselves buying items they don’t need just because they’re on sale. This form of impulse buying is called “spaving”, spending more to save more. Watch in the report to know more about this financial trap!

Spaving, Explained: The practice of spending money to save it

India’s digital public goods are powering a transformative shift in the way financial services are delivered. In this regard, the recent arrival of Account Aggregators (AAs) is another shot in the arm for financial inclusion and democratisation.&nbsp;

AAs are streamlining how we manage and share our financial data. The AA framework heralds a new age of financial inclusivity and efficiency. It allows individuals to securely aggregate and share their financial information with banks and other financial institutions. The ease in data-sharing simplifies the process of accessing financial services and empowers consumers by placing them in control of their personal data.

What Are Account Aggregators?

Account Aggregators are digital intermediaries—essentially, non-lending NBFCs.

Their job is to facilitate the secure and consent-based sharing of financial data between individuals and financial institutions. Imagine needing a loan and being able to share your financial history with the bank digitally without the hassle of paperwork. AAs make this possible.

They collect data from various sources—banks, mutual funds, insurance companies—and with your permission share it with entities requiring it, such as lenders.

This mechanism significantly reduces the time and cost associated with manual data verification, thus leading to faster loan processing and sanction.&nbsp;

The Need forAAs

AAs address the challenge of financial fraud by ensuring data is directly sourced from financial institutions, mitigating the risk associated with forged documents.

Secondly, they bridge the gap in financial inclusion. For individuals in remote areas or those without a formal credit history, traditional banking services may be out of reach. AAs democratise access to financial services by leveraging digital data.

This is making it possible for more people to access loans and other services based on their financial behaviour rather than just their credit history.

Empowering Consumers Through Consent

Consumer empowerment is central to the AA framework. Before the ongoing digitalisation of finance, sharing personal information was cumbersome and fraught with privacy concerns.

Remember the days of printing several photocopies of your financial statements, and income and address proofs, and sharing them with strangers?

Now, with all this information available digitally, fintech innovation such as AAs is allowing for the data to be shared directly from its source, such as your bank. Also, consumers can dictate who accesses their data, for how long, and for what purpose.

This consent-based model not only protects privacy but also puts individuals in the driver's seat of their financial journey. An example of this empowerment is the ability for consumers to instantly revoke access.&nbsp;

Simplifying Account Openings&nbsp;

The AA ecosystem is streamlining the way financial accounts are opened and managed.

By using AAs, consumers can undergo a digital KYC process, linking their various financial accounts—from savings to investments—under one umbrella.

This consolidation can simplify the process of applying for financial services such as loans, investing, or purchasing insurance. The digital KYC process through AAs can reduce the account opening time from days to mere minutes.

The Future of Financial Services with AAs

The potential of AAs extends beyond just simplifying data sharing; it's about revolutionising finance again—just as UPI had done some years ago.

By integrating more forms of financial data, such as investments and insurance, AAs are set to offer a more holistic view of an individual's financial health.

This broader perspective on consumer data will enable lenders to make more informed decisions, which will help reduce the risks around frauds and NPAs. It's a win-win: consumers enjoy easier access to services, while institutions benefit from a deeper understanding of their customers' financial behaviours.

India's embrace of Account Aggregators is a significant step towards a more inclusive and efficient financial ecosystem. AAs are unlocking new possibilities for consumers and financial institutions alike. 
&nbsp;

India’s digital public goods are powering a transformative shift in the way financial services are delivered. In this regard, the recent arrival of Account Aggregators (AAs) is another shot in the arm for financial inclusion and democratisation.

India’s digital public goods are powering a transformative shift in the way financial services are delivered. In this regard, the recent arrival of Account Aggregators (AAs) is another shot in the arm for financial inclusion and democratisation. AAs are streamlining how we manage and share our financial data. The AA framework heralds a new age of financial inclusivity and efficiency. It allows individuals to securely aggregate and share their financial information with banks and other financial institutions. The ease in data-sharing simplifies the process of accessing financial services and empowers consumers by placing them in control of their personal data. What Are Account Aggregators? Account Aggregators are digital intermediaries—essentially, non-lending NBFCs. Their job is to facilitate the secure and consent-based sharing of financial data between individuals and financial institutions. Imagine needing a loan and being able to share your financial history with the bank digitally without the hassle of paperwork. AAs make this possible. They collect data from various sources—banks, mutual funds, insurance companies—and with your permission share it with entities requiring it, such as lenders. This mechanism significantly reduces the time and cost associated with manual data verification, thus leading to faster loan processing and sanction. The Need forAAs AAs address the challenge of financial fraud by ensuring data is directly sourced from financial institutions, mitigating the risk associated with forged documents. Secondly, they bridge the gap in financial inclusion. For individuals in remote areas or those without a formal credit history, traditional banking services may be out of reach. AAs democratise access to financial services by leveraging digital data. This is making it possible for more people to access loans and other services based on their financial behaviour rather than just their credit history. Empowering Consumers Through Consent Consumer empowerment is central to the AA framework. Before the ongoing digitalisation of finance, sharing personal information was cumbersome and fraught with privacy concerns. Remember the days of printing several photocopies of your financial statements, and income and address proofs, and sharing them with strangers? Now, with all this information available digitally, fintech innovation such as AAs is allowing for the data to be shared directly from its source, such as your bank. Also, consumers can dictate who accesses their data, for how long, and for what purpose. This consent-based model not only protects privacy but also puts individuals in the driver's seat of their financial journey. An example of this empowerment is the ability for consumers to instantly revoke access. Simplifying Account Openings The AA ecosystem is streamlining the way financial accounts are opened and managed. By using AAs, consumers can undergo a digital KYC process, linking their various financial accounts—from savings to investments—under one umbrella. This consolidation can simplify the process of applying for financial services such as loans, investing, or purchasing insurance. The digital KYC process through AAs can reduce the account opening time from days to mere minutes. The Future of Financial Services with AAs The potential of AAs extends beyond just simplifying data sharing; it's about revolutionising finance again—just as UPI had done some years ago. By integrating more forms of financial data, such as investments and insurance, AAs are set to offer a more holistic view of an individual's financial health. This broader perspective on consumer data will enable lenders to make more informed decisions, which will help reduce the risks around frauds and NPAs. It's a win-win: consumers enjoy easier access to services, while institutions benefit from a deeper understanding of their customers' financial behaviours. India's embrace of Account Aggregators is a significant step towards a more inclusive and efficient financial ecosystem. AAs are unlocking new possibilities for consumers and financial institutions alike.

Expert Voice | Account Aggregators: A leap towards financial democratisation

The US Federal Reserve has unveiled the scenarios for its annual bank stress tests, which assess the resilience of financial institutions to adverse economic conditions.

There is heightened investor, analyst, and regulatory attention this year due to the failure of three banks in 2023 and ongoing disputes between large banks and the Fed regarding proposed capital increases.

Last month's report of losses on commercial real estate loans by New York Community Bank has further intensified concerns, leading to a significant drop in its share value.

The commercial real estate (CRE) sector faces challenges stemming from financing constraints due to high interest rates and reduced office occupancy rates caused by the widespread adoption of remote work.

The stress test's most severe scenario mirrors last year's, featuring a 36 per cent decline in house prices and a 40 per cent decline in commercial real estate prices, along with the US unemployment rate reaching 10 per cent.

Kevin Fromer, CEO of the Financial Services Forum, representing the CEOs of the largest eight US banks, told Reuters: "The nation’s largest banks ... are strong, highly capitalized, and an important source of support to American households and businesses, even in the face of significant economic headwinds."

How is this year's test&nbsp;different?

This year's stress test introduces an "exploratory analysis" component that will assess banks' resilience to a broader array of risks beyond the traditional scenarios.

The Fed disclosed that this exploratory analysis will not impact capital requirements but will include simulations of funding stresses leading to the rapid repricing of a significant portion of deposits at large banks, akin to the stresses observed in March 2023.

Additionally, the largest and most complex banks will undergo testing against a scenario involving the failure of five large hedge funds.

The Federal Reserve has announced plans to release the stress test results, including firm-specific data, in June 2024. The findings of the exploratory shock analysis will be published in aggregate, offering insights into the banking system's overall resilience.

What is Stress Test?

A stress test, particularly in the context of banking, is a simulation conducted by regulatory authorities, such as the Federal Reserve in the United States, to assess the resilience of top financial institutions to adverse economic conditions.

These stress tests, initiated after the 2007-2009 financial crisis, determine the capital requirements for banks to maintain their health and assess their ability to distribute capital to shareholders through dividends and share buybacks.

These tests subject banks to hypothetical scenarios, such as severe economic downturns or financial crisis, to evaluate their ability to withstand such stress without becoming insolvent.

The aim is to ensure that banks hold sufficient capital to continue operating and lending even under adverse circumstances, thereby safeguarding financial stability.

(With inputs from Reuters)

The US Federal Reserve has unveiled the scenarios for its annual bank stress tests, which assess the resilience of financial institutions to adverse economic conditions.

The US Federal Reserve has unveiled the scenarios for its annual bank stress tests, which assess the resilience of financial institutions to adverse economic conditions. There is heightened investor, analyst, and regulatory attention this year due to the failure of three banks in 2023 and ongoing disputes between large banks and the Fed regarding proposed capital increases. Last month's report of losses on commercial real estate loans by New York Community Bank has further intensified concerns, leading to a significant drop in its share value. The commercial real estate (CRE) sector faces challenges stemming from financing constraints due to high interest rates and reduced office occupancy rates caused by the widespread adoption of remote work. The stress test's most severe scenario mirrors last year's, featuring a 36 per cent decline in house prices and a 40 per cent decline in commercial real estate prices, along with the US unemployment rate reaching 10 per cent. Kevin Fromer, CEO of the Financial Services Forum, representing the CEOs of the largest eight US banks, told Reuters: "The nation’s largest banks ... are strong, highly capitalized, and an important source of support to American households and businesses, even in the face of significant economic headwinds." How is this year's test different? This year's stress test introduces an "exploratory analysis" component that will assess banks' resilience to a broader array of risks beyond the traditional scenarios. The Fed disclosed that this exploratory analysis will not impact capital requirements but will include simulations of funding stresses leading to the rapid repricing of a significant portion of deposits at large banks, akin to the stresses observed in March 2023. Additionally, the largest and most complex banks will undergo testing against a scenario involving the failure of five large hedge funds. The Federal Reserve has announced plans to release the stress test results, including firm-specific data, in June 2024. The findings of the exploratory shock analysis will be published in aggregate, offering insights into the banking system's overall resilience. What is Stress Test? A stress test, particularly in the context of banking, is a simulation conducted by regulatory authorities, such as the Federal Reserve in the United States, to assess the resilience of top financial institutions to adverse economic conditions. These stress tests, initiated after the 2007-2009 financial crisis, determine the capital requirements for banks to maintain their health and assess their ability to distribute capital to shareholders through dividends and share buybacks. These tests subject banks to hypothetical scenarios, such as severe economic downturns or financial crisis, to evaluate their ability to withstand such stress without becoming insolvent. The aim is to ensure that banks hold sufficient capital to continue operating and lending even under adverse circumstances, thereby safeguarding financial stability. (With inputs from Reuters)

Decoding US Federal Reserve's annual bank stress test scenarios

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

While acknowledging the increasing footprint of Big Tech subsidiaries as direct providers of financial services in Europe, the regulators emphasized that, at present, it doesn't pose an immediate threat to financial stability.<o:p></o:p>

The comprehensive stocktake revealed a growing but still relatively modest influence of Big Tech in areas such as payments, e-money, and even insurance services. The regulators expressed concerns over poor visibility into Big Tech activities, citing unreliable notifications of cross-border activities and challenges in monitoring their financial service offerings.<o:p></o:p>

Despite the identified issues, the watchdogs asserted that there is currently no urgent need for immediate regulatory changes regarding Big Tech's direct involvement in financial services provision.<o:p></o:p>

In a joint statement, the financial watchdogs acknowledged the potential risks associated with any future escalation in Big Tech's financial activities. While refraining from immediate regulatory changes, they pledged to continue reinforcing their monitoring efforts using a newly introduced monitoring "matrix." <o:p></o:p>

This matrix aims to enhance the oversight of Big Tech's relevance in the EU financial services sector, ensuring a proactive approach to potential challenges and risks that may emerge.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple.

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple. This is based on a Reuters report. While acknowledging the increasing footprint of Big Tech subsidiaries as direct providers of financial services in Europe, the regulators emphasized that, at present, it doesn't pose an immediate threat to financial stability. The comprehensive stocktake revealed a growing but still relatively modest influence of Big Tech in areas such as payments, e-money, and even insurance services. The regulators expressed concerns over poor visibility into Big Tech activities, citing unreliable notifications of cross-border activities and challenges in monitoring their financial service offerings. Despite the identified issues, the watchdogs asserted that there is currently no urgent need for immediate regulatory changes regarding Big Tech's direct involvement in financial services provision. In a joint statement, the financial watchdogs acknowledged the potential risks associated with any future escalation in Big Tech's financial activities. While refraining from immediate regulatory changes, they pledged to continue reinforcing their monitoring efforts using a newly introduced monitoring "matrix." This matrix aims to enhance the oversight of Big Tech's relevance in the EU financial services sector, ensuring a proactive approach to potential challenges and risks that may emerge. (With inputs from Reuters)

EU financial watchdogs intensify scrutiny as big tech ventures into finance

n the world of finance, this year has been a roller coaster of highs and lows, from soaring stock markets to unexpected economic challenges.

2023: A Roller Coaster Ride | Soaring stock markets | NASDAQ records trillion-dollar valuations

The whole of India&nbsp;watched with bated breath the rescue of 41 trapped workers in the Uttarakhand Silkyara-Barkot tunnel. The collapse of the tunnel in Uttarkashi on November 12 culminated in the successful rescue of the entrapped workers after 17 long days.

Reports quoting officials are now suggesting that the tunnel collapse was not an isolated incident.

Though what happened on November 12 became a sensitive issue given the lives of dozens at stake, the tunnel collapse is a recurring challenge.&nbsp;

During its construction over the past five years, the tunnel on the Char Dham all-weather road project has grappled with a series of collapses, labeled as 'cavities'.&nbsp;

Speaking about the 4.5 km-long bidirectional tunnel with a local media outlet,&nbsp;the director of administration and finance at the National Highways Infrastructure Development Corporation Ltd (NHIDCL) Anshu Manish Khalkho said that approximately "19-20 minor to medium-level collapses" occurred during the tunnel's construction.

Khalkho said, "Such incidents happen during every tunnel construction project, but we were unlucky this time that workers got trapped."

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-economic-growth-surpasses-expectations-maintains-fastest-growing-major-economy-status-665038">India's economic growth surpasses expectations, maintains fastest-growing major economy status</a>

Khalkho also revealed that more collapses took place on the Barkot side compared to the Silkyara side.

Notably, a specific area within 160 to 260 meters from the Silkyara end, known as the 'red zone' or 'shear zone,' was identified as prone to collapses due to brittle rocks.

Khalkho, while speaking to media, said additional protective measures would be implemented to reinforce this vulnerable area.

<h2>Another official speaks in same vein&nbsp;</h2>

An anonymous official connected to the tunnel construction reportedly spoke on the same vein. He stated, "the tunnel had faced numerous cavity collapses due to the challenging geology of the region and significant rock deformation."

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/pannun-killing-plot-row-no-gujarat-case-against-nikhil-gupta-indian-police-say-665004">Pannun killing 'plot' row: No 'Gujarat case' against Nikhil Gupta, Indian police say</a>

It is worth noting that Bernard Gruppe, a European company providing design services to Navayuga Engineering, the construction firm undertaking the tunnel project, had previously acknowledged that the "geological conditions (at the tunnel site) proved to be more challenging than predicted in the tender documents."

Watch |&nbsp;<a href="https://www.wionews.com/videos/cop28-the-time-for-action-on-global-warming-is-now-665010">COP28: The time for action on global warming is now</a>

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The Silkyara-Barkot tunnel's recent incident and the subsequent rescue of trapped workers are now bringing our attention to the ongoing challenges in constructing this vital infrastructure project.

(With inputs from agencies)

The whole of India watched with bated breath the rescue of 41 trapped workers in the Uttarakhand Silkyara-Barkot tunnel. The collapse of the tunnel in Uttarkashi on November 12 culminated in the successful rescue of the entrapped workers after 17 long days.

The whole of India watched with bated breath the rescue of 41 trapped workers in the Uttarakhand Silkyara-Barkot tunnel. The collapse of the tunnel in Uttarkashi on November 12 culminated in the successful rescue of the entrapped workers after 17 long days. Reports quoting officials are now suggesting that the tunnel collapse was not an isolated incident. Though what happened on November 12 became a sensitive issue given the lives of dozens at stake, the tunnel collapse is a recurring challenge. During its construction over the past five years, the tunnel on the Char Dham all-weather road project has grappled with a series of collapses, labeled as 'cavities'. Speaking about the 4.5 km-long bidirectional tunnel with a local media outlet, the director of administration and finance at the National Highways Infrastructure Development Corporation Ltd (NHIDCL) Anshu Manish Khalkho said that approximately "19-20 minor to medium-level collapses" occurred during the tunnel's construction. Khalkho said, "Such incidents happen during every tunnel construction project, but we were unlucky this time that workers got trapped." Also Read | India's economic growth surpasses expectations, maintains fastest-growing major economy status Khalkho also revealed that more collapses took place on the Barkot side compared to the Silkyara side. Notably, a specific area within 160 to 260 meters from the Silkyara end, known as the 'red zone' or 'shear zone,' was identified as prone to collapses due to brittle rocks. Khalkho, while speaking to media, said additional protective measures would be implemented to reinforce this vulnerable area. Another official speaks in same vein An anonymous official connected to the tunnel construction reportedly spoke on the same vein. He stated, "the tunnel had faced numerous cavity collapses due to the challenging geology of the region and significant rock deformation." Also Read | Pannun killing 'plot' row: No 'Gujarat case' against Nikhil Gupta, Indian police say It is worth noting that Bernard Gruppe, a European company providing design services to Navayuga Engineering, the construction firm undertaking the tunnel project, had previously acknowledged that the "geological conditions (at the tunnel site) proved to be more challenging than predicted in the tender documents." Watch | COP28: The time for action on global warming is now × The Silkyara-Barkot tunnel's recent incident and the subsequent rescue of trapped workers are now bringing our attention to the ongoing challenges in constructing this vital infrastructure project. (With inputs from agencies)

Uttarakhand's Silkyara-Barkot tunnel, site of miracle rescue, collapsed 19 to 20 times in last 5 years: Report

In a strategic move earlier this fall, Morgan Stanley executed a $300 million risk transfer deal, obtaining protection against potential losses on loans. The deal, undisclosed until now and quoted by Reuters, involves issuing credit-linked notes, essentially serving as insurance for the&nbsp;bank.

The move allows&nbsp;Morgan Stanley to optimise its capital allocation by transferring the associated risks to investors, reducing the capital required to cover potential loan losses. Morgan Stanley and Blackstone have yet to reply to this.

This transaction is part of a broader trend where U.S. banks, including JPMorgan Chase, Merchants Bank of Indiana, and U.S. Bancorp, explore various credit risk transfer transactions following a crisis in the sector earlier this year. The objective is to meet stringent capital requirements more efficiently, ensuring the profitability of key businesses.

Reuters quoted Jill Cetina, Associate Managing Director at Moody's, who emphasised the need for transparent disclosure in regulatory filings to address potential risks.

While these deals provide banks with the means to maintain profitable operations, they are not without risks. The involvement of lightly regulated entities, such as hedge funds, in these transactions shifts risks to the shadow banking sector. This lack of transparency raises concerns about regulators' ability to comprehend potential dangers within the financial system.

Reuters quoted Fed Vice Chair for Supervision, Michael Barr, who highlighted the need for careful monitoring and setting transaction limits to prevent misuse.

The surge in interest in these credit risk transfer transactions follows the proposal of tougher capital requirements by regulators. Banks are exploring these deals as an alternative to selling loan portfolios or businesses, allowing them to optimise existing assets amid challenging market conditions.

Reuters quoted Missy Dolski, Global Head of Capital Markets at Varde Partners, who noted that banks are actively assessing their loan books to identify optimisation opportunities.

Notably, U.S. banks are exploring different structures for these transactions. Apollo's ATLAS expects U.S. banks to issue credit-linked notes for around $100 billion of assets in the next 12 months, potentially freeing up nearly $15 billion in equity capital. Investors participating in these transactions can expect 8% to 15% yields.

Reuters quoted Jon-Claude Zucconi, Head of Tactical Situations at Apollo's ATLAS, who anticipated a significant increase in credit risk transfer deals.

The Federal Reserve, while approving these transactions, remains vigilant, imposing limits on size and closely monitoring their impact. If these transactions prove effective, they could become more widespread, but any emerging risks may lead to restrictions on their use for capital mitigation.

Reuters quoted Fed Vice Chair for Supervision, Michael Barr, who emphasised a cautious approach based on the performance of these transactions.

In contrast to the European model of transferring loans to off-balance sheet entities, U.S. banks like Morgan Stanley are opting to keep the loans on their balance sheets while using credit-linked notes. This approach provides a distinctive structure, potentially simplifying the process compared to the European synthetic credit-linked notes.

Reuters quoted Jed Miller, a Partner at Cadwalader, Wickersham &amp; Taft, who noted that structured transactions like Morgan Stanley's may involve retaining proceeds on deposit for the trade's duration.

Other banks, like Merchants Bank, have embraced synthetic credit-linked notes, selling the riskiest tranches of loan portfolios to investors. JPMorgan executed one of the largest transactions, placing synthetic credit-linked notes worth $2.5 billion with investors, referencing a pool of mortgages and loans totalling about $20 billion.

Reuters quoted Deborah Staudinger, Banking and Loan Finance Partner at Hogan Lovells, who highlighted the consideration of insurance deals to lower risks on single loans or portfolios.

Bottomline

As banks navigate evolving regulatory landscapes and market challenges, these innovative financial instruments offer a dynamic approach to risk management and capital optimisation. However, the delicate balance between mitigating risks and maintaining transparency remains a critical consideration for regulators and financial institutions alike.

In a strategic move earlier this fall, Morgan Stanley executed a $300 million risk transfer deal, obtaining protection against potential losses on loans. The deal, undisclosed until now and quoted by Reuters, involves issuing credit-linked notes, essentially serving as insurance for the bank.

In a strategic move earlier this fall, Morgan Stanley executed a $300 million risk transfer deal, obtaining protection against potential losses on loans. The deal, undisclosed until now and quoted by Reuters, involves issuing credit-linked notes, essentially serving as insurance for the bank. The move allows Morgan Stanley to optimise its capital allocation by transferring the associated risks to investors, reducing the capital required to cover potential loan losses. Morgan Stanley and Blackstone have yet to reply to this. This transaction is part of a broader trend where U.S. banks, including JPMorgan Chase, Merchants Bank of Indiana, and U.S. Bancorp, explore various credit risk transfer transactions following a crisis in the sector earlier this year. The objective is to meet stringent capital requirements more efficiently, ensuring the profitability of key businesses. Reuters quoted Jill Cetina, Associate Managing Director at Moody's, who emphasised the need for transparent disclosure in regulatory filings to address potential risks. While these deals provide banks with the means to maintain profitable operations, they are not without risks. The involvement of lightly regulated entities, such as hedge funds, in these transactions shifts risks to the shadow banking sector. This lack of transparency raises concerns about regulators' ability to comprehend potential dangers within the financial system. Reuters quoted Fed Vice Chair for Supervision, Michael Barr, who highlighted the need for careful monitoring and setting transaction limits to prevent misuse. The surge in interest in these credit risk transfer transactions follows the proposal of tougher capital requirements by regulators. Banks are exploring these deals as an alternative to selling loan portfolios or businesses, allowing them to optimise existing assets amid challenging market conditions. Reuters quoted Missy Dolski, Global Head of Capital Markets at Varde Partners, who noted that banks are actively assessing their loan books to identify optimisation opportunities. Notably, U.S. banks are exploring different structures for these transactions. Apollo's ATLAS expects U.S. banks to issue credit-linked notes for around $100 billion of assets in the next 12 months, potentially freeing up nearly $15 billion in equity capital. Investors participating in these transactions can expect 8% to 15% yields. Reuters quoted Jon-Claude Zucconi, Head of Tactical Situations at Apollo's ATLAS, who anticipated a significant increase in credit risk transfer deals. The Federal Reserve, while approving these transactions, remains vigilant, imposing limits on size and closely monitoring their impact. If these transactions prove effective, they could become more widespread, but any emerging risks may lead to restrictions on their use for capital mitigation. Reuters quoted Fed Vice Chair for Supervision, Michael Barr, who emphasised a cautious approach based on the performance of these transactions. In contrast to the European model of transferring loans to off-balance sheet entities, U.S. banks like Morgan Stanley are opting to keep the loans on their balance sheets while using credit-linked notes. This approach provides a distinctive structure, potentially simplifying the process compared to the European synthetic credit-linked notes. Reuters quoted Jed Miller, a Partner at Cadwalader, Wickersham & Taft, who noted that structured transactions like Morgan Stanley's may involve retaining proceeds on deposit for the trade's duration. Other banks, like Merchants Bank, have embraced synthetic credit-linked notes, selling the riskiest tranches of loan portfolios to investors. JPMorgan executed one of the largest transactions, placing synthetic credit-linked notes worth $2.5 billion with investors, referencing a pool of mortgages and loans totalling about $20 billion. Reuters quoted Deborah Staudinger, Banking and Loan Finance Partner at Hogan Lovells, who highlighted the consideration of insurance deals to lower risks on single loans or portfolios. Bottomline As banks navigate evolving regulatory landscapes and market challenges, these innovative financial instruments offer a dynamic approach to risk management and capital optimisation. However, the delicate balance between mitigating risks and maintaining transparency remains a critical consideration for regulators and financial institutions alike.

Financial creativity or regulatory concerns? The unveiling of Banks' strategies in credit risk transfer

The finance ministry said Zambia's formal creditors and the IMF voiced concerns about an agreement to restructure $3 billion in Eurobonds announced last month. The ministry stated on friday that the government and bondholders' steering committee are discussing these concerns. The Bloomberg index of developing and frontier market sovereign credit's poorest performers included Zambia's $1.25 billion of notes due 2027. Campaigners like UK-based debt justice say private bondholders received too good a deal, citing IMF and government creditors led by China and France.

Zambia's $3 Billion bond revamp raises IMF concerns

The Kenyan shilling plummeted to a new all-time low against the dollar on friday as President William Ruto repeated intentions to prematurely redeem part of a 2 billion dollar Eurobond due in June, despite foreign exchange issues. The currency fell 1.3% last week to 154.43 shillings, the most since March 3. According to Bloomberg data, the currency has lost over 19% this year and may have its worst year since 2008.

Kenya's shilling sinks to a new record low

Asian markets are under pressure after US Federal Reserve hinted that interest rates may need to rise further.

Global markets roundup | Asian markets under pressure

US Treasury Secretary Janet Yellen opened talks Thursday with Chinese counterpart He Lifeng ahead of a key Asia-Pacific leaders' summit, seeking to limit tensions despite looming national security concerns.

The two days of bilateral meetings kicked off in San Francisco, where the Asia-Pacific Economic Cooperation (APEC) summit is set to begin this weekend.

The gathering is due to be the backdrop for a long-anticipated meeting between US President Joe Biden and Chinese leader Xi Jinping, expected to take place on November 15, sources have told AFP.

On the agenda for the Treasury secretary and He, Beijing's lead for US-China economic and trade affairs, are concerns about a level playing field for businesses, cooperation on climate change and debt distress, alongside "the use of economic tools for national security purposes," Yellen said in opening remarks.

"The United States will continue to take targeted actions to protect our and our allies' national security," she added ahead of the bilateral talks.

"But we are also committed to communicating clearly about these actions to prevent any misunderstandings or miscalculations," she added.

"And we welcome more clarity on China's thinking and actions."

<h2>'Mutual understanding'</h2>

In opening remarks, He told Yellen that Xi has had multiple meetings with US representatives visiting China, charting the course for bilateral relations.

"Maintaining frequent exchanges and interactions between China and the United States is of great significance to deepening our mutual understanding," he added.

Watch | US Treasury secretary Janet Yellen 'committed' to Ukraine aid

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He also lauded progress made by economic and financial working groups set up shortly after Yellen's visit to Beijing in July.

He expressed hopes for in-depth discussions on economic issues involving both countries, and the global economy, adding he also planned to communicate China’s "key economic concerns."

While the governments of both countries have not yet publicly confirmed the Xi-Biden meeting, they have given wide indications that they expect it to take place.

White House Press Secretary Karine Jean-Pierre said on October 31 that Washington hoped for a "constructive conversation in San Francisco" between the two presidents.

A Chinese foreign ministry spokesman told reporters Wednesday that both sides "have agreed to work together for the meeting between the two Presidents in San Francisco." 
This would mark the first meeting between Biden and Xi since talks in November 2022 in Bali.

<h2>'Show of goodwill'</h2>

Analysts expect few breakthroughs from this week's meetings between the finance chiefs.

"We're sort of in the aftermath of a tit-for-tat exercise," said Thibault Denamiel, associate fellow at the Center for Strategic and International Studies.

He noted a recent US extension of semiconductor export control rules, alongside Chinese restrictions on graphite exports, among other issues.

"I'm expecting a rhetorical show of goodwill between the Chinese and the United States, including between Xi and Biden," he added.

But this will come with an "underlying understanding that economic security policies are here to stay," he told AFP.

Chinese foreign ministry spokesman Wang Wenbin warned Wednesday the "road to San Francisco is not smooth," saying both sides should "eliminate interference and overcome obstacles" and seek consensus. 
&nbsp;

US Treasury Secretary Janet Yellen opened talks Thursday with Chinese counterpart He Lifeng ahead of a key Asia-Pacific leaders' summit, seeking to limit tensions despite looming national security concerns.

US Treasury Secretary Janet Yellen opened talks Thursday with Chinese counterpart He Lifeng ahead of a key Asia-Pacific leaders' summit, seeking to limit tensions despite looming national security concerns. The two days of bilateral meetings kicked off in San Francisco, where the Asia-Pacific Economic Cooperation (APEC) summit is set to begin this weekend. The gathering is due to be the backdrop for a long-anticipated meeting between US President Joe Biden and Chinese leader Xi Jinping, expected to take place on November 15, sources have told AFP. On the agenda for the Treasury secretary and He, Beijing's lead for US-China economic and trade affairs, are concerns about a level playing field for businesses, cooperation on climate change and debt distress, alongside "the use of economic tools for national security purposes," Yellen said in opening remarks. "The United States will continue to take targeted actions to protect our and our allies' national security," she added ahead of the bilateral talks. "But we are also committed to communicating clearly about these actions to prevent any misunderstandings or miscalculations," she added. "And we welcome more clarity on China's thinking and actions." 'Mutual understanding' In opening remarks, He told Yellen that Xi has had multiple meetings with US representatives visiting China, charting the course for bilateral relations. "Maintaining frequent exchanges and interactions between China and the United States is of great significance to deepening our mutual understanding," he added. Watch | US Treasury secretary Janet Yellen 'committed' to Ukraine aid × He also lauded progress made by economic and financial working groups set up shortly after Yellen's visit to Beijing in July. He expressed hopes for in-depth discussions on economic issues involving both countries, and the global economy, adding he also planned to communicate China’s "key economic concerns." While the governments of both countries have not yet publicly confirmed the Xi-Biden meeting, they have given wide indications that they expect it to take place. White House Press Secretary Karine Jean-Pierre said on October 31 that Washington hoped for a "constructive conversation in San Francisco" between the two presidents. A Chinese foreign ministry spokesman told reporters Wednesday that both sides "have agreed to work together for the meeting between the two Presidents in San Francisco." This would mark the first meeting between Biden and Xi since talks in November 2022 in Bali. 'Show of goodwill' Analysts expect few breakthroughs from this week's meetings between the finance chiefs. "We're sort of in the aftermath of a tit-for-tat exercise," said Thibault Denamiel, associate fellow at the Center for Strategic and International Studies. He noted a recent US extension of semiconductor export control rules, alongside Chinese restrictions on graphite exports, among other issues. "I'm expecting a rhetorical show of goodwill between the Chinese and the United States, including between Xi and Biden," he added. But this will come with an "underlying understanding that economic security policies are here to stay," he told AFP. Chinese foreign ministry spokesman Wang Wenbin warned Wednesday the "road to San Francisco is not smooth," saying both sides should "eliminate interference and overcome obstacles" and seek consensus.

US, China finance chiefs open talks with eye on curbing tensions

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