BUSINESS
US regulators fine top banks $549 mn over use of WhatsApp, iMessage
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) fined the banks for being unable to produce those “off-channel” employee communications going back to at least 2019. The SEC charged 11 firms for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.
Focus of market will shift from micros to macros
US CPI print expected soon and the MPC decision on 10th might give indication of the likely market trend. The MPC is likely to hold the rates and retain the stance but the tone is likely to be hawkish since inflation is high and expected to rise in July, V.K. Vijayakumar said.
Have ‘substantial doubts’ about our ability to stay in business: WeWork
The company, which reported a net loss of $397 million for the second quarter over the consolidated revenue of $844 million (up 4 per cent year-over-year) in its second quarter, projected a weak future amid losses, projected cash needs and increased member turnover.
Debt collections SaaS platform Credgenics raises $50 mn
“With these resources, we can extend our innovative debt recovery solutions to new markets, empowering individuals and businesses worldwide to regain control of their loan collections,” said Rishabh Goel, Co-founder and CEO, Credgenics. Since its launch in 2019, Credgenics has seen 7 times growth rate.
US stocks sink as Moody's warns it could cut credit ratings of 6 big banks
The credit ratings agency said that its warning on the three banks reflected "ongoing strain" in the US banking sector, including increased pressures on funding and potential "weaknesses" in the amount of capital lenders are required to hold, CNN reported.
Ananya Birla’s Svatantra Microfin to acquire Sachin Bansal’s Chaitanya India Fin for Rs 1479 crore
“Subject to receipt of regulatory approvals and customary closing adjustments, the transaction is expected to be completed by the end of 2023,” said a statement.
Why EVs are not the best of alternative mobility fuel choices for now
At the very least, there is a need to discuss and outline why EVs could possibly be not-so-great from an environmental standpoint, at least for now in the Indian context.
Not the time to go overboard on equities given the valuations, say analysts
Aggressive Hybrid, Balanced Advantage, Flexicap, and Largecap Funds remain a preferred strategy for the first-time or conservative investor, it said. Global economy seems to be headed for a soft landing, but the impact of monetary tightening still warrants caution.
Domestic equities remain subdued
Broader market outperformed with Nifty midcap 100 and smallcap 100 up 0.2 per cent each. Sectorally, it was mixed bag with rally seen in PSU bank, which was up 3 per cent, he said.
Rapid increase in vegetable prices can push headline CPI-inflation for July much higher at 7.5%
Brinjal, another vegetable with a weight of 0.37 per cent, was up 48 per cent YoY last month and peas (weight = 0.1 per cent) has seen a price rise of more than two-thirds in July'23 vis-a-vis a year ago, Motilal Oswal Financial Services said in a report.
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