Lok Sabha on Friday passed the Finance Bill, 2023 with 64 official amendments, including the removal of long-term tax benefits for debt funds that have stirred concerns in the fixed-income mutual fund industry that the measure would turn away investors. Key amendments in finance bill: 1) Debt mutual funds: The government will tax investments in … Read more
Sanofi’s asthma drug Dupixent met all targets in a trial to treat “smoker’s lung”, potentially adding billions to the French drugmaker’s growth prospects, but also underscoring a heavy reliance on its bestseller. In a late stage trial Dupixent, jointly developed with Regeneron, led to a 30% reduction in moderate or severe acute exacerbations of chronic … Read more
The Ministry of External Affairs (MEA) should strengthen manpower in its embassies abroad and set up missions in all UN member states in line with India’ s expanding global stakes and considering the profound changes in the foreign policy domain, a parliamentary panel report said on Tuesday. In the report, the committee on external affairs … Read more
This month saw the collapse of two US banks: Silicon Valley Bank (SVB) and Signature Bank. SVB, which specialized in serving tech companies, was shut down by the US regulator after a run on its deposits triggered by losses in its securities portfolio. Signature Bank, which had many clients in the crypto space, faced a … Read more
The International Criminal Court issued an arrest warrant for Russian President Vladimir Putin earlier this week, linking him to the war crime of deporting Ukrainian children – at least hundreds – to the other country. While the move is largely symbolic, it is likely to have some repercussions on Moscow and its top leader as … Read more
Top Indian information technology firms Tata Consultancy Services and Infosys have the highest exposure to regional banks in the United States that are gripped by a financial turmoil, analysts at J.P.Morgan said on Friday. Regional banks in the United States account for 2-3% of their revenue, J.P. Morgan said in a note, adding that the … Read more
Adani Group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat as it focuses on resources to consolidate operations and address investor concerns following a damning report by a US-based short seller, sources said. The group’s flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a wholly-owned subsidiary, Mundra Petrochem … Read more
Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 … Read more
Credit Suisse’s shares have soared 30% after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss Central Bank. It’s a massive swing on March 16 after its shares plunged 30% on the SIX stock exchange a day earlier after its biggest shareholder said it … Read more