5 Minutes Read

FBI obtains warrant for newly discovered emails in Clinton probe

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The warrant came two days after FBI Director James Comey revealed the existence of the emails, which law enforcement sources said were linked to Weiner’s estranged wife, top Clinton aide Huma Abedin. The sources said Abedin used the same laptop to send thousands of emails to Clinton.

The FBI obtained a warrant to search emails related to the probe of Hillary Clinton’s private server that were discovered on ex-congressman Anthony Weiner’s laptop, law enforcement officials confirmed Sunday.

The warrant came two days after FBI Director James Comey revealed the existence of the emails, which law enforcement sources said were linked to Weiner’s estranged wife, top Clinton aide Huma Abedin. The sources said Abedin used the same laptop to send thousands of emails to Clinton.

The FBI already had a warrant to search Weiner’s laptop, but that only applied to evidence of his allegedly illicit communications with an underage girl.

Agents will now compare the latest batch of messages with those that have already been investigated to determine whether any classified information was sent from Clinton’s server.

Comey’s disclosure included few details about what the emails contained. In a letter to Congress, he said the FBI learned “of the existence of e-mails that appear to be pertinent” to the Clinton probe, but he added that the agency “cannot yet assess whether or not this material may be significant.”

The revelation ignited fierce criticism. Citing the longstanding practice of avoiding even the appearance of acting in a manner that could tip the political scales, former Justice Department spokesman Matt Miller said that “most people, when they hear that the FBI is involved, automatically assume the negative.”

Clinton called the move an “unprecedented” departure from FBI policy, and on Sunday, Senate Democratic leader Harry Reid scolded Comey for potentially breaking the law.

“Your actions in recent months have demonstrated a disturbing double standard for the treatment of sensitive information, with what appears to be clear intent to aid one political party over another,” the letter says. “I am writing to inform you that my office has determined that these actions may violate the Hatch Act.”

The act bars government officials from using their authority to influence elections.

Reid also accused Comey of shielding Republican presidential nominee Donald Trump from scrutiny over his connections to Russia, saying “it has become clear that you possess explosive information about close ties and coordination” between Trump and his advisers and the Russian government.

The FBI didn’t immediately respond to requests for comment on Reid’s letter. Earlier, Comey said in an internal message to FBI employees that “we don’t ordinarily tell Congress about ongoing investigations, but here I feel an obligation to do so given that I testified repeatedly in recent months that our investigation was completed.”

The note added that it would “be misleading to the American people were we not to supplement the record. At the same time, however, given that we don’t know the significance of this newly discovered collection of e-mails, I don’t want to create a misleading impression.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Why Trump is popular with a lot of people in India and China

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Donald Trump may not be too kind toward foreigners or immigrants when he’s on the campaign trail, but there are still groups of Chinese and Indians — both in the United States and in Asia — who support the Republican presidential candidate.

Donald Trump may not be too kind toward foreigners or immigrants when he’s on the campaign trail, but there are still groups of Chinese and Indians — both in the United States and in Asia — who support the Republican presidential candidate.

Make no mistake: The vast majority of Asian-Americans favor Hillary Clinton. According to the National Asian American Survey for Fall 2016, Clinton enjoys an almost 4-to-1 advantage over Trump — 55 percent vs. 14 percent — with about 1 in 5 still undecided.

Indian Americans tend to lean left, fitting the larger trend among Americans of Asian descent. But a growing number of Hindu Indians support Trump because of his anti-Muslim rhetoric — and Trump has capitalized on this.

In a speech in New Jersey, Trump pledged that he would support Indians and crack down against Muslim extremism. Those strong words from Trump resonated with many Indians, who have seen their country repeatedly struck by terrorism, the most significant example being the Mumbai terror attacks in 2008 which killed more than 200 people.

A vocal, right-wing political group, Hindu Sena, called Trump a “hero,” due in part to his ability to “save humanity from Islam and Islamic terror.”

Trump’s commentary also comes at a time when tensions have been elevated between India and Pakistan over the disputed region of Kashmir.

“Most US leaders in the past have had a pro-Pakistan tilt … so Trump’s pro-India comments have been cheered by the [Indian] community,” said Professor Ravi Ahuja at DeSales University in Pennsylvania.

Aside from his aggressive words on terrorism, Trump’s brand also has equity in India.
“India probably has the highest number of Trump-branded real estate projects outside of North America,” said a spokesperson for Tribeca, a Mumbai-based developer that acts as Trump’s partner in India. “Trump has five ongoing deals in India with a gross development value of about $1.5 billion” with “more projects likely to be launched in 2017.”

But whether any of that sentiment translates into more US votes on Nov. 8 is, of course, the key question. In the United States political strategists say Indian Americans are slowly taking a more prominent role in corporate America — specifically in the technology and financial services industries.

“We’re only 1 percent of the population, but South Asians tend to be highly influential and wealthy,” said M.R. Rangaswami, Silicon Valley investor and founder of Indiaspora.

Indian Americans are among the most highly educated US ethnic groups, with 70 percent of Indian Americans aged 25 and older holding a college degrees in 2010, which is 2.5 times the rate among the overall US population, according to data from the Pew Research Center. The median annual household income for Indian Americans in 2010 was $88,000, much higher than the US average.

Trump realized the importance of the group and therefore has put in concerted effort to win their votes. This week, Trump made a video that trended on social media where he recited a statement in Hindi, India’s national language, ahead of Diwali, the Indian New Year which is celebrated on November 4.

Is Trump good for China?

Trump’s rhetoric toward India stand in contrast to what he’s said about China, which he criticizes for stealing American jobs, using corrupt trading practices and manipulating its currency.

Trump’s unforgiving rhetoric is being watched closely by leaders and citizens of China. Steve Orlins, president of the National Committee on US-China Relations and a former managing director at asset management firm Carlyle Asia, said Chinese express worry that Trump’s policies, if implemented, would send the world economy into a downward spiral.

“I don’t have a sense that many Chinese support Trump. The ones I speak with are deeply offended by his rhetoric and believe he creates his own reality,” said Orlins, who just returned from a trip to China.

That said, a few individuals on the ground in Beijing confess that Trump does have some fans there.

In a country run by a communist one-party system, where individual expression is discouraged, and where debates are not even allowed, some Chinese find Trump’s bold comments liberating — or at the very least, entertaining.

“Trump is in many ways the diametric opposite of a typical Chinese bureaucrat: brash, confrontational and unapologetically egocentric, whose main rhetorical line is that through him, you (the voter) will retrieve your lost pride in your country,” said Gilliam Hamilton, head of NSBO China Policy Research in Beijing.

“My [personal] take is that people don’t take his rhetoric on its own, and instead think of his harsh rhetoric as language on the stump and anticipate him to follow in the footsteps of previous US presidents by becoming more pragmatic” should he take office, said Shan Huang, managing editor at Caixin, a Chinese media group.

What also seems to resonate with many in China is the perception that Trump has an entrepreneurial spirit. Huang said Trump’s business instinct makes some people believe that he is a deal-maker, and his business acumen may help the United States break the cycle of on-again, off-again bilateral relations with China.

Trump also espouses policies that would be geopolitically advantageous to China.

His stated intention to tear up the Trans Pacific Partnership — a multi-nation trade deal proposed by Washington which pointedly excludes China — supports China’s longer-term goal of diminishing the United States’ place in the region.

“Undermining the alliance that the US has with its Asian allies is China’s overriding, long-term geopolitical objective,” said Jennifer Harris, US foreign policy expert and a senior fellow at the Council on Foreign Relations.

Trump has also sharply criticized US security arrangements with its European and Asian allies, and it would be in China’s favor if those links between the United States and the rest of the world were weakened.

In various speeches and interviews in July, Trump suggested that Japan, South Korea and the Philippines are taking advantage of the United States and the security Washington provides.

Experts point out that China yearns to be the dominant force and leader in Asia and cannot accomplish that goal with the US regularly intervening in economic and geopolitics affairs in Asia.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Fed, BOJ, RBA meet but no action expected by economists

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

“The week ahead is loaded but may be of little consequence, merely firing blanks,” Vishnu Varathan, senior economist at Mizuho Bank, said in a Friday note.

Central bank decisions are due out of the U.S., Japan and Australia this week, but most analysts aren’t convinced the time is right for rate moves.

“The week ahead is loaded but may be of little consequence, merely firing blanks,” Vishnu Varathan, senior economist at Mizuho Bank, said in a Friday note.

The Federal Reserve

The Fed will convene for a two-day meeting on November 1, and market expectations remain largely dovish, despite recent supportive economic data.

Third-quarter gross domestic product (GDP) reported on October 28 beat forecasts to rise 2.9 percent on-year, the fastest pace of growth in two years. Meanwhile, nonfarm payrolls have continued to show moderate strength, while inflation indicators suggested the return of inflation pressures.

But the heated political climate ahead of the presidential elections will keep the Fed on hold this week, in order to avoid disrupting markets further, market-watchers said.

“Obviously November has been ruled out for the Fed given that it is so close to the U.S. elections,” Divya Devesh, Asia FX strategist at Standard Chartered Bank, said, adding that he forecasts a 60 percent chance the Fed could skip a rate hike entirely in 2016.

But Barclays’ economists said a December rate move was still on the table.

“We remain focused on December and continue to believe that incoming data on labor markets and inflation will tip the balance in favor of a rate hike by then. That said, we are unsure about the amount of progress needed to push the committee to action,” the economists said on Friday in a weekly note.

Bank of Japan

The Bank of Japan’s two-day “Halloween meeting” – it starts on October 31 – is unlikely to produce any market scares.

The BOJ had announced in September that it would make “yield curve controls” the linchpin of a new policy framework and move away from continuously expanding the monetary base.

And BOJ Governor Haruhiko Kuroda told parliament last week that there was no urgency for further easing, although the central bank might have to extend its inflation target deadline, Reuters reported.

“The focus of the discussion is likely to be the effectiveness of the policy tool and its implementation strategy. Fortunately, the ongoing depreciation of the yen will allow the BOJ to stay on hold,” said Kohei Iwahara, Japan economist at Natixis, in a Friday note.

Iwahara said, however, that the central bank was expected to revise its inflation target outlook from FY17 to FY18 as core Consumer Price index was still soft..

Reserve Bank of Australia

The Reserve Bank of Australia, under new Governor Philip Lowe, is expected to keep cash rates unchanged when it announces its decision on November 1.

“Although labor market conditions have been a touch softer lately and bear close monitoring, leading indicators remain consistent with moderate employment growth in the months ahead,” Goldman Sachs economists wrote in a Friday report.

“More importantly, inflation in 3Q16 surprised market expectations to the upside and there is also now clearer evidence that the peak disinflationary period has passed and that we are at a positive inflection point,” they said.

The heated property market in major Australian cities were also a concern for the RBA, as rising household debt could pose a risk to financial stability in the longer-term, said economists at Moody’s Analytics in a Friday note.

The Australian central bank will release its November monetary policy statement on Friday, which will provide hints on any future rate moves.

Bank of Thailand

The Bank of Thailand is expected to keep rates steady at a record low of 1.5 percent on November 4, the level it has held since April 2015.

But the central bank could “signal its willingness to lower interest rates further if there is a substantial deterioration in the economic outlook,” Moody’s Analytics wrote.

“We expect the junta government to announce further fiscal stimulus measures to support consumption,” Moody’s added.

The Southeast Asian country announced a year-long of mourning after the death of King Bhumibol Adulyadej on October 13, and a 30-day ban on any “joyful events” including festivals, parties and concerts. This was expected to hit the country’s tourism, hospitality and entertainment industries, but only in the short term.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Earthquake rocks Italy,buildings collapse but no deaths reported

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The quake, which measured 6.6 according to the US Geological Survey, was bigger than one on Aug. 24 that killed almost 300 people. Many people have fled the area since then, helping to avoid a new devastating death toll.

A powerful earthquake struck Italy on Sunday in the same central regions that have been rocked by repeated tremors over the past two months, with more homes and churches brought down but no deaths reported.

The quake, which measured 6.6 according to the US Geological Survey, was bigger than one on Aug. 24 that killed almost 300 people. Many people have fled the area since then, helping to avoid a new devastating death toll.

The latest quake was felt across much of Italy, striking at 7.40 a.m. (0640 GMT), its epicentre close to the historic Umbrian walled town of Norcia, some 100 km (60 miles) from the university city of Perugia

Panicked Norcia residents rushed into the streets and the town’s ancient Basilica of St. Benedict collapsed, leaving just the facade standing. Nuns, monks and locals sank to their knees in the main square in silent prayer before the shattered church.

“This is a tragedy. It is a coup de grace. The basilica is devastated,” Bishop Renato Boccardo of Norcia told Reuters.

“Everyone has been suspended in a never-ending state of fear and stress. They are at their wits end,” said Boccardo, referring to the thousands of tremors that have rattled the area since August, including two serious quakes on Wednesday.

Italy’s Civil Protection unit, which coordinates disaster relief, said numerous houses were destroyed on Sunday in the regions of Umbria and Marche, but either they were deserted at the time or most of the residents managed to escape beforehand.

“No deaths have been reported, but there are a number of people injured,” said Civil Protection chief Fabrizio Curcio, adding that just one person was in a serious condition.

Prime Minister Matteo Renzi said Italy was living through extremely difficult times, but promised a massive reconstruction effort in the years ahead regardless of any possible objections from the European Union over the eventual costs.

“We will rebuild everything, the houses, the churches and the businesses,” Renzi told reporters. “Everything that needs to be done to rebuild these areas will be done.”

Local authorities said towns and villages already battered by August’s 6.2 quakehad suffered further significant damage.

“This morning’s quake has hit the few things that were left standing. We will have to start from scratch,” Michele Franchi, the deputy mayor of Arquata del Tronto, told Rai television.

Experts said Sunday’s quake was the strongest here since a 6.9 quake in Italy’s south in 1980 that killed 2,735 people.

Artistic loss

The destruction of the Norcia basilica was the single most significant loss of Italy’s artistic heritage in an earthquake since a tremor in 1997 caused the collapse of the ceiling of the Basilica of St Francis in Assisi, which is 80 km to the north.

The frescoed basilica, which is the spiritual, historic and tourist heart of Norcia, was built over the site of the home where the founder of the Benedictine order and his Sister St. Scolastica were born in 480.

The basilica and monastery complex dates to the 13th century, although shrines to St. Benedict and his sister had been built there since the 8th century.

Benedict founded the Benedictine order in Subiaco, near Rome. He died in 530 in the monastery at Monte Cassino, south of Rome, which was destroyed during World War Two. That monastery was later rebuilt.

A number of other churches were also ruined on Sunday, Italian media reported, including Norcia’s Cattedrale di Santa Maria, which was built in the 16th century, while the town hall belltower had deep cracks running through its walls.

However, most of Norcia’s homes appeared to have withstood the prolonged tremor, with residents praising years of investment by local authorities in anti-seismic protection.

In the nearby city of Rieti patients were evacuated from a hospital to allow experts to check on structural damage, while hillroads across the region were littered with fallen rocks.

Sunday’s earthquake was felt as far north as Bolzano, near the border with Austria and as far south as the Puglia region at the southern tip of the Italian peninsula.

It was also felt strongly in the capital Rome, where transport authorities shut down the metro system for precautionary checks. Authorities also toured the city’s main Roman Catholic basilicas looking for possible damage.

Italy sits on two geological fault lines, making it one of the most seismically active countries in Europe.

Gianluca Valinsese, a scientist at Italy’s National Institute for Geophysics and Vulcanology, warned the latest series of quakes could continue for weeks in a domino effect along the central Apennine fault system.

Italy’s deadliest quake since the start of the 20th century came in 1908, when a tremor followed by a tsunami killed an estimated 80,000 people in the southern regions of Reggio Calabria and Sicily.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Bank of England’s Mark Carney likely to leave in 2018: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Carney has said publicly that he will decide before the end of the year whether to stay beyond the five-year term he committed to when he joined the BoE in July 2013. He is due to hold a quarterly news conference on Thursday.

Bank of England Governor Mark Carney is unlikely to take up the option of a three-year extension to his term at the central bank, and may announce his decision as soon as Thursday, British newspapers reported at the weekend.

Carney has said publicly that he will decide before the end of the year whether to stay beyond the five-year term he committed to when he joined the BoE in July 2013. He is due to hold a quarterly news conference on Thursday.

The Sunday Times reported that Carney was unhappy with Prime Minister Theresa May’s office, and had a closer relationship with finance minister Philip Hammond’s predecessor, George Osborne, who had recruited him.

Speaking to the BBC on Sunday, business minister Greg Clark – who served under Osborne – said Carney had been “a brilliant appointment”.

Saturday’s edition of the Times – which is editorially separate from its Sunday sibling – had previously reported Carney’s motivation for leaving in 2018 was more personal.

“Senior City figures who know the governor said they believed it was more likely than not that he would choose to return to Canada in 2018, adding that his family’s feelings were a concern,” the Times had said.

“Suggestions he could leave before 2018 were firmly rejected,” it added, saying an announcement could come at Thursday’s news conference or a future appearance before the committee of lawmakers which monitors the central bank.

The BoE declined to comment on the Times article and referred to Carney’s previous public statements on the topic.

Last week, Carney said his decision whether to stay would be based on personal rather than political considerations, and he would need to find some time to make up his mind.

The report that Carney was unhappy with May’s office was based on information from two senior figures who had known Carney since he moved to Britain in 2013, the Sunday Times said.

“I don’t think he’s been overly impressed by the professionalism of No. 10,” the Sunday Times quoted someone described as a friend of Carney as saying about May’s office.

The Sunday Times said government officials did not expect Carney to announce his departure as soon as Thursday, and said friends of Carney expected him to stay in his job until 2018.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Trump will win the election is more popular than Obama in 2008

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

MogIA was developed by Sanjiv Rai, founder of Indian start-up Genic.ai. It takes in 20 million data points from public platforms including Google, Facebook, Twitter and YouTube in the US and then analyzes the information to create predictions.

An artificial intelligence system that correctly predicted the last three US presidential elections puts Republican nominee Donald Trump ahead of Democrat rival Hillary Clinton in the race for the White House.

MogIA was developed by Sanjiv Rai, founder of Indian start-up Genic.ai. It takes in 20 million data points from public platforms including Google, Facebook, Twitter and YouTube in the US and then analyzes the information to create predictions.

The AI system was created in 2004, so it has been getting smarter all the time. It had already correctly predicted the results of the Democratic and Republican Primaries.

Data such as engagement with tweets or Facebook Live videos have been taken into account. The result is that Trump has overtaken the engagement numbers of Barack Obama’s peak in 2008 — the year he was elected president — by 25 percent.

Rai said that his AI system shows that the candidate in each election who had leading engagement data ended up winning the election.

“If Trump loses, it will defy the data trend for the first time in the last 12 years since Internet engagement began in full earnest,” Rai wrote in a report sent to CNBC.

Currently most national polls put Clinton and the Democrats ahead by a strong margin. Rai said his data shows that Clinton should not get complacent.

But the entrepreneur admitted that there were limitations to the data in that sentiment around social media posts is difficult for the system to analyze. Just because somebody engages with a Trump tweet, it doesn’t mean that they support him. Also there are currently more people on social media than there were in the three previous presidential elections.

“If you look at the primaries, in the primaries, there were immense amounts of negative conversations that happen with regards to Trump. However, when these conversations started picking up pace, in the final days, it meant a huge game opening for Trump and he won the primaries with a good margin,” Rai told CNBC in a phone interview.

Using social media to predict outcomes of elections has become increasingly popular because of the amount of data available publicly. In September, Nick Beauchamp, an assistant professor of political science at Northeastern University, published a paper about his experiment applying AI to more than 100 million tweets in the 2012 election. He found that this closely mirrored the results seen in state-level polling.

“These results provide not just a tool for generating surveylike data, but also a method for investigating how what people say and think reflects, and perhaps even affects, their vote intentions,” Beauchamp said.

Rai said his system would be improved by more granular data. He said that If Google was to give him access to the unique internet addresses assigned to each digital device, he could then collect data on exactly what people were thinking.

For example, Rai said if someone was searching for a YouTube video on how to vote, then looked for a video on how to vote for Trump, this could give the AI a good idea of the voter’s intention. He added that there would be no privacy concerns as these internet addresses would be anonymized.

“Granularity of data will determine progressively lesser bias despite the weightage of negative or positive conversations,” Rai wrote in his report, explaining how to improve the system.

MogIA is based on Mowgli, the child from Rudyard Kipling’s novel “The Jungle Book.” Rai said this is because his AI model learns from the environment.

“While most algorithms suffer from programmers/developer’s biases, MoglA aims at learning from her environment, developing her own rules at the policy layer and develop expert systems without discarding any data,” Rai said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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The party that sparked Brexit worries about its future

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Speaking to CNBC on Thursday she argued: “There’s a desperate need in British politics for that third party that sits at the centre ground, which both the Labour Party and the Conservative Party have completely abandoned.”

A matter of months after the UK Independence Party achieved its founding aim of securing Britain’s exit from the European Union, the party appears to be fighting for its political life. Long-time leader Nigel Farage quit just after the referendum to be replaced by Diane James, who lasted just 18 days in the job.

Then after a fight in Brussels with a fellow UKIP member that ended in his hospitalisation, Steven Woolfe quit labelling the party “ungovernable”.

In a bid to turn the party around, leadership candidate Suzanne Evans is calling for UKIP to reposition itself as a centrist political force. Speaking to CNBC on Thursday she argued: “There’s a desperate need in British politics for that third party that sits at the centre ground, which both the Labour Party and the Conservative Party have completely abandoned.”

“I will ditch the right wing, Trump-style rhetoric and appeal to the common sense center,” Evans added in a blog post.

Her comments appear aimed at rival UKIP leadership contender Raheem Kassam, whose campaign draws inspiration from Donald Trump’s presidential bid. Indeed, his campaign slogan is “Make UKIP Great Again.” The UKIP candidate has also praised the Republican presidential nominee’s stance on NATO and his proposal to restrict Muslim immigration into the US.

 But according to bookmakers’ odds, both Kassam and Evans trail the frontrunner Paul Nuttall in the race to become the next UKIP leader.

Nuttall is running on a ticket to make UKIP the party of the “common man and woman” and aims to entice voters away from Labour in the north of England.

 Poll research suggests attempts to rebrand UKIP as a centrist party may prove unpopular with its existing supporters. The study found that 69 percent of UKIP members identify as being right of centre, while just 15 percent consider themselves centrists.

Evans told CNBC the issues of immigration and EU-UK relations would remain UKIP’s prime focus under her leadership. However, she also promised to take steps to increase the party’s representation in parliament and popularity among women.

UKIP currently only has 1 member of parliament, despite the party receiving a 12.6 percent share of the vote in the 2015 general election.

While the UKIP leadership contenders might be split over the party’s future direction, they’re broadly united in their criticism of the Conservative government’s response to the Brexit vote.

In an interview with CNBC, Evans said: “One of my first jobs as the leader of UKIP would be to start campaigning to leave the European Union straight away, because I think we’ve faffed about far too much.”

Nuttall echoed this sentiment in his leadership declaration, writing: “Britain now needs a strong UKIP more than ever, to hold the government’s feet to the fire in the Brexit negotiations.”

Voting in the UKIP leadership contest begins from the 11th of November. The winner will be announced on November 28th.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Expect oil to head higher even without an OPEC deal: Analyst

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

“We think even without an OPEC deal, prices are headed higher and that’s purely because of fundamentals,” Miswin Mahesh, oil analyst at Barclays, told CNBC on Friday.

Oil prices have been under pressure this week as investors raised doubts over whether an agreement on a production cut between OPEC and non-OPEC members would soon materialize.

However, even if a deal over an output cut doesn’t emerge soon; one analyst believes prices are still going to climb.

“We think even without an OPEC deal, prices are headed higher and that’s purely because of fundamentals,” Miswin Mahesh, oil analyst at Barclays, told CNBC on Friday.

“Demand, supply — when we do the numbers, we’re getting a deficit as early as Q1 to Q2.”

When looking at the first to second quarter, Mahesh said it was possible prices could head towards the USD 50 to USD 55 per barrel range.

Meanwhile, Chantico Global’s CEO Gina Sanchez argued on CNBC’s Street Signs Europe, that unless the market sees some significant news out of the OPEC meeting—which she said she didn’t anticipate—oil is likely to trade back down to around USD 40 per barrel.

Representatives from OPEC and non-OPEC countries are expected to begin two-day negotiations on Friday to hash out plans over a possible output-capping deal, which is expected to be presented to the OPEC meeting by the end of November, Reuters reported. However doubts over the discussions pushed crude prices into the red on Friday, with US crude at USD 49.20 and Brent at USD 50.04 at 2.00 p.m. U.K. time.

What this technical meeting suggests is that OPEC wants to convey to the market that it’s taking this output discussion very seriously; however on the face of it, it appears the “market is actually losing hope now”, Mahesh told CNBC.

“Besides the Saudis, no other country has actually come out and said we will also cut. The other GCC members might. Iran has said they don’t want a fixed number; they need a percentage number which is a moving target as well. So it’s a very, very complex and it’s just getting harder by the day,” said Mahesh.

The uncertainty over what OPEC will do to fix the current state of the energy market raises questions over what the outcome of the November talks will be.

“Looks like what we’re headed to is a namesake deal — we probably get a three to six month deal where the Saudis do something just to sort of ‘save face’,” Mahesh said.

“And their credibility’s also on the line here, as much as OPEC’s is, and the market has put a lot of faith in the Saudi word, more so than the OPEC word.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Asian markets mixed; Nikkei up 0.5%, Kospi down 0.1%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In Japan, the Nikkei 225 was up 0.53 percent, despite the weaker economic data released. A weaker yen likely drove the market’s gains.

Asian markets turned mixed after opening positive, as oil prices begin to slip after an initial bounce in the US on OPEC comments.

The ASX 200 fell 0.24 percent, weighed by declines in its financials subindex, which was down 0.51 percent. Losses were offset by strength in the energy subindex, which gained 0.48 percent, and the materials sector, up 0.68 percent.

In Japan, the Nikkei 225 was up 0.53 percent, despite the weaker economic data released. A weaker yen likely drove the market’s gains.

The dollar/yen pair broke past 105 levels around the time of London Stock Exchange’s close, on the back of a stronger dollar. The currency pair was trading at 105.15 as of 8:52 am HK/SIN, but may struggle to remain above 105, an analyst said.

“USD/JPY may have found its way above 105 but in order for the currency pair to hold onto its gains, Q3 needs to have been a very strong quarter and it is not clear that this was the case,” Kathy Lien, FX strategy managing director at BK Asset Management, said in a Friday note.

Across the Korean strait, the Kospi slipped 0.11 percent, after initially opening higher.

Crude oil prices rose in the US session after Gulf members of the Organization of the Petroleum Exporting Countries (OPEC) reaffirmed commitments to Russia that the cartel was willing to cut output by 4 percent, Reuters reported. OPEC members will meet on Friday and Saturday with energy officials from non-member countries.

US crude slipped 0.06 percent in Asian trade after settling at USD 49.72 a barrel in the US, while Brent futures were down 0.14 percent in Asia, after it settled at USD 50.47 in the previous session.

Asia-based oil majors were mixed. Australia’s Santos was up 1.14 percent, while Oil Search rose 1.36 percent and Woodside Petroleum was up 0.91 percent, but Japan’s Inpex was down 0.08 percent and Japan Petroleum was up 0.98 percent.

The US dollar index, which tracks the greenback against a basket of major currencies, was trading at 98.866.

Data showed that Japan’s September consumer price inflation was down 0.5 percent from a year earlier, the seventh straight month of falling prices, while September household spending also fell 2.1 percent. One bright spot in Japan’s economic news flow on Friday was the pick-up in its September jobless rate which fell to 3 percent, from 3.1 percent in August.

In Australia, the Bureau of Statistics reported third-quarter producer prices rose 0.3 percent from the previous quarter.

Stateside, the Dow Jones industrial average fell 0.16 percent to end at 18,169.68, and the S&P 500 closed down 0.3 percent at 2,133.04, while the Nasdaq composite finished down 0.65 percent at 5,215.97.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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European stocks lower as the oil price slides; earnings in focus

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In the US overnight, earnings disappointed investors, particularly Apple which posted its first full-year decline in revenue since 2001. Shares in the technology giant were down over 2.7 percent in after-hours trade.

European stocks were lower on Wednesday following lackluster trade on Wall Street and in Asia amid a slide in the oil price.

The pan-European STOXX 600 was 0.2 percent lower as investors digested a slew of earnings.

In the US overnight, earnings disappointed investors, particularly Apple which posted its first full-year decline in revenue since 2001. Shares in the technology giant were down over 2.7 percent in after-hours trade.

Oil prices dipped in Asia trade after a rise in US crude inventories and as hopes that OPEC will find a deal to cut production fade.

Bank results in focus

Earnings are in focus for investors in Europe on Wednesday with a number of banks reporting. Spain’s Santander said net profit rose in the third quarter, beating analyst expectations, sending shares in the lender higher.

Meanwhile Nordea shares were in positive territory after it reported third-quarter operating profit of 1.15 billion euros ($1.25 billion), beating forecasts.

Lloyds Banking Group posted a third-quarter underlying profit of £1.9 billion ($2.31 billion), down 3 percent year-on-year. Britain’s largest retail bank also took a £1 billion charge relating to the compensation of customers mis-sold loan insurance. Shares in the U.K. lender fell sharply.

Novozyme shares plummet

Elsewhere, France’s Airbus reported core earnings falling 21 percent in the third quarter due to weakness in its commercial plane business, sending shares mildly lower.

Brewing giant Heineken was in the red after it said revenues grew 4.7 percent in the first half of the year, with beer volume up 4.1 percent. The company warned of increasing currency headwinds as well as adverse economic conditions in developing markets.

Novozymes meanwhile posted core earnings and sales that missed analyst forecasts and adjusted its outlook for full-year organic sales growth to 2-4 percent, down from 3-5 percent previously. Shares in the firm tanked over 11.5 percent.

Kering upgraded

In other stock news, major brokers including Goldman Sachs and Barclays raised their target price for Gucci owner Kering, sending the luxury goods maker nearly 8 percent higher.

Shares of Ericsson were sharply higher after the Swedish telecoms firm named Borje Ekholm as the new chief executive. Ekholm will start on January 16.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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10 Questions · 5 Minutes
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Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?