5 Minutes Read

No losses will be borne by taxpayers, customers’ deposits protected, assures Joe Biden on US banks’ collapse

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

 Listen to the Article (6 Minutes)

Summary

No losses will be borne by the tax payers, instead the money will come from the fees the banks pay under the deposit and insurance fund, because of the actions the regulators have already taken every American should be confident that their money is safe, the deposits that are already there if and when they need them,” Biden said, while delivering remarks on US economy. 

None of the losses from bank failures will burden taxpayers; instead the funds will come from bank fees, US President Joe Biden said on Monday, following the collapse of two major banks of US, Signature Bank and Silicon Valley Bank. He said that Americans can have the ‘confidence that their banking system is safe’. 

“All customers who have deposits to these banks can rest assured they will be protected and will have access to money as of today, that includes small businesses across the country that bank payers and need to make payroll, pay the bills and stay open for business…Your deposits will be there when you need them.”

“No losses will be borne by the tax payers, instead the money will come from the fees the banks pay under the deposit and insurance fund, because of the actions the regulators have already taken every American should be confident that their money is safe, the deposits that are already there if and when they need them,” Biden said, while delivering remarks on US economy. 

Also Read: SVB collapse | US discusses fund to backstop deposits if more banks fail

Hitting out at the people involved in the management, Biden said that action will be taken against the management of these banks. “If the bank is taken over by FDIC, the people running the bank should not work there anymore. Investors in the bank will not be protected, they knowingly take the risk, and when the risk did not pay off, they lose the money . That’s how capitalism works,” he said.

“We must get the full accountability for what happened and why those responsible can be held accountable. No one is above the law,” Biden added.

He said that his government took immediate action and control of Silicon Valley and Signature bank assets, and that he was going to call on Congress and regulators to ‘strengthen rules’ on banks after failures.

“The crisis we saw in 2004 would not happen again. We must reduce the risk of what happened,” Biden said.

This comes after the collapse of Signature Bank, which was closed by New York state financial regulators on Sunday, making it the third-largest failure in U.S. history. It came just 48 hours after the SVB Financial Group’s Silicon Valley Bank collapse last week.

Signature Bank, a New York state-chartered commercial bank that’s FDIC-insured, had total assets of about $110.36 billion and total deposits of roughly $88.59 billion as of December 31, the New York Department of Financial Services said in a separate statement.

Silicon Valley Bank abruptly became the biggest US lender to fail in more than a decade on Friday, unraveling in less than 48 hours after outlining a plan to shore up capital. The bank took a huge loss on sales of its securities amid rising interest rates, spooking investors and depositors who rapidly began pulling their money. On Thursday alone, investors and depositors tried to yank about $42 billion.

Also Read: Regulators close New York’s Signature Bank, marking third-largest bank failure in US history

 

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?

 5 Minutes Read

USFDA completes inspection of Lupin’s Bioresearch Centre In Pune with no observations

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

 Listen to the Article (6 Minutes)

Summary

“We are pleased to announce that the Lupin Bioresearch Centre has successfully undergone its seventh consecutive onsite inspection, reaffirming our commitment to patient safety and our superior quality and compliance standards,” said Nilesh Gupta, the managing director of Lupin.

Pharma major Lupin on Monday announced that the United States Food and Drug Administration (USFDA) completed an inspection of the company’s Bioresearch Centre in Pune with no observations.

“We are pleased to announce that the Lupin Bioresearch Centre has successfully undergone its seventh consecutive onsite inspection, reaffirming our commitment to patient safety and our superior quality and compliance standards,” said Nilesh Gupta, the managing director of Lupin.

The latest update from the company comes two days after it said on March 10 said that the USFDA completed a pre-approval and GMP Inspection of its API manufacturing facility located in Visakhapatnam in Vizag with no observations.

Prior to this, on February 17, the pharma company had received Establishment Inspection Report (EIR) from the USFDA for injectable unit in Nagpur with 5 observations. In an earlier update on February 21, the pharma major launched Lurasidone Hydrochloride Tablets which is used to treat certain mental/mood disorders in the United States.

The shares of Lupin on Monday closed 0.3 percent lower at Rs 656.1

Also Read: SVB collapse: Y Combinator estimates 1 lakh jobs within its community at risk

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?

 5 Minutes Read

Five things to know about today’s market fall

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

 Listen to the Article (6 Minutes)

Summary

The Indian equity market closed on a weak note, hitting a 5-month low as a global market sell-off triggered massive volatility. The volatility index surged over 20 percent, marking the biggest single-day gain in a year.

Indian equity market closed on a weak note, hitting a five-month low as a global market sell-off triggered massive volatility. The volatility index surged over 20 percent, marking the biggest single-day gain in a year.

The Sensex fell 897 points to 58,238, and the Nifty shed 259 points to 17,154. The Nifty Bank slid 921 points to 39,565, and the Midcap index lost 611 points to 30,107.

Here are five things to know about today’s market fall:

1) The Nifty decisively broke its February lows of around 17,255, while Midcap saw a major risk aversion.

2) All Nifty Bank constituents closed the session with huge cuts despite having no connection with Silicon Valley Bank and Signature Bank collapse in United States.

3) Foreign Portfolio Investment (FPI) flows had turned positive in March at Rs 13,540 crore after being negative in January and February, but the collapse of Silicon Valley Bank and Signature Bank has created uncertainty around FPI flows.

4) Nifty is down nearly 5 percent in 2023, underperforming Dow Jones, Nasdaq, CAC, DAX, Kospi, Hang Seng and many other key markets. Nifty has been making lower highs since December 1, 2022.

5) Some of the key factors impacting Indian markets are its outperformance in 2022, China’s reopening, the Adani-Hindenburg saga, rising interest rates in US, and the US banking issues.

Also Read: Samir Arora believes Indian market is overreacting to SVB collapse

In the bleak session, 47 of 50 Nifty stocks closed in the red, with Infosys, RIL, ICICI, and HDFC Bank being the biggest drags. Market breadth firmly favoured declines, with the advance-decline ratio at 1:5. BSE companies erased a market capitalisation of nearly Rs 4 lakh crore today.

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?

 5 Minutes Read

India spends Rs 1.48 lakh crore extra, but within the 2022-23 Budget

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

 Listen to the Article (6 Minutes)

Summary

The Union government has incurred an additional expenditure of Rs 1.5 lakh crore in the second supplementary demand for grants. Higher fertiliser subsidy and pension payments led to higher cash outgo — but this remains within the Budget size of nearly Rs 42 lakh crore.

The Budget session of Parliament has resumed after a recess. There were fireworks on the floor of the house after BJP demanded an apology from Rahul Gandhi for his comments in London that were critical of the central government.

Meanwhile, the Centre has incurred an additional expenditure of Rs 1.5 lakh crore in the second supplementary demand for grants. Higher fertiliser subsidy and pension payments led to higher cash outgo — but this remains within the Budget size of nearly Rs 42 lakh crore.

Within this Rs 1.48 lakh crore additional outgo, the fertilizer subsidy takes a lion’s chunk. The government will be making over Rs 36,000 crore worth of additional payments, higher than the revised estimates.

Read Here | India CPI inflation in February drops to 6.44%, higher than Street estimates

The revised estimates pegged fertiliser subsidy for this year at Rs 2.25 lakh crore, and the number could now settle at around Rs 2.61 to 2.62 lakh crore after this additional Rs 36,000 crore that the government will be paying.

However, the government’s savings of Rs 1.22 lakh crore have helped match this additional expenditure, resulting in a lower net cash outgo of Rs 1.48 lakh crore.

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?

 5 Minutes Read

Rupee revenue of foreign firms rises 40% in 2022

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

 Listen to the Article (6 Minutes)

Summary

Of the 311 companies in the sample, 20 firms reported over a billion-dollar revenue from India.

Even as the tech giant Apple Inc bets big on India, around 300-odd foreign companies generated as much as $73.3 billion as revenue from the country in 2022, registering a year-on-year growth of 40 percent.

While the rupee revenue of Wilmar International jumped over four-fold to $8.3 billion during the year, the top-line of BHP Group and Saudi Arabian Mining Co has doubled during the year. The three companies along with KIA Corp account over a fourth of the combined India revenues of the sample, data sourced from Bloomberg revealed.

While India contributed 11.2 percent to Wilmar International’s total revenue, the country generated 28 percent of Bangkok based Italian-Thai Development’s net sales. Similarly, at $2.3 billion, New York-based Genpact garnered more than half of its revenue from India. Similarly, South Korean car maker, Kia Corporation generated about 5 percent of its revenue from India. The company sold 251,000 units in 2022 (wholesale basis), up 37.5 percent from the previous year. Singapore-listed agribusiness Wilmar International Ltd, which has a joint venture with Adani Group in Adani Wilmar, reported a 11.6 percent increase in its full-year revenue, benefited from increased oil and sugar prices along with robust performances across core segments.

Also Read: AMD, Acer bank on AI-fuelled Ryzen 7000 chips to change India’s laptop landscape

Apple, which posted record revenue in India last quarter is now planning to open its first retail outlets in the country. This expansion comes after launching its online store in 2020. “India is a hugely-exciting market for us and is a major focus,” said Chief Executive Office Tim Cook during the last earnings call.

Of the 311 companies in the sample, 20 firms reported over a billion-dollar revenue from India. To be sure, the list does not include revenues generated by multinational companies such as Unilever PLC, Suzuki Motor Corp, Nestle, Siemens etc from their India operations as these entities enjoy domicile status. Moreover, many of them follow broad-based bifurcation by grouping nations into their respective continents. The geographic classification in some other cases were divided just between domestic and international.

However, despite a decent growth in 2022, the rupee revenue is just 6.2 percent of the aggregate revenue of all companies in the sample, Bloomberg data show.

India revenue in 2022
Companies India Revenue ($ bn) % of total revenue
Wilmar International 8.25 11.2
BHP Group 5.22 8
Saudi Arabian Mining Co 3.14 29.2
Kia Corp 2.95 4.8
Anglo American Plc 2.8 7.5
Brookfield Corp 2.52 3.3
Cheniere Energy Inc 2.11 6.3
Genpact 2.28 52.2

(Source: Bloomberg)

Also Read: SVB collapse: Y Combinator estimates 1 lakh jobs within its community at risk

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?

 5 Minutes Read

Momentum in India’s manufacturing sector continues to rise, says FICCI president

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

 Listen to the Article (6 Minutes)

Summary

Subhrakant Panda, President, FICCI On CNBC-TV18 said that the momentum in manufacturing continues to rise as there has been a 56 percent increase in production in Q3. “And over 50 percent of respondents expecting further higher numbers in Q4. Capacity utilisation has actually inched up to 75 percent because in the previous survey was at 70 percent,” he said. 

India’s manufacturing sector continues to see growth with some temporary impact of global slowdown, according to FICCI’s manufacturing survey that assessed 11 major sectors with over 400 manufacturing units’ responses. The survey also highlights that the existing average capacity utilisation remains at 75 percent reflecting a sustained economic activity.

As per the survey, there are signs that cost pressure is softening for manufacturing units. 73 percent of the respondents say they are facing a rise in the production costs compared to more than 90 percent who faced cost pressure in the previous surveys. 58 percent say they reported higher production levels in Q3. So cost pressure is easing and production levels are on the rise.

Subhrakant Panda, President, FICCI On CNBC-TV18 said that the momentum in manufacturing continues to rise as there has been a 56 percent increase in production in Q3. “And over 50 percent of respondents are expecting further higher numbers in Q4. Capacity utilisation has actually inched up to 75 percent because in the previous survey was at 70 percent,” he said.

“We are getting to that level where, you know, companies will start pulling the trigger on, on their investment plans. And I believe that is happening,” Panda added.

Also Read: India’s IIP rises 5.2% in January 2023

He further said that the survey points out is that 47 percent of the respondents talked about investment plans in the next six months, which is higher than the previous quarter.

“And according to some of the data that I have seen from CMIE, private sector project announcement as on December 2022 stood at Rs 6.25 trillion which is up 80 percent from the previous quarter and 100 and 30 percent for a year on year,” Panda said.

He went on to say that despite inflation in western economies, the impact of state investment summits has been seen, and more announcements are being made for investments. However, the Russia-Ukraine conflict has created uncertainty, and the exclusion of RoDTEP needs to be relooked by the government for various sectors.

“As far as India is concerned, there is continuing confidence in the economy which is reflecting in terms of greater announcements for investments. But it is also a time where I think we have to remain alert to to how things around us play out.”

The survey revealed that auto components and machinery have over 80 percent capacity utilisation, and the reopening in China is a positive sign. Although hiring is positive, it remains below potential, and there were 24 percent respondents who expressed concern over trained manpower. The decision to invest is a result of domestic demand and markets. he said.

“Some of the sectors which have reported more than 80 percent capacity utilisation, these are auto and auto components, capital, goods, paper, petrochemicals, textile machinery, etcetera, these are all above 80 percent. And if you look at some of the laggards, these are chemicals and pharmaceuticals, machine tools and metal products, surprisingly. But we also need to look at certain other measures which can provide a boost to sectors like steel, metals and chemicals and pharmaceuticals,” Panda said.

The FICCI President also cautioned that the global battle with inflation and rising interest rates cannot be ignored, as it may lead to rising borrowing costs. The pressure is already showing in exports, and concerns remain for advanced economies.

Also Read: Here is why analysts are betting big on the Metals sector

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?

 5 Minutes Read

Pfizer to acquire Seagen for $43 billion in a bid to strengthen cancer treatment

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

 Listen to the Article (6 Minutes)

Summary

“Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer’s capabilities and expertise,” Pfizer Chairman and CEO Dr. Albert Bourla said in a statement.

Pfizer, the pharmaceutical giant, has announced its plan to purchase Seagen for USD 43 billion to expand its involvement in cancer treatment. According to the company’s statement on Monday, Pfizer will acquire Seagen at a cost of USD 229 per share.

“Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer’s capabilities and expertise,” Pfizer Chairman and CEO Dr. Albert Bourla said in a statement.

Seagen Inc., headquartered in Bothell, Washington, is a biotech company that focuses on drug development. Its primary products utilise monoclonal antibodies that attach to the surface of cancer cells and transport a cancer-fighting agent, while preserving nearby healthy tissue.

Also read: Risks associated with H3N2 virus and flu vaccination in India | Explained

Monoclonal antibodies are lab-made proteins delivered mostly by IV at an infusion center, according to the Cleveland Clinic.

Seagen’s top seller, Adcetris, treats lymph system cancers. It brought in USD 839 million in sales last year, a 19 percent increase over the previous year.

Aside from Adcetris, Seagen also has a deal with Pfizer’s Array BioPharma to develop, make and sell the breast and colorectal cancer treatment Tukysa. It brought in USD 353 million in sales last year.

Seagen also saw sales grow 33 percent to USD 451 million last year for Padcev, which treats some cancers of the urinary tract, including the bladder. The drugmaker is developing and selling that treatment with Astellas Pharma Inc.

Seagen anticipates generating approximately USD 2.2 billion of revenue this year, representing 12 percent year-over-year growth, from its four in-line medicines, royalties and collaboration and license agreements.

Pfizer believes Seagen could contribute more than USD 10 billion in risk-adjusted revenues in 2030, with potential significant growth beyond 2030.

Seagen, which changed its name from Seattle Genetics in 2020, shaved its loss to USD 610 million last year. That’s down from USD 674 million in 2021. Total revenue grew about 25 percent last year to nearly USD 2 billion.

The company named former Novartis executive David Epstein CEO in November. Long-time CEO and co-founder Clay Siegall resigned last spring.

Also read: Karnataka reports India’s first H3N2 death — issues health advisory

Cancer treatments are one of Pfizer’s main businesses. That portfolio of drugs includes the breast cancer treatment Ibrance, which brought in nearly USD 1.3 billion in sales last year.

Pfizer recorded about USD 100 billion in total revenue last year and has been flush with cash thanks to sales of its COVID-19 vaccine and treatment, Comirnaty and Paxlovid.

CEO Albert Bourla said earlier this year that the company planned to use its “extraordinary firepower” to buy products that will deliver USD 25 billion in incremental revenue by 2030.

New York-based Pfizer Inc. has already spent USD 11.6 billion on migraine treatment developer Biohaven Pharmaceutical.

It also spent USD 5.4 billion on sickle cell disease treatment maker Global Blood Therapeutics and bought Arena Pharmaceuticals for another USD 6.7 billion.

Bourla said in January that Pfizer plans to launch 19 new products or new indications for existing products over the next year and a half.

The drugmaker needs more revenue sources in part because it faces the expiration of patents protecting drugs like Ibrance from cheaper competition in the coming years.

Both companies’ boards have unanimously approved the deal. The companies expect to complete the transaction in late 2023 or early 2024. It still needs approval from Seagen’s stockholders.

Also read: Odisha increases surveillance after 59 H3N2 influenza cases reported in 2 months

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?

 5 Minutes Read

Shobana Kamineni: World hungry for content, RRR’s Oscar win will spur more collaborations with Indian filmmakers

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

 Listen to the Article (6 Minutes)

Summary

Executive Vice Chairperson at Apollo Hospitals Enterprise Limited and actor Ram Charan’s mother-in-law Shobana Kamineni feels that RRR’s victory at the Oscars will lead to more collaborations by Indian filmmakers across the world which is “hungry for content”.

Executive Vice Chairperson at Apollo Hospitals Enterprise Limited and actor Ram Charan’s mother-in-law Shobana Kamineni feels that RRR’s victory at the Oscars will lead to more collaborations by Indian filmmakers across the world which is “hungry for content”.

Praising SS Rajamouli’s efforts, she told CNBC TV18: ” He has made the entire industry hungry, entertained 37 million-strong Indian diaspora and 1.4 billion Indians… We are going to see so many more opportunities because everyone loves a good story. Indian cinema is a part of the mainstream for the world.”

Describing Indian cinema as a hugely entertaining experience, she hopes to see Tom Cruise working in an Indian movie in future as well as scope for a lot more cross-over actors.

With the Indian film industry’s rich experience spanning decades, she quipped there is no reason why the world shouldn’t experience what India has, stating: “Hollywood is smart, they’ll be beating at the doors in India, there’ll be a lot more collaborations”.

Gushing over the award-winning film starring her son-in-law, she said: “It started out with a moment of great joy, we were watching it. There were no surprises. It was a song that deserved to be there as it was a happy song with great energy… Really think I’m partial, but my son-in-law really made it happen, proud of him and the Indian film makers.”

The song “Naatu Naatu” composed by MM Kereavani in last year’s release RRR starring Ram Charan and Junior NTR and directed by SS Rajamouli has been conferred the award for the best Original Song at the 95th Academy Awards in Los Angeles.

Also read: Oscar Awards 2023 top winners: From RRR to Everything Everywhere and Elephant Whisperers

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?

 5 Minutes Read

SVB collapse | Andrew Ross Sorkin says US ‘bailout plan’ is fine for now, but …

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

 Listen to the Article (6 Minutes)

Summary

While the US has said depositors will have access to all their money starting Monday (March 13), and no losses associated with the resolution of SVB will be borne by the taxpayer, Sorkin explained that the depositor base of SVB comprises venture capital companies and not the common man as such.

While the Silicon Valley Bank (SVB) collapse news has kept global stock markets on edge, startups have turned more cautious and governments are looking to combat the impact of the tech-focused lender’s fallout, New York Times columnist Andrew Ross Sorkin said United States’ “bailout plan” will have ramifications.

“It is a bailout. Not like 2008. But it is a bailout of the venture capital community + their portfolio companies (their investments). That’s the depositor base of SVB. It is the right thing to do in the moment, but there will be ramifications + new regs. VC’s should say thank you,” he tweeted.

The remark of Sorkin, author of Too Big to Fail, came soon after the Joe Biden administration in the US announced that depositors of the failed Silicon Valley Bank will have access to their money from March 13.

US government’s bailout plan

Following the recommendations from boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with President Biden, Treasury Secretary Janet Yellen on March 12 approved actions enabling the FDIC to complete its resolution of the Santa Clara, California-based SVB in a manner that fully protects all depositors, according to an official statement.

Also Read: Samir Arora believes Indian market is overreacting to SVB collapse

The government also reiterated that only SVB depositors, as well as those at New York-based Signature Bank — a second lender it took over and shut down — would be made whole. Shareholders of the failed banks, as well as some bondholders, will “not be protected” by the actions, the agencies’ statement noted.

How is SVB collapse bailout plan different from 2008?

While the US has said depositors will have access to all their money starting Monday (March 13), and no losses associated with the resolution of SVB will be borne by the taxpayer, Sorkin explained that the depositor base of SVB comprises venture capital companies and not the common man as such. And that, unlike 2008, that witnessed bailouts of financial institutions, the current one is a bailout of the venture capital community, which forms the customer base of Silicon Valley Bank.

“Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and the reforms that have been put in place mean that we’re not going to do that again,” Treasury Secretary Yellen clarified on CBS before the emergency measures were announced.

Also Read | SVB collapse: Why world equity markets are feeling the heat of the crisis

Funding for the emergency measures will also come from selling off SVB’s assets, Morgan Ricks, a banking professor at Vanderbilt Law School, told NBC News. As a result, he said, taxpayer dollars will not be directly implicated in the backstop measure.

In line with Sorkin’s argument, the NBC News report explained that this is the key difference from the congressionally approved bailout of the US financial system authorities approved in the fall of 2008. That legislation, called the Emergency Economic Stabilization Act, earmarked $700 billion to create the Troubled Asset Relief Program to purchase toxic assets from banks.

Why it’s a ‘systemic risk exception’

For the current backstop measures against the “systemic risk exception” event, US regulators needed the approval of two-thirds of the Federal Reserve board of governors, two-thirds of the board of the FDIC and the Treasury Department in consultation with the president, Ricks said. As per the report, regulators have sidestepped a vote that would otherwise be required from Congress on whether to backstop the banks’ depositors.

Also Read | SVB news: Deposits, assets transferred to FDIC-operated ‘bridge bank’

Ricks told NBC News that if there are losses (assumption), the costs of the guarantee of all depositors will be borne by banking customers — in other words, the wider public. In such a scenario, “part of it should be expected to fall on bank customers indirectly.”

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?

 5 Minutes Read

WPL DC vs RCB highlights: Meg Lanning’s Delhi Capitals won by 6 wickets

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

 Listen to the Article (6 Minutes)

Summary

WPL DC vs RCB highlights: Meg Lanning’s Delhi Capitals gave a team performance along with Ellyse Perry’s 67 runs. It was a nail bitter, as RCB bowlers take the match to the 20th over but eventually it was DC who took the winning points. 

WPL DC vs RCB highlights: Another agonising loss for Royal Challengers Bangalore as they fail to earn single points and stay at the bottom of the table. Meg Lanning’s Delhi Capitals gave a team performance along with Ellyse Perry’s 67 runs. It was a nail bitter, as RCB bowlers take the match to the 20th over but eventually it was DC who took the winning points.

It’s a no-brainer that Royal Challengers Bangalore has been trying very hard to secure their first winning points in the ongoing WPL 2023. Today they are set to play against Delhi Capitals in Mumbai and now halfway into the league, RCB needs to start afresh and keep the ball rolling for them. DC is in the 2nd spot in the points table and after their loss against Mumbai Indians, they bounced back like no one’s business.

Especially after Shafali Verma’s extraordinary 50 and DC chasing the winning total in just 7.1 overs, Smriti Mandhana’s Bangalore really needs to pull their sleeves now.

The one thing that has been working for all successful teams is their young and local talent performing along with a strong captaincy. And looks like Bangalore needs to work on these two areas to turn the game in their favor.

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
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?