5 Minutes Read

Stock Market Highlights: Sensex, Nifty 50 fail to hold opening gains, oil, financials drag

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

 Listen to the Article (6 Minutes)

Summary

Share Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty 50 failed to hold opening gains, and ended flat on Tuesday. Losses in oil and financial shares dragged the indices lower, while, on the other hand, gains in IT shares limited the downside. 

Share Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty 50 failed to hold opening gains, and ended flat on Tuesday. Losses in oil and financial shares dragged the indices lower, while, on the other hand, gains in IT shares limited the downside. 

Catch highlights of the August 1 session here:

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

Sudden reversal of 1,000% rally shows day-trader danger in Korea

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

 Listen to the Article (6 Minutes)

Summary

The breathtaking rally and sharp reversal in the battery material maker on July 26 serve as a cautionary tale on the power of day traders, who are a dominant force in South Korea’s equity market. Their bets on EV-related shares triggered wild swings that catapulted the Kosdaq 150 index to a five-year high last week before a sudden crash halted the rise.

It was a moment of triumph for South Korea’s retail investors, when a jump in Ecopro Co. to a record high showcased the influence that they wield over the stock market. But the surge was gone in less than 60 minutes.

The breathtaking rally and sharp reversal in the battery material maker on July 26 serve as a cautionary tale on the power of day traders, who are a dominant force in South Korea’s equity market. Their bets on EV-related shares triggered wild swings that catapulted the Kosdaq 150 index to a five-year high last week before a sudden crash halted the rise.

The price moves are a sobering reminder that the influence exerted by day traders can cut both ways: shares that they wager on are liable to post dizzying gains as well as brutal losses. Ecopro is up more than 1,000 percent this year while Ecopro BM Co. has surged 350 percent, prompting market watchers to warn that the rally in EV-linked stocks may have run way ahead of fundamentals.

“No one can deny there are so much risks in these trades,” said Jung Sang-Jin, chief equity fund manager at Korea Investment Management Co. “EV battery stocks’ earnings have not been great lately but retail investors are not fazed and kept placing speculative bets.”

Analysts are calling for caution even as EV-related names such as Posco Holdings Inc. and Kum Yang Co. resume their rise after a drop last week. One area of concern is the increase in margin loans as a selloff may trigger margin calls that would accelerate declines.

Margin debt levels in the Kosdaq index soared to over 10 trillion won ($7.8 billion) in late July, surpassing that of the main Kospi gauge, as retail investors took out loans to finance trades in EV-linked shares.

“Ecopro group and other EV battery-related stocks are on top 10 of Kosdaq Index so if their volatility increases like we saw last Wednesday, there could be more weakness in Kosdaq,” said Kim Jungyoon, an analyst at Daishin Securities Co. “Their influence on the broader index has become a lot bigger than in the past.”

Ecopro saw a quarter of its market value or 8.2 trillion won wiped out in the two days to July 27. The shares — which joined the ranks of so-called emperor stocks when it hit 1 million won — has since climbed back above that mark in volatile trading.

“It’s right to take a cautious approach these days,” said Yoon Joonwon, a fund manager at DS Asset Management Co.

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

Oil steadies after biggest monthly advance since early 2022

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

 Listen to the Article (6 Minutes)

Summary

West Texas Intermediate was little changed below $82 a barrel after surging 16 percent in July.

Oil steadied after the biggest monthly advance since early 2022 as signs of a tighter global crude market were countered by indications the rally may be due for a pause after such a rapid run-up.

West Texas Intermediate was little changed below $82 a barrel after surging 16 percent in July. The gains, which lifted prices to a three-month high, have been underpinned by signals demand is running ahead of supply after OPEC+ reduced output. In addition, with US inflation cooling, there’s speculation the world’s biggest economy can avoid recession.

Still, crude’s climb means that its 15-day relative-strength index has risen to near 70, a level that suggests the market may be overbought in the near term and could face a downward correction. Oil exchange-traded funds just posted their largest week of outflows for more than a year.

Crude’s turnaround has been accompanied by a raft of banks including Goldman Sachs Group Inc. suggesting the market now faces a deficit after prices fell in the first half due to a supply glut. The OPEC+ Joint Ministerial Monitoring Committee is due to hold an online review of the market on Friday to gauge the impact of the reductions that have been led by Saudi Arabia and ally Russia.

Also Read: Asian equities advance ahead of RBA, China data

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

Hedge funds ‘throwing in towel’ on stocks as rally forces unwind

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

 Listen to the Article (6 Minutes)

Summary

For hedge funds betting against stocks, the blow is getting harder to endure. Long-short funds have experienced nine consecutive days of negative alpha, or below-market returns, the longest period of subpar performance since January 2017, according Goldman data.

For stock-picking hedge funds coping with 2023’s loopy markets, risks are starting to outweigh the rewards.

Pro managers who make both bullish and bearish equity wagers last week slashed positions on both sides of their book, also known as de-grossing, according to data compiled by JPMorgan Chase & Co.’s prime brokerage unit. The rush to tweak positions was frantic enough to push total client stock flows to the highest level since the retail-fomented short squeeze in 2021.

Morgan Stanley’s hedge fund clients showed a similar pattern of risk reduction, albeit at a slower pace. Their de-grossing activity for the week was the largest this year. At Goldman Sachs Group Inc., fund clients pared positions in 12 of the past 14 sessions.

The retreat may mark a sentiment shift in a market where almost everyone started 2023 defensively before being forced to adjust to the gravity-defying advance. Up in all but two months since October, the S&P 500 has climbed 28% over the stretch, sitting roughly 200 points away from fully erasing 2022’s bear market.

“While the equity rally might be good for those who are long the market, it’s been quite challenging for HF shorts and the rally seems to be inducing broad capitulation in the form of de-grossing,” JPMorgan’s team including John Schlegel wrote in a note titled Throwing in the Towel … De-grossing Accelerates Amidst Busy Earnings Week.

It’s the latest dose of pain that 2023’s rally has inflicted. Rather than sinking like most forecasters predicted, stocks have instead surged as the economy stood up to the Federal Reserve’s aggressive inflation-fighting campaign. Along the way, fast-money managers were compelled to cover shorts and chase gains, while strategists scrambled to raise their year-end price targets for the S&P 500.

With all the negativity in December setting the stage for a rousing advance, the question on everyone’s mind now is whether the sentiment pendulum has swung to the other extreme. Investor positioning has been a better predictor of market direction for most of the year amid economic and policy uncertainty.

One group of early bulls may run out of ammunition, according to Morgan Stanley’s sales and trading team including Christopher Metli. Rules-based funds that make asset allocations based on volatility or trend signals have rushed to snap up stocks, with their net leverage now standing higher than 80% of the time in the past five years, their estimates show.

With exposure elevated, Metli and his colleagues see the risk of systemic macro managers turning into big sellers if turmoil erupts. While they expect the group to produce flat global equity flows in coming days on a net basis, a 5% daily drop in the S&P 500 could lead to $180 billion of share disposal in the following week.

Elsewhere, a sense of caution lingers. Hedge funds saw their net equity exposure slip to 47 percent from 49 percent last week as they continued to take profits in recent winners such as software shares, according to client data from Morgan Stanley.

Eric Boucher, co-head of sales at Renaissance Macro Research LLC, detected similar sentiment.

“I’ve been to a lot of summer lunches and my takeaway is folks still have not positioned for a bull market,” he said. “They’re still concerned about the macro picture,” such as a potential wave of bond defaults should the economy lose its momentum, he added.

That said, this market levitation has lured many to join the party. Retail investors are back with their affection for meme stocks. Options traders are flocking to bullish contracts to play the upside. In a poll by the National Association of Active Investment Managers (NAAIM), equity exposure just increased to the highest since November 2021.

For hedge funds betting against stocks, the blow is getting harder to endure. Long-short funds have experienced nine consecutive days of negative alpha, or below-market returns, the longest period of subpar performance since January 2017, according Goldman data. Scott Rubner, a managing director at the firm who has studied flow of funds for two decades, attributes it to wrong-footed wagers on the short side as well as a deterioration in performance on the long side.

Given the weak market seasonality in August and an upward bias in 10-year bond yields, Rubner is telling clients to either reload on shorts or put on downside hedges.

“I am so bullish, that I am actually bearish now for August. I am looking for a small-ish equity market correction in August,” he wrote in a note. “My core behavioral view is that I no longer speak to any ‘macro’ bears. Positioning and sentiment is no longer Pessimistic, it is Euphoric.”

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

ATF prices hiked for second month in a row | Check new rates here

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

 Listen to the Article (6 Minutes)

Summary

The ATF prices in Delhi surged to Rs 98,508.26 per kilo-litre, while in Mumbai, it has mounted to Rs 92,124.13 per kilo-litre.

Oil Marketing Companies (OMC) increased prices of the Aviation Turbine Fuel (ATF) for the second month in a row. The ATF prices in Delhi surged by Rs 7,728 per kilo-litre to Rs 98,508.26 per kilo-litre, while in Mumbai, it has mounted to Rs 92,124.13 per kilo-litre.

The shares of SpiceJet and Jet Airways extended gains, while IndiGo shares fell on Tuesday.

The new rates will come into effect from August 1. Check new and old rates in key metro cities here:

Metros cities New Prices (per Kilolitre) Old prices (per Kilolitre)
Delhi 98,508.26 90,779.88
Kolkata 1,07,383.08 99,793.45
Mumbai 92,124.13 84,854.74
Chennai 1,02,391.64 94,530.51

The hike came when the Ministry of Finance increased the Windfall tax on crude petroleum. However, the windfall tax on petrol and ATF remains Nil, a notification by the ministry said. A windfall tax is a higher tax levied by the government on specific industries when they experience unexpected and above-average profits.

Petrol and Diesel prices in metro cities

Petrol and diesel prices held steady on August 1, the latest price notification issued by fuel retailers showed as per Money Control. Fuel prices have remained unchanged for more than a month now.

Petrol in Mumbai is being sold for Rs 106.31 per litre and diesel for Rs 94.27. In Delhi, petrol costs Rs 96.72 and diesel Rs 89.62 a litre. Meanwhile, petrol and diesel cost Rs 102.63 and Rs 94.24 in Chennai and Rs 106.03 and Rs 92.76 in Kolkata respectively.

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

Samruddhi Expressway accident: 17 killed after girder machine collapses in Maharashtra’s Thane

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

 Listen to the Article (6 Minutes)

Summary

Samruddhi Expressway accident in Maharashtra: Expressing grief over the incident, Prime Minister Narendra Modi announced an ex-gratia of Rs 2 lakh from the PMNRF for the next of kin of each deceased.

As many as 17 people died and three were injured as a girder machine fell on them during construction of the third phase of Samruddhi Expressway in the Thane district of Maharashtra, the National Disaster Response Force (NDRF) said early Tuesday.

According to Maharashtra State Road Development Corporation Ltd., 10 workers, two engineers and five employees were killed in the accident. A team of experts will investigate and look into the cause of the accident, MSRDC said.

The rescue and search operation is underway by the NDRF as three to four people remain stranded at the spot.

“Two NDRF teams are working at the site after a crane fell on the slab of a bridge in Shahapur tehsil of Thane district,” the NDRF was quoted by ANI as saying.

Expressing grief over the incident, Prime Minister Narendra Modi announced an ex-gratia of Rs 2 lakh from the PMNRF for the next of kin of each deceased.

“The injured would be given Rs 50,000,” the Prime Minister’s Office said.

The machine is a special-purpose mobile gantry crane used in bridge construction. It is used to install precast box girders in highway and high-speed rail bridge construction projects.

The accident took place in the early hours on Tuesday near Sarlambe village in Shahpur tehsil, an official said.

The Samruddhi Mahamarg, named Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg, is a 701-km-long expressway connecting Mumbai and Nagpur. It traverses ten districts including Nagpur, Washim, Wardha, Ahmednagar, Buldhana, Aurangabad, Amravati, Jalna, Nashik and Thane.

The construction of the Samruddhi Mahamarg is being carried out by the Maharashtra State Road Development Corporation.

The first phase, connecting Nagpur to the temple town of Shirdi, was inaugurated by Prime Minister Narendra Modi in December 2022. It covers a distance of 520 km.

Chief Minister Eknath Shinde said in May that the third and last phase would be completed by the end of December this year.

(With inputs from agencies)

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

Big X taken down from Twitter roof after San Francisco squabble

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

 Listen to the Article (6 Minutes)

Summary

The city building department logged 24 complaints after a weekend of the big X, which on Friday was erected on the roof of the company’s downtown San Francisco headquarters, on Market Street, to the chagrin of neighbors who complained about intrusive lights.

It is gone. A giant, glowing X no longer marks the spot on the San Francisco high-rise that is headquarters to Elon Musk’s messaging company X, formerly known as Twitter.

The city building department logged 24 complaints after a weekend of the big X, which on Friday was erected on the roof of the company’s downtown San Francisco headquarters, on Market Street, to the chagrin of neighbors who complained about intrusive lights.

The move followed a post from Musk, the billionaire who acquired the company in October for $44 billion, announcing the newly named firm would remain in San Francisco despite what he termed the city’s recent “doom spiral, with one company after another left or leaving.”

“Beautiful San Francisco, though others forsake you, we will always be your friend,” Musk wrote.

But the big X didn’t stay long.

“This morning, building inspectors observed the structure being dismantled,” a spokesperson from the city Department of Building Inspection said by email on Monday. “The property owner will be assessed fees for the unpermitted installation of the illuminated structure.”

X said the removal was voluntary.

Locals over the weekend recorded video of the giant X glowing, pulsing and strobing, with some criticizing its intrusive lights.

X user @itsmefrenchy123 said they would be “LIVID” over the bright logo, imagining it “right across from your bedroom.”

“I’m just astounded at the flagrant lack of consideration for anyone ever,” wrote X user @DollyMarlowe.

Over the weekend a Department of Building Inspection inspector wrote in a report that company representatives denied roof access, twice, to city officials seeking to inspect the logo.

The inspector noted one representative said the sign was temporary.

Also Read: X reorganises trust and safety team under Elon Musk, CEO Linda Yaccarino

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

‘Not found’: China’s ex-foreign minister is gone but wait for explanation goes on

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

 Listen to the Article (6 Minutes)

Summary

Qin Gang does not feature on the website’s list of “former ministers” and a search for his name turns up: “Sorry, Qin Gang is not found.”

Hours after China’s top legislature convened a special meeting last week to remove foreign minister Qin Gang, photos and mentions of the 57-year-old started disappearing from his former ministry’s website.

While some of this information reappeared days later, Qin does not feature on the website’s list of “former ministers” and a search for his name turns up: “Sorry, Qin Gang is not found.”

In fact, he has not been seen in public for more than a month.

The foreign ministry’s brief explanation weeks ago that this was due to health reasons, a remark later excised from official transcripts, has failed to stem a swirl of speculation not just about his fate but on how the whole saga reflects on the man that supported his meteoric rise, President Xi Jinping.

China named veteran diplomat Wang Yi to replace Qin, but gave few further clues on the reason for the change.

Foreign ministry spokeswoman Mao Ning on Thursday said Beijing will release information in a timely matter regarding Qin and opposes “malicious hype”.

She was responding to a reporter who asked about transparency around Qin’s removal, one of more than 25 questions mentioning Qin at press briefings in recent days that the ministry has ducked.

Speculation swirls 

China’s Foreign Ministry and the State Council Information Office, which handles media queries on behalf of the party and government, did not immediately respond to requests for comment on this story.

Qin’s unusually long and unexplained absence, his abruptly cut-short tenure, as well as other strange happenings like the ministry’s website, mean speculation will continue to swirl.

“The truth will eventually come out – it usually does in China, although it sometimes takes months or years – but the way he was dismissed makes it unlikely that it was for health reasons,” said Ian Johnson, senior fellow for China studies at the Council on Foreign Relations.

Beijing-based political analyst Wu Qiang said he could “almost certainly rule out health as the real reason”. If that was the case, the state could have assigned a deputy to fill in for him rather than officially removing him, Wu said.

Qin lasted barely half a year in the role after becoming one of the country’s youngest foreign ministers in December 2022, a position with a five-year tenure.

There are precedents for officials disappearing and being scrubbed from the collective memory in China.

Industry minister Xiao Yaqing vanished for nearly a month last year before it was revealed he was being investigated for corruption.

The foreign ministry removed all online traces to its former chief protocol officer Zhang Kunsheng who was found guilty of corruption and using his position of power to obtain sex in 2016.

Such erasures go back decades in China.

A state-commissioned painting depicting the historic moment when Mao Zedong stood on top of Tiananmen Gate to announce the founding of the people’s republic was altered three times between 1955 and 1972 to erase officials that subsequently fell foul of Mao.

One-man politics’ 

But other observers say, in Qin’s case, it is far from clear cut.

The National People’s Congress Standing Committee that convened on Tuesday did not remove Qin’s other title of State Councillor, a cabinet member who ranks higher than a minister, despite having the power to do so, experts say.

And despite the omissions from the foreign ministry’s website, a portrait of the former U.S. envoy remained hanging prominently on the wall of the Chinese embassy in Washington on Thursday, according to a Reuters witness.

Analysts also point out that Qin would have gone through a rigorous vetting process to take the role just months ago.

Communist Party regulations say leaders are vetted based on their ideologies, work performance and adherence to party discipline, while they also have to declare details about their family, including whether they have lived overseas and what assets they have.

Since coming to power in 2012, Xi has put in place a slew of regulations to combat corruption and enforce party discipline in a bid to address corruption in ways that analysts say have consolidated members’ loyalty towards him.

But this also raises the stakes for Xi if Qin’s removal is about something more than just health, especially given his meteoric ascent through the ranks has been partly attributed to his closeness to the president.

Qin came to Xi’s attention when he served as chief protocol officer during Xi’s first term, a job that would give him direct access to Xi whenever the latter meets with foreign leaders.

He then made a triple jump from director of protocol to U.S. ambassador and then to foreign minister and state councillor in five years, bullet-train speed by China standards.

The final leadership lineup for Xi’s precedent-breaking third term in office revealed earlier this year consisted mostly of officials he worked with before and trusts, analysts say.

Xi ditched a traditional process of allowing current and retired top leaders to vote on potential candidates before finalising a list for a wider group of party delegates to formally endorse.

Instead, the names were decided under Xi’s “direct leadership” after he personally met with potential candidates and consulted with others, according to state media Xinhua.

“This Qin saga exposes the vulnerability of Xi’s one-man politics,” said Alfred Wu, associate professor at the Lee Kwan Yew School of Public Policy in Singapore.

Also Read: Suicide blast in Pakistan’s Khyber Pakhtunkhwa province kills over 40, videos surface

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

X reorganises trust and safety team under Elon Musk, CEO Linda Yaccarino

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

 Listen to the Article (6 Minutes)

Summary

X’s product and engineering team will report to Elon Musk, while CEO Linda Yaccarino will oversee all other divisions, including human resources, legal, finance, sales and operations, X said.

X owner Elon Musk and Chief Executive Linda Yaccarino will both oversee the trust and safety team at the company formerly known as Twitter, the social media concern said on Monday.

X’s product and engineering team will report to Musk, while Yaccarino will oversee all other divisions, including human resources, legal, finance, sales and operations, X said.

The trust and safety team, which is responsible for content moderation, has been the focus of some criticism of the platform after Musk acquired the company last October. Researchers have accused X of relaxing content guard rails, leading to a spike in harmful posts. The company has said the majority of content views are of “healthy” posts.

In an email to X employees on Monday, which was shared with Reuters, Yaccarino said the company is searching for a new leader for brand safety and suitability.

The previous head of brand safety, AJ Brown, who worked on efforts to prevent advertisements from appearing next to unsuitable content, left the company last month.

Yaccarino said in the email that three X leaders will oversee different responsibilities within trust and safety, including law enforcement operations and threat disruptions.

Also Read: Redmi 12 5G to OnePlus Open: Top smartphone launches in August

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

Asian equities advance ahead of RBA, China data

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

 Listen to the Article (6 Minutes)

Summary

Equities in Australia and Japan rose in morning trade. Futures contracts for Hong Kong shares also advanced, while those for US stocks were flat after the S&P 500 and Nasdaq 100 drifted higher on Monday to extend a run of monthly gains for the two benchmarks.

Shares in Asia opened higher Tuesday following bullish trade on Wall Street as investors parsed further signs of stability in the global economy.

Equities in Australia and Japan rose in morning trade. Futures contracts for Hong Kong shares also advanced, while those for US stocks were flat after the S&P 500 and Nasdaq 100 drifted higher on Monday to extend a run of monthly gains for the two benchmarks.

In the region, the Reserve Bank of Australia will deliver its latest interest rate decision later today. Financial markets are betting the RBA will keep its cash rate unchanged, while economists see a 25 basis-point hike to 4.35%. Australian bond yields edged lower.

Investors are also focused on China, where stocks ended July on an optimistic note. This comes after Beijing’s top economic planning agency released a wide-ranging policy document containing some recently announced consumption-related initiatives, while a separate report said big cities such as the capital and Shenzhen may ease curbs on the property sector.

China’s Caixin PMI data is also due later today, which may shed further light on the health of the world’s second largest economy.

The yen was steady against the dollar after declining Monday as the Bank of Japan announced an unscheduled bond-purchase operation to tamp down rates.

The euro-area economy returned to growth while underlying inflation pressures persisted — supporting early arguments for the European Central Bank to raise interest rates again.

In the US, data pointing to inflation becoming tamed boosted optimism the world’s biggest economy will have a soft landing as the Federal Reserve nears the end of its monetary-tightening cycle.

The S&P 500 edged higher to around 4,590 Monday, closing at a 16-month high. The megacap space saw subdued action, with Apple Inc. and Amazon.com Inc. due to report earnings in the coming days. The Nasdaq 100 notched its longest streak of monthly gains since August 2020. Treasury 10-year yields traded near 3.95% while the dollar posted a small gain.

The buoyant mood on Wall Street has seen a retreat among bearish institutional investors, economists and strategists as market returns and economic data continue to challenge expectations, said Mark Hackett at Nationwide.

Citigroup Inc.’s Scott Chronert has joined the list of strategists who have revisited their gloomy outlooks in recent weeks, raising his forecast for the S&P 500. Morgan Stanley’s Michael Wilson, who has been among the market’s leading pessimists throughout 2023, changed his tone and now sees the rally running further.

“The challenges companies have endured – stubborn inflation, weak markets, and sluggishness internationally – are no longer headwinds,” Hackett noted. “Now, we’re not only seeing tailwinds heading into 2024, but we’re getting less disruptive reactions in the stock market following earnings reports.”

In corporate news, Exxon Mobil Corp. climbed as Bloomberg News reported it’s in talks with Tesla Inc., Ford Motor Co. and other automakers about supplying them with lithium. SoFi Technologies Inc. surged 20% as the online bank raised its revenue guidance. Yellow Corp., which hauls about 15% of major companies’ so-called less-than-truckload shipments, soared after ceasing operations and telling union leaders that it plans to file for bankruptcy.

Fed Survey
Traders took a Federal Reserve survey of lending officers in stride. As hinted by Chair Jerome Powell, the central bank said financial institutions reported tighter standards and continued weak demand for loans in the second quarter, extending a trend that began before recent stresses in the banking sector emerged.

Meantime, Fed Bank of Chicago President Austan Goolsbee said data showing slower inflation is “fabulous news,” but he hasn’t yet decided on whether to support pausing rate hikes at the next policy meeting. Over the weekend, his Minneapolis counterpart Neel Kashkari said the inflation outlook is “quite positive,” though the central bank’s aggressive tightening will likely result in some job losses and slower growth.

Elsewhere, oil edged down after surging 16% in July, its biggest monthly advance since early 2022.

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?