With President Trump urging the Federal Reserve to lower interest rates to boost economic performance and reduce government debt, all eyes are on Federal Reserve Chair Jerome Powell's highly anticipated speech at the Jackson Hole Economic Symposium. However, Trump's pressure campaign on the Fed has escalated this week, with calls for Fed Governor Lisa Cook to resign. Powell must navigate a delicate balance between concerns over inflation and maximizing employment, as the central bank considers its first interest rate cut in over eight months.
In his annual speech at the Jackson Hole summit, Jerome Powell, the chair of the Federal Reserve, expressed concerns over the state of the US economy and suggested an interest rate cut might be necessary. This announcement caused stocks to soar as investors speculated about potential market effects. The Fed, with its ability to influence mortgage costs and stock prices, plays a crucial role in the US economy, making Powell's remarks a top news story for the business world.
Local outfits in Bhawanipatna, a city in Odisha, have rallied together to demand permanent bauxite mines for Vedanta Ltd's Lanjigarh project. A memorandum was submitted to the Lanjigarh BDO, highlighting the negative impact of delay in allotment of mines on the socio-economic condition of the region. The existing alumina refinery, operated by Vedanta since 2003, has been struggling without a steady source of raw material. The call for action comes as the livelihood of local communities remains adversely affected.
After years of legal battles, Elon Musk's social media company, X Corp, has reached a tentative settlement with thousands of former Twitter employees who claimed they were denied proper severance pay after the company's major layoffs in 2022. The agreement will bring closure to one of the longest-running disputes since Musk's takeover of the platform, and suggests that affected workers may finally receive the compensation they were promised. This comes after heavy job cuts following Musk's acquisition of Twitter, with many former employees alleging that their severance benefits were significantly reduced or not paid at all. The terms of the settlement are still being negotiated and the 9th U.S. Circuit Court of Appeals has postponed an upcoming hearing while the deal is finalized.
A regulatory panel in India has suggested a limit on intraday positions in equity derivatives to prevent manipulation after a U.S. high-frequency trading firm's strategies caused losses for retail investors. The Securities and Exchange Board of India is reviewing the rules for equity derivatives and will make a final decision on the proposed limit. The regulator plans to impose penalties and stricter monitoring of positions for firms found in violation of the limit, as well as holding trading members accountable for foreign entities trading through intermediaries.
Investors are on the edge of their seats waiting for Federal Reserve Chair Jerome Powell's highly anticipated speech on Friday, where he will reveal the central bank's stance on interest rates. The market has been pricing in a near-certain rate cut in September, but with conflicting economic data, Powell's words could have a significant impact on stock prices. If he signals a more conservative approach, investors may pull back on their bullish bets and send the market tumbling.
Knowledge Realty Trust, a real estate investment trust jointly sponsored by Sattva Group and Blackstone, saw its units listed on the stock market with a 4% premium on the issue price of Rs 100 per unit. The company's market valuation reached Rs 47,328.35 crore, with its initial public offering (IPO) being oversubscribed 12.48 times. Knowledge Realty Trust owns over 46 million sq ft of office assets across major Indian cities such as Mumbai, Bengaluru, and Hyderabad. This comes after the recent successful listings of other REITs in India, including Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust.
The Reserve Bank of India (RBI) is seeking public feedback on whether the current 4% retail inflation target should continue or be revised to boost growth in India's fast-growing economy. Under the flexible inflation targeting (FIT) regime, the RBI has been successful in maintaining stability, but is now considering using core inflation as a guide for monetary policy. The government has mandated the RBI to maintain a 4% CPI inflation target until 2026, but with significant changes in the global and domestic economic environment, the central bank is reviewing the target and has released a discussion paper seeking feedback from stakeholders on possible revisions.
On the occasion of actress Deepshikha Nagpal's birthday, Kashmera Shah took to Instagram to share two reels featuring her, Deepshikha and their friends having a great time. The reels also feature actress Tannaz Irani and tarot card reader Munisha Khatwani. Kashmera's fun-filled reels are a treat to watch and showcase the strong bond between the friends.
Sebi chairperson Tuhin Kanta Pandey has proposed a new regulated pre-IPO share trading platform that may replace the current unregulated grey market operations. This platform would allow investors to trade shares in the three-day period between IPO allotment and listing, reducing risks and providing a regulated environment for trading. The initiative aims to improve the overall IPO process and provide more transparency and stability to the market.