Day: September 18, 2020

Britannia Industries settles case with Sebi, pays over Rs 46 lakh
Stock News

Britannia Industries settles case with Sebi, pays over Rs 46 lakh

NEW DELHI: Britannia Industries has paid over Rs 46 lakh towards settlement charge to markets regulator Sebi to settle a case of alleged failure to carry out due diligence before giving effect to transmission of shares and issuance of demand draft. Britannia Industries Ltd allegedly violated Listing Obligations and Disclosure Requirements Regulations (LODR). Sebi agreed to settle proposed adjudication proceedings in the case pertaining to violation of LODR norms after it was approached by Britannia Industries with a plea under the settlement regulations "without admitting or denying the findings of fact and conclusion of law". In a settlement order passed on Thursday, Sebi said it has disposed of the adjudication proceedings initiated against the applicant (Britannia Industries). The ...
Election year seasonal effects and low interest rates support stocks
Investing

Election year seasonal effects and low interest rates support stocks

In mid-June, we began cautioning that the high-velocity, v-shaped recovery in stocks from their March lows was producing tactically overbought conditions, raising the likelihood of a near-term pullback.1 Fast-forward to early-September and the S&P 500 Index began what now appears to be an abrupt risk-shedding event, centered on the high-flying growth and technology stocks. Admittedly, our short-term timing indicators, including the put/call ratio, tend to work better near lows than they do around highs in the stock market.2 As such, all we can really do is warn of overbought extremes, and offer a handful of negative catalysts that stocks may be more vulnerable to at the time. Still, a two-and-a-half-month lag is pretty good in our book. Gauging the downside We don’t pretend to know ...
Law Decoded: E Pluribus SHA-256
Crypto News

Law Decoded: E Pluribus SHA-256

By way of disclaimer, today’s Law Decoded is going to be especially America-centric. Writing to you from the ghastly swamp that is Washington, D.C., I generally try to keep these newsletters more globally minded, displeased as I am with how often the news cycle acts like this town is the center of the solar system. Thematically, however, the relationship between the capital and the rest of the country is central to this week’s news. U.S. federalism is a critical feature of this remarkably frustrating country. The back-and-forth between federal and state power is one of the defining tensions of these United States. To some, the emphasis on state sovereignty is a relic of a prior age. Back in the day, you probably wanted to make sure your will was up to date before you got on a carriage ...
Trump to block downloads of TikTok, WeChat on Sunday
Business news

Trump to block downloads of TikTok, WeChat on Sunday

The Commerce Department announced Friday morning that it will ban U.S. business transactions with Chinese-owned social apps WeChat and TikTok on Sunday. The announcement comes ahead of an expected statement Friday by President Donald Trump on whether or not the government will approve a deal for Oracle to take a minority stake in TikTok and become a "trusted technology partner" for the company in the U.S. The White House announced a press conference with Trump will be held at 2 p.m. Eastern on Friday. The Commerce Department's announcements leaves room for a deal to go through before the Sunday deadline, and it could be an aggressive move from the Trump administration to push for its original intention to force TikTok to become fully owned by a U.S. company. "At the President's direct...
Consumer Price Index: Why it’s Important to Traders
Online Trading

Consumer Price Index: Why it’s Important to Traders

During September 2020 Federal Reserve monetary policy meeting, the central bank made a big deal of targeting its inflation objective. The Fed has determined that it needs to do whatever it can to push inflation back above its 2% target. While there are several different ways to measure inflation the most popular and widely watched in the United States is the Consumer Price Index, reported by the Bureau of Labor Statistics (BLS). What is the Consumer Price Index Bureau of Labor Statistics The consumer price index (CPI) calculates price changes for a basket of goods and services. This includes shelter, food, energy, transportation as well as, utility costs. CPI is available as far back as 1913. The Department of Labor uses a benchmark for the index based on the index average during t...
Top 10 Bitcoin Millionaires You Need to Know
Strategy, Technical Analysis

Top 10 Bitcoin Millionaires You Need to Know

The recent developments in the crypto-market space showed that cryptocurrencies can act as an important store of value in times of uncertainty, such as during the coronavirus pandemic. With that in mind, it’s no wonder that the number of bitcoin millionaires are rising like never before.  In fact, according to recent studies by Glassnode – a crypto-analytic firm – there are currently over 18,000 bitcoin millionaires with addresses that contain more than $1 million worth of bitcoin. The number of accounts that hold more than 1,000 bitcoins – also known as bitcoin whales – is growing at a steady pace in recent years. And with bitcoin continuing to hold above the $10,000 psychological support level, more investors will likely feel attracted to invest in the largest cryptocurrency in th...
Main European indices fall, dragged down by the tourism sector
Forex

Main European indices fall, dragged down by the tourism sector

September 18, 2020 14:30 Concern about the worsening of the second wave of coronavirus in Europe and its impact on the tourism sector has turned the main European indices red, with the IBEX 35 leading the way. The Spanish index is about to lose 7,000 points, having dropped just over 1% in the first hours of trading, while the FTSE 100 lost half a percentage point. Markets related to the tourism sector were affected most by the increasingly real possibility of a worsening of the pandemic situation, which may bring about new restrictive mobility measures. The airline sector was especially impacted: The Spanish-British airline IAG fell more than 7% this morning Easyjet has fallen more than 5% InterContinental Hotels Group has fallen around 4%. These falls come after the W...
Wall Street struggles to keep up in China mutual fund boom
Stock News

Wall Street struggles to keep up in China mutual fund boom

From BlackRock Inc. to Vanguard Group, global asset managers have been dazzled by the promised riches of China’s $3.4 trillion mutual fund industry. However, they’re now learning just how fierce the local competition will be. Funds backed by international firms raised $470 billion from retail investors in the first eight months of the year, less than half the $967 billion haul of their 100-plus Chinese rivals, according to data compiled by Morningstar and Bloomberg. Of the top 10 biggest funds raised this year, only two were backed by foreign companies. Foreign companies are having to grapple with how little their size and global reputation matter in a market infamous for investors jumping from fund to fund in search of the next big thing. Domestic rivals have pressed their home-field adv...
FOCUS-Burps to burgers: food companies wrangle climate-warming cattle emissions
Commodities

FOCUS-Burps to burgers: food companies wrangle climate-warming cattle emissions

By Rod Nickel WINNIPEG, Manitoba, Sept 18 (Reuters) - Looking to improve milk production, California farmer John Verwey turned to a Swiss-made feed additive designed to make a cow more efficient while reducing methane emissions from cattle burps. The more a cow belches, the more it spends energy that could be used instead for milk production, Verwey reasoned. So two years ago, he started feeding his cattle Agolin, made of coriander, clove and carrot extracts, and replaced costlier additives that promoted weight gain. He is still determining whether the change has affected milk output, but Verwey figures he has positioned himself for a world where consumers care more about greenhouse gas emissions from livestock. "We think we're ahead of the curve," he said from Fresno, California. "E...
Police summon Bithumb chairman for questioning over alleged fraud
Crypto News

Police summon Bithumb chairman for questioning over alleged fraud

The drama over alleged fraud involving Bithumb’s senior executives continues as the company’s chairman has reportedly been summoned for interrogation. The Seoul Metropolitan Police Agency is purportedly seeking to question Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings, according to a Sept. 18 report by South Korea’s state-run news agency Yonhap. As reported, Lee is allegedly accused of multiple fraud and embezzlement offenses regarding the failed listing of the BXA token. The purported fraud caused investor damages of up to 30 billion won ($25 million), the report notes. The police are also reportedly looking to question Lee over alleged embezzlement of investors’ funds in overseas property purchases or offshore investments. According to Yonhap, Kim Byung-gun,...