Reliance Industries expects to issue shares of its banking unit soon.
Reliance Industries Ltd. plans to list Reliance Jio Financial Services Ltd. shares to unlock shareholder value. Chairman Mukesh Ambani believes Jio Financial Services is uniquely positioned to capture growth opportunities in the financial services sector and transform digital finance in India. Reliance’s annual general meeting will likely reveal Jio Financial Services’ IPO date. Jio Financial…
Fintech Expansion to Brazil with Amazon Credit card
Amazon will launch a Mastercard-powered credit card in Brazil with Banco Bradesco SA, as part of its fintech expansion. The card will handle credit risk and offer loyalty benefits and credit restrictions. The card aligns with falling interest rates and government consumption programs.
Wages rising quicker than the Fed projected by 2% inflation
The S&P 500 index has seen a 16.6% year-to-date increase, driven by better economic outlook, excitement over artificial intelligence, and signals that the Federal Reserve is close to completing interest rate hikes. The next week’s inflation number may determine stocks’ near-term trend, and Treasury yields are also actively watched by investors. The S&P 500 lost…
Investor spending more in credit fund
Goldman Sachs’ survey shows pension funds and insurance companies are increasing their allocation to credit and equities hedge funds in 2023. A total of 31% of investors anticipate spending more in credit hedge funds, mainly in long/short and distressed strategies. However, the study found that investors have not yet deployed the funds. Equity long/short strategies…
Higher Rate boost one of Italian banks profit more than 10 times
Monte dei Paschi di Siena reported above-forecast second-quarter results, with net income of 383 million euros ($420 million), exceeding the bank’s 217 million euro consensus projection. Net interest income nearly doubled, and revenues rose 11% to 972 million euros. Net fees increased, and MPS reduced costs despite inflation. CEO Luigi Lovaglio is cutting employees and…
The Fed emergency lending facility are helping US banks
US banks continue to use the Federal Reserve’s emergency lending facility, the Bank Term Funding Program, to meet withdrawal needs after bank failures shook the global banking system. Fed loans increased to $105.7 billion, while the discount window borrowed $1.9 billion, down from $2.2 billion. The best selling factor of the new program was borrowing…
The BoE is expected to raise rates for the 14th consecutive times
The Bank of England is expected to hike interest rates to 5.25% from 5% on Thursday, as inflation remains the highest among major nations. The BoE has raised rates by a quarter of a percentage point last week, and markets believe they are nearing the conclusion of their rate-tightening cycles. The Bank of England’s rate…
Australians demand government to make working from home to become the norm
Melbourne property surveyor Nicholas Coomber uses remote work to complete assignments before COVID-19 sent one-third of the global workforce home. The surveyors can leave for the field at 7:30 a.m., allowing them to pick up their children from daycare sooner. Australian unions are setting a precedent by suing the country’s largest bank and wrangling with…