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Bloomberg Quint
16h
87
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US Stock Markets Today: S&P 500, Dow Jones Open Higher For Shortened Christmas Eve Trading
- The Dow Jones Industrial Average and S&P 500 opened higher on Christmas eve for shortened trading.
- Tech-heavy Nasdaq Composite gained 0.38% while S&P 500 surged 0.17%.
- Shares of Amazon.com Inc., Nvidia Corp., Tesla Inc, Broadcom Inc., and Blackstone Inc. witnessed gains.
- US stock markets to close early on Christmas eve and remain shut on Christmas day.
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Bloomberg Quint
16h
216
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No New Tax Imposed On Sale Of Used Vehicles Including EVs
- The government has not imposed any new tax on sale of used vehicles including electric vehicles.
- The single rate of 18% decided by the GST Council for sale of used vehicles was only aimed at removing ambiguity.
- The tax will be applicable on the difference between selling price and purchase price of used vehicle, called margin.
- The transaction will not invite GST if the margin from used vehicle sale is negative.
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Bloomberg Quint
16h
223
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Ten Climate Books To Add To Your Holiday Reading List
- Bloomberg Green suggests a list of 10 climate books to add to your holiday reading list. The list includes both fiction and non-fiction books. One recommended book is 'Flight Behavior' by Barbara Kingsolver. This 2012 novel tells the story of a farmer's wife who is fascinated by the arrival of millions of monarch butterflies near her home. The insects' presence is later seen as a harbinger of climate change. Another recommended read is 'The Story of Owen: Dragon Slayer of Trondheim' by E. K. Johnston, set in a small, Canadian town where dragons exist and feed off carbon emissions.
- Other books listed in the article include 'The Mountain in the Sea' by Ray Nayler, 'A Just Transition for All: Workers and Communities for a Carbon-Free Future' by J. Mijin Cha, and 'Car Wars: The Rise, the Fall, and the Resurgence of the Electric Car' by John J. Fialka.
- The list isn't limited but offer readers a good variety of climate-themed books. Samantha Harvey's book 'Orbital' which won UK's Booker Prize this year is also included in the list.
- Bloomberg Green team believes that books are a great way of learning about climate change. They further invite people to share their own recommendations or lists of climate-themed books on Instagram or Bluesky.
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Bloomberg Quint
16h
102
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UPI, Insurance Adoption See Significant Growth In Rural India: Report
- UPI transactions at retail stores in semi-urban and rural areas have risen by 33% this year, highlighting the rapid adoption of digital payments.
- Insurance policy purchases and premium collections in rural and semi-urban areas witnessed a 127% surge, with new customer adoption growing by 96%.
- There has been a remarkable 297% volume rise in credit products in rural and semi-urban areas, including business loans, gold loans, personal loans, and revolving credit.
- Micro ATM and Aadhaar Enabled Payment Systems cash withdrawals saw a decline in 2024, but AePS withdrawals surged 35-45% during DBT releases.
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Bloomberg Quint
16h
311
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American Air Says Christmas Eve Delays Caused By Tech Glitch
- American Airlines experienced a brief groundstop on all US flights on Christmas Eve due to a technical vendor glitch.
- The groundstop lasted about one hour and has been resolved, with flights resuming.
- The airline apologized for the inconvenience and assured customers that their team is working diligently to minimize delays.
- No information was provided regarding expected delays or other potential impacts.
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Bloomberg Quint
16h
44
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Trai To Soon Issue Recommendations On Satellite Spectrum Allocation: Trai Chairman
- The Telecom Regulatory Authority of India (Trai) is expected to issue its recommendations on satellite spectrum allocation soon.
- Following the release of Trai's recommendations, the government will assess them and make a decision on allocating spectrum to satellite communication companies.
- Telecom giants prefer satellite spectrum to be allocated through auctions, while satellite communication companies advocate for administrative allocation of the spectrum.
- The upcoming recommendations are expected to pave the way for satellite-based broadband services in the country, balancing the interests of both traditional telecom operators and satellite communication providers.
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Bloomberg Quint
16h
286
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DGCA Fines Akasa Air Rs 10 Lakh For Failing To Compensate Passengers Denied Boarding
- The Directorate General of Civil Aviation has fined Akasa Air Rs 10 lakh for failing to compensate passengers who were denied boarding.
- The action was taken against Akasa Air for the denial of boarding of seven passengers on a flight from Bangalore to Pune on Sept. 6.
- The replacement aircraft had nine non-operational seats, leading to the denial of boarding for seven passengers.
- The airline failed to comply with DGCA norms regarding compensation for denied boarding.
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Bloomberg Quint
16h
55
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MOSPI Invites Comments On Freely Distributed Food Being Included In Retail Inflation
- The Ministry of Statistics and Programme Implementation is seeking public comments on including freely distributed food in the calculation of retail inflation.
- The ministry is revising the base year for the Consumer Price Index (CPI) calculation and considering how to address the freely distributed Public Distribution System (PDS) items in the CPI compilation.
- This is part of an ongoing debate on including food prices in retail inflation calculations, sparked by the release of the pre-budget Economic Survey.
- The ministry is also considering three methods to deal with cases where the price of social security transfers decreases or increases during CPI calculation, including adjusting the weight or redistributing it among other items within the CPI basket.
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Bloomberg Quint
16h
73
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RBI Bulletin: FY25 State Sops To Divert Resources From Social, Economic Development
- State sops announced in the current financial year's budget may divert resources away from critical social and economic infrastructure development, according to the RBI's December bulletin.
- The RBI staff paper highlights sops such as free electricity, free transport, allowances to unemployed youth, and monetary assistance to women, suggesting the need for review.
- Rationalization of centrally sponsored schemes is recommended by the RBI to make room for more productive expenditure.
- The bulletin emphasizes the importance of freeing up resources for increased investment in health, education, agriculture, research and development, and rural infrastructure.
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Eu-Startups
17h
77
A Christmas Miracle? Electric aircraft/airtaxi pioneer Lilium achieves breakthrough in investor search
- Electric aircraft/airtaxi pioneer Lilium has achieved a breakthrough in its investor search.
- The company, which was facing insolvency and had to lay off all its employees, has announced the signing of an asset purchase agreement with Mobile Uplift Corporation.
- Mobile Uplift, backed by a consortium of investors from Europe and North America, intends to acquire the operating assets of Lilium subsidiaries and provide sufficient funding to restart business operations.
- The deal is expected to close in early January 2025, subject to customary conditions precedent, and will enable Lilium to pursue its goal of conducting the first manned flight.
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Bloomberg Quint
17h
117
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Bharat Forge To Invest Over Rs 345 Crore In German Subsidiary
- Bharat Forge Ltd. plans to invest 39 million euros in its German subsidiary, Bharat Forge Global Holding GmbH.
- The investment will help the subsidiary and its affiliates repay or prepay outstanding borrowings.
- The funding is part of the use of proceeds specified in the placement document related to the company's QIP.
- Bharat Forge will maintain 100% stake in the subsidiary after the investment.
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Bloomberg Quint
17h
261
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RBI Bulletin: Post Dismal Q2, Indian Economy Showing Signs Of Recovery In H2 FY25
- According to the Reserve Bank of India's December bulletin, the Indian economy is expected to recover in the second half of FY25, driven by private consumption, rural demand, and strong foodgrains production.
- Resilient private consumption demand, record-level foodgrains production, and rural demand gaining momentum are likely to drive India's growth trajectory in the second half of the current financial year, according to the Reserve Bank of India's December bulletin.
- High-frequency indicators for the third quarter of 2024-25 indicate that the Indian economy is recovering from the slowdown in momentum witnessed in the second quarter, driven by strong festival activity and a sustained upswing in rural demand.
- Challenges persist in the form of ongoing geopolitical tensions, concerns over growing protectionism, and a large public debt overhang, which have adverse implications for emerging market economies.
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Bloomberg Quint
17h
357
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American Airlines Grounds US Flights Amid Technical Glitch
- American Airlines grounds all flights across the US due to technical glitch on Christmas Eve, one of the busiest travel days.
- The airline is actively working on a resolution, but there is no estimated timeframe for a fix.
- Some online postings suggest a software outage preventing the airline from calculating weight and balance requirements for its flights.
- The Federal Aviation Administration confirms that American Airlines has grounded all flights nationwide.
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Bloomberg Quint
17h
26
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Mutual Fund Industry On A High As Asset Surges Rs 17 Lakh Crore In 2024
- The mutual fund industry sustained its growth momentum in 2024 with an impressive Rs 17 lakh crore surge in assets, driven by buoyant equity markets, robust economic growth, and increasing investor participation.
- The industry's assets under management reached an all-time high of Rs 68 lakh crore by November-end, marking a 33% growth over the Rs 50.78 lakh crore registered at the end of 2023.
- The mutual fund industry's assets are expected to continue growing at a healthy pace in 2025.
- The year 2024 saw a substantial net inflow of Rs 9.14 lakh crore, alongside a significant 5.6 crore increase in investor count and a growing popularity of SIPs, which alone contributed Rs 2.4 lakh crore.
- Over the last four years, the industry has collectively added an impressive Rs 30 lakh crore to its AUM.
- The inflows in 2024 lifted the industry's assets under management, reaching an all-time high of Rs 68 lakh crore by November-end.
- The contribution of equity markets has also been key, with the Nifty 50 and BSE Sensex indices rising 8.5% and 8%, respectively, in 2024.
- Monthly SIP contributions consistently surpassed the Rs 25,000-crore mark in October and November, signalling their growing appeal.
- Gold investments also gained traction, with inflows of Rs 9,500 crore as investors sought safety amid economic uncertainties, geopolitical tensions, and changes in taxation norms.
- Sebi has introduced measures to boost mutual fund penetration and oversight.
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Bloomberg Quint
17h
244
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Theatre Stampede Case: Pushpa 2 Actor Allu Arjun Appears Before Police For Questioning
- Top Telugu actor Allu Arjun appeared before the Chikkadpally police for questioning in connection with the stampede during the screening of 'Pushpa-2'.
- Allu Arjun was issued a notice to appear before the police and security was stepped up.
- The police imposed traffic restrictions, and Allu Arjun has previously stated he would cooperate with the investigation.
- The stampede resulted in the death of a 35-year-old woman and hospitalization of her eight-year-old son.
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