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Bloomberg Quint
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After Jane Street, Uday Kotak Reminds Market's Primary Role Is Promoting Capital Formation
- Banking industry veteran Uday Kotak emphasized the market's primary role in promoting capital formation and fair price discovery.
- Kotak expressed concerns about the influence of money power and the lack of focus on fundamentals in the business models of exchanges and brokerages.
- His comments follow SEBI's findings of market manipulation by Jane Street, resulting in illegal gains of over Rs 4,800 crore.
- SEBI suspended Jane Street for manipulating indices, impounding gains, and revealing profits of Rs 36,671 crore during the probe period.
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Bloomberg Quint
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India's Rs 1 Lakh-Crore Bet On Private Sector R&D — DST Secretary Shares Ambitious Roadmap
- The Indian government has launched a Rs 1 lakh crore Research Development and Innovation Scheme to encourage private sector investment in high-risk sectors.
- The scheme aims to provide funding for research and development in various sectors, including energy transition, robotics, biotechnology, AI applications, and more.
- Funding under the scheme will be provided through concessional loans, equity, or a combination, with companies expected to contribute half of the project cost.
- The operational framework for the fund is being finalized and is expected to roll out within months, with a focus on reducing India's dependence on rare earth imports.
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Bloomberg Quint
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SEBI To Run Public Campaign On F&O Risks, Says Chairman After Jane Street Action
- SEBI is planning a public campaign on investor safety and risk-based rules following action against US trading firm Jane Street Group.
- Chairman Tuhin Kanta Pandey stated that SEBI will launch a major public campaign on cyber frauds and risks in futures and options.
- SEBI is cautious about excessive disclosures and compliance burden on stakeholders and aims to avoid unnecessary regulatory interference.
- The market regulator has increased surveillance following the crackdown on Jane Street and is focusing on investor awareness as the next big mission.
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Medium
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The Intricacies of VC Deals-2
- Governance and control terms are crucial in VC deals, shaping company relationships and operations.
- Main aspects include VC-nominated, founder-nominated, and independent directors, along with observer rights.
- Protective provisions, voting rights, co-sale, drag-along, information rights, no-shop, and key man clauses discussed.
- Understanding these terms helps entrepreneurs navigate complexities, protect interests, and build strong partnerships.
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Bloomberg Quint
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198
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Centre Mulls Sending Team To Kerala Over Fresh Nipah Cases
- The Union Health Ministry is considering sending the National Joint Outbreak Response Team (NJORT) to Kerala to assist in implementing public health measures due to the detection of two Nipah virus cases.
- The Central Surveillance Unit is closely monitoring the situation and the State Control Room has been activated for coordinating containment activities.
- The public health response is being guided by Kerala State NiVD guidelines, with over 300 contacts identified across three districts.
- A fresh Nipah virus case was confirmed in a 38-year-old woman from Palakkad, and another suspected case related to Nipah was confirmed in an 18-year-old girl in Malappuram district.
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Bloomberg Quint
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241
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Indigo Delhi-Pune Flight Faces Over Four-Hour Delay As Pilot Falls Sick Before Takeoff
- An IndiGo flight from Delhi to Pune faced a delay of over four hours after the pilot fell sick before takeoff.
- Appropriate medical assistance was provided to the pilot, and an alternative crew was assigned to operate the aircraft, leading to the delay.
- The flight, scheduled to depart at 6 am, eventually took off for Pune at 10:27 am after the delay caused by the pilot's illness.
- IndiGo cited temporary restrictions at Pune Airport as another reason for the delay, justifying the over four-hour delay to its flight.
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Bloomberg Quint
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UltraTech Denies CCI Probe In Alleged Cement Cartelisation
- UltraTech Cement denies being investigated by the CCI for alleged contravention of competition norms, calling media reports 'false and misleading'.
- The company clarified it is not under investigation in a case from 2020 and has not received any order from the CCI.
- UltraTech Cement reserves its rights to take legal steps to protect its reputation, while its south-based arm India Cements is separately disclosing information on the case.
- CCI's investigation report found contraventions by India Cements, Shree Digvijay Cement, and Dalmia Cement in cartelisation, directing submission of income details and warning of liability under the Act.
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Bloomberg Quint
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149
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India, Maldives Hold Talks To Deepen Trade And Investment Ties
- India and the Maldives recently held talks to enhance economic cooperation and strengthen trade ties.
- Discussions focused on exploring new opportunities for economic collaboration and attracting Indian investment in the Maldives.
- India remains a significant development partner for the Maldives, supporting various infrastructure projects and providing financial aid.
- The diplomatic relations between India and the Maldives have seen fluctuations but are currently on a path of reinvigoration for mutual benefits.
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Bloomberg Quint
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353
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Mazagon Dock, Indian Hotels, Solar Industries Could Potentially Be Recognised As Large Cap
- AMFI's updated market categorisation will reorganise stocks across different market cap categories.
- Certain stocks like Mazagon Dock Shipbuilders Ltd., Indian Hotels Co., and Solar Industries Ltd. could potentially be recognized as large-cap.
- The share of large-cap and mid-cap stocks has decreased while small-caps have increased according to AMFI.
- Active fund managers will need to adjust their schemes based on the reorganization of stocks across market capitalization categories.
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Bloomberg Quint
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Charting The Global Economy: US Jobs Data Eases Pressure On Federal Reserve
- US jobs data exceeding expectations eases pressure on Federal Reserve for rate cut.
- Unsold houses in booming US markets remain unsold as homeowners face uncertainties.
- Euro-area inflation hits ECB's target, UK economy grows before tax hikes.
- Swedish retail sales decline, Asian manufacturing slowdown deepens with tariffs looming.
- Japan sees highest wage increase in 34 years amid ongoing US trade talks.
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Bloomberg Quint
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Microsoft Closes Pakistan Office After 25 Years
- Microsoft has closed its office in Pakistan after 25 years, attributing it to global restructuring and a shift to a cloud-based model.
- The closure is part of a larger layoff round where Microsoft cut about 4% of its workforce (roughly 9,100 jobs) globally.
- Stakeholders in Pakistan expressed concern over the closure, citing it as a troubling sign for the country's economy.
- Former Microsoft employees and government officials highlighted the need for a bold plan to engage with tech giants and improve economic stability.
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Bloomberg Quint
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25
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I Hope To Live For 30-40 Years More, Says Dalai Lama
- The Dalai Lama expressed his hope to live for another 30-40 years during a long life prayer ceremony ahead of his 90th birth anniversary on Sunday.
- The birth anniversary celebrations will be attended by prominent figures like Arunachal Pradesh Chief Minister Pema Khandu, Sikkim Chief Minister Prem Singh Tamang, and Hollywood actor Richard Gere.
- The Dalai Lama emphasized his strong connection with Avalokiteshvara and his dedication to serving the Buddha dharma and the Tibetan people, aiming to live to be over 130 years old.
- Rumours about the announcement of the Dalai Lama's successor have been refuted amidst increased tension with China on the matter, with the Central Tibetan Administration rejecting the speculations.
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Bloomberg Quint
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Delhi High Court Upholds Disability Pension Rights For Defence Personnel
- Delhi High Court upholds disability pension rights for defense personnel, dismissing over 200 petitions.
- The court emphasizes that disability pension is a rightful acknowledgment of sacrifices made by soldiers.
- It ensures financial support for those who suffer injury or disability due to service conditions.
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Bloomberg Quint
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297
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Trump Signs His $3.4 Trillion 'One Big Beautiful Bill' At White House Ceremony
- President Donald Trump signed his $3.4 trillion budget bill into law, enshrining tax cuts, breaks for tipped workers, and funding for immigration crackdown.
- The bill includes tax cuts, new breaks for certain groups, and measures to tighten immigration enforcement, emphasizing economic growth.
- The legislation faced opposition but was passed by Republican leaders, risking political consequences due to proposed cuts in health and nutrition programs.
- The bill's $4.5 trillion in tax cuts are offset by spending reductions, including the elimination of incentives for renewable power and electric vehicles.
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Bloomberg Quint
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BlackRock Halted Ukraine Fund Talks After Trump’s Election Win
- BlackRock halted talks for a Ukraine recovery fund after Trump's election win due to lack of interest amid uncertainty over Ukraine's future.
- Initial support for the fund was close from entities backed by Germany, Italy, and Poland, but institutional investors showed little interest.
- The fund aimed to raise at least $500 million from countries and $2 billion from private investors for reconstruction in Ukraine.
- BlackRock completed pro-bono advisory work on the fund in 2024, has no current involvement with the Ukrainian government, and discussions with clients guide decisions.
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