Business
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Indian Bank drops capital raising plan on lower ECL hit
Indian Bank has cancelled its planned share sale to raise funds. The lender's expected credit loss impact is now estimated lower than previously calculated. This revised calculation means the bank will not need to raise additional capital. The bank's net profit rose ten percent year-on-year in the fiscal first quarter. Gross advances and deposits also saw significant year-on-year growth.
Mumbai-Pune rail disruption: 30 trains cancelled till July 17 after heavy rain triggers landslides. Check list here
According to railway officials, heavy rainfall on July 6 triggered multiple landslides between Karjat and Lonavala stations, damaging all three railway lines. The worst-affected areas are near the Thakurwadi and Monkey Hill cabins in the ghat section.
US weather forecast: NWS warns of 'significant and dangerous' heat as forecasters predict it will begin over the weekend
US weather news: Forecasters said the heat wave will begin over the weekend and persist for at least a week, with some regions expected to endure above-normal temperatures through the end of the month.
SK Hynix shares jump 14% in debut on US stock market riding on AI wave
SK Hynix shares surged 14% in their Nasdaq debut after a $26.5 billion offering, highlighting strong investor demand for AI-linked chip stocks. The South Korean semiconductor giant aims to expand HBM chip production and AI infrastructure, while analysts monitor valuation concerns and risks of slowing AI spending.
Trump says US agrees to more Iran talks despite declaring ceasefire ‘over’
The remarks come as mediator Qatar renewed diplomatic efforts to bring the two sides back to the negotiating table after fresh strikes threatened to unravel a peace agreement reached just over three weeks ago.
Qatari negotiators visit Iran to revive Washington-Tehran talks after ceasefire breakdown: Report
The discussions are focused on creating conditions for renewed negotiations between the US and Iran after recent exchanges of military strikes threatened to derail diplomatic efforts.
Assam Budget 2026-27: Tax relief for tea growers, welfare curbs for polygamy, 2 lakh jobs | Top highlights
Presenting his maiden Budget, BJP leader and state Finance Minister Jayanta Malla Baruah also announced the continuance of all the major schemes rolled out during the last five years.
Morgan Stanley warns AI chip rally may be running out of steam
Morgan Stanley's Lisa Shalett warned semiconductor stocks may be overvalued as hyperscalers increasingly develop lower-cost proprietary AI chips. She expects slowing AI infrastructure spending and weaker pricing power to challenge chipmakers, despite continued investor interest and SK Hynix's Nasdaq debut.
Circle wins final regulatory approval to establish US trust bank, shares rise
Circle has received final regulatory approval from the OCC to launch a national trust bank, enabling them to manage their own reserves and hold cryptocurrencies. This pivotal milestone integrates blockchain technology into the US financial system. In addition, Circle issues USDC, a stablecoin valued around $73.2 billion, reflecting the ongoing shift of digital asset firms into traditional finance.
Global Markets: Shein finally wins China's approval for Hong Kong IPO, in third attempt to go public
Fast-fashion titan Shein has gained approval for its Hong Kong IPO after previous attempts were blocked. Although the company has faced strict regulatory examination and backlash in the US and UK markets, it seeks to rebound. Currently, investors project its valuation could be between forty to fifty billion dollars. This IPO represents a vital turning point for Hong Kong's vibrant financial ecosystem.
PFC raises USD 300 mn via bonds carrying floating interest rates
Power Finance Corporation, a state-run entity, has triumphantly secured USD 300 million via bonds that feature floating interest rates. Following the guidelines set by the RBI, these Notes are set to mature in July 2029 and will provide payments in US Dollars. They are scheduled for listing on NSE IFSC and India INX, marking a significant financial achievement.
US Navy updates facial hair policy for sailors: What to know about shaving waivers and new grooming rules
According to the Navy, the revised standards are intended to ensure facial hair does not interfere with the proper fit and effectiveness of protective breathing equipment, such as gas masks and respirators.
Govt exempts IFSC GIFT City units from licensing requirement for chartering foreign vessels
The government has exempted GIFT City IFSC units from needing a licence to charter foreign vessels for Exim and international trade. The move, notified under the Coastal Shipping Act, 2025, leaves coastal trade rules untouched.
South Korean billionaire's risky bet pays off, as SK Hynix debuts in New York
South Korean billionaire Chey Tae-won's bold acquisition of SK Hynix has paid off significantly. The company is now a leading producer of high-bandwidth memory chips for AI. This strategic investment has positioned SK Hynix as a key player in the booming artificial intelligence industry. However, concerns about future demand and potential oversupply are now emerging. Chey's leadership style and past controversies also define his unique corporate legacy.
Warsh task force members get an A at the outset, but results will need broad buy-in
Federal Reserve Chairman Kevin Warsh has enlisted a team of fifteen renowned external experts to spearhead reform task forces. This diverse group features both foreign central bankers and individuals from the former Obama administration, emphasizing the strength of expertise compared to other independent agencies. Warsh aims to wrap up this review process by year's end, marking a pivotal move towards possible institutional and policy overhauls.
Donald Trump refuses to sign housing affordability bill approved by Congress and sent to White House — here's why
The housing legislation, known as the 21st Century Road to Housing Act, cleared both the House and the Senate with overwhelming bipartisan support. Trump unexpectedly scrapped a planned signing ceremony for the housing bill in June.
Why can't you choose between pure petrol, E10 and E20? Here's what Petroleum Ministry says
With nearly ₹1 lakh crore in annual investments for ethanol production, the government asserts E20 fuel is cleaner and more efficient than E10. They argue consumer choice between fuels would complicate logistics despite some vehicles potentially experiencing a minor drop in efficiency.
Wall Street banks rule on staff betting on prediction markets, sources say
In a significant move, major Wall Street banks have revised their employee conduct guidelines. The updated policies impose restrictions on engaging in financial and political prediction markets. Specifically, Goldman Sachs and Morgan Stanley have enacted firm prohibitions, while JPMorgan Chase and Bank of America have also established comparable limitations. These initiatives are designed to eliminate conflicts of interest and maintain compliance with industry standards.
SpaceX's near-term AI payoff seen tethered to Earth, not outer space
SpaceX's current value stems from building essential AI infrastructure on Earth. The company is generating significant revenue from terrestrial compute contracts with major clients. These deals are expected to far exceed income from other SpaceX businesses this year. Orbital AI remains a longer-term prospect dependent on technological advancements. Analysts believe terrestrial compute will drive SpaceX's growth for the remainder of this decade.
