August 6, 2019

Cramer on computer traders: ‘Why don’t they go work for NASA’ instead of wrecking markets

CNBC's Jim Cramer said he was "aghast" at the huge swing between the sharp decline in stock futures Monday evening and the strong Wall Street open Tuesday. The "Mad Money " host blasted "pajama traders," the term he coined for those who buy and sell futures contracts, often based on computer algorithms, during market off-hours. "Why don't they just go work for NASA?" Cramer asked, rhetorically, suggesting their computer skills would be better used elsewhere. "Why do they have to wreck our markets?" After the Dow Jones Industrial Average on Monday tanked 767 points, or 2.9%, on concerns about the U.S.-China trade war turning into a currency battle, Dow futures were down more than 600 points after hours. But early Tuesday morning, they turned positive after China allowed its currency to rise, one day after letting it drop to its lowest level in more than a decade. Cramer said making investment decisions based on what stock futures are doing outside the regular market session i..
August 6, 2019

Goldman Sachs no longer expects US-China trade deal before 2020 election

U.S. President Donald Trump talks to journalists while departing the White House August 01, 2019 in Washington, DC. Trump is traveling to Cincinnati, Ohio, for a campaign rally.Chip Somodevilla | Getty Images News | Getty ImagesGoldman Sachs no longer believes the world's two largest economies will be able to resolve their long-running trade dispute before the U.S. presidential election next year. It comes shortly after the U.S. officially designated China as a "currency manipulator, " amid rapidly intensifying tensions between the two economic giants. On Monday, the U.S. Treasury accused Beijing of deliberately influencing the exchange rate between the yuan and the U.S. dollar to gain an "unfair competitive advantage in international trade." The announcement followed a sharp drop in the yuan against the dollar, with the Chinese currency breaching the 7-per-dollar level for the first time since 2008. VIDEO3:5303:53What is currency manipulation?CNBC ExplainsLate last week, China pr..
August 6, 2019

China responds to US after Treasury designates Beijing a ‘currency manipulator’

VIDEO5:4105:41Former US Treasury official on China's 'currency manipulator' designationSquawk BoxChina's central bank has firmly rejected the U.S. Treasury's designation of Beijing as a currency manipulator, saying the accusation has "seriously" undermined the international financial order and risked further market turmoil. The response from the People's Bank of China comes at a time of rapidly intensifying trade tensions between the world's two largest economies. On Monday, the U.S. Treasury accused Beijing of deliberately influencing the exchange rate between the yuan and the U.S. dollar to gain an "unfair competitive advantage in international trade." The move fulfills President Donald Trump's promise to recognize China as a currency manipulator for the first time since 1994. The announcement followed a sharp drop in the yuan against the dollar, with the Chinese currency breaching the 7-per-dollar level for the first time since 2008. A drop in..
August 6, 2019

Facebook’s Libra plans are under fire again – this time from global privacy regulators

A facebook crypto currency Libra logo seen displayed on a smartphone.SOPA Images | LightRocket | Getty ImagesCentral bankers, finance ministers and lawmakers have loudly criticized Facebook's proposed digital currency project called Libra since it was announced in June. Now, privacy regulators are joining in the criticism. In a joint statement Monday, top data protection officials from the U.S., EU and U.K. voiced concerns about the combination of "vast reserves" of personal data and financial information in the Libra proposal. The regulators said they were "surprised and concerned" about the lack of information Facebook and its subsidiary Calibra, which will operate a digital wallet to facilitate Libra payments, have provided when it comes to protecting user data. "To date, while Facebook and Calibra have made broad public statements about privacy, they have failed to specifically address the information handling practices that will be in place to secure and protect personal inf..
August 6, 2019

Snoop Dogg-backed payments firm Klarna becomes Europe’s biggest fintech start-up

U.S. rapper Snoop Dogg appears in an ad for Swedish fintech firm Klarna.KlarnaSwedish online payments firm Klarna announced Tuesday that it has reached a $5.5 billion valuation following a $460 million funding round, making it Europe's largest private fintech company. The Stockholm-based start-up, which provides a 'buy now, pay later' service for shoppers, said it would use the new funds to continue its expansion into the U.S. market. The funding round was led by San Francisco-based Dragoneer Investment Group. Klarna has taken on incumbents in the retail and payments industries by offering customers the option to pay for purchases in increments over time, without paying interest. The company purchases an order directly from retailers and then invoices customers, so the buyers never pay the merchant directly. Klarna was founded in 2005 and said Tuesday it is "in sight" of $1 billion in annual revenue. The company, which launched in the U.S. in 2015, said it is growing at ..
August 6, 2019

DHFL’s bondholders get three-week deadline to be on board with rescue plan

MUMBAI: Bondholders of troubled shadow lender Dewan Housing Finance Ltd (DHFL) have been given a three-week deadline to decide if they are on board with a rescue plan being evaluated by banks, according to a letter sent by a custodian of DHFL bonds, seen by Reuters. The banks have signed an inter-creditor agreement (ICA) to come up with a plan to restructure nearly 1 trillion rupees ($14 billion) of DHFL's debt. Now, the bondholders have to communicate by letter by Aug. 26 if they are willing to be part of the ICA. That turns up the heat on India's mutual funds, which hold DHFL paper and are scrambling for approval from the market regulator to join the ICA. While insurers and pension funds have clarity from their regulators and are likely to be on-board with the ICA, mutual funds are yet to get a green light from the Securities And Exchange Board Of India (SEBI), industry sources said. RESOLUTION WOES Last week DSP Mutual Fund, one of the creditors of DHFL, said it had ..
August 5, 2019

IIFL Finance to raise up to Rs 1,000 crore through bond issuance

NEW DELHI: IIFL Finance on Tuesday will come up with public issue of bonds to raise up to Rs 1,000 crore to fund business growth of the company. The non-convertible debentures (NCDs) will offer up to 10.5 per cent yield. The UK-based CDC Group backed IIFL Finance will issue secured and unsecured redeemable NCDs, aggregating up to Rs 100 crore, with a green-shoe option to retain over-subscription up to Rs 900 crore (aggregating to a total of Rs 1,000 crore), the company said here at a conference. The bonds will offer the highest yield of 10.50 per cent per annum for tenor of 69 months. It also offers 10 per cent per annum for short tenor of 15 months for the secured category. The bonds will offer monthly, quarterly and annual payment frequency along with zero coupon bonds. The other tenor offered is 39 months for secured category. "Through our strong physical presence of 1,947 branches across India and a well-diversified portfolio, we are able to meet the credit requirement of vario..
August 5, 2019

Uday Kotak says overseas bond a good idea

Mumbai: Kotak Mahindra Bank founder and CEO Uday Kotak has expressed his support for the government's plans to issue sovereign bonds abroad saying that the huge interest rate arbitrage and easy liquidity abroad make it an optimium time to do so. Delivering the 25th Lalit Doshi Memorial Lecture Kotak said issuing a foreign currency bond will reduce costs for the government and also take some pressure out of the local debt market. "I support this plan to sell foreign currency bonds. There is a clear interest rate arbitrage. 75% of the global sovereign yields are below 2% while 35% are negative. Is there is a reason to borrow from abroad? I believe yes," Kotak said. However, he also added a cautionary comment saying that borrowing excessively in foreign currency has its risks as global debt markets are unforgiving in bad times. "Its a little like steroids. You dont do it too often...we must be disciplined when we are borrowing. What currency we are borrowing in should depend on t..
August 5, 2019

Jindal Stainless reports 57% drop in Q1 profit

Stainless steel maker Jindal Stainless posted a 57% drop in its consolidated net profit at Rs 48 crore for the April-June quarter on the back of lower sales and and the incurrence of an exceptional loss. Consolidated net sales fell by 3% at Rs 3,263 crore. The company also incurred an exceptional loss of Rs 24 crore on account of forex movement. “Our performance in the first quarter indicates our strong financial position. The outlook for the business remains positive with the outlay of significant investments by the government in the union budget for Railways and infrastructure. However, we continue to face a challenge from high levels of imports, particularly from FTA countries like Indonesia and Vietnam. In the wake of these emerging business challenges, we have carried out an internal restructuring to sharpen our key focus areas. We have created a centralised team to serve as a knowledge bank, carve out new stainless steel applications through conversion from other materials, and..

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