MONEY MASTER

  Gapping Up: NIO Inc (NIO.US) : Stock surged 14.4% after the Chinese electric vehicle manufacturer announced a significant $2 billion cash boost from existing shareholders. CVS Health (CVS.US) : Stock increased by 3.2% following reports that Glenview Capital , a major shareholder, is set to discuss potential business improvements with CVS's management. AT&T (T.US) : Stock rose by 1.1% after revealing plans to sell a 70% stake in DirecTV to TPG , a private equity firm, for $7.6 billion . Autodesk (ADSK.US) : Stock climbed 0.8% after Morgan Stanley upgraded the software company to "top pick," highlighting expected accelerations in EPS and revenue growth alongside its appealing valuation. Gapping Down: Stellantis NV (STLA.US) : Stock plummeted 13.4% after the auto giant cut its annual forecasts and announced higher-than-anticipated cash burn, citing worsening industry trends and costly overhauls of its U.S. operations amid intensifying competition from Chinese...

Thailand's household debt has seen a minor reduction in the second quarter as banks implemented stricter lending practices to manage bad loans and borrowers stepped up debt repayments amidst the highest interest rates in a decade. As of June, household debt, as a percentage of the country's Gross Domestic Product (GDP) , stood at 89.6% , down from 90.7% in the previous quarter. This equates to a total liability of 16.32 trillion baht ($507 billion) , slightly decreased from 16.36 trillion baht in the first quarter, according to data released by the Bank of Thailand . More than 75% of this household debt is attributed to loans for personal consumption and mortgages. Government Initiatives for Debt Restructuring Prime Minister Paetongtarn Shinawatra has committed to implementing a comprehensive debt restructuring plan to address the ongoing household indebtedness as her new administration introduces measures aimed at stimulating Thailand’s sluggish economy. The central bank ...

KUALA LUMPUR, Sept 30 (Bernama) -- Bursa Malaysia extended last week’s losses to close lower on Monday, mirroring the mainly negative regional trend, with financial stocks leading the decline. CIMB Group led the retreat, falling 19 sen to RM8.05. and erasing 3.45 points off the benchmark index. The FTSE Bursa Malaysia KLCI (FBM KLCI) fell 11.18 points, or 0.67 per cent, to settle at 1,648.91 from Firday’s close of 1,660.09. The benchmark index, which opened 1.80 points higher at 1,661.89, moved between 1,647.28 and 1,661.89 throughout the day. On the broader market, decliners outnumbered gainers by 652 to 488 while 492 counters were unchanged, 850 untraded and 79 suspended.  Turnover rose to 4.06 billion units worth RM3.22 billion from Friday's 3.02 billion units worth RM2.68 billion.  Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that regional indices were mixed, with Chin...

Italian inflation has dipped below 1% , intensifying pressure on the European Central Bank (ECB) to expedite interest rate cuts. According to Italy’s statistics institute, consumer prices rose by only 0.8% year-over-year in September, down from 1.2% in August. This deceleration is attributed primarily to declines in energy, transport, and communication costs, aligning with analyst expectations from a Bloomberg survey. These figures are part of a broader trend across the 20-nation euro zone , with inflation readings in France and Spain also falling below the ECB’s target of 2% . In light of this, investors have significantly increased bets that October will see the third reduction in borrowing costs for the year. Data from six German states indicated moderation ahead of the national figures, which are due later today. For the euro zone as a whole, analysts anticipate inflation to be around 1.8% based on Bloomberg polls. Implications for ECB Policy “Underlying inflation declined t...

Apollo Global Management Inc. has acquired a significant portion of Deutsche Bank AG’s risk transfer related to a $3 billion leveraged finance debt portfolio. According to sources familiar with the matter, the New York-based asset manager purchased over 50% of the significant risk transfer (SRT) transaction, which was issued through Deutsche Bank’s Loft program . In SRT transactions, banks transfer the risk associated with loan portfolios while retaining ownership of the assets. They pay investment firms to absorb future losses, typically securing default protection for up to 15% of potential losses. In exchange, investors often receive attractive yields, commonly in the low double digits. Deutsche Bank increased the size of this SRT transaction due to strong investor demand, as reported by Bloomberg earlier this month. The SRT consists of a portfolio comprising various credit facilities and loans. The riskiest tranche of the bonds, totaling $420 million , was priced at 10.5 perc...

Taiwan, a key player in the global semiconductor industry, will implement a significant electricity price increase starting in mid-October, affecting its industrial users. The Economics Ministry announced that power prices will rise by an average of 12.5% , placing additional financial pressure on major companies like Taiwan Semiconductor Manufacturing Co. (TSMC) . This hike in electricity rates follows a previous increase in April, which saw power bills for industrial users surge by 15% to 25% . TSMC experienced the steepest increases, raising concerns about its profit margins amidst rising operational costs. The latest decision is driven by an anticipated annual growth in power consumption of 2.8% through 2033, largely fueled by demand from the AI sector . The state-owned utility, Taiwan Power Co. (Taipower) , has faced substantial financial challenges over the past two years as it attempted to maintain lower prices despite escalating fuel costs. The utility reported a staggering ...

As the US election approaches, investors are increasingly cautious about the outlook for the US dollar , favoring trades that steer clear of the world’s reserve currency. Major financial institutions, including Wells Fargo , RBC , and Allspring Global Investments , report a clouded near-term direction for the dollar, prompting a shift in market strategies. With uncertainty surrounding the election outcome, traders are exploring alternative currency pairs, such as shorting the Swiss franc against the Japanese yen and buying the British pound against the New Zealand dollar . "Investors are trying to stay clear of the dollar and take more cross-currency exposure," noted Elsa Lignos , global head of FX strategy at RBC Capital Markets. Traditionally, the dollar plays a dominant role in the foreign-exchange market, accounting for 88% of all trades in the $7.5 trillion-a-day market. However, with the Federal Reserve debating interest rate cuts and the election looming, the risk of...

Chinese stock investors are experiencing a surge of enthusiasm as the CSI 300 Index recorded its biggest gain since 2008, officially entering a bull market. This significant rally has been driven by a wave of stimulus measures from the government aimed at easing housing woes, creating a sense of urgency among retail investors to capitalize on the market's momentum. In just five trading sessions, the frenzy has captivated traders like Shao Qifeng , chief investment officer at Ying An Asset Management Co., who reports an influx of inquiries about whether now is the right time to invest. "On the surface, I’m keeping my cool, but deep down in my heart, I’m celebrating," he noted, reflecting the sentiment shared by many market participants. The excitement is palpable, as trading turnover has reached record highs, overwhelming brokerages with applications and requests to open new trading accounts. The rush follows the relaxation of homebuyer rules in three major Chinese citi...

The People's Bank of China (PBOC) has ramped up its net purchases of sovereign bonds, acquiring a total of 200 billion yuan ($28.5 billion) from dealers in September. This figure surpasses the amount of bonds bought in the previous month and highlights the central bank's commitment to maintaining adequate liquidity in the banking system and reinforcing counter-cyclical monetary policy adjustments . While the PBOC did not specify the tenors of the bonds purchased or the timing of these operations, it has indicated a shift in strategy. Last month, the central bank bought short-tenor government bonds while selling longer-tenor notes, a move aimed at managing liquidity and stabilizing the financial environment. Recent market conditions have been tumultuous, marked by a flurry of stimulus announcements and reports of special sovereign bond issuance, which temporarily halted the bond-buying frenzy. The yield on the benchmark bond surged to 2.26% , the highest level since mid-July, ...

  World shares took a downturn on Monday amid growing economic uncertainty fueled by geopolitical tensions in the Middle East, overshadowing recent policy measures aimed at bolstering markets. This comes as investors brace for a week filled with data that could influence central banks' upcoming decisions. Geopolitical tensions intensified with continued Israeli strikes across Lebanon, contributing to market unease, though oil prices remained relatively stable despite concerns over increased supply. Brent crude oil futures rose by 52 cents to US$72.50 , while West Texas Intermediate climbed 40 cents to US$68.58 . While Hurricane Helene has mostly passed, causing significant devastation in parts of the southern US, a new tropical depression is expected to strengthen into another hurricane later this week. Such hurricanes disrupt the supply chain of oil products, raising concerns about supply from the world's largest oil producer. In contrast, Chinese stock markets experience...

 Here’s a summary of the key Bursa Malaysia indices and the ringgit performance as of September 30, 2024: Bursa Malaysia Key Indices FBM KLCI: Closed at 1,648.91 , down 0.67% with a year-to-date (YTD) change of 13.35% . FBM Mid 70: Closed at 17,398.53 , down 0.23% with a YTD change of 19.06% . FBM Small Cap: Closed at 17,358.53 , down 0.19% with a YTD change of 6.15% . FBM ACE: Closed at 5,177.28 , up 0.37% but with a YTD change of -2.72% . Bursa Malaysia Trading Volume and Value Total Volume: 4.06 billion units. Total Value: RM3.22 billion. Total Gainers: 488. Total Losers: 652. Total Unchanged: 492. Ringgit Performance USD/MYR: 4.125 (YTD change: 11.38%). SGD/MYR: 3.2214 (YTD change: 7.97%). Top 10 Movers and Laggards in FBM KLCI Top Gainers: Genting Bhd: RM4.230 (+2.67%) Genting Malaysia Bhd: RM2.420 (+2.54%) QL Resources Bhd: RM4.680 (+1.74%) Top Losers: MISC Bhd: RM7.800 (-3.58%) PPB Group Bhd: RM14.460 (-3.47%) Hong Leong Financial Group Bhd: RM19.320 (-3.21%) ...

As uncertainty looms over the upcoming US elections , investors are increasingly favoring trades that circumvent the US dollar , the world’s primary reserve currency. This trend has emerged from a cautious stance regarding the dollar's outlook, prompting market participants to explore cross-currency trades that are less influenced by Federal Reserve policy and electoral outcomes. Recent activity includes shorting the Swiss franc against the Japanese yen and buying the British pound versus the New Zealand dollar . According to Elsa Lignos , global head of FX strategy at RBC Capital Markets, "Investors are trying to stay clear of the dollar and take more cross-currency exposure" due to the uncertain election results, making it challenging to forecast currency movements accurately. This shift represents a unique scenario in the foreign-exchange market, where the dollar typically dominates, accounting for about 88% of all trades in the $7.5 trillion-a-day market, as reporte...

The Australia & New Zealand Banking Group (ANZ) has issued a cautionary report regarding Malaysia's need to rationalize its RON95 petrol subsidies in 2025, especially following a significant salary hike for civil servants. Here are the key points from the report: Fiscal Burden and Subsidy Context Current Subsidy Situation: While the subsidy burden for RON95 has decreased compared to previous years, it remains at a high level. The government's recent decision to increase civil servants' salaries—by at least 13% , effective December 1, 2024—will add approximately RM10 billion to operational expenditures. Government Revenue Trends: Malaysia's revenue contracted by 6.3% in the first half of 2024 year-on-year, while expenditures grew by 1.3% during the same period. Recommendations for Subsidy Rationalization Urgent Need for Change: ANZ emphasizes that the blanket subsidy on RON95 needs to be removed to prevent escalating fiscal pressures. This follows the recent re...

Equities Overview: China and Hong Kong markets experienced significant gains on Monday, buoyed by Beijing’s latest measures aimed at addressing the ongoing property crisis. The CSI 300 index is poised for its largest daily increase in 16 years , while iron ore prices surged as major Chinese cities eased home buying restrictions. Conversely, Japanese stocks fell sharply, contributing to a decline in the MSCI Asia Pacific gauge after the leadership victory of Shigeru Ishiba , which caught investors off guard. Investor Sentiment: Matthew Haupt, a portfolio manager at Wilson Asset Management, noted that China’s government appears increasingly committed to stimulating the economy, which may provide a more sustainable rally compared to previous attempts. Investors are keenly awaiting further announcements that could bolster confidence in the Chinese economy and stock market. European Market Outlook: European markets are anticipated to start the week on a subdued note, following profit wa...

  Aston Martin Lagonda Global Holdings Plc has revised its guidance for the year, citing supply chain disruptions and weak demand in China as key factors impacting its performance. The luxury sports-car manufacturer now anticipates annual sales to be approximately 1,000 vehicles lower than previously expected. Adjusted earnings before interest, tax, and amortization are projected to fall slightly below last year's figures, and Aston Martin no longer expects to generate positive free cash flow in the latter half of the year. This outlook adjustment reflects a broader trend in the automotive industry, with major manufacturers like Volkswagen AG , Mercedes-Benz Group AG , BMW AG , and Stellantis NV also reducing their forecasts due to declining demand in China. Aston Martin is grappling not only with a downturn in sales but also with delayed component deliveries , leading to longer production times for its vehicles. The company, which was rescued by billionaire Lawrence Stroll ...

  Cambricon Technologies Corp. , a leading Chinese AI chipmaker, surged to its 20% daily limit on Monday, spurred by news that Beijing is increasing pressure on domestic firms to replace Nvidia Corp. processors with local options. The stock rally was part of a broader trend among semiconductor companies, with Semiconductor Manufacturing International Corp. (SMIC) rising nearly 20% in Shanghai and Naura Technology Group Co. climbing 9% . Chinese regulators have advised companies against purchasing Nvidia’s H20 chips , which are crucial for developing and running AI models. This guidance aims to bolster domestic chipmakers while avoiding overt restrictions that could hinder local AI startups and escalate tensions with the US. The Chinese government is intent on helping local AI chipmakers like Cambricon and Huawei Technologies gain market share, especially in light of potential future restrictions from the US. Earlier this year, Beijing also encouraged local electric vehicle m...

The UK's economic growth for the second quarter of 2024 has been revised down to 0.5% , from an initial estimate of 0.6% , according to the Office for National Statistics . This suggests that the economic recovery is losing momentum as Labour , under Prime Minister Keir Starmer , took power. The downgrade follows 0.7% growth in the first quarter, with no revision expected by economists. This revision is a setback for Starmer , who has promised to boost growth to 2.5% , far higher than the current levels and what forecasters predict in the near future. Further slowing is evident, with July output flatlining for the third time in four months, raising concerns about the economic outlook. Chancellor Rachel Reeves is expected to announce tax rises and spending cuts in her October 30 budget , aiming to address a budget deficit inherited from the previous government. Surveys suggest the UK economy could slow to a quarterly growth rate of 0.3% . While real disposable income per head...

  Malaysia's ringgit climbed on Monday, reaching its highest level in over three years, boosted by additional Chinese stimulus measures that lifted sentiment for regional currencies. The ringgit rose as much as 0.6% , making it the best performer among emerging Asian currencies, trading at 4.099 per US dollar . China's stimulus has had a positive effect, as it remains a significant trading partner for the region. The ringgit’s stellar quarterly performance, with an impressive 12.6% gain , makes it the top-performing currency in emerging Asia, driven by factors like foreign investor inflows , economic growth , and political stability . OCBC currency strategist Christopher Wong expressed optimism for the MYR outlook , citing strong economic fundamentals , a current account surplus , and foreign inflows . Chinese stocks surged 6% following the stimulus announcements, which are expected to halt the economic downturn. China's central bank announced it would lower mortgage r...

Stellantis NV has revised its profit margin forecast for 2024, citing higher costs to revive its Jeep and Dodge brands in the US and a broader global slowdown in the automotive sector. The company now expects an adjusted operating income margin of 5.5% to 7% , down from its earlier prediction of double digits . In addition, industrial free cash flow is forecast to be between negative €5 billion and negative €10 billion , a significant shift from previous guidance of positive cash flow. The automaker is accelerating efforts to reduce inventory in the US, aiming for fewer than 330,000 vehicles by the end of the year, ahead of its initial target of early 2025 . This adjustment from Stellantis follows similar guidance cuts from European automakers, including Volkswagen AG , which issued its second profit warning recently due to sluggish sales and increasing competition from Chinese rivals .

  The Malaysian Aviation Commission (Mavcom) received 2,083 complaints in the first half of 2024 (1H2024), reflecting a 32% year-on-year decrease compared to the same period in 2023, according to its bi-annual consumer report . Of these complaints, 98% were related to airlines , while the remaining 2% concerned airport services . Firefly , a subsidiary of Malaysia Aviation Group, recorded the highest number of complaints, with 166 complaints per million passengers , followed by Batik Air Malaysia (formerly Malindo Air) at 139 complaints , and AirAsia X Bhd at 127 complaints . The top three complaint categories were flight cancellations, mishandled baggage, and flight delays , which made up 42% of the total complaints. Despite the high volume, Mavcom resolved 97% of the complaints, with 45% of them resolved in favor of consumers after airlines reversed initial decisions. However, 579 complaints were deemed unactionable due to incomplete documentation or other jurisdiction...

OMS Group , a Malaysian telecom infrastructure and subsea cable services company, is considering revisiting its initial public offering (IPO) plans within the next few years, according to its deputy CEO, Richard Sun . While no specific timeline or venue has been set, Sun mentioned that Malaysia remains a potential option for the listing. The company's IPO plans were initially shelved last year after KKR , a global investment firm, invested $400 million (RM1.65 billion) in OMS as part of its expansion into digital infrastructure in Southeast Asia. The capital infusion helped OMS focus on its growth strategy, including securing $292.5 million in loans in June to expand its fleet and infrastructure. OMS is also expanding its interconnect managed services (IMS) , which include cable landing stations and subsea cable routes across Malaysia, Singapore, Indonesia, and Thailand. The company aims to expand into Vietnam and the Philippines and is positioning itself as a one-stop sho...

 Hong Kong's businesses and property owners are facing unprecedented pressure, with many distressed sellers offering assets at fire-sale prices as the city's economic challenges deepen. Driven by China's economic slump , high interest rates, and weak consumer demand, Hong Kong's once-booming real estate sector and other industries are seeing significant declines. Luxury properties are being sold at steep discounts, with some mansions in Hong Kong’s Peak district sold for as much as 50% below their peak value. For example, the family of real estate investor Ho Shung Pun sold four mansions in July for HK$1.1 billion , half of their previous value. The commercial real estate sector is also under strain, with some office buildings, like a floor in the Bank of America Tower , selling at a loss. According to Derek Lai , Deloitte’s global insolvency leader, the current wave of distressed assets is the largest seen in 30 years, affecting various industries, from real esta...

The cost of upgrading Europe’s aging office buildings to meet zero-carbon targets is soaring, creating a risky environment for property owners as property values decline. With 80% of Europe’s office market being over 10 years old , much of the real estate is outdated and requires significant improvements to meet emissions goals . In London and Paris , the cost to modernize buildings could exceed $77 billion , with annual capital expenditure set to rise by nearly 30% , according to a report by AEW . This is compounded by a 9% drop in property values over the past year, further squeezing the return on investment. The pressure is intensifying as demand concentrates on buildings with green credentials , leaving older, less energy-efficient properties at risk of becoming stranded assets . For example, 5 Churchill Place in Canary Wharf, which was purchased for £270 million in 2017, only attracted bids of £110 million recently due to the high costs of upgrading the building and concer...

Croatia's Prime Minister Andrej Plenkovic stated that Russian President Vladimir Putin has become an unwitting catalyst for European Union expansion , following his 2022 invasion of Ukraine . According to Plenkovic, the invasion has pushed more countries toward joining the EU, prompting a "strategic shift" in European capitals, making them more open to enlargement . “The past two and a half years have shown that Putin is the biggest promoter of enlargement,” Plenkovic said in an interview with Bloomberg TV. The EU has since opened membership negotiations with both Ukraine and Moldova, and is moving forward with talks for Bosnia-Herzegovina to counter growing Russian influence . Plenkovic, a staunch supporter of Ukraine, plans to host a summit in Dubrovnik in early October with Ukrainian President Volodymyr Zelenskiy and leaders from Southeast Europe, aiming to show solidarity with Ukraine in its fight for freedom and territorial integrity . Plenkovic also commented ...

 A new study has revealed that workers who cannot work from home (WFH) receive higher wage gains to compensate for their lack of flexibility. According to research conducted by economists from the University of Nottingham , the University of Sheffield , and King’s College London , in-person staff in the UK saw their wages grow faster than those who could work remotely after the pandemic. The study found that workers able to work from home faced a “remote work wage penalty” , with their wages growing 2% to 7% slower than those in occupations requiring them to be on-site. Despite this, the non-salary benefits of working from home—such as reduced commuting costs and improved work-life balance—outweighed the lower wage gains. This compensation disparity did not increase inequality between remote and non-remote workers, as higher wages for in-person work balanced out the flexibility perks of WFH. The research, which analyzed wage data from 2018 to 2023 , comes amid ongoing debates ...

Volkswagen AG has issued its second profit warning in three months, signaling deepening challenges for Europe’s largest automaker . The company slashed expectations for revenue, profit, and cash flow on Friday due to weakening demand, predicting it will sell fewer vehicles in 2024 than in 2023—marking the fourth sales slump in five years. This decline underscores Volkswagen’s difficulties, particularly its struggles with the shift to electric vehicles (EVs) and its shrinking market share in China , where local competitors like BYD have surged ahead. Volkswagen’s VW, Audi, and Porsche brands are losing relevance, especially in China’s rapidly evolving EV market, while competition from Tesla and Chinese EV makers continues to squeeze profits. In China, once a key market for Volkswagen’s gasoline-powered cars , the company has failed to adapt quickly to the EV revolution , allowing local rivals to gain ground with innovative, affordable models. To counteract this, Volkswagen is cl...

  Analysts are forecasting a significant boost in Affin Bank Bhd's deposits following the Sarawak government's decision to increase its ownership stake in the bank to 31% , making it the largest shareholder. This move is expected to enhance the bank's current account and savings account (CASA) contributions. CIMB Securities upgraded its fair value estimate for Affin Bank to RM4.30 , up from RM4.00, while maintaining a “buy” recommendation. The firm anticipates new CASA contributions of at least RM4 billion in FY2025, allowing the bank to release more expensive fixed deposits. TA Securities echoed this optimism, noting that Affin Bank's strategic positioning as a financing vehicle for the Sarawak government could provide significant opportunities in loan growth , advisory roles , and infrastructure projects . Additionally, the expected salary increases for Sarawak’s civil servants could boost the bank’s CASA deposit base. Affin Bank is also set to benefit from t...

Contemporary Amperex Technology Co. Ltd. (CATL) , the world’s largest battery maker and a key supplier to Tesla , reported that a fire at its battery factory in Ningde, Fujian province on Sunday had a "relatively small" impact on production, with no casualties reported. The company stated that the volume of products affected by the fire was limited, and the incident is currently under investigation. The factory is part of CATL’s core production base , known as the "Z base" , which is located near its headquarters and features some of the company’s most advanced production lines. The fire was extinguished by 10:20 pm , according to local reports. This follows a deadly fire in June at Aricell , a South Korean lithium battery maker, which resulted in 23 deaths due to rushed production without addressing quality issues. CATL emphasized that despite the incident, the impact on its overall production and operations remains minimal.

Thailand Prime Minister Paetongtarn Shinawatra has seen a significant boost in her approval rating following the launch of her government’s cash stimulus program . In the latest quarterly survey by the National Institute of Development Administration (NIDA) , Paetongtarn’s approval rating jumped to 31.35% , a dramatic rise from 4.85% in the previous poll. The survey, conducted from Sept. 16 to Sept. 23 with around 2,000 respondents from across the country, coincided with the government's first phase of a cash handout aimed at reviving Thailand’s sagging economy. The next stage of the stimulus program is expected to cover 26 million people . Paetongtarn’s administration, which took office earlier this month, has also been active in providing assistance and leading restoration efforts in the flood-affected northern provinces . Additionally, the government plans to implement a minimum wage increase to 400 baht ($12.4) per day within the year. Natthaphong Ruengpanyawut, leader of...

Edotco Group Sdn Bhd CEO Mohamed Adlan Ahmad Tajudin has called for green bonds, tax breaks, and rebates in Budget 2025 to encourage telecommunication companies (telcos) to transition to renewable energy (RE) . He stated that such incentives could help offset the high upfront costs associated with adopting clean energy sources like solar and wind. Mohamed Adlan also suggested the introduction of cash-back programmes for environmental, social, and governance (ESG) initiatives, similar to those for electric vehicles, which could attract telcos to integrate sustainability practices . He further highlighted the potential for green bonds and competitive financing options for RE projects, coupled with ESG reporting standards , to provide financial support and encourage companies to take more decisive actions on sustainability. However, he noted that challenges such as rising energy costs and the geographically dispersed nature of telco networks make implementing energy-efficient so...

Vice President Kamala Harris raised approximately $55 million during high-dollar fundraisers in California over the weekend, bolstering her financial advantage over Republican rival Donald Trump . The fundraising events took place in Los Angeles and San Francisco , with Harris urging attendees to leverage their networks as the race tightens. On Sunday, Harris’s event at the JW Marriott in downtown Los Angeles brought in $28 million , while Saturday’s fundraiser at San Francisco’s Palace of Fine Arts raised $27 million , according to sources. The Los Angeles gathering featured performances by Alanis Morissette and Halle Bailey , and was attended by celebrities like Sterling K. Brown , Demi Lovato , and Stevie Wonder , along with mogul Jeffrey Katzenberg , co-chair of the Harris campaign. Harris emphasized the closeness of the race, stating, "We are the underdogs," and encouraged attendees to further activate their networks to ensure a victory in November. The fundraiser...

As Indian equities continue to rise, investors are closely watching SEBI's upcoming board meeting , where the market regulator is expected to introduce stricter rules for retail investors trading in futures and options (F&O) . This move comes after a recent study revealed that nine out of ten traders lost money in the derivatives market, often due to competition with high-speed trading firms. If implemented, these measures could reshape the equity derivatives landscape, impacting stock exchanges, brokers, and traders. $109 Billion Boost to Power Transmission India has announced a $109 billion (9.2 trillion rupees) plan to enhance its transmission infrastructure by 2032, targeting a 33% increase in network capacity and doubling substation capacity. This massive investment will also include pumped storage projects for grid stabilization. Companies like ABB India , Siemens Ltd , GE T&D , Voltamp , Apar , KEC , and Kalpataru are expected to benefit significantly from this...

Japan's factory output dropped sharply in August, casting doubt on the country's economic recovery trajectory. The Ministry of Economy, Trade and Industry (METI) reported a 3.3% decline in industrial output from the previous month, significantly worse than the expected 0.9% drop . The fall was primarily driven by typhoon-related disruptions in motor vehicle production and weak US sales, highlighting challenges for Japan's export-reliant economy. Motor vehicle production plummeted 10.6% in August, as Typhoon Shanshan forced several automakers to suspend operations. Certification scandals also contributed to the decline, with production halts for three domestic models. Analysts attributed part of the slump to weak auto sales in the US . The production machinery sector also took a hit, with chip-making machinery production falling 18.7% month-on-month, largely due to weaker overseas demand, particularly a sharp drop in exports to Taiwan . Although manufacturers are ...

  Foreign investors ended their six-week net buying streak with a net outflow of RM527 million last week, according to a report by MIDF Research on Monday. The largest daily outflow was recorded on Wednesday at RM165.5 million . Despite the overall outflow, sectors such as Utilities (RM40.9 million), Industrial Products & Services (RM24.8 million), and Healthcare (RM8.2 million) saw net foreign inflows . On the other hand, Financial Services (-RM193.7 million), Technology (-RM137.3 million), and Consumer Products & Services (-RM50.7 million) experienced the highest net foreign outflows . Local institutions remained supportive, net buying RM240.3 million for the third consecutive week, while local retailers reversed their two-week selling trend with net purchases of RM286.7 million . However, the average daily trading volume (ADTV) saw declines across all investor groups. Foreign investors' ADTV dropped by 34.0% , local institutional investors by 21.2% , and local ...