The Langmatt Museum in Switzerland has reached settlements with the heirs of Jacob Goldschmidt regarding two impressionist paintings identified as Nazi-looted art. The museum's research confirmed that the Cézanne painting, sold in 1933, was confiscated under Nazi persecution, while the Boudin painting, acquired in 1936, was also linked to a Jewish collector. Both agreements ensure fair compensation and the continued display of the artworks at the museum.
Shares in International Distribution Services Plc, the owner of Royal Mail, surged to a two-and-a-half year high, nearing the price proposed by Daniel Kretinsky’s EP Group amid speculation of a potential takeover. The increase of up to 2.3% followed reports that the UK government deemed Kretinsky a suitable owner, as confirmed by BBC News. Bloomberg has reached out to the UK government for further comments.
Brazil's Finance Minister Fernando Haddad addressed market concerns following a significant reaction to a proposed reform that would raise income tax exemptions. He assured that the measures would be fiscally neutral and would only take effect in 2026, pending Congressional approval.
Adar Poonawalla-led Serum Institute has finalized a deal to sell a 30%-40% stake in SCHOTT Poonawalla to TPG Growth, valuing the joint venture at approximately $800 million. SCHOTT Poonawalla, a 50:50 partnership with SCHOTT Pharma AG, specializes in primary glass packaging for the pharmaceutical and biotech industries. The transaction is pending a few formalities.
OpenAI faces increasing competition as new AI models from Chinese developers, including Deepseek R1, Marco-1, and OpenMMLab’s hybrid model, challenge its o1-preview in performance and accessibility. This rapid innovation narrows OpenAI's lead, which has shrunk from five months last year to just two and a half months this year. Meanwhile, Anthropic's Model Context Protocol (MCP) and other open-source initiatives are expanding access to advanced AI capabilities, intensifying the race for dominance in the AI landscape.
Paytm shares reached a 52-week high of ₹950 following UBS's decision to more than double its target price to ₹1000, reflecting a potential upside of nearly 9%. Despite retaining a 'neutral' rating, UBS highlighted the need for Paytm to improve its customer base and regain market share, which has dropped to 18.5% post-RBI actions. The brokerage anticipates that Paytm's adjusted EBITDA will break even by Q4 of the 2024-25 fiscal year, with FY26 revenue projected at ₹99 billion.
15:41 28.11.2024
Starting January 1, 2025, the expiry days for monthly contracts of Sensex, Bankex, and Sensex 50 will shift to the last Tuesday of each month. Currently, these contracts expire on the last Friday, last Monday, and Thursday, respectively. Additionally, quarterly and semi-annual contracts for Sensex will now expire on the Tuesday of the expiry month, changing from the last Friday.
The Swiss Financial Market Supervisory Authority (Finma) has issued a new circular on liquidity management for insurers, which has drawn criticism for its lack of understanding of the industry. While the regulations emphasize governance and risk management, they overlook the role of reinsurance and the unique liquidity dynamics of insurers, who typically do not face liquidity crises like banks. The Swiss Insurance Association has deemed the new rules unnecessary, highlighting a disconnect between regulators and the realities of the insurance market.
15:31 28.11.2024
Suraksha Diagnostic has raised Rs 253.87 crore from 12 institutional investors through an anchor book ahead of its Rs 846.25 crore IPO, which opens for subscription from November 29 to December 3. The IPO consists entirely of an offer-for-sale of 1.9 crore equity shares, priced at Rs 441 each. Major investors include Nippon Life India and Kotak Mutual Fund, each acquiring shares worth Rs 35 crore.
Global oil supply is projected to exceed demand by over 1 million barrels per day in 2025, driven by increased production from non-OPEC+ countries. Major banks forecast Brent crude prices averaging between $73.00 and $76.00 per barrel, with geopolitical events and OPEC+ decisions likely influencing market volatility. Traders should focus on risk management and monitor key market indicators to navigate the anticipated supply surplus and price pressures.
IG
15:20 28.11.2024
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