UBS has been fined a record 3.7 billion euros by a French court for tax fraud and money laundering, marking the largest penalty in a tax evasion case in France. The bank plans to appeal, asserting that the ruling is based on unfounded allegations and lacks concrete evidence. Additionally, UBS is required to pay over 800 million euros in damages to the French state.
03:25 28.11.2024
Galaxy Surfactants, a leading oleochemical company, primarily serves the personal and home care sectors, with over 50% of its sales coming from multinational clients like P&G, Unilever, and Colgate. While domestic demand is sluggish, international operations are performing better, positioning the company as a defensive play in the chemicals sector amid a shift towards oleochemicals over crude oil-based ingredients.
The FTC has initiated an antitrust investigation into Microsoft, scrutinizing its software licensing and cloud practices amid allegations of market dominance abuse. In other news, Unusual Machines' stock surged following Donald Trump Jr.'s appointment to its advisory board, while Ikea reported a decline in profits due to price cuts. Additionally, South Korea unexpectedly cut interest rates to boost its economy, and U.S. consumer spending remains strong, although inflation progress has stalled.
UAE clean energy leader Masdar is ramping up investments in renewable projects across multiple countries, including Azerbaijan, Kazakhstan, Uzbekistan, and Malaysia, aiming for 100GW capacity by 2030. Recent agreements include a 1GW wind farm in Kazakhstan and a floating solar project in Malaysia, alongside partnerships in the Belt and Road Initiative. Additionally, Masdar is utilizing AI technology at its Zarafshan wind farm in Uzbekistan to protect local bird species.
Indian benchmark indices, Sensex and Nifty 50, are expected to open flat on November 28, following GIFT Nifty's performance. After a volatile session, the Sensex rose by 230.02 points (0.29%) to close at 80,234.08, while the Nifty increased by 82.20 points (0.34%) to settle at 24,276.7, with notable gains in Adani Group stocks.
KEC International has secured turnkey orders worth Rs 1,704 crore from Power Grid Corporation of India Limited for the design, supply, and installation of 765 kV Transmission Lines and GIS Substations. This win bolsters the company's T&D order book, contributing to a year-to-date order intake of Rs 16,300 crores, reflecting over 60% growth compared to last year. Additionally, on November 25, KEC International obtained new orders totaling Rs 1,114 crore across various sectors, including T&D projects in the Middle East and Americas.
Foreign institutional investors (FIIs) have recently halted a 38-day selling streak in Indian markets, driven by MSCI index rebalancing and political stability after the BJP-led NDA's victory in Maharashtra. However, skepticism remains as FIIs continue to express negative sentiment towards India, citing high valuations and a challenging earnings outlook. Analysts predict mid-teens growth for Nifty companies in FY25 and early FY26, suggesting potential for further earnings downgrades amidst steep valuations across sectors.
Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading the declines as technology stocks fell amid concerns over the Federal Reserve's cautious stance on rate cuts following persistent inflation. The S&P 500 dropped 22.85 points to 5,998.78, the Nasdaq Composite fell 113.80 points to 19,061.78, and the Dow Jones Industrial Average decreased by 136.31 points to 44,723.23. Consumer spending showed solid growth in October, indicating a strong economy, but progress on inflation appears to have stalled.
Curaçao's government will assume the annual investment costs of 18 million Netherlands Antilles guilders for the Curaçao Medical Center, covering loan repayments and interest previously managed by HNO Vastgoed en Beheer NV since 2019. The transfer of ownership is set for the fourth quarter of 2024, after which the hospital will be officially registered.
Commonwealth Bank of Australia reported that generative AI tools have halved customer losses from scams and reduced mortgage pre-approval times to just 10 minutes. The technology has also decreased fraud by 30% and cut call center wait times by 40%, with plans to address 10% of complex customer inquiries.
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