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Switzerland has withdrawn the 5% dividend tax rate for income earned from India, increasing the tax to 10%. This change affects around 90 Swiss-based foreign portfolio investors, including UBS and Credit Suisse, following a ruling by the Indian Supreme Court on the Most Favoured Nation clause in the double tax avoidance agreement. Experts warn that this move will negatively impact foreign direct investment and portfolio investments from Switzerland.
Switzerland has withdrawn the 5% dividend tax rate for income earned in India, increasing the tax to 10% for foreign portfolio investors (FPIs) managed by Swiss banks like UBS and Credit Suisse. This change, prompted by a recent Indian Supreme Court ruling on the Most Favoured Nation clause in the double tax avoidance agreement, is expected to negatively impact around 90 Swiss-based FPIs and various private equity investments.
Asian shares fell as China reported disappointing economic data for November, while bitcoin surged to new highs, exceeding $106,000. Japan's Nikkei 225 and Hong Kong's Hang Seng both declined, reflecting broader market unease ahead of the U.S. Federal Reserve's upcoming meeting, where further interest rate cuts are anticipated. Oil prices also dropped, with U.S. crude at $70.82 per barrel.
Asian shares fell on Monday following disappointing economic data from China, with retail sales slowing and factory output growth flat. Meanwhile, bitcoin surged to new highs, surpassing $106,000, driven by optimism over a lighter regulatory approach under U.S. President-elect Donald Trump. In the stock market, Japan's Nikkei 225 dipped 0.1%, while Hong Kong's Hang Seng lost 0.8%. The S&P 500 ended nearly flat, marking its first weekly loss after three consecutive gains, despite a significant rise in Broadcom's shares following strong earnings.
The cryptocurrency market has surged in December, driven by significant gains in XRP, Ethereum, and the GameFi project Rollblock, which has raised over $7 million in its presale. XRP's price has increased by 350% amid optimism surrounding its legal issues, while Ethereum has gained 27.9%, reaffirming its status as a leading blockchain platform. Rollblock aims to revolutionize online gaming with its innovative offerings, positioning itself for substantial growth in the evolving digital asset landscape.
Nestle India’s stock is currently trading at Rs 2250.00, reflecting a minor decline of 0.16% for the day. The price has dipped below the 20-day Simple Moving Average of Rs 2252.67, suggesting a potential shift in market sentiment. The company boasts a market capitalization of Rs 217,272.82 and a price-to-earnings ratio of 67.15.
Most Asian stocks declined ahead of the U.S. Federal Reserve's interest rate decision, with Chinese shares falling due to disappointing retail sales data, raising concerns about the economy's recovery. Japan's market remained stable as the Bank of Japan is expected to maintain current rates, while South Korea's index showed little change following the president's impeachment. Overall, investor sentiment was cautious globally as markets awaited clarity from the Fed amidst persistent inflation concerns.
Markets opened the week on a subdued note, with the Sensex falling 385 points and the Nifty dipping below 24,700. While realty and pharma sectors showed gains, declines in IT, metal, and energy sectors weighed down the indices. The Nifty faces resistance around 24,800, but a positive bias is recommended for traders, focusing on quality stocks from outperforming sectors.
XRP and Ethereum have surged in December, with XRP up 350% amid hopes for a resolution to its SEC lawsuit, while Ethereum recorded a 27.9% gain. Meanwhile, the GameFi protocol Rollblock has raised over $7 million in its presale, promising innovative features in the online gaming sector. As interest in digital assets grows, these projects are positioned to capitalize on the blockchain technology wave.
Crypto developer activity is surging in Asia, with the region accounting for 32% of global activity in 2024, a significant rise from 12% in 2015. India leads this growth, contributing 11.7% of the global share, while established developers now represent over 70% of code commits. Despite a 7% decline in overall developer numbers, over 39,000 new developers joined the space in 2024, with Solana emerging as the preferred platform for newcomers.
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