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Aadit Palicha and Kaivalya Vohra, founders of Zepto, dropped out of Stanford University to pursue their entrepreneurial dreams during the Covid-19 pandemic. Initially, they spent a year developing their ideas before launching Zepto, which has since become a $5 billion startup revolutionizing India's hyperlocal delivery market.
As Europe and North America grapple with debt and aging populations, the focus on economic growth has intensified. However, proposed solutions, such as large tariffs advocated by former President Trump, face skepticism from economists who argue that tariffs typically burden consumers and fail to stimulate growth effectively.
The EU has approved a loan of up to €35 billion to Ukraine as part of a broader G7 initiative to provide $50 billion in support for the war-affected economy by year-end. The loan will be repaid using profits from over €250 billion of Russian assets frozen in Western banks since February 2022. While the U.K. and Canada have pledged $3 billion and $3.6 billion respectively, the U.S. and Japan's contributions remain unclear, with the U.S. indicating a willingness to participate despite ongoing sanctions discussions.
The trajectory of Bitcoin is closely tied to U.S. monetary policy and economic conditions, with potential short-term fluctuations influenced by political candidates' stances on cryptocurrencies. Despite Donald Trump's past criticisms, he now appears more favorable towards Bitcoin than Kamala Harris, whose position is complicated by the SEC's stringent regulations. Overall, the U.S. is unlikely to block promising technologies like Bitcoin, fostering an environment for innovation and competitiveness.
Emerging-market bonds and stocks faced declines as investors reacted to expectations of slower US interest-rate cuts, leading to higher US yields. A Bloomberg index for emerging-market dollar sovereign bonds fell for the third consecutive day, with the 10-year Treasury yield surpassing 4.20% for the first time since July. This rise in yields dampened risk appetite, contributing to a 0.6% drop in an MSCI gauge for emerging-market stocks.
Ethereum is approaching the $3,000 mark, with investor nerves heightened ahead of the upcoming US presidential election on November 5, 2024. Current predictions show Trump leading Harris, and his potential presidency could influence crypto regulations positively. Key economic indicators, including the "Beige Book" and unemployment claims, are set to be released, while investors anticipate interest rate cuts from the Federal Reserve, which could further impact market dynamics.
Kimberly-Clark Corp., the maker of Scott toilet paper, has revised its full-year organic sales forecast downward after reporting disappointing results. The company now expects organic sales to increase by 3% to 4%, a reduction from its earlier estimate of mid-single-digit growth, citing challenges from changes in retail inventory levels.
Petroleum Minister Hardeep Singh Puri stated there is no global oil shortage and prices are expected to decline soon, despite recent increases influenced by geopolitical tensions and production cuts. He emphasized stable prices over the last three years and highlighted India's expanded oil procurement from 39 suppliers to enhance energy security.
Bangladesh's central bank has raised the key policy rate for the fifth time in 2024, increasing it by 50 basis points to 10% to combat persistent inflation, which reached 9.9% in September. The move aims to implement a contractionary monetary policy amid ongoing political instability and rising food prices. Additionally, the standing lending facility rate was raised to 11.50%, while the standing deposit facility rate increased to 8.50%.
UBS shares fell by 0.7% to CHF 27.81 during trading, making it one of the SMI's losers. The stock peaked at CHF 27.79, down from an opening of CHF 27.95, with 652,441 shares traded. The 52-week high is CHF 28.78, requiring a 3.49% gain to reach it, while the low stands at CHF 20.88, a 24.92% drop from the current price. The dividend estimate for this year is USD 0.823 per share, with Q3 2024 results expected on October 30, 2024.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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