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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Hackers breached the Bank of Uganda, stealing 62 billion shillings ($17 million) from its accounts. The attack was attributed to a Southeast Asian group known as “Waste.” The bank has since recovered approximately 37 billion shillings of the stolen funds.
The finance ministry is evaluating a proposal from the petroleum ministry to include natural gas under the Goods and Services Tax (GST) as part of tax structure reforms. Additionally, there are considerations regarding the repeal of the windfall tax on oil and gas companies, prompted by declining oil prices. An official decision is anticipated soon.
HDFC Bank's market capitalization has surpassed Rs 14 lakh crore for the first time, with shares trading at Rs 1,825.90, up 0.75% in morning trade. The stock has gained 17.94% over the past six months, significantly outperforming the benchmark Sensex, which rose 5.93% in the same period.
Ujjivan Small Finance Bank's shares rose over 2% to Rs 34.5 after the board approved the sale of non-performing assets and written-off loans worth Rs 270 crore to an asset reconstruction company for Rs 40.55 crore. This sale, completed through the Swiss Challenge Method, comes amid ongoing stress in the microfinance sector, with the bank's shares having declined over 41% this year.
Mizuho Financial Group Inc. is exploring a new initiative in India aimed at private equity and venture capital firms, seeking to engage with leading dealmakers in the region. Internal discussions are underway to identify potential leaders for this effort, which could launch as early as next year.
HDFC Securities has confirmed the closure of its franchisee business, clarifying that the decision was a strategic move to streamline operations and improve service quality, not due to compliance issues as rumored. The company emphasized that the initiative was planned earlier this year, countering misinformation circulating on social media.
Adyen and Doctolib have partnered to enhance digital payments in healthcare, launching their collaboration in France and Italy. This alliance aims to streamline financial services for healthcare professionals, allowing them to focus more on patient care while ensuring compliance with data protection standards. The integration of Adyen's platform will enable Doctolib to offer secure and efficient payment solutions, improving the overall experience for both patients and providers.
UBS Securities has more than doubled its price target for Paytm to ₹1,000, anticipating the company will reach adjusted EBITDA breakeven by Q4 FY24. This optimistic outlook follows a nearly 70% surge in Paytm's share price over the past three months, driven by the resolution of regulatory issues and improved financial health. Despite the price target increase, UBS maintains a 'neutral' rating on the stock.
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.
Anil Rego, founder and fund manager of Right Horizons, expects the positive earnings trend in the BFSI sector to continue, despite a subdued overall corporate earnings performance in Q2FY25. He anticipates that the RBI will not cut policy rates in December but expects a reduction in interest rates by the last quarter of FY25, noting reasonable valuations in large caps following recent market corrections.
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