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Billionaires Elon Musk and Vivek Ramaswamy propose drastic deregulation and eliminating remote work to help reduce the growing American bureaucracy and save money. With federal employee numbers rising to nearly 2.4 million, the U.S. now spends more on debt interest than on defense, highlighting the urgent need for fiscal reform.
Adani Group's green energy sector faces significant refinancing challenges following the indictment of founder Gautam Adani by US prosecutors, according to CreditSights. Analysts express particular concern for Adani Green Energy Ltd., citing its weak liquidity and credit fundamentals, which may lead creditors to limit their exposure to the group.
The Bank of Ghana's Governor, Dr. Ernest Addison, asserts that a resilient banking industry foundation has been established, bolstered by measures to address emerging risks like technological disruptions and climate vulnerabilities. Despite improvements in asset growth and capital adequacy, challenges such as rising non-performing loans and financial fraud persist, necessitating stronger internal controls and ethical practices. Industry leaders emphasize the need for collaboration and ongoing education to navigate the evolving financial landscape effectively.
Benchmark indices Nifty and Sensex saw a recovery on November 22, buoyed by gains in public sector banks and IT stocks, despite foreign institutional investors offloading over ₹5,000 crore in the cash market. The Sensex rose by 599.21 points to 77,755.00, while the Nifty increased by 190.10 points to 23,540.00, supported by positive global cues and a rebound from previous losses linked to Adani Group stocks. Aishvarya Dadheech, Founder and CIO of Fident Asset Management, noted a gradual emergence of valuation comfort in the market.
Swiss private bank Pictet is set to launch an Asia Desk in Zurich in early 2025, aimed at serving clients from North and Southeast Asia. The team will include experienced professionals, with key members joining from Lombard Odier, and will leverage Switzerland's geopolitical stability and investment expertise to cater to the needs of Asian clients. CEO Victor Aerni emphasizes the desk's potential to enhance Pictet's growth in the region.
Cholamandalam Investment and Finance Company (Chola) has shown resilience with a diversified business model and a focus on rural retail customers, despite recent stock underperformance due to rising NPA ratios. The company's quarterly performance exceeded guidance, supported by improved realizations and a stable asset quality, positioning it well for future growth amid medium-term triggers like protectionist measures in the tyre industry. While valuations are not inexpensive, the outlook remains positive.
India’s youngest infrastructure lender has ramped up its activity in the interest-rate derivatives market, effectively lowering the country’s borrowing costs amid an economic slowdown. This increased hedging has contributed to a decline in the five-year overnight index swap rate to 6.25%, even as US Treasury yields have risen.
Hong Kong's private wealth assets under management increased to approximately HK$9 trillion ($1.2 trillion) last year, marking the first growth since 2020. Inflows reached about HK$341 billion, tripling the amount from 2022, although total assets remain significantly below the 2020 peak of HK$11.3 trillion.
The Global Markets Advisory Committee of the Commodity Futures Trading Commission has approved the use of tokenized non-cash collateral, including money-market fund tokens from BlackRock Inc. and Franklin Templeton, for traditional derivatives trades. This recommendation will be forwarded to the full CFTC for consideration.
Colombian lawmakers have eased fiscal restrictions in a decentralization bill, raising concerns among investors. The constitutional committee of the lower house removed a requirement for the bill, which aims to allocate up to 39.5% of central government revenue to regional authorities by 2039, to align with the government's mid-term fiscal framework.
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