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Singapore Gulf Bank is seeking to raise $50 million to facilitate the acquisition of a stablecoin payments firm. This move highlights the bank's strategic interest in expanding its digital finance capabilities.
The Sensex surged by 1,300 points, driven by strong performances across all sectors, particularly in Nifty Bank, Energy, Infrastructure, and Realty, which gained up to 3%. Key factors included the positive outcome of the Maharashtra elections, encouraging signals from Asian and US markets, and a dip in foreign outflows, leading to a significant increase in investor wealth by Rs 8.5 lakh crore in a single day. Additionally, short covering in large-cap stocks and a rally in PSU shares contributed to the market's resilience.
India's digital payments ecosystem is set to soar from $300 billion in 2018 to $3.6 trillion by 2024, aiming for $2 trillion in exports by 2030. As the largest recipient of inward remittances, the demand for efficient cross-border payment solutions is rising, driven by a growing diaspora and international business expansion. However, complexities in compliance, high transaction fees, and delayed settlements pose challenges for exporters and individuals alike.
Donald Trump has assembled a cabinet that blends media-savvy loyalists with diverse thinkers, despite his campaign rhetoric against "globalists" and "elite." Notably, he has nominated banker Howard Lutnick for Secretary of Commerce and hedge fund manager Scott Bessent for Secretary of the Treasury, signaling a commitment to both workers and financial interests.
The 'Buy Now, Pay Later' (BNPL) model has gained traction, allowing consumers to purchase items upfront and pay in installments, often without interest if payments are timely. However, late payments can lead to fees, and some services may impose interest for longer repayment periods. It's crucial to assess how this payment option fits with your financial health and spending habits.
UniCredit has proposed to acquire Banco BPM for approximately €10 billion ($10.5 billion), offering €6.657 per share, slightly above its recent closing price. This all-stock deal aims to strengthen UniCredit's position as a leading pan-European banking group, amid ongoing consolidation in the European banking sector. While shares of Banco BPM rose 5%, UniCredit's shares fell 1.7%, reflecting market uncertainty about the feasibility of simultaneously pursuing this acquisition alongside its stake in Commerzbank.
Sergio Ermotti has been named "European Banker of the Year" for 2023, recognizing his leadership during the integration of Credit Suisse into UBS. He views this merger as a potential model for future consolidations in the banking sector, despite facing criticism over his substantial salary.
Zimbabwe's president is set to convene a conference with creditors and finance executives on Monday. The agenda includes ambitious plans to address debt arrears and restructure $12.7 billion in external debt, with the goal of accessing international capital markets for the first time in over 20 years.
The IT sector is poised for a turnaround, driven by cloud, data, and AI, with banking and financial services (BFS) expected to see revenue normalization by FY26 due to increased discretionary spending from US firms. Major banks are modernizing legacy systems, with Citi retiring 450 applications and Morgan Stanley experiencing double-digit tech spending growth. However, some institutions like Wells Fargo and TD Bank prioritize regulatory compliance, with TD planning to invest $500 million annually in upgrades by CY2026 following a significant fine.
America's national debt has reached $36 trillion, equating to $107,000 per person, and is projected to increase rapidly. Donald Trump's potential return to the White House may lead to significant tax cuts, with estimates suggesting his policies could add $4.1 trillion to borrowing over the next decade. In the last fiscal year, federal spending exceeded tax revenue by $1.8 trillion, representing 6.4% of GDP.
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Singapore Gulf Bank aims to raise 50 million for stablecoin acquisition
08:30 25.11.2024
Sensex rallies 1300 points driven by election results and market optimism
08:17 25.11.2024
treamlining cross-border payments for indian businesses and global aspirations
07:57 25.11.2024
Trump assembles diverse cabinet with unexpected financial appointments
07:38 25.11.2024
evaluating the safety of buy now pay later payment options
07:22 25.11.2024
unicredit proposes 10.5 billion dollar acquisition of banco bpm
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07:22 25.11.2024
sergio ermotti named european banker of the year amid cs takeover success
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06:43 25.11.2024
Zimbabwe president to host creditor conference for debt restructuring efforts
05:02 25.11.2024
IT sector poised for growth as banks modernize systems and increase spending
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04:16 25.11.2024
trump's tax cuts could exacerbate america's rising national debt crisis
17:25 24.11.2024
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