JPMorgan Chase CEO Jamie Dimon warns World War III has already begun, mentions China, Russia
WASHINGTON DC, Oct 30: JPMorgan Chase CEO Jamie Dimon has expressed concerns about the wars in Ukraine and the Middle East, and the growing cooperation between US adversaries including Russia, China, North Korea and Iran.
“The risk is extraordinary,” he said. “World War III has already begun. You already have battles on the ground being coordinated in multiple countries," he said at the Institute of International Finance’s annual meeting in Washington DC.
Jamie Dimon has given a stern warning about geopolitical threats that could hurt the global economy. “Recent events show that conditions are treacherous and getting worse,” he wrote in a press release.
According to a report in Business Insider, Jamie Dimon said US adversaries want to topple the world order, and the Russia-Ukraine and Israel-Hamas conflicts could explode into a new world war.
China and Russia are "clearly talking about dismantling the system" established by Western nations after World War II, and "the risk of this is extraordinary," the JPMorgan CEO said.
The billionaire banker said that risk-management teams at his bank have “run scenarios that will shock you,” in terms of the possible economic implications of a global conflict that spirals out of control.
Elon Musk $21 billion richer in one day as Tesla stock gains 19%
NEW YORK, Oct 24: Elon Musk, the world's richest person, on Thursday added $21 billion to his net worth as Tesla's stock witnessed a spike of 19 per cent on Wall Street. The electric vehicle company's latest earnings report sparked a major rally.
Tesla’s share price spiked more than 19% by 11:30 a.m. EDT, reported Forbes.
Investors in the American market reacted positively to the company's third-quarter profit, which was the most in the previous eight quarters.
Morgan Stanley analyst Adam Jonas told the magazine that the earnings report “reminds us that growing the auto business profitably remains a high priority for Tesla."
Elon Musk, who is the largest shareholder of Tesla, added a whopping 21 billion dollars to his already massive net worth. Now he leads the second richest person in the world by a massive $50 billion, the magazine reported.
This was Tesla's best day on the stock market since March 2021.
On Thursday, Tesla added a market capitalization of $117 billion.
The Elon Musk-led company reported third-quarter profits of $2.2 billion, up 17 per cent from the year-ago period on an eight-percent increase in revenues to $25.2 billion.
RBI keeps repo rate at 6.5%, stance changed to ‘Neutral’
NEW DELHI, Oct 9: The Reserve Bank of India (RBI) kept its key interest rate unchanged on Wednesday, as widely expected, but tweaked its policy stance to "neutral", opening the door for rate cuts amid early signs of a growth slowdown in the economy.
Shaktikanta Das' announcement comes after the three-day meeting of the six-member RBI Monetary Policy Committee (MPC). Moreover, this is the first RBI MPC meeting after three new external members appointed by the government on the panel.
It was widely expected by experts that RBI’s rate-setting panel will keep the benchmark repo rate unchanged at 6.5% for the tenth straight meeting to balance inflation and economic growth.
GST Mop-Up Slips 40-Month Low In September
NEW DELHI, Oct 2: India gross Goods and Services Tax collection growth in September reached a 40-month low of 6.5%, resulting in revenues of Rs 1.73 lakh crore, while the net collection, after adjusting refunds, grew merely 3.9%, slowest so far in the current fiscal year.
The September mop-up is about 1% less than what it collected in the preceding month, while on a net basis, it's 1.5% higher than August receipts of Rs 1.53 lakh crore, according to the government's provisional data released on Tuesday.
In the current fiscal, the government has so far mopped up a gross GST revenue of Rs 10.87 lakh crore, which is 9.5% higher as against the April-September period of last year. On a net basis, the collection is Rs 9.6 lakh crore.
In September, refunds amounting to Rs 20,458 crore were issued, representing a 31% increase compared to the same month last year. According to the experts, the GST receipt.
Swiss authorities freeze $310 million of Adani Group for money laundering, securities forgery investigation: Report
GENEVA, Sept 13: US-based activist short seller Hindenburg Research LLC said that Swiss authorities have frozen over $310 million in funds across multiple Swiss bank accounts as part of an investigation into the Adani group on a post on X (Formerly Twitter) on September 12, 2024, citing a news report by Swiss media outlet Gotham City. It couldn't independently verify the information contained in the report.
The Swiss authorities have been allegedly conducting a money laundering and securities forgery investigation of the Adani Group since 2021, well before the first Hindenburg report on Adani titled, ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History,’ came out in January 24, 2023, according to the Gotham City report, which cited a Swiss Federal Criminal Court (FCC) ruling.
The Adani Group in its media statement, denied all the allegations in the news report.
"The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," the group's spokesperson stated, calling the allegations “preposterous, irrational, and absurd.”
"We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value," the statement read.
“Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws.”
A frontman representing Adani invested in opaque funds located in British Virgin Islands/Mauritius, and Bermuda, all of which almost exclusively owned Adani stocks, Hindenburg quoted the news report as saying.
The report further stated that more than $310 million of the frontman had been kept in six Swiss banks, which have all been frozen now.
GST revenue growth in slow lane
NEW DELHI, Sept 2: The growth in Goods and Services Tax (GST) collection has started showing signs of moderation with gross collections in August 2024 rising by 10 per cent to Rs 1.75 lakh crore compared to Rs 1.59 lakh crore in the same month the previous year.
In July 2024, the gross collection increased by 10.3 per cent while in August 2023, gross GST collections rose by 11 per cent.
The slowdown in the net GST collection was even more prominent, with the August collection rising by a mere 6.5 per cent to Rs 1.50 lakh crore. This is on account of a 38 per cent increase in refunds. In July, the net GST collection was up 14.14 per cent.
In FY24, gross collections grew by 11.65 per cent, while in the previous year, the collections rose by 21.5 per cent. This year till August (April-August 2024), the gross GST revenue has only grown by 10 per cent.
The deceleration in GST collection may reflect moderation in economic activities as was evident from the first quarter GDP numbers, which came lower at 6.8 per cent compared to 8.2 per cent in the year-ago period.
On a gross basis, revenue from domestic transactions in August 2024 increased by 9.2 per cent to Rs 1.25 lakh crore while revenue from imports increased by 12per cent to Rs 49,900 crore, thus imports accounting for 28.5 per cent of the gross collections during the month.
Of the total Rs 1.74 lakh crore gross collection, Rs 30,862 crore was collected as Central GST, Rs 38,411 crore as State GST and Rs 93,621 crore as Integrated GST. An amount of Rs 12,068 crore was collected as Cess.
The moderation in GST revenue growth could also be on account of large states like Tamil Nadu (7 per cent), Gujarat (6 per cent), Bihar (8 per cent), Rajasthan (5 per cent) and West Bengal (6 per cent) showing single-digit growth. Among larger states, Andhra Pradesh reported a 5 per cent decline in collection.
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