36 billion dollar in indian currency

What does it take to trigger a crash in the stock market? A once-in-a-century pandemic? The biggest war in Europe in 70 years? The US Federal Reserve instantaneously cutting off the supply of the opium of record liquidity and low interest rates? Multi-year high inflation? How about black magic? The Oxford Dictionary defines black magic as a type of magic that is believed to use the power of the devil in order to do evil. In a world where boring financial data, profit and loss statements, and complex macroeconomic events sway the everyday movement of stock prices and stock indices, one Rajkot-based stockbroker claimed last week that he spent more than Rs 8 crore to engineer a multi-day crash in the stock market with the help of esoteric black magic. Close “We are responsible to a great extent for today’s fall and the fall of the past few days in the market. You won’t believe it, but we have spent over Rs 8.5 crore today in kala jadu (black magic) to create … [Read more...] about A lone bear, black magic and a $235 billion stock market crash

Representative image The rupee on Wednesday declined by 16 paise to close at its fresh lifetime low of 77.60 against the US dollar amid unabated foreign fund outflows and a stronger greenback in overseas markets. At the interbank foreign exchange market, the rupee opened lower at 77.57 and later hit the day's low of 77.61 as the dollar rebounded in global markets following hawkish comments from US Federal Reserve chief Jerome Powell. Crude oil prices also surged by over 1 percent, which weighed on the rupee. The local unit finally ended at its all-time low of 77.60, showing a loss of 16 paise over its previous close of 77.44. "The dollar index took support near 103.50 and the capital market witnessed profit booking from higher levels, sending rupee into weakness," said Jateen Trivedi, VP Research Analyst at LKP Securities. The US Fed chief asserted that the central bank would increase interest rates as high as needed to contain a spike in inflation which threatens the … [Read more...] about Rupee falls 16 paise to record low of 77.60 against USD

Share to Twitter Share to Linkedin By Jason Bland, co-founder of Custom Legal Marketing, a law firm SEO company that helps law firms thrive in highly competitive markets. We’ve all heard the mantra, “don’t let perfection be the enemy of good,” or some variation thereof. In a Harvard Business Review article , author Kerry Goyette said, “We should all strive to do our best, but people who always aim for perfect often miss deadlines and opportunities.” For Many Lawyers, Perfect Means Never Publishing The pursuit of perfection is engrained in every professional but lawyers often come with an extra dose of this character trait. And who can blame them? As a lawyer, your errors could result in an innocent client going to prison, a family being forced to leave the country, a person injured by no fault of their own slipping into poverty, children being placed with an abusive parent or a multi-billion-dollar merger falling apart. It's … [Read more...] about How Perfect Content Is Getting In The Way Of Your SEO Success

- A + A LONDON (May 18): The pound tumbled back near a five-year low, as traders speculated that the Bank of England will struggle to rein in inflation and avoid a recession. The British currency slid 1% on Wednesday to US$1.2372, snuffing out most of yesterday’s rally. The moves came on the back of data showing UK consumer prices rose to 9% in the year through April, a 40-year high. The inflation report wasn’t as bad as most economists expected and took the prospect of higher rate hikes, which would have helped the currency, off the table. At the same time, price pressures are bound to worsen the strain on the UK economy. “With the spectre of stagflation looming, there are expectations that the Bank may be forced to take more of a softly-softly approach,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. The pound is the second-worst performing major currency over the last three months and was bottom of the pile today. The … [Read more...] about Pound tumbles on bets that BoE will be boxed into a corner

In the span of just a few years, cryptocurrencies have grown from digital novelties to trillion-dollar technologies with the potential to alter the global financial system for years to come. This trend is especially true for young investors. In fact, a survey conducted by NORC at the University of Chicago found that the majority of crypto investors are under 40. With their growing popularity, Bitcoin and other cryptocurrencies are considered to be notable investments. Below, we highlight the five most significant things to know about investing in crypto, and share tips on how new and seasoned investors alike can get started. Cryptocurrencies Are Growing in Popularity Investing in cryptocurrency has experienced significant growth over the past two years as roughly 61% of investors started investing in crypto between 2020 and 2021. The NORC survey also revealed that 26% of investors get their cryptocurrency investing information mostly through the crypto exchanges themselves, … [Read more...] about Five Things to Know About Investing in Crypto

Janet Yellen - A + A (May 18): Treasury Secretary Janet Yellen confirmed that it’s unlikely that the US will extend an exemption that enabled Russia to make bond payments on its foreign-currency debt, with investors now having had time to adjust to Moscow’s being cut off from the global financial system. “When we first imposed sanctions on Russia, we created an exemption that would allow a period of time that would allow for an orderly transition to take place and for investors to be able to sell securities,” Yellen said at a press conference on Wednesday. “The expectation was that it was time-limited. I think it’s reasonably likely that the licence will be allowed to expire.” No final decision has been made, but it’s unlikely the licence will be extended, Yellen said. Bloomberg News reported on Tuesday that the Treasury Department’s Office of Foreign Assets Control is expected to let the exemption lapse at its May 25 expiration, citing people familiar … [Read more...] about Yellen confirms Russia debt-payment licence extension unlikely

Vehicles queue to refuel at a Bangchak petrol station in Bangkok. The cabinet agreed on Tuesday to cut the excise tax on diesel by 5 baht per litre for two months until July 20 to tame inflation. Sarot Meksophawannakul In economics, there is no such thing as a surprise. Major economic events like rising inflation, interest rate hikes, currency depreciation, even economic recession can be detected as far as a year ahead. Take the recent spike in global inflation as an example. The rapid price rise of world commodities began a year before Russia's invasion of Ukraine on Feb 24. The rise in a broad range of commodity prices reflected the recovery in demand after the outbreak of Covid-19 and deteriorating supply due to a lack of investment to expand and maintain supply chains during the Covid years. Here are some examples of commodity price hikes from January 2021 to January 2022, basically a month before Russia invaded: crude oil climbed 57%, phosphate (a key ingredient for … [Read more...] about Spectre of 2023 global recession looms

- A + A (May 18): He was a hedge-fund manager supposedly under the watchful eye of a “master cop” — an Allianz SE unit that policed his every move. Instead, US authorities say, Greg Tournant sold lies to investors that cost customers, and now Allianz, billions of dollars, and resulted in a guilty plea to federal charges of securities fraud by Allianz Global Investors US. News on Tuesday that the US unit of the German insurance giant was admitting guilt over the collapse of its Structured Alpha group of hedge funds leaves many questions unanswered, including a big one: Will Tournant, who had told investors Structured Alpha would do well whether markets went up or down, end up in prison? For Allianz SE, Tuesday’s development brought an end to legal headaches that have engulfed the German insurer since the funds imploded in March 2020, when financial markets reeled during the early days of the pandemic. The demise of the Structured Alpha funds is just the latest … [Read more...] about Allianz fund managers’ paydays could be followed by prison

- A + A HONG KONG (May 18): Smarting from HSBC Holdings Plc’s move to scrap its dividend during the height of the pandemic, the bank’s largely silent mass of retail shareholders in Hong Kong is warming up to the idea of a breakup. Splitting up Europe’s biggest bank to separate out its Asian operations is being pushed by its largest investor, Ping An Insurance Group Co, based just across the border in Shenzhen. The call is winning support in Hong Kong’s retail base, which owns about a third of the bank, with some seeing it as a surefire way of preventing the steady stream of payouts from being cut off again. Their loyalty has been tested as numerous pivots in strategy fail to impress the market, leaving dividends at half of what they were in 2018 and the stock down more than 40%. The former British colony is the beating heart of the bank’s global operations, accounting for about 30% of the group’s 2021 adjusted profits. Yet decisions such as the halting of dividends … [Read more...] about HSBC’s mass of Hong Kong retail investors warms to breakup

- A + A (May 18): Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand. Ambani’s Reliance Industries Ltd is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance even deferred a scheduled maintenance of the facility to help churn out more diesel and gasoline, whose margins have shot up to touch a three-year high. The two Indian tycoons are stepping in at a time when many developed countries are scrambling for alternative sources of fuels as they try to back away from Russian supplies. This month, the Group of Seven most-industrialized nations pledged to ban imports of Russian oil. The … [Read more...] about Asia’s two richest men reap windfall from surging oil, coal