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In first trades on listing, shares of the Life Insurance Corporation (LIC) of India traded at Rs 872 against issue price of Rs 949 . At this price, all investors — including policy holders, employees, and retail investors who got shares at a discount of Rs 40-60 per share — lost money. It would appear that someone started buying large quantities of LIC shares thereafter. It reached a high of almost Rs 919 per share. In the first 20 minutes, 20 million LIC shares, about 10 percent of IPO, got traded. Despite a firm market the entire day, LIC remained subdued trading at a near fixed price of Rs 875 for most of the day, and closed at Rs 875.25 . Soon we will know details of who sold and bought during the day. It looks quite likely that a good chunk of policy-holders, employees, and retail investors used this opportunity to exit. Was It Enough? Close LIC’s paid up equity capital is Rs 6,325 crore. The Government of India initially wanted to sell 5 percent of … [Read more...] about LIC | Will shares catch up with its true valuation?

- A + A NEW YORK (May 19): Last fall, on the advice of a friend, Odosa Iyamuosa invested his life savings of US$4,000 in a cryptocurrency called Luna. The 28-year-old, who lives in Abuja, Nigeria, researched the coin himself online, and what he found seemed promising. Luna’s price was soaring, thanks to the success of another coin with which it was deeply intertwined, TerraUSD. Some of the crypto industry’s biggest names had already invested, including Galaxy Digital Holdings Ltd, the high-frequency-trading firm Jump Trading, and venture investment arms of the exchanges Coinbase Global Inc and Binance. For Iyamuosa, it seemed like his best hope to get out of Abuja, where he says many jobs pay just US$2 a day, or less. He’d scraped together a little money selling knockoff Nike and Adidas sneakers to local buyers he found on Instagram. He wanted to increase his savings to US$16,000 and enroll in a data-analytics programme at a college in Toronto so he could get a job … [Read more...] about A US$60 bil crypto collapse reveals a new kind of bank run

(CNN) It seems that every few days, a new star announces their foray into the world of non-fungible tokens, cryptocurrency or some other inscrutable corner of the metaverse -- the general term for a nascent virtual space where people can play, meet, and of course, buy things. This has been a habit for a while now, and every starry-eyed announcement usually promises some form of connection or exclusive opportunity. But for the majority of the population who don't own cryptocurrency or NFTs (and may not care to), big names and the pricey tech concepts they promote make for strange bedfellows indeed. Take some recent examples: Last week, Madonna minted an extremely NSFW NFT collection that featured explicit images of her giving birth to a tree, as well as a 3D model of her undercarriage. Charitably, the reactions were mixed. crypto-terms cryptocurrency: a currency that exists virtually and requires complex technology to verify and use NFT: … [Read more...] about The celebrity love affair with NFTs may be just beginning — even amid flops and doubts

Share to Twitter Share to Linkedin If Dad is a backyard barbecue hero, he can never have too much meat and seafood to grill. From the gourmet grilling connoisseur to the lazy cook to the guy who loves grilling but burns everything, here is something perfect for every father who cooks with gas, fire or smoke, at many different price points. Having written extensively on food, grilling and smoking for more than 20 years, I have personally tried, enjoyed and can enthusiastically recommend every single one of these providers. Best All Around: I love Allen Brothers , the venerable Chicago butcher shop - since 1893 and the city’s stockyards days - that supplies many top steakhouses across the nation and has been doing mail order meat for a long time. While justifiably famous for their steaks, from thick T-bones to tomahawks, you cannot beat them for one stop shopping. I’m talking every kind of beef from world-class burger patties to whole tenderloins to bone-in … [Read more...] about Father’s Day Gift Guide: Best Meats And Seafood For Dad’s BBQ Grill

Share to Twitter Share to Linkedin United Airlines got a lift Tuesday from a strong outlook, including higher unit revenue projections, and from the Federal Aviation Administration’s move to approve the return of its Boeing BA 777 fleet, grounded for more than a year. The aircraft accounts for 10% of United’s fleet. The outlook and FAA decision were both announced late Monday. United shares closed Monday at $43.54. In Tuesday morning trading, shares had risen about 6%. “We’re pretty pleased by where we are,” United Chief Commercial Officer Andrew Nocella said Tuesday at a Bank of America BAC investor conference. “Everything is really strong. We often talk about ‘Is this the strongest environment we’ve ever seen?’ Absolutely.” United now expects current quarter total revenue per available seat mile to be up 23% to 25% over the same quarter in 2019, an improvement from previous guidance of a 17% increase, according to the Securities & … [Read more...] about United Airlines Cites ‘Strongest Environment We’ve Ever Seen’ As Demand And Fares Rise

New York (CNN Business) The 2022 stock market meltdown may not be over just yet. Stocks fell again Thursday, following Wednesday's massive sell-off. The Dow ended the day down more than 235 points, or 0.8%, recovering only slightly from a drop of nearly 475 points earlier in the session. The blue chips are down 14% this year and hit a new 52-week low Thursday morning. The S&P 500 , which is perilously close to dropping 20% from the all-time high it set on January 3 and into a bear market, fell 0.6%. The tech-heavy Nasdaq , which is already in bear market territory, was down 0.3%. The Nasdaq has plunged 27% just this year. Prominent tech stocks were among the bigger market losers Thursday after Dow component Cisco reported sales that missed forecasts and also gave a weak outlook. Cisco ( CSCO ) plummeted 14% on the news. Retail leaders Walmart ( WMT ) and Target ( TGT ) , which have dragged down Wall Street … [Read more...] about Worst may not be over for the market. Stocks fall again

Share to Twitter Share to Linkedin 2022 has given us plenty of reasons to fear for our financial health—inflation, rising interest rates, and a global conflict are the big three that have sent stock and bond markets into one of the more volatile stretches we’ve seen, at least since the initial shock of pandemic shutdowns roiled markets in 2020. However, as we look at each of these legitimate fears, there is some helpful context and even a bit of good news that puts it all in perspective: 1. The Russian Invasion of Ukraine The Russian invasion of Ukraine is brazened, unprovoked, and abhorrent—period. Yet the fear that it was intended to strike in the hearts of Ukrainians seems to have manifested more as resolute courage. Meanwhile, the remainder of the developed world seeks to wage financial war on the Russian state in order to punish it for its unjustifiable hostility and, above all, stop the fighting. The fear that the conflict could cause … [Read more...] about Facing Financial Fears In 2022

Share to Twitter Share to Linkedin At long last, a full-length documentary film focused upon the greatest financial challenge facing our aging Baby Boomer population today, as well as younger workers: How to fund a secure retirement that may span decades. For some, retirement may last longer than their working years. The Baby Boomer Dilemma, An Expose of American’s Retirement Experiment (PG rated) was released late last year and is currently playing in hundreds of US theaters. The producers of the film are also counting on financial advisers to host licensed free showings of the film in communities across the nation to Boomers for financial literacy purposes. Doug Orchard, the film’s director, recently told me, “I made this movie because I was deeply concerned my own father—a retired CalPERS participant also collecting Social Security—had no idea what’s coming and needed to be prepared. The truth of the matter is that the retirement benefits he and … [Read more...] about ‘The Baby Boomer Dilemma’ Documentary Exposes America’s Failed Retirement Experiment

Share to Twitter Share to Linkedin Crypto markets are notoriously volatile, but even so, the recent activity has been unsettling. Whether you are a buy and hold investor or an active trader with high frequency moves, it is nerve-wracking, and it may not be over yet. For some, it can be downright devastating, particularly if you had put all your nest eggs in Terra UST UST or Luna LUNA . But even those may bounce back, as luna has shocked some by staging a surprise rally . In the meantime, the turmoil may make plenty of crypto investors, as well as people in various crypto and crypto-related businesses less enthusiastic than they were when prices seemed ever to be climbing. But can some tax losses help? As your dollars shake out in the digital world, is there any lemonade you can make by claiming your losses on your taxes to share the pain with the IRS? First, ask what happened from a tax viewpoint. If you‘ve been trading and triggering big taxable … [Read more...] about Do Crypto Losses Trigger Tax Losses With IRS?

Share to Twitter Share to Linkedin Americans have been using credit to buy things for just about as long as America has existed, but the consumer goods market has undergone massive changes. So, it’s very easy to forget how the plastic cards that we rely on became so prevalent. Unfortunately, forgetfulness won the day in last week’s Senate Judiciary Committee hearing . Supposedly a fact-finding mission about the fees that retailers pay when customers swipe their cards to make a purchase, much of the discussion made it seem like Visa V and MasterCard recently swooped into America and took over the card network business. Obviously, that’s not what happened, and the way the industry has developed should inform public policy . Nonetheless, the proceedings made it quite clear that Senator Dick Durbin (D-IL) wants to extend price controls and routing mandates to the credit card market. (For those who don’t remember, Durbin was the author of … [Read more...] about Congress Should Repeal The Durbin Amendment, Not Expand It To Credit Cards