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A Public Provident Fund (PPF) is a long-term investment scheme that allows taxpayers to claim income tax benefits under Section 80C. The minimum deposit is Rs 500 per year, with a maximum of Rs 1.5 lakh annually and a 15-year lock-in period. With an interest rate of 7.1%, an investor can save up to Rs 1 crore at maturity. The account can be extended in blocks of five years, with or without investment. If an individual invests Rs 1.5 lakh per year for 30 years, the maturity amount could be as high as Rs 1.54 crore.
Axis Bank customers faced fraudulent overseas transactions on credit cards, with unauthorized purchases at e-commerce sites. The bank denies a data breach, stating limited impact. Fraudsters obtained card numbers and expiry dates for transactions without OTP or CVV. Bank replaces cards, refunds money, and informs RBI. No immediate knowledge of similar incidents in other banks. Stock closes down 0.50% at Rs 1,048.30 on BSE.
India's bond market expects $30 billion in additional inflows post inclusion in global index in June, says Standard Chartered. Global funds have already added $10 billion since the announcement. Indian bond yields have fallen, and foreign investors are exploring various investment routes in the country.
Global cocoa supplies are dwindling due to changing climate patterns in West Africa, impacting chocolate prices. Farmers struggle with lower yields and higher costs, while big confectionery companies like Hershey and Mondelez raise prices to maintain profits. Consumers may face price spikes on chocolate this Easter. Authorities are promoting farming education to mitigate climate change effects. Small chocolate businesses are hit hard by rising cocoa prices.
Cryptocurrencies like Dogecoin, Retik Finance, and Pepe Coin offer potential for significant returns. Retik Finance stands out with its utility-driven approach in decentralized finance, while Dogecoin defies expectations with its community following. Pepe Coin, based on the Pepe the Frog meme, has become successful despite lacking unique utility. Retik Finance is highlighted as a top choice for investors due to its innovative approach and potential for sustained growth.
Pakistan's stock market hits all-time high after IMF agreement for more financial aid. The KSE-100 index reached 67,200.82 points, with positive news on privatisation and IMF driving foreign and local institutional buying. The agreement could release $1.1 billion to Pakistan, with talks for a longer bailout and policy reforms ongoing under Prime Minister Shehbaz Sharif's government.
Boeing's top leadership, including CEO Dave Calhoun, was ousted after a revolt by U.S. airline bosses following the Jan. 5 door plug blowout on an Alaska Airlines 737 MAX 9. The shake-up was prompted by airlines demanding deeper changes and a clearer strategy from Boeing. The departure of key executives has left airlines facing uncertainty over jet supplies amid ongoing production delays.
Risks are mounting for Japan's currency, stocks, and bonds as fiscal year-end coincides with many global markets closing for Easter. The Federal Reserve's inflation measure due Friday could impact US interest rates, potentially affecting yen-dollar moves. Japanese markets may face choppy trading, with concerns about intervention, declining liquidity, profit-taking, Nikkei rebalancing, and bond index fluctuations. US markets reopen Monday, but other major economies remain closed.
Businesses are racing to avoid economic impacts after a cargo ship hit a major bridge in Baltimore, suspending vessel traffic. The port handles $100-$200 million in value daily, with concerns about supply chain disruptions. Cargo may divert to other ports like New York and New Jersey, but experts believe the impact can be managed due to nearby ports' capacity. Sectors like automobiles could face challenges.
Renowned psychologist Daniel Kahneman, known for his groundbreaking work in behavioral economics, has passed away at the age of 90. His research on decision-making and biases revolutionized the fields of psychology and economics. Kahneman's collaborations with Amos Tversky led to significant insights, including the development of prospect theory. His bestselling book, "Thinking, Fast and Slow," offered practical advice for making better decisions. Kahneman's contributions have left a lasting impact on the understanding of human behavior and decision-making processes.
H&M's net profit more than doubled in Q1, reaching 1.2 billion kronor, due to cost control efforts. Operating profit tripled to 2.1 billion kronor, exceeding analyst forecasts. Sales dipped by 2%, but showed improvement in February and March. New CEO Daniel Erver aims for profitable growth and a 10% operating margin for 2024.
The dollar strengthened as the Japanese yen hit a 34-year low, prompting concerns of intervention. Market jitters persist as Japan warns against speculative moves. BOJ policymaker hints at policy normalization, pushing the dollar higher. Other Asian currencies weaken, with focus on U.S. core inflation data. Euro remains stable, while the Swiss franc falls to a four-month low. U.S. dollar index up 3% for the quarter. Sterling steady, with BOE policymaker cautious on rate cuts.
Alibaba Group Holding Ltd. has decided to cancel the IPO for its Cainiao logistics arm due to poor market conditions, potentially missing out on raising over $1 billion. This marks the second time Alibaba has scrapped a high-profile debut for one of its main businesses. The decision reflects broader market uncertainty in China, with the company also facing challenges from competitors like PDD and ByteDance.
India's current account deficit decreased to USD 10.5 billion in the October-December quarter, with net FDI inflow at USD 8.5 billion. Foreign exchange reserves saw an accretion of USD 6.0 billion. Services exports rose by 5.2%, helping cushion the deficit. Foreign direct investment recorded a net inflow of USD 4.2 billion, while foreign portfolio investment saw a net inflow of USD 12.0 billion.
Adani Group Chairman Gautam Adani celebrates the opening of the Adani Green Energy Gallery at the Science Museum in the UK, emphasizing the importance of renewable energy in combating climate change. The gallery showcases the past, present, and future of energy innovation, urging visitors to consider their role in shaping a sustainable future. Designed by Unknown Works, the gallery promotes sustainability through its design and exhibits.
New York state may seize Donald Trump's properties due to a $454 million civil fraud judgment. Seizing the properties, including Trump Tower and Mar-a-Lago, would be a slow, methodical process similar to a bank foreclosure. Trump denies wrongdoing and could appeal. Legal experts say the complex process could take over a year. Attorney General's office and Trump's lawyers did not comment.