Nov 29 – Gold prices rose on Friday, helped by a slight dip in the U.S. dollar and growing geopolitical tension, but remained on track for a weekly decline as markets awaited key U.S. data for further insights into the Federal Reserve’s monetary policy direction.
Spot gold rose 0.7% to $2,660.03 per ounce, as of 0236 GMT. However, bullion was down 2% so far this week.
U.S. gold futures gained 0.8% to $2,659.70.
The dollar index eased 0.2, boosting gold’s appeal for holders of other currencies.
The escalating geopolitical tensions are making investors flock to gold in the hopes of capitalising on the potential price increases, said Brian Lan, managing director at Singapore-based dealer GoldSilver Central, adding, “The slight weakening of the dollar has helped gold prices to gain.”
The Israeli military said its air force struck a facility used by Hezbollah to store mid-range rockets in southern Lebanon on Thursday amid mutual ceasefire breach accusations.
Additionally, Russia on Thursday unleashed its second big attack on Ukraine’s energy infrastructure this month, triggering deep power cuts across the country.
Bullion is traditionally seen as a safe investment during economic and geopolitical uncertainties, such as conventional or trade wars.
Gold prices could test or dip below the key $2,600 level, with the metal likely to remain in a consolidation phase through December, Lan added.
Markets are pricing in a 66.5% chance of a 25-basis-points rate cut by the Federal Reserve in December, per the CME Fedwatch tool, potentially marking 2024’s third cut.
Major U.S. data releases next week, including job openings, the ADP employment report and the employment report, are expected to offer cues about the Fed’s rate cut outlook.
Spot silver added 1.1% to $30.58 per ounce, platinum gained 0.9% to $939.75 and palladium advanced 0.9% to $984.25. All three metals were set for weekly declines.
This article was generated from an automated news agency feed without modifications to text.
Mumbai: Adani Green Energy, India’s largest private sector renewable power company, is looking to raise around $2 billion in the next few months in multiple tranches through international bonds and loans, according to people close to the development.
The company will hit the bond market in the next few days with a $600 million issue, the people said. It had called off a $1.2-billion bond issue last month as investors demanded a higher yield due to geo-political issues then. It had last time given a price guidance for a fixed coupon rate of 7% for the 20-year bond.
The pricing this time around is likely to be much higher, the people said. Yield on the 10-year US Treasury has been moving up in recent weeks, hitting its highest level since May 31.
The issue is seeing enough demand from long-only investors, the people said
Last time around, the money was being raised for four Rajasthan-based subsidiaries which are into operational wind and solar energy. For the new bond issuance, the company will bring in only three of these subsidiaries. For the remaining subsidiary, it is in talks with international investors for a private placement of 20-year tenure, which could be finalised by early next year.
Adani Green had signed a $3.4 billion construction framework agreement with a clutch of international banks. It had initially taken three- to five-year loans for its projects and is now looking at bond issuances as this would help free up bank lines and also elongate tenures to 20 years.
The company had signed the framework agreement with banks including DBS, Mizuho, SMBC, MUFG, First Abu Dhabi Bank, ENBD, Intasa and ING and some of these banks would be a part of the bond issuance. It is also looking to expand the quantum of the framework agreement to $5 billion.
The company did not offer a comment.
The move comes as the company will have to start looking at operationalising more capacity in the Khavda project where it is building a 30 GW solar project, claimed to be the world’s largest renewable energy park. About 2.2 GW of the facility has been operationalised till September 2024.
Adani Green will also raise two other tranches of $300 million and $550 million for construction finance through bank loans in the next couple of months.
Adani Green has an operational portfolio of 11.18 GW and plans to take it to 50GW by 2030. Its revenue in the second quarter grew 20% from a year earlier to ₹2,309 crore while net profit rose 39% to ₹416 crore.
The company’s recent expansions added 2,868 MW, including 2,000 MW of solar and 450 MW of wind.
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New Delhi: IAS coaching institutes will face closure and licence cancellation if found violating new guidelines on misleading ads released on Wednesday.
The Guidelines for Prevention of Misleading Advertisement in Coaching Sector, 2024, hold coaching centres accountable for false claims regarding course duration, which may mislead students into believing they can complete a programme within an unrealistically short timeframe.
Mint was the first to report on 28 November 2023 that IAS coaching institutes would no longer be allowed to use photos of successful candidates to attract potential aspirants.
Coaching institutes will have to give refunds if they fail to deliver the services claimed in their advertisements. Additionally, coaching facilities will be mandated to sign agreements with aspirants for using their credentials only after they have cleared the prestigious exam, giving successful candidates more bargaining power in advertising contracts.
Similarly, the advertisement of free interview guidance programmes, without clear terms and conditions, is prohibited. Institutes must now accurately represent any additional services they offer to avoid creating false expectations, said consumer affairs secretary Nidhi Khare while releasing the new guidelines.
The guidelines also stop exaggerated claims on the number of students who have achieved success in exams after attending the coaching centre. Coaching facilities must now ensure that their success rates are accurate and based on verifiable data.
Coaching institutes will be required to disclose details such as the rank secured, course name and duration alongside the candidate’s photograph. Disclaimers and important information must be displayed prominently, using the same font size as the claims made in the advertisement, it said.
Furthermore, coaching centres are mandated to accurately represent their facilities, resources and infrastructure, and say if their courses are approved by competent authorities such as the All India Council for Technical Education (AICTE) and the University Grants Commission (UGC).
“The new rulebook will serve as a testament to justice for the lakhs of aspirants preparing for civil services, who often find themselves cheated when they fail to receive the services that were advertised,” said Manish K Shubhay, partner at The Precept-Law Offices.
The new guidelines have been issued by the Central Consumer Protection Authority (CCPA), which works under the Department of Consumer Affairs.
Impact on IAS coaching business
The guidelines will have an impact on the IAS coaching business, which accounts for ₹3,000 crore of the ₹58,000 crore coaching industry. Delhi is considered the hub of coaching for the Union government’s civil service examinations.
Recently, the CCPA had issued notices to 45 coaching institutes for violating consumer rights with misleading advertisements and unethical tactics. Of these, 15 have been penalized, with fines totalling ₹38.60 lakh.
The UPSC civil service exam is conducted in three phases. The first phase is the preliminary test (PT), which is a screening test, and the marks obtained in PT are not counted in the next two phases – mains and a personality test.
The marks obtained in both the mains exams and the personality test are counted for final selection. The total marks for the main exams and PT are 1750 and 275, respectively. This means that the contribution of the personality test is 13.5% of the total marks.
Ajit Pawar Statement : મહારાષ્ટ્રના નાયબ મુખ્યમંત્રી અજિત પવારે રવિવારે બારામતીની જનતાને અપીલ કરી કે તેઓ આગામી વિધાનસભા ચૂંટણીમાં તેમનું સમર્થન કરે, ઠીક એવી જ રીતે જેવી રીતે તેમણે 2024ની લોકસભા ચૂંટણીમાં ‘સાહેબ’ (શરદ પવાર)ને ખુશ કર્યા હતા. એનસીપી નેતાએ એ પણ દાવો કર્યો કે તેમણે બારામતીના લોકોને પાણીની જરૂરિયાત પૂરી પાડવાના તમામ પ્રયાસ કર્યા છે.
આ વર્ષની શરૂઆતમાં યોજાયેલી લોકસભા ચૂંટણીમાં NCP (શરદ પવાર) નેતા સુપ્રિયા સુલેએ બારામતી સંસદીય બેઠકથી એક હાઈ-પ્રોફાઇલ મુકાબલામાં જીત મેળવી હતી. તેમણે પોતાના પિતરાઈ ભાઈ અજિત પવારની પત્ની સુનેત્રા પવારને આ લોકસભા બેઠકથી હરાવ્યા. ગત વર્ષ જુલાઈમાં અજિત પવાર અને કેટલાક અન્ય એનસીપી નેતા રાજ્યમાં એકનાથ શિંદે-ભાજપ સરકારમાં સામેલ થઈ ગયા હતા. જેનાથી શરદ પવારની પાર્ટી બે ભાગમાં વહેંચાઈ ગઈ હતી.
એનસીપી પ્રમુખ અજિત પવાર 20 નવેમ્બરે યોજાનારી રાજ્યની ચૂંટણીમાં પુણે જિલ્લાની બારામતી વિધાનસભા બેઠકથી ચૂંટણી લડી રહ્યા છે. તેમનો મુકાબલો તેમના ભત્રીજા અને એનસીપી (એસપી) ઉમેદવાર યુગેન્દ્ર પવાર સાથે છે. 28 ઓક્ટોબરે જ્યારે યુગેન્દ્ર પવારે આ બેઠકથી ઉમેદવારી નોંધાવી હતી ત્યારે શરદ પવાર અને સુપ્રિયા સુલે હાજર રહ્યા હતા. રવિવારે નાયબ મુખ્યમંત્રીએ બારામતી વિસ્તારના કેટલાક ગામડાઓનો પ્રવાસ કર્યો અને પોતાના પક્ષમાં મત આપવા અપીલ કરી.
સાવલ ગામમાં સ્થાનિક લોકોને સંબોધિત કરતા અજિત પવારે કહ્યું કે, જો સુપ્રિયા લોકસભા ચૂંટણી હારે છે, તો આ ઉંમરમાં સાહેબ (શરદ પવાર)ને કેવું લાગે, એજ વિચારીને તમે મત આપ્યા, પરંતુ હવે વિધાનસભા ચૂંટણીમાં મને મત આપો. તમે લોકસભા ચૂંટણીમાં સાહેબને ખુશ કર્યા, હવે વિધાનસભા ચૂંટણીમાં મને મત આપીને ખુશ કરો. સાહેબ પોતાની રીતે કામ કરશે, હું મારી રીતે કામ કરીશ, જેથી આપણા તાલુકાનો વિકાસ થઈ શકે.
(Bloomberg) — The cost of issuing catastrophe bonds looks set to go up, as asset managers who specialize in the securities react to the fallout from Hurricane Milton.
Though cat-bond portfolios will likely see a much smaller dent than initially estimated after Milton, “every loss withdraws risk-bearing capital from the market and reduces reinsurance capacity,” Plenum Investments Ltd. told investors in an emailed update on Saturday. As a result, “risk premiums in the cat-bond market are likely to increase again” from what’s already an “historically high level,” it said.
The prediction comes despite evidence that investors may now be facing minimal losses. Milton, which ripped through Florida as a Category 3 hurricane in the early hours of Thursday, may have caused less than $60 billion in damages, compared with earlier predictions of more than $100 billion, according to Bloomberg Intelligence.
“It played out in the end a bit better than at some point was forecast,” Tanja Wrosch, head of cat-bond portfolio management at Twelve Capital AG, said in an interview with Bloomberg Television on Thursday.
Current estimates show that the cat-bond market looks to have dipped just 1.34%, according to Artemis, which cited end-of-week pricing calculated by Swiss Re Capital Markets. The US wind specific version of the index fell 3.64%, it said. Earlier in the week, forecasters had warned of losses as deep as 15%.
The risk premium was about 6.5% as of Sept. 27, on top of which investors receive the Treasury rate of about 4.6%, according to Artemis.
Catastrophe bonds are issued by insurers, reinsurers and governments to provide financial protection against the most severe natural disasters. Investors who buy the bonds stand to make sizeable gains if a predefined event doesn’t occur, but can lose much of their capital if it does. That capital is then used to cover insurance claims.
Cat bonds have so far been spared a major trigger event in what meteorologists are calling one of the most active hurricane seasons in recent memory. The bonds benefit from carefully calibrated terms calculated by some of the finance industry’s most sophisticated analysts.
While cat-bond investors look to be facing minimal losses after Hurricanes Helene and Milton, the picture on the ground remains dire for millions of people.
Last year, cat bonds underpinned the most profitable hedge fund strategy of them all, namely insurance-linked securities, according to an analysis provided by Preqin.
After Hurricane Ian hit in 2022, the Swiss Re Index took an initial hit of more than 10%, but the market recovered quickly and the index ended the year down just 2%. Those losses were still enough to lead investors to demand meaningfully higher risk premiums, helping drive up returns. In 2023, the Swiss Re cat-bond index soared a record 20%, trouncing returns across other key debt markets.
Plenum said its prediction that risk premiums will rise depends on a number of parameters, including final claims, meaning the ultimate outcome remains “difficult to estimate.”
More stories like this are available on bloomberg.com
મલયાલમ ફિલ્મ ઈન્ડસ્ટ્રીના પ્રખ્યાત અભિનેતા મોહનલાલે એસોસિયેશન ઓફ મલયાલમ મૂવી આર્ટિસ્ટ (AMMA) ના પ્રમુખ પદેથી રાજીનામું આપ્યું છે. જો અહેવાલોનું માનીએ તો અભિનેતાના રાજીનામા બાદ આ સમિતિના તમામ સભ્યોએ સંયુક્ત રાજીનામું આપી દીધું છે, જે બાદ હવે આ સમિતિનું જ ભંગ કરવામાં આવી છે. હેમા કમિટીના રિપોર્ટ સામે આવ્યા બાદ બધાએ આ નિર્ણય લીધો છે.
AMMAના ભૂતપૂર્વ જનરલ સેક્રેટરી સિદ્દીકી (જમણે) સાથે મોહનલાલ.
AMMAના આ બે સભ્યો સામે આરોપો થોડા દિવસો પહેલા AMMAના જનરલ સેક્રેટરી અને દિગ્ગજ મલયાલમ અભિનેતા સિદ્દીકી પર મલયાલી અભિનેત્રીએ બળાત્કારનો આરોપ લગાવ્યો હતો. આ પછી સિદ્દીકીએ પોતાના પદ પરથી રાજીનામું આપી દીધું છે. તે જ સમયે, AMMAના જોઈન્ટ સેક્રેટરી બાબુરાજ પર પણ એક જુનિયર આર્ટિસ્ટ દ્વારા યૌન શોષણનો આરોપ લાગ્યો હતો.
AMMAની રચના 1994માં થઈ હતી. તેની સાથે મલયાલમ ફિલ્મ ઈન્ડસ્ટ્રીના 500 થી વધુ કલાકારો જોડાયેલા હતા.
AMMAના સભ્યો પર આવા આક્ષેપો થયા પછી પણ મોહનલાલ મૌન હતા. આવી સ્થિતિમાં ઘણા જાણીતા કલાકારોએ તેમની ટીકા પણ કરી હતી.
Sajid Tarar, a Pakistani-American businessman from Baltimore, thinks India has seen significant progress under Prime Minister Narendra Modi’s leadership. He also believes that Pakistan can benefit from having a similar leader.
PM Modi’s emphasis on nationalism has positively impacted Indians both in their home country and abroad, particularly in the United States, where they excel in important fields, according to Tarar.
“Modi’s slogan of nationalism has worked well for Indians in India and also Indians living and working in the United States, where they dominate critical areas. When that happens, you know a nation has arrived,” Tarar told PTI.
Tarar, a leader aligned with the Republican Party who founded American Muslims for Donald Trump, said that India’s progress under PM Modi’s leadership showed the potential benefits for Pakistan if a similar figure emerged in the country.
He noted that a country’s growth is evident in its ability to influence power in Washington, highlighting that the rise of Indian tech entrepreneurs has bolstered the Indian community abroad. Tarar suggests that Pakistan should take note and prioritise education to achieve similar success.
“India’s first education minister, Maulana Abul Kalam Azad, and first Prime Minister Jawaharlal Nehru’s vision of a rising nation with institutions such as IITs and IIMs have paid long-term dividends for the country. That’s what happens when you invest in education with a long-term future in mind,” he told PTI.
Pakistan did not congratulate PM Modi
After Narendra Modi was elected for the third time as India’s prime minister, Pakistani leaders chose not to send their congratulations to him.
Instead, Foreign Office spokesperson Mumtaz Zahra Baloch emphasised the need for cooperation with neighbouring countries. She mentioned that it was too early to congratulate PM Modi.
“Pakistan has always desired cooperative relations with all its neighbours including India. We have consistently advocated constructive dialogue and engagement to resolve all outstanding issues, including the core dispute of Jammu and Kashmir,” she said.
US short-seller Hindenburg Rsearch’s recent report against Sebi chairperson Madhabi Puri Buch has not found many takers in the industry, with many saying it lacks “substance” and is aimed at “sensationalism”.
Ajay Rotti, founder and CEO of tax consulting firm Tax Compaas, today said that what was touted to be the smoking gun – the “offshore investment” in a fund – has turned out to be a small agarbatti smoke”.
Hindenburg, in its latest report published on Saturday, alleged that Madhabi Puri Buch had stakes in offshore funds linked to Adani Group. According to the report, the fund – IPE Plus Fund 1 – in which Buch had stake was a small offshore Mauritius fund set up by an Adani director through India Infoline (IIFL).
What was touted to be the smoking gun…. the “offshore investment” in a fund has turned out to be a small agarbatti smoke.
IIFL confirms that the fund into which Mr and Ms Buch invested made zero investments into Adani Group in its entire tenure. Their investment was 1.5% of… pic.twitter.com/aLo9RZiID1
However, Rotti said that IIFL has confirmed the fund into which Buch invested made zero investments into Adani Group in its entire tenure. “Their investment was 1.5% of total fund size and that it was managed by investment managers,” he wrote.
In a clarification issued today, 360 ONE Asset Management, earlier IIFL, denied any connection between its IPE-Plus Fund 1 and the Adani Group, stating that the fund did not invest in Adani Group shares, either directly or indirectly, at any point during its operation from October 2013 to October 2019.
At its peak, the asset management firm said, IPE-Plus Fund 1 managed approximately $48 million in Assets Under Management (AUM), with over 90% of these assets invested in bonds. The firm emphasized that the fund was managed on a discretionary basis by the Investment Manager, with no involvement from investors in operational or investment decisions.
The fund’s operations were fully compliant with regulatory standards, and its investment strategy was solely directed by the fund manager, it said. “Both Mrs. Madhabi Buch and Mr. Dhaval Buch, whose collective stake in the fund was under 1.5% of the total inflow, had no influence over the fund’s investment decisions,” the statement read.
The Adani Group has also refuted Hindenburg’s allegations, labeling them as “malicious,” “mischievous,” and “manipulative.” The group dismissed the claims as recycled accusations that had already been thoroughly investigated and rejected by the Supreme Court in March 2023.
The Tax Compaas CEO said that the Hindenburg report is clearly an attempt to get the Indian markets to tank at any cost. “While the screenshots and letters/emails appear as proof or strong evidence, the Hindenburg report actually lacks substance and has a silly allegation that the SEBI was unwilling to act on its previous report on the Adani Group because SEBI Chairperson Ms Buch and her husband Dhaval Buch had investments in offshore funds that allegedly linked with the Adani.”
Rotti said that this report had been published just to divert attention from the scrutiny of Hindenburg themselves and their short trade. “The report calls the SEBI show cause to them as “apparent show cause notice”. Their earlier report had no impact on the markets after the initial fall… Supreme Court found nothing wrong in the previous allegation in 2023. Hence, another attempt to make money while shorting!”
“This latest stab by Hindenburg to drag in the SEBI Chairperson in the Adani controversy is a desperate effort to bring India markets down and create uncertainty, doubt and panic amongst its investors – both domestic and foreign,” he added.
Heavy to very heavy rain is expected in northwest, east, and northeast India over the next four days, according to the India Meteorological Department (IMD).
This weather pattern is influenced by a cyclonic circulation over southeast Pakistan near Kutch in the lower troposphere, and another circulation over north Gujarat and nearby areas in the middle troposphere.
As a result, widespread light to moderate rainfall with thunderstorms and lightning is likely over Kerala, Mahe, Lakshadweep, Coastal Karnataka, Konkan, Goa, and Gujarat. Scattered to fairly widespread light rainfall is expected over Madhya Maharashtra, Coastal Andhra Pradesh and Yanam, and scattered light to moderate rainfall over Marathwada, Tamil Nadu, Puducherry, Karaikal, Rayalaseema, Telangana, North and South Interior Karnataka for the next four days.
The IMD said that cyclonic circulations over east Jharkhand and northeast Assam in the lower troposphere are also anticipated to bring widespread light to moderate rainfall with thunderstorms and lightning across northwest, central, eastern, and northeast India for the next five days.
“Southwest monsoon has further advanced into some more parts of West Rajasthan, Haryana, remaining parts of Uttar Pradesh, some more parts of Punjab and remaining parts of Himachal Pradesh and Jammu, and conditions are favourable for further advance of southwest Monsoon into some more parts of West Rajasthan, Haryana, Chandigarh and Punjab during the next two days,” the weather bureau said.
Monsoon stalled
Rainfall deficiency across the country has reduced to 11%, with the monsoon arriving in the Delhi-National Capital Region on Friday.
According to IMD, the southwest monsoon normally sets in over Kerala around 1 June. It then advances northwards, usually in surges, and covers the entire country by around 15 July.
This year, the southwest monsoon arrived on the Kerala coast a day earlier than scheduled, on 31 May, and stalled over the eastern region for about three weeks after reaching Mumbai on 9 June.
Sectors such as agriculture, coal-based power plants, and steelmakers rely on summer rains, or the southwest monsoon, as it typically delivers nearly 70% of the rainwater India needs for its farms and to refill reservoirs and aquifers.
