Bitcoin experienced its first weekly decline since Trump's election win, dropping over 7% due to the Fed's cautious policy outlook. This impacted the broader crypto market, which fell about 10%. Experts predict a choppy short-term outlook but remain bullish for Bitcoin into early 2025, with a significant options expiry event expected on December 27th.
Related news
Gold and silver prices hit new record highs in India due to global market trends and economic concerns. Gold of 99.9% purity reached Rs 90,750 per 10 grams, while silver surged to Rs 1,02,500 per kg. The increase is driven by safe-haven demand, trade tensions, and expectations of US Federal Reserve monetary easing.
Attrition rates have risen for Indian IT firms like HCLTech, Wipro, TCS, and Infosys, reflecting a moderate demand environment and openings for specialized roles. The demand increase in sectors like retail, manufacturing, and BFSI contributes to this trend, with predictions suggesting stabilization by FY26.
India's electronics industry aims to achieve USD 500 billion in manufacturing output by 2030, requiring substantial growth and overcoming a USD 400 billion production gap. This expansion is projected to create 12 million jobs by 2027 but faces a significant talent gap. Targeted skilling programs and industry-academia collaborations are essential to meet these goals.
Kia India MD Gwanggu Lee stated that car sales are expected to grow moderately by 3-4% next year due to increased prices. He suggested the government reduce taxes to stimulate demand. Kia launched the Syros mini offroader, available in petrol, diesel, and eventually electric versions, to compete in the entry SUV market.
Microsoft-backed OpenAI's chief Sam Altman is planning a trip to India on February 5, which may include meetings with government officials. This visit comes amidst ongoing legal challenges in the country, including a lawsuit over copyright breaches filed by a news agency and supported by several media outlets.
Citi maintained a 'buy' rating for LIC Housing Finance with a target of Rs 851. Nuvama upgraded Coromandel International to 'buy' with a target of Rs 2,347. Jefferies reiterated its 'buy' on KFin Technologies, setting the target at Rs 1,530.
India's foreign exchange reserves fell by $4.112 billion to $640.279 billion for the week ending December 27. This decline follows an earlier drop of $8.478 billion. The decrease is largely due to revaluation and RBI's forex market interventions. Foreign currency assets dipped by $4.641 billion, while gold reserves increased by $541 million.
Encyclopaedia Britannica, once a weighty symbol of knowledge, has successfully transitioned to the digital age. By embracing AI and expanding into educational software and online dictionaries, the company has achieved impressive profit margins and is now considering a $1 billion IPO.
Srinivas Phatak will assume the role of Unilever's acting CFO on March 1. Current CFO Fernando Fernandez will be elevated to CEO position. Phatak, a seasoned Unilever executive, has extensive experience spanning finance and supply chain roles. Unilever will conduct a search for a permanent CFO. Unilever praised Phatak's leadership and experience to aid in executing its strategy.
Indian Railways now mandates centralised Computer Based Tests (CBT) for departmental promotions, enhancing exam security with 256-bit encryption. This decision follows a paper leak scandal leading to CBI arrests at East Central Railway.