Global Business Magazine https://thegbm.com Business news, opinion, reviews, interviews Sat, 21 Dec 2024 15:14:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://thegbm.com/wp-content/uploads/2021/07/Bizmag-logo.png Global Business Magazine https://thegbm.com 32 32 195744517 MQ INVESTOR DEADLINE: Robbins Geller Rudman & Dowd LLP Announces that Marqeta, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit https://thegbm.com/mq-investor-deadline-robbins-geller-rudman-dowd-llp-announces-that-marqeta-inc-investors-with-substantial-losses-have-opportunity-to-lead-class-action-lawsuit/ https://thegbm.com/mq-investor-deadline-robbins-geller-rudman-dowd-llp-announces-that-marqeta-inc-investors-with-substantial-losses-have-opportunity-to-lead-class-action-lawsuit/#respond Sat, 21 Dec 2024 15:14:00 +0000 https://thegbm.com/mq-investor-deadline-robbins-geller-rudman-dowd-llp-announces-that-marqeta-inc-investors-with-substantial-losses-have-opportunity-to-lead-class-action-lawsuit SAN DIEGO, Dec. 21, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Marqeta, Inc. (NASDAQ: MQ) securities between May 7, 2024 and November 4, 2024, inclusive (the “Class Period”), have until February 7, 2025 to seek appointment as lead plaintiff of the Marqeta class action lawsuit. Captioned Ford v. Marqeta, Inc., No. 24-cv-08892 (N.D. Cal.), the Marqeta class action lawsuit charges Marqeta as well as certain of Marqeta’s top executives with violations of the Securities Exchange Act of 1934. A previously filed complaint is captioned Wai v. Marqeta, Inc., No. 24-cv-08874 (N.D. Cal.).

If you suffered substantial losses and wish to serve as lead plaintiff of the Marqeta class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-marqeta-inc-class-action-lawsuit-mq.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.

CASE ALLEGATIONS: Marqeta operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services.

The Marqeta class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Marqeta understated the regulatory challenges affecting its business outlook; and (ii) as a result, Marqeta would have to cut its guidance for the fourth quarter of 2024.

The Marqeta class action lawsuit further alleges that on November 4, 2024, Marqeta revealed fourth quarter 2024 guidance of 10-12% net revenue growth and 13-15% gross profit growth, as opposed to the previously projected 16-18% net revenue growth and 22-24% gross profit growth figures, which “reflects several changes that became apparent over the last few months with regards to the heightened scrutiny of the banking environment and specific customer program changes.” On this news, the price of Marqeta stock fell more than 42%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Marqeta securities during the Class Period to seek appointment as lead plaintiff in the Marqeta class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Marqeta class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Marqeta class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Marqeta class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes. 
Services may be performed by attorneys in any of our offices. 

Contact:
        Robbins Geller Rudman & Dowd LLP
        J.C. Sanchez, Jennifer N. Caringal
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        800-449-4900
        info@rgrdlaw.com

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KASPI ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Joint Stock Company Kaspi.kz and Encourages Investors to Contact the Firm https://thegbm.com/kaspi-alert-bragar-eagel-squire-p-c-announces-that-a-class-action-lawsuit-has-been-filed-against-joint-stock-company-kaspi-kz-and-encourages-investors-to-contact-the-firm/ https://thegbm.com/kaspi-alert-bragar-eagel-squire-p-c-announces-that-a-class-action-lawsuit-has-been-filed-against-joint-stock-company-kaspi-kz-and-encourages-investors-to-contact-the-firm/#respond Sat, 21 Dec 2024 02:00:00 +0000 https://thegbm.com/kaspi-alert-bragar-eagel-squire-p-c-announces-that-a-class-action-lawsuit-has-been-filed-against-joint-stock-company-kaspi-kz-and-encourages-investors-to-contact-the-firm NEW YORK, Dec. 20, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Joint Stock Company Kaspi.kz (“Kaspi” or the “Company”) (NASDAQ:KSPI) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired Kaspi securities between January 19, 2024 and September 19, 2024, both dates inclusive (the “Class Period”). Investors have until February 18, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Joint Stock Company Kaspi.kz continued doing business with Russian entities, and also providing services to Russian citizens, after Russia’s 2022 invasion of Ukraine, thereby exposing the Company to the undisclosed risk of sanctions; (2) the Company engaged in undisclosed related party transactions; (3) certain of the Company’s executives have links to reputed criminals; and (4) as a result, defendants’ statements about Joint Stock Company Kaspi.kz’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you purchased or otherwise acquired Kaspi shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com

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NextGen Digital Provides Business Progress Updates and Announces Strategic Expansion https://thegbm.com/nextgen-digital-provides-business-progress-updates-and-announces-strategic-expansion/ https://thegbm.com/nextgen-digital-provides-business-progress-updates-and-announces-strategic-expansion/#respond Sat, 21 Dec 2024 02:00:00 +0000 https://thegbm.com/nextgen-digital-provides-business-progress-updates-and-announces-strategic-expansion – NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES –

Fredericton, New Brunswick, Dec. 20, 2024 (GLOBE NEWSWIRE) — NextGen Digital Platforms Inc. (CSE:NXT) (“NextGen” or the “Company”) is pleased to provide corporate updates on its existing business platforms, and to announce its new strategic expansion to acquire and hold positions in certain cryptocurrencies, including Solana (“SOL”), XRP (“Ripple”), and Dogecoin (“DOGE”).

Business Progress Updates

The AI-powering workstation purchases previously announced by the Company on November 28, 2024, are now in delivery, following logistical challenges by the Company’s initial supplier and the Company’s ensuing engagement of a new supplier to ensure timely procurement. These workstations will expand the Company’s hardware-as-a-service business known as its “Cloud AI Hosting” fleet, which represents a revenue-generating business that the Company continues to grow. Cloud AI Hosting was developed in-house by NextGen.

Additionally, the Company is pleased to report the successful completion of a social media marketing campaign for its e-commerce platform, PCSections.com (“PCS”). PCS has generated increased revenue relative to the prior fiscal quarter. PCS was developed in-house by NextGen and has been in operation for approximately two years.

Strategic Expansion

Consistent with NextGen’s longstanding mission to develop and acquire revenue-generating micro-technology digital platforms, the Company is excited to announce the launch of its third business line, which is intended to provide NextGen and its investors with exposure to the rapidly expanding cryptocurrency sector. This also helps diversify the Company’s technology holdings across e-commerce, artificial intelligence, and now Web3.

The Company’s strategic expansion to acquire and hold SOL, Ripple and DOGE is expected to establish NextGen as a publicly traded proxy for this curated basket of cryptocurrencies, enabling investors to access the growing digital asset market through traditional equity markets.

This expansion also leverages NextGen’s past exposure to the cryptocurrency sector through its inaugural platform, CryptoASICMining.com (“CAM”), the predecessor to PCS, as described in the Company’s press release dated November 29, 2024. While CAM ultimately evolved into PCS, which remains the Company’s first digital platform, it provided the Company’s leadership and operational personnel with valuable experience in digital asset infrastructure, and a better understanding of the potential opportunities within the sector.

As the digital asset market continues to rapidly evolve and mature, so must the Company. This strategic expansion reflects another step in the Company’s evolution and broadens NextGen’s mission to include democratizing access to cryptocurrencies by providing investors with exposure to digital assets, without some of the complexities associated with direct cryptocurrency ownership. With this third business, NextGen adds a corporate objective of becoming a public entity providing exposure to a diversified cryptocurrency basket.

About Solana, XRP, and Dogecoin

1. Solana (SOL)

Solana is a high-speed, low-cost, large-scale blockchain platform launched in 2020. Having the capabilities to support up to 65,000 transactions per second at significantly low speeds, Solana is a leading platform for a large variety of decentralized finance (“DeFi”), non-fungible tokens (“NFTs”), and Web3 applications(1)(2). Solana’s growing developer ecosystem and widespread adoption make it a cornerstone of the cryptocurrency market.

NextGen’s Perspective:

By acquiring and holding Solana, NextGen intends to capitalize on the demand for marquee DeFi and blockchain-based applications and solutions, offering investors exposure to – in the opinion of management – one of the most promising and advanced ecosystems in the digital asset space.

2. XRP (Ripple)

XRP, developed by Ripple Labs, is a high-speed, scalable, and decentralized public blockchain aiming to improve global payments by enabling faster, cheaper, and more reliable cross-border transactions. Unlike traditional payment systems, which in some case may take days to settle, XRP proposes to facilitate near-instantaneous transactions at a fraction of the cost(3).

NextGen’s Perspective:

NextGen views XRP as an important asset in the future of global institutional finance, offering investors exposure to a cryptocurrency that aims to bridge the gap between blockchain and traditional banking systems.

3. Dogecoin (DOGE)

Initially launched as a meme-based open-source, peer-to-peer cryptocurrency, Dogecoin has evolved into an accepted digital asset real-world transactional utility. Supported by a passionate community and high-profile endorsements, Dogecoin is increasingly used for micropayments, tipping, and e-commerce(4). Its cultural relevance and simplicity make it an accessible entry point for new cryptocurrency users.

NextGen’s Perspective:

By acquiring and holding Dogecoin, NextGen hopes to opportunistically access mainstream adoption, providing investors with the opportunity to be a part of the expected growth and popularity of a community-driven cryptocurrency.

Interim Chief Executive Officer’s Statement:

“Our strategic expansion aligns with NextGen’s long-time mission, through which we give our investors exposure to exciting emerging micro-technology digital platforms that we have incubated or acquired. Through this expansion, we at NextGen hope to democratize cryptocurrency investing. By becoming a public proxy for a curated basket of these selected cryptocurrencies, we intend to offer investors a gateway into the digital asset economy. This strategy reflects our confidence in the long-term potential of blockchain technology and its impact on finance, commerce, and society,” said Alexander Tjiang, Interim CEO of NextGen.

Additional Corporate Developments

Further to the Company’s news release of December 20, 2024, in which the Company announced its three-month marketing engagement with Machai Capital Inc. (“Machai”), the Company has entered into an amending agreement with Machai dated December 20, 2024 (the “Machai Amending Agreement”) to amend the marketing services agreement with Machai (the “Original Machai Agreement”). Pursuant to the Machai Amending Agreement, the Company and Machai have agreed to decrease Machai’s marketing budget from C$155,000 (plus GST) to C$75,000 (plus GST) (the “Machai Budget”). All other terms of the Original Machai Agreement remain unamended. For more information regarding the Company’s engagement of Machai, please refer to its news release dated December 20, 2024. Machai and its principles’ directly own 954,042 common shares of the company.

Market Opportunity

As global cryptocurrency adoption continues to accelerate, the market for publicly traded proxies that enable investors access into the digital asset space has become increasingly more important. Crypto activity and usage have reached all-time highs, with ~220 million active addresses as of September 30, 2024(5). However, barriers such as regulatory uncertainty, custodial complexities, and technical knowledge gaps limit direct access for many investors.

NextGen hopes to bridge this gap by offering an accessible alternative to direct cryptocurrency investments.

About NextGen Digital Platforms Inc.

NextGen Digital Platforms Inc. (CSE: NXT) is listed on the Canadian Securities Exchange. The Company currently operates e-commerce platform PCSections.com (“PCS”) and a hardware-as-a-service business supporting the artificial intelligence sector, called cloud AI hosting (“Cloud AI Hosting”). Both PCS and Cloud AI Hosting were developed in-house by NextGen. The Company also intends to democratize access to cryptocurrencies by providing investors with exposure to a diversified basket of digital assets through a regulated public vehicle. From time to time, the Company also intends to evaluate and acquire or develop other micro-technology platforms.

For More Information:

Alexander Tjiang, Interim Chief Executive Officer
(416) 300-7398
https://nextgendigital.ca/
‎info@nextgendigital.ca

Caution Regarding Forward-Looking Information

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements herein, other than statements of historical fact, constitute forward-looking information. Forward-looking information is frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved.

Forward-looking information in this press release includes, but is not limited to, statements regarding the delivery and operation of workstations for Cloud AI Hosting, the Company’s future cryptocurrency investing plans and strategies, the Company’s proposed strategic expansion and growth strategies, the Company’s ability to provide investors with exposure to digital assets, the potential success of its investments and its brand, the growth of Solana, XRP, DOGE and other digital assets and the mainstream adoption of various cryptocurrencies. Forward-looking information reflects the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates, including those pertaining to timely workstation delivery, cryptocurrency adoption, and the Company’s ability to execute its cryptocurrency business strategy, that, while considered reasonable by the Company, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies, including the speculative nature of cryptocurrencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, without limitation, the Company’s ability to execute on its business and investment plans; operational and technological risks relating to Cloud AI Hosting; the Company’s ability to raise debt or equity through future financing activities; the Company’s ability to increase its investments in cryptocurrency-based technologies; any adverse changes and developments regarding Solana, XRP, DOGE or the cryptocurrency ecosystem; the growth and development of decentralized finance and the digital asset sector; any new rules and regulations with respect to decentralized finance and digital assets; the inherent volatility in the prices of certain cryptocurrencies including Solana, XRP and DOGE; increasing competition in the crypto and blockchain industries; general economic, political and social uncertainties in Canada and the United States; currency exchange rates and interest rates; the limited financial and personnel resources of the Company; the Company’s reliance on the expertise and judgment of senior management and the Company’s ability to attract and retain key personnel; the speculative nature of cryptocurrencies in general; and the Company’s ability to continue as a going concern.

There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update forward-looking statements herein except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements herein.

____________________

1. https://solana.com

2. https://ecos.am/en/blog/what-is-cryptocurrency-solana-sol-and-how-does-it-work/?srsltid=AfmBOoppeVpSvQe6PMDOa2kYI1ZYWMo2PgIpSsa5jMBf6Av4eMh4BU4a

3. https://xrpl.org

4. https://dogecoin.com

5. a16z, State of Crypto Report (2024), Sensor Tower

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Inauguration of 17 Bus Routes Connecting Ben Thanh – Suoi Tien Metro https://thegbm.com/inauguration-of-17-bus-routes-connecting-ben-thanh-suoi-tien-metro/ https://thegbm.com/inauguration-of-17-bus-routes-connecting-ben-thanh-suoi-tien-metro/#respond Fri, 20 Dec 2024 10:09:52 +0000 https://thegbm.com/inauguration-of-17-bus-routes-connecting-ben-thanh-suoi-tien-metro On the morning of December 20, the Ho Chi Minh City Public Transport Management Center…

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On the morning of December 20, the Ho Chi Minh City Public Transport Management Center…

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Thua Thien Hue to Have a Nearly 450-Hectare Golf Resort https://thegbm.com/thua-thien-hue-to-have-a-nearly-450-hectare-golf-resort/ https://thegbm.com/thua-thien-hue-to-have-a-nearly-450-hectare-golf-resort/#respond Fri, 20 Dec 2024 10:09:13 +0000 https://thegbm.com/thua-thien-hue-to-have-a-nearly-450-hectare-golf-resort The People’s Committee of Thua Thien Hue Province has recently approved the planning for the…

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The People’s Committee of Thua Thien Hue Province has recently approved the planning for the…

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An inflation gauge tracked by the Bank of Japan just jumped to a seven-month high https://thegbm.com/an-inflation-gauge-tracked-by-the-bank-of-japan-just-jumped-to-a-seven-month-high/ Fri, 20 Dec 2024 03:10:06 +0000 https://thegbm.com/an-inflation-gauge-tracked-by-the-bank-of-japan-just-jumped-to-a-seven-month-high

Bags of rice sit stacked high in a supermarket in central Tokyo on November 22, 2024.
Richard A. Brooks | Afp | Getty Images

An inflation gauge in Japan that is closely watched by the Bank of Japan (BOJ) came in at a seven-month high in November, which could prompt the central bank to raise rates early next year.

The so-called “core-core” inflation rate, which strips out prices of both fresh food and energy and is tracked by the BOJ, rose to 2.4% from 2.3%, its highest level since April.

The core inflation rate — which strips out prices of fresh food — came in at 2.7%, up from the 2.3% seen in October and beating the 2.6% forecast by economists polled by Reuters.

Headline inflation rose to 2.9% from 2.3%, reaching its highest level since August.

The readings come a day after the Bank of Japan held interest rates steady at 0.25%, surprising economists who expected a 25 basis points hike.

The BOJ said in its statement on Thursday that the decision to hold was a split 8-1 decision, with board member Naoki Tamura advocating for a 25-basis-point hike.

Tamura was of the view that inflation risks had become more skewed to the upside, and proposed that the bank hike interest rates during the meeting.

BOJ Governor Kazuo Ueda reportedly said in a press conference Thursday that as underlying inflation was only increasing at “at a moderate pace,” the BOJ could go slow in raising rates,” he said.

Ueda did add, however, that the central bank was mindful that if it waited too long to raise rates, it would have to quicken rate hikes in future meetings,

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Speaking to CNBC’s “Squawk Box Asia,” Masahiko Loo, senior fixed income strategist at State Street Global Advisors, said that the inflation print is “pretty much in line with what we think.”

He added that the BOJ is “super sanguine” on the country’s inflation and growth figures, but Ueda was likely focusing on foreign uncertainties, namely, the impact of the incoming Donald Trump administration.

The yen weakened against the U.S. dollar following the BOJ’s decision to hold rates. It hit 157.92 on Friday, marking its weakest level since July. However, the currency later strengthened again.

Loo explained that with the yen now “drifting” toward the 160 level against the greenback, Japan’s finance ministry might try to issue warnings to the market, or failing that, it might force a rate hike in January in a bid to support the yen.

By CNBC

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China keeps benchmark lending rates steady as Fed signals fewer cuts ahead https://thegbm.com/china-keeps-benchmark-lending-rates-steady-as-fed-signals-fewer-cuts-ahead/ Fri, 20 Dec 2024 02:16:11 +0000 https://thegbm.com/china-keeps-benchmark-lending-rates-steady-as-fed-signals-fewer-cuts-ahead

BEIJING, CHINA – DECEMBER 02: The People’s Bank of China (PBOC) building isn seen on December 2, 2024 in Beijing, China. 
Visual China Group | Getty Images

China kept its main benchmark lending rates unchanged on Friday, as Beijing faces the challenge of bolstering economic growth while backstopping a weakening yuan.

The People’s Bank of China said it would steady the one-year loan prime rate at 3.1%, with the five-year LPR at 3.6%. The 1-year LPR affects corporate and most household loans, while the 5-year LPR serves as a reference for mortgage rates. The move was expected according to a Reuters poll of 27 economists.

The rate decision came on the back of a widely-expected 25-basis-points rate cut by the U.S. Federal Reserve on Wednesday. The Fed also indicated it will only reduce interest rates twice in 2025, fewer than the four cuts in its September meeting’s projection.

Analysts said the Fed’s revised outlook on future rate cuts is unlikely to have a huge influence on the trajectory of policy easing by China’s central bank, although it could put pressure on the Chinese yuan.

It seems that the PBOC is not stepping in to defend the yuan, Farzin Azarm, managing director of equities trading at Mizuho Americas told CNBC’s “Street Signs Asia” on Friday.

“But really, what’s the point? … I think at this point, it really is a function of what rates are doing. I think it’s really a function of what the curve is doing in the U.S. And I think the central bank’s going to let it play out, to be perfectly honest with you,” said Azarm.

Earlier this month, Chinese top officials pledged at top economic agenda-setting meetings to ramp up monetary easing measures, including implementing interest rate reductions, to shore up the ailing economy.

The PBOC kept the one-year and five-year LPRs unchanged in November, following a widely-anticipated 25bp-cut in October. The central bank had surprised the markets by shaving the major short and long term lending rates in July.

Major investment banks and research firms forecast the Chinese yuan would weaken further next year, in anticipation of President-elect Donald Trump following through with his tariff threats.

Despite a flurry of stimulus measures since late September, latest economic data out of China showed the country is still contending with entrenched deflation, amid tepid consumer demand and a protracted property market slump.

The Fed’s easing cycle going forward will create “some room for the PBOC to follow up,” Yan Wang, chief emerging markets and China strategist at Alpine Macro told CNBC’s “Street Signs Asia” on Thursday, while stressing that fiscal easing will play a more critical role in driving the Chinese economy next year.

In a note to CNBC on Friday, Wang said he believed the PBOC should continue cutting rates to alleviate the yuan’s deflationary pressure against other currencies.

“Meanwhile, the Chinese government possesses greater fiscal flexibility and is likely to rely more on fiscal measures to stimulate growth,” he added.

— CNBC’s Dylan Butts contributed to this report.

By CNBC

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Diamond Certified Resource Unveils Comprehensive Winter 2024 Guide for Consumers https://thegbm.com/diamond-certified-resource-unveils-comprehensive-winter-2024-guide-for-consumers/ https://thegbm.com/diamond-certified-resource-unveils-comprehensive-winter-2024-guide-for-consumers/#respond Thu, 19 Dec 2024 23:18:00 +0000 https://thegbm.com/diamond-certified-resource-unveils-comprehensive-winter-2024-guide-for-consumers Your Seasonal Guide to Winter-Related Services features articles, tips, infographics and more.

Diamond Certified Guide to Winter-Related Services

Your seasonal guide to all things related to winter for your auto, home, health and professional needs.
Your seasonal guide to all things related to winter for your auto, home, health and professional needs.

Petaluma, CA, Dec. 19, 2024 (GLOBE NEWSWIRE) — American Ratings Corporation (ARC) has launched an expansive online guide to winter-related services on its highly trafficked Diamond Certified Resource website, diamondcertified.org. This guide offers 16 researched articles, tips, and resources that are designed to help Bay Area residents stay prepared for all of their winter projects and needs.

“Your Seasonal Guide to Winter-Related Services” is divided into four sections: Before, During, After and Essentials. From preparing your car for winter road safety to choosing the right furnace filter, there’s something for nearly every aspect of the season. Consumers can also get access to exclusive tips from Diamond Certified Expert Contributors and a helpful maintenance calendar, all designed to enhance the winter experience.

“People want to know which companies are high-quality and how to best work with the company they ultimately choose,” says ARC CEO Greg Louie. “That’s why we’ve created this deep category resource guide to help them this winter. When they read the 16 key articles and see links to pages where Diamond Certified companies are presented, they’ll feel more confident that they’re ready to take on the season.”

The Unique Diamond Certified Rating Process
The Diamond Certified 12-step rating process is highly accurate and based on real data. Only companies that score Highest in Quality and Helpful Expertise earn Diamond Certified. What really separates Diamond Certified ratings from the star score averages at review sites is that a large, random sample of each company’s customers are surveyed by phone to get the most accurate ratings and verify only real customers are responding. By surveying from a company’s entire customer base, each company’s research results truly represent its customer satisfaction level. Most companies can’t pass the rating.

Here are the newly released Diamond Certified Company Report SUMMARY UPDATES.
A Reliable Handyman
A-1 Guaranteed Heating & Air, Inc.
Alameda Structural, Inc.
All Seasons Roofing & Waterproofing, Inc.
Atlas Pavers Co.
California Fencing
Cappstone, Inc.
Chasov Electrical, Voice & Data
Creative Window Fashions, Inc.
Hi Tech Termite Control of the Bay Area, Inc.
Quality First Home Improvement, Inc.
Re-Bath by Schicker
SplashWorks
Superior Plumbing & Drain Cleaning Services
The Legacy Paver Group

It’s easy to find top rated companies in the San Francisco Bay Area and Other Areas on Diamond Certified Resource.
Alameda County
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San Benito County
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ARS Pharmaceuticals Announces neffy® (Epinephrine Nasal Spray) is available on Express Scripts Commercial National Formularies https://thegbm.com/ars-pharmaceuticals-announces-neffy-epinephrine-nasal-spray-is-available-on-express-scripts-commercial-national-formularies/ https://thegbm.com/ars-pharmaceuticals-announces-neffy-epinephrine-nasal-spray-is-available-on-express-scripts-commercial-national-formularies/#respond Thu, 19 Dec 2024 22:25:00 +0000 https://thegbm.com/ars-pharmaceuticals-announces-neffy-epinephrine-nasal-spray-is-available-on-express-scripts-commercial-national-formularies Inclusion of neffy on Express Scripts commercial formularies was effective November 22, 2024 and expands access to patients and caregivers managing Type 1 Allergic Reactions

SAN DIEGO, Dec. 19, 2024 (GLOBE NEWSWIRE) — ARS Pharmaceuticals, Inc. (Nasdaq: SPRY), a biopharmaceutical company dedicated to empowering at-risk patients and caregivers to better protect themselves from allergic reactions that could lead to anaphylaxis, announced today that Express Scripts, the pharmacy benefits business of Evernorth Health Services, has added neffy® (epinephrine nasal spray) to its Commercial national formularies. This decision makes neffy broadly available to millions of their commercially insured patients across the country.

neffy 2 mg is for the treatment of Type I Allergic Reactions, including anaphylaxis, in adults and children who weigh ≥30 kg (66 lbs.). It is the first and only FDA-approved epinephrine nasal spray that provides a needle-free alternative to traditional injectable epinephrine and the first new delivery method for epinephrine in more than 35 years. Its simple and intuitive design enables rapid administration, helping patients and caregivers act quickly and confidently, and the small size is easy to carry. Additionally, neffy has a shelf-life of 30 months and temperatures exclusions up to 122 degrees Fahrenheit.

“The inclusion of neffy on Express Scripts’ Commercial National Formularies significantly improves access to life-saving allergy treatment,” said Sal Grausso, Head of Market Access at ARS Pharma. “This highlights the importance of providing a user-friendly solution that empowers patients and caregivers to respond quickly and effectively to severe allergic reactions, demonstrating the value of neffy in addressing unmet medical needs in the allergy community. We’re also very pleased with the quick turnaround between product introduction and the inclusion of neffy on Express Scripts’ formularies in only nine weeks. We will be working diligently to ensure continued access for as many patients and caregivers as possible.”

This expanded access aligns with ARS Pharma’s commitment to reducing barriers to care and improving outcomes for patients who rely on epinephrine during allergy emergencies. ARS Pharma anticipates other payers to join Express Scripts in providing access to neffy in the coming weeks.

To support patients in navigating coverage and affordability challenges, ARS Pharma offers a number of programs for patients and caregivers. For more information, visit www.neffy.com/savings.

About neffy®

neffy is an intranasal epinephrine product for patients with Type I Allergic reactions including food, medications, and insect bites that could lead to life-threatening anaphylaxis.

INDICATION AND IMPORTANT SAFETY INFORMATION FOR neffy (epinephrine nasal spray)

INDICATION

neffy 2 mg is indicated for emergency treatment of Type I allergic reactions, including anaphylaxis, in adult and pediatric patients who weigh 30 kg or greater.

IMPORTANT SAFETY INFORMATION

It is recommended that patients are prescribed and have immediate access to two neffy nasal sprays at all times. In the absence of clinical improvement or if symptoms worsen after initial treatment, administer a second dose of neffy in the same nostril with a new nasal spray starting 5 minutes after the first dose.

neffy is for use in the nose only.

Advise patients when to seek emergency medical assistance for close monitoring of the anaphylactic episode and in the event further treatment is required.

Absorption of neffy may be affected by underlying structural or anatomical nasal conditions.

Administer with caution to patients who have heart disease; epinephrine may aggravate angina pectoris or produce ventricular arrhythmias. Arrhythmias, including fatal ventricular fibrillation, have been reported, particularly in patients with underlying cardiac disease or taking cardiac glycosides, diuretics, or anti-arrhythmics.

The presence of a sulfite in neffy should not deter use.

neffy may alter nasal mucosa for up to 2 weeks after administration and increase systemic absorption of nasal products, including neffy.

Patients with certain medical conditions or who take certain medications for allergies, depression, thyroid disorders, diabetes, and hypertension, may be at greater risk for adverse reactions.

Epinephrine can temporarily exacerbate the underlying condition or increase symptoms in patients with the following: hyperthyroidism, Parkinson’s disease, diabetes, renal impairment. Epinephrine should be administered with caution in patients with these conditions, including elderly patients and pregnant women.

Adverse reactions to neffy may include throat irritation, intranasal paresthesia, headache, nasal discomfort, feeling jittery, paresthesia, fatigue, tremor, rhinorrhea, nasal pruritus, sneezing, abdominal pain, gingival pain, hypoesthesia oral, nasal congestion, dizziness, nausea, and vomiting.

These are not all of the possible side effects of neffy. To report suspected adverse reactions, contact ARS Pharmaceuticals Operations, Inc. at 1-877-MY-NEFFY (877-696-3339) or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

For additional information on neffy, please see Full Prescribing Information at www.neffy.com.

About Type I Allergic Reactions Including Anaphylaxis

Type I allergic reactions are serious and potentially life-threatening events that can occur within minutes of exposure to an allergen and require immediate treatment with epinephrine, the only FDA-approved medication for these reactions. While epinephrine autoinjectors have been shown to be highly effective, there are well published limitations that result in many patients and caregivers delaying or not administering treatment in an emergency situation. These limitations include fear of the needle, lack of portability, needle-related safety concerns, lack of reliability, and complexity of the devices. There are approximately 40 million people in the United States who experience Type I Allergic reactions. Of this group, over the last three years, approximately 20 million people have been diagnosed and treated for severe Type I allergic reactions that may lead to anaphylaxis, but (in 2023, for example) only 3.2 million filled their active epinephrine autoinjector prescription, and of those, only half consistently carry their prescribed autoinjector. Even if patients or caregivers carry an autoinjector, more than half either delay or do not administer the device when needed in an emergency.

About ARS Pharmaceuticals, Inc.

ARS Pharmaceuticals is a biopharmaceutical company dedicated to empowering at-risk patients and their caregivers to better protect patients from allergic reactions that could lead to anaphylaxis. The Company is commercializing neffy® 2 mg (trade name EURneffy® in the EU) (previously referred to as ARS-1), an epinephrine nasal spray indicated in the U.S. for emergency treatment of Type I allergic reactions, including anaphylaxis, in adult and pediatric patients who weigh 30 kg or greater, and in the EU for emergency treatment of allergic reactions (anaphylaxis) due to insect stings or bites, foods, medicinal products, and other allergens as well as idiopathic or exercise induced anaphylaxis in adults and children who weigh 30 kg or greater. For more information, visit www.ars-pharma.com.

Forward-Looking Statements

Statements in this press release that are not purely historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: the expected impact from the inclusion of neffy on Express Scripts’ Commercial National Formularies; ARS Pharmaceuticals’ expectation that ther payors will provide access to neffy and the timing by which they will provide such access; the needle-free profile of neffy increasing the likelihood that patients will both carry and administer adrenaline; the potential market and demand for neffy; and other statements that are not historical fact. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipate,” “expects,” “if,” “may,” “potential,” “on track to,” “plans,” “will,” “would,” and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are based upon ARS Pharmaceuticals’ current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation: potential safety and other complications from neffy; the labelling for neffy in any future indication or patient population, if approved; the scope, progress and expansion of developing and commercializing neffy; the potential for payors to delay, limit or deny coverage for neffy; the size and growth of the market therefor and the rate and degree of market acceptance thereof vis-à-vis intramuscular injectable products; ARS Pharmaceuticals’ ability to protect its intellectual property position; and the impact of government laws and regulations. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” in ARS Pharmaceuticals’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the Securities and Exchange Commission on November 13, 2024. These documents can also be accessed on ARS Pharmaceuticals’ website at www.ars-pharma.com by clicking on the link “Financials & Filings” under the “Investors & Media” tab.

The forward-looking statements included in this press release are made only as of the date hereof. ARS Pharmaceuticals assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

ARS Investor Contact:
Justin Chakma
ARS Pharmaceuticals
justinc@ars-pharma.com

ARS Media Contact:
Christy Curran
Sam Brown Inc.
615.414.8668
christycurran@sambrown.com

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CNBC’s Inside India newsletter: Delhi’s suffocating smog conundrum https://thegbm.com/cnbcs-inside-india-newsletter-delhis-suffocating-smog-conundrum/ Thu, 19 Dec 2024 14:47:38 +0000 https://thegbm.com/cnbcs-inside-india-newsletter-delhis-suffocating-smog-conundrum

TOPSHOT – A rickshaw drives along a road under heavy smog conditions, in New Delhi
Sajjad Hussain | Afp | Getty Images

This report is from this week’s CNBC’s “Inside India” newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribe here.

The big story

The putrid burning smell, difficulty breathing and chest congestion – that is what Delhi resident Sheetal Sharma has been experiencing since end-October, no thanks to the toxic air enshrouding India’s National Capital Region (NCR).

“Delhi feels right out of a dystopian movie. The air quality deteriorated very quickly post-Diwali from poor to severe in a matter of hours and has continued that way till now,” Sharma told CNBC’s Inside India, alluding to the popular national festival.

The air quality index (AQI) – which measures the level of pollution in the air – has risen significantly in the last few months. The metric peaked in November and subsequently edged down, only to nudge up to around 478 in the National Capital Territory of Delhi, which alongside several districts from surrounding states makes up the NCR, on Thursday. The reading remains in the hazardous range per classifications from India’s Central Pollution Control Board.

The government body considers a good AQI reading to be between zero and 50. Readings between 200 and 400 are classified as “poor” or “very poor” while anything above 500 is deemed “severe” for it has a serious impact on people with existing ailments.

The high AQI readings have pushed the government to direct schools to move to hybrid mode for some grades and stagger the working hours of civil servants. It has also imposed restrictions on vehicle usage in Delhi and adjoining regions with the view to curb emissions.

Still, Delhi’s prolonged high AQI reading has already taken a toll on many of its denizens. Sharma recounts that she had “no respite,” despite several courses of medication and undergoing treatment to clear her nasal passageways.

Relief only came when she “escaped” to a village near Nainital, some 300 kilometers away from Delhi. The AQI reading was just 65 there, allowing her “cough and cold to disappear within hours, without medical aid,” Sharma, who works at a tech company, said.

Unlike Sharma, many in Delhi – particularly those in labor-intensive roles – have not been able to escape the pollution.

GURUGRAM, INDIA – DECEMBER 1: People uses foot-over-bridge to cross the road amid thick layer of smog engulfed on MG road near Iffco chowk, on December 1, 2024 in Gurugram, India. (Photo by Parveen Kumar/Hindustan Times via Getty Images)
Hindustan Times | Hindustan Times | Getty Images

Thirty-seven-year-old Dinesh Kumar is one such person. The auto-rickshaw driver hails from Patna in the province of Bihar, over 1,000 kilometers east of Delhi. He was forced to find higher-paying work in the capital city to support his aging parents and school-going children.

Kumar dreads the winter months when pollution levels are heightened and people stay indoors. However, he says he does not have the means to move out of Delhi to seek employment in this period.

“My auto is empty on most days [during this time]. At most, I get one or two passengers now, compared to around 20 at other times of the year,” he laments, using the local term for a motorized, three-wheeled vehicle.

When he does drive, he says he is “constantly coughing.” “I feel like there’s chili in my eyes because I’m [tearing] and cannot see. If I stop working, my family will have no money” he told CNBC’s Inside India.

Delhi’s smog conundrum is a yearly problem permeating through the Indo-Gangetic plains – or northern states in India between October and December.

A geographical disadvantage

With Delhi’s smog problem taking centerstage every winter, the natural assumption is that the lower temperatures, or activities like agricultural stubble burning which happen in this season have a large part to play in elevating pollution levels.

However, Anumita Roychowdhury executive director of research and advocacy at the Centre for Science and Environment, argues that the “explosion” in air quality metrics is not because of a sudden spike in pollution-related activities in this season.

“Pollution is high and remains elevated all throughout the year. It is not that there is pollution only during winter,” she explained. Instead, she attributes the worsening readings to adverse meteorological conditions in the Indo-Gangetic plains where pollution that is already in the air from different sources gets trapped and has no wind to blow it away.

Delhi, and other northern Indian states are most susceptible given its “geographical disadvantages,” Roychowdhury explained.

“Mumbai or Chennai have much better natural ventilation because they have the open sea. So, even though pollution levels are very high in Mumbai, it does not accumulate, and the concentration doesn’t become as big as northern India, because the open sea, the natural ventilation index there is much better,” she added.

For its part, the Delhi government has undertaken several measures to curb pollution. In the past, it has even experimented with restricting the number of vehicles on the road based on their license plate numbers. However, Roychowdhury stresses that other states in northern India will now need to step up their efforts in addressing this problem.

“Pollution does not follow boundaries,” she said, quoting estimates from the Indian Institute of Tropical Meteorology, showing that 70% of particulate matter 2.5 is coming from the larger region outside Delhi.

Particulate matter 2.5 refer to particles in the air like smoke, soot, bacteria and pollen with a diameter that is 2.5 micrometers, or around the thickness of a single strand of hair.

A $95 billion cost

The longer-term implications of Delhi’s poor air quality extend beyond just compromising residents’ health and well-being to creating ripples in the economy.

Data from Dalberg Advisors, Clean Air Fund, Blue Sky Analytics and trade body CII, highlights that India’s capital New Delhi (which is part of NCR) loses 6% of its annual Gross Domestic Product (GDP) to air pollution.

Meanwhile, air pollution costs Indian businesses $95 billion or around 3% of India’s Gross Domestic Product (GDP) every year, the same report published in 2021 showed.

Those in the middle and lower-income groups are often the worst hit.

“The smog disproportionately affects the poor because the government is temporarily shutting down or phasing out polluting industries which absorb a significant number of semi-skilled and unskilled labor on daily wages,” Sumedha Dasgupta, senior analyst at the Economist Intelligence Unit (EIU) said.

Elsewhere, she noted that consumer-facing sectors such as retailers have also felt the pinch as people are now veering towards online shopping. Similarly, businesses servicing India’s booming wedding industry have been affected by consumers postponing their celebrations because of the poor weather.

The interconnected nature of India’s cities means that the economic weakness in Delhi could eventually extend to other parts of India.

“There is a domino effect in many areas,” Dasgupta said, using the construction industry as an example. Halting activities in Delhi would in turn mean stopping the purchase of sand from Bihar as well as cement and raw materials from another part of India, which would then impact the labor and efficiency levels in those states.

“So in the long-term you are slowing down the economies of those regions as well,” Dasgupta explained.

What is needed?

While the seasonal smog is likely to taper off by the end of winter in January, it is imperative for Delhi – and the wider north India region – to craft strategies to minimize its yearly recurrence.

Failure to do so may bring about other problems such as pushing people and investments out of the highly-polluted areas and into other parts of India.

That will end up creating a “migration burden” and add pressure to the infrastructure in other major metros like Mumbai, Bangalore or Hyderabad, which may have “to take on the load of people who can’t live in or are migrating out of Delhi,” Dasgupta said.

“So, it can certainly create a lot of issues on a national level, in terms of loss of productivity and traction in industries,” she added.

For starters, Roychowdhury suggests a shift away from “middle-class environmentalism” towards a more solution-based approach to address the problem. At a consumer level, this involves reducing the usage of cars and opting for public transport instead, where possible.

Meanwhile, she notes that businesses can look into sustainable and environmentally-friendly financing strategies. This would involve investing in infrastructure that minimizes the use of private transportation, as an example.

“We need to repurpose our investment that otherwise goes into car-centric infrastructure, and divert that funding towards building infrastructure for walking, cycling and public transport, that will certainly give us a much bigger pay off and help us to prevent and control pollution more efficiently,” Roychowdhury added.

She argues that businesses can also look into repurposing the residue of the crops that farmers are burning. There have already been instances of this in Delhi and the NCR, where biomass-based fuels absorbing agricultural waste and crop residue are being used by the industrial sector in place of natural gas.

These improvements are part of a long road to addressing a major problem in India. If handled well, it can mean that businesses embrace Delhi, while residents like Sharma and Kumar remain healthy, bolstering both their income and the nation’s economic growth.

Need to know

The lower-than-expected economic growth in India’s fiscal second quarter is a “temporary blip.” That’s according to the country’s finance minister Nirmala Sitharaman. “This lower growth situation is no different from the earlier years when Lok Sabha elections were conducted,” Sitharaman said, referring to the June elections in India’s lower house of parliament. She also noted that government capital expenditure has risen 6.7% year on year.

India’s trade deficit in November was wider than expected. In the April to November period, India’s imports rose 8.35% compared with its export growth of 2.17%, year on year. That’s led to a trade deficit of $37.84 billion in November, higher than the $23 billion expected by a Bloomberg survey. In October, that figure came in at $27.1 billion.

Earnings growth in India has faced challenges recently. Disruptions caused by the monsoon and elections in India have hit earnings in the last few quarters, according to Rohit Shimpi, Fund Manager at SBI Mutual Fund. That said, he says the economy looks set to pick up as companies and the government accelerate their capital expenditure.

Global markets have lagged behind the U.S. this year. Year to date, the iShares MSCI ACWI ex U.S. ETF has risen 3.17%, compared with the S&P 500‘s 23.87% increase during the same period. Strategists see more bumps in 2025 for global markets. However, “India is still the market to beat” neat year, one strategist said. [For subscribers only]

What happened in the markets?

Indian stocks continued to fall this week. The Nifty 50 index is down 3.3% since last Friday’s close. The index has risen 10.2% since the start of the year.

The benchmark 10-year Indian government bond yield has moved up by over 5 basis points since the end of last week, to 6.786%.

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On CNBC TV this week, Carl Ashton, investment counselor at Citi Private Bank, said that the bank is maintaining an overweight stance on India. Even though stock prices are around 20- to 22-times earnings, corporate earnings are growing in the region of high double-digits. India’s projected 7% growth in gross domestic product next year might help recover corporate earnings as well. Hence, the valuation of Indian equities looks “reasonable,” Ashton said.

Meanwhile, Puneet Gupta of S&P Global Mobility, said that India and Tesla have a mutually beneficial relationship. India needs Tesla’s expertise to manufacture electric vehicles and develop the domestic EV industry, while Tesla needs India because the country is the third-largest market in the world — and middle-class people in India are “really scouting for EVs, specifically in the luxury segment.”

What’s happening next week?

Interest rate decisions and inflation readings dominate the economic calendar next week. Indian IPOs are scarce as the end-of-the-year lull descends.

December 19: U.S. third-quarter GDP final figures, Bank of Japan interest rate decision, Bank of England interest rate decision

December 20: U.S. personal consumption expenditures price index for November, India monetary policy meeting minutes, Japan inflation rate for November, Euro zone consumer confidence flash data for December

By CNBC

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