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☆ The US economy has been 'more than fine' without your student debt
▼ + stars: | 2023-03-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

Her story shows the extra juice that delaying — or as some would argue, canceling — student debt can provide to people's lives and the economy as a whole. "If we cancel student debt, what that really means is the federal government is choosing not to collect payments from debtors on the debt that's already issued," Steinbaum said. Biden's student loan bailout will cost every taxpayer, even those who never went to college, at least $2,500." But to be clear, we don't have the most concrete data about the effects of student loan relief — since, well, it hasn't been done. Do you have a story to share about student debt?

[1/5] A man walks past a model of G20 logo outside the finance ministry in New Delhi, India, March 1, 2023. Germany responded saying it would counter Russian "propaganda" at the G20 meeting. The foreign ministers meeting comes days after a meeting of finance chiefs of G20 countries in Bengaluru that was also overshadowed by Russia's war in Ukraine. An EU source separately said the EU delegation would not support a statement at the G20 meeting if it did not include condemnation of the war. The G20 includes the wealthy G7 nations as well as Russia, China, India, Brazil, Australia and Saudi Arabia, among other nations.

Feb 28 (Reuters) - The U.S. Food and Drug Administration on Tuesday approved Reata Pharmaceuticals Inc's (RETA.O) drug for the treatment of a rare genetic disorder that causes progressive damage to the nervous system, sending shares up nearly 160% after the bell. The drug, Skyclarys, is Reata's first product to gain approval, and Jefferies analyst Maury Raycroft projected that U.S. sales of the drug could reach $400 million by 2030. Reata estimates the disorder, called Friedreich's ataxia, affects about 5,000 patients in the United States. Raycroft, before the FDA decision, estimated the drug could be priced at about $425,000 per patient annually. The FDA has previously approved drugs for neurological conditions based on limited data such as for Biogen Inc's (BIIB.O) Alzheimer's drug Aduhelm and Amylyx's ALS drug.

☆ Adani Group's problems are 'largely a liquidity-driven issue,' analyst says
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAdani Group's problems are 'largely a liquidity-driven issue,' analyst saysAbhishek Jain of Arihant Capital says Adani's "fundamentals won't run" in the short term.

☆ U.S. FDA declines to approve Cytokinetics' heart drug
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

Feb 28 (Reuters) - Cytokinetics Inc (CYTK.O) said on Tuesday the U.S health regulator declined to approve its oral drug for a type of heart failure, citing lack of sufficient data to show the drug was effective. The U.S. Food and Drug Administration's decision comes after a panel of outside experts in December recommended against allowing the use of the drug due to safety concerns. Reporting by Pratik Jain and Bhanvi Satija in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

[1/3] FILE PHOTO-Russian Foreign Minister Sergei Lavrov speaks during a meeting with heads of foreign media outlets in Moscow, Russia, February 15, 2023. Last July, Russian Foreign Minister Sergei Lavrov walked out of a G20 foreign ministers’ meeting, also in Bali, after the West strongly denounced the war. The G20 bloc includes the wealthy G7 democracies, as well as Russia, China, India, Australia, Brazil and Saudi Arabia among other countries. The foreign ministers' meeting will also be watched for how tensions between Washington and Beijing play out, including over the Ukraine war. "It is unlikely that G20 foreign ministers can agree on common language suggesting ways and mechanisms to deal with the situation in Ukraine," he said.

☆ Nepal's ruling coalition in turmoil as deputy PM and 3 other ministers quit
▼ + stars: | 2023-02-25 | by ( Gopal Sharma | ) www.reuters.com time to read: +2 min

KATHMANDU, Feb 25 (Reuters) - Nepal's ruling coalition was in turmoil on Saturday after the prime minister said he planned to support a presidential candidate from an opposition party, a decision that prompted the deputy prime minister and three other ministers to resign. But they said the turmoil could lead a new coalition being formed. He did not give a reason for his decision, though the Nepali Congress party is a former ally of Prachanda's Maoist Centre party. On Saturday, Rajendra Lingden, the deputy prime minister who was also minister for energy, water resources and irrigation, resigned in protest, along with the ministers for urban development and legal matters, while a junior minister assisting Lingden also quit. Prachanda's office confirmed the four ministers had resigned but did not say whether the resignations had been accepted.

NEW DELHI/BERLIN, Feb 24 (Reuters) - Germany will pursue a $5.2 billion deal with India to jointly build six conventional submarines in the country during Chancellor Olaf Scholz’s Feb. 25-26 visit, two Indian and two German sources said. Under the deal, a foreign submarine manufacturer will have to partner with an Indian company to build the submarines in India. The Indian foreign and defence ministries did not respond to requests for comment. An Indian diplomatic source told Reuters that India has asked Germany for an assurance for joint manufacturing for the submarines, not just supply-side support. Another official from the Indian foreign ministry said that “Scholz was determined to reinvigorate trade and defence ties with India”.

☆ Germany's Scholz says want to deepen relations with India, meets Modi
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Adnan AbidiNEW DELHI/BERLIN, Feb 25 (Reuters) - German Chancellor Olaf Scholz said on Saturday said he wanted to deepen his nation's relationship with India ahead of his meeting with Prime Minister Narendra Modi in New Delhi. "India and Germany have very good relations and want to deepen them. That will be the topic of our talks and, importantly, peace in the world," Scholz said on Twitter. India has also sharply raised its purchases of oil from Russia, its biggest supplier of defence hardware, although prices have fallen. Scholz is travelling with a business delegation in a hope of growing that number, with a focus on investment in green technology.

☆ Biden and Republican senators join forces in attack on Big Tech at Supreme Court
▼ + stars: | 2023-02-18 | by ( Lawrence Hurley | David Ingram | ) www.cnbc.com time to read: +7 min

A person walks in front of the U.S. Supreme Court building during rainy weather, in Washington, U.S. January 17, 2023. WASHINGTON — President Joe Biden and some of his most prominent Republican adversaries in Congress have become allies, of sorts, in an upcoming Supreme Court showdown between Big Tech and its critics. Biden took a shot at tech companies in his State of the Union address earlier this month, although he did not mention Section 230. "I think this is an opportunity for the Supreme Court to disentangle some of the knots that the courts themselves have woven here into the law," he said in an interview. "The rhetoric is that these are bad powerful tech companies that are harming ordinary people and causing a lot of harm and injustice," Rathi said.

Feb 15 (Reuters) - Emergent BioSolutions Inc's (EBS.N) over-the-counter version of opioid overdose reversing drug received unanimous support from U.S. Food and Drug Administration's panel of advisers, sending shares of the contract drugmaker up nearly 16% after market. The vote puts the naloxone-based treatment Narcan on track to potentially become the first opioid overdose drug to be sold OTC nationwide. Naloxone rapidly reverses or blocks the effects of an overdose, restoring normal respiration. However, most panelists emphasized that OTC use of the nasal spray was safe and proposed ways to improve its labeling, to avoid using the drug wrong. Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020.

☆ Indian tax inspectors examine mobiles, laptops of BBC employees
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +3 min

[1/4] Members of the Indo-Tibetan Border Police (ITBP) stand guard outside a building housing BBC offices, where income tax officials are conducting a search for a second day, in New Delhi, India, February 15, 2023. REUTERS/Altaf HussainNEW DELHI, Feb 16 (Reuters) - Indian tax officials examined mobile phones and laptops used by some BBC editorial and administrative employees, two sources told Reuters, as an inspection at the British broadcaster's offices in New Delhi and Mumbai entered a third day on Thursday. Tax officials had remained at the BBC's offices, some sleeping there, since the surprise inspection was launched on Tuesday, according to witnesses. A second source gave a similar account. The BBC has stood by its reporting, which investigated one of the worst outbreaks of religious violence in India during the modern era.

☆ Indian tax officers search BBC offices for second day, sources say
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

[1/3] Police officers stand outside a building having BBC offices, where income tax officials are conducting a search, in New Delhi, India, February 14, 2023. REUTERS/Anushree FadnavisNEW DELHI, Feb 15 (Reuters) - Indian tax officers searched the BBC's offices in New Delhi and Mumbai for a second day on Wednesday, two sources said, as controversy swirled over a BBC documentary critical of Prime Minister Narendra Modi's role in deadly riots two decades ago. India's Income Tax Department has declined to comment on the reason for the search. The government says the documentary, "India: The Modi Question", aims to push what it calls a discredited narrative, arguing that it is "biased, lacked objectivity" and showed a "continuing colonial mindset". It said on Tuesday it was cooperating with Indian tax officials, and hoped to have the situation "resolved as soon as possible".

[1/5] Police officers stand outside a building having BBC offices, where income tax officials are conducting a search, in New Delhi, India, February 14, 2023. The government last month dismissed the documentary, "India: The Modi Question", as propaganda and blocked its streaming and sharing on social media. The BBC has stood by its reporting for the documentary and said it was cooperating with Indian tax officials. The tax survey relates to transfer pricing rules and alleged diversion of profits. India's Income Tax Department has so far declined to comment on the reason for the search.

☆ India's income tax department conducts searches at BBC offices - sources
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, Feb 14 (Reuters) - India's income tax department conducted searches at the BBC's New Delhi and Mumbai offices on Tuesday, two sources told Reuters. The income tax department and the BBC did not immediately respond to emails seeking comment. The move comes weeks after the government blocked the sharing of clips of a BBC documentary that questioned Prime Minister Narendra Modi's leadership during deadly riots in 2002 in the western state of Gujarat. Reporting by Rupam Jain and Mohi Narayan; Editing by Himani Sarkar and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Dry clean your clothes in this climate startup's vending machine
▼ + stars: | 2023-02-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Dry cleaning is not only costly for consumers, it's costly to the environment as well. While some industrial dry cleaners are opting for greener chemicals, others are looking to change the whole business model. Presso is an Atlanta-based startup that invented what looks like a vending machine for dry cleaning, but its process is a little different. The process, however, takes only a few minutes and can cost up to 80% less than traditional dry cleaning, depending on the garment. None of the process of even doing logistics inside a dry cleaning facility, none of that exists anymore," said Jain.

☆ Indian shares muted on Fed rate-hike concerns; Adani stocks tumble
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 9 (Reuters) - Indian shares struggled for direction on Thursday, on concerns over the U.S. Federal Reserve's rate-hike trajectory, while a drop in Adani Group company stocks also dampened sentiment. Twenty-six of the Nifty 50 constituents declined, with Adani Enterprises (ADEL.NS) and Adani Ports (APSE.NS) falling 7.9% and 3.5%, respectively. Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float. read moreSeveral institutional investors and funds allocate as per the MSCI index and consider it a benchmark. If the weightage of Adani stocks gets reduced in the index following a review, it would lead to outflows and likely result in a slide in the group's stock, two analysts said.

☆ Exclusive: Indian refiners pay traders in dirhams for Russian oil
▼ + stars: | 2023-02-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

Previous attempts by Indian refiners to pay traders for Russian crude in dirhams through Dubai banks failed, forcing them to switch back to the U.S. currency. Indian refiners typically buy Russian crude from traders at a price that includes delivery to India. An invoice for such a deal seen by Reuters showed traders asking for an average crude price including freight for Urals crude. Indian refiners mostly buy Russian crude from Dubai-based traders including Everest Energy and Litasco, a unit of Russian oil major Lukoil (LKOH.MM). India's oil secretary Pankaj Jain last month said Indian companies were not facing any problems in paying for Russian oil as the latest actions by the West do not impact the trade settlement mechanism.

☆ India Budget 2023: Here's what the experts say
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +13 min

"This budget, therefore, has rewritten the rules for financilisation of savings in India, which will induce expenditures rather incentivise savings. LAKSHMI IYER, CEO-INVESTMENT ADVISORY, KOTAK INVESTMENT ADVISORS LTD"India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are - Capex increase - consumption boost - capital gains tax status quo. Additionally, the budget has provided significant direct tax benefits to individuals which will help increase disposable income and support spending. The budget keeps in mind the needs of future India while focusing on Artificial Intelligence and machine learning.

☆ Instant View: Adani's $2.5 billion offer rides out share storm with investor backing
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +5 min

COMMENTARYAMBAREESH BALIGA, INDEPENDENT MARKET ANALYST, MUMBAI"The FPO did get subscribed, thanks to a few institutional as well as large family offices. DEEPAK JASANI, HEAD OF RETAIL RESEARCH, HDFC SECURITIES, MUMBAI"For Indian markets, one of the concern areas is out of the way for the time being as this was weighing on investor sentiment. Since the current market price is below the offer price, the retail subscription was low as investors can rather buy it from the market." That was their focus area considering the fact that there was a difference between the market price and the floor price of the FPO. It seems that retail investors did not consider the fact that there is more to rates than just the price."

☆ How the Supreme Court could soon change free speech on the internet
▼ + stars: | 2023-01-30 | by ( Lauren Feiner | ) www.cnbc.com time to read: +19 min

Musk's actions since closing the deal last year have illuminated how he sees the balance internet platforms must strike in protecting free expression versus user safety. The Supreme Court has yet to decide if or when to hear the cases, though many expect it will take them up at some point. The Age-Appropriate Design Code requires internet platforms that are likely to be accessed by kids to mitigate risks to those users. Google said such a change would also make the internet less safe and less hospitable to free expression. The Supreme Court of the United States building are seen in Washington D.C., United States on December 28, 2022.

☆ Two Indian Air Force jets crash - officials
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI Jan 28 (Reuters) - Two Indian Air Force fighter jets crashed in Madhya Pradesh state and the neighbouring desert state of Rajasthan, local officials said on Saturday. "I can confirm that two aircraft belonging to the Indian Air Force crashed in our jurisdiction," said A. K. Verma, a local administrator in Madhya Pradesh state. The status of the third crew member wasn't immediately clear, while no details were released on the crew of the second plane. Verma said defence ministry officials were heading to the crash site. Officials in the federal defence ministry said they were gathering details from the Rajasthan crash site and a team has been rushed to the location from the nearest Air Force stations.

☆ Sri Lanka economy could shrink by -3.5% to -4%, president says
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +1 min

COLOMBO, Jan 28 (Reuters) - Sri Lanka's economy could contract by -3.5 or -4.0% in 2023 after shrinking -11% last year, President Ranil Wickremesinghe said on Saturday. "From 2024, we will take this economy to positive growth. Speaking at a religious event, he said: "The growth rate of the economy in 2022 was -11% and could be -3.5 or -4.0% this year." "No one can prevent the country from falling into crisis again similar to May and June last year," Wickremesinghe said. Reporting by Uditha Jayasinghe; writing by Rupam Jain; editing by Jason Neely and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale that started on Friday. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Ports, Adani Green Energy and Adani Transmission marked their worst intraday drop ever, with heavy volumes. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."

☆ Instant view: India's Adani slammed by $48 bln stock rout, clouding record share sale
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

COMMENTARYJ.P.MORGAN"While the Hindenburg report focused mainly on equity valuations within the group, we are primarily concerned about the underlying credit profiles of group companies given underlying bank exposures. Clearly given the size of the group and outstanding debt, this has also impacted the banks." So if a report comes and stocks see a sharp fall, lot of margin calls also get triggered. At least 40% of the group's debt is exposed to Indian banks, so that exposure is what people are worried about in banks. Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

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