Tag: FInance News

  • Pravasi Bharatiya Express: Govt launches a 3-week, all-expenses-paid train tour for elderly Indian-origin travellers

    The Indian government will be launching a special train for people of Indian origin (PIO) to help them connect with their roots. Named Pravasi Bharatiya Express, this state-of-the-art tourist train, exclusively designed for PIOs only in the age group of 45-65 years, will travel to multiple destinations of prominent touristic interest and religious importance, all over India, for a period of 3 weeks starting on January 09, 2025.

    Representational image. Photo courtesy: Unsplash
    Representational image. Photo courtesy: Unsplash

    The train will start from the Safdarjung Railway Station in New Delhi. The date January 09, 2025 has been chosen to commemorate the return of Mahatma Gandhi from South Africa to India in 1915.

    As per the official statement, the special train will travel to Ayodhya, Patna, Gaya, Varanasi, Mahabalipuram, Rameshwaram, Madurai, Kochi, Goa, Ekta Nagar (Kevadia), Ajmer, Pushkar and Agra.

    The train would have a maximum capacity for 156 passengers.

    This specially conducted tour is being organised under the Pravasi Teerth Darshan Yojana (PTDY) scheme of the Ministry of External Affairs in collaboration with the Indian Railways Catering and Tourism Corporation (IRCTC) aiming to connect the Indian Diaspora to their roots.

    “We seek nominations from all interested participants, with preference being accorded to PIOs belonging to the low income category who would otherwise not be able to afford to visit India on their own. Ministry will bear all expenses for the aforesaid conducted train tour besides also bearing 90% of the return airfares for the eligible PIOs from their countries of origin to India. PIOs will need to bear only 10% of their return airfares to avail of this scheme, that is to be launched by Ministry on January 09, 2025,” an official statement read.

  • EXCLUSIVE: Suthasini shatters glass ceiling with Mediacorp’s Deepavali song composition

    Already a reputed name in the Singapore music circuit, Suthasini Rajenderan added another feather to her cap by becoming the first female artist to compose Medicacorp’s official Deepavali song: Vanthuruchu Deepavali, which premiered at Amarkala Deepavali 2024 event, the Singapore-based company’s Diwali countdown show. For 13 years, the official Deepavali soundtrack for Mediacorp was composed by some of Singapore’s finest male composers. On the 14th year, it broke the trend and created a milestone, paving way for a female to lead the way!

    Suthasini, who first gained national recognition by winning Vasantham Star — a singing competition hosted by Mediacorp — in 2011, teamed up with her husband Vishnu Balaji, and budding artistes Darshna Mahadevan, Pallavi Jyothish and Soorya Anand for the peppy track.

    The multi-talented artiste spoke exclusively to Connected to India ahead of Diwali, which is celebrated widely in Singapore, with several areas in the city-state undergoing a transformation to suit the festive mood.

    Asked why it took so long for a gender-equal country like Singapore to have a woman compose the Diwali track, Suthasini says, “I would say we are almost gender equal, because we are getting there. (It is) definitely way better than (it was) 10 years or 15 years ago… but it takes a lot of time for a woman to gain the trust, because it’s like many years, decades of male dominated industry.”

    “Females are slowly catching up,” she adds.

    “It takes a while for them to gain the trust… or rather give them the assurance, that I’m able to pull it off, because I have been doing our singles for many years, actually. So yeah, I think it took time,” she adds.

    Talking about the singers, Suthasini says she wanted a mix of mature and fresh voices and hence veteran Vishnu Balaji and the three newcomers were preferred.

    Talking about his journey, Soorya Anand, who was the runners up at Yaar Antha Star 2024, says he wasn’t expecting to be a part of the lineup, but grabbed the chance when the composer texted him.

    Watch the Spotlight interview below.

  • Nvidia rides Trump wave to breach USD 3.6 trillion mark, overtakes Apple as most valued company

    Donald Trump’s return to the White House has had a bullish effect on certain American companies. Shares of chip making giant Nvidia moved north to close at a value of USD 3.65 trillion on Thursday, November 7.

    Nvidia Yokneam office in Israel. Photo courtesy: Amir Shtanger/Wikipedia
    Nvidia Yokneam office in Israel. Photo courtesy: Amir Shtanger/Wikipedia

    This allowed Nvidia to not only overtake Apple as the world’s most valued company but also breach the USD 3.6 trillion-mark for the first time by any corporation.

    The previous record stood with Apple, who, on October 21, recorded figures of USD 3.57 trillion.

    As per reports, the Tim Cook-led company ended Thursday with a market value of USD 3.44 trillion. The iPhone maker saw its stock rise 2.1 percent before the market closed on November 7.

    Since Trump’s victory — marking one of the greatest political comebacks in the US’ history — the S&P 500 technology index has reported growth of over 4 percent in the two sessions.

    ALSO READ: Donald Trump wins presidential elections in USA scripting a historic Republican comeback

    Nvidia, which recently announced a partnership with Indian MNC Reliance to establish cutting-edge AI infrastructure in the country, has been the US stock market’s biggest winner in the last few days. It has overcome competition from Microsoft, Alphabet and other big technology companies.

    While Nvidia’s stock has jumped 12 percent in November, it has simultaneously witnessed its value triple this year.

    Nvidia isn’t the only company that has profited from Trump’s return. The US President-elect’s star campaigner, Elon Musk, too benefited.

    The stock of Tesla — billionaire Musk’s automotive and clean energy company — rose over 14 percent on Wednesday, November 6, in early trade on Nasdaq, making it one of the biggest winners in the S&P 500 index, as per reports.

    ALSO READ: Trump effect: Tesla stock surges 14 percent after Republican win

    The Austin-based multinational saw its stock jump 14.5 percent in early trading to post USD 287.93 a share, just hours after Trump won.

  • Indian-origin woman buys house where Matthew Perry was found dead last year

    Indian-origin entrepreneur purchases house where Matthew Perry was found dead last year.
    Anita Verma-Lallian performing puja after purchasing the house where Hollywood actor Matthew Perry was found dead. Photo Courtesy:   Anita Verma-Lallian Instagram page

    Indian-origin woman Anita Verma-Lallian has bought the US residence where the late Hollywood actor Matthew Perry died recently.

    If media reports are to be believed, then Anita Verma-Lallian bought the home in Pacific Palisades in Los Angeles for a whopping $8.55 million.

    She shared several images of hosting a ‘Hindu puja’ ceremony and performing rituals at the property where the iconic NBC sitcom Friends actor was found dead at age 54. 

    On October 28 last year Perry was found unresponsive in a hot tub here.

    He was later pronounced dead.

    She also shared some stunning images of the home.Sharing a long caption, she wrote on Instagram: “As a real estate developer myself, I believe every property has a history that we may or may not know about, and every home carries the energy that the current owner brings to it.  I am Hindu, and it’s customary to do a blessing and prayer anytime you buy a new home. We were so lucky to have our Panditji from Arizona come to the house to do the blessing.”

    Speaking about her plans with the property, she said: “We chose to honor the positive aspects of the previous owner’s life, his immense talent, and all the joy he brought to so many people.   The decision to purchase the home had nothing to do with the previous owner, just our love of the home.”

    She said she is waiting to make new memories in the house.

    She performed the ceremony during the Diwali festivity last week.

    Perry was found dead in his residence last year.

    The incident left his fans and co-stars shocked.

    He had gained international recognition for his performance in popular American series Friends.

  • India won’t travel to Pakistan to participate in Champions Trophy next year, wants their games to be shifted to Dubai: Reports 

    The Indian team will not travel to Pakistan in 2025 to play the upcoming Champions Trophy, media reports said.

    The Indian Cricket Board, in a recent communication to the Pakistan Cricket Board, have cited security concerns for their decision and expressed their desire to play all their games in Dubai, reported The Indian Express.
    Indian newspaper claims cricket team will not travel to Pakistan for Champions Trophy. Photo Courtesy: BCCI X page

    The Indian Cricket Board, in a recent communication to the Pakistan Cricket Board, have cited security concerns for their decision and expressed their desire to play all their games in Dubai, reported The Indian Express.

    “This has been our stance and there is no reason to change that. We have written to them and asked them to shift our games to Dubai,” a source told the newspaper.

    Pakistan, where the international cricket team did not travel following the terror attack on the Sri Lankan cricket team, will host the major ICC event from February 19 to March 9.

    Eight teams are scheduled to participate in the tournament.

    Sources told the Indian newspaper that the BCCI continued to stick to its stand over Pakistan “in consultation with the government”.

    In 2023, India was forced to shift its Asia Cup matches to Sri Lanka despite pressure from host Pakistan.

    India last visited Pakistan in 2008 to play in the Asia Cup.

    Pakistan hosted several international teams for bilateral series in recent years.

  • Salman Khan receives fresh threat over a song naming gangster Lawrence Bishnoi 

     Bollywood superstar Salman Khan has received yet another threat from an anonymous person over a song that had referred to gangster Lawrence Bishnoi, whose group gunned down Maharashtra politician Baba Siddique last month and also targeted the 58-year-old actor. 

    The song reportedly names both Salman Khan and Lawrence Bishnoi.
    The Lawrence Bishnoi gang carries an anger against Salman Khan over the 1998 blackbuck poaching case | Photo courtesy: Salman Khan Facebook page

    The song reportedly names both Salman Khan and Lawrence Bishnoi. 

    The Mumbai traffic control room received the threat on Thursday midnight. 

    “The songwriter’s condition will be such that he will no longer be able to write songs. If Salman Khan has the courage, he should save them,” the threat message says as quoted by NDTV.

    Earlier, Salman Khan had received multiple death threats after Nationalist Congress Party leader Baba Siddique was shot dead by members of the Lawrence Bishnoi gang.

    On October 29, the police received a message targeting actor Salman Khan, demanding Rs 2 crore and threatening him. In that case, a man from Bandra was taken into custody.

    The second threat message warned that Salman Khan would face a fate worse than Siddique’s if he did not pay Rs 5 crore.  

    Salman, whose security has already been heightened, had received threats from the Lawrence Bishnoi gang which has an anger against the actor for allegedly killing two blackbucks in 1998. The Bishnoi community worships blackbuck as a reincarnation of their spiritual guru, Jambheshwar.

  • Ben Stokes skips IPL 2025 auction, likely to face BCCI ban 

    England Test captain Ben Stokes has decided to skip the mega auction for the Indian Premier League 2025, running the risk of getting banned by the Indian cricket board BCCI from participating in the 2026 season as well, media reports said.

    Stokes doesn't feature in the list of 52 English players who have registered for the IPL 2025 auction, which will be held in Jeddah, Saudi Arabia on November 24 and 25.
    Ben Stokes, an English allrounder, may be banned from IPL until 2027 | Photo courtesy: Ben Stokes Facebook page

    Stokes doesn’t feature in the list of 52 English players who have registered for the IPL 2025 auction, which will be held in Jeddah, Saudi Arabia on November 24 and 25.

    As per the new IPL rules, an overseas player, who fails to register for the auction, will be barred from participating in the cash-rich T20 tournament the following season.

    Stokes, who had opted out of 2022 mega auction, was roped in by Chennai Super Kings in 2023 through a mini auction. 

    Meanwhile, English pace bowler James Anderson, who retired from international cricket at the age of 42 in July this year, has signed up for the IPL 2025.

    Anderson hasn’t played a T20 match since 2014. He has never participated in any global T20 franchise league. 

    Jofra Archer, another English pace bowler, too registered for the mega auction. 

    The 29-year-old has made a comeback from his injury that had kept him out of cricket for long. 

    He is hoping to play the upcoming series against India in the summer of 2025.

    Under normal circumstances, every season of IPL is held across various cities of India in summer. 

  • DBS Group announces SGD 3 billion share buyback programme, after posting record net profit in Q3 2024

    DBS Bank building
    The DBS Group is headquartered and listed in Singapore, with a presence in 19 markets, including India. Photo courtesy: DBS

    Announcing record profits of more than SGD 3 billion in the third quarter of 2024, the DBS Group today also said that it had established an SGD 3 billion share buyback programme. These shares will be bought in the open market and cancelled.

    In a media release, DBS said: “The [buyback] programme marks the first time that repurchased shares are cancelled. The programme is over and above share buybacks periodically carried out for the purpose of vesting employee share plans.”

    The DBS Group, headquartered and listed in Singapore with a presence in 19 markets, including India, said: “Based on the balance sheet as at September 2024, the [share buyback] programme will reduce the fully phased-in CET-1 ratio by around 0.8 percentage points when completed.”

    The release added: “The [share buyback] programme is the latest in a series of capital management initiatives undertaken by the [DBS] Board, which included a doubling of the ordinary dividend over the past five years, occasional special dividends, and a recent bonus issue that effectively raised dividends.”

    DBS CEO Piyush Gupta
    DBS CEO Piyush Gupta. Photo courtesy: DBS

    DBS CEO Piyush Gupta said, “We have been returning a substantial amount of capital to shareholders in recent years, reflecting the significant structural improvements our franchise has achieved. The buyback programme is underpinned by our strong capital position and ongoing capital generation, and it is another affirmation of our commitment to capital management.”

    DBS Deputy CEO Tan Su Shan said, “The buyback programme expands our toolkit for capital management. The considerable amount of capital we have returned in recent years has been a distinguishing hallmark that remains well supported by our financial strength. I am committed to continuing with this approach when I take over from Piyush.”

    Also read: DBS Bank leadership transition: Piyush Gupta to be succeeded by Tan Su Shan as CEO in March 2025

    DBS Q3 2024 net profit rises 15 per cent to surpass SGD 3 billion for first time

    With less than five months left before the leadership transition at DBS, the group notched up a major achievement, as its third-quarter 2024 net profit crossed SGD 3 billion for the first time — the Q3 net profit rose 15 per cent from a year ago and 8 per cent from the previous quarter to reach SGD 3.03 billion.

    A DBS media release issued today said: “Total [Q3] income rose 11 per cent from a year ago and 5 per cent from the previous quarter to SGD 5.75 billion. These increases were driven by balance sheet growth; record fee income led by wealth management; higher treasury customer sales; and the strongest markets trading income in ten quarters. The cost-income ratio was 39 per cent.”

    Giving more details of DBS performance in 2024 so far, the release said: “For the nine months, net profit increased 11 per cent to a new high of SGD 8.79 billion. Return on equity was at 18.8 per cent. Total income rose 11 per cent to SGD 16.8 billion from growth in both the commercial book and markets trading.

    “Asset quality continued to be resilient, with the NPL ratio declining to 1.0 per cent. Non-performing assets fell 8 per cent from the previous quarter. Specific allowances were at 14 basis points of loans for the third quarter and 11 basis points for the nine months.”

  • All you need to know about Indian-origin Kashyap ‘Kash’ Patel, Trump’s likely pick as next CIA chief 

    Indian-origin American Attorney and former US government official Kashyap ‘Kash’ Patel, who is known as a loyalist of President-elect Donald Trump, is likely to be picked as the new chief of Central Intelligence Agency (CIA) as the Republican-era returns in the White House.

    In the closing weeks of his previous administration that ended in 2020, Trump intended to pick Patel as the deputy director of CIA, which is a civilian foreign intelligence service of the US federal government.
    Kashyap ‘Kash’ Patel was born to Hindu parents in New York in 1980 | Photo courtesy: defense.gov

    In the closing weeks of his previous administration that ended in 2020, Trump intended to pick Patel as the deputy director of CIA, which is a civilian foreign intelligence service of the US federal government. 

    However due to pressure from the White House officials, Trump, as reports claim, had to drop his plan. 

    Now after a landslide US Presidential election victory, Trump, who has the hold over the Senate and also enjoys the popular vote, is likely to appoint Patel as the CIA chief in his new administration. 

    At a big event last year, Trump told Patel, “Get ready, Kash. Get ready.”

    More about Kashyap ‘Kash’ Patel

    Patel was born in 1980 in New York to Gujarati Indian parents who had immigrated to the United States through Canada.

    He received a degree in criminal justice and history from the University of Richmond in 2002.

    Two years later, he received a certificate in international law from the University College London and a graduate-entry professional duty from Pace University School of Law in 2005. 

    He worked as a public defender in Florida for eight years after graduating in 2005.

    Patel was hired as a trial attorney in the US Department of Justice National Security Division in 2014. 

    Three years later, he was appointed senior counsel on counterterrorism at the House Select Committee on Intelligence. 

    In 2017, Patel significantly became the senior committee aide to House Intelligence Committee chair Devin Nunes. 

    He has reportedly played a role in Republicans’ opposition to the probe into Trump and Russia’s interference in the 2016 US polls. 

    He worked as a senior counsel at the House Reform and Oversight Committee after the Democrats took control over the House of Representatives in 2019. 

  • Russia emphasises on “constructive engagement” with White House amid reports claiming Putin privately congratulated Trump on poll victory

    With the United States presidential election results ushering in another Donald Trump era, Russia’s Ministry of Foreign Affairs has issued a statement recognizing the significance of the event and reiterating Kremlin’s stance on its relationship with the US. 

    The Ministry noted that, while the United States remains a “key international actor,” Russia intends to maintain a neutral stance on domestic matters, including electoral outcomes.
    Donald Trump’s historic win is good news for Russia. File photo by Kremlin.ru via Wikimedia Commons

    The Ministry noted that, while the United States remains a “key international actor,” Russia intends to maintain a neutral stance on domestic matters, including electoral outcomes.

    In the official statement, Russia underscored its hope for “constructive engagement” with the incoming administration to address global challenges. 

    The Ministry stressed that it seeks to maintain “stable, predictable relations” with Washington, an important message following years of fluctuating diplomatic ties and sanctions between the two nations.

    However, Western media outlets are now reporting that, despite the formal neutrality, Russian President Vladimir Putin and several top officials privately congratulated Donald Trump on his historic victory in the presidential race. 

    Sources close to the Russian government disclosed that high-level officials expressed approval of Trump’s win, reportedly seeing it as an opportunity to mend strained relations.

    This revelation has stirred reactions within the US, with some political analysts suggesting it could prompt questions about Russia’s stance toward American politics. 

    Trump’s history with the Kremlin, marked by both controversy and diplomacy, has been scrutinized since his initial election campaign, raising renewed discussions about how these connections might influence international dynamics in his new term.

    The Kremlin, meanwhile, has neither confirmed nor denied reports of these private congratulations. 
    Kremlin spokesperson Dmitry Peskov responded to questions on the subject by affirming Russia’s respect for the American electoral process, declining to elaborate on any personal communications.

    Political analysts note that Moscow’s messaging appears to balance public neutrality with a more optimistic view of Trump’s administration behind closed doors. 

    The Russian media has also largely welcomed Trump’s victory, emphasizing his past assertions of seeking warmer ties with Moscow. 

    State-sponsored news outlets have speculated on the potential for reduced tensions and increased cooperation, particularly around counterterrorism and arms control.

    In Washington, the news has already sparked debate about the potential implications of Trump’s perceived favourable relationship with the Kremlin. 

    With international diplomacy in a delicate state and emerging multipolar dynamics, the interactions between Moscow and Washington will be closely monitored as Trump assumes office once more.