New Delhi: The Budget at a glance establishes that the share of government revenue from income tax (tax on individuals) at 19% is more than what corporates have contributed (17%). Advertisement <!– This follows from taxes foregone five years ago, when corporates were given a tax break. <!– The corporate tax-rate cut was meant to be … Read more
Read Full Budget 2024 CoverageThe middle class, the tax-paying population of India, stares at the face of the government every time the Budget day approaches. It is that neglected segment that pays both income tax for earnings, and GST for spending. It is this 2% of the entire population of India that is contributing massively … Read more
The global population of high-net-worth individuals (HNWIs) grew by 5.1% to 22.8 million in 2023, with their collective wealth reaching a record .8 trillion. This surge was driven by strong stock market performance, with major indices such as the Nasdaq and S&P 500 experiencing significant gains. North America led the growth in millionaires, surpassing Asia-Pacific and Europe. Discussions about taxing the ultra-wealthy have been reignited, with Brazil and France advocating for a global minimum tax on large fortunes, which could generate an additional 0 billion if implemented.
Fact: Federal Reserve chair Jay Powell indicated that officials are in no rush to cut borrowing costs.
The CEO of a financial advisory and fintech firm predicts that the US and European stock market rallies will continue despite the US central bank potentially not cutting rates until 2025. The expectation is based on strong earnings growth, especially in AI-focused companies, and positive economic forecasts from institutions like the IMF and Bloomberg. Additionally, signs of economic rebound in China and Europe are contributing to the optimistic outlook. The anticipation of interest rate cuts in response to a potential economic slowdown is also seen as a factor that could bolster equities. Savvy investors are advised to adopt strategic approaches to capitalize on the upward momentum while managing potential risks. April’s US consumer price index report is awaited, with traders hoping for no return to rate hikes by the Federal Reserve. Both narratives point to a likely continuation of stock market gains, with investors advised to top up their portfolios judiciously with guidance from financial advisors.
The text discusses the recent drop in Nvidia’s share price and the broader stock market, which is causing concern among investors. Despite the short-term fluctuations, the long-term trajectory for artificial intelligence remains positive. The current dip in tech stocks presents a buying opportunity for investors looking to position themselves strategically for the future. The CEO of deVere Group emphasizes the intrinsic value of tech stocks, particularly in AI, and encourages investors to capitalize on the disconnect between short-term market sentiment and long-term industry fundamentals.
President Joe Biden warned Prime Minister Benjamin Netanyahu that the U.S. would not participate in a counter-offensive against Iran if Israel decides to retaliate for a mass drone and missile attack on Israeli territory overnight. The threat of open warfare between the two countries has caused global powers and Arab nations to urge restraint to avoid further escalation. The U.S. will continue to help Israel defend itself but does not want war, according to the White House’s top national security spokesperson. Iran launched the attack in response to a suspected Israeli strike on its consulate in Syria, causing only modest damage in Israel as most missiles were shot down with the help of the U.S., Britain, and Jordan. Israel is not planning an immediate retaliation and is seeking to build a regional coalition to address the threat posed by Iran.
Fact: India’s startups raised about 0 million in January and February, signaling a slow year after a six-year low of just billion in 2023.
The price of gold reached a new all-time high above ,160, influenced by a weaker US Dollar, a decline in US Treasury bond yields, and expectations for a rate cut by the Federal Reserve in June. Dovish commentary from central bank policymakers, including Fed Chair Jerome Powell and European Central Bank chief Christine Lagarde, also supported gold prices. Powell indicated the Fed is close to being confident enough to cut rates, while Lagarde suggested the ECB might ease policy in June. Additionally, geopolitical tensions and safe haven buying, particularly following a Houthi attack in the Red Sea, contributed to the demand for gold. Despite investors pulling metal out of Gold-backed ETFs, central banks remain strong buyers of gold.
Major stock markets in the Gulf showed a mixed trend in early trading on Tuesday, with investors focusing on upcoming inflation data from major economies and manufacturing figures from China. The US personal consumption expenditures price index, used by the Federal Reserve to track its 2% inflation target, is particularly anticipated. Futures indicate a shift in expectations for the timing of monetary easing and the number of rate cuts. Most Gulf currencies are pegged to the dollar, making them sensitive to US monetary policy changes. Saudi Arabia’s benchmark index rose by 0.3%, with significant gains in ACWA Power Co and Al Rajhi Bank. Avalon Pharma’s shares surged by 30% on their market debut. Abu Dhabi’s index fell by 0.4%, while Dubai’s main share index increased by 0.5%, led by a rise in Emirates NBD. The Qatari benchmark declined by 0.2%, affected by a drop in Qatar Gas Transport. Additionally, US President Joe Biden announced that Israel agreed to halt its military activities in Gaza for Ramadan, with Hamas considering a truce proposal that includes a pause in fighting and a prisoner-hostage exchange.