Markets
HDFC Bank’s Aditya Puri highest paid banker for FY20, salary jumps 38%
HDFC Bank said in its notes to accounts that during the quarter, it used its analytical models to determine slippages, resulting in a more expedited recognition of NPAs, as well as accelerated corresponding specific provisions . Net interest income (interest earned less interest expended) grew by 17.8% to ₹15,665.4 crore from ₹13,294.3 crore year on year, driven by growth in advances of 20.9%, a... [Full Article...]
Up to 32 Million Americans Receiving Jobless Benefits
All in all, the government has processed nearly 57 million new claims for jobless benefits since the middle of March. "Initial claims for unemployment insurance in the regular state programs posted a minuscule decline from a level that is still unusually high by historical standards", says Michael Moran, chief US economist at Daiwa Capital Markets . [Full Article...]
Netflix Posts Record Revenue, but Slips on Guidance Caution — Netflix Share Price
Additionally, it made USD1.59 per share vs the USD1.81 expected, and brought in 10.09 Million subscribers vs the 8.26 Million predicted by FactSet. Netflix posted much stronger-than-expected subscriber growth (10.1 million net adds, including 2.9 million in the US, versus guidance of 7.5 million). [Full Article...]
US shares end mixed amid virus worries
The S&P 500 banks index dropped 1.2% as the three banks set aside a combined $28 billion to cover potential losses on loans to borrowers hurt by the coronavirus pandemic. The Nasdaq Composite Index shed 76.66 points, or 0.73 per cent, to 10,473.83, Xinhua reported. The US Congress will return to Washington on Monday to battle over the next coronavirus aid bill. [Full Article...]
Morgan Stanley posts record profit on trading boom
But while the results make it clear that Morgan Stanley is now on more than equal footing with longtime rival Goldman Sachs , Gorman and his team are joining the chorus of large banks that see trouble ahead. The planned $13 billion merger of E-Trade into Morgan Stanley heads to a close after earning the discount brokerage firm's shareholder approval. Wealth management net revenue of $4.7 bi... [Full Article...]
KFC testing Beyond Fried Chicken in California for limited time
Yusef Khesuani, co-founder and Managing Partner of 3D Bioprinting Solutions said: "3D bioprinting technologies, initially widely recognized in medicine, are nowadays gaining popularity in producing foods such as meat". In February, KFC expanded the test to 70 locations in Charlotte, NC, Nashville, TN, and surrounding areas. "With this next phase of Beyond Fried Chicken , we are excited to b... [Full Article...]
Coronavirus swab tests may be unsafe and have been halted
It pulled more than 500,000 of the swab kits amid fears they could give Britons who fear they have the disease unreliable results. "And while we investigate further, we're requesting that the use of these Randox swab test kits are paused in all settings until further notice". [Full Article...]
U.S. mortgage rates fall to record lows; 30-year below 3%
Meanwhile, the 15-year fixed mortgage rate slid to a fresh low of 2.48 percent while a 5-year hybrid adjustable-rate mortgage had a rate of 3.06 percent, up slightly from last week's reading of 3.02 percent. Underscoring an expected increase in refinance demand in the short term, Fannie Mae estimated in a report earlier this week that "nearly 60 per cent of all outstanding loan balances have at le... [Full Article...]