More stories

  • in

    India markets regulator asks investors to remain calm on Hindenburg allegations against chief

    Hindenburg alleged on Saturday that the head of Securities and Exchange Board of India (SEBI), Madhabi Puri Buch, previously held investments in offshore funds also used by the Adani Group.The regulator said the allegations made by Hindenburg against the Adani group have been duly investigated by SEBI and 23 out of 24 investigation were completed in March 2024. One remaining investigation is close to completion. “As a matter of policy SEBI refrains from commenting on any investigation and ongoing enforcement matter,” SEBI said. Defending its chief, the regulator said Buch made relevant disclosures required in terms of holdings of securities and their transfers and that she has recused herself in matters involving potential conflicts of interest.Buch in a separate statement said that her investment in offshore funds mentioned in the Hindenburg report predates her appointment at SEBI by two years.Indian equity markets have been booming, drawing large funds from domestic institutional and retail investors. The benchmark Nifty index has gained 11.87% in the last six months. A mutual fund lobby body on Sunday called the Hindenburg report as an attempt to create sensation by connecting random events from the past. The Association of Mutual Funds in India asserted that India’s financial system is secure, transparent, designed to foster growth and innovation with high integrity. More

  • in

    Harris says she supports eliminating taxes on tips, like Trump

    LAS VEGAS (Reuters) -U.S. Vice President Kamala Harris told supporters in Nevada on Saturday she supported eliminating taxes on tips, taking a similar position to her rival Donald Trump in an effort to win over service workers, an important constituency in the state.Harris and her Democratic running mate, Minnesota Governor Tim Walz, wrapped up a multi-day tour of battleground states on Saturday with their stop in Nevada, a western state that could play a pivotal role in the Nov. 5 presidential election.”It is my promise to everyone here when I am president we will continue to fight for working families, including to raise the minimum wage and eliminate taxes on tips for service and hospitality workers,” Harris said.Harris said she would work to drive down consumer prices, vowing to “take on big corporations that engage in illegal price-gouging” and corporate landlords that unfairly raise rents on working families, as well as going after big pharmaceutical companies to drive drug prices lower. Trump, who told a rally in Las Vegas in June that he would seek to end taxation of income from tips, accused Harris of stealing his policy proposal.”Kamala Harris, whose ‘Honeymoon’ period is ENDING… just copied my NO TAXES ON TIPS Policy,” Trump said on his Truth Social app. “The difference is, she won’t do it, she just wants it for Political Purposes!”A Harris campaign official said her proposal would require legislation to be passed by Congress.”As president, she would work with Congress to craft a proposal that comes with an income limit and with strict requirements to prevent hedge fund managers and lawyers from structuring their compensation in ways to try to take advantage of the policy,” the official said. Harris, who officially became the Democratic Party’s presidential nominee this week, has been campaigning with Walz in Wisconsin, Michigan, and Arizona, all states that traditionally swing between supporting Republicans and Democrats in presidential elections.To become president, a candidate need not win the national popular vote but must win 270 electoral votes. Each state has a number of electoral votes based on its population, making the swing states especially important.After Nevada, Harris traveled to San Francisco in her home state of California, where she is slated to attend a fundraiser on Sunday with former House of Representatives Speaker Nancy Pelosi. Nearly 700 people are expected at that event, which is expected to raise more than $12 million, a campaign official said.Harris and Walz, whose selection she announced in Pennsylvania – another swing state – on Tuesday, are seeking to maintain and build on the momentum that she has generated since President Joe Biden stepped aside as the party’s standard-bearer last month.Harris was leading Trump, the Republican former president, by four percentage points each in separate polls conducted in Wisconsin, Michigan and Pennsylvania, another swing state, by the New York Times and Siena College, a marked difference from polls taken before Biden quit the presidential race.The Trump campaign released a memo from its chief pollster, Tony Fabrizio, pushing back against the poll’s results. “Once again, we see a series of public surveys released with the clear intent and purpose of depressing support for President Trump,” Fabrizio said.Nationally, Harris was ahead of Trump by five percentage points, 42% to 37%, in an Ipsos poll published on Thursday, wider her lead from a July 22-23 Reuters/Ipsos survey, which found her up 37% to 34%.Harris has raised hundreds of millions of dollars and held rallies with thousands of supporters since becoming the Democratic candidate, regularly eclipsing the smaller events that Biden held and drawing ire from Trump, to whom crowd size has always been an important barometer of political strength.The Harris campaign said more than 12,000 people were in the arena in Las Vegas on Saturday and police had turned away roughly 4,000 more because people in line were becoming ill in the Nevada heat. Temperatures reached 109 degrees Fahrenheit (40 degrees Celsius) on Saturday.Harris has spent the week drawing contrasts with Trump. On Saturday, before leaving Arizona, she said she disagreed strongly with the former president about the Federal Reserve.She said she would not interfere with the independent Fed if elected president, in sharp contrast to Trump, who on Thursday said presidents should have a say over decisions made by the central bank. More

  • in

    Harris is more trusted than Trump on the US economy

    Standard DigitalWeekend Print + Standard Digitalwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

  • in

    Will US inflation data spook markets? 

    $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

  • in

    Does Europe need Chinese wind technology to meet climate goals?

    $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

  • in

    Kyiv blames US aid delays for widening $43bn deficit

    Ukraine’s finance minister has called on its western allies to speed up disbursement of a $50bn loan, claiming delays in weapons deliveries had contributed to a yawning budget deficit that has left Kyiv scrambling to find money to pay its army. Serhiy Marchenko told the Financial Times that the slow dispersal of weapons, especially from the US, had contributed to a $12bn rise in military spending. The $12bn rise meant the country was set to record a deficit that other government officials have estimated at just under a quarter of GDP, or $43.5bn, this year. $27bn-worth of direct US military aid was approved by Congress in April this year, but its disbursement continues to be “slow”, Marchenko said. “We still have a lack of necessary weapons, ammunition and shells.”The situation meant the country “will have a lack of money to cover salaries for our troops,” the finance minister said, adding that the delays in aid meant that pay packets set aside for the end of 2024 were used to “purchase necessary weapons and ammunition” at the start of this year. Western allies do not directly fund the salaries of Ukraine’s army, but the lack of US weapons and concurrent rise in military spending has meant that Kyiv will have to fund the war by cutting spending, selling state assets and raising taxes. Serhiy Marchenko: ‘We can’t press pause on this war. You can’t stop fighting. You need this money.’ More

  • in

    Shipping chief warns of dangers of Trump presidency to trade

    Standard DigitalWeekend Print + Standard Digitalwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

  • in

    Harris says Fed is independent and she would never interfere in its decisions

    PHOENIX (Reuters) -U.S. Vice President Kamala Harris said on Saturday the Federal Reserve is independent and she would never interfere in its decisions if she wins the Nov. 5 presidential election.”The Fed is an independent entity and as president I would never interfere in the decisions that the Fed makes,” Harris told reporters in Phoenix, Arizona.Harris’ view contrasts sharply with that of the Republican nominee, former President Donald Trump, who on Thursday said that U.S. presidents should have a say over decisions made by the Federal Reserve, the U.S. central bank.Harris, who was speaking to reporters before boarding a flight to Las Vegas for a campaign event, said she disagreed strongly with Trump’s position on the issue.Harris, who officially became the Democratic Party’s presidential nominee earlier this week, said she planned to unveil her policy positions next week, with a focus on the U.S. economy. “It’ll be focused on the economy and what we need to do to bring down costs, and also strengthen the economy overall,” she said.A jump in the July U.S. unemployment rate reported last week helped spark a global stock market rout that continued into Monday before equities partially recovered, with investors worried the U.S. was headed for a recession and the Fed would need to react aggressively.Asked about those concerns and the Fed’s response, Harris said, “As we know there was turbulence this week, but it seems to have settled itself. And we’ll see what … decisions they make next.”Trump’s comments on Thursday offered the most explicit indication so far of his interest in infringing on the Federal Reserve’s independence should he regain the White House.”I feel the president should have at least (a) say in there” on Fed decisions, Trump told reporters at his Mar-a-Lago residence in Florida. His comment follows a report this spring that Trump allies have drafted proposals that would attempt to erode the Fed’s independence if he wins. While the Trump campaign distanced itself from the Wall Street Journal report at the time, his remarks on Thursday indicate he is squarely aligned with one of the proposals’ main thrusts: If he becomes president, Trump should be consulted on interest rate decisions, and Fed banking regulation proposals should be subject to White House review.Current Fed Chair Jerome Powell, who was appointed by Trump and reappointed by President Joe Biden, is due to serve until May 2026. More