India's real GDP growth will decline marginally to 6.3 per cent in 2024 from the 6.4 per cent estimated for 2023, an American brokerage firm said on Monday. The next calendar year will be of two halves, wherein the government spending before the upcoming General Elections will be the key driver for growth, while after the elections, it will be the re-acceleration in investment growth, especially from the private sector, Goldman Sachs said in a report. From a fiscal year perspective, the brokerage said it expects growth to accelerate to 6.5 per cent for FY25 from the 6.2 per cent it has projected for the ongoing FY24, it added.
Wealthy supporters attempting to mount a takeover of English Premier League champions Manchester United ruled out making a bid during the current football season. The Red Knights, a collection of financial figures including former Football League chairman Keith Harris and Goldman Sachs chief economist Jim O'Neill, said they would continue to work on their proposal over the next few weeks but do not expect anything to be finalised before the end of the season in May.
Goldman cut India's growth estimates to 6.6 per cent from 7.2 per cent for the fiscal year ending March 2013, while BofA revised its forecast to 6.5 per cent from 6.8 per cent.
The trial of former Indian-American Goldman Sachs director Rajat Gupta began in New York on Monday in what is the most high profile case of insider trading in US history.
Gupta filed a 70-page petition with the US Court of Appeals for the Second Circuit yesterday seeking 'panel rehearing and rehearing en banc', saying in 'rejecting two of his challenges to the exclusion of critical evidence in his case, the panel misapprehended several points' about the insider trading case against him.
The idea of floating Formula One has been around for more than a decade but there appears to be real momentum on this occasion to sell off as much as 30 percent of the company.
Sanya was a way station, the real summit is G-20 where India must have a voice of its own.
BRIC economies are currently worth around $11-12 trillion.
ITC Infotech, an IT services firm and a wholly owned subsidiary of tobacco-to-hotels conglomerate ITC Group, has acquired New York-headquartered Pyxis Solutions - a provider of quality assurance and testing services - for $25 million (around Rs 105 crore). This is its first all-cash acquisition in the last eight years, funded through internal accruals.
JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley, as well as Britain's Asia-focused Standard Chartered said they would try to support London's financial sector
US strikes on Iran's three main nuclear facilities have once again raised concerns that Tehran might shut down the Strait of Hormuz - one of the world's most critical chokepoints, through which a fifth of global oil and gas supply flows.
Five ratios you must know before putting your money into banking stocks.
Market data service provider Capital IQ is buying smaller rival TheMarkets.com for $300 million, says a media report.
The Indian rupee is likely to appreciate to 46 a dollar in the backdrop of a stable government at the centre and relatively resilient domestic demand, says a report by global financial services giant Goldman Sachs.
The much-awaited results of the stress tests on the nation's 19 largest Bank Holding Companies showed that 10 of them need more capital to the tune of $75 billion while the remaining including Goldman Sachs and American Express are well-capitalised. The stress tests were aimed at determining capital buffers sufficient for the 19 entities to withstand losses and sustain lending -- even if the economic downturn is more severe than is currently anticipated.
The Centre on Thursday cleared 14 Foreign Direct Investment proposals worth Rs 1,257 crore, including those of Mauritius-based Essar Telecom Holdings Ltd and US-based Goldman Sachs Asset Management. The proposals include induction of foreign equity worth Rs 500 crore by Essar Telecom Holdings and Rs 200 crore from GSAM. The investment proposals were cleared by Finance Minister P Chidambaram on the recommendations of the Foreign Investment Promotion Board.
The financial services major posted a profit of $1.6 billion in the first quarter of this year against a whopping loss of $5.11 billion in the same period last year.
Here's how you can get placed at an investment bank for your summer training.
"The situation is bad. Some people are leaving and some are being asked to leave. And more important, several positions are remaining vacant. The selected candidates for these posts are not coming," said an associate, as the employees are called. "There is talk now that the new company, whichever that is, will cut at least 10,000 jobs gradually. We are praying that this is unfounded," a senior associate said.
A clutch of foreign and domestic institutions has submitted expressions of interest to acquire at least 26 per cent in the Delhi-based Industrial Finance Corporation of India (IFCI).
Any assessment of Goldman Sachs' alleged "fraud" is likely to run into two problems. First, the armada of jargon that surrounds the financial derivatives market could mean that the essence of the case is lost in translation, leaving the non-specialist bewildered as to the exact nature of the Wall Street giant's alleged perfidy.
The Nifty ended at 5,204- down 59 points. Through the day the index touched a high of 5,279 and a low of 5,161, respectively. The BSE market breadth was negative. Out of 3,021 stocks traded, 1,950 declined while 953 advanced.
Major American banks, including Citigroup and Goldman Sachs, temporarily lowered their debt in the past five quarters before reporting it to the public in order to mask risk levels, says a media report.
Goldman Sachs and American Express played a large role in boosting the US Treasury's coffers by agreeing to pay a favourable price for the warrants received in return for the aid, the Financial Times said citing a study by the consultancy SNL Financial.
Growing business opportunities fuelled by a robust economy and an increasing number of private equity investors are prompting investment bankers to quit their jobs and turn entrepreneurs.
BRICS should reinforce the actions of G-20 for creating a new world order. It will also be a good idea to attempt to get Security Council replaced by the G-20, says C M A Nayar.
With tightening in liquidity condition and expected decline in the inflation by early 2009, there is only a remote possibility of further hike in interest rate by the Reserve Bank, the US-based investment banker Goldman Sachs said in a report. Further, given the current global environment of tight liquidity and the central banks move last week to ease liquidity conditions, any further cash reserve ratio hike is firmly ruled out, it said.
The Securities and Exchange Board of India has approved The Walt Disney Company's deal to increase stake in Ronnie Screwvala-promoted UTV Software Communications beyond 15 per cent, six months after the deal was initially signed. Sebi, the market regulator, has also okayed the US-based company to launch an open offer.
After the National Stock Exchange, the focus has now shifted to stake sale soon in two depositories, the National Securities Depository and the Central Depository Services.
Spicejet will raise Rs 530.76 crore or Rs 5.3 billion ($118.5 million) through issue of equity shares on preferential basis to various foreign and domestic investors.
Foreign institutional investors were the major sellers on the Indian bourses in the last six months, accounting for total outflows of Rs 62,000 crore (Rs 620 billion).
It's one Forbes list where none would want to figure, but Ramalinga Raju, founder-chairman Satyam Computers (now Mahindra Satyam), has managed the feat of being among the world's 10 most outrageous CEOs.
US-based boutique investment firm GQG Partners along with other investors on Wednesday bought an 8.1 per cent stake in Adani Power Ltd for over Rs 9,000 crore ($1.1 billion) as the marquee investor shrugged off damning report of a US short seller to invest in billionaire Gautam Adani's group.
Investors became richer by over Rs 80,000 crore (Rs 800 billion) today as the benchmark indices rose over 1.7 per cent each on Goldman Sachs' upgrading Indian stocks and optimism that government will push through key economic reforms.
A sharp erosion in his wealth and a long-running sibling rivalry notwithstanding, Indian billionaire Anil Ambani has retained his position in the list of the world's 100 most powerful people, but is down 30 places since last year, while his brother Mukesh has made a total exit.
Ujjivan Small Finance Bank's initial public offering attracted heavy investor demand on the final day of bidding on Wednesday as the issue was subscribed a whopping 126.36 times.
In its Global Economics Paper, Goldman Sachs Economic Research has outlined ten crucial steps that India must take to achieve its full potential.
Foreign institutional investors are expecting the Third Front (read the Left) to play a crucial role in the formation of the new government and are worried about the fallout.
