The Reserve Bank of India has fined Visa $288,000 for using an unauthorized payment method without regulatory approval. This penalty follows an earlier order for Visa to halt the use of the unapproved payment route. The RBI's move reflects its push for stricter scrutiny of fintech practices.
Colgate-Palmolive raised its 2024 profit and sales forecasts after surpassing Q2 expectations, driven by strong demand for its premium products and a 18.8% surge in Latin American sales.
The ban, announced on Friday, also includes a freeze on Mallya’s existing securities holdings, including units of mutual funds.
Sony Music, renowned for its roster of influential artists including Lil Nas X and Celine Dion, stands to benefit from this capital infusion. The investment underscores a broader trend where Wall Street is increasingly turning to alternative assets like music rights and streaming revenues.
Chinese EV battery giant CATL reported a 13.4% increase in net profit for Q2 2024, reaching 12.36 billion yuan ($1.70 billion). Despite a 13.2% drop in revenue, CATL's strong performance reflects its technological advancements and strategic market positioning, extending its gains for the second consecutive quarter.
Cholamandalam Investment and Finance reported a strong fiscal Q1, with consolidated profit rising 33% to ₹9.47 billion and revenue up 41% to ₹58.12 billion.
HD Hyundai Heavy Industries surged 16.90% to close at 207,500 won. HD Korea Shipbuilding & Marine Engineering Co. and HD Hyundai Mipo Co. also saw significant gains, closing at 198,800 won (up 8.16%) and 113,200 won (up 10.33%), respectively.
ACG Acquisition Corp. has extended the deadline for Class A ordinary shareholders to submit redemption requests regarding its Polimetal acquisition. The new deadline is August 13, allowing shareholders more time to review the deal, which includes the purchase of the Gediktepe mine in Turkey and funding for a sulfide expansion project.
The RBI’s draft guidelines aim to enhance banks' liquidity resilience by introducing a 5% additional runoff factor on retail deposits from digital channels.
Oil futures have retreated as focus shifts to China's economy, where an unexpected interest-rate cut has raised global economic worries. Despite positive U.S. GDP growth, West Texas Intermediate (WTI) crude is down 1.7% at $76.25 per barrel, and Brent is off 1.6% at $80.39 per barrel.
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