Business

BlackRock has become the first global asset manager to win regulatory approval to set up a mutual fund unit in China, as Beijing throws open its 17.7 trillion yuan ($2.58 trillion) sector.

Wall Street advanced on Friday, with technology stocks driving the S&P 500 to its sixth record closing high since confirming a bull market on Aug. 18.

Under the 'One Nation-One Ration Card' initiative, eligible beneficiaries would be able to avail their entitled foodgrains under the National Food Security Act (NFSA) from any fair price shop in the country using the same ration card.

In the previous fortnight ended July 31, 2020, bank credit grew 5.51 per cent while deposits witnessed a growth of 11.11 per cent.

A gauge of global equity markets rose to a new high on Friday as U.S. consumer spending in July suggested a strong economic rebound lies ahead, while the Japanese yen surged on safehaven buying after Prime Minister Shinzo Abe resigned for health reasons.

Coca-Cola is offering voluntary buyouts to about 4,000 people to reduce the number of layoffs it says will take place as it streamlines operations.

Oil prices rose slightly on Friday as storm Laura passed the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries.

The S&P 500 was set to open at a record high on Friday for the fifth straight session as the prospect of superlow interest rates for a prolonged period and bets on a medical solution to the COVID19 pandemic spurred risk appetite.

Sources said representatives of the Mistry family firms, which are the single biggest shareholders, flagged concerns over the drop in performance and mounting debt of two major group companies - Tata Steel and Tata Motors.

The Federal Reserve needs to keep an eye on how its efforts to stabilize markets and promote stronger jobs growth could be encouraging some investors to take on excess debt and other risk, Dallas Fed President Robert Kaplan said Friday.

Gold rose almost 2% on Friday, on course for its first weekly gain in three, as the dollar retreated and the U.S. Federal Reserve's stance reinforced expectations of a prolonged low interest rate environment.

Globally, there are four candidates close to approval by the end of 2020 or early 2021.

New Zealands government and its foreign spy agency are getting involved after cyber attacks disrupted trading on the nations stock market several times this week.

New Zealand's stock exchange resumed trading on Friday, after facing disruptions for four consecutive days in the wake of cyber attacks this week, while the government said national security systems had been activated to support the bourse.

Shares of Britain's Amigo Holdings rose more than 30% on Friday after its founder and former Chief Executive James Benamor, who has been embroiled in a bitter spat with the lender, called on private investors to back his reinstatement.

Japanese financial markets were roiled in afternoon trade on Friday after news that Japanese Prime Minister Shinzo Abe will resign for health reasons later on in the day.