NEW DELHI: The From The performance principle: Pranab Mukherjee (1983-84) — When grants met accountabilityOn February 28, 1983, Finance Minister Pranab Mukherjee stood before Parliament and announced what he called "the somewhat unconventional step" of allocating Rs 300 crore to states based not on population or political negotiation, but on measured performance in implementing specific programmes."Another Rs 125 crore would be distributed among the States on the basis of their performance in implementing p ...

Core Viewpoint - Robert Kiyosaki criticizes the Federal Reserve's monetary policies, claiming they disproportionately benefit the wealthy while harming the poor and middle class, leading to increased homelessness and economic hardship for the baby boomer generation [2][3][8]. Federal Reserve and Economic Impact - Kiyosaki argues that the Federal Reserve's creation in 1913 and subsequent policies, including the introduction of income tax, have led to economic issues such as inflation and homelessness [1][3]. - He claims that money printing by the Federal Reserve makes life harder for ordinary Americans, as it fuels price increases for essential goods [2][3]. Baby Boomers' Financial Vulnerability - Kiyosaki warns that baby boomers may face significant financial challenges due to inflation, potentially leading to widespread homelessness among this generation [8]. - He highlights that Social Security benefits may not keep pace with rising living costs, particularly for housing and healthcare, with projections indicating potential insolvency of the Social Security trust fund by 2035 [8]. Investment Strategies Against Inflation - Kiyosaki advocates for investing in gold as a hedge against inflation, emphasizing its stability compared to fiat currencies [10][11]. - He also supports cryptocurrencies, particularly Bitcoin and Ethereum, as alternatives that can thrive despite the Federal Reserve's policies, predicting Bitcoin could reach $250,000 by 2026 [16][17]. Real Estate as a Hedge - Kiyosaki promotes real estate investment as a powerful hedge against inflation, noting that property values and rental income typically rise during inflationary periods [19][20]. - He suggests that individuals can invest in real estate through crowdfunding platforms, making it accessible without significant capital [21][23].

在全球经济格局深度调整、我国金融开放步伐加快的双重背景下，跨境金融作为贯通国内外市场的关键 纽带，其发展水平直接决定我国参与国际金融竞争与合作的能力。 服务实体经济，筑牢发展之本。聚焦跨境贸易、产业升级、战略项目等关键领域，推出针对性金融产品 与服务，避免金融空转。深耕跨境电商场景，搭建"金融+电商平台+物流"联动机制，推广数字人民币在跨境 收付中的应用。设立特色产业跨境基金，精准支持产业跨境发展；借助自贸离岸债工具，吸引境外投资者参与 境内实体项目。 当前，跨境金融已从早期单一的贸易结算迈向涵盖投融资、风险管理、资产配置等多元功能的高阶形 态。要实现高质量发展，亟需系统、前瞻的理论框架指引。 优化流程效率，打通流动瓶颈。给予自由贸易账户更多政策支持，推广全功能型跨境人民币资金池，降 低准入门槛。推行"事后核查"替代"事前审查"，简化单证审核流程；依托人民币跨境支付系统（CIPS）提升结 算透明度与效率；积极试点数字人民币在跨境贸易中的应用和跨境贸易的无因性融资。建立人民币与东南亚国 家货币直接兑换平台，完善汇率报价与清算机制，对接金融业通用报文方案ISO20022。 安全创新 我国跨境金融发展坚持"借鉴经验 ...

证券研究报告 25年12月金融数据：存款搬家进行到哪一步了？ 2026年1月17日 事项：2026年1月15日，央行发布25年12月金融数据，新增社融22075亿，同比少增 6462亿元，高于wind市场预期的1.82万亿；信贷口径，新增人民币贷款9100亿元， 同比少增800亿元，较市场预期高2306亿元。 1、社融同比少增但好于预期，除政府债外其余科目基本同比多增 月基数效应消退后M1增速重新回到回落区间，25年12月的M1受到24年12月化债影响 基数偏高，M1增速进一步回落1.1个百分点至3.8%。M1规模增长2.63万亿，与往年 季节性水平比较接近。若未来三个月M1增速保持季节性水平（23-25年均值），M1 同比增速预计在3.3%左右。12月M2增速上升0.5个百分点至8.5%，带动M1-M2增速剪 刀差下降。从总量层面，12月金融数据显示信贷和存款增速边际回升，主要受到基 数效应影响，实体融资需求大致与21年末接近。 结构上，存款同比增加主要由非银存款贡献。12月非银存款同比大幅多增28400亿 元，居民存款多增3900亿元，政府存款同比多增2904亿元，企业存款同比少增5857 亿元。一方面， ...

Galaxy Digital Holdings Ltd. (NASDAQ: GLXY) has completed the first phase of its inaugural tokenized collateralized loan obligation (CLO). Referred to as the Galaxy CLO 2025-1, this financial product secured $75 million in commitments, leveraging the Avalanche blockchain to enhance operational efficiency and transparency in credit markets. The tokenized CLO represents Galaxy‘s entry into the CLO space, directly supporting its expanding lending activities.At the core of this deal is an anchor commitment of a ...

The major European closed lower on Friday amid renewed concerns about geopolitical tensions and uncertainty surrounding French budget negotiations. Also, investors chose to take some profits, cashing in recent gains.Geopolitical concerns weighed as Greenland worries returned to the fore, with media reports suggesting that European troops are landing in the country to defend it against real U.S. military threat.The deployment of troops from several European countries and other North Atlantic Treaty Organiza ...

Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday that the central bank should be ready to cut interest rates further, citing "signs of fragility" in the job market. “Absent a clear and sustained improvement in labor market conditions, we should remain ready to adjust policy to bring it closer to neutral,” Bowman said in a speech at the New England Economic Forum in Foxborough, Mass. “We should also avoid signaling that we will pause without identifying that conditions have changed.” ...

By Marc Jones LONDON, Jan 16 (Reuters) - Transactions on a new China-led digital currency platform have surged to over $55 billion, a new report shows, the latest sign that efforts to build alternatives to ​dollar-dependent global payment systems are gaining traction. Data crunched by the Washington-based Atlantic Council showed the prototype 'mBridge' ‌platform, which is being tested by central banks in China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia, had now processed more ‌than 4 ...

Financial Data and Key Metrics Changes - IT services sequential revenue for Q3 was $2.64 billion, growing 1.4% in constant currency and 1.2% in reported currency, with a year-on-year growth of 0.2% in reported currency [10][11] - Operating margins improved to 17.6%, an increase of 40 basis points from Q2 and 10 basis points year-on-year, marking one of the best margin performances in recent years [10][11] - Adjusted net income for the quarter was INR 33.6 billion, with adjusted EPS at INR 3.21, reflecting a 3.5% sequential increase and flat year-on-year [11] Business Line Data and Key Metrics Changes - BFSI sector grew 2.6% sequentially and 0.4% year-on-year, while Health sector grew 4.2% sequentially and 1% year-on-year [12][13] - Consumer sector saw a sequential growth of 0.7% but a year-on-year decline of 5.7% [13] - Technology and Communications sector grew 4.2% sequentially and 3.5% year-on-year, while EMR declined 4.9% sequentially and 5.8% year-on-year [13] Market Data and Key Metrics Changes - Americas 1 market grew 1.8% sequentially and 2.8% year-on-year, while Americas 2 declined 0.8% sequentially and 5.2% year-on-year [12] - Europe market grew 3.3% sequentially but declined 4.6% year-on-year, while APMEA grew 1.7% sequentially and 6.6% year-on-year [12][13] Company Strategy and Development Direction - The company is positioning itself for an AI-first world, focusing on AI-led transformation across industries [2][4] - Three strategic pillars include industry platforms and solutions, delivery platforms for AI adoption, and the Wipro Innovation Network to foster partnerships and explore new technologies [5][6] - The company aims to maintain margins while integrating the Harman DTS acquisition, which is expected to enhance engineering and AI capabilities [9][11] Management's Comments on Operating Environment and Future Outlook - Management noted a strong pipeline of opportunities across sectors, with AI becoming central to client strategies for modernization and efficiency [20][21] - The guidance for Q4 projects IT services revenue growth of 0-2% in constant currency, factoring in the Harman DTS acquisition and fewer working days [9][15] - Management expressed confidence in maintaining margins despite challenges in the revenue environment and pricing pressures [42] Other Important Information - The board declared an interim dividend of INR 6 per share, with total cash distributed to shareholders exceeding $1.3 billion for the financial year [15] - The company has established centers of excellence in collaboration with universities to enhance recruitment of AI-skilled talent [34][36] Q&A Session Summary Question: What are the expectations for FY 2027 compared to FY 2026? - Management indicated a strong pipeline and secular growth across sectors, suggesting optimism for FY 2027 [18] Question: What is the impact of AI on deal bookings? - Management clarified that AI is not compressing deal bookings but is instead leading to more opportunities [56] Question: How is the company addressing geopolitical uncertainties? - Management noted that while geopolitical uncertainties exist, they do not significantly impact client decision-making at this time [32] Question: What is the recruitment strategy for AI skills? - The company is focusing on campus recruitment and upskilling existing talent, with plans to hire 2,500 freshers in the next quarter [45][46] Question: What is the outlook for discretionary spending? - Management is closely monitoring discretionary spending as clients finalize budgets, indicating a strong pipeline across sectors [24][25]

Financial Data and Key Metrics Changes - IT services sequential revenue for Q3 was $2.64 billion, growing 1.4% in constant currency and 1.2% in reported currency, with a year-on-year growth of 0.2% in reported currency [10][11] - Operating margins were at 17.6%, expanding 40 basis points sequentially and 10 basis points year-on-year, marking one of the best margin performances in recent years [10][11] - Adjusted net income for the quarter was INR 33.6 billion, with adjusted EPS at INR 3.21, reflecting a 3.5% sequential increase and flat year-on-year [11] Business Line Data and Key Metrics Changes - BFSI sector grew 2.6% sequentially and 0.4% year-on-year, while healthcare grew 4.2% sequentially and 1% year-on-year [12][13] - Consumer sector saw a sequential growth of 0.7% but a year-on-year decline of 5.7% [13] - Technology and communication sector grew 4.2% sequentially and 3.5% year-on-year, while EMR declined 4.9% sequentially and 5.8% year-on-year [13] Market Data and Key Metrics Changes - Americas 1 market grew 1.8% sequentially and 2.8% year-on-year, while Americas 2 declined 0.8% sequentially and 5.2% year-on-year [12] - Europe grew 3.3% sequentially but declined 4.6% year-on-year, while APMEA grew 1.7% sequentially and 6.6% year-on-year [12][13] Company Strategy and Development Direction - The company is positioning itself for an AI-first world, focusing on AI-led transformation across industries [2][3] - Three strategic pillars include industry platforms and solutions, delivery platforms for AI adoption, and the Wipro Innovation Network to connect with partners and startups [5][6] - The company aims to maintain margins while integrating the Harman DTS acquisition, which adds engineering and AI capabilities [9][11] Management's Comments on Operating Environment and Future Outlook - Management noted a strong pipeline of opportunities across sectors, with AI becoming central to client strategies [20][21] - The guidance for Q4 projects IT services revenue growth of 0-2% in constant currency, influenced by fewer working days and delays in ramp-ups [9][15] - Management expressed confidence in maintaining margins despite challenges in the revenue environment and pricing pressures [42][43] Other Important Information - The board declared an interim dividend of INR 6 per share, with cash distributed to shareholders exceeding $1.3 billion for the financial year [15] - The company has completed restructuring exercises and does not anticipate further charges related to the Labor Code implementation [14][15] Q&A Session Summary Question: What are you hearing from clients regarding revenue and AI? - Management indicated a strong pipeline and secular growth across sectors, with AI being a central theme in client discussions [18][20] Question: What is the outlook for discretionary spending? - Clients are focusing on cost optimization and leveraging AI for efficiency, with a strong pipeline across sectors [24][25] Question: What is the impact of geopolitical uncertainties on client decision-making? - Management noted that while uncertainties exist, clients are responding positively to market conditions, particularly in the U.S. [32][39] Question: How is the company addressing AI skills in recruitment? - The company is creating centers of excellence in collaboration with universities to build AI-related curricula and recruit talent [34][36] Question: What is the strategy regarding public sector deals? - The company is focused on partnering with GCCs and leveraging its capabilities to support clients in the public sector [64][71]