News
Budget 2024 Live Updates: Time to push divestment of state-owned banks this Budget, says SBI report
10:15:09 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Amit Chadha, CEO and Managing Director of L&T Technology Services on budget expectations
Union Budget 2024 Live Updates: “As a specialized provider of Engineering Research and Development (ER&D) services, we believe that widespread adoption of digital transformation and innovation holds the key to unlocking the full potential of India’s engineering and technology sector. The ER&D field in India shows promising growth potential. Hence, we are anticipating the government’s continued focus on ‘Make AI in India and Make AI work for India’ and the globe, to further propel this potential. We look forward to more supportive policies and initiatives in the upcoming budget, including trust-based governance, increased investments in digital infrastructure technologies, tax incentives, and the establishment of advanced Centers of Excellence (CoE) to drive R&D innovation. This will ensure that India remains a preferred global destination for engineering services. Additionally, prioritizing engineering skill development, enhancing employability, and fostering closer collaboration between industry and academia is crucial for maintaining India’s competitive edge in digital engineering and Industry 4.0 expertise,” said Amit Chadha, CEO and Managing Director of L&T Technology Services.
09:32:33 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: A demand from Travel industry
Union Budget 2024 Live Updates: “The Indian travel and tourism sector has demonstrated remarkable resilience recently. Increasing demand for hospitality services, bustling airports, and renowned travel destinations underscores that tourism is not merely a recreational activity but a crucial driver of global economic expansion. As per recent reports, the industry is expected to contribute significantly to the global GDP and employment creation by 2030, affirming its robust trajectory. With ancillary sectors also poised for significant growth, career opportunities are set to expand manifold in the travel and tourism industry. We need a cohesive approach that would encompass the public and private sector on one hand, and the government (state and central governments, and local authorities) on the other hand, in order to continue developing world class tourism infrastructure,” Amit Jain, Founder, Magicfares on budget expectations.
08:47:32 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Healthians founder Deepak Sahni on budget expectations
Union Budget 2024 Live Updates: “As we expect the announcement of the 2024 budget, it is necessary to concentrate on innovative technologies to further improve the healthcare sector. The trend of AI and ML is capable of changing the dynamics of Healthcare sectors, especially in remote diagnostics. Telehealth and digital health solutions have been embraced at a faster rate because of the COVID-19 pandemic, showing that they can be used to bridge rural-urban healthcare divides. By nurturing this sector, the government not only bridges the urban-rural healthcare divide but also democratizes access to quality healthcare nationwide. This proactive support ensures that every individual, regardless of location, can benefit from timely and effective medical care. Such strategic investments are not just about improving healthcare outcomes but also about future-proofing our healthcare infrastructure to meet the evolving needs of our society,” said Deepak Sahni, Founder of Healthians.
08:09:14 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: FinBox’s CEO Rajat Deshpande on fintech industry’s expectations
Union Budget 2024 Live Updates: “As we look forward to the upcoming budget, we believe that it holds tremendous promise for the fintech industry. We are currently looking forward to initiatives that encourage strategic partnerships between fintechs and traditional banks, enabling companies to reach the underserved communities and pave the way for a more inclusive and accessible financial future for all Indians. Furthermore, continued allocations towards the Digital India Initiative can help bridge the digital divide and further extend access to tech, empowering individuals to reap the benefits of financial tools and services and uplifting their livelihoods. Finally, we believe further interventions in the digital payment ecosystem are crucial. Efficient grievance redressal mechanisms and policy-level fraud prevention measures will foster transparency, build trust, and ultimately make the lending process smoother for everyone, ” said Rajat Deshpande – Co-Founder & CEO of FinBox
07:47:40 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: High hopes from Crypto sector?
Union Budget 2024 Live Updates: Abhishek Singh, Co-founder and CEO SecureDApp said, “The Indian crypto ecosystem has high hopes from this term of Mrs. Nirmala Sitaraman as finance minister of India, especially after last year’s G20, where we were expecting most of the leading nations to come to one point. With encouraging regulations, we can transform India into a global hub for blockchain innovation. Encouraging crypto companies to build and operate from India rather than abroad will foster local talent and drive economic growth. While there are concerns about the regulatory landscape, we believe that with thoughtful policies and open dialogue, India can lead the way in the crypto revolution, ensuring security, transparency, and growth for all stakeholders.”
07:02:03 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Morgan Stanley on India’s Budget
Union Budget 2024 Live Updates: Global brokerage firm Morgan Stanley expects Finance Minister Nirmala Sitharaman’s upcoming Budget to focus on the government’s road map for ‘Viksit Bharat’ by 2047 and spell out the medium-term plan for fiscal consolidation. “With fiscal prudence guiding the overall fiscal policy stance, we expect the focus to remain on capex expenditure over revenue expenditure and targeted social sector spending with a focus on improving access to physical, social and digital infrastructure,” said Morgan Stanley’s research report on Wednesday.
06:36:32 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: What are the demands by India’s construction sector?
Union Budget 2024 Live Updates: ‘The construction sector , a major driver of the economy, is going through ‘labour pains’, said Shantonu Ghosh, Senior Partner, Vector Consulting Group for real estate sector. He further said, “The shortage of skilled labour is a clear and present danger and needs to be recognized as such. This requires, in fact demands, urgent action. The government and the Industry have to collaborate in building a public-private partnership model, establish a supply chain providing skilled labour to an industry which is set for exponential growth. Policy creation is needed for starting programs that target the large labour pool India possesses in sectors like agriculture, where the labour is underpaid and jobless for significant parts of the year. The programs with collaboration of both Government and Private sector needs to create an ecosystem to where they set up skills training institutes nationwide with programs tailored to industry needs. This partnership should ensure employment for certified graduates. Spreading awareness about the ease of learning these skills and employability using local leaders/influencers, print/tv/social media will generate interest and curiosity to join these institutes. India now needs, not only Make-in-India, but also ‘Construct India’.
06:01:03 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Vidyakul CEO Tarun Saini on edtech demands
Budget 2024 Live: “Under the current rules, services offered by edtech companies attract 18% GST, which impacts affordability in online education. This is a concern which edtech companies have been talking about since the last budget session. A reduction in GST on edtech services will lower service prices, boost affordability. We are hopeful the government will consider lowering the GST from the current 18%. In addition to this, we are looking forward to a closer collaboration between policy makers, government and startups in the form of PPPs (Public Private Partnerships) in the education sector. Connecting startups with education policy makers can create a powerful synergy to solve targeted problems and significantly enhance efforts to address critical issues. This will help create opportunities and enable a level-playing field for disadvantaged children in Bharat.”
05:48:27 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: CashKaro co-founder advocates for income tax reforms, pro-MSME policies, and AI regulation
Rohan Bhargava, Co-founder, CashKaro & EarnKaro said, “We are closely watching the discussions around income tax reforms in the upcoming budget. The current tax rate for earnings above ₹15 lakh stands at 30%, which is quite steep. The significant jump in tax rates from ₹3 lakh to ₹15 lakh highlights the need for a more gradual increase. Raising the income threshold before any tax is levied from ₹3 lakh to ₹5 lakh would provide individuals, especially those in the lower earning bracket, with more disposable income. This change would boost consumption, increase savings for the middle class, and provide positive momentum for the e-commerce industry.From an entrepreneurial perspective, the upcoming end of the Startup India Seed Fund scheme in 2025 highlights the need for a new initiative to continue supporting the growth of the startup sector. Startups are also calling for the complete removal of angel tax regulations to foster a more conducive investment environment. Furthermore, AI-related regulations should be addressed at the earliest to ensure that as a country, we don’t hit bottlenecks in innovation and growth. Startups prefer self-regulation over stringent guidelines, which can stifle creativity and rapid development in this crucial sector.Pro-MSME policies are also vital. Simplifying the regulatory framework, providing tax benefits, and creating infrastructure for logistics and digital payments are necessary steps. Overall, keeping operational costs low for MSMEs through such measures will support their sustainability and growth.At CashKaro, our mission is to improve the purchasing power of consumers through attractive cashbacks and discounts. By doing so, we not only benefit consumers but also help brands reach a wider audience, creating a win-win situation for everyone involved.”
05:31:22 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Retail Cos call for formulation of Nation Retail Policy
Arjun Ranga, Managing Director, Cycle Pure Agarbathi said, “The upcoming Union Budget will certainly provide the required momentum for the retail and consumer space. We are confident that the government will ensure long-term growth while duly maintaining flexibility within these critical industries. The expectation from the budget is to ensure the National Retail Policy is formulated and create a window for financing specially for retailers and distributors. Organizations can additionally look forward with great interest to leverage the expected digital transformation incentives towards higher efficiency and more customer-centric offering abilities. Overall, we remain optimistic about the budget’s impact on the retail and consumer products industry and look forward to working closely with the government to unlock the full potential of such dynamic segments”.
05:07:52 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: GST a major hurdle for FMCG cos?
Ravi Kabra, Co-Founder of Skippi highlighted several challenges faced by the FMCG sector which need attention.
“I believe the forthcoming budget holds immense potential to catalyze growth and innovation in India’s FMCG sector. Our industry faces several challenges that require thoughtful policy interventions to overcome. Firstly, the current GST structure imposes significant burdens, particularly on essential FMCG products, particularly through potential reductions in GST rates for essential products currently burdened by high 18% taxes. Infrastructure development, especially for cold chain facilities and warehousing, is crucial to accommodate the growth in beverages and frozen goods. Emphasis on research and development, incentivizing innovation in eco-friendly packaging and natural ingredients, aims to enhance consumer health and industry expansion. Digitalization investments are expected to improve e-commerce infrastructure, benefiting small to medium-sized retailers with tax incentives and promoting rural market accessibility. Efforts to streamline GST processes, simplify licensing, and enhance export facilitation underscore a proactive approach to support FMCG startups and established brands alike. Overall, the budget aims to alleviate financial pressures, stimulate innovation, and bolster market competitiveness through strategic fiscal policies and infrastructure enhancements. Creating cluster programs would simplify operations for FMCG manufacturers by allowing a hub with subsidised resources (such as energy and land) to grow a particular product category.
“Moreover, business comfort can be increased by making it simpler for people to obtain financing through banks and NBFCs at cheaper, subsidised rates. These steps would be extremely helpful in promoting growth and sustainability in the FMCG industry, given the competitive margins in the industry,” he said.
04:45:03 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Here’s what may boost real estate sector
“Among the other measures taken to boost the real estate markets, especially in non-metro market, we believe further deductions in interest on home loans will create a conducive environment for all the real estate developers. As an increase in deductions will allow the potential home buyers to plan their budgets. Such positive changes on home loan interest will uplift the market sentiment and increase the sales volume as the potential buyers will have more resources. Which further means that there will be improved liquidity and cash flow to help the developers, complete the existing projects ahead of schedule. Overall there will be sustainable growth and stability in the real estate market,” said Shashank Paranjape, Managing Director, Paranjape Schemes (Construction) Ltd.
04:19:01 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: What the semiconductor sector expects
Krishna Vij, Business Head, TeamLease Digital said, “This year marks a significant growth phase for India’s semiconductor industry, highlighting the potential of entrepreneurs in the semiconductor and embedded ESDM sectors. The budget must address key challenges the industry faces, such as high EDA costs and fabrication and validation expenses. Recent global chip shortages have disrupted various sectors like automotive, electronics, and telecommunications, causing supply chain disruptions. Moving forward, India cannot afford to be overly reliant on foreign chipmakers. Therefore, the upcoming budget should prioritize incentives and infrastructure development crucial for establishing a robust domestic supply chain, spurring local production and innovation. We expect this move to engage local talent in production roles.”
03:54:16 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: L&T Technology Services calls for focus on ‘Make AI in India and Make AI work for India’
“As a specialized provider of Engineering Research and Development (ER&D) services, we believe that widespread adoption of digital transformation and innovation holds the key to unlocking the full potential of India’s engineering and technology sector. The ER&D field in India shows promising growth potential. Hence, we are anticipating the government’s continued focus on ‘Make AI in India and Make AI work for India’ and the globe, to further propel this potential. We look forward to more supportive policies and initiatives in the upcoming budget, including trust-based governance, increased investments in digital infrastructure technologies, tax incentives, and the establishment of advanced Centers of Excellence (CoE) to drive R&D innovation. This will ensure that India remains a preferred global destination for engineering services. Additionally, prioritizing engineering skill development, enhancing employability, and fostering closer collaboration between industry and academia is crucial for maintaining India’s competitive edge in digital engineering and Industry 4.0 expertise,” said Amit Chadha, CEO and Managing Director of L&T Technology Services.
03:33:35 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “Opportunity to fuel startups”
Union Budget 2024 Live Updates: Abhinav Jain, Co-Founder & CEO, Almonds AI said, “In the rapidly evolving landscape of technology and innovation, startups are the engines of future economic growth. The upcoming budget presents a critical opportunity to fuel these engines, ensuring we keep pace with global advancements and lead the charge. Removing the debated ‘Angel Tax’ will significantly propel India’s ascent as a global hub of innovation and technology. Smart investments in our tech ecosystem today will shape tomorrow’s industries, creating jobs, driving innovation, and securing our position in the global digital economy.”
02:50:42 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Expectations for tourism sector
Union Budget 2024 Live Updates: Our budget expectations for the tourism sector prioritize four essential areas: infrastructure status, workforce development, youth engagement, and inbound tourism promotion: Dr Jyotsna Suri, Past President, FICCI and Chairperson & Managing Director, The Lalit Suri Hospitality Group
02:31:57 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Focus for India’s logistics clear
General Budget 2024 Live:”As we await the 2024 Union Budget, the focus for India’s logistics sector remains clear: a forward-looking budget that champions technological integration and robust infrastructure development. With the new National Logistics Policy and initiatives like PM Gati Shakti already setting the groundwork, the industry is on the verge of transformative growth. Continued government support is essential to foster innovation and assist startups in navigating this evolving landscape, ensuring that the sector remains competitive and resilient,” says Nishith Rastogi, Founder & CEO, Locus.sh
02:10:08 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Ambitious 100-day plan on the cards?
General Budget 2024 Live: “The upcoming budget aims to balance growth while funding alliance commitments, we anticipate the government will likely maintain its tax and non-debt capital receipt projections (including disinvestment) as outlined in the Interim Budget of February 2024. Anticipation is building across multiple factors, including industries, farming communities, taxpayers, and the middle class, as they await the upcoming announcement. An ambitious 100-day plan is likely which includes the awarding of significant thermal power and transmission line contracts for energy security and transition,” says Anil Rego, Founder and Fund Manager at Right Horizons
01:45:58 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: FICCI’s recommendations on TDS
01:35:31 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Agriculture & FMCG sectors seek better infra & tech to help farmers tackle climate change, inflationary pressures
01:30:59 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Budget 2024 may propel a key element of the Modi govt’s Panchamrit goals
01:17:22 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: The pressures facing Modi 3.0’s Budget
01:01:48 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “Budget 2024 a critical juncture for the EV industry”
General Budget 2024 Live: “As we approach the Union Budget 2024-25, GT Force, an emerging player in the electric two-wheeler segment, views this as a critical juncture for India’s EV industry. With the short-term EMPS 2024 set to end on July 31, 2024, we urge the government to introduce a robust, long-term successor to this scheme that addresses the evolving needs of the EV ecosystem. This new framework should not only continue demand incentives for consumers but also focus on supply-side interventions to boost domestic manufacturing and innovation,” says Mukesh Taneja, CEO & Co-founder at GT Force
12:46:41 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “Broaden scope of IVF in Budget”
General Budget 2024 Live: “While allocations for conditions such as sickle cell anaemia and thalassemia in the previous budgets are commendable, Jindal IVF stresses the need for Budget 2024-25 to broaden its scope. We urge the Government of India to integrate preventive strategies like Preimplantation Genetic Testing (PGT) for genetic disorders into national healthcare frameworks. Additionally, there is a critical need for increased funding towards assisted reproductive technologies, specifically IVF,” says Dr. Sheetal Jindal, MBBS, MD OBG, EPHM (IIM Kolkata), Senior Consultant and Medical Director, Director at Medical Genetics Program, Jindal IVF Chandigarh
12:14:42 PM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Watch what she says
11:47:00 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “Ease GST on FMCG products”
General Budget 2024 Live: “The current GST structure imposes significant burdens, particularly on essential FMCG products, particularly through potential reductions in GST rates for essential products currently burdened by high 18% taxes. Infrastructure development, especially for cold chain facilities and warehousing, is crucial to accommodate the growth in beverages and frozen goods. Emphasis on research and development, incentivizing innovation in eco-friendly packaging and natural ingredients, aims to enhance consumer health and industry expansion,” says Ravi Kabra, Co-Founder of Skippi
11:33:08 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: A tech lawyer’s wish-list for Budget 2024-25
11:06:10 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “Rationalisation of capital gains”
General Budget 2024 Live: “We are hoping for the same things as we were with the Interim Budget in Feb, 2024. Rationalisation of capital gains tax down from the current 30% and of the TDS tax rate of 1%. Treating crypto at par with other financial asset classes like equity. A well-defined regulatory framework for crypto in the country, making crypto a suitable investment option for the common man as well as spurring industry investment in the crypto sector,” says Amjad Raza Khan, CEO of Cashaa
10:35:27 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Divestment, dividend targets for FY25 likely to be retained
10:32:47 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “In-home care is the need of the hour”
General Budget 2024 Live: “We are fully aligned with the Government Proposal of health benefits to all individuals over 60 years of age, with contributory scheme coverage of Rs 5 Lakh annually. This is a much needed step and should be implemented at the earliest. Further we really request the Government to implement their proposal of expansion of Ayushman Bharat PM Jan Arogya Yojana to cover all Senior Citizens. This should also cover in-home care needs of elderly patients. Today in-home care is the need of the hour and specifically with increasing age, healthcare at home will bring huge relief to our ageing elders,” says Vineet Narang, Founder & Managing Director of HearClear India
10:22:52 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “Foster a robust MSME ecosystem”
General Budget 2024 Live: “For SMEs and MSMEs in the IT sector, we anticipate measures that streamline financial support, simplify regulatory processes, and encourage technological adoption, fostering a robust MSME ecosystem. Moreover, with India emerging as a data hub, we see significant potential in the development of Data Embassies, supported by the government’s upcoming IFSC in GIFT City. This initiative will enable private players like Ishan Technologies to actively participate in and benefit from secure and efficient data management infrastructure,” says Pinkesh Kotecha, MD & Chairman, Ishan Technologies.
09:59:26 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “India’s economic fundamentals remain strong”
General Budget 2024 Live: “Under the new government, we expect the pace of reforms to continue. The focus of the budget will remain on sectors such as Infrastructure, Housing, Manufacturing/PLI, Defence indigenization, Digitization, etc. During the year, the government received an additional Rs. 1 trillion from the Reserve Bank of India (RBI) in the form of dividends. A higher dividend from the RBI and stellar growth in tax revenues can be utilized to support higher rural and social sector spending, along with capital expenditure growth versus the interim budget. Overall, we believe the government will continue on the path of fiscal consolidation and maintain the fiscal deficit as a percentage of GDP target at 5–5.1% for FY25 and 4.5% for FY26,” says Sachin Bajaj, EVP and Chief Investment Officer, Max Life.
09:57:22 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “Rationalise capital gains tax structure”
General Budget 2024 Live: “Rationalisation of what is currently a fairly complex capital gains tax structure in India with varying tax rates (across taxpayers and asset classes), differing holding periods for short term and long term, differing computation mechanisms. The Government had set up a committee in September 2022 headed by Shri M Damodaran to undertake a comprehensive study of the existing regime from a regulatory policy and taxation standpoint and to facilitate ease of investing. The Committee has since submitted the Report to the Government, though it remains confidential. Implementation of the recommendations will mean a delicate balancing act for the Government, but the overarching objectives should be simplicity and providing uniformity in taxation to ensure that asset allocation decisions are driven by risk reward considerations rather than taxation,” says Tejas Desai, Partner & Leader, Wealth & Asset Management – Tax, EY India.
09:54:10 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “More mental health integration into the mainstream”
General Budget 2024 Live; “Our hopes include integrating mental health services into primary healthcare, substantial investments in digital mental health solutions, and incentives for startups innovating in this space. We advocate for measures addressing the shortage of mental health professionals through targeted skill development programs and promotion of tele-mental health services. Policies mandating mental health coverage in insurance plans, increased funding for mental health research, and the establishment of a national mental health database are also key expectations,” says Krishna Veer Singh, Co-Founder, & CEO Lissun
09:49:45 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: “Support innovation, skill education”
General Budget 2024 Live: “Beyond physical infrastructure, it is vital to develop and enhance digital learning infrastructure to bridge the socio-economic divide and ensure equitable quality education at all levels for continuity in the learning process. Supporting skill and education financing innovation through degree apprenticeships, industry-academia collaboration for private funding, social and education bonds, and introducing a skill and education levy will foster a resilient and adaptable workforce. By focusing on these areas, the budget will enhance the employability infrastructure and ensure it meets the evolving demands of the modern workforce,” says Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship
09:43:14 AM IST, 10 Jul 2024
Union Budget 2024 Live Updates: Time to push divestment of state-owned banks, says SBI report
General Budget 2024 Live: “They invited bids from buyers in October 2022. In January 2023, the Department of Investment and Public Asset Management (DIPAM) received several expressions of interest for the IDBI Bank stake on offer. We expect the government to clarify this in the Budget,” it said. Presently, the government owns over 45 per cent stake in IDBI Bank, and LIC has a 49.24 per cent shareholding.
News
Modiv Industrial to release Q2 2024 financial results on August 6
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
News
Volta Finance Limited – Director/PDMR Shareholding
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
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Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
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b. Initial Notification/Amendment |
Initial notification |
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a name |
Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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d. Price(s) |
€5.2 per share |
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e. Volume(s) |
Total: 3380 |
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f. Transaction date |
August 1, 2024 |
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g. Location of transaction |
At the Market – London |
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The) |
B) |
w) |
It is) |
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Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
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This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
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This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
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News
Apple to report third-quarter earnings as Wall Street eyes China sales
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
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News
Number of Americans filing for unemployment benefits hits highest level in a year
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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