Finance
G20 finance chiefs fail to issue joint statement amid war in Ukraine
Finance chiefs from the Group of 20 advanced and emerging economies on Thursday failed to issue a joint statement amid disagreements over Russia’s war in Ukraine and the Hamas-Israel conflict.
Russia’s invasion of Ukraine has exposed a deep division within the G20 between Russia and China on the one hand and Western nations that have levied sanctions on Moscow on the other.
Brazil, which holds the G20 presidency this year, issued a chair’s summary wrapping up the two days of talks, mentioning in a footnote the finance forum is not the appropriate place to discuss geopolitical issues.
It is not the first time that the group has failed to issue a joint communique, though the finance chiefs did so after reaching a consensus in the previous meeting last year.
G20 finance ministers and central bank governors meet in Sao Paulo, Brazil, on Feb. 29, 2024. (AP/Kyodo)
“More than a few countries strongly condemned Russia’s invasion and the terror attack by Hamas (on Israel), and expressed concern about the alarming humanitarian crisis in Gaza,” Masato Kanda, vice finance minister for international affairs, told a press conference.
“Given the serious negative impact of Russia’s invasion of Ukraine on the global economy, Japan is of the view that the issue should be addressed by the G20,” he said. Kanda attended the meeting on behalf of Finance Minister Shunichi Suzuki, who stayed in Japan for Diet deliberations.
Besides disagreements over geopolitics, the G20 finance ministers and central bank governors shared the view that the global economy is headed for a “soft landing,” meaning that a recession will likely be avoided, according to Kanda.
The chair’s summary noted wars, conflicts, economic divisions and trade protectionism as downside risks to the economy. It retained its existing commitments related to foreign exchange rates.
Despite slowing growth, the global economy has so far avoided a recession that was feared after aggressive interest rate hikes in major economies like the United States and the eurozone and property woes in China.
The G20 has maintained that foreign exchange rates should reflect economic fundamentals, noting that volatile and disorderly moves would negatively affect the global economy.
Brazil has prioritized fighting inequality and creating a sustainable and just world.
During the finance chiefs’ meeting, Brazilian Finance Minister Fernando Haddad called for more equitable taxation targeting the super-rich.
The group consists of the Group of Seven — Britain, Canada, Germany, France, Italy, Japan, the United States and the European Union — along with Brazil, Russia, China, India and Saudi Arabia among others.
Finance
Everton: Premier League club offered loan to complete new stadium
777 Partners agreed to buy current owner Farhad Moshiri’s 94% stake in September, but there is increasing question marks over the takeover following concerning developments around the Miami-based firm.
On Tuesday, Moshiri extended the sales and purchase agreement until the end of this month, giving 777 more time to try to complete the deal.
One of the conditions imposed by the Premier League for 777 to be given the green light is to fund about £100m for the completion of the club’s new stadium.
Costs for the project have spiralled from an initial £500m to more than £800m, which was disclosed in Premier League documents relating to the club’s appeal over their 10-point deduction for breaching financial rules.
GDA Luma describes itself as providing “capital solutions” to companies facing “complex financial and operational challenges”.
Earlier this month, 777 held discussions with the firm to see whether debt financing could be offered.
Finance
Aadhar Housing Finance share price jumps 8% after flat debut. Buy, sell or hold?
Aadhar Housing Finance, a unique retail-oriented home finance company, stands out with its specialization in low-income housing. Today, its shares had a flat listing on the Indian exchanges. Aadhar Housing Finance shares were listed on BSE at ₹314.30 per share mark while the stock listed on NSE at ₹315 apiece, which was almost at par with the upper price band of ₹315 per equity share of the Aadhar Housing Finance IPO. However, the newly listed stock witnessed strong buying post-listing and touched intraday high of ₹341.95 apiece on BSE and NSE. Stock market experts believe that the newly listed stock is a good portfolio stock, and positional investors can hold the stock for the long term.
Aadhar Housing Finance share price outlook
Discussing the listing of Aadhar Housing Finance shares, Prashanth Tapse, Senior VP — Research at Mehta Equities, expressed, “Despite the subdued market conditions, Aadhar Housing Finance’s listing was slightly below street expectations. The company’s focus on the rapidly growing low-income housing segment, which is projected to be the fastest sub-segment within the housing finance industry, has garnered a decent subscription demand. With its reasonable valuations, it presents a promising long-term investment opportunity for conservative investors.”
Also Read: TBO Tek share price dips after bumper debut. Should you buy in this correction?
With a positive outlook for the affordable low-income housing segment, driven by government initiatives such as housing for all and infrastructure status for affordable housing, Aadhar Housing Finance is well-positioned for growth. Its reasonably priced ask valuations compared to industry peers, growing Gross AUM and Net Worth, stable average ticket size of loans, and increasing penetration into tier 4 and tier 5 towns all indicate sound financial health and potential for further expansion. Given the long-term optimistic sector outlook, we recommend allotting investors to “HOLD” for a long-term perspective,” a Mehta Equities expert said.
Reiterating the company’s specialization in low-income housing, Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, stated, “Aadhar Home Finance Ltd. is a retail-oriented home finance company that excels in serving the low-income housing market. It caters to economically weaker consumers with middle-to-low incomes who require small-ticket mortgage loans. Offering a range of mortgage-related loan products, such as loans for acquiring and constructing commercial real estate, home remodelling and extension loans, and loans for purchasing and constructing residential real estate, the company is well-positioned for future growth. We advise investors to consider this potential and hold their investments for medium to long-term rewards.”
“On the financial front, Aadhar Housing Finance reported the second-highest return on equity in FY23 at 15.9%. As we advance, we expect operational performance to improve, led by the dominant low-income housing segment, low cost of borrowing, and higher return ratio among peers. We thus advise investors who have received allotment to hold shares from a medium to long-term perspective,” said Shreyansh Shah, Research Analyst at StoxBox.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 15 May 2024, 11:53 AM IST
Finance
Long-Time Finance Prof Named Interim Dean At Stanford GSB
The dean’s office at Stanford Graduate School of Business is moving from economics to finance. As Jonathan Levin, an econ prof and GSB dean since 2016, prepares to move up to the university presidency in August, the B-school has named an interim successor: long-time finance professor Peter Demarzo.
Demarzo, Stanford’s John G. McDonald professor of finance who has taught at the B-school altogether for more than a quarter century, assumes the deanship August 1 and will keep it until a permanent successor to Levin is named.
“Peter will provide important continuity for the school during this transition, and we are grateful to him for being willing to accept this responsibility,” Stanford Provost Jenny Martinez says in a news release.
DEMARZO TEACHES CORPORATE FINANCE & FINANCIAL MODELING
Demarzo earned his Ph.D. and a master’s in operations research from Stanford in the 1980s. He taught at the school for two years in the 1990s, then returned for good in 2000. He teaches MBA and Ph.D. courses in corporate finance and financial modeling; he also founded and serves as faculty co-director of the Stanford LEAD Online Business Program.
Before joining Stanford, Demarzo was on the faculty of UC-Berkeley’s Haas School of Business and Northwestern’s Kellogg Graduate School of Management; he was also a national fellow at the Hoover Institution.
Demarzo’s research is in the areas of corporate finance, asset securitization, financial contracting, and regulation. According to his online bio, “He is co-author of Corporate Finance and Fundamentals of Corporate Finance” and “has served as president of the Western Finance Association and the American Finance Association. He is a fellow of the Econometric Society and the American Finance Association, and a research associate of the National Bureau of Economic Research.”
LEVIN LOOKS ‘TO STANFORD’S FUTURE’
Stanford on April 4 announced that Levin, dean of its business school since 2016, will become president of the university on Aug. 1.
Named Dean of the Year by Poets&Quants in 2022 for his success in bringing stability to a school that had been wracked by scandal, Levin’s more important achievements include putting Stanford in the lead of all business schools on diversity and inclusion, making the GSB the first major institution to publish an annual report on its diversity progress.
“As I look to Stanford’s future, I’m excited to strengthen our commitment to academic excellence and freedom; to foster the principles of openness, curiosity, and mutual respect; and to lead our faculty and students as they advance knowledge and seek to contribute in meaningful ways to the world,” the 51-year-old Levin said in a statement in April.
DON’T MISS STANFORD NAMES BUSINESS SCHOOL DEAN JONATHAN LEVIN ITS PRESIDENT and A DAY IN THE LIFE OF A STANFORD MBA STUDENT
-
Politics1 week ago
House Dems seeking re-election seemingly reverse course, call on Biden to 'bring order to the southern border'
-
World1 week ago
Stand-in Jose Raul Mulino wins Panama presidential race
-
News1 week ago
Compass Direct LLC’s 2024 Registration in North Carolina
-
World1 week ago
Tech compliance reports, Newsletter
-
News1 week ago
Columbia University cancels its main commencement ceremony after weeks of turmoil
-
News1 week ago
Man, 75, confesses to killing wife in hospital because he couldn’t afford her care, court documents say
-
News1 week ago
UCLA to resume in-person classes after Gaza protest crackdown
-
Politics1 week ago
Presidential polls show deadlocked race as party conventions quickly approach