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Jio Financial shares rally close to 5% after SEBI nod to Jio BlackRock Broking

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Jio Financial shares witnessed a steep rally on Friday after India’s stock market regulator SEBI gave a green signal to the newly formed Jio BlackRock Broking.

With approval from the Securities Exchange Board of India (SEBI), Jio BlackRock Broking can start its operations and act as a stockbroker and clearing member.

In a regulatory filing with SEBI, Jio Financial informed that:

“The Securities and Exchange Board of India has granted a certificate of registration dated June 25, 2025, to Jio BlackRock Broking Private Limited to act as a stockbroker/clearing member.”

The development pushed the share prices of Jio Financial Services, which traded around 5% higher at Rs 326.55 during the day.

Jio BlackRock Broking Private Limited is fully owned by Jio BlackRock Investment Advisers Private Limited.

This is not the first good news for the Jio BlackRock partnership in India as earlier SEBI gave its approval to Jio BlackRock Investment Advisers to operate as investment advisors.

Potential disrupter

Jio BlackRock’s entry is being viewed as a game-changer for India’s Rs 72 lakh crore mutual fund market, which is currently dominated by 44 asset management firms handling assets worth roughly $813.8 billion.

The venture brings together Jio’s expansive digital reach and BlackRock’s international investment know-how.

Its goal is to reduce costs, enhance transparency, and make investment options available even in the remotest parts of India.

According to several investment advisors in India, this move could mark a turning point for the country’s mutual fund landscape.

They believe it may drive greater technological adoption and cost efficiency, ultimately helping the industry reach a much broader section of the population.

Jio Financial shares: What’s more behind recent surge?

The Jio Financial shares are trading high this week after its recent acquisition of more than 7.9 crore equity shares in Jio Payments Bank Limited (JPBL) from the State Bank of India (SBI). The deal, valued at Rs 104.54 crore, was finalized last week.

Originally announced in March, the move marks JFS’s plan to buy SBI’s 17.8% stake in the payments bank and is being viewed as a strategic push to deepen its presence in the digital payments and fintech space.

Jio Financial Services shares have risen nearly 7% since the start of the year, keeping pace with the Sensex, which has posted a similar gain.

However, over the past 12 months, the stock is down around 8%, having touched its 52-week low of Rs 198.60 on March 3.

Its highest point in the same period was Rs 363, reached on September 27 last year.

The surge in Jio Financial shares came amid an overall upbeat trend in the Indian markets as the benchmark indices are trading very close to their all-time highs.

The Indian markets are closely following its Wall Street peers as US stock indices briefly touched a new record on Thursday after a strong backing from tech stocks.

The post Jio Financial shares rally close to 5% after SEBI nod to Jio BlackRock Broking appeared first on Invezz

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In World news

Tudor to Acquire American Creek in Latest Gold M&A Deal

3 Mins Read

Tudor Gold (TSXV:TUD,OTC Pink:TDRRF) has signed a definitive agreement to acquire American Creek Resources (TSXV:AMK,OTCQB:ACKRF) in an all-share transaction, marking a consolidation in BC’s Golden Triangle.

Under the deal, dated Wednesday (June 25), each American Creek shareholder will receive 0.238 shares of Tudor for each share held, effectively giving Tudor an 80 percent ownership stake in the Treaty Creek project — one of Canada’s largest undeveloped gold-copper porphyry systems. American Creek previously held a fully carried 20 percent interest.

‘Our acquisition of American Creek increases our interest to 80 percent in the Treaty Creek Project, which hosts one of the largest gold discoveries in Canada with excellent potential for expansion and additional gold-copper discoveries, at a reasonable per ounce of gold equivalent cost,’ said Joe Ovsenek, Tudor Gold president and CEO, in a press release.

According to Tudor, Treaty Creek is located adjacent to world-class deposits held by Seabridge Gold (TSX:SEA,NYSE:SA) and Newmont (TSX:NGT,NYSE:NEM). Treaty Creek’s flagship Goldstorm deposit is a large-scale system that holds both gold and copper mineralization, and the project has consistently returned high-grade intercepts.

The transaction also includes the settlement of up to US$2.22 million in severance obligations to American Creek insiders — US$1 million in cash and the remainder in Tudor shares at a price of US$0.537 per share.

These shares will be subject to a four month statutory hold period, pending approval from the TSX Venture Exchange.

Golden Triangle deal mirrors global M&A trend

The Tudor-American Creek deal is the latest in a wave of mining sector consolidations driven by a record gold price, rising corporate cash reserves and dwindling new deposit discoveries.

Notable deals in the first half of 2025 include the C$2.6 billion merger of Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) and Calibre Mining, which was announced in February and closed this month.

In Australia, Northern Star Resources (ASX:NST,OTC Pink:NESRF) closed its AU$5 billion acquisition of De Grey Mining in May. De Grey was the owner of the massive Hemi gold deposit. The same month, Gold Fields (NYSE:GFI,JSE:GFI) made a US$2.4 billion bid for Gold Road Resources (ASX:GOR,OTC Pink:ELKMF).

Ramelius Resources’ (ASX:RMS,OTC Pink:RMLRF) AU$2.4 billion acquisition of Spartan Resources (ASX:SPR,OTC Pink:GYYSF), announced in March, further underscores the appetite for consolidation.

Data from S&P Global Commodity Insights shows last year’s M&A activity laid the groundwork for this trend.

With US$26.54 billion in deal value across 62 qualifying transactions, gold remained the dominant metal of focus, accounting for 43 deals and US$19.31 billion of total deal value. ‘Ever-depleting mining reserves and limited exploration success mean that acquisition is now the key strategy for growth,’ the report notes.

Gold’s record price rise, which took it to the US$3,500 per ounce level in April, has made previously uneconomic deposits viable and pushed miners’ margins to historic highs.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

6 Mins Read

The Tennis Channel is extending its deal with the Women’s Tennis Association that will see the cable TV network and streaming service continue to broadcast more than 2,000 matches each season.

While terms of the deal weren’t disclosed, Tennis Channel CEO Jeff Blackburn told CNBC in an interview there was a “pretty big step up in our payments” to the WTA for the U.S. media rights, which includes international tournaments and the WTA Finals event. The new agreement lasts through 2032.

“Our goal and mission is to just cover pro tennis and the game of tennis like no one else, every day, every hour, all year round. There’s no offseason,” Blackburn said. “WTA plays a huge role in that and it was a big priority for me to make sure that we renewed our relationship and extend it as long term as we were able.”

The exclusive rights renewal comes as the Tennis Channel is in the midst of a transition on several fronts.

Last year, longtime Tennis Channel CEO Ken Solomon was ousted from the company. Blackburn stepped into the role in early May, following a 24-year career at Amazon, where he helped to build out Prime Video and expand the streaming service into sports, among other businesses.

Meanwhile, Sinclair, the owner of broadcast stations as well as the Tennis Channel, had recently considered offloading the network, CNBC previously reported. The parent company, however, is no longer exploring a sale of the Tennis Channel, particularly since Blackburn has taken the helm, according to a person familiar with the matter who spoke on the condition of anonymity to discuss nonpublic details.

In the backdrop, the Tennis Channel, like its network peers, is contending with the continued loss of customers from the pay-TV bundle. While live sports garner the biggest audiences — and leagues have reaped huge rights payouts as a result — media companies are focused on growing the profitability of their streaming businesses.

In 2014 the 24/7 tennis network took its first step into streaming with Tennis Channel Plus, and later in 2022 introduced Tennis Channel 2, a free, ad-supported streaming channel. While Blackburn said Tennis Channel 2 has been successful and attracted a younger audience, he is focused on beefing up the Tennis Channel’s recently launched direct-to-consumer streaming app.

The app, which launched in November 2024, costs $9.99 a month or $109.99 annually and offers the same programming as the pay-TV network. Media companies are increasingly offering the same live sports featured on pay-TV networks on their counterpart streaming alternatives — most notably with the launch of Disney’s flagship ESPN app later this year.

“What’s important about the partnership is that they’re committing to doing more with us,” said Marina Storti, CEO of WTA Ventures, the commercial arm of the WTA. “They’re committed to that increased exposure across all of their platforms. They’re committed to ensuring this kind of equal exposure for women and men, where they have the rights. And they’re making a significant commitment. There is a substantial increase in the rights fees, which is a big milestone for us as part of our plan and commitment to growing.”

The Tennis Channel’s agreement with the WTA covers a large swath of the WTA’s tournaments outside of North America through the season-closing WTA Finals.

The audience for WTA events on the Tennis Channel has been growing, particularly among the younger demographic. Viewership among 18- to 34-year-olds on the Tennis Channel has grown annually for each of the past two years, according to a news release.

The deal comes as American female tennis players have shot to the top of global rankings and women’s sports in general have seen a rise in popularity and investment funding.

Already in 2025, two American women have won two of the top majors: Madison Keys took the Australian Open in January, and Coco Gauff was crowned the winner of the French Open in June. Gauff and Keys will be among the participants at Wimbledon, which kicks off on Monday.

“Tennis is really the only major sport where the men’s and women’s game is on equal footing, and that’s really important,” said Blackburn. “I think for tennis it makes it unique. The growth of women’s sports overall? Maybe basketball and soccer will get there, but I think tennis is way ahead in terms of providing that for the fan.”

The Tennis Channel 2 free streaming option has earmarked every Tuesday as “Women’s Day” — showing only women’s match coverage — and Blackburn highlighted the network’s roster of heavy-hitting female talent, including former players and Hall of Famers Martina Navratilova and Lindsay Davenport, among others.

The deal extension also builds on WTA Ventures’ recent efforts to grow its commercial revenue and build the profiles of its athletes.

In 2023 the WTA formed a strategic partnership with private equity firm CVC Capital Partners, which invested $150 million for a 20% stake in the newly created WTA Ventures. The entity was formed to focus on growing commercial revenue through sponsorships and media rights deals, with the goal of tripling its revenue by 2029.

In 2024 WTA Ventures said it expected to increase revenue by 24% in its first full year.

The media rights extension marks the first renegotiation with the Tennis Channel under the WTA Ventures framework. The WTA’s long-standing media rights deal with streaming service DAZN expires at the end of next year, and talks have begun for new deals that would begin in 2027, said Storti.

WTA Ventures said its global audience surpassed 1 billion viewers on broadcast and streaming last season, and Storti said the U.S. is among one of the WTA’s biggest growth markets, along with China and Poland.

“We are a completely mass-market product that attracts hundreds of millions of fans across the world, and I would say we deliver a product that stands kind of shoulder to shoulder with the men counterpart,” Storti said.

The WTA has also recently emphasized improvements for players.

This year it’s has announced a paid maternity leave funded by the Saudi Public Investment Fund, as well as a new policy allowing players to protect their rankings during fertility treatments

Still, tennis is not without its issues of disparity. While the U.S. Open awarded equal prize money to men and women beginning in 1973, it was decades ahead of Wimbledon and other majors. And while equal prize money is given at the majors level, there’s still a considerable pay gap at lower-level tournaments.

The sport also drew criticism around the 2025 French Open when the majority of prime-time slots went to men’s matches.

This post appeared first on NBC NEWS

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FBI investigating Iran strike leaker, Leavitt says: ‘They should be held accountable’

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Those who leaked a preliminary assessment — rejected by the White House — on the U.S. strikes on Iranian nuclear facilities will face justice for sharing the document, according to White House Press Secretary Karoline Leavitt. 

President Donald Trump and multiple leaders are saying that the strikes destroyed three Iranian nuclear sites.  

A leaked report from the Defense Intelligence Agency, published by CNN and the New York Times, cast doubt on that though, saying that the strikes only set back Iran’s nuclear program by several months. CNN first reported the assessment’s findings, citing seven people who were briefed on the report. The outlet reported the findings were based on a battle damage assessment from U.S. Central Command. 

Leavitt pushed back on the early assessment’s credibility, claiming the report was ‘flat-out wrong.’ 

‘Everyone knows what happens when you drop 14 30,000-pound bombs perfectly on their targets: total obliteration,’ Leavitt said in a Tuesday statement. 

Secretary of Defense Pete Hegseth said Wednesday that the FBI is conducting an investigation to get to the bottom of the matter and who shared the document with the media. 

Additionally, Leavitt told reporters that leaking classified information is a criminal offense and that those who fail to follow the law ‘need to be held accountable for that crime.’ 

‘This administration wants to ensure that classified intelligence is not ending up in irresponsible hands, and that people who have the privilege of viewing this top secret classified information are being responsible with it,’ Leavitt told reporters Thursday. 

‘Clearly, someone who had their hands on this and it was a very few people, very few number of people in our government who saw this report,’ Leavitt said. ‘That person was irresponsible with it. And we need to get to the bottom of it. And we need to strengthen that process to protect our national security and protect the American public.’ 

Meanwhile, the U.S., Israel and Iran’s Foreign Ministry have all said that the three nuclear sites U.S. forces struck have encountered massive damage. 

Iran’s Foreign Ministry spokesman Ismail Baghaei told Al Jazeera Wednesday that the country’s nuclear facilities were ‘badly damaged,’ and Israel’s Atomic Energy Commission said the U.S. strikes were ‘devastating.’

On Sunday, Chairman of the Joint Chiefs of Staff Gen. Dan Caine said that initial battle damage assessments suggest ‘all three sites sustained extremely severe damage and destruction.’

Trump issued a word of caution to Iran Wednesday, should it attempt to repair its nuclear program once more, and said the U.S. wouldn’t hesitate to launch another strike against Iran. 

Trump personally called for the firing of one of the reporters who authored the story about the initial assessment, claiming in a Wednesday Truth Social post that the reporter should be ‘IMMEDIATELY reprimanded, and then thrown out ‘like a dog.’’

Even so, CNN came to the defense of the reporter, Natasha Bertrand. 

‘We stand 100% behind Natasha Bertrand’s journalism and specifically her and her colleagues’ reporting of the early intelligence assessment of the U.S. attack on Iran’s nuclear facilities,’ CNN said in a Wednesday statement. ‘CNN’s reporting made clear that this was an initial finding that could change with additional intelligence. We have extensively covered President Trump’s own deep skepticism about it.’

Fox News’ Brooke Singman contributed to this report. 

This post appeared first on FOX NEWS

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Europe markets open: stocks mostly up; Shell denies BP bid, H&M reports weaker sales

3 Mins Read

European stock markets started Thursday’s session mostly higher, with investors digesting a landmark decision from NATO to increase defense spending targets, while also keeping a watchful eye on the fragile ceasefire between Israel and Iran.

Fresh economic data from Germany showed a slight dip in consumer confidence, and in the corporate world, H&M reported weaker-than-expected sales, while Shell refuted takeover speculation.

Global market sentiment continues to be influenced by the ongoing ceasefire between Israel and Iran, with investors assessing its durability.

Adding a new dynamic, NATO announced on Wednesday a significant decision to hike defense spending targets for its member states from 2% to 5% of gross domestic product by the year 2035.

This move, which caused shares of European defense companies to pop, will remain a key focus for the market.

At 9:00 am CET, the positive sentiment was reflected in most major bourses. Germany’s DAX rose 0.49%, the EURO STOXX 50 jumped 0.34%, and the French CAC 40 increased 0.38%.

However, London’s FTSE 100 opened flat, showing a more muted start. In currency markets, the euro gained 0.33% against the US dollar, selling for $1.16985 at 8:59 am CET.

Simultaneously, the British pound advanced 0.39% against the greenback to trade at $1.37185.

On the economic data front, fresh figures showed a slight dip in German consumer confidence for July, adding a note of caution.

Investors are also awaiting remarks from European Central Bank (ECB) and Bank of England officials later in the day, which will be scrutinized for clues on future monetary policy.

The backdrop from overnight trading was mixed, with Asia-Pacific markets mostly declining, while US stock futures were relatively unchanged.

Corporate spotlight: H&M sales slip, Shell denies BP takeover rumors

Swedish clothing giant H&M reported weaker-than-expected sales for its fiscal second quarter on Thursday, though it did point to a recent uptick in demand at the start of the summer season.

Revenues at the world’s second-largest clothing retailer dipped year-on-year to 56.71 billion Swedish krona ($5.99 billion) in the three-month period ending May 31.

This figure fell slightly short of the 57.01 billion Swedish krona forecast by LSEG analysts, highlighting ongoing challenges in the retail sector.

In the energy sector, oil major Shell on Thursday emphatically denied speculation that it was considering a bid for its embattled British peer, BP.

The denial came in response to a Wall Street Journal report that had suggested takeover talks were underway between the two oil giants.

“In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer,” Shell said in a formal statement.

A Shell spokesperson had already told CNBC on Wednesday, in an initial response, “This is further market speculation. No talks are taking place.”

BP shares had surged more than 10% in the previous session following the Wall Street Journal report.

Investors have been watching to see whether Shell—or other industry behemoths like Chevron, Exxon Mobil, or the United Arab Emirates’ Adnoc—would make a move to acquire BP, which has been underperforming its rivals in recent years and has struggled to define a clear strategic direction amid the global transition to green energy.

The post Europe markets open: stocks mostly up; Shell denies BP bid, H&M reports weaker sales appeared first on Invezz

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Cobalt Prices Surge as DRC Extends Export Ban to September

4 Mins Read

Cobalt prices are surging after the Democratic Republic of Congo (DRC), the world’s largest producer, extended its export ban by three months in a bid to address global oversupply and stabilize plunging prices.

According to the Financial Times, cobalt prices on China’s Wuxi Stainless Steel Exchange rose nearly 10 percent after the DRC government announced the news over the weekend.

The ban — originally set to expire on Monday (June 23) — will now remain in effect until at least September.

The DRC’s Strategic Mineral Substances Market Regulation and Control Authority (ARECOMS) said the extension was necessary “due to the continued high level of stock on the market.”

The ban, first imposed in February of this year, was initially slated to last four months.

It came after a prolonged slump in cobalt prices, which have plummeted approximately 60 percent over the past three years, reaching a nine year low of US$10 per pound earlier this year.

The DRC produced 72 percent of the global cobalt mine supply in 2024, as per market intelligence firm Project Blue.

The export halt has already begun to ripple through international markets. In China, where most of the world’s cobalt is refined, prices for the metal and related company stocks spiked.

‘We are likely to see an initial price spike, but real pressure will be later in the year as intermediate stocks begin to dry up,’ Thomas Matthews, a battery materials analyst at CRU Group, told Bloomberg. ‘In short, strap yourselves in.’

The government of the DRC is attempting to tackle a persistent supply glut that has undermined the cobalt market since 2022. By curbing exports, Kinshasa is aiming to drive up prices, thereby increasing revenues from royalties and taxes on mining companies, while also incentivizing further investment in its domestic mining infrastructure.

ARECOMS said that a follow-up decision will be made before the new deadline in September, signaling that the ban could be modified, extended or lifted depending on market developments.

Reuters reported last week that Congolese officials are also exploring a quota-based system for cobalt exports, which would allow selected volumes to leave the country while still exerting downward pressure on global supply.

The proposal has garnered support from major industry players.

Glencore (LSE:GLEN,OTC Pink:GLCNF), the world’s second largest cobalt producer and a key stakeholder in Congolese mining operations, is backing the potential quota system. The Swiss trader declared force majeure on some of its cobalt supply contracts earlier this year due to the export restrictions, citing exceptional circumstances. Nevertheless, Glencore has managed to fulfill its obligations so far, thanks to pre-existing cobalt stockpiles located outside the DRC.

By contrast, CMOC Group (OTC Pink:CMCLF,HKEX:3993,SHA:603993), the China-based firm that overtook Glencore as the world’s top cobalt producer in 2024, has been lobbying for the ban’s complete removal.

CMOC, which processes a significant share of Congolese cobalt in China, argues that prolonged supply constraints could jeopardize downstream industries and global battery production.

A race against the clock

Despite initial cushioning from global stockpiles, experts warn that refined cobalt supply may soon run thin.

Transporting cobalt from the landlocked DRC to China’s processing hubs typically takes about 90 days. This means that if shipments do not recommence soon, shortages could begin to materialize in late Q3 or early Q4.

‘Stockpiles of cobalt outside the DR Congo will reach very low levels by the September 21 deadline if nothing else changes,’ Jack Bedder, founder of Project Blue, told the Financial Times.

Cobalt plays a vital role in lithium-ion batteries used in electric vehicles, consumer electronics and renewable energy storage. While many battery makers have begun shifting toward lower-cobalt or cobalt-free chemistries, demand for the metal remains strong — especially for high-performance applications.

Complicating the supply/demand dynamics is the fact that cobalt is often a by-product of copper mining.

With copper prices rebounding sharply — trading around US$9,600 per metric ton this week on the London Metal Exchange — producers have little incentive to curb overall output.

The move to extend the cobalt ban also coincides with the DRC’s recent efforts to assert greater control over its vast mineral wealth. The Central African nation is currently in discussions with the US over a potential minerals partnership aimed at strengthening supply chain security for clean energy technologies.

The export suspension is just the latest in a series of efforts by resource-rich countries to assert more control over key commodities. Similar moves have been seen in Indonesia, which banned nickel ore exports in 2020 to spur domestic processing, and in Chile, where the government is pushing for greater state participation in the lithium sector.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Nvidia CEO Huang sells $15 million worth of stock, first sale of $873 million plan

2 Mins Read

Nvidia CEO Jensen Huang sold 100,000 shares of the chipmaker’s stock on Friday and Monday, according to a filing with the U.S. Securities and Exchange Commission.

The sales are worth nearly $15 million at Tuesday’s opening price.

The transactions are the first sale in Huang’s plan to sell as many as 600,000 shares of Nvidia through the end of 2025. It’s a plan that was announced in March, and it’d be worth $873 million at Tuesday’s opening price.

The Nvidia founder still owns more than 800 million Nvidia shares, according to Monday’s SEC filing. Huang has a net worth of about $126 billion, ranking him 12th on the Bloomberg Billionaires Index.

The 62-year-old chief executive sold about $700 million in Nvidia shares last year under a prearranged plan, too.

Nvidia stock is up more than 800% since December 2022 after OpenAI’s ChatGPT was first released to the public. That launch drew attention to Nvidia’s graphics processing units, or GPUs, which were needed to develop and power the artificial intelligence service.

The company’s chips remain in high demand with the majority of the AI chip market, and Nvidia has introduced two subsequent generations of its AI GPU technology.

Nvidia continues to grow. Its stock is up 9% this year, even as the company faces export control issues that could limit foreign markets for its AI chips.

In May, the company reported first-quarter earnings that showed the chipmaker’s revenue growing 69% on an annual basis to $44 billion during the quarter.

This post appeared first on NBC NEWS

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Judicial nominee shuts down ‘wildly inaccurate’ claims that he’s Trump’s ‘henchman’

3 Mins Read

Emil Bove forcefully rejected criticisms that he was President Donald Trump’s ‘henchman’ or ‘enforcer’ during a Senate hearing Wednesday focused on his nomination by Trump to serve as a federal judge.

Bove, a top Department of Justice (DOJ) official vying to fill a lifetime role on the Third Circuit Court of Appeals, said media reports painted a ‘wildly inaccurate caricature’ about him.

‘I am not anybody’s henchman. I’m not an enforcer,’ Bove said, referring to descriptors used in headlines about him. ‘I’m a lawyer from a small town who never expected to be in an arena like this.’

Bove served as a key attorney on Trump’s personal defense team during the president’s four criminal prosecutions. Prior to that, he led drug trafficking and terrorism cases during his decade as a prosecutor in the Southern District of New York.

But Bove’s formidable demeanor and controversial decisions upon joining DOJ leadership, which included dismissing New York City Mayor Eric Adams’ corruption charges and warning of personnel action for FBI employees who worked on Jan. 6 cases, have caused his nomination to the powerful appellate court bench to attract heightened scrutiny.

Capping off a string of reports examining these controversies was a whistleblower claim leveled Tuesday, one day prior to Bove’s nomination hearing.

The whistleblower, Erez Reuveni, a 15-year veteran of the department who was fired this year for perceived insubordination, alleged that Bove warned during an internal meeting that DOJ attorneys might need to say ‘f*** you’ to judges and defy any adverse orders they issue regarding one of Trump’s most provocative maneuvers to deport alleged illegal immigrants.

Senate Democrats, who have widely objected to Bove’s nomination, grilled the nominee over the claim, noting that flouting court orders was unconstitutional and disqualifying. Bove said he has never advised anyone to defy judges’ orders.

‘Did you or did you not make those comments during that meeting?’ Sen. Adam Schiff, D-Calif., pressed.

‘I did not suggest that there would be any need to consider ignoring court orders. At the point at that meeting there were no court orders to discuss,’ Bove said. 

Schiff repeated the profane phrase several times, asking if Bove said it in relation to the courts.

‘I don’t recall,’ Bove said.

‘You just don’t remember that,’ Schiff replied incredulously.

Other Democrats pressed Bove on the Adams saga, which had led in February to a handful of high-level DOJ employees resigning in protest of Bove’s order that they dismiss the mayor’s federal corruption charges. A judge ultimately dropped Adams’s charges at Bove’s request, but not before excoriating the DOJ for giving ‘inconsistent’ justifications for wanting to drop the case.

Bove was accused by the ousted lawyers of asking the courts to toss out Adams’s charges in exchange for the mayor’s cooperation with the Trump administration’s immigration policy. Bove denied the allegation when pressed on it.

‘The suggestion that there was some kind of quid pro quo was just plain false,’ Bove said.

Despite Democrats’ concerns, as well as concerns voiced by some defense lawyers who said they have had negative experiences with the nominee, Bove has some loyal supporters. No Republican senators have voiced opposition to him at this stage, a sign that he could eventually be confirmed, albeit narrowly.

In an interview prior to the hearing, Deputy Attorney General Todd Blanche, Bove’s longtime friend and colleague, told Fox News Digital that Bove was a ‘freaking brilliant lawyer.’

Blanche said reports that Bove was unqualified were ‘distorted’ and that installing him on the Third Circuit was a ‘no-brainer.’

This post appeared first on FOX NEWS

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MCX shares hit record high as UBS sees more upside

3 Mins Read

Shares of Multi Commodity Exchange of India Ltd. (MCX) soared more than 6% on Wednesday to touch a record high of ₹8,731 per share after global brokerage UBS reiterated its bullish stance and raised its price target to ₹10,000 — the most optimistic among brokerages tracked by Bloomberg.

The revised target implies a 15% upside from current levels.

UBS analysts said the market has yet to fully price in the growth potential from MCX’s expanding product portfolio and robust trading volumes.

“We expect key commodities’ average daily value (ADV) to remain strong amid volatility caused by geopolitical uncertainties,” UBS said in a note dated June 24.

New products seen as key growth drivers for MCX

MCX’s trading activity has seen a significant uptick since April.

Futures ADV has climbed about 50% quarter-on-quarter, while option premiums’ ADV has grown by 30%, according to UBS.

The exchange recently received regulatory approval from SEBI to launch electricity derivatives — a product that UBS believes could contribute 3–12% to revenue.

Other products in the pipeline include monthly bullion contracts and index options, which are expected to add further momentum in the near to medium term.

“On new silver options, we expect good traction given the preference for near-to-expiry contracts,” UBS noted.

The brokerage also upgraded its earnings estimates for FY27–FY28 by 13–17% and now expects a 26% compound annual growth rate (CAGR) in earnings for FY26–FY28, driven by operating leverage.

MCX seen holding ground despite NSE competition

UBS addressed investor concerns about market share loss to the National Stock Exchange (NSE), which has launched similar commodity products.

However, it noted that trading volumes on NSE’s commodity derivatives have remained tepid, while MCX’s new technology platform has seen consistent growth in both futures and options.

“We are now less concerned about market share losses as liquidity drives volumes on an exchange,” the analysts wrote.

“Structurally, we believe MCX is well-positioned to deliver secular growth as awareness of hedging commodities increases in the domestic market, specifically for electricity derivatives,” UBS said.

Stock outperformance continues

Wednesday’s gains marked the sharpest intraday rally for MCX since June 9.

Year to date, the stock has jumped nearly 39%, vastly outperforming the Nifty 50 index, which is up just 6.5% in the same period.

ICICI Securities also remains positive on the stock, maintaining an ‘add’ rating and raising its target price to ₹8,800.

The brokerage cited the ongoing surge in trading volumes since the start of FY26 and continued geopolitical tensions driving commodity price swings.

MCX’s market capitalization now stands at ₹43,807.60 crore.

With supportive fundamentals, new product approvals, and strong volume trends, analysts expect MCX to maintain its leadership in India’s commodity trading landscape, even as volatility remains a near-term tailwind.

The post MCX shares hit record high as UBS sees more upside appeared first on Invezz

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Germany, Italy Face Pressure to Repatriate US$245 Billion in Gold as Trust in US Custody Wavers

5 Mins Read

Germany and Italy are facing mounting domestic pressure to repatriate more than a third of their gold reserves — worth an estimated US$245 billion — currently held in New York by the US Federal Reserve.

Germany and Italy hold the world’s second and third largest gold reserves, trailing only the US. A substantial portion of this metal is stored overseas, primarily in Manhattan’s Federal Reserve Bank.

This longstanding arrangement, based largely on postwar financial realities and New York’s role as a major global gold-trading hub, is now being questioned by officials and commentators across Europe’s political spectrum.

Fabio De Masi, a former member of European Parliament now affiliated with Germany’s new left-wing populist BSW party, told the Financial Times there are “strong arguments” to bring more of Germany’s bullion back home.

Taxpayers Association of Europe (TAE) President Michael Jäger echoed the same sentiments last month: ‘Trump wants to control the Fed, which would also mean controlling the German gold reserves in the US,’ he told Reuters.

‘It’s our money, it should be brought back.’

Similar calls are being echoed in Italy, where economic commentator Enrico Grazzini recently warned that “leaving 43 per cent of Italy’s gold reserves in America under the unreliable Trump administration is very dangerous for the national interest.’ He was writing in Il Fatto Quotidiano ahead of Prime Minister Giorgia Meloni’s visit to Washington.

Fueling this renewed concern are statements made by US President Donald Trump, who earlier this month warned that he may have to “force something” if the US Federal Reserve does not lower interest rates.

Trump has also made direct appeals to the Department of Energy to stimulate oil production, signaling what critics interpret as increasing politicization of independent institutions like the Fed.

The TAE has urged both Germany and Italy to reconsider their reliance on the Fed. “We are very concerned about Trump tampering with the Federal Reserve Bank’s independence,” Jäger said. “Our recommendation is to bring the (German and Italian) gold home to ensure European central banks have unlimited control over it at any given point in time.”

Public skepticism over the safety of foreign gold holdings is not new.

In Germany, a grassroots movement that began in 2010 eventually prompted the Bundesbank to repatriate 674 metric tons of gold from New York and Paris between 2013 and 2017. The operation, which cost 7 million euros, resulted in half of Germany’s reserves being stored domestically by 2020. Nevertheless, 37 percent of its gold remains in the US.

Meloni’s Brothers of Italy party once echoed similar sentiments while in opposition, pledging in 2019 to bring Italy’s gold back home. But since assuming power in 2022, Meloni has largely gone silent on the issue.

Skepticism about US stewardship is not limited to political rhetoric.

According to the World Gold Council’s latest survey on central bank gold reserves, 43 percent of the central banks surveyed plan to increase their gold holdings in the coming year — a record high.

The overwhelming majority of respondents (95 percent) expect global central bank gold reserves to keep rising, citing gold’s performance during crises, its inflation-hedging capabilities and its role as a diversifier. Notably, 59 percent of central banks surveyed reported holding at least part of their gold reserves domestically, up from 41 percent in 2024.

Although the Bank of England remains the most popular vaulting location, the World Gold Council’s survey reveals growing caution over US custodianship: only 7 percent of respondents said they planned to increase domestic storage last year, but the figure jumped significantly in 2025.

New bill calls for US gold audit

Adding another layer of complexity is the push in Washington for greater transparency about America’s gold reserves. House Bill 3795, introduced by Representative Thomas Massie and backed by three co-sponsors, calls for the first comprehensive audit of US gold holdings in over six decades.

The bill would mandate a full inventory and assay of gold stored at Fort Knox, West Point and the Denver Mint, as well as a forensic accounting of all transactions involving US gold over the last 50 years.

“The question as to who actually owns the bars outright is really the most crucial question. And if it is shown that America does not actually own the gold, if the gold is there, but America does not own it, (or) if it has been pledged or leased or swapped or otherwise encumbered in any way … this would be a huge, huge detriment to the US and the global economy.”

Cortez emphasized that prior audits of US gold reserves have been insufficient.

“These aren’t audits that have been done on the metal itself, but rather the storage containers that the metal is supposedly stored in,’ he said. “Owners or operators of a depository who functioned like this would go to jail.”

He also pointed out that much of the gold held by the US government is impure by modern market standards, having been melted down from older coinage. That means even if the bars are there, refinement questions will remain.

While Trump has not explicitly endorsed HB 3795, he has expressed interest in the issue, stating, ‘We’re actually going to Fort Knox to see if the gold is there. Because maybe somebody stole the gold. Tons of gold.’

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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