Mumbai, Dec 8, 2024 The combined market valuation of six of the top-10 most valued firms surged Rs 2.03 lakh crore last week as the Indian stock market ended with gains. In the trading session from December 2 to December 6, Nifty closed at 24,677 with a gain of 2.27 per cent or 546 points and Sensex closed at 81,709 with a gain of 2.39 per cent or 1,906 points. This was the third consecutive week when the stock market closed in the green. Among the top 10, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, Infosys, Reliance Industries, and State Bank of India (SBI) were gainers, while Bharti Airtel, Life Insurance Corporation of India (LIC), ITC, and Hindustan Unilever were laggards. The market capitalisation of TCS surged by Rs 62,574 crore to Rs 16,08,782 crore. The market valuation of HDFC Bank jumped Rs 45,338 crore to Rs 14,19,270 crore. Infosys added Rs 26,885 crore taking its market cap to Rs 7,98,560 crore and the market capitalisation of Reliance Industries surged by Rs 26,185 crore to Rs 17,75,176 crore. The market capitalisation of SBI soared by Rs 22,311 crore to Rs 7,71,087 crore. ICICI Bank added Rs 19,821 crore to its market capitalisation to Rs 9,37,545 crore. On the other hand, the market capitalisation of Bharti Airtel declined by Rs 16,720 crore to Rs 9,10,005 crore. The market valuation of ITC went lower by Rs 7,256 crore to Rs 5,89,572 crore and the market capitalisation of Hindustan Unilever declined by Rs 2,843.01 crore to Rs 5,83,673.71 crore. LIC’s market cap declined by Rs 1,265 crore to Rs 6,21,937.02 crore. On Friday, the stock market ended with a marginal loss. Sensex and Nifty declined by 56 points and 30 points, respectively.(Agency)They will also increasingly give rise to oligarchs. No, unregulated markets are not geared to equilibrium. Over several business cycles, they become controlled by those corporate powers that outperform others. Side effects include the neglect of public goods, the deepening of social disparities and the worsening of ecological problems. For reasons like this, gross domestic product (GDP), which simply counts a country’s annual monetary transactions, does not reveal a good picture of its standard of life. Distribution matters too. However, even high health expenditure as such does not indicate effective social protection. Many people may not have access to medical care. If it is very expensive, but inefficient, moreover, its costs boost GDP, even though patients would be better off if they received better care or needed less of it thanks to healthier lifestyles. In a similar way, environmental harm far too often adds to GDP. That happens when money is spent to repair – or at least alleviate – damages. This is why the UN Development Programme launched the Human Development Index (HDI) in 1990. It takes account of GDP, but is also based on indicators for health and education (life expectancy and literacy rates, for example). The idea was to shift attention from income data to public goods. The HDI is useful, but it has not become the commonly used indicator of economic success. In recent years, moreover, the debate on using more valid yardsticks than growth has waned again. At the time of the collapse of the investment bank Lehman Brothers in 2008, economists were discussing this matter. In the following financial crisis, the momentum was lost. Unfortunately, even the debate on environmental sustainability is becoming increasingly insane. Proponents of artificial intelligence (AI) are now arguing that the climate challenge is so complex that it will require the smartest possible solution, which, in their eyes, only AI programmes will deliver. As these programmes devour huge quantities of energy, Silicon Valley Titans now want to build new nuclear power plants. No, they do not have viable proposals for keeping radioactive waste safe for many centuries. The oligarchs are getting several things wrong. First of all, the legitimacy of policy-making does not depend on how smart a policy is, but whether it finds acceptance. That becomes more likely when it results from good-faith deliberation involving all relevant partners, because that kind of solution is plausible to many different interest groups and thus likely to serve the common interest. Moreover, we know perfectly well what we must do to get a grip on the global environmental crisis. We must muster the political will to stop. The oligopolists are not principally interested in climate change of course. What they really want is to entrench their power with new high-tech business models they control. Plutocrats believe they always know best and are thus entitled to impose their superior will on everyone. In doubt, they will not consult anyone representing other interest groups. They will rely on the AI programmes they have created. There is a growing pattern of plutocrats demanding a smaller state in spite of depending on government contracts, subsidies and bailouts themselves. We now live in the era of hubristic capitalism. Hubris is an ancient Greek concept that can be summed up as “pride that blinds”. Some of capitalism’s most important players today are so full of themselves and so obsessed with their investment ideas that they do not care about where humankind is heading. The focus on financial transactions instead of real-world results serves their interests. The plain truth is that we are witnessing the worst market failure in history: our species is destroying the planet we depend on. - Development And CooperationIf you or someone you know owns a PS5, chances are you’re already familiar with how it redefines gaming. But what if there was a way to take that experience even further? PS5 users can currently grab an amazing deal on the PlayStation VR2 Horizon Call of the Mountain Bundle , which is a perfect way to step into the next generation of immersive entertainment. This bundle gets you the highly anticipated PlayStation VR2 headset, along with the fan-favorite Horizon Call of the Mountain. You’ll be able to climb towering cliffs, face off against machines, and explore breathtaking views, all in stunning 4K HDR, with two 2000 x 2040 OLED displays at 120fps. Every glance, movement, and reaction is going to feel natural, which makes the headset a perfect match for the PS5’s impressive performance. You’ll also enjoy features like eye-tracking, which makes in-game interactions feel intuitive. Add in haptic feedback and adaptive triggers on the controllers, and the game responds to your every move with a great level of realism. The headset feedback adds another layer to this by letting you feel vibrations that match the in-game action. All those flying arrows and distant explosions will feel like they’re happening in real life. The bundle doesn’t stop at visuals and responsiveness. The PlayStation VR2 headset also offers 3D audio that surrounds you, so every sound, no matter how small, is going to feel like it is right next to you. The setup is simple: with a single cable connection to your PS5 and an adjustable headband for all-day comfort, you’ll be enjoying your favorite games in no time. Grab the bundle for $349 after a 42% discount. PlayStation VR2 Horizon Call of the Mountain Bundle Make Tech Easier may earn commission on products purchased through our links, which supports the work we do for our readers. Our latest tutorials delivered straight to your inbox Zainab is an Actuarial Sciences graduate from Pakistan with a passion for technology. When she's not busy writing insightful pieces on Windows and the latest tech trends, you'll find her with her nose buried in a productivity book, always on the lookout for ways to optimize her workflow and stay ahead of the curve.
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The vote came amid controversy about the pools' futures West Lancashire council leaders have weathered a 'no confidence' vote over the future of swimming pools in Skelmersdale and Ormskirk . However, three Labour councillors have now become independent due to the dispute over whether to close swimming pools in the two towns. One councillor said during a full council debate this week that any potential closures without replacements would be a 'betrayal of both towns'. Labour councillors Yvonne Gagen, the council leader, and Carl Coughlan, who is responsible for leisure services, were targeted in a 'no confidence' motion by the Our West Lancashire (OWL) group. However, Labour councillors dismissed these accusations. Outside the council building, some pool protesters gathered again, albeit in smaller numbers than in October. These included members of the Ormskirk Otters swimming club. The vote took place amidst controversy about the future of the pools, a recent public consultation by West Lancashire Council, and the backdrop of a new budget due next year. One proposal is to close the two existing pools before any replacements are built, as a cost-saving measure. Government cuts and rising costs are among the factors cited, but there are counter-claims of poor work by councillors, reports Lancs Live . The council is also seeking new design ideas after two recent blueprints were deemed unaffordable. Above-ground steel pools could be a cheaper option, a previous meeting heard, but a final decision has not yet been made. OWL Cllr Adrian Owens, proposing a 'no confidence' motion, said: "This reflects the wishes and opinions of local residents. It is local people who elect us and who we should listen to." He added: "I've been a councillor for 25 years. I've never seen the levels of anger and contempt for the council that I see at this time. I can't recall a petition being presented with so many signatures nor has there ever been a council consultation bringing anywhere close to 2,178 responses. This anger stretches across traditional political lines." Cllr Owens continued, regarding the situation with leisure services: "The council leader and lead member for leisure are driving us off the cliff top. It is time for a change of leadership before this council ends up the only one in the area with no council-operated swimming pools." Speaking on consultant spending and the council's leadership Cllr Owens concluded: "Residents have lost all confidence in him. He has consistently taken a he-knows-best approach, refusing to listen to other political groups or involve them in cross-party working groups. As a result, the council has spent more than £1.7m in the past 12 months on leisure consultants, much of it on two new leisure centre designs which are now deemed unaffordable." Furthermore, he claimed: "He has also starved the existing centres of investment. Nothing has been spent for four years and only £26,000 in the past decade. Then he has the cheek to use the alleged poor condition as a reason for closure." The OWL motion garnered support from Conservatives, including Robert Bailey and David Westley, with Cllr Westley saying: "We had a cross-party working group on leisure for six or eight years. But it was stopped 12 months ago. We tried to get it reinstated in May. The council leadership, honestly, needs help. There is a lack of control. Unfortunately there's lack of confidence in both of you." Former Labour councillors Neil Furey, Paul Hogan, and Kerry Lloyd have become independents due to the pools controversy. Cllr Furey said: "Make no mistake, community anger over potential closures is unbelievable. I hope we will hear some changes tonight. But this would be the ultimate betrayal of Ormskirk and Skelmersdale. People are up in arms, including teaching staff and governors. This cannot happen. There must be alternatives." Labour's Gareth Dowling, deputy council leader, said: "We've had about 15 minutes of slagging from the opposition and independents. You can check back on details. To say these councillors have been expelled from Labour is wrong. I suggest we move to a vote because nobody is going to change their minds." The OWL motion was ultimately defeated by a narrow margin of 23 votes to 21.NIE Networks have warned it may take days for power to be restored to all customers across the region. More than 20,000 customers remain without power across Northern Ireland following Storm Darragh. NIE Networks have warned it may take days for power to be restored to all customers in the region following damage caused by gusts of up to 70mph. At the peak, some 48,000 were without power. NIE Networks said by 9pm on Saturday, about 22,000 remained without power. A spokesperson said it is anticipated that a small number will have power restored overnight. “At this stage, NIE Networks estimate that it may be a number of days before they can reconnect all those customers impacted,” they said. Trains and some bus services and flights were cancelled across Saturday as the storm battered Northern Ireland. A bus was involved in a road crash in Co Antrim in the early hours of Saturday while Stena Line ferry services from Belfast to Cairnryan in Scotland were cancelled. A ferry remained off the coast of Co Antrim on Saturday, believed to have been sheltering from the weather conditions. A major power station reported damage to a chimney from the storm, adding it had halted electricity generation temporarily while the damage was assessed and addressed. EP Ballylumford station manager Tim McCullough said: “We are fully committed to ensuring the safe restoration of operations. “The safety of our staff and the integrity of our equipment are our top priorities, and we are working closely with all necessary parties to minimise any disruption to electricity supply.” The Department for Infrastructure said multi-agency partners have been meeting in response to the Met Office’s amber weather warning for wind which remained in place until 9pm. In a statement, the Stormont department urged people to make only essential travel because road conditions were challenging. They said disruption to bus and train services as well as some flights was continuing and the Strangford ferry has been suspended until further notice. “Translink have taken steps to mitigate against the effects of Storm Darragh. Additional buses are on standby. Additional support and teams are also on standby, including chainsaw crews, to assist with any fallen debris blocking the railway,” a department spokesman said. “If roads are blocked, it may be necessary to divert Ulsterbus or Goldliner services. “Safety is Translink’s number one priority. All passengers should check the Translink Journey Planner or social media channels in advance of travel and to allow extra time for their journeys. “Department for Infrastructure staff have been working through the night to respond to approximately 900 incidents which are mainly debris on the roads, fallen trees and branches and flooding.” A Translink spokesperson said a driver on the bus involved in the collision in Co Antrim had been the only person on board at the time and was taken to hospital for treatment. “We can confirm that the driver has since been discharged from hospital,” they said. “Our immediate priority is the welfare of our colleague, and we are providing support to them and their family. An internal investigation is under way, and we are working closely with the relevant authorities to establish the circumstances of the incident.” A number of roads, including Castle Street in Belfast city centre, were closed on Saturday morning while clean-up work was carried out. Some events in Northern Ireland, including three Irish League football clashes and a planned vigil in Belfast for the women of Afghanistan have been called off, while the Apprentice Boys of Derry shutting of the gates event in Londonderry was set to go ahead. The Belfast Christmas Market was not expected to open, with organisers saying they need to ensure visitors and traders are kept safe. In the Republic of Ireland, almost 400,000 customers are without power. A spokesperson for NIE Networks said community assistance centres will be opened across Northern Ireland on Sunday to offer assistance to those still without power. A number of leisure centres in Craigavon, Lisburn, Newtownards, Ballymena, Cookstown, Kilkeel and Fermanagh will be open from 2-4pm on Sunday. Edel Creery, NIE Networks Customer and Market Services Director, said: “With the amber weather warning in place until 9pm tonight (Saturday) outages have continued to be reported throughout the day. “Due to the widespread damage we anticipate it could be a number of days before power is successfully restored to all customers impacted. We would ask customers to bear with us as our teams work to restore power. “Additionally, we would ask members of the public to check in on relatives, friends and neighbours who may require further support and also ensure that their power cut has been reported.” NIE Networks is also reminding the public to stay clear of any damaged electricity equipment, keep children and animals away and to report any incidents of damage immediately to the NIE Networks Customer Helpline on 03457 643 643.Are these the best ASX 200 blue chip shares to buy in 2025?
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WASHINGTON (AP) — After several weeks working mostly behind closed doors, Vice President-elect JD Vance returned to Capitol Hill this week in a new, more visible role: Helping Donald Trump try to get his most contentious Cabinet picks to confirmation in the Senate, where Vance has served for the last two years. Vance arrived at the Capitol on Wednesday with former Rep. Matt Gaetz and spent the morning sitting in on meetings between Trump’s choice for attorney general and key Republicans, including members of the Senate Judiciary Committee. The effort was for naught: Gaetz announced a day later that he was withdrawing his name amid scrutiny over sex trafficking allegations and the reality that he was unlikely to be confirmed. Thursday morning Vance was back, this time accompanying Pete Hegseth, the “Fox & Friends Weekend” host whom Trump has tapped to be the next secretary of defense. Hegseth also has faced allegations of sexual assault that he denies. Vance is expected to accompany other nominees for meetings in coming weeks as he tries to leverage the two years he has spent in the Senate to help push through Trump's picks. The role of introducing nominees around Capitol Hill is an unusual one for a vice president-elect. Usually the job goes to a former senator who has close relationships on the Hill, or a more junior aide. But this time the role fits Vance, said Marc Short, who served as Trump’s first director of legislative affairs as well as chief of staff to Trump’s first vice president, Mike Pence, who spent more than a decade in Congress and led the former president’s transition ahead of his first term. ”JD probably has a lot of current allies in the Senate and so it makes sense to have him utilized in that capacity,” Short said. Unlike the first Trump transition, which played out before cameras at Trump Tower in New York and at the president-elect's golf club in Bedminster, New Jersey, this one has largely happened behind closed doors in Palm Beach, Florida. There, a small group of officials and aides meet daily at Trump's Mar-a-Lago resort to run through possible contenders and interview job candidates. The group includes Elon Musk, the billionaire who has spent so much time at the club that Trump has joked he can’t get rid of him. Vance has been a constant presence, even as he’s kept a lower profile. The Ohio senator has spent much of the last two weeks in Palm Beach, according to people familiar with his plans, playing an active role in the transition, on which he serves as honorary chair. Vance has been staying at a cottage on the property of the gilded club, where rooms are adorned with cherubs, oriental rugs and intricate golden inlays. It's a world away from the famously hardscrabble upbringing that Vance documented in the memoir that made him famous, “Hillbilly Elegy.” His young children have also joined him at Mar-a-Lago, at times. Vance was photographed in shorts and a polo shirt playing with his kids on the seawall of the property with a large palm frond, a U.S. Secret Service robotic security dog in the distance. On the rare days when he is not in Palm Beach, Vance has been joining the sessions remotely via Zoom. Though he has taken a break from TV interviews after months of constant appearances, Vance has been active in the meetings, which began immediately after the election and include interviews and as well as presentations on candidates’ pluses and minuses. Among those interviewed: Contenders to replace FBI Director Christopher Wray , as Vance wrote in a since-deleted social media post. Defending himself from criticism that he’d missed a Senate vote in which one of President Joe Biden’s judicial nominees was confirmed, Vance wrote that he was meeting at the time "with President Trump to interview multiple positions for our government, including for FBI Director.” “I tend to think it’s more important to get an FBI director who will dismantle the deep state than it is for Republicans to lose a vote 49-46 rather than 49-45,” Vance added on X. “But that’s just me.” Story continues below video While Vance did not come in to the transition with a list of people he wanted to see in specific roles, he and his friend, Trump’s eldest son, Donald Trump Jr., who is also a member of the transition team, were eager to see former Democratic Rep. Tulsi Gabbard and Robert F. Kennedy Jr. find roles in the administration. Trump ended up selecting Gabbard as the next director of national intelligence , a powerful position that sits atop the nation’s spy agencies and acts as the president’s top intelligence adviser. And he chose Kennedy to lead the Department of Health and Human Services , a massive agency that oversees everything from drug and food safety to Medicare and Medicaid. Vance was also a big booster of Tom Homan, the former acting director of Immigration and Customs Enforcement, who will serve as Trump's “border czar.” In another sign of Vance's influence, James Braid, a top aide to the senator, is expected to serve as Trump’s legislative affairs director. Allies say it’s too early to discuss what portfolio Vance might take on in the White House. While he gravitates to issues like trade, immigration and tech policy, Vance sees his role as doing whatever Trump needs. Vance was spotted days after the election giving his son’s Boy Scout troop a tour of the Capitol and was there the day of leadership elections. He returned in earnest this week, first with Gaetz — arguably Trump’s most divisive pick — and then Hegseth, who has was been accused of sexually assaulting a woman in 2017, according to an investigative report made public this week. Hegseth told police at the time that the encounter had been consensual and denied any wrongdoing. Vance hosted Hegseth in his Senate office as GOP senators, including those who sit on the Senate Armed Services Committee, filtered in to meet with the nominee for defense secretary. While a president’s nominees usually visit individual senators’ offices, meeting them on their own turf, the freshman senator — who is accompanied everywhere by a large Secret Service detail that makes moving around more unwieldy — instead brought Gaetz to a room in the Capitol on Wednesday and Hegseth to his office on Thursday. Senators came to them. Vance made it to votes Wednesday and Thursday, but missed others on Thursday afternoon. Vance is expected to continue to leverage his relationships in the Senate after Trump takes office. But many Republicans there have longer relationships with Trump himself. Sen. Kevin Cramer, a North Dakota Republican, said that Trump was often the first person to call him back when he was trying to reach high-level White House officials during Trump's first term. “He has the most active Rolodex of just about anybody I’ve ever known,” Cramer said, adding that Vance would make a good addition. “They’ll divide names up by who has the most persuasion here,” Cramer said, but added, “Whoever his liaison is will not work as hard at it as he will.” Cramer was complimentary of the Ohio senator, saying he was “pleasant” and ” interesting” to be around. ′′He doesn’t have the long relationships," he said. "But we all like people that have done what we’ve done. I mean, that’s sort of a natural kinship, just probably not as personally tied.” Under the Constitution, Vance will also have a role presiding over the Senate and breaking tie votes. But he's not likely to be needed for that as often as was Kamala Harris, who broke a record number of ties for Democrats as vice president, since Republicans will have a bigger cushion in the chamber next year. Colvin reported from New York. Associated Press writer Mary Clare Jalonick contributed to this report.
The average rate on a 30-year mortgage in the U.S. eased for the third week in a row, a welcome trend for prospective homebuyers during what’s typically a less competitive time of the year for the housing market. The rate dropped to 6.6% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 5.84% from 5.96% last week. A year ago, it averaged 6.38%, Freddie Mac said. The average rate on a 30-year mortgage is now at its lowest level since Oct. 24, when it was at 6.54%. “The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks,” said Sam Khater, Freddie Mac’s chief economist. “While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.” Elevated mortgage rates and rising home prices have kept homeownership out of reach of many would-be homebuyers. U.S. home sales for their worst year since 1995. Mortgage rates are influenced by several factors, including the moves in the yield on U.S. 10-year Treasury bonds, which lenders use as a guide to price home loans. The yield, which was below 3.7% as recently as September, has mostly hovered around 4.2% this month. It was at 4.3% at midday Thursday. The recent decline in rates follows a mostly upward climb since the average rate on a 30-year mortgage slid to a two-year low of 6.08% in late September after from a two-decade high. While the central bank doesn’t set mortgage rates, its actions and the trajectory of inflation influence the moves in the 10-year Treasury yield. Many economists and traders on Wall Street expect that the Fed will cut its main interest rate again at its policy meeting next week. Home shoppers and homeowners seeking to refinance their existing mortgage to a lower rate are taking advantage of the recent pullback in home-loan borrowing costs. Mortgage applications rose 5.4% last week from a week earlier, the fifth straight increase, according to the Mortgage Bankers Association. Refinance loan applications climbed 27%. “Purchase applications have increased on an annual basis every week except for one over the past three months, a positive sign for the mortgage market to close out this year,” said MBA CEO Bob Broeksmit. With home prices near all-time highs and still rising nationally, albeit more slowly, many prospective homebuyers are likely holding out for mortgage rates to ease further in coming months. But there may not be much relief, given that many housing economists predict the average rate on a 30-year mortgage will remain above 6% next year. Alex Veiga, The Associated PressVancouver Island First Nation whose ancestors met explorer Capt. Cook sue province