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Business Standard
08-07-2025
- Business
- Business Standard
Jane Street to challenge Sebi's market manipulation charges, email shows
Jane Street's email sent to its employees said it was "beyond disappointed" by the regulator's "extremely inflammatory" accusations and was working on a formal response Reuters Jane Street plans to contest a finding by India's financial regulator that the U.S. trading firm engaged to manipulate the country's markets, according to the company's internal email seen by Reuters. Jane Street's email sent to its employees said it was "beyond disappointed" by the regulator's "extremely inflammatory" accusations and was working on a formal response. On Friday, the Securities and Exchange Board of India barred the firm from buying and selling securities in the Indian market and also seized $567 million of its funds. Sebi has widened an investigation into alleged market manipulation by Jane Street to include other indexes and exchanges, a source told Reuters last week. "It's deeply upsetting to see the firm mischaracterised this way," the Jane Street email read. "Once again, we left this process feeling that we had reached an understanding of the concerns and reflected them in modifications to our trading behaviour." "Since February, we have made ongoing efforts to communicate with Sebi and have been consistently rebuffed." The regulator alleged that Jane Street bought large quantities of constituents in India's Bank Nifty index in the cash and futures markets to artificially support the index in morning trade, while simultaneously building large short positions in index options. The regulator's investigation tracked Jane Street's trading patterns over more than two years. Sebi did not immediately respond to Reuters requests for comment outside regular hours. India's markets regulator is enhancing its surveillance to scrutinize manipulation in derivatives trading, its chairman said on Monday. India is the world's largest derivatives market, accounting for nearly 60% of global equity derivative trading volumes of 7.3 billion trades in April, the Futures Industry Association says. Financial Times was the first to report the news about Jane Street's plan to contest the finding. (Reporting by Urvi Dugar and Chandni Shah in Bengaluru ; Editing by Maju Samuel and Shailesh Kuber) (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Star
06-05-2025
- Politics
- The Star
India launches attack on 9 sites in Pakistan and Pakistan-occupied Jammu and Kashmir
(Reuters) - The Indian armed forces launched "Operation Sindoor," hitting nine sites in Pakistan and Pakistan-occupied Jammu and Kashmir, the government said in a statement on Wednesday. No Pakistani military facilities have been targeted, the statement added. (Reporting by Urvi Dugar; Editing by Chris Reese)
Yahoo
08-02-2025
- Automotive
- Yahoo
Porsche's holding firm expects impairments to double on luxury carmaker stake
By Urvi Dugar (Reuters) -Porsche SE, the holding firm of Porsche AG, said on Thursday it expects impairments on its stake in the carmaker to nearly double to a range of 2.5 billion euros to 3.5 billion euros ($3.63 billion). The holding firm also said it expects writedowns related to Volkswagen to tend towards 20 billion euros in its previously expected range of 7 billion euros to 20 billion euros. Porsche SE is Volkswagen's top shareholder. Volkswagen declined to comment. Porsche SE added that the expected impairment on its stake in Porsche AG will also affect its annual financial results, though to a lesser extent. Porsche AG said expenses for vehicle development and battery activities in its units will impact its operating profit and automotive net cash flow by up to 800 million euros in 2025. The German luxury carmaker said it expects 2025 sales revenue between 39 billion euros and 40 billion euros, and automotive net cash flow margin in a range of 7% to 9%. As the carmaker struggles to boost flagging earnings and sales in China, the board is looking to expand the company's product portfolio to include models with combustion engines or plug-in hybrids. The company added it will also make adjustments to its corporate organization. On Saturday, the supervisory board of Porsche AG started talks to end Chief Financial Officer Lutz Meschke's and sales executive Detlev von Platen's contracts early. In October, the carmaker said it would cut costs. This comes at a time when other top-end German carmakers took a battering at home and in China in 2024, sales volume data showed, as wealthier consumers held back on purchases amid an uncertain economy and slower-than-expected electric vehicle sales. ($1 = 0.9633 euros) Sign in to access your portfolio
