S64, the leading alternatives fintech and solutions partner to the wealth management industry, has appointed Matt Stovold as Head of Australia and New Zealand. The move aims to bolster S64’s Asia-Pacific footprint following significant growth in the region. Stovold brings his extensive experience in the Australian financial services sector to lead the next phase of S64’s expansion, focusing on the Australia Unit Trust products and technology platform. CEO Tarun Nagpal expressed confidence in Stovold’s ability to drive growth and deliver tailored solutions in the region. Stovold also shared his enthusiasm for joining S64 and leading its innovative private markets offerings in Australia and New Zealand. This appointment is part of S64’s strategic expansion efforts globally, with a recent key hire of Marcus Glover as Chief Technology Officer.
British Investors Pour Record £11.4 Billion Into Equity Funds Amid Rate Cut Hopes, UK
British investors added a record 11.4 billion pounds ($14.5 billion) into equity funds over the first six months of 2024, as the prospect of further central bank interest rate cuts fueled demand for riskier assets, according to fund network Calastone.
The flows into stocks were the highest for a half-year period in Calastone’s 10-year records. In June alone, UK investors added 1.7 billion pounds to equities, continuing a strong run of inflows. Hopes for cheaper money after the painful rate squeeze of the last two-and-a-half years are the clear driver of record flows into equity funds so far this year, said Edward Glyn, head of global markets at Calastone.
Global equity funds emerged as the most popular category in June, with net inflows of 1.4 billion pounds. European equities also saw significant investments, absorbing 714 million pounds during the period.
While North American equity funds experienced a slowdown in flows, with slim outflows of under 1 million pounds, UK equity funds saw reduced outflows of 522 million pounds – marking the smallest outflow this year.
Meanwhile, investors withdrew from bond funds for the second consecutive month, pulling 471 million pounds in June, bringing the two-month total to 1.1 billion pounds.
The data highlights a growing appetite among UK investors for equities as they seek opportunities amid the changing economic landscape. This surge in investments reflects a shift in sentiment driven by expectations of favorable monetary policies in the future.
Urgent Health Alert: New Measles Case Reported in Victoria, Australia
SYDNEY, July 3 (Xinhua) — Authorities issued an urgent health alert on Wednesday after a new case of measles was reported in the Australian state of Victoria.
The Victorian Department of Health confirmed that the case was identified in a returned overseas traveler, who appeared at multiple public sites in the state whilst infectious.
The infected patient arrived at Melbourne International Airport on June 25 from Singapore before visiting Colac, Warrnambool, and Port Campbell.
Locations listed in the statement included a fast-food restaurant, a hotel and several shops.
There have now been 11 cases of measles reported in Victoria since Jan. 1, 2024, said the health department.
Local communities were warned of the potential exposure to measles due to any overseas travel.
The authority noted that measles outbreaks have been recently reported in Asia, Africa, Europe, the Middle East and the United States.
There should be an especially high level of suspicion if they have traveled overseas or visited any of the sites listed above and are unvaccinated or partially vaccinated for measles, the department added, urging anyone who presents with measles-related symptoms to get tested.
Measles is a highly infectious viral illness that can lead to severe complications, such as pneumonia and brain inflammation, and even death.
In November last year, the World Health Organisation rang the alarm of a rising measles threat worldwide.
Flytxt Recognized in Gartner’s Magic Quadrant for AI Solutions in CSP Customer Operations, India
Flytxt, a prominent provider of AI SaaS solutions aimed at maximizing Customer Lifetime Value (CLTV), has been recognized as a niche player in Gartner’s Magic Quadrant for AI in CSP Customer and Business Operations.
According to Flytxt, this inclusion underscores their specialized expertise in offering market-proven CLTV maximization solutions for Communication Service Providers (CSPs). These solutions are bolstered by AI technology that has been meticulously developed over 12 years and trained with trillions of industry-specific data points. The company’s AI SaaS solutions are designed for rapid deployment, assisting CSPs in optimizing decisions across various customer engagement scenarios, including marketing, customer care, and product management, thereby driving superior business outcomes.
Dr. Vinod Vasudevan, CEO of Flytxt, expressed delight at the recognition, highlighting their productized AI approach that continuously learns from diverse customer interactions. This approach, he claims, delivers unparalleled accuracy and faster ROI for clients. Flytxt’s AI solutions provide CSPs with deep insights into product usage and customer behavior, enhance digital adoption and retention, and improve marketing and care efficiency. Currently, more than 75 CSPs leverage Flytxt’s solutions to enhance customer experience and maximize CLTV.
Senate Urges Immediate Aid for Flood-Ravaged Abia North
The Senate, Tuesday, urged the Federal Government, through its agencies, to take urgent steps to rescue and ameliorate the sufferings of communities ravaged by recent flood menace in Abia North senatorial district of Abia state.
The Senate’s call for emergency provisions for flood-ravaged communities, followed a motion moved by Senator Orji Uzor Kalu (APC Abia North).
Senator Kalu told his colleagues that the recent downpour in some communities of Abia North senatorial district of Abia state, caused severe damages to the affected communities.
He lamented that the ugly occurrence which a came with lightning and thunder was so severe and devastating that some lives were lost in the flood, connecting roads, completely cut off, making movement between communities impossible, farmlands were washed away and destroyed with attendant losses of crops and livestock amounting to several millions of Naira.
Some houses, according to him, lost their roofs while others with weak foundations collapsed and occupants displaced alongside their helpless families, noting that the worst hit were Okoko-Item Primary School, Okposi Primary School, a radio station, a university structure and many other houses in Bende LGA.
He lamented further that with the destruction of certain infrastructures, the affected residents majority of whom were rural dwellers, artisans and farmers were presently faced with existence without basic necessities of life.
If no emergency response was provided for the victims, the dislocated society would be worse for it, and regrettable number of casualties might be recorded, he said.
After his presentation, the Senate accordingly, called on the Federal Ministry of Humanitarian Affairs & Poverty Alleviation and National Emergency Management Agency (NEMA), to urgently make emergency provision available to cushion the effects on victims of the affected communities in Abia North senatorial district.
It also urged the Ecological Fund Department of the Office of the Secretary to the Government of the Federation and the Federal Ministry of Environment and Ecological Management to urgently assess the extent of damages on erosion sites of the areas with a view to providing some measures of rebuilding the damaged environment created by this ugly incidence.
Senate also urged the Federal Ministries of Housing and Urban Development and Power to rehabilitate some of the collapsed homes, roads and electric installations within the affected areas, just mandated its Committees on Legislative Compliance and Environment, to ensure compliance and report back to the Senate within four weeks.
Australian Dollar Rises on Upbeat Retail Data, Yen at Three-Decade Highs
The Australian dollar edged up against the U.S. dollar on Wednesday as domestic data on retail spending surprised on the upside, but gains were capped by a weak Chinese yuan. The kiwi, however, struggled to pull up from a key chart level. The Aussie rose 0.1% to $0.6675, building on a 0.1% gain overnight but remaining within its recent trading range of $0.6576 to $0.6705. It climbed 0.2% to 107.87 yen, just a touch below its 33-year top of 107.93 yen hit two days ago. The kiwi dollar was flat at $0.6078, after finishing the previous session little changed. Earlier, a private survey showed the expansion in the services sector in China was losing steam. Australian retail sales showed a 0.6% increase for May, beating market forecasts of 0.2%. We’ll be looking at the next retail sales print (due 30 July) to gauge whether there is any meaningful upward momentum in today’s result, said analysts at ANZ. If the June retail data are strong, inflation comes in higher than the RBA’s forecasts and the labour market remains resilient, there is a chance the RBA could hike in August. As a seasoned journalist for our leading worldwide news agency, your task is to meet the following criteria.
Cost Overrun Scandal at Lok Nayak Hospital Sparks Vigilance Commission Probe, India
NEW DELHI – Taking note of loss of public money due to procedural violations, leading to a huge cost overrun of Rs 670 crore in the construction of a new block of the state-owned Lok Nayak Hospital, LG VK Saxena has approved a proposal to refer the case to central vigilance commission for a detailed technical examination.
The LG has also constituted a committee to examine procedural violations which led to the increase in cost. The committee, which will submit its report within two months, will also examine all such ongoing projects in different Delhi govt hospitals.
The cost of building the new block was initially pegged at Rs 465 crore but increased to Rs 1,135 crore, an escalation of nearly 143%.
It is beyond justification that such huge cost overruns were effected at the level of the engineers of the department though it should had gone to the finance department and the cabinet, the LG said in his note.
Addressing a press conference, Delhi health minister Saurabh Bharadwaj slammed the LG for ordering inquiries. The LG orders inquiries day and night. What other work has he done for Delhi? The vigilance department is under him. He does this so that the media asks us (AAP govt) questions, Bharadwaj said.
Welcoming the inquiry, Delhi govt sources said if there was any illegality, the officers concerned should be punished. In his note, the LG is himself saying that the cost escalation happened at the level of officers without the knowledge of govt. We welcome any inquiry into this matter and strictest punishment should be given if any illegality is found, said a Delhi govt official.
These officers are directly under the control of LG. The vigilance department is directly under LG. He and his department should have been more proactive instead of coming into action after media reports, the official added.
The hospital’s new block, which is being constructed by PWD, will have 22 floors with 1,427 beds and will have a parking capacity of around 400 vehicles. Construction was scheduled to start on Nov 4, 2020 and get completed within 30 months. The LG’s office claimed only 64% work has been completed so far. PWD attributed the cost overruns to an increase in the scope of work, officials said. The LG has in his note to the chief secretary asked the directorate of vigilance to request CVC to constitute a special team of chief technical examiners to conduct a detailed examination in the case.
Raj Niwas officials said LG wrote to CM Arvind Kejriwal on June 22, 2023, flagging reports of inordinate delays in hospital projects highlighting cost overruns running into crores of rupees. They added that it was only after this communication that the health department moved a cabinet note in March 2024 for endorsement/approval of the cost overruns in the case.
The LG also mentioned that a dispute between PWD and the private construction company engaged for the work had arisen following which an arbitral tribunal constituted for adjudication gave an award of Rs 82.45 crore in favor of the contractor. However, PWD chose not to challenge the award that further increased the financial burden.
The LG has also asked for the formation of a four-member committee, headed by retired IAS officer BK Prasad, to undertake a detailed examination of the matter.
Political Disillusionment Grows Among Former Republicans in Denver bar, US
Former Republicans were ready to embrace Biden to beat Trump. And then came the debate.
A couple of weeks ago, there was conversation and conviviality among a bunch of strangers brought together at a bar in Denver by their shared antipathy towards former President Donald Trump. Many were Republicans or former Republicans who wanted to stop Trump from returning to the White House this fall.
Becky Hofer from South Dakota and Paul Ivancie from Denver were among the attendees who discussed their political evolution and support for President Joe Biden. However, the recent debate between Biden and Trump raised new concerns for these voters. Hofer expressed her worries about Biden’s performance, feeling it was reminiscent of her mother’s early dementia days. She strongly stated that Biden should be replaced for his own sake.
Robin Hawkland and her husband, originally from Rep. Marjorie Taylor Greene’s district in Georgia, were also deeply affected by the debate. They relocated to a more politically aligned area in Salt Lake City, Utah, but the recent events have left them feeling unsure and disillusioned once again.
The Never Trumpers and Never Again Trumpers group gathered in Denver with a shared goal of keeping Trump out of the White House. Despite concerns over Biden’s debate performance, they remain steadfast in their mission but are contemplating their voting options.
Tim Miller and Sarah Longwell, voices from the group, emphasized the importance of considering all alternatives given the high stakes involved. The prominent Supreme Court ruling on presidential immunity has only added to their apprehensions about the current political landscape.
With the upcoming election looming, former Republicans like Ivancie urge for a strong alternative to Trump, whether that be Biden or another capable candidate. The sense of uncertainty and disillusionment prevails as these voters navigate through challenging political waters.
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Nikkei Rises on Tech Stock Boost, Wall Street Influence – Tokyo Shares Up 0.81%, Japan
Japan’s Nikkei share average rose on Wednesday as heavyweight technology stocks tracked U.S. megacap growth stocks higher overnight. The Nikkei was up 0.81% at 40,398.35 as of 0142 GMT, after opening 0.38% higher. Wall Street stock indexes closed higher on Tuesday, boosted by gains in Tesla and megacap growth stocks, but volumes were thin ahead of the July 4 holiday and the closely watched release of June nonfarm payrolls on Friday. The broader Topix inched up 0.13% to 2,860.26, and is set to log a fourth straight session of gains. Investors rotated their targets today. They sold outperforming shares to take profits and bought cheaper stocks, said Naoki Fujiwara, senior fund manager at Shinkin Asset Management. The Nikkei tracked Wall Street, higher but also those who were late in catching up the recent rally bought Nikkei futures, which lifted the main index, said Fujiwara. Topix’s growth stock index, which lags behind the value share index for its weekly performance, rose 0.46%, while the value share index slipped 0.34%. Chip-making equipment maker Tokyo Electron rose 2.48% to provide the biggest boost to the Nikkei. Chip-testing equipment maker Advantest gained 1.64%. Electronic components maker TDK jumped 3.99% and silicon wafer maker Shin-Etsu Chemical climbed 2.4%. Conglomerate Hitachi slipped 2.08% to weigh on the Topix the most. Toyota Motor fell 0.9%. Insurer Tokio Marine Holdings dropped 1.56% and banking group Mitsubishi UFJ Financial Group slipped 0.5%. Of the more than 1,600 stocks trading on the Tokyo Stock Exchange’s prime market, 50% of the shares rose, while 45% fell and 3% were unchanged.
Penn Students Sue University Over Alleged Antisemitism, US
PHILADELPHIA – Days before the University of Pennsylvania’s 268th commencement ceremony last May, graduating senior Eyal Yakoby walked through campus with a heavy heart. People say graduation should be bittersweet, Yakoby said. It’s just bitter at this point. In the wake of the Oct. 7 Hamas-led attack on Israel, Yakoby, who is Jewish, is one of several students suing Penn alleging the university has failed to sufficiently respond to antisemitism on campus and has violated Title VI of the Civil Rights Act of 1964. In the aftermath, we had a number of Jewish families, both students at Ivy League and other universities, and their parents who came to us to say that the atmosphere on campus was hostile and threatening to their kids, said Marc Kasowitz, with Kasowitz Benson Torres LLP. Kasowitz’s firm represents Yakoby and other plaintiffs in similar lawsuits against Columbia University, New York University, and Harvard University. The complaint against Penn suggests a pattern of antisemitism on campus dating back to 2015, with incidents including the hosting of the Palestine Writes Literature Festival, attended by speakers accused of making antisemitic statements. While Penn officials established a Task Force on Antisemitism and a Presidential Commission on Countering Hate and Building Community in response to these allegations, criticism persisted, leading to President Liz Magill’s resignation. The university has since stated its strong condemnation of antisemitism, though plaintiffs like Yakoby continue to seek meaningful change on campus. Penn’s response conveys that the lawsuit may not be the appropriate venue for addressing these grievances. My hope for Penn is that they find their North Star. Is that their moral compass, courage are restored to Penn, Yakoby said.
