Robinhood, hedge fund chiefs face irate questions at hearing
The head of trading app Robinhood and Wall Street hedge fund managers on Thursday fielded a barrage of questions in the U.S. Congress about their role in the GameStop trading frenzy, at times being cut off by irate lawmakers.
During a Democratic-led House finance hearing, Congressman Sean Casten grilled Vlad Tenev, the CEO of online brokerage app Robinhood, citing an incident where one of its customers took his own life after believing he incurred a large loss using the free trading app.
Equity benchmark indices traded flat during early hours on April 15 amid an interplay of resurgence in COVID-19 cases and the pace of vaccination. Investors tracked updates on the vaccines approval and prediction of a normal monsoon season across the country despite mixed global cues. At 10:15 am, the BSE S and P Sensex was down by 204 points or 0.42 per cent at 48,340 while the Nifty 50 edged lower by 40 points or 0.28 per cent to 14,465. Nifty metal rose by 1.5 per cent and pharma by 1.1 per cent. But all other sectoral indices at the National Stock Exchange were in the red. Among stocks, IT software major Infosys dropped by 3.6 per cent to Rs 1,344.40 per share after reporting a 2.3 per cent sequential decline in consolidated profit at Rs 5,076 crore for the quarter ended March. Traders booked profit even as the company board approved a buyback of equity shares through open market route amounting to Rs 9,200 crore at a price not exceeding Rs 1,750 a share, Grasim lost by 3.2 per cent, Eicher Motors by 3.1 per cent, Mahindra and Mahindra by 2.8 per cent, Maruti Suzuki by 1.7 per cent and Bajaj Finance by 1 per cent. However, pharma major Cipla rose by 3.3 per cent to Rs 914.70 per share. The other prominent gainers were Sun Pharma, Dr Reddy's, Hindalco, Tata Steel, Wipro and Adani Ports. Meanwhile, Asian shares were on the backfoot following mixed cues from Wall Street where a sharp sell-off in the largest bitcoin exchange Coinbase hit tech shares.
Coinbase Global, the world's largest cryptocurrency exchange, staged a banner stock market debut on Wednesday, in an auspicious moment for the emerging cryptocurrency world. Conway G. Gittens has the details.
As COVID-19 cases spread across India like wildfire, several politicos on April 16 tested positive. Congress leaders Digvijaya Singh, Randeep Singh Surjewala, Shiromani Akali Dal MP from Bathinda Harsimrat Kaur Badal, an independent MLA from Vadgam Assembly Constituency Jignesh Mevani have tested positive for COVID-19. The leaders urged people who were in their contact to get tested. Country reported highest ever spike of over 2.17 lakh COVID-19 cases on April 16.
Former Minneapolis policeman Derek Chauvin on Thursday waived his right to testify to the jury about his part in the deadly arrest last May of George Floyd as both sides rested their cases at his murder trial, the most high-profile police misconduct case in decades. Lisa Bernhard has more.
George Floyd's girlfriend smiled through tears as she told a jury on Thursday how they first met when he offered to pray with her, less than three years before his deadly arrest, and described how they both struggled with opioid addiction. Lisa Bernhard has more.
The cashier who took what appeared to be a fake $20 bill from George Floyd at a convenience store last May, triggering Floyd's arrest and subsequent death, said he felt guilty over the whole incident. Lisa Bernhard has more.
The Minneapolis teenager whose cellphone video of Derek Chauvin's deadly arrest of George Floyd sparked worldwide protests wept on the witness stand as she described what she saw that day during Day 2 of the former policeman's murder trial. Lisa Bernhard has more.
Despite speculation that he would serve only one four-year term, U.S. President Joe Biden, who at 78 is the oldest person in history to hold the office, said he expected he would run again in 2024. Lisa Bernhard has more.