China benchmark jumps 1.04% as PBoC holds rate
Investors also kept a close eye on ongoing Ukraine peace talks and looked ahead to Fed Chair Jerome Powell's Jackson Hole speech due this week for more clarity on September rate cuts.
Gold hovered near a three-week low in Asian trading as the dollar extended gains for a third day, climbing to a more than one-week high ahead of the release of minutes from the Fed's July meeting later in the day. Oil prices inched up slightly after ending lower in the previous session.
China's Shanghai Composite index jumped 1.04 percent to 3,766.21 as the People's Bank of China kept its benchmark loan prime rate unchanged as expected despite recent weak economic data.
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India Today
an hour ago
- India Today
Trump calls for Fed governor Lisa Cook's resignation over mortgage allegations
US President Donald Trump on Wednesday demanded the resignation of Federal Reserve Governor Lisa Cook following accusations of having committed a mortgage fraud. The claims stem from a letter dated August 15, in which Federal Housing Finance Agency director Bill Pulte asked the Justice Department to investigate two mortgages Cook secured in recent the allegations on his social media platform, Trump wrote, 'Cook must resign, now!!!'advertisement Pulte, a frequent critic of the Federal Reserve and Chair Jerome Powell, has been vocal about the central bank's interest rate policies and has pushed for an inquiry into the bank's expensive headquarters renovation.'She needs to explain herself, but it's all there in black and white,' Pulte told CNBC in an interview. 'I think she needs to resign quickly.'According to Pulte, Cook allegedly declared two separate properties as her primary residence within weeks of each other, one in Michigan in June 2021 and another in Georgia. The Georgia property was later listed as a rental, raising questions about the legitimacy of the posted the letter outlining the claims on social media and alleged Cook had 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.'Despite his political alignment, Pulte insisted his actions were not politically motivated. 'There can be no mortgage fraud. This came across our desk, and it's my duty to report it,' he said. 'It wouldn't matter if she were a Republican or a Democrat. It is what it is.'The Federal Reserve declined to comment on the issue as reported by FACES INTERNAL AND EXTERNAL PRESSUREThe renewed scrutiny on Cook marks an escalation in the Trump camp's long-standing criticism of the Federal Reserve, especially against officials not seen as aligned with the former continues to press the Fed to lower interest rates and has kept up pressure on Powell, whom he derides as 'Too Late.' The central bank began easing rates last fall after significant hikes to combat post-pandemic inflation. Although inflation neared the Fed's 2% target earlier this year, rate cuts have since paused as officials evaluate the economic impact of Trump's tariff Cook's future at the Fed comes under question, the Senate Banking Committee is preparing to evaluate Trump's nominee Stephen Miran to replace outgoing Governor Adriana analysts suggest that Cook may not be compelled to step down just yet. 'For Cook, resigning will not end the legal probe. It is why we see no incentive for her to react to Pulte by departing before the next (Fed) meeting,' said Jaret Seiberg of TD Cowen Washington Research Cook were to resign, the number of governors appointed solely by Democratic presidents would fall to two - Michael Barr and Philip Jefferson. Powell's tenure as chair extends through May 2026, with his overall term lasting until notably, is the first Black woman to serve on the Fed's Board of controversy emerges as Fed officials gather in Jackson Hole, Wyoming, for their annual policy symposium. Powell is expected to hint at potential rate cuts in the latter half of the year, focusing on labor market vulnerabilities. Futures markets currently forecast an 83% chance of a rate cut in September.- EndsWith inputs from agencies Tune InMust Watch
The Print
2 hours ago
- The Print
Onion prices double after Bangladesh allows import: farmers' body
However, the rise in the prices of the kitchen staple is still low compared to the production cost, which is over Rs 2,200 per quintal, according to Dighole. 'The prices had slumped to Rs 800-1,200 per quintal in recent months. After Bangladesh allowed the import from India, prices of onions have increased to about Rs 1,500 to 1,600 per quintal,' Maharashtra State Onion Producers Association president Bharat Dighole told PTI. Mumbai, Aug 20 (PTI) Onion prices spiked from about Rs 800 per quintal to Rs 1,600 after Bangladesh allowed its import from India, according to a farmers' association. He said the Bangladesh government's move to allow imports from August 14 to December 13 will provide relief to onion growers. Dighole claimed that agriculturists are facing huge losses due to a glut in the onion crop and higher production costs. 'Onion cultivation in Maharashtra during the rabi season is around 1.45 crore tonnes. Onion producers believe that a substantial balance in domestic supply and export will yield profit,' he added. Lasalgaon in Nashik district has the largest onion market. The Lasalgaon onion market rate serves as a benchmark, influencing onion prices across the Asian market. PTI MR NSK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Economic Times
3 hours ago
- Economic Times
The untold story that you must know about Nvidia's $920 million headquarters in Santa Clara
Nvidia GPU-powered Santa Clara headquarters: Nvidia's Santa Clara headquarters is more than just a tech campus. The 920 million dollar development showcases Nvidia's identity. The campus uses Nvidia's chips and software in its design. Triangles are a key design element, reflecting the company's history in 3D graphics. The campus also features many plants and skylights. Tired of too many ads? Remove Ads How Nvidia Used Its Own Technology to Design Its Headquarters Tired of too many ads? Remove Ads The Reason Behind Nvidia's Signature Triangle Motif Tired of too many ads? Remove Ads Nature Meets Technology: Plants and Skylights at Nvidia HQ Future Plans: AI-Driven Design for Nvidia's Next Building FAQs : At a glance, Nvidia's Santa Clara headquarters could pass as yet another modern tech campus, but inside the building lies a tale that transcends architecture, as per a report. It's a $920 million development that not only shelters some of the world's most innovative engineers but also represents Nvidia's identity, history, and the technology itself that made it a $4 trillion company, as per a Fortune didn't merely construct this campus, it built it employing the chipmaker's own silicon, custom software, and design philosophy, as reported by headquarters has two enormous buildings on the campus, with one named after Star Trek ships, the 750,000 square-foot Voyager, and the 500,000 square-foot Endeavor, as per the to Fortune, a four-acre park connects both the buildings, while the Endeavor was completed in 2017, and construction on Voyager finished five years later in 2022, with both buildings costing $920 READ: XRP price slips below $3: Market caution grows ahead of Fed chair Jerome Powell's speech Unlike most building projects, Nvidia did not rely only on architects and planners, rather, it partnered with global design firm Gensler and utilised Nvidia machine-learning software and high-end GPUs, as per the report. It used Nvidia GPUs to make the building's design more efficient by focusing on how daylight streams into workstations, how employees move and interact with one another throughout a day, as per the Fortune project and design manager, Jack Dahlgren, told The Wall Street Journal, 'We got to test out our technology on our own project,' as quoted in the interesting part of the campus design is that when a person strolls around Nvidia's campus, one shape keeps recurring: triangles, according to the report. Triangles from skylights and windows to paths and walls, triangles are a persistent visual motif that fills the entire complex, as reported by is a reason behind choosing that particular shape as Dahlgren highlighted that, 'Our triangle motif here is really a reflection of the origins of the company,' adding, '3D graphics were originally based on drawing triangles,' as quoted in the READ: Teen prodigy shocks Silicon Valley — leaves Elon Musk's SpaceX for Griffin's trading empire Way back in 1995, Nvidia's initial chip, the NV1, attempted to defy convention by displaying curved surfaces, rather than triangles, but the sophistication of the chip, and the absence of developer support, came close to sending the company under, as per the Fortune report. Its follow-up chip, the NV2, flopped as well, which had almost derailed the startup entirely at that time, according to the wasn't until Nvidia went back to triangle-based rendering with the NV3, as triangles were the foundation for modern graphics processing, as per the report. That move helped the chipmaker and Nvidia was able to generate much-needed revenue, keeping the firm afloat that made it possible for it to reinvest in R&D and pursue future innovations, ultimately leading its rise in the graphics industry, as reported by READ: Were YouTube Influencers Nina Santiago and Patrick Blackwood's lives put at risk for views? Watch the shocking SUV crash viral video However, there's more to the Santa Clara campus than triangles, with the entire campus featuring 511 triangular skylights, over 14,000 plants, including a massive 80-foot living wall, and crisscrossing paths and shortcuts both indoors and outdoors to reduce travel time, according to the also highlighted that if the AI chipmaking giant plans to build a third building, it would 'undoubtedly' use AI to help design the facility, as per the Fortune campus was designed using Nvidia's own technology, like machine learning and GPUs, to optimize everything from natural light to employee entire project cost approximately $920 million.
