India markets regulator proposes allowing AMCs to advise pooled funds
Portfolio management and advisory services offered by an AMC can be carried out through a separate unit of the AMC, as long as it has its own dedicated team of key personnel, the Securities and Exchange Board of India said.
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Reuters
16 minutes ago
- Reuters
India eases sulphur emission rules for coal power plants, reversing decade-old mandate
NEW DELHI, July 12 (Reuters) - India has reversed a decade-old mandate to install $30 billion worth of clean-air equipment, easing sulphur emission rules for most coal-fired power plants, a government order said. Reuters in December reported the government was reviewing 2015 norms that required nearly 540 coal-based power units to install flue-gas desulphurisation (FGD) systems that remove sulphur from the plants' exhaust gases in phases starting in 2027. The federal environment ministry late on Friday issued a gazette notification that exempted 79% of the coal-fired power plants, outside a 10-km (6 mile) radius of populated and polluted cities, from the 2015 mandate. The mandate to install FGD for another 11% of the plants near populated cities would be taken on a "case-to-case basis," the notification said. The balance of 10% of the coal-fired power plants closer to New Delhi and other cities with a million-plus population will be required to install the desulphurisation equipment by December 2027, according to the new mandate. The notification comes after state-run NTPC ( opens new tab, India's top electricity producer, spent about $4 billion on installing the equipment at about 11% of the power plants, and about 50% of the units either placed orders for the desulphurisation systems or are installing them. The Friday notification did not mention the impact on the competitiveness or recovery of costs by these power plants. It said the decision was taken after the Central Pollution Control Board carried out a detailed analysis of the increase in "carbon dioxide emission into the atmosphere due to operation of control measures being deployed."
Daily Mail
4 hours ago
- Daily Mail
EXCLUSIVE SJP investment boss warns US risk profile has 'fundamentally changed'
St James's Place has cut exposure to US stocks within its £16.4billion Polaris 4 fund as the wealth manager becomes increasingly wary of the world's biggest market. US stocks have endured a rollercoaster 2025 after rebounding from heavy losses suffered in the wake of President Donald Trump's 'liberation day' trade tariffs. 'It's difficult to argue that US equities aren't riskier today than they were in the past,' Justin Onuekwusi, chief investment officer at St. James's Place, told This is Money. 'This isn't about trying to call the top of the market. It's about acknowledging that the risk profile of US equities has fundamentally changed. 'If an investor's risk appetite hasn't shifted, it's hard to justify allocating more to an increasingly concentrated and expensive market.' The wealth manager has shifted its exposure away from the US, and now holds underweight positions across the board. SJP said its underweight position is consistent in all of its portfolios. For its Polaris 4 fund, part of its flagship Polaris range, this means shifting to a 15 per cent underweight position in US equities. SJP said this is a deviation equivalent to as much as £2.4billion compared with a market-cap weighted global benchmark. The fund holds a 48 per cent weighting towards the US. Though still significant, this compares to a 66 per cent weighting held by the MSCI ACWI index. Onuekwusi said: 'The US remains our single largest regional equity allocation. But given current valuations and concentration, we believe a more balanced, risk-conscious allocation is appropriate.' Polaris 4 instead holds a significantly higher allocation to Europe and the UK, at 18 per cent and nine per cent respectively, compared with 13 per cent and three per cent for the MSCI ACWI. Justin Onuekwusi, chief investment officer at St. James's Place, says US equities are riskier today than they have been in the past Onuekwusi says the risk associated with the US market has changed, and as a result it is 'justify allocating more to an increasingly concentrated and expensive market', if an investor's risk appetite hasn't shifted. He added that the lower weighting towards the US is 'not just due to political uncertainty', but 'a combination of market concentration and stretched valuations across many US companies'. High valuations in the US market, which accounts for two-thirds of global stocks, has been a topic of market concern for some time. This week chip giant Nvidia surpassed $4trillion in market cap, meaning that it is worth all of the UK's publicly listed firms combined. 'The top 10 US stocks now represent more than a third of the US market, the highest level of concentration in over 60 years,' Onuekwusi said. 'Despite some recent sector reclassifications, such as Amazon moving from Technology to Consumer Discretionary, the index remains heavily tech-oriented, reminiscent of late-1990s market dynamics. 'We are positioning away from US mega-cap stocks in favour of a more balanced exposure to large and small caps - a consistent stance across Polaris 1 through 4.' The magnificent seven companies, that is Apple, Alphabet, Amazon, Meta, Nvidia and Tesla, currently accounts for almost 34 per cent of the S&P 500's total value. Onuekwusi added: 'Over the past 18 months, while maintaining our US underweight, we have shifted our overweight from Emerging Markets into a broader allocation across the UK and Europe. This repositioning has helped add resilience, particularly during periods of tariff-related uncertainty and in the subsequent recovery.' He added: 'Our decision to underweight US equities in Polaris 4 reflects a belief that more compelling risk-adjusted opportunities currently lie outside the US markets. Both our medium-term asset allocation and our bottom-up analysis - driven by our primarily active manager lineup - point to stronger prospects in regions such as Europe, the UK, Japan, and Emerging Markets, where we are currently overweight. Combined with the US' higher concentration in global markets, is the large valuations many US equities are exhibiting. Onuekwusi says valuations are reaching the levels seen during the dotcom bubble, highlighting concerns over their future. Nvidia, for example, is currently operating on a price to earnings ratio of 32.8, while Amazon is at 32.9 and Tesla operates at an eye watering PE ratio of 132.6. He said: 'Investors are paying a premium for future earnings growth, which reduces the margin for error. If that growth doesn't materialise, share prices become more vulnerable to correction. The higher the valuation, the less cushion there is against disappointment.'
Reuters
4 hours ago
- Reuters
China's Chery denies allegations of fraudulent subsidy declarations
SHANGHAI, July 12 (Reuters) - China's Chery ( denied that it improperly claimed government subsidies for eco-friendly vehicles, according to a statement the automaker posted on Saturday. An audit by the Ministry of Industry and Information Technology disqualified declarations by Chery and BYD for a combined $53 million in government subsidies for thousands of eco-friendly vehicles sold in the five years to 2020, accounting for nearly 60% of such improper claims. Chery said it had previously consulted the authorities about the challenges of missing receipts because the cars were sold more than five years ago but the government still advised Chery to declare the cars. "Our company has truthfully reported to the authorities our failure to collect certificates for end sales; there's no fraudulent act," Chery said in the statement.
