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<ul class="summary-list"><li>New developments show the path for Western banks trying to exit Russia has gotten tougher.</li><li>Moscow will block the sale of Western bank assets to local Russia buyers, sources told Bloomberg.</li></ul>Western lenders stuck in wartime Russia will now have an even more difficult time exiting the nation.Russia's government has signaled that it will block any efforts from Western banks to offload their local units to Russian-owned entities, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-17/unicredit-raiffeisen-see-fading-options-to-get-out-of-russia?sref=LspfQlRv">according to Bloomberg</a>, who cited people familiar with the matter. Among the biggest banks impacted are European lenders Raiffeisen and UniCredit. Russia is particularly worried about any such dealing opening them to further Western sanctions, Bloomberg found.Given the fact that Russia has also prevented sales to foreign buyers, these Western banks appear to be stuck, with limited options available. Further complicating matters is the fact that Russia still sees Raiffeisen and UniCredit as vital payment intermediaries.This latest development is an expansion of the Kremlin's ongoing campaign to keep Western firms within its borders. Russia recently <a target="_blank" href="https://www.businessinsider.com/russia-economy-moscow-businesses-taxes-discount-asset-sales-ukraine-war-2024-10">expanded its list of exit obstacles</a>.Western authorities are also adding to the challenge. Raiffeisen had previously been put on notice by the US Treasury due to its <a target="_blank" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">maintained presence in Russia</a>, and the Austrian bank's prior <a target="_blank" href="https://africa.businessinsider.com/markets/the-us-is-pressuring-the-biggest-western-bank-in-russia-to-cancel-a-dollar16-billion/z46d215">efforts to repatriate $1.6 billion in assets</a> also triggered warnings from the US.According to sources, the dealer has proposed multiple buyers over the past two years that failed win over Western regulators. Russia also declined one proposed deal, Bloomberg said.The experience has been generally shared by UniCredit. Though Mubadala, the Abu Dhabi $300 billion sovereign wealth fund, showed a readiness to purchase UniCredit's Russian unit, it abandoned the deal in 2023 due to potential US opposition, sources said.According to a <a target="_blank" class="" href="https://som.yale.edu/story/2022/over-1000-companies-have-curtailed-operations-russia-some-remain">list</a> maintained by the Yale School of Management, over 1,000 global firms have left Russia by some degree since Moscow's 2022 invasion of Ukraine.Given the hurdles set up by Russia's government, these companies have taken on more than <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-exiting-foreign-companies-lose-billions-writedowns-asset-sales-2024-3">$100 billion in losses through March</a>, Reuters reported.

Moscow will reportedly block sales of Western banks to Russian firms, leaving them with no exit

<ul><li>The <keyword id="23134822" type="General" weightage="20" keywordseo="Amazon-Great-Indian-Festival" source="keywords">Amazon Great Indian Festival</keyword> Sale 2024 is now live for all users.</li><li>The sale brings huge discounts across a wide range of products, including smartphones.</li><li>Here are some of the <keyword id="5025075" type="General" weightage="100" keywordseo="best-deals-on-smartphones" source="Orion">best deals on smartphones</keyword> on the Great Indian Festival Sale on Amazon.</li></ul>Festive season is almost here and e-commerce giant Amazon is currently hosting the<a href="https://www.businessinsider.in/business/ecommerce/news/the-amazon-great-indian-festival-2024-best-deals-and-offers/articleshow/113701988.cms"> Great Indian Festival Sale 2024</a>, which is now live for all users. The sale brings discounts across a wide range of products including smartphones, tablets, laptops, wearables, home appliances, apparel and more. For those looking to get a new smartphone, this is the perfect opportunity to get one at a discounted price during the Great Indian Festival sale. In this post, we have curated some of the best deals on smartphones on the Amazon Great Indian Festival sale 2024 to make sure you don’t miss out on them. <div type="Article" hostid="261" msid="113701988" title="The Amazon Great Indian Festival 2024 – Best deals and offers" mstype="2" mssubtype="0"></div> Bank offers In addition to the discounts offered by Amazon, you can avail of an additional 10% instant discount on SBI debit cards and credit cards. Oneplus Open <cmsannotation type="cmsannotation" annotationid="B0CKTPK4FG" comment="amazoncard" text="B0CKTPK4FG">B0CKTPK4FG</cmsannotation> OnePlus Open is a good option for those looking for a foldable smartphone. The OnePlus Open features a 7.82-inch 2K AMOLED LTPO inner display and a 6.31-inch 2K AMOLED LTPO display. It is powered by the Snapdragon 8 Gen 2 processor and comes with 16GB RAM and 512GB of internal storage. It features a triple camera setup at the back and comes with a 32MP selfie camera on the cover screen and a 20MP camera on the inner screen. It is powered by a 4,805mAh battery and comes with 67W fast charging support The smartphone is currently available for ₹99,999, down from its original price of ₹1,39,999. Samsung Galaxy S24 5G <cmsannotation type="cmsannotation" annotationid="B0CS5ZZMN8" comment="amazoncard" text="B0CS5ZZMN8">B0CS5ZZMN8</cmsannotation> If you are in the market for a powerful and reliable Android smartphone, the Samsung Galaxy S24 5G is an excellent option. It features a 6.2-inch Full HD+ Dynamic AMOLED display with a 120Hz refresh rate. It is powered by the Exynos 2400 chipset coupled with 8GB RAM and up to 512GB of internal storage. It features a triple camera setup at the back and comes with a 12MP front camera. It is powered by a 4,000mAh battery and comes with 25W charging support. The phone is currently available for ₹62,999, down from its original price of ₹74,999. OnePlus 12 <cmsannotation type="cmsannotation" annotationid="B0CQPPZWVD" comment="amazoncard" text="B0CQPPZWVD">B0CQPPZWVD</cmsannotation> The OnePlus 12 is a good option for those looking for a flagship Android smartphone without burning a hole in your pocket. The OnePlus 12 5G is the company’s current flagship smartphone and features a large 6.82-inch Quad HD+ Fluid AMOLED display with a 120Hz refresh rate. It is powered by the 8 Gen 3 chipset coupled with 12GB RAM and 256GB of internal storage. The device sports a triple camera setup at the back and offers a 32MP selfie camera. The smartphone is powered by a large 5,400mAh battery and comes with 100W fast charge support and 50W wireless charging support. The smartphone is currently available for ₹55,999, with card offers and a coupon, down from its original price of ₹64,999. Apple iPhone 13 <cmsannotation type="cmsannotation" annotationid="B09G9BL5CP" comment="amazoncard" text="B09G9BL5CP">B09G9BL5CP</cmsannotation> If you are looking to purchase an iPhone without burning a hole in your pocket, the iPhone 13 is currently available at a discounted price. The iPhone 13 features a large 6.1-inch Super Retina display and is powered by the powerful A15 Bionic chipset. The device features a dual camera setup at the back consisting of a 48MP primary camera and is equipped with a 12MP selfie camera. The iPhone 13 128GB variant is currently available for ₹41,999, down from its original price of ₹59,900. Honor 200 5G <cmsannotation type="cmsannotation" annotationid="B0D6VJ6FYG" comment="amazoncard" text="B0D6VJ6FYG">B0D6VJ6FYG</cmsannotation> If you are looking for a mid-range smartphone with a clean UI, the Honor 200 5G is worth considering. The smartphone features a 6.7-inch Full HD+ curved OLED display with a 120Hz refresh rate and is powered by the Snapdragon 7 Gen 3 chipset. The smartphone comes with a triple camera setup at the back consisting of a 200MP primary camera. On the front, the device sports a 50MP camera for selfies and video calling. It is powered by a 5,200mAh battery and supports 100W fast charging. The Honor 200 is currently available for ₹24,998, down from its original price of ₹39,999. Samsung Galaxy M35 5G <cmsannotation type="cmsannotation" annotationid="B0D8134JH8" comment="amazoncard" text="B0D8134JH8">B0D8134JH8</cmsannotation> If you do not wish to splurge on a flagship smartphone and are looking for something affordable, the Galaxy M35 5G is a good option. It features a 6.6-inch Full HD+ Super AMOLED display and is powered by the Exynos 1380 chipset coupled with 6GB of RAM and 128GB of internal storage. The device features a triple camera setup at the back and comes with a 13MP selfie camera. It is powered by a large 6,000mAh battery with 25W charging support, offering a long battery life. The Samsung Galaxy M34 5G is currently available for ₹14,999, down from its original price of ₹24,499. Disclaimer - When you purchase through links on Business Insider India, we may earn an affiliate commission. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/the-amazon-great-indian-festival-2024-best-deals-and-offers/articleshow/113701988.cms">The Amazon Great Indian Festival 2024 – Best deals and offers</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a> <a href="https://www.businessinsider.in/business/auto/news/hyundai-motor-indias-25000-crore-ipo-gets-sebi-approval-indias-biggest-ipo-expected-to-launch-in-october/articleshow/113658837.cms">Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October</a>

Amazon Great Indian Festival Sale 2024 – best deals on smartphones

With the first day of Navratri today (October 3), the festive season in India has officially begun. Each year, various platforms offer intriguing offers around this time and this year is no different. Apple also has some special offers in store for its Indian fans and has kick-started its Diwali 2024 sale today. If you have been thinking to buy the new iPhone or wish to get your hands on the latest <keyword id="19900628" type="General" weightage="20" keywordseo="macbook" source="keywords">MacBook</keyword>, now might be the time. There are a lot of options to choose from and you can enjoy savings across Apple's premium product lineup. Among the key highlights is an instant cashback of up to ₹10,000, available on a wide range of Apple products. For those with American Express, Axis Bank, or ICICI Bank cards, this cashback can be availed instantly at checkout. Furthermore, customers can spread their payments with up to 12 months of No Cost EMI, making the purchase of Apple’s high-end devices even more manageable. <h2>iPhone Deals </h2> The iPhone range is one of the sale’s main attractions. Customers opting for the iPhone 16 Pro or iPhone 16 Pro Max can enjoy an instant cashback of ₹5,000. Similarly, those choosing the iPhone 16 or the iPhone 16 Plus will benefit from the same ₹5,000 discount. For individuals looking for a slightly more affordable option, the iPhone 14 and iPhone 14 Plus come with ₹3,000 cashback, while the iPhone SE offers ₹2,000 off. <h2>MacBook and Mac Discounts </h2> Apple’s MacBook line-up also sees attractive discounts. The latest MacBook Air models, featuring the M3 chip in both 13-inch and 15-inch versions, are available with a cashback of ₹10,000. If you’re looking at the earlier MacBook Air (M2 chip), you can save ₹8,000 instantly. Larger purchases such as the MacBook Pro (14-inch and 16-inch), the Mac Studio, and the iMac 24-inch all come with an appealing ₹10,000 cashback. Meanwhile, the Mac mini is available with a ₹4,000 discount. <h2>iPad Offers </h2> For tablet users, Apple’s iPad range also includes some enticing offers. The iPad Pro, available in 11-inch and 13-inch sizes, provides a cashback of ₹6,000. The iPad Air, also available in 11-inch and 13-inch sizes, offers a ₹4,000 instant discount. Buyers of the standard iPad can benefit from ₹2,500 cashback, while the compact iPad mini is on offer with ₹3,000 cashback. <h2>AirPods Promotions </h2> Fans of Apple’s audio products are not left out, as the AirPods range sees notable discounts too. The AirPods Pro are available with ₹2,000 cashback, while the AirPods 4 offer ₹1,500 off. For those opting for the AirPods 4 with Active Noise Cancellation, there’s a ₹1,500 instant discount. Meanwhile, Apple’s premium AirPods Max headphones are being sold with a significant ₹4,000 cashback. <h2>Free Beats Solo Buds </h2> Apart from cashback, Apple is also giving away Beats Solo Buds for free. If you purchase an iPhone 15 from an Apple store, you can get your hands on the buds at no cost. However, this offer is only valid till tomorrow (October 4) so you better hurry. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">More savings with Apple's trade-in programme </h2> Adding to the appeal, Apple’s Trade-In programme allows users to exchange their old devices for a discount on their new purchases. This, coupled with the cashback, makes for a compelling offer for those planning an upgrade. Additionally, with select purchases, Apple is providing three months of Apple Music, Apple TV+, and Apple Arcade subscriptions at no extra cost. With these offers, Apple’s Diwali Sale 2024 provides an excellent chance for customers to grab their desired devices at a lower price point. Whether you're upgrading or looking for gifts, this limited-time sale brings significant value, especially with the combined benefits of cashback, EMI options, and trade-in deals. For more information, you can head to Apple’s official website.

Apple Diwali sale in India goes live: iPhones, Macbooks and Airpods get discounts

<ul><li>The <keyword id="23134822" type="General" weightage="100" keywordseo="Amazon-Great-Indian-Festival" source="keywords">Amazon Great Indian Festival</keyword> 2024 is now live for Prime users.</li><li>The sale brings offers across a wide range of products, allowing you to grab them at their best prices.</li><li>Here’s everything you need to know about the Amazon Great Indian Festival sale.</li></ul> The ongoing Amazon Great Indian Festival 2024 sale is now live for <keyword id="20197203" type="General" weightage="20" keywordseo="Amazon-Prime" source="keywords">Amazon Prime</keyword> users. The sale brings amazing deals across a wide range of products including smartphones, tablets, laptops, wearables, home appliances, apparel and more. The Great Indian Festival is one of the biggest annual sales that the e-commerce giant hosts each year. Amazon is currently offering discounts, exchange offers, no-cost EMI options and more across a wide range of products. <h2>Bank offers</h2>In addition to the discounts offered by Amazon, you can avail of an additional 10% instant discount on SBI debit cards and credit cards. <h2>New launches</h2>Amazon has announced that several new products will be launched on the platform during the sale, including smartphones, audio devices, TVs, home appliances, apparel and more. <h2>Best deals on Amazon Great Indian Festival sale</h2>Let’s look at some of the best deals during the Amazon Great Indian Festival 2024: Samsung Galaxy S24 5G <cmsannotation type="cmsannotation" annotationid="B0CS5ZZMN8" comment="amazoncard" text="B0CS5ZZMN8">B0CS5ZZMN8</cmsannotation> If you are in the market for a powerful and reliable Android smartphone, the Samsung Galaxy S24 5G is an excellent option. It features a 6.2-inch Full HD+ Dynamic AMOLED display with a 120Hz refresh rate. It is powered by the Exynos 2400 chipset coupled with 8GB RAM and up to 512GB of internal storage. It features a triple camera setup at the back and comes with a 12MP front camera. It is powered by a 4,000mAh battery and comes with 25W charging support. The phone is currently available for ₹62,999, down from its original price of ₹74,999. Apple iPhone 13 <cmsannotation type="cmsannotation" annotationid="B09G9BL5CP" comment="amazoncard" text="B09G9BL5CP">B09G9BL5CP</cmsannotation> If you are looking to purchase an iPhone without burning a hole in your pocket, the iPhone 13 is currently available at a discounted price. The iPhone 13 features a large 6.1-inch Super Retina display and is powered by the powerful A15 Bionic chipset. The device features a dual camera setup at the back consisting of a 48MP primary camera and is equipped with a 12MP selfie camera. The iPhone 13 128GB variant is currently available for ₹41,999, down from its original price of ₹59,900. OnePlus Nord CE 3 5G <cmsannotation type="cmsannotation" annotationid="B0C9QS5G2R" comment="amazoncard" text="B0C9QS5G2R">B0C9QS5G2R</cmsannotation> If you are in the market for an affordable smartphone, the OnePlus Nord CE 3 5G is a good option despite being slightly old. It features a 6.7-inch Full HD+ AMOLED display with a 120Hz refresh rate. It is powered by the Snapdragon 782G chipset coupled with 8GB RAM and 128GB of internal storage. The device features a triple camera setup at the back and comes with a 16MP selfie camera. It is powered by a large 5,000mAh battery and comes with 80W fast charge support. The OnePlus Nord CE 3 5G is currently available for ₹16,999, down from its original price of ₹26,999. Sony Bravia TV KD-65X74K <cmsannotation type="cmsannotation" annotationid="B09WN3SRC7" comment="amazoncard" text="B09WN3SRC7">B09WN3SRC7</cmsannotation> The Sony Bravia Smart LED Google TV KD-65X74K is a good option if you are in the market for a premium television for your home. It features a huge 65-inch, delivering an immersive viewing experience, vibrant colours, and excellent picture quality. It comes with the company’s X1 4K processor and MotionFlow XR100 technology. It is currently available for ₹72,990, down from its original price of ₹1,39,900. OnePlus Pad <cmsannotation type="cmsannotation" annotationid="B0BY2ZZ4SJ" comment="amazoncard" text="B0BY2ZZ4SJ">B0BY2ZZ4SJ</cmsannotation> The OnePlus Pad is worth considering if you are looking for a powerful tablet with a high refresh rate. The tablet supports the company’s keyboard and case, allowing you to get work done on the go easily. It features an 11.6-inch 2.8K LCD display with a 144Hz refresh rate. It is equipped with the MediaTek Dimensity 9000 chipset, coupled with up to 12GB RAM with 256GB storage. The OnePlus Pad comes with a 13MP rear camera and an 8MP selfie camera. It is powered by a 9,510mAh battery with 67W fast charging support. It is currently available for ₹31,890, down from its original price of ₹39,999. Asus VivoBook 16 <cmsannotation type="cmsannotation" annotationid="B0CHMZRC89" comment="amazoncard" text="B0CHMZRC89">B0CHMZRC89</cmsannotation> The Asus VivoBook 16 is a good laptop, worth considering if you are looking for an affordable option. It is a thin and light laptop that features a 16-inch Full HD+ display. The laptop from Asus is powered by a 13th-generation Intel Core i9 chipset coupled with 16GB RAM and a 512GB SSD. The laptop comes with Windows 11 and offers Office 2021. It comes with several I/O ports that make it a good option. The laptop is currently available for ₹69,990, down from its original price of ₹1,16,990. Orient Electric 1200mm Aerosense BLDC Ceiling Fan <cmsannotation type="cmsannotation" annotationid="B0DH4LNMVR" comment="amazoncard" text="B0DH4LNMVR">B0DH4LNMVR</cmsannotation> For those looking to get a smarter fan during the sale, the Orient Electric Aerosense BLDC ceiling fan is a good option. It is a smart fan that comes with a BLDC Motor. The fan can be controlled using a remote or through the company’s app, allowing you to easily use it without having to get up. It offers an airflow capacity of 245 CMM and has a wattage of 40 Watts. It is available in three colour options – Ash Wood, Honeymaple Wood and White. Sony WF-C500 <cmsannotation type="cmsannotation" annotationid="B09PC695Q9" comment="amazoncard" text="B09PC695Q9">B09PC695Q9</cmsannotation> Sony is another popular name when it comes to audio products. The Sony WF-C500 is a good option if you are looking for reliable true wireless earbuds. It comes with a compact form factor and fits snugly in your ear. The earbuds come with IPX4 water resistance support, allowing you to use them outdoors and during workouts. It offers a 20-hour battery life and a 10-minute charge offers an hour of playback. It is currently available for ₹3,988, down from its original price of ₹8,990. JBL Flip 6 <cmsannotation type="cmsannotation" annotationid="B09V7WS4PP" comment="amazoncard" text="B09V7WS4PP">B09V7WS4PP</cmsannotation> The JBL Flip 6 Bluetooth speaker is one of the must-have devices if you often find yourselves hosting parties or get-togethers. It is a powerful speaker that is waterproof, allowing you to carry it with you to pool parties. The Bluetooth speaker offers over 12 hours of music playback on a single charge and comes with Google Assistant and Siri support. The speaker is IP67 rated for water and dust resistance, allowing you to easily carry it with you outdoors. It is available for ₹8,999, down from its original price of ₹13,999. Echo Dot 5th gen <cmsannotation type="cmsannotation" annotationid="B09B8XJDW5" comment="amazoncard" text="B09B8XJDW5">B09B8XJDW5</cmsannotation> If you are in the market for an affordable smart speaker, the Echo Dot 5th Gen is a good option. It can stream songs from platforms like Prime Music, Spotify, Apple Music and more. It can set alarms, check the weather, set reminders, check cricket scores and more. The device supports English and Hindi voice commands. Keeping privacy in mind, the device also comes with a mic-off button. It is currently available for ₹4,449, down from its original price of ₹5,499. Boat Stone 1450 Bluetooth speaker <cmsannotation type="cmsannotation" annotationid="B09SJ32HQZ" comment="amazoncard" text="B09SJ32HQZ">B09SJ32HQZ</cmsannotation> The Boat Stone 1450 is another good option if you are looking for a portable Bluetooth speaker. The Boat Stone 1450 features an easy-to-carry design and comes with dynamic RGB LEDs. It is also IPX5 water resistant, so be it your party hall or the poolside, you can use it everywhere. It features 40W RMS speakers, which are loud and definitely add a punch to your tunes. They feature connectivity ports like an AUX port and a USB port. The 3,600mAh battery offers you up to five hours of playtime on a single charge. The Boat Stone 1450 is currently available for ₹4,499, down from its regular price of ₹8,999. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a> <a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms">Diffusion Engineers IPO quick review – IPO GMP, risk factors and more</a> <a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms">Manba Finance IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

The Amazon Great Indian Festival 2024 – Best deals and offers

Benchmark <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> jumped over 550 points to revisit the 82,000-level in morning trade on Wednesday after the Reserve Bank of India changed its monetary policy stance to stance to 'neutral', a move that may lead to a rate cut in the forthcoming policies. The 30-share BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> soared 556.97 points, or 0.68 per cent, to 82,191.78 in early trade. The broader Nifty of NSE rose 78.70 points, or 0.31 per cent, to 25,091.85. Buying in banking and IT stocks added to the positive trend in markets, traders said. Among the 30 Sensex companies, State Bank of India, Axis Bank, Bajaj Finance, Tata Motors, Bharti Airtel, PowerGrid and HCL Technologies were among the major gainers. On the contrary, Nestle India, ITC, HUL, HDFC Bank, Mahindra &amp; Mahindra were among the laggards. The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row. RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month. The central banks of some developed nations have also reduced their interest rates. Announcing the fourth bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent. The RBI has maintained the status quo on benchmark interest rates since February 2023. Das said RBI will remain watchful of elevated food inflation even when India GDP growth remains strong. "As anticipated, the RBI's Monetary Policy Committee (MPC) has kept interest rates unchanged in its policy announcement today. While there were hopes for a rate cut in line with the US Fed, the RBI has taken a prudent approach by focusing on key indicators like domestic inflation and financial stability, particularly in light of the declining individual savings as a percentage of GDP, which poses a financial stability risk," said Suresh Darak, Founder of Bondbazaar. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,729.60 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 7,000.68 crore, according to exchange data. In Asian markets, Shanghai, Hong Kong, Tokyo and Seoul were trading on a mixed note. Global oil benchmark Brent Crude climbed 0.95 per cent to USD 77.91 a barrel in futures trade. US markets ended with gains in overnight deals on Tuesday. On Tuesday, the 30-share BSE Sensex rose by 584.81 points or 0.72 per cent to close at 81,634.81. The <keyword id="19950205" type="General" weightage="20" keywordseo="NSE-Nifty" source="keywords">NSE Nifty</keyword> jumped 217.40 points or 0.88 per cent to finish at 25,013.15. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms" target="_blank">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a><a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms" target="_blank">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a><a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms" target="_blank">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

Sensex revists 82,000-level as RBI changes monetary policy stance to 'neutral'

<keyword id="20270096" type="General" weightage="20" keywordseo="Equity-benchmark-indices" source="keywords">Equity benchmark indices</keyword> pared all early gains and were trading lower in mid-session trade on Monday, with the <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> plunging 215.18 points while <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> declined to crack below the 25,000-mark amid profit-taking and decline in the shares of blue-chip <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>. The BSE Sensex dropped 215.18% to 81,473.27 in the afternoon trade after soaring 449.32 points earlier in the day. From its intra-day high of 82,137.77, the benchmark tanked 548.83 points to 81,139.62. The NSE Nifty also slumped 191.65 points to 24,822.95. The benchmark hit an intra-day high of 25,143 in the early trade and a low of 24,798.65. From the Sensex basket, NTPC, Adani Ports &amp; Special Economic Zones, PowerGrid, Titan, JSW Steel, Axis Bank and State Bank of India were among the major laggards. However, ITC, Bharti Airtel, Infosys, ICICI Bank and Bajaj Finance were trading in the green territory. In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul were settled on a higher note on Monday. Wall Street ended with gains on Friday. Global oil benchmark Brent crude fell 0.14% to USD 77.94 a barrel. <keyword id="19932515" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) offloaded equities worth Rs 9,896.95 crore on Friday, while <keyword id="20234284" type="General" weightage="20" keywordseo="Domestic-Institutional-Investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) bought equities worth Rs 8,905.08 crore, according to exchange data. On Friday, the BSE Sensex tumbled 808.65 points to settle at a three-week low of 81,688.45, while NSE Nifty slumped 235.50 points to 25,014.60. Last week, the BSE Sensex tanked 3,883.4 points, or 4.53%, and the Nifty slumped 1,164.35 points or 4.44%. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms" target="_blank">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a><a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms" target="_blank">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a><a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms" target="_blank">Airtel is using AI-powered technology to block spam calls and messages</a>

Sensex, Nifty pare early gains, trade lower in the afternoon trade

New Delhi, The market capitalisation of <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword>-listed firms reached an all-time high of Rs 315 lakh crore on Monday, helped by strong investor sentiments amid encouraging domestic macroeconomic data and a firm trend in global stocks. The BSE benchmark Sensex climbed 240.98 points, or 0.37 per cent, to settle at 65,628.14. During the day, it rallied 296.75 points, or 0.45 per cent, to 65,683.91. The barometer had on Friday ended higher by 555.75 points, or 0.86 per cent, at 65,387.16. In two days, investors' wealth went up by Rs 5,41,951.7 crore. The market capitalisation of BSE-listed firms stood at Rs 3,15,01,090.40 crore. "Markets extended their gains for the second trading session on the back of rising expectations of a rate hike pause by the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword>. Further, reports of China taking measures to revive the property sector in the country also boosted sentiment," Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd, said. Manufacturing activities in India gained momentum in August as new orders and output increased at quickest rates in nearly three years, according to a survey released on Friday. GST collections grew 11 per cent to over Rs 1.59 lakh crore in August on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season. Domestic passenger vehicle sales hit a record in August, led by highest-ever monthly dispatches from Maruti Suzuki on the back of festive demand and the continued strong offtake of SUVs. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended with gains. European markets were trading in the green in early deals. The US markets ended mostly in the positive territory on Friday. From the Sensex pack, <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword> emerged as the biggest gainer, climbing 4.34 per cent. HCL Tech, <keyword id="6355596" type="General" weightage="50" keywordseo="ultratech-cement" source="Orion">UltraTech Cement</keyword>, Tata Steel, <keyword id="43217" type="General" weightage="50" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword>, NTPC, Infosys, Power Grid, Tata Consultancy Services and State Bank of India were the other major gainers. Mahindra &amp; Mahindra, <keyword id="6355975" type="General" weightage="50" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>, ITC, Asian Paints, Bajaj Finance and Nestle were among the laggards. In the broader market, the BSE midcap gauge climbed 0.96 per cent, and smallcap index gained 0.84 per cent. Among the indices, metal jumped 2.72 per cent, commodities climbed 1.94 per cent, utilities rallied 1.91 per cent, IT gained 1.74 per cent, power (1.55 per cent), teck (1.51 per cent) and services (0.59 per cent). FMCG and consumer durables were the laggards. Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 487.94 crore, according to exchange data. "Recent domestic macroeconomic data has portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit-booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks," Vinod Nair, Head of Research at Geojit Financial Services, said. "The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment," Nair said.

BSE-listed firms' market valuation hits all-time high of Rs 315 lakh crore

<ul class="summary-list"><li>Massive protests have erupted in Israel over the government's failure to secure a hostage deal.</li><li>Public outrage followed the discovery of six hostages' bodies in Gaza over the weekend.</li></ul>Nearly 11 months have passed since the <a target="_blank" class="" href="https://www.businessinsider.com/israel-gaza-tour-guides-pivot-october-7-tours-make-money-2024-6">October 7 Hamas terrorist attacks</a> on Israel that <a target="_blank" class="" href="https://www.businessinsider.com/hamas-goal-october-7-attack-israel-gaza-war-2023-11">killed over 1,000 people</a> and resulted in 251 hostages being seized, triggering a <a target="_blank" class="" href="https://www.businessinsider.com/us-military-aid-to-israel-since-october-7-gaza-bombs-2024-6">brutal retaliation against Gaza</a> that has killed tens of thousands of Palestinians.Now, public sentiment in Israel appears to have reached a breaking point, with strikes across the country."It's a mix of grief and anger," Niv Keidar, who helped to block a major intercity highway in Tel Aviv on Sunday night, told Business Insider.He said the mood had resulted in hundreds of thousands of people taking to the streets all over Israel and making the demand: "There must be a deal that will bring back alive those people that are still possible to rescue."Sunday night saw the largest protests in Israel since the Hamas terror attacks, with many Israelis expressing anger at Prime Minister <a target="_blank" class="" href="https://www.businessinsider.com/biden-netanyahu-israel-hamas-war-ceasefire-plan-2024-6">Benjamin Netanyahu's government for failing to secure a hostage-ceasefire deal.</a>According to <a target="_blank" class="" href="https://www.timesofisrael.com/masses-protest-across-israel-in-flood-of-grief-anger-after-hamas-executes-6-hostages/">The Times of Israel</a>, some 280,000 gathered in Tel Aviv overnight. Large protests also took place in Jerusalem and Ra'anana.On Saturday, the Israel Defense Forces found <a target="_blank" class="" href="https://www.businessinsider.com/idf-recovers-bodies-6-hostages-gaza-us-citizen-2024-9">the bodies of six hostages</a> in an underground tunnel in Gaza.Israel said an <a target="_blank" class="" href="https://www.timesofisrael.com/autopsy-finds-6-hostages-shot-multiple-times-at-close-range-in-last-48-72-hours/">autopsy showed that the hostages had been shot</a> at close range.A group representing the hostages' families criticized Netanyahu's government, claiming the hostages could still be alive if a deal had been reached.In <a target="_blank" class="" href="https://x.com/BringThemHome23/status/1830101720564658246?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1830101720564658246%7Ctwgr%5E91de83589ee8427249492a812119138820872494%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.timesofisrael.com%2Fliveblog_entry%2Fhostage-families-say-hostages-would-still-be-alive-if-it-werent-for-the-saboteurs-the-excuses-and-the-spin%2F">a post on X </a>on Sunday, the Hostages and Missing Families Forum said Netanyahu's government has failed to do what a government is expected to do — "return its sons and daughters home.""Netanyahu: Enough the excuses," it continued. "Enough with the spin. Enough of the procrastination! It is time to return our abductees home."The group called for a nationwide protest to demand the release of the remaining hostages — around 100 are believed to still be in Gaza, <a target="_blank" class="" href="https://www.npr.org/2024/09/01/nx-s1-5097272/the-family-of-an-american-hostage-still-being-held-captive-by-hamas-speaks-out#:~:text=Around%20100%20hostages%20are%20still,now%20by%20Jonathan%20Dekel%2DChen.">according to Israeli authorities</a>, although it is unclear how many are alive.On Sunday, Israeli protesters blocked major roads and highways, while the country's largest labor union, <a target="_blank" class="" href="https://img.mako.co.il/2024/09/01/histadrut040902.pdf?Partner=interlink">Histadrut</a>, called for a general strike.Arnon Bar-David, the head of Histadrut, which represents hundreds of thousands of workers, <a target="_blank" href="https://www.timesofisrael.com/histadrut-labor-union-announces-nationwide-strike-over-failure-to-release-hostages/">said</a>: "We are getting body bags instead of a deal."The strike caused disruption to banks, schools, and transportation, and temporarily closed Tel Aviv's Ben Gurion International Airport on Monday.Hospitals were also functioning at a reduced capacity.Gili Roman, whose sister was kidnapped on October 7 but later released, and whose relative <a target="_blank" class="" href="https://img.mako.co.il/2024/09/01/histadrut040902.pdf?Partner=interlink">Carmel Gat</a> was found among the six bodies recovered by the IDF, participated in the protests.He told Business Insider he feels angry and concerned."We always need to remember that this anger is toward <a target="_blank" class="" href="https://www.businessinsider.com/open-criticism-hamas-building-gaza-israeli-offensive-continues-2024-7">Hamas</a> and their brutal tactics," he said.But he added: "Hamas is not our government, they're not accountable to us, and the people who are accountable to us should not be so disattached from the Israeli people, public opinion, and the world opinion that calls for a long time to prioritize human lives and the hostages."He said that Netanyahu and his cabinet were "prioritizing themselves and different military tactics and sacrificing civilians for this."

Israelis are fed up. After a night of protests, the country is going on strike, demanding a Gaza deal.

<keyword id="20270096" type="General" weightage="20" keywordseo="equity-benchmark-indices" source="keywords">Equity benchmark indices</keyword> rallied in early trade on Friday amid buying in <keyword id="19963566" type="General" weightage="20" keywordseo="IT-stocks" source="keywords">IT stocks</keyword> after <keyword id="6357150" type="General" weightage="20" keywordseo="TCS" source="Orion">TCS</keyword> announced its June quarter earnings. The 30-share <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> climbed 226.11 points to 80,123.45 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="NSE-Nifty" source="keywords">NSE Nifty</keyword> went up by 82.1 points to 24,398.05. Among the Sensex pack, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> climbed over 2 per cent after the country's largest IT services player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. Infosys, Axis Bank, Mahindra &amp; Mahindra, Bajaj Finance, Tech Mahindra and HCL Technologies were the other major gainers. Maruti, Asian Paints, Bharti Airtel and ITC were among the laggards. "The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In Asian markets, Hong Kong quoted higher while Seoul, Tokyo and Shanghai traded lower. US markets ended mostly lower on Thursday. Global oil benchmark Brent crude climbed 0.25 per cent to USD 85.59 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,137.01 crore on Thursday, according to exchange data. Retreating from early highs, the BSE benchmark closed lower by 27.43 points or 0.03 per cent at 79,897.34 on Thursday. The NSE Nifty edged down 8.50 points or 0.03 per cent to settle at 24,315.95.

Markets climb in early deals on buying in IT stocks after TCS earnings

Benchmark equity indices <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords" meta.keywordsubtype="org" meta.entityname="Nifty" meta.hostid="261" meta.entityid="Nifty">Nifty</keyword> hit their new closing lifetime highs on Friday, following buying in market heavyweights <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword> and Mahindra &amp; Mahindra amid encouraging export data. Rising for the third straight session, the 30-share <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords" meta.keywordsubtype="org" meta.entityname="BSE Sensex" meta.hostid="261" meta.entityid="BSE Sensex">BSE Sensex</keyword> climbed 181.87 points or 0.24 per cent to settle at a new closing peak of 76,992.77. During the day, it jumped 270.4 points or 0.35 per cent to 77,081.30. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> rallied 66.70 points or 0.29 per cent to hit a record closing high of 23,465.60. Intra-day, it rose 91.5 points or 0.39 per cent to hit a fresh all-time high of 23,490.40. Among the 30 Sensex companies, Mahindra &amp; Mahindra, Titan, HDFC Bank, Reliance Industries, UltraTech Cement, Bajaj Finance, Axis Bank, Tata Motors and Asian Paints were the biggest gainers. On the other hand, Tech Mahindra, Tata Consultancy Services, Wipro, HCL Technologies, Larsen &amp; Toubro and State Bank of India were among the major laggards. India's merchandise exports in May 2024 rose by 9 per cent to USD 38.13 billion, from USD 34.95 billion in the year-ago month, according to government data released on Friday. Imports also increased by 7.7 per cent to USD 61.91 billion from USD 57.48 billion in May 2023. In Asian markets, Seoul, Tokyo and Shanghai settled higher, while Hong Kong ended lower. European markets were quoting lower in mid-session deals. US markets ended on a mixed note on Thursday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,033 crore on Thursday, according to exchange data. Global oil benchmark Brent crude dipped 0.12 per cent to USD 82.65 a barrel. The BSE benchmark jumped 538.89 points or 0.70 to hit its lifetime peak of 77,145.46 on Thursday. It later ended at 76,810.90, up 204.33 points or 0.27 per cent. The Nifty rallied 75.95 points or 0.33 per cent to settle at 23,398.90.

Sensex, Nifty hit fresh lifetime highs on buying in blue-chips HDFC Bank, Reliance

<ul class="summary-list"><li>Trade payments from Russia to China are taking up to six months to clear, the Kommersant reported.</li><li>Chinese banks are tightening compliance checks, fearing repercussions from Western sanctions.</li></ul>Trade between Russia and China is getting ever more difficult, with some payments between partners taking up to half a year, the <a target="_blank" class="" href="https://www.kommersant.ru/doc/6863025">Kommersant</a> business daily reported on Monday.About 80% of bank transfers made in the Chinese yuan are also getting bounced back with no explanation, after being stalled for weeks while banks decide if they can go ahead, per Kommersant, citing unnamed sources.Such returns can result in exchange rate or commission losses for Russian businesses, per the media outlet.Kommersant's report highlights intensifying pressure on external parties dealing with Russian companies that have managed to keep their international business activities going despite sweeping sanctions.Earlier this month, several unnamed major Russian commodity exporters told <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-07-17/us-sanctions-make-it-harder-for-russian-firms-to-get-paid-by-china?srnd=homepage-asia">Bloomberg</a> that trade with China has become <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-yuan-trade-payments-ending-war-sanctions-dedollarization-crypto-2024-7">increasingly difficult,</a> as even direct payments made in the <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-yuan-trade-payments-ending-war-sanctions-dedollarization-crypto-2024-7">Chinese yuan</a> were getting frozen or delayed.The troubles started in December when the US authorized <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that help Russia skirt sanctions.This prompted <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the UAE, Turkey, and Austria to reduce transactions with Russia to avoid getting in the crosshairs.The payment issues were exacerbated last month when the US Treasury rolled out a new package of <a target="_blank" rel="" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1nuxsvd*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTcyMDE0NzM3MS45MzUuMS4xNzIwMTQ5OTU5LjYwLjAuMA..">expansive US sanctions</a> against Russia, forcing the Moscow Exchange — Russia's key bourse — to halt <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-dollar-ruble-exchange-us-sanctions-currency-yuan-ukraine-war-2024-6">dollar and euro trade.</a>To get around tightening restrictions, some Russians who want to buy goods via Chinese companies now have to go through intermediaries — at extra cost, according to Kommersant.<h2 id="4b5d0823-4041-4282-b6d7-137f4c421732">The US and its allies are punishing those who deal with Russia</h2>The development comes 29 months after Russia's full-scale invasion of Ukraine.To force Russia to halt its war, West blocked <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2">some Russian banks</a> from the widely used SWIFT messaging system for payments early in the conflict. However, Russia and its trade partners have been able to skirt sanctions by using smaller banks and other payment modes or non-US dollar currencies.The continued business activity between the two countries sent <a target="_blank" class="" href="https://www.businessinsider.com/china-russia-trade-record-ukraine-war-xi-jinping-vladimir-putin-2024-1">trade between Russia and China</a> to a record $240 billion last year. In June, <a target="_blank" class="" href="https://www.reuters.com/markets/chinas-june-exports-russia-rise-more-quickly-than-previous-month-2024-07-12/">China's yuan-denominated exports</a> to Russia grew 4.76% in June from a year ago.Beijing has not condemned Moscow's full-scale invasion of Ukraine nor sanctioned Russia. The two countries are not formal allies but have a <a target="_blank" class="" href="https://www.cfr.org/backgrounder/china-russia-relationship-xi-putin-taiwan-ukraine">long and complicated relationship</a> that has been getting <a target="_blank" class="" href="https://www.brookings.edu/articles/the-dynamics-of-the-russia-china-partnership/">closer in recent years.</a>Even so, the US and its allies have been intensifying restrictions.Earlier this month, a top Russian banker said the sanctions-evading methods should be made a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-banker-kostin-payment-mechanisms-state-secret-sanctions-2024-7">"state secret"</a> because they keep getting shut down so fast."Whatever steps we take, we can see that the reaction is very quick," said Andrei Kostin, the CEO of VTB Bank, Russia's second-largest lender.Russia has said it's <a target="_blank" rel="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">working with a group of countries</a> to build a platform that doesn't need the dollar.Some Russian businesses have also used cryptocurrencies with settlements done via Hong Kong, but through central Asian intermediaries, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-25/russian-companies-face-mounting-payment-issues-as-sanctions-bite">Bloomberg</a> reported last week.

China's trade with Russia is getting so difficult that payments can take half a year and most bank transfers are returned

In mid-March, a scammer in California tried to buy $150 worth of <a target="_blank" href="https://www.businessinsider.com/trying-wingstop-first-time-review-photos-2022-9">Wingstop</a> using my debit card. Aside from being impressed at the sheer size of the order, I was relieved because Citibank, which issued my card, declined the transaction on the spot and alerted me to the fraud. In minutes I was able to shut off my card, heading off any more purchases by the scammers, and order a new card. All's well that ends well.When I went to Buenos Aires in April, I figured I might <a target="_blank" href="https://www.businessinsider.com/personal-finance/why-was-my-credit-card-declined">run into a similar situation</a>. Sure, the banks say you don't have to call ahead when you travel anymore, but I assumed I'd still have some purchase flagged as potential fraud, as had happened in past trips abroad. Miraculously, everything went off without a hitch. I don't know how JPMorgan Chase knew that I would spend $200 on Botox in Argentina, but it did. (No, I didn't book my flight on the same card, and whatever, <a target="_blank" href="https://www.businessinsider.com/botox-injections-fillers-plastic-surgery-gen-z-social-media-filters-2024-5">everybody gets Botox now</a>.)It's great that banks and credit-card companies are getting better at discerning which payments are fraudulent and which are legit. Many people have some horror story about having their credit card stolen or having their own legitimate transactions flagged as suspicious. And it's nice not to have to spend 20 minutes on the phone before a vacation explaining where you're going and when. Credit-card fraud protection is still far from perfect, but there's no denying that the technology is improving. On the flip side, it's also kind of wild to consider just how much financial institutions must know about you to make the right calls.I was curious about how it all works — and, frankly, a little creeped out. So I reached out to some credit-card companies and academics to learn more. Why don't people have to alert their credit-card companies about travel anymore? And, more broadly, just how have banks gotten so good at figuring out what's normal about our spending habits and what isn't?The Federal Trade Commission receives thousands of card-fraud complaints each year. The Nilson Report, which tracks the card industry, says payment-card fraud resulted in $33 billion in losses worldwide in 2022 and $13.6 billion in losses in the US. As such, credit-card issuers and banks are keen to do what they can to spot fraud. They want to keep their customers happy, and, more importantly, they want to stem their losses. In the US, the major credit-card issuers and banks <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-card-lost-stolen-what-to-do">generally have a zero-liability policy</a>, which means that when a customer gets scammed, the organization, not the customer, has to eat the cost.Years ago, whether a transaction went through was based on things like whether a physical card was present, whether you had enough money to make the purchase, and (if the cashier wanted to look) whether your signature on the receipt matched the one on the back of your card. In some cases, the cashier may have even asked for ID or called the bank to verify the funds. We've come a long way from those bad old days by using the same tools that power most innovations: data and computers. Credit-card companies and banks know a lot about us — where we shop, when we spend, and how much we're usually willing to pay for things — and they're getting better and better at turning that knowledge into action. While it's <a target="_blank" href="https://www.businessinsider.com/generative-ai-exaggeration-openai-nvidia-microsoft-chatgpt-jobs-investors-markets-2024-3">all the rage to talk about newfangled forms of artificial intelligence</a>, fraud detection owes a lot to machine learning, a field within AI that's been around for years. A bunch of data gets dumped into computer systems, and algorithms figure out patterns and relationships. The algorithms create decision trees to predict the likelihood of different outcomes and identify what may be considered normal or fishy. It's not that your credit-card company knows that you, specifically, would blow a bunch of cash on A and not on B — it knows that customers with your profile are in the "likes A" camp and not the "likes B" one."It's looking at what's happening that is very much out of the ordinary for your general behaviors," said Tina Eide, an executive vice president of global fraud risk at American Express. "And when I talk about general behaviors, it is generalized, right? It is not down to the specific purchase or to the specific merchant." Eide added, "The models are evaluating a trillion dollars' worth of transactions a year."The machines know more now than ever. Mike Lemberger, Visa's regional risk officer for North America, said that over the past five years the number of data points people generate with their credit cards has grown tremendously. People are increasingly using cards over cash. And they don't just have a physical card they're pulling out at the store — they've got their card credentials in their Amazon account, Netflix account, iPhone, etc. The more purchases the card issuer can analyze, the more accurate the fraud detection will be."Visa, we don't have consumer information — that's your financial institution that has that — but what we have is this triangulation of all these data points," Lemberger said. "We can create more and better scores, layer on top of that machine learning and AI abilities, and it becomes a much, much more powerful predictor, which we then feed into all of our partners to say, 'Hey guys, if you want to make the best decisions, here's a whole bunch of really good information.'"Visa isn't going to block your card directly, but it'll alert your bank that your purchase looks suspicious or that fraud has been detected at the merchant you're dealing with.This all seemed pretty simple until I talked to Yann-Aël Le Borgne and Gianluca Bontempi, a pair of researchers at the Université Libre de Bruxelles in Belgium who <a target="_blank" href="https://fraud-detection-handbook.github.io/fraud-detection-handbook/Foreword.html#authors">work on machine learning and card fraud</a>. They emphasized the vast scale of this fraud-detection technology. Companies and their algorithms are ingesting millions of transactions and creating so many decision trees to categorize certain activities that it can defy human logic, they said. Basically, the computer may be right that your transaction looks funky even if it's made in your home city at a fairly innocuous vendor, or it may be right that the transaction is fine even though it's made in a faraway place — but when humans try to figure out what did or didn't sound the alarm, nobody will really be able to pinpoint why."Machines can consider many more features, and at the end of the day it's not clear if all those features have meaning for humans," Bontempi said. "Humans are used to working with two, three features, at most five features, while machines can work with hundreds of features. So there are really different levels between what a machine can do."There are human-written rules, which are generally interpretable, and there are machine-written rules, which can be a black box. They're more accurate, but they may be harder, if not impossible, for people to reverse engineer. And banks may be using several different algorithms, making this even more complicated. Data scientists are the ultimate decision-makers, but the information they're dealing with is based on highly complex tech. When I explained to experts my somewhat embarrassing wings-versus-wrinkles conundrum and asked what may have triggered one alert and not the other, they offered up different explanations. Eide, from American Express, said that even though I hadn't booked my trip to Argentina with the credit card I used to buy the Botox, something else had probably tipped off the system that I was there. I realized I'd also bought a package of spin classes in Buenos Aires on my phone with the same card. I had also paid for a meal in the city. Lemberger, from Visa, emphasized that it's about all the data and spending patterns and said that given my spending patterns, the Botox likely matched my profile more than the massive delivery order."I hate to say this to you, but at the end of the day, all these data points build personas. Just like in marketing somebody would use personas to market to you, we're using that same technology to protect you," he said. "And the fact is that we use those data points to not just secure you but the whole ecosystem."At some point it occurred to me that the supercomputers that credit-card companies and banks are working with could know more about me than I even know or understand about myself."It's probable that the exact reason why a transaction caused your card to be blocked has no straightforward interpretation," Le Borgne said.I also asked whether there was a big difference in credit-card protections and debit protections and was told not really — maybe banks will be a little more restrictive about credit because they're technically lending you money that's not limited by your actual cash balance. I also asked if companies don't worry about preclearing travel because they don't care as much about losing money to fraud anymore, to which the answer was a hard no."At the end of the day, somebody's got to pay for the fraudulent activity," Lemberger said. Credit-card companies will give you your money back if you're a victim of fraud, but they'll find another place to recoup that money, <a target="_blank" href="https://www.businessinsider.com/credit-card-late-fees-cap-swipe-mastercard-visa-jpmorgan-rewards-2024-4">just as they always do</a>.Instinctually, I am not a technology-is-awesome person — if the AI really is going to kill us, I feel like we should unplug it. I'm not super freaked out about the privacy stuff, but I also don't love the idea that AmEx and JPMorgan and Citi have me so pegged. But it's cool that companies really are making fraud detection better, especially in a world where fraudsters themselves are constantly getting better. I don't want to be like "Yay, banks!" but maybe here the answer really is a little "Yay, banks!" At least that's the case until the next major data-privacy breach, at which point I will regret everything.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

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