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New Delhi, <keyword id="20748494" type="General" weightage="20" keywordseo="domestic-commercial-vehicle" source="keywords">Domestic Commercial Vehicle</keyword> (CV) volumes are expected to dip 4-7 per cent year-on-year next fiscal with high base effect kicking in, rating agency <keyword id="19908266" type="General" weightage="20" keywordseo="icra" source="keywords">Icra</keyword> said on Tuesday. The volumes are expected to remain muted through the January-March quarter on account of a perceived pause in the infrastructural activities as the model code of conduct kicks in ahead of the general elections. "Icra estimates the domestic CV industry volumes to register 2-5 per cent year-on-year growth in volumes in FY24. Subsequently, the industry's sharp <keyword id="20748180" type="General" weightage="20" keywordseo="upcycle" source="keywords">upcycle</keyword> is expected to plateau in FY25, with a decline of 4-7 per cent in volumes," the rating agency stated. <keyword id="20277974" type="General" weightage="20" keywordseo="icra-ratings" source="keywords">Icra Ratings</keyword> Vice President &amp; Co-Group Head <keyword id="20322347" type="General" weightage="20" keywordseo="kinjal-shah" source="keywords">Kinjal Shah</keyword> said he expects the long-term demand for CVs to remain intact. The continued focus on infrastructure capex, emphasis on private participation in infrastructure, construction, defence and manufacturing activities would remain a long-term positive for the CV industry, he said. "However, in the near term, Icra expects the volumes to plateau on a high base, amid the transient moderation in economic activity in some sectors with the onset of the general elections," he added. Overall, the domestic CV industry's ability to scale previous peaks hinges on sustenance of the macro-economic environment, improvement in infrastructure activity and increased demand for last mile transportation, Icra stated.

Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra

The domestic <keyword id="17386539" type="General" weightage="20" keywordseo="commercial-vehicle-industry-volumes" source="Orion">commercial vehicle industry volumes</keyword> are expected to grow by 7-10 per cent in FY2024, supported by replacement demand, pick-up in mining, infrastructure construction activities and overall healthy fleet utilisation levels, rating firm Icra said on Thursday. This is despite the 5 per cent year-on-year and 41 per cent sequential contraction in volumes in April 2023, it noted. The growth in FY2024 would follow a year of healthy demand in FY2023, wherein the industry volumes expanded by more than 33 per cent, supported by a favourable base, as well as a healthy pick-up in macroeconomic activity, Icra said. The scrappage policy, which was announced in March 2021, has been implemented from April 1, 2023, and is likely to contribute to the growth of new commercial vehicle sales, it added. "The major impact of the scrappage policy is expected in the CV (Commercial Vehicle) segment, especially passenger carriers, as the usage of other vehicles such as two-wheelers, passenger vehicles, etc. beyond 15 years would be limited," Icra Corporate Ratings Vice President &amp; Co Group Head Kinjal Shah stated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mutual-funds-hit-a-4-month-low-in-april-amfi/articleshow/100162128.cms">Inflows into equity mutual funds hit a 4-month low in April: AMFI</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sajjan-jindal-led-jsw-infra-would-be-the-third-group-company-to-go-public/slidelist/100156198.cms">JSW Infrastructure to come out with ₹2,800 crore IPO; third group company to go public</a>

Domestic commercial vehicle industry volumes expected to grow by 7-10 pc in FY24: Icra

<ul><li>The aviation sector is batting for tax sops to help reduce their high cost and debt burden, according to ICRA.</li><li>According to the latest data from the DGCA, domestic airlines across the country carried 55.6 million passengers from January to November 2020, nearly 58% lower from what they carried in the same period last year.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>The never-seen-before coronavirus pandemic has cast a shadow on the aviation sector. The industry suffered a major cash crunch after thousands of flights daily came to a grinding halt in April. Coming out of the very difficult times, the sector is hoping for incentives and support from Finance Minister Nirmala Sitharaman in the upcoming <keyword id="8420431" type="UNKNOWN" weightage="20" keywordseo="budget-2021">Budget 2021</keyword> on February 1. From lowering air turbine fuel taxes (ATF) to fiscal stimulus and reducing airport, parking, landing, navigation charges — the experts have prepared a long list of tasks. <div type="Article" hostid="261" msid="80400869" title="Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates" mstype="2" mssubtype="0"></div> According to the latest data from the Directorate General of Civil Aviation (DGCA), domestic airlines across the country carried 55.6 million passengers from January to November 2020, nearly 58% lower from what it carried in the same period last year — all thanks to the stigma around air travel. <div type="image" title="domestic air traffic (1)" msid="80562904" hostid="261"></div> Here’s what the experts are demanding for: Rationalisation of various taxes According to Kinjal Shah, vice president, ICRA, the aviation industry's deteriorating financial health has raised tax sops' expectations to help reduce their high cost and debt burden, especially lowering taxes on ATF. The ATF comprises nearly 30-40% of the total cost of an airline, and the prices in India are 45-50% higher, compared to international standard prices, she added. Though, ahead of the budget, the government has also hinted that it is planning on the same lines. Addressing a <a href="https://www.businessinsider.in/budget/news/various-taxes-may-rationalize-in-aviation-sector-in-budget-2021/articleshow/80186028.cms">webinar </a>on "Connecting the Dots-Recovery of aviation, tourism and hospitality", Usha Padhee, Joint Secretary, Ministry of Civil Aviation said, "we are working on a long-term plan to help the sector by rationalising various taxes. We are looking forward to making the ecosystem smarter and more efficient to make the aviation sector sustainable." "The policy rejig will also help the sector in the long run, if it is hit by a similar crisis in the future," she added. While this may incentivise and reduce the cost for the airlines over the long term, the sector still needs travellers to return to the airports. Regaining travelers trust is most important for revival The experts have also sought improvement in tourism experience and support related infrastructure along with other reforms to bring the travellers back to flying. Arvind Sharma, Partner, Shardul Amarchand Mangaldas &amp; Co said, "Development of iconic tourist destinations will aid in the development of the aviation sector. And, Prioritising, affordable and safe air travel will boost air travel demand significantly." Even the Confederation of Indian Industry (CII) has recommended that the tourism industry be brought under the 'concurrent list' by amending Schedule VII of the Constitution, thus helping both the Centre and states develop a comprehensive approach that is driven by unique needs of each state. <div type="Article" hostid="261" msid="80492345" title="Railways Budget 2021: Faster trains, higher funding and support for green railways — here’s what’s on the experts’ checklist" mstype="2" mssubtype="0"></div> Reduction in other levies The airport, parking, landing and navigation charges constitute a separate cost for the sector and the industry experts have asked for a reduction in the excessive levies along with other sops. "In the short term, the industry requires financial aid and reduction in levies and taxes to revive operations and increase passenger traffic, and in the long term, the aviation infrastructure requirements should be addressed," said Sharma. The CII in its pre-Budget memorandum <a href="https://timesofindia.indiatimes.com/business/india-business/budget-2021-aviation-expectations-baggage-allowance-duty-free-shop-union-budget-2021/articleshow/80213536.cms?">mentioned </a>that the government should include the aircraft components (such as computers, hardware, plastic, paints and tyres) under aircraft parts to avoid any disputes. These parts are currently assessed as per the CTH (Change of Tariff Heading) and charged at different rates. Remove cap on fare prices The government introduced a fare price band capping the air travel ticket prices for airlines to a minimum, in order to avoid exploitation by airlines. However, ICRA now believes that it is time for the government to remove the price band and let the airlines decide the ticket prices. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flight time </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current price cap </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40-60 minutes </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,500- ₹7,500; </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">60-90 minutes </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,000- ₹9,000 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90-120 minutes </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,500- ₹10,000 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">120-150 minutes </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,500- ₹13,000 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">150-180 minutes </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,500- ₹15,700 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">180-210 minutes </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,500- ₹18,600 </td></tr></tbody></table> "Since the airlines have to currently follow a fare band as per the directives of the Ministry of Civil Aviation (MoCA), which is constraining their ability to charge higher fares, they want relaxations in terms of the fares they can charge," said Shah. According to the agency estimates, the Indian aviation industry is likely to report a significant net loss of $2 billion in FY2021 against a $1 billion net loss in FY2020. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/prime-minister-narendra-modi-signals-big-defence-budget-allocation-for-make-in-india/articleshow/80511082.cms" data-type="tilCustomLink">India’s Prime Minister Narendra Modi may just have signalled a big allocation for defence equipment manufacturing, 3 days before the budget</a> <a href="https://www.businessinsider.in/business/startups/news/priyanka-chopra-jonas-makes-another-tech-investment-this-time-in-us-based-rental-marketplace-apartment-list/articleshow/80554158.cms" data-type="tilCustomLink">Priyanka Chopra Jonas makes another tech investment – this time in US-based rental marketplace Apartment List</a>

Airlines want budget 2021 to lower jet fuel price and parking charges

New Delhi, Jan 7 () Trai's amendments to the new regulatory framework for cable and broadcasting services could potentially lower DTH/cable bills by up to 14 per cent from the present levels, rating agency Icra said on Tuesday.
 Last week, the broadcast regulator amended the new regulatory framework for cable and broadcasting services under which cable TV users will be able to access more channels at lower subscription price. These changes come into effect from March 1.
 The regulator capped at Rs 160 the amount consumers will have to pay monthly for all free to air channels, and reduced the maximum Network Capacity Fee (NCF) to Rs 130 (excluding taxes) for 200 channels.
 "These changes in tariff could potentially lower the direct-to-home (DTH)/cable bills of the subscribers by up to 14 per cent from the present levels and encourage subscribers to exercise their right to choose and opt for a-la-carte channels," Icra said in a statement.
 It noted that the tariff order of 2017 had aimed at giving the subscribers their right to choose by mandating the broadcasters to declare the nature of channels as free to air (FTA) or pay channel as well as declare a-la-carte pricing of all channels.
 "However, contrary to Trai's expectations, given the high channel pricing of popular general entertainment channels (GECs) and sports channels (with 66 of the 330 existing pay channels being priced at ceiling rate of Rs 19 per month), the very purpose of the tariff order was defeated, resulting in up to 23 per cent surge in bills for subscribers (as per Icra's estimates) and continued dominance of bouquets in the subscription patterns," it added.
 Sakshi Suneja, Assistant Vice President at Icra, said after the recent changes in tariff, the prices of popular GECs and sports channels are expected to reduce from Rs 19 per month to Rs 12 per month, given the revised ceiling rates for a-la-carte channels, to be included in bouquets.
 She added that the amendments also seek to improve the attractiveness of a-la-carte channels by reducing discounts that can be offered on bouquet pricing to 33 per cent (vis-a-vis a-la-carte prices, from the existing average levels of discounts of 40-54 per cent), as well as through introduction of two new conditions.
 "Icra does not expect the bouquet prices to increase, though the channel offerings under the bouquet are expected to reduce. While an earlier bouquet price of Rs 349 included 81 pay channels, the same is now expected to fetch only 51 pay channels. However, the same should not adversely impact the subscribers, as their viewing is largely restricted to few popular channels," she said.
 Kinjal Shah, Vice President at Icra, said the recent amendments will adversely impact revenues of broadcasters.
 Shah explained that the subscription revenues are expected to reduce (as subscription charges for a-la-carte channels will reduce and also due to the expected shift of subscribers from bouquets to a-la-carte selection).
 "Furthermore, given the reduction in the number of channels that can be offered in a bouquet (for a given price), bundling of non-popular channels with established ones will reduce, thereby impacting their reach and thus advertisement revenues for the broadcaster. This, however, would eventually lead to increased focus on content quality," Shah added. SR ANU

DTH/cable bills may fall by up to 14 pc post Trai's amendments: Icra

Mumbai, Jul 3 () The recommencement of commercial passenger flight services in a graded manner is unlikely to help the domestic aviation industry recover in the current financial year with domestic air traffic expected to shrink by 41-46 per cent and international travel demand by a negative 67-72 per cent year-on-year owing to COVID-19, a report said on Friday. The domestic passenger flight services restarted from May 25 after a two months hiatus due to the lockdown in the wake of coronavirus pandemic. The international operations, however, remained suspended since March 22 for similar reasons. The government on Friday extended the suspension of scheduled international flights till July 30. It, however, said that some international scheduled routes may be permitted on a case-to-case basis. "As per our study, though restricted recommencement of domestic air traffic has begun, this will in no case help the industry to recover the lost ground in FY2021. However, H2 FY2021 will witness some recovery, with Q4 FY2021 witnessing a degrowth of just 3-14 per cent y-o-y in domestic with improved passenger load factors (PLFs)," ratings agency Icra said in the report. Icra said it expects the impact of the COVID-19 outbreak to be more profound and long lasting on international travel compared to domestic travel, and "overall FY2021 is expected to witness around 41-46 per cent de-growth in domestic passenger traffic while the international passenger volume are likely to witness a significant de-growth of about 67-72 per cent y-o-y." The international traffic may improve sequentially, with the March quarter of the fiscal likely to witness a de-growth of 30-40 per cent y-o-y, it added. "The domestic passenger traffic has gradually increased from 30,550 on Day 1 (of recommencement) with a peak of 72,583 on Day 21. Since then, the same has remained above 58,000 (till Day 37, which was June 30, 2020). "In the similar period, the number of flights departing has also gradually increased from 416 on Day 1 to 723 on Day 37, with a peak of 826 flights on June 22, 2020. However, this is significantly lower than the average daily departures of 2,882 flights in June 2019," said Kinjal Shah, Vice President, Icra. According to Shah, the domestic airlines are operating at a lower capacity – total 21,696 departures in June 2020, as against 86,456 departures in June 2019, resulting in a 74.9 per cent reduction y-o-y in capacity deployment. For June, the domestic passenger traffic was 19.5 lakh, as against 119.9 lakh in June 2019, a de-growth of 83.7 per cent over the year-ago period. The average number of passengers per flight during June was 90, as against an average of 139 passengers per flight in June last year, Icra said. "Thus, it is estimated that the domestic aviation industry operated at a PLF of about 58 per cent in June, as against 89.3 per cent in June 2019, that too on a very low capacity. For May (25th to 31st), the first week domestic passenger traffic was 2.6 lakh, as against 115.6 lakh in May 2019, resulting in a y-o-y de-growth of 97.7 per cent," she said. However, under the Vande Bharat Mission (VBM) for evacuation of Indian citizens from foreign shores, which started from May 7, the international passenger traffic (in-bound and outbound) has been 2,26,675 for the period between May 7 and June 30, which is a de-growth of 93.7 per cent over May and June 2019, Icra said. As for aviation turbine fuel (ATF) prices, following the pandemic outbreak, crude oil prices declined materially – reached a low of around USD 19/ barrel in April, thereby leading to a decline in ATF prices, as per the ratings agency. However, crude oil prices have increased gradually since then, and currently ranges around USD 41/ barrel. Consequently, the ATF prices have also increased sequentially by 13.3 per cent in June, and by 24.1 per cent in July, it said. IAS MR

Domestic air traffic to decline by 41-46pc in FY21 due to COVID impact: Icra

Mumbai, Dec 19 () Domestic passenger traffic growth is expected to decline to a six-year low of 4.5 per cent in the current fiscal and the financial health of the aviation industry will continue to deteriorate, rating agency Icra said on Thursday. 
The domestic air passenger volume grew in double digit for five consecutive years, it said in a release.
The rating agency, however, expects Indian carriers to trim combined losses by 22 per cent to Rs 7,800 crore this fiscal as against Rs 10,000 crore in the year-ago period, helped by parking of almost of the Rs 58,000 crore debt of Air India in the special purpose vehicle from its balance sheet. 
Excluding Air India, the rest of the industry is expected to report net loss of around Rs 1,500 crore in the fiscal with a total debt of around Rs 7,000 crore as on March 31, 2020, it said in a statement.
The industry prospects are expected to gradually improve, contingent on the movement in the jet fuel prices, it said.
A series of events during the current fiscal such as grounding of Jet Airways earlier this year, grounding of the Boeing 737 Max aircraft due to technical issues and the recurrent problems with the Pratt &amp; Whitney engines in A320 neos have impacted the industry's capacity and and thereby the passenger growth, Icra said.
Also, many domestic airlines are focusing on expanding on the international routes.
Icra therefore expects FY2020 to witness a muted domestic capacity growth, as measured by available seat kilometre (ASKM) of around 3 per cent in the fiscal, it said.
The domestic passenger traffic growth for FY2020 is also expected to be lower at 4.5 per cent, after five years of double digit growth.
While the jet fuel prices have been benign in the current fiscal, the yields continue to be under pressure, it said adding coupled with rupee depreciation, this has squeezed revenue per available seat kilometre - cost per available seat kilometre spread, exerting significant pressure on the operating profitability of airlines.
"While the average ATF price over April -November period was lower by a round 7.7 per cent as compared to April -November period, the airlines have witnessed maintenance cost escalations during the current fiscal," said Kinjal Shah of Icra.
Furthermore, as the competitive intensity remains high, pressure on yields is expected to continue. therefore, despite the expected passenger growth over the medium-term and the ongoing cost rationalisation initiatives of airlines, the financial health of the industry will continue to deteriorate, she added.
The domestic aviation industry had benefitted significantly during H2 FY2019 when yields witnessed an improvement due to the decline in industry capacity owing to the grounding of aircraft of Jet Airways.
Further, supported by the transfer of debt of Rs 29,500 crore billion from Air India Limited to a SPV, the industry is expected to report a lower net loss of Rs 7,800 crore in FY2020 vis-a-vis an estimated around Rs 10,000 crore net loss in FY2019.
The airline industry maintains strong capacity addition plans, as reflected in the large order book of the domestic airlines. As the issues with the Boeing 737 Max and the Airbus 320 Neos are solved, ICRA estimates the domestic ASKM growth at around 15-18 per cent per annum, over the medium-term, off-setting demand growth. it said.
The domestic passenger traffic growth is expected to remain healthy at around 13-15 per cent over the medium-term, supported by low penetration levels, favourable macro environment, regulatory push towards regional connectivity and development of new airports, Icra said in the statement. IAS MKJ

Domestic passenger traffic growth may dip to six-year low: Icra

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersFidelity Chairman and CEO Abigail Johnson</div></div></div><ul><li>Fidelity Investments launched an internal crypto fund last fall to invest the firm's balance sheet in digital assets, according to people familiar with the matter. </li><li>The firm shut the fund, which was very small and exploratory, this spring before two employees involved in the project left. </li><li>Fidelity is also hiring employees to work on services relating to cryptocurrency exchanges and crypto custody. </li></ul>Fidelity, one of the biggest providers of 401(k) services and other retirement products to Americans, in recent months shut down an internal crypto fund it launched in 2017, according to people familiar with the matter. The fund, which was small and exploratory, used capital from the firm's balance sheet to invest in crypto-related assets, the people said. It was wound down in spring 2018 before two key members of the project exited Fidelity.Matt Walsh, a vice president at Fidelity, and Nic Carter, a former investment research analyst at the firm, were both involved with the project and left to start Castle Island Ventures, a crypto-focused venture capital firm, the people said. Walsh and Carter could not be reached for comment. A spokeswoman for Fidelity declined to comment on the exits. Business Insider is awaiting a response on the fund itself.The project, which has not been previously reported on, shows the extent to which Fidelity - by wagering its own capital -is diving into the nascent market for digital currencies. The funds firm is<a href="http://www.businessinsider.com/fidelity-a-household-name-in-american-investing-is-plotting-a-big-move-into-cryptocurrency-trading-2018-6"> also looking or talent to build its own crypto exchange and digital asset custody business, Business Insider reported last week.</a> Such an offering could help legitimize the burgeoning crypto market, market structure specialists said. Other established Wall Street players are also weighing their own moves into crypto. Goldman Sachs has a <a href="http://www.businessinsider.com/goldman-sachs-bitcoin-trading-desk-new-hire-2018-4">team dedicated to building out a trading operation</a> tied to crypto, and the New York Stock Exchange is reportedly building a crypto trading platform.Yet other financial firms are remaining cautious. Regulatory and security risks are commonly cited as reasons bitcoin hasn't been adopted more broadly yet.Fidelity <a href="http://www.businessinsider.com/bitcoin-price-now-available-on-fidelity-portfolio-tool">already allows certain clients to view their crypto holdings next to their other accounts</a> in their Fidelity portfolio. And its CEO, Abigail Johnson, is <a href="https://www.wsj.com/articles/fidelity-ceo-bringing-blockchain-to-the-masses-harder-than-it-seemed-1495548000">a noted proponent of bitcoin</a>.Aside from Walsh and Carter, Fidelity has lost a number of crypto employees in recent months.Ben Pousty, formerly digital asset marketing lead for Fidelity Labs, left the firm in April to join crypto firm Circle, <a href="https://www.linkedin.com/in/benjaminpousty/">according to his LinkedIn profile</a>. Kinjal Shah, formerly a senior consulting analyst, also left the firm to join Blockchain Capital, the crypto venture firm.To be sure, Fidelity has made hires too. It recently brought on Tom Jessop, the former president of Chain and an ex-Goldman Sachs executive, as a head of corporate business development, for example. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jpmorgan-chase-cmo-kristin-lemkau-interview-2018-5">THE KRISTIN LEMKAU INTERVIEW: JPMorgan Chase's CMO explains how she deals with disruption on two fronts at once, why she's moving some ad dollars back to TV, and why it matters what your credit card feels like</a></h3> <div> </div> </div>

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Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra

PTI

Domestic commercial vehicle industry volumes expected to grow by 7-10 pc in FY24: Icra

PTI

Airlines want budget 2021 to lower jet fuel price and parking charges

Navdeep Yadav

DTH/cable bills may fall by up to 14 pc post Trai's amendments: Icra

PTI

Domestic air traffic to decline by 41-46pc in FY21 due to COVID impact: Icra

PTI

Domestic passenger traffic growth may dip to six-year low: Icra

PTI

Fidelity, the conservative wealth management firm, shut down a crypto fund amid a slew of bitcoin staff departures

Frank Chaparro

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