US stocks fall after Fed minutes

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New York, Aug 20 | US stocks finished lower on Wednesday after the minutes from the Federal Reserve’s July meeting showed concerns about economic outlook.

The Dow Jones Industrial Average decreased 85.19 points, or 0.31 per cent, to 27,692.88. The S&P 500 fell 14.93 points, or 0.44 per cent, to 3,374.85. The Nasdaq Composite Index was down 64.38 points, or 0.57 per cent, to 11,146.46, Xinhua reported.

All the 11 primary S&P 500 sectors ended lower, with real estate down 2.02 per cent, leading the losses.

On the corporate side, Target shares soared 12.65 per cent after the US retail giant reported quarterly results topping Wall Street’s expectations.

Apple hit a market cap of $2 trillion earlier in the session to become the first publicly traded US company to reach the milestone. However, its market cap fell below the $2-trillion mark at the close as the shares eked out a modest gain of 0.13 percent, well off intraday highs.

Meanwhile, US-listed Chinese companies traded mostly lower, with seven of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.

The US central bank on Wednesday released the minutes from its July meeting.

“Members agreed that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term,” said the minutes.

The Fed slashed interest rates to near zero earlier this year in an effort to support the economy amid the pandemic shock.

As of Wednesday afternoon, the United States has reported more than 5.5 million Covid-19 cases and over 172,000 deaths, according to a tally by Johns Hopkins University.

Source: IANS

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Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Drummi Bhatt has successfully donned many hats including that of a global strategy professional, mentor, and investor to early-stage startups encouraging women entrepreneurship, and a philanthropist.

Drummi currently leads Market Intelligence and Strategy team at Mitsubishi Power, USA building corporate-level strategies for global markets. Drummi is also the founder of KarmaKonnect, a Woman and Rural Empowerment Non-Profit Organisation which works for projects in remote rural, tribal, and conflict areas.

Her philanthropy work has taken her to various corners of India, including, far end corners of Leh, Ladakh, Telangana, and remote areas of Chambal. During these visits, she got mesmerized by culturally rich, vernacular, and diverse, the true “Bharat”.

During her interaction across the country, she got enchanted by the whirlwind of talent residing across Bharat, which is not restricted to a language, city, or just tier-1 cities but is found in abundance all across tier-2, tier-3 cities, and rural-tribal clusters.

With OTT platforms ruling the world in 2020, Drummi decided to bring her strategic insights and data analytics strength to this field by joining hands with seasoned entrepreneurs, Rahul Narvekar and Narendra Firodia, to launch its kind, vernacular OTT platform, Letsflix.

In 2019, Drummi, Rahul, and Narendra have successfully launched India’s first vernacular infotainment app, LetsUp, which now caters to 1.5 million users and in 7 vernacular languages, a feat achieved by none. The trio has now been passionately working towards creating and delivering vernacular content for every viewer in India with Letsflix.

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