Rupee gains 14 paise to 74.44 against U.S. dollar in early trade

First Republic Bank Profit Advances In Q2

First Republic Bank (FRC) revealed earnings for its second quarter that increased from last year.

The company’s profit totaled $349.45 million, or $1.95 per share. This compares with $241.95 million, or $1.40 per share, in last year’s second quarter.

First Republic Bank earnings at a glance:

-Earnings (Q2): $349.45 Mln. vs. $241.95 Mln. last year.
-EPS (Q2): $1.95 vs. $1.40 last year.

SPI Energy Gains 18%

Shares of SPI Energy Co. Ltd. (SPI) are currently trading at $6.99, up $0.88 or 14.40%, with trading volume soaring over 10.6 million versus an average volume of 857K shares. The stock has been trading in the range of $0.96 – $46.67 for the past one year.

The company, on Monday, announced the launch of next-generation electric pickup truck, EF1-T, by its wholly owned EdisonFuture Inc. and Phoenix Motor Inc. subsidiary. To support the launch of its innovative EF1-T e-pickup truck, EdisonFuture also launched a new website.

“Our vision for EdisionFuture and Phoenix Motorcars is to be leaders in sustainable transportation with focus on energy efficiency and innovative design,” said Xiaofeng Peng, Chairman & Chief Executive Officer of SPI Energy. “We have already filed multiple design and technology patents in the US related to the EF1-T and look forward to introducing this game-changing vehicle to the market in the coming months.”

Phoenix To Sell Ark Life Assurance To Irish Life EUR 230 Mln Cash – Quick Facts

Phoenix Group (PHNX.L) announced Tuesday that it has entered into an agreement to sell Ark Life Assurance Co. DAC to Irish Life Group Ltd., a life and pensions company, for a total cash consideration of 230 million euros or about 197 million pounds.

The cash consideration is payable on completion, expected by early 2022, subject to customary regulatory and anti-trust approvals.

The transaction is not expected to materially impact Phoenix’s Solvency or Long-Term Free Cash positions.

Ark Life is a closed book business that manages heritage savings and protection products in Ireland. It was acquired by Phoenix as part of the ReAssure acquisition in 2020.

Ark Life contributed 1.8 billion pounds of assets under administration to Phoenix’s Heritage division as of December 31, 2020.

Phoenix said the deal simplifies its European operations and accelerates the cash release from this business.

The company expects to redeploy the capital into higher return growth opportunities to drive incremental future cash generation.

Animal Electrocutions, Lobotomies and Other Tales of Wicked Science

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By John Schwartz

Murder, Fraud, Sabotage, Piracy, and Other Dastardly Deeds Perpetrated in the Name of Science
By Sam Kean

Cramer's lightning round: Cybersecurity plays

  • It's that time again! "Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.

FireEye: "We want CrowdStrike, we want Zscaler or we want Palo Alto Networks. Those are our plays, and then when Deep Instinct comes we will recommend that too. I do like Sentinel, but I haven't done enough work on it."

OncoCyte: "I like diagnostics, I like anti-cancer, I'm going to bless it as a speculation."

Monday.Com: "That's a hard stock. MNDY is a very hard stock … I've got to do more work."

High Tide: "Too many of them. I like GrowGeneration."

DermTech: "Anything that can have early detection of skin cancer is worth speculating on."

3D Systems: "We're going with something much more conservative with that. New investor, we're going to actually hit on UnitedHealth."


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Rupee gains 14 paise to 74.44 against U.S. dollar in early trade

On July 12, the rupee had settled at 74.58 against the U.S. dollar.

The Indian rupee strengthened by 14 paise to 74.44 against the U.S. dollar in early trade on July 13, tracking a firm trend in the domestic equity market .

At the interbank foreign exchange, the domestic unit opened at 74.49 against the dollar, then inched higher to 74.44, registering a gain of 14 paise over its previous close.

On July 12, the rupee had settled at 74.58 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08% down at 92.18 ahead of key CPI data tonight.

On the domestic equity market front, BSE Sensex was trading 240.87 points or 0.46% higher at 52,613.56, while the broader NSE Nifty advanced 70.30 points or 0.45% to 15,762.90.

Forex traders said foreign fund outflows and firm crude oil prices could weigh on investor sentiment and cap the appreciation of the local unit.

Foreign institutional investors were net sellers in the capital market on July 12 as they offloaded shares worth ₹745.97 crore, as per exchange data.

Global oil benchmark Brent crude futures advanced 0.25% to $75.35 per barrel.

On the domestic macro-economic front, retail inflation remained above the RBI’s comfort level for the second consecutive month despite slipping slightly to 6.26% in June while the factory output recorded a growth of 29.3% in May, mainly on account of the base effect.