The government on Friday notified a revised common application form for foreign portfolio investors (FPIs) to get themselves registered in India, open bank and demat accounts, and obtain the permanent account number here.

It streamlines declaration requirements for FPIs in sync with recent policy announcements to draw foreign capital flows into the debt market and reverse recent months’ rupee fall, experts said.

The revised form, notified by the Department of Economic Affairs (DEA), has introduced an “investing exclusively in government securities” category under the “FPI registration information” subhead.

It also removed certain heads that sought greater details of occupations of the foreign investors and whether they have been known by any names other than the ones declared by them, among others. Most of the other requirements, however, are retained.

The latest form replaces the one notified on January 27, 2020, the DEA said in the notification.

The revised form comes a week after the government exempted foreign investors from capital gains and withholding taxes on government securities held by them and also expanded the investable pool of long-dated papers.

Foreign portfolio investors (FPIs) faced a 12.5% long-term capital gains (LTCG) tax on listed shares and bonds held longer than 12 months and a 20% withholding tax on interest earned on G-Secs.The government brought in an ordinance on June 5 to scrap these levies. It also added G-Secs in tenors of 15, 30, and 40 years as well as sovereign green bonds to the list of specified securities under the fully accessible route for FPIs investments. Earlier, the facility was only available for papers with tenors of up to 10 years.

The Ceylon Petroleum Corporation (Ceypetco) has announced a revision of fuel prices effective from midnight today (31). 

Accordingly, the price of Auto Diesel has been reduced by Rs. 2 to Rs. 277 per litre, while the price of Petrol 92 Octane has been reduced by Rs. 2 to Rs. 292 per litre.

Meanwhile, there will be no change in the price of Petrol 95 Octane, Super Diesel and Kerosene.

The revised rates are as follows:

Petrol 92 Octane – Rs. 292  (reduced by Rs. 2)

Auto Diesel – Rs. 277 (reduced by Rs. 2)

Petrol 95 Octane – Rs. 340 (not revised)

Super Diesel – Rs. 323 (not revised)

Kerosene – Rs. 182 (not revised)

Meanwhile, Lanka IOC (LIOC) has also revised fuel prices following the decision by the Ceylon Petroleum Corporation (CPC) to revise fuel price revision, effective midnight today (31).

The Railway Department has announced revised train operations for today (01) due to existing obstructions along several railway lines.

Accordingly, 19 train services will operate along the Main Line. However, due to obstructions, these trains will only run between Colombo Fort and Ambepussa, and from Ambepussa to Colombo Fort.

The Department further stated that 34 train services will operate along the Coastal Line as scheduled.

In addition, 18 train services are expected to operate on the Puttalam Line, with operations from Colombo Fort to Kochchikade, Negombo.

The Department has also decided to operate 10 train services on the Kelani Valley line.

The Exporters’ Association of Sri Lanka and the Joint Apparel Association Forum (JAAF) today welcomed and commended the significant progress achieved in the trade negotiations between Sri Lanka and the United States, which have led to a reduction in tariffs on Sri Lankan exports to the U.S. market—now lowered to 20%.

“We express our sincere appreciation to the Government of Sri Lanka and, in particular, the dedicated efforts of the negotiation team led by Dr. Harshana Suriyapperuma,” the Exporters’ Association said in a statement. 

It said this achievement reflects the strategic foresight, persistence, and professionalism of the team in navigating a complex international trade environment to secure more favorable terms for Sri Lankan exporters.

The association also extended it heartfelt thanks to Mahinda Samarasinghe, the Ambassador of Sri Lanka to the United States for his steadfast diplomatic support and engagement, which it said have been instrumental in advancing these discussions and building stronger bilateral trade relations.

“This development is a timely and much-needed boost for Sri Lankan exporters, enhancing our competitiveness in a key global market and contributing to the broader recovery and growth of our national economy,” the statement added.

The Exporters’ Association of Sri Lanka further said it looks forward to continued dialogue with the Government to ensure that the momentum gained is sustained and that further trade facilitation measures are pursued to strengthen Sri Lanka’s export sector.

Meanwhile, the Joint Apparel Association Forum (JAAF) also welcomed the revised reciprocal tariff rate of 20% on Sri Lankan exports to the US and commended the Government for its steadfast efforts in securing this critical outcome for the apparel sector.

JAAF extended its sincere gratitude to President Anura Kumara Dissanayake for his leadership, and to the negotiating team led by Dr. Harshana Suriyapperuma, Secretary to the Treasury, for their pragmatic and sustained engagement since the initial tariff announcement in April. 

Their tireless efforts throughout this complex process have been instrumental in achieving a fair and competitive outcome for Sri Lankan exporters, the statement said.

The association also acknowledged the invaluable role played by Mahinda Samarasinghe, Ambassador of Sri Lanka to the United States, and the Sri Lankan Embassy in Washington, D.C., highlighting that their ongoing diplomatic engagement and advocacy were pivotal in facilitating constructive dialogue with U.S. stakeholders.

JAAF said the revised tariff rate brings Sri Lanka into closer alignment with other leading apparel-exporting nations in the region—including Bangladesh, Cambodia, Vietnam, Indonesia, and Pakistan—thereby ensuring a more level playing field and preserving the competitiveness of Sri Lanka’s apparel industry in the key US markets.

JAAF said it remains firmly committed to working in close partnership with the Government of Sri Lanka and counterparts in the United States to promote ethical labor practices, environmental sustainability, and innovation in apparel manufacturing. 

“We are confident that these shared values, combined with continued diplomatic engagement, will contribute to deeper bilateral trade relations, and pave the way for further tariff reductions in the future,” it said.

A recently revised Elliott Wave count analysis by market expert Gert van Lagen has pinpointed a potential price peak for Bitcoin (BTC) above $300,000. The updated price outlook signals that the current market cycle is far from over, with higher targets now in play and this new sell zone outlined for investors considering taking profits and aiming to exit the market at the top. 

Updated Forecast Puts Bitcoin Price At $395,000

On July 1, Lagen posted an updated Elliott Wave count analysis on X social media, revealing a step-like parabolic formation that suggests that Bitcoin could be entering the final leg of its bullish cycle. The analyst chart predicts that Wave 5 is now potentially targeting a bold market top near $395,000, which also aligns with a sell zone.

The chart outlines a textbook parabolic curve, marked by four distinct consolidation phases labeled Base 1 through 4, reflecting a classic structure of a step-like upward move. Lagen’s revised forecast suggests the possibility of a gradual but explosive price movement where the final stage delivers the sharpest rally. 

According to the updated weekly wave count, Bitcoin completed its Wave 3 above $106,000 and recently concluded Wave 4 below $79,000. The chart shows that Wave 5 has now begun and is unfolding with subwaves i and ii already formed. The next major move is expected to come in subwave iii of Wave 5, which Lagen states would confirm itself through a decisive break above Bitcoin’s current all-time high. 

This breakout is expected to trigger a strong continuation upward, with the analyst drawing a projected sell line between the $350,000 and $400,000 zone. The chart’s parabolic curve also rises deeply into August 2025, meaning the final peak of Bitcoin’s Wave 5 is anticipated in the next few weeks. 

In his earlier wave count analysis, Lagen projected that Bitcoin could climb above $345,000 within the same timeframe. However, the newly updated analysis points to a much higher cycle top target, with the analyst’s step-like structure strongly supporting the possibility of BTC tripling its current value of $109,208—positioning $395,000 as a strategic level for profit taking. 

Community Casts Doubts Over Ambitious BTC Target

Despite Lagen’s well-structured technical case for a parabolic rise in Bitcoin, many in the crypto community remain skeptical about the likelihood of the leading cryptocurrency reaching $395,000 in such a short timeframe. Some members argue that the chart overlooks critical downside risks, including the possibility of a retracement toward the mid-$90,000 range due to unfilled gaps and market structure inefficiencies. 

Others point to macroeconomic and geopolitical pressures as limiting factors, believing the broader cycle may be running out of steam — making a move above $350,000 within the next two months unlikely. For critics, the idea that Bitcoin will climb to nearly $400,000 by August 2025 appears overly optimistic and disconnected from prevailing market dynamics.

Featured image from Pixabay, chart from Tradingview.com

Case 1:23-cr-00257-TSC Document 226 Filed 08/27/24 Page 14 of 36
34.
b.
c.
d.
e.
f.
Defendant responded, “I don’t care about a link, I don’t need it. I have a
much, [Georgia Secretary of State], I have a much better link.”
The Defendant asked about rumors that paper ballots cast in the election
were being destroyed, and the Georgia Secretary of State’s Counsel
explained to him that the claim had been investigated and was not true.
The Defendant claimed that 5,000 dead people voted in Georgia, causing
the Georgia Secretary of State to respond, “Well, Mr. President, the
challenge that you have is the data you have is wrong. . . . The actual
number were two. Two. Two people that were dead that voted. And so
[your information]’s wrong, that was two.”
The Defendant claimed that thousands of out-of-state voters had cast ballots
in Georgia’s election, which the Georgia Secretary of State’s Counsel
refuted, explaining, “We’ve been going through each of those as well, and
those numbers that we got, that [Defendant’s counsel] was just saying,
they’re not accurate. Every one we’ve been through are people that lived
in Georgia, moved to a different state, but then moved back to Georgia
legitimately… they moved back in years ago. This was not like something
just before the election.”
In response to multiple other of the Defendant’s allegations, the Georgia
Secretary of State’s Counsel told the Defendant that the Georgia Bureau of
Investigation was examining all such claims and finding no merit to them.
The Defendant said that he needed to “find” 11,780 votes, and insinuated
that the Georgia Secretary of State and his Counsel could be subject to
criminal prosecution if they failed to find election fraud as he demanded,
stating, “And you are going to find that they are-which is totally illegal—
it’s, it’s, it’s more illegal for you than it is for them because you know what
they did and you’re not reporting it. That’s a criminal, you know, that’s a
criminal offense. And you know, you can’t let that happen. That’s a big
risk to you and to [the Georgia Secretary of State’s Counsel], your lawyer.”
The next day, on January 3, the Defendant falsely claimed that the Georgia
Secretary of State had not addressed the Defendant’s allegations, publicly stating that the Georgia
Secretary of State “was unwilling, or unable, to answer questions such as the ‘ballots under table’
scam, ballot destruction, out of state ‘voters’, dead voters, and more. He has no clue!”
– 14 –

The benchmark S&P 500 climbed above the 5,000 mark to hit a record high on Friday after data pointed to minimal revisions in last year’s inflation figures, aiding expectations that the U.S. Federal Reserve will cut interest rates this year.

A string of positive earnings and optimism around artificial intelligence have pushed the S&P 500 and the blue-chip Dow to record levels this year. The tech-heavy Nasdaq is about 2.3% away from its peak.

U.S. monthly consumer prices rose less than initially estimated in December, revised government data showed on Friday.

The consumer price index rose 0.2% in December instead of 0.3% as reported last month, annual revisions of the CPI data published by the Labor Department’s Bureau of Labor Statistics showed. But data for November was revised up to show the CPI increasing 0.2% rather than 0.1% as previously estimated.

“I would say today’s revisions are much more modest than they were last year,” said Art Hogan, chief market strategist at B Riley Wealth. “There’s much less of an overarching concern in the marketplace about the actual data now that we know what the revised numbers look like.”

Keeping a lid on gains, the yield on benchmark 10-year U.S. Treasury notes reversed their earlier drop and rose to 4.18%.Strong economic data and hawkish comments from Fed policymakers in recent weeks have pushed back traders’ bets that the U.S. central bank will start cutting interest rates in March.Investors are now awaiting January consumer prices data, scheduled for release next week, for a clearer picture of where rates are headed this year.

At 9:44 a.m. ET, the Dow Jones Industrial Average was down 20.24 points, or 0.05%, at 38,706.09, the S&P 500 was up 7.42 points, or 0.15%, at 5,005.33, and the Nasdaq Composite was up 53.27 points, or 0.34%, at 15,846.99.

The three main indexes were set for their fifth consecutive week of gains as upbeat earnings reports offset jitters around the interest-rate path and concerns about U.S. regional banks’ exposure to commercial real estate.

The tech sector was up 0.4% and led sectoral gains, helped by a 1.5% rise in Nvidia after Reuters reported that the chipmaker is building a new business unit focused on designing bespoke chips for cloud computing firms and others, including advanced artificial intelligence processors.

PepsiCo lost 3.4% after its fourth-quarter revenue fell short of estimates as multiple price hikes crimped demand for its juices and Lay’s crisps.

Pinterest plunged 11.6% after it forecast first-quarter revenue largely below Wall Street estimates, while Cloudflare rallied 20.1% as it forecast upbeat first-quarter revenue and profit.

With the U.S. earnings season past the halfway mark, more than 80% of the S&P 500 companies topped profit estimates in the fourth quarter, according to LSEG data. In a typical quarter, 67% of companies beat estimates.

Advancing issues outnumbered decliners for a 1.61-to-1 ratio on the NYSE and a 1.67-to-1 ratio on the Nasdaq.

The S&P index recorded 27 new 52-week highs and two new lows, while the Nasdaq recorded 74 new highs and 19 new lows.

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Popular Bloomberg ETF analyst Eric Balchunas has lowered the possibility of the US Securities and Exchange Commission (SEC) denying the launch of the Bitcoin spot ETF to 5%. This latest forecast comes as crypto enthusiasts worldwide anticipate a wide-scale approval of various Bitcoin spot ETF proposals by the SEC on Wednesday, January 10.

Why The Bitcoin Spot ETF Approval Appears Nearly Certain: Bloomberg Analysts Weigh In

In October, Eric Balchunas and fellow Bloomberg analyst James Seyffart predicted that there is a 90% chance that ARK Invest and 21 shares would receive approval for their joint Bitcoin spot ETF bid on January 10, which marked the final deadline date for the SEC’s response on their application.

However, in a recent X post on January 6, Balchunas raised the probability of this greenlight to an astounding 95% after declaring that there was only a 5% probability the SEC would reject the ARK/21 ETF bid in the coming days. 

Well said although I probably go with 5% at this point. But you gotta leave a little window open for these things.

— Eric Balchunas (@EricBalchunas) January 6, 2024

This new prediction is based on the implausibility of all scenarios, which could represent a possible delay or non-approval of the ARK/ 21 shares Bitcoin spot ETF application. In an earlier X post on January 6, James Seyffart had listed these scenarios starting with ARK/21 shares spontaneously withdrawing their ETF proposal from the SEC, which he claimed to be highly unlikely. 

Another scenario is that the SEC discovers new reasons to reject the launch of a crypto spot ETF, resulting in a drawn-out court battle between the US regulator and ARK/21Shares, a situation that Seyffart believes the SEC would rather avoid, especially following its recent loud legal loss against Grayscale investment.

The final event that the Bloomberg analyst believes could prevent the clearance of the ARK/21 Shares ETF bid is a direct intervention from the US Presidency, another scenario that appears remotely possible.  

The D-Day Approaches

The importance of ARK/21 Shares’ joint bid to the Bitcoin spot ETF saga revolves around its final deadline date for an SEC response, which is the earliest of the bunch. Now, it is believed that the SEC will rather approve several Bitcoin spot ETF applications at once regardless of their respective final deadline date in a similar fashion as it did with Ether-futures ETFs in August. 

This belief is backed by the discussions between the US regulator and various applicants in the last few weeks, leading to amendments in respective proposals, which indicates the preparation of an incoming approval.

At the time of writing, the set date of expectation remains January 10, with crypto enthusiasts highly enthusiastic about the potential bullish effects of a spot ETF on Bitcoin’s price over the year. Meanwhile, Bitcoin continues to trade at $44,050, having gained by 4.50% in the last week.

BTC trading at $44,038.02 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from iStock, chart from Tradingview

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.