Business
Yes Bank Rises 2% After CCI Nod For Sumitomo Mitsui’s 25% Stake Buy

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Yes Bank shares rose after the CCI approved Sumitomo Mitsui Banking Corporation’s plan to acquire up to a 25% stake in the lender.

Yes Bank SMBC Deal
Yes Bank Shares Rise: Shares of Yes Bank gained 2 per cent to Rs 20 on September 3 after the Competition Commission of India (CCI) approved Japan’s Sumitomo Mitsui Banking Corporation’s (SMBC) plan to acquire up to 24.99 percent in the private sector lender.
In its release, the CCI confirmed that the deal “relates to the acquisition of share capital and voting rights of Yes Bank by Sumitomo Mitsui Banking Corporation.” SMBC, a wholly-owned subsidiary of Sumitomo Mitsui Financial Group (SMFG), is Japan’s second-largest banking group with total assets of around $2 trillion as of December 2024 and a significant global footprint.
This clearance follows the Reserve Bank of India’s (RBI) approval last month for SMBC’s proposal to pick up nearly a quarter of Yes Bank’s equity. The transaction originates from Yes Bank’s May 9, 2025, announcement that SMBC would acquire a 20 per cent stake via a secondary purchase. The deal involves buying 13.19 percent from the State Bank of India (SBI) and 6.81 per cent collectively from seven other lenders, including Axis Bank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank, and IDFC First Bank.
Once completed, the transaction will make SMBC the single-largest shareholder in Yes Bank, marking a significant milestone in the bank’s turnaround journey following its restructuring in recent years. Market participants see the entry of a global player like SMBC as a boost to Yes Bank’s capital strength and credibility.
In a separate development, the RBI has cleared the reappointment of Rama Subramaniam Gandhi as part-time Chairman of Yes Bank. Gandhi, a veteran central banker with 37 years of experience, previously served as RBI Deputy Governor between 2014 and 2017. His new tenure will run from September 20, 2025, to May 13, 2027.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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Business
RFK Jr. spreads vaccine misinformation during congressional testimony

U.S. Health and Human Services Secretary Robert F. Kennedy Jr., testifies before a Senate Finance Committee hearing on President Donald Trump’s 2026 health care agenda, on Capitol Hill in Washington, D.C., U.S., September 4, 2025.
Jonathan Ernst | Reuters
Health and Human Services Secretary Robert F. Kennedy Jr. doubled down on false claims about vaccines during his Senate testimony on Wednesday, as senators grilled him on his sweeping changes to immunization policy and federal health agencies.
Kennedy said he supports a statement made by a newly appointed member of a key government vaccine panel that mRNA vaccines pose a dangerous risk to people. Numerous studies have demonstrated that shots using mRNA technology, including Covid vaccines from Pfizer and Moderna, are safe and effective, and serious side effects have happened in extremely rare cases.
Sen. Michael Bennet, D-Colo., noted that the committee member Dr. Retsef Levi has said that evidence is mounting that mRNA vaccines cause “serious harm, including death, especially among young people,” apparently referring to a post pinned on Levi’s X account. Kennedy appointed Levi to the Advisory Committee on Immunization Practices, which advises the Centers for Disease Control and Prevention on vaccine recommendations and insurance coverage.
Kennedy said he wasn’t aware of Levi’s comments, but added, “I agree with it.”
Kennedy’s comments before the Senate Finance Committee come after he repeatedly promised the panel in January that he would do nothing as HHS secretary that makes it more difficult or discourages people from taking vaccines. Since then, he has canceled funding for mRNA shot development and made other vaccine policy changes that could limit access to immunizations, including gutting the CDC vaccine panel and dropping Covid shot recommendations for certain groups.
His comments also follows a leadership shakeup at the Centers for Disease Control and Prevention. The White House last week fired CDC Director Susan Monarez, and four senior agency officials resigned shortly after, with some of them citing the politicization of the agency and a threat to public health. In an opinion piece on Thursday, Monarez accused Kennedy of “a deliberate effort to weaken America’s public-health system and vaccine protections.”
Kennedy touted skepticism around Covid vaccines, despite evidence of their safety and effectiveness.
“We were told again and again the vaccines would prevent transmission, they prevent infection. It wasn’t true. They knew it from the start,” Kennedy said.
He also said he does not know how many people died of Covid and whether the vaccines prevented deaths from the virus.
“I would like to see the data and talk about the data,” Kennedy said.
But data is readily available from dozens of studies. One paper in August estimates that Covid vaccines saved more than 2 million lives, mostly among older adults, worldwide between 2020 and October 2024.
The CDC website also says that Covid vaccines from the 2023 to 2024 season reduced the risk of severe illness from Covid by almost 70% in the first two months after vaccination in adults ages 18 and older, with protection gradually decreasing over time.
Those shots also decreased the risk of hospitalization due to Covid by around 50% in the first two months of vaccination in that same population. The Covid vaccines showed similar benefits in older adults.
Kennedy also defended his decision to fire all 17 previous members of the CDC vaccine panel, saying he didn’t politicize the committee.
“What we did is we got rid of the conflicts of interest. … We depoliticized and put great scientists on it from a very diverse group,” the HHS secretary said. “They are very, very pro-vaccine.”
But a new analysis published last month from USC researchers found that conflicts of interest on that panel had been at “historic lows for years” before Kennedy restacked it with new members, some of whom are widely known vaccine critics.
Business
Sportsbook CEOs expect record betting ahead of NFL kickoff

DraftKings CEO Jason Robins has never been more enthusiastic about the kickoff to the NFL — sports betting’s biggest season.
It’s second only to the Super Bowl in terms of importance for acquiring customers and growing the overall betting pool, Robins told CNBC at the Bank of America Gaming and Lodging Conference.
“The numbers just keep going up right into kickoff, and it’ll continue through Sunday,” Robins said. “We’re seeing big numbers, record numbers, and we’re really excited about what we’re going to see through the start of the season.”
The American Gaming Association estimates legal betting in the U.S. will grow by 8.5% this NFL season, to $30 billion.
DraftKings and its competitors have largely seen declines in the costs to acquire customers even as legal sports betting opportunities continue to expand. Sports betting has proven to be resilient even amid volatility in consumer sentiment and broader concerns over discretionary spending.
“We’re seeing nothing to suggest that there’s any slowdown in the numbers for our business right now, everything is going up,” Robins said.
DraftKings beat Wall Street expectations for revenue and profit when it reported second-quarter results in August, surprising investors with significant growth.
BetMGM, jointly owned by MGM Resorts and Entain is also demonstrating real momentum, raising earnings guidance for a second time this year.

BetMGM CEO Adam Greenblatt told CNBC that last week was the sportsbook’s best ever in terms of revenue, with pre-season volume up 30%.
“We’re seeing no softness. We’re seeing no reduction in average bet size. We’re seeing no reduction in how many active sessions per week, per month, that players are engaging with BetMGM,” Greenblatt said when assessing the strength of the American consumer.
“I’m delighted to say that our sector seems to be behaving in a contrarian manner, ” he said.
Greenblatt is especially enthusiastic about the cross-selling opportunities with NFL kickoff. He says 60% of sports bettors will then wager on online casino games, or iGaming, which has higher profit margins than sports betting.
The nation’s leading sportsbooks are facing new competition — as well as potential opportunities — in the form of prediction markets events contracts, where odds change based on trades, like stock prices. Events contracts in the financial markets are regulated by the Commodities and Futures Trading Commission.
Front Office Sports reported in July that DraftKings was in talks to buy Railbird, an exchange that received CFTC approval to begin trading.
Robins declined to comment on the report, but said he’s interested, though cautious, about entering predictions markets.
“We’re regulated in a lot of states, and some states have taken a very adversarial position, so we have to obviously be careful and engage the regulator,” Robins said, adding DraftKings is unwilling to risk any threat to its sports betting licenses.
In August, Flutter-owned FanDuel announced a partnership on financial events contracts with the Chicago Mercantile Exchange. And Underdog, the fantasy and sports gaming company, announced on CNBC Tuesday that it will partner with Crypto.com to offer sports predictions markets. Robinhood, Kalshi and Polymarket are also offering sports trades.
“Rapidly growing volumes, new product launches, especially around player props and parlays, and more clear direct marketing by prediction markets (post recent fundraising) are all key developments to watch for,” said Bank of America research analyst Shaun Kelly.
Investors will also be watching to see how federal courts rule on the pending question of whether sports predictions are in fact a form of sports betting. States and tribes argue it is and that offering sports trades through predictions markets violates tribes’ sovereign rights or states’ rights to legalize sports gambling.
MGM CEO Bill Hornbuckle told the BofA Gaming and Lodging conference Thursday he doesn’t endorse the predictions markets.
“Our view is that invites the federal government into a space it’s never been, and it’s not a place we’d like to see this marketplace go. Full stop,” he said.
The NFL told its employees they are under the same restrictions with regards to sports predictions markets as they are for betting. The league has said it worries about the integrity of the game in the face of the possibility of price distortion and other kinds of manipulation.
Business
FTSE 100 ends higher as hopes rise of US interest rate cut

The FTSE 100 forged ahead on Thursday as the bond market calmed further and investors looked ahead to Friday’s US non-farm payrolls figures as hopes build for a rate cut.
The FTSE 100 index closed up 38.88 points, or 0.4%, at 9,216.87. The FTSE 250 ended 161.61 points higher, or 0.8%, at 21,474.68 but the AIM All-Share finished down 6.47 points, or 0.8%, at 762.00.
In Europe, the CAC 40 in Paris ended down 0.2%, while the DAX 40 in Frankfurt closed 0.7% higher.
“The FTSE 100 pushed ahead as bond markets calmed down and the focus shifted to US jobs data,” said AJ Bell investment director Russ Mould.
The yield on the US 10-year Treasury was quoted at 4.20%, narrowed from 4.22% on Wednesday. The yield on the US 30-year Treasury was quoted at 4.90%, trimmed from 4.91%.
In the UK, the yield on 10-year gilts eased to 4.73% compared to 4.76% at the same time on Wednesday.
Ahead of Friday’s non-farm payrolls report, figures showed US private sector job growth slowed sharply in August.
According to payroll firm ADP, businesses added just 54,000 jobs amid signs of labour market cooling and persistent economic uncertainty.
The figure came in well below July’s upwardly revised total of 106,000 and marked the smallest gain in five months. It also missed FXStreet-cited expectations of 65,000.
Citi analyst Veronica Clark expects Friday’s non-farm payrolls to show continued gradual weakening in the jobs market with 45,000 payrolls added and the unemployment rate rising to 4.3% with upside risk.
“This should be soft enough to all but ensure a rate cut from the Fed in September,” she said.
Elsewhere, the Institute for Supply Management;s US services PMI rose to 52.0 in August from 50.1 in July, signalling the third straight month of expansion.
The business activity index increased to 55.0 from 52.6, while the new orders index surged to 56.0 from 50.3. However, the employment index remained in contraction at 46.5, the third month below the break-even 50-point mark.
Analysts at TD Economics said the surge in new orders was “encouraging”, although the report “wasn’t without blemishes, with an employment index that remained in contractionary territory for the third month in a row.
But with the Fed now putting more emphasis on softening labour market conditions, the subdued performance of the employment subcomponent in the report lines up with a host of other data favouring a rate cut at next month’s FOMC meeting, TD analysts added.
In New York, at the time of the London equities market close, the Dow Jones Industrial Average was up 0.3%, as was the Nasdaq Composite, while the S&P 500 rose 0.4%.
The pound eased to 1.3432 dollars late on Thursday afternoon in London, compared to 1.3448 at the equities close on Wednesday.
In the UK, figures showed the UK’s construction sector remained in contraction in August, with activity falling for the eighth consecutive month, led by steep declines in the housing and civil engineering sectors.
The headline S&P Global UK construction purchasing managers’ index rose to 45.5 points in August from 44.3 in July – which had marked a more than five-year low – but remained well below the neutral 50.0-point mark that separates growth from contraction.
On the FTSE 100, insurers and asset managers which had suffered from the spike in bond yields, rallied, with Aviva up 2.5%, M&G up 1.9% and Beazley up 2.1%. Admiral bucked the trend, down 2.2% as it traded ex dividend.
Retailers were a warm order, with Next up 2.3% and Tesco up 1.8%. On the FTSE 250, Asos gained 3.0%.
Also on the FTSE 250, another retailer led the way as Currys shot up 17% after a triple dose of good news.
The London-based electricals retailer won plaudits as it delivered strong trading, a positive pension review outcome and a larger than expected £50 million share buyback.
Currys said group like-for-like sales rose 3% in the 17 weeks to August 30.
Also in the green, Basingstoke-based animal biotechnology and genetics company Genus leapt 10% as it hailed “good second half momentum” that boosted annual earnings.
For the new financial year, Genus expects “significant growth” in adjusted pretax profit at constant currency, in line with current market expectations, which it puts at £79.0 million.
Gold eased from recent record highs to 3,543.56 dollars an ounce on Thursday.
A barrel of Brent traded at 67.02 dollars late on Thursday afternoon.
The biggest risers on the FTSE 100 were Rightmove, up 20.6p at 737.0p, Airtel Africa, up 5.4p at 220.6p, Aviva, up 15.80p at 645.8p, Relx, up 83.0p at 3,495.0p and Auto Trader, up 18.6p at 794.6p.
The biggest fallers on the FTSE 100 were easyJet, down 20.5p at 466.3p, Antofagasta, down 50.0p at 2,147.0p, Admiral Group, down 80.0p at 3,444.0p, Entain, down 16.0p at 836.4p and Endeavour Mining, down 48.0p at 2,712.0p.
Contributed by Alliance News
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