Usa Financial News

By Allison Lampert and Rajesh Kumar Singh

Uber, Lyft and food delivery app DoorDash will strike across the United States on Valentine's Day seeking fair pay, drivers' groups said on Monday. The strike call is the first since Uber and Lyft went public in 2019. Drivers will picket outside airports and Uber offices, two of the groups said.

National Payments Corporation of India (NPCI) and banks in the US and India are in advanced stages of discussions to flesh out a real-time payment linkage between the US and India, said people aware of the developments. The plan seeks to build on the domestic payments body's inroads in setting up cross-country systems. Within the ecosystem of the unified payments interface (UPI), the NPCI is working with Indian banks that have experience with the system as well as foreign banks to develop use-case models and testing pilots, the people cited above told ET. «NPCI is working along with Indian banks and foreign banks to see how they can partner. In addition to talking directly to FedNow or their UPI equivalent on how to connect, they also need the large US banks to partner so that the use-case, testing, etc happens. The process is in advanced stages,» a person said.

Aurobindo Pharma anticipates a hit of $20 million in the ongoing January-March quarter due to a temporary pause of manufacturing and distribution activities at its crucial Eugia Unit-III formulation facility in Telangana, following certain red flags raised by the US drug regulatory agency in the recently concluded inspections. The company said it is planning to resume manufacturing operations in a phased manner starting with non-aseptic lines. The US regulatory agency issued Form 483 with 9 observations against the facility at the conclusion of the inspection on February 2. The company, as an «abundant caution», put on hold manufacturing at certain lines. The company, in its earnings call on Monday, said the observations are related to certain gaps in the «aseptic process and documentation».

Shale producer Diamondback Energy said on Monday it would buy the largest privately held oil and gas producer in the Permian Basin, Endeavor Energy Partners, in a cash-and-stock deal valued at about $26 billion, including debt. The combined company would be the third largest oil and gas producer in the region behind Exxon and Chevron, with the latter also having announced recent deals.

Almost a year after the mini banking crisis in the US, it is worth revisiting the episode. Was it just a tempest in a teacup? Was there really a systemic threat, or was it just a problem with a few banks? Should the interventions by the US Federal Reserve and Treasury worry or comfort us? Recall that three mid-size US banks suddenly failed around March 2023. The most prominent was Silicon Valley Bank (SVB), which became the second-largest bank failure in US history (after Washington Mutual in 2008).

Bitcoin may be stealing the headlines after crossing above $50,000 for the first time since late 2021 on Monday, but for investors looking to turn a quick profit, smaller altcoin rivals might be the best crypto to buy today.

Reuters on Monday. The drivers, considered independent contractors, have accused the platforms of taking disproportionately high amounts as commissions. The Justice For App Workers coalition, representing about 130,000 drivers and delivery workers, said its drivers would not provide rides to and from airports between 11 am and 1 pm in 10 U.S.

IMF) is now «very confident» the global economy will see a soft landing, its managing director Kristalina Georgieva said on Monday, adding that interest rates would start coming down around mid year. «We are very confident that the world economy is now poised for this soft landing we have been dreaming for,» after some of the sharpest interest rate hikes in decades, Georgieva said at the World Governments Summit in Dubai.

Dutch government on Monday to halt the export of F-35 fighter jet parts to Israel, citing a clear risk of violations of international law. A trio of human rights organizations brought a civil suit against the Netherlands in December, arguing authorities needed to reevaluate the export license in light of Israeli military action in the Gaza Strip. «It is undeniable that there is a clear risk that the exported F-35 parts are used in serious violations of international humanitarian law,» Judge Bas Boele said in reading out the ruling, eliciting cheers from several people in the courtroom. The exports must cease within seven days.

If India wants to build a robust computer and electronics manufacturing industry, it needs to shift focus, fast. Instead of concentrating on its domestic market, it should become regionally competitive and export-driven. That would mean recognizing that Vietnam, not China, is its biggest rival.

New York City to Providence in Rhode Island, and onwards to Boston, as per a Fox report. The fast-moving winter storm was expected to hit the US Northeast early on Tuesday, dumping as much as 6 inches (15.24 centimeters) of snow on New York City before moving north later in the day and walloping Boston with more than a foot, forecasters said.

On Friday, the S&P 500 and Nasdaq 100 reached new all-time highs, with the S&P 500 hitting 5000 points and heading for a fifth consecutive week of gains, doubling since its pandemic low in March 2020.

Markets are eagerly awaiting the first rate cut from the Fed, and all eyes will be on inflation data tomorrow.

With 80% of S&P 500 companies having reported earnings, numbers have been better-than-anticipated, UBS analysts noted.

By Michael S. Derby

Bitcoin (BTC) bears are taking a bruising on Monday as the price powers above $50,000, as BTC continues its momentum after posting its strongest weekly close since December 2021 on Sunday.

India Electronics & Semiconductor Association (IESA) and the India SME Forum- have supported the continuation of prohibition of imposing customs duties on electronic transmissions at the World Trade Organization (WTO), citing it to be important for supply chain resilience post Covid. The two industry bodies made this submission to the global trade watchdog as part of a consortium of around 170 global associations. The submission comes amid India and South Africa pushing hard for the prohibition to end as it leads to revenue loss and are keen on an outcome on the issue before the WTO's 13th ministerial conference (MC13) later this month. The moratorium on customs duties on electronic transmissions is in place since 1998. Around 105 countries, including the US, the UK, Australia, China, and Japan favour this prohibition. «Continuation of the moratorium is also important to supply chain resilience for manufacturing and services industries,» the associations said.

₹50,000 crore, and exports (globally) would be just ₹1,500 crore. That is puny compared to the overall ghee market in India, which was estimated to be ₹3.2 trillion in size in 2023, according to data from market research firm IMARC, a large part of which is in the unorganized space. The market is expected to grow to ₹6.9 trillion by 2032, at a compounded annual growth rate (CAGR) of 8.72% from 2024.

New York: The U.S. government said it is spending more than $7 million a year to maintain a superyacht it seized from a sanctioned Russian oligarch, and urged a judge to let it auction the vessel before a dispute over its ownership is resolved. Authorities in Fiji seized the 348-foot (106-meter), $300 million Amadea in May 2022, pursuant to a U.S.