Usa Financial News

By Daniel Wiessner

Apple has reached an agreement to settle a US class action lawsuit, in which the company will be paying $35 million to iPhone 7 and iPhone 7 Plus users, who were prone to audio issues due to a defective chip in the devices. The company has now started notifying eligible customers by email, MacRumors reported.

“Policy making is dynamic in India and budget is not a limiting event. If an investor’s asset allocation permits to invest additional funds in equity then given the rich valuations currently, it could be deployed over 6 months,” says Rohit Sarin, Co Founder – Client Associates managing assets worth over $6 Bn. In an interview with ETMarkets, Sarin said: “As of now, all debt instruments including bonds attract marginal tax rate in India. We expect policy stability on this front. 10-Year Bond Yields, and Inflation—paints a compelling narrative,” Edited excerpts: Markets are trading near record highs as we approach the Interim Budget 2024 or the Vote on Account – what are your expectations? Rohit Sarin: Indian markets have been resilient in 2023 on account of the resilience of the domestic economy. With indications of an accommodative stance of the US Fed in 2024 markets are expected to remain strong in 2024 aided by the reallocation of global liquidity towards equity in general and growing economies like India in particular.

Stellantis NV boss Carlos Tavares has warned carmakers cutting electric vehicle prices too fast risked a “bloodbath” in the industry, hours after Ford said it was reducing production of its battery-powered F-150 Lightning pick-up truck because of weaker sales.

YouTube, the digital behemoth that redefined entertainment since its inception in 2005, continues to shape the global digital culture with its vast library of videos, live streams, and monetisation options. Amidst the myriad of content creators, it's intriguing to discover which channel commands the highest level of subscriber devotion. Contrary to popular belief that American or European channels dominate, the surprising champion is none other than India's T-Series.

Grim milestones have kept piling up in recent days: Tokyo has overtaken Shanghai as Asia’s biggest equity market, while India’s valuation premium over China has hit a record. Locally, a meltdown in Chinese shares is wreaking havoc on the nation’s asset management industry, pushing mutual fund closures to a five-year high. The Hang Seng China Enterprises Index has already lost 11% in 2024.

Wayfair is set to cut 1,650 jobs, representing 13 per cent of its workforce, following a recent memo from CEO Niraj Shah that stirred controversy. The memo, leaked to the media, urged employees to work longer hours and drew criticism from both workers and the public. Wayfair, known for its home goods and furniture offerings, has faced several rounds of layoffs in recent years as the furniture market cooled off post-pandemic. The Boston-based company, which had approximately 14,000 employees as of early 2023, cited the need to align with its core principles and address past overhiring as reasons for the latest job cuts. In the leaked memo, Shah acknowledged the company's recent successes, including a 3.7 per cent increase in sales to $2.9 billion for the quarter ending Sept. 30, 2023. However, he emphasized the need for employees to be «more aggressive, pragmatic, frugal, agile, customer-oriented, and smart» to maintain and further the company's success.

Arun Misra, CEO, Hindustan Zinc, says “if the market cap goes up, only the government starts to gain during the disinvestment process. We also believe that divestment of shares of silver company and zinc company separately will be easier than divestment of Hindustan Zinc shares as two different sets of buyers or investors will be attracted to buying these two different kinds of company shares. So I expect a positive nod from Government of India nominee directors by the next board meeting. And then we will take some time to implement.” It has been a pretty strong set of earnings, revenue growth of 8%. Margins as well have expanded nearly 200 basis points. Let us talk about the demand scenario. On ground, both domestically as well as international, are we seeing this gradual recovery play out? Arun Misra: Demand in India has been good and there is no dearth of demand.

₹186 to ₹192 per equity share. delaPlex IPO will open for subscription on Wednesday, January 24, and close on Monday, January 29.

Houthi attacks on ships in the southern Red Sea or Gulf of Aden, which continue to occur almost daily. The Houthi rebels, supported by Iran, claim their actions in the Red Sea corridor are in response to Israel's offensive against Hamas in the Gaza Strip. The Gaza conflict, now in its fourth month, stands as one of the deadliest and most destructive military campaigns in recent history.

Also Read: HUL share price drops over 2% after muted Q3 results; should you buy, sell or hold the stock? “We are of the opinion that the company is well-positioned to benefit from the robust capital expenditure cycle in the industries it operates, including petrochemicals, oil and gas, and green hydrogen initiatives. Also, the company is well positioned to take advantage of the export markets as well as diversification of its products," said Anand Rathi. The brokerage firm initiated a ‘Buy’ rating on the stock with a target price of ₹3,568 per share for a time horizon of 12 months.

the World Economic Forum in the snow-clad resort came to an end on Friday, emergence of artificial intelligence, never-ending geopolitical tensions, and the outcome of what's in store when half of the world's population is going to elect a new government this year, including in India and the US, dominated the Swiss Promenade talks. But for the outcome of the summit as Rich Lesser, chairman of Boston Consulting Group, said, “It’s unrealistic to think that Davos — or any meeting, anywhere in the world — in one meeting can rebuild trust when it’s fragmented on so many dimensions".

New Delhi: India’s ministry of electronics and information technology (Meity) is yet to find a solution to local cryptocurrency users accessing global crypto exchanges via virtual private networks (VPN). The government had blocked web and app store access to Binance, Kucoin, Huobi and six other exchanges on 12 January.

X-59 supersonic aircraft which is capable of flying faster than the speed of sound. The 100-foot-long and 30-foot-wide plane was rolled out by NASA and Lockheed Martin on Friday in Palmdale, California. After launching in 1976 and experiencing expensive maintenance as well as a deadly crash in 2000, the Concorde, which had a top speed of 1,350 miles per hour, was retired almost twenty years ago.

Kotak Mahindra Bank Q3FY24 performance to be announced on Saturday. The market nervousness was visible and share price of Kotak Mahindra Bank ended 0.66% lower on Friday on the BSE. The caution on Banks prevails as market participants are not being kind to any disappointments in Q3 performance and even slight miss in the results on any parameters is leading to sharp correction in stock prices as had been the case with HDFC Bank.

Ram Temple in Ayodhya next week. Thousands of Indian Americans are expected to participate in a series of events commencing this week to mark the occasion. “Ayodhya is re-emerging from destruction and neglect, epitomising the eternal nature of Sanātana Dharma.

Reliance Industries, ICICI Bank, HUL, Paytm, are among the stocks that will be in focus todayBenchmark indexes rose in Japan, South Korea and Australia. TSMC jumped more than 5% in Taiwan after its American depository receipts surged almost 10% to close at the highest since February 2022.Shares in mainland China declined after making a late turnaround on Thursday.

Walt Disney and Mahindra group officials have joined the Board of Directors of US India Strategic and Partnership Forum, which the organisation said is testimony to the success story of American companies in India and a growing presence of Indian conglomerates in the US. The two officials are Dorothy Attwood, senior vice president of Global Legal, Policy and Compliance for The Walt Disney Company, and Amarjyoti (Amar) Barua, Executive Vice President (EVP) of Group Strategy at the Mahindra Group to the Board of Directors, the US India Strategic and Partnership Forum (USISPF) said in an announcement. Attwood, in her current role, is responsible for the company's international legal and government affairs functions around the world, outside of the US, and leads strategic public policy initiatives as well as ESG and Sustainability globally across all business segments.

Microsoft reported that state-backed Russian hackers successfully infiltrated the company's corporate email system, AP reported. The breach affected accounts of key members of the leadership team, and employees in the cybersecurity and legal departments, it added. The intrusion commenced in late November 2022, with Microsoft detecting it on January 12.

Sensex jumped 496.37 points, or 0.70%, to end at 71,683.23, while the Nifty 50 settled 160.15 points, or 0.75%, higher at 21,622.40. “Next week the result season will pick up pace with a host of key large and mid-cap companies releasing their numbers. Overall we expect domestic equities to trade in a broader range with positive bias," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

James Gorman, saw a 17 percent rise in his compensation for the year 2023, reaching $37 million compared to $31.5 million in 2022, as per a filing by the bank on January 19, Reuters reported. Gorman's earnings mark the highest compensation disclosed for a major United States bank chief this year. Jamie Dimon, CEO of JPMorgan Chase, received $36 million for the year 2023.