COST Financial News

President Joe Biden says his proposed ban on junk fees will help families and “honest” businesses

Social Security's cost-of-living increase for 2024 will be announced Thursday

By Jamie McGeever

By Dietrich Knauth

Investing.com — Stocks were heading higher in the last 30 minutes of trading on Wednesday after the release of the minutes from the Federal Reserve's meeting in September.

Investing.com — Saudi Arabia is truly “balancing” the oil market by preparing to ship full volumes required by its North Asian customers, notwithstanding its output cuts — an act that’s costing it in price-per-barrel.

WASHINGTON (Reuters) — U.S. Senator Elizabeth Warren, a Democrat on the Senate Banking panel, said on Wednesday she was concerned that Exxon Mobil (NYSE:XOM)'s agreement to buy U.S. rival Pioneer Natural Resources (NYSE:PXD) would raise costs and should be probed by regulators.

NEW DELHI : As countries move toward ambitious net zero goals, a leading international non-profit supporting clean energy is likely to launch a global consortium on battery energy storage systems (BESS) at the coming UN climate change conference, to be held in the UAE. Global Energy Alliance for People and Planet , formed in 2021 by the Rockefeller Foundation, IKEA Foundation and Bezos Earth Fund among others, plans to float the Global BESS Consortium at the UN Cop28 meeting, which will held from 30 November to 12 December. Ashvin Dayal, senior vice president, power and climate at Rockefeller said the consortium will look at ways to both drive down the cost and unlock the value proposition for power distribution companies in terms of adoption of battery storage.

MUMBAI : Tata Consultancy Services (TCS) Ltd kick-started the fiscal second-quarter earnings season for the technology services industry on a disappointing note, with both revenue and profit falling short of analysts’ expectations. Worryingly, TCS’s dollar revenue slip in the September quarter comes on the back of a 0.4% sequential growth in the preceding three months, implying that the country’s largest technology services company added $779 million in incremental revenue in what is a seasonally strong first six months of the fiscal year. This translates into a 5.7% dollar revenue growth in the April-September period for TCS.

₹637 crore, while losses narrowed from ₹514 crore to ₹308 crore. Urban Company’s India business broke even in the first quarter of FY24, it said. “We made meaningful progress in improving profitability driven by operational leverage in fixed costs and driving efficiency across other costs," the company said in a post on its website in August.

The 76 million who make up the youngest American adults have values and priorities that are very much their own and advisors hoping to engage with them will need to recognize this.

Stock markets that have refused to buckle under the highest yields since 2007 face a new test. Third-quarter results will shine a light on how much those rates are already hitting profits — and what they’ll do to lofty equity valuations.

New Delhi: Aditya Birla Group’s flagship, Grasim Industries Ltd, announced that it will be holding a board meeting on Monday to consider a proposal to raise funds. “A meeting of the Board of Directors of Grasim Industries Limited is scheduled to be held on Monday, 16 October 2023," it said in an exchange filing on Wednesday. “To consider the proposal for raising of the fund by way of equity shares or other securities through a rights issue, qualified institutions placement, preferential issue or any other method as may be permitted under the applicable law, subject to such regulatory/statutory approvals as may be required." This comes at a time when the Kumar Mangalam Birla-led textile manufacturer is set to launch its paint vertical, with a project cost of ₹10,000 crore before the end of the current financial year.

MANALI, NEW DELHI : Himachal Pradesh wants the Centre to implement the market intervention scheme (MIS) for procuring ‘C’ grade apple crops hit by rain and floods, a central government official said. Apple, the state’s dominant fruit crop, is cultivated from low-lying (300 feet) to hilly (10,000) areas including the cold deserts of Kinnaur and Lahual-Spiti.

Chennai: When India Cements Ltd (ICL) announced on 21 September that it had sold 73.75 acres of land in Andhra Pradesh’s Vizianagaram district to rival UltraTech Cement Ltd for ₹70 crore, it surprised long-term cement industry watchers. After all, N. Srinivasan, vice-chairman and managing director of Chennai-based ICL, had in the past been at the forefront in thwarting any attempts by national cement players such as Gujarat Ambuja or UltraTech from entering or expanding into south India.

Sovereign guarantee With the US Federal Reserve on a rate-hike spree, 1-year US treasury yields have climbed up from 0.38% in 2022 to 5.59% in October, making it a good time to invest in US debt. Given the inversion in the US yield curve (long-term yields are lower than short-term yields, see chart), the 0-1-year segment offers the highest yields of 5.43% to 5.59%. Compared to this, 10-year US treasuries are offering 4.80%.

Mercedes-Benz India will not chase volumes in electric vehicles, but will focus on creating an ecosystem for EVs such as lowering the cost of ownership, building charging infrastructure and offering a hassle-free experience that will likely help boost sales eventually, the company’s top executive said. This is even as the company remains steadfast on meeting the mid-term target of EVs contributing 25% to its total sales by 2027, Mercedes-Benz India managing director and chief executive Santosh Iyer told ET. “For us, volume is not a strategy and it’s the outcome of what we do. As a luxury brand, we are measured by customer experience and profitable growth. To achieve this, we need to be cautious about how we go about EVs. It must be a long-term strategy. That’s our core strategy,” Iyer said.

By Clara Denina, Divya Rajagopal and Julian Luk

Labour Department reported on Wednesday that its producer price index — which measures inflation before it hits consumers — climbed 2.2 per cent from a year earlier. That was up from a 2 per cent uptick in August. On a month-to-month basis, producer prices rose 0.5 per cent from August to September, down from 0.7 per cent from July to August.

Hardeep Singh Puri has said. As the world transitions to renewable energy, the demand for critical minerals has risen, with debates raging around the control of supply chains. China has emerged as the dominant force with immense control over the global value chain, primarily due to the large processing capacity of minerals it has developed over the years. “I wouldn't worry too much about these things. You're often told…it can't be done because country X has already bought the next 20 years, 30 years of stock. It doesn't work like that,” Puri said at an industry event in response to a query on his thinking over supply chain dominance by some countries.

(Reuters) -Electric-vehicle maker VinFast Auto (NASDAQ:VFS) said on Wednesday it would acquire a 99.8% stake in battery maker VinES from its founder Pham Nhat Vuong as it seeks to ramp up its integration in the production value chain and competitive advantage.