UPS Financial News

Shares of Gap climbed as much as 22% on Friday after the apparel retailer lifted its full-year sales forecast signaling that its turnaround strategy of bringing in newer styles is starting to work. The stock has risen nearly 8% this year, building on the 85% surge it saw in 2023 when it brought in former Mattel executive Richard Dickson as its new CEO to revive its struggling business.

Commuters using Central Railway's suburban and long-distance services continue to face disruptions due to the ongoing mega block aimed at platform widening at Thane station. The block, which started on Friday midnight, has led to the cancellation of 72 Mail Express trains and 956 suburban train services from May 31 to June 2. Additionally, the routes of many trains have been changed for the duration of the block. The Maharashtra government on Friday permitted all public service vehicles in the Mumbai Metropolitan Region (MMR) to carry out stage carriage operations during the mega block, an official said. Changes in Train Services and Routes

Punjab goes to polls on June 1, in the last phase of the Lok Sabha elections, wrapped in an air of unpredictability. With the Bharatiya Janata Party (BJP) breaking the alliance with the Shiromani Akali Dal (SAD), now there are four big parties in fray. For a long time, Punjab had been a two-party state with the Congress and the SAD. The AAP's victory in the 2017 assembly polls changed that. In several seats, it's a five-cornered fight as Sikh radical candidates who support Khalistan, are also contesting. The chief among them is Amritpal Singh, the Sikh separatist who headed the 'Waris Punjab De' outfit, and is lodged in Assam's Dibrugarh jail under the National Security Act. However, the most influential among the separatists fighting elections is Simranjit SIngh Mann, the president of the Shiromani Akali Dal (Amritsar), who had won in the 2019 elections from Sangrur, the home district of Chief Minister Bhagwant Mann of the AAP. Amritpal, the candidate in jail The entry of jailed radical Sikh preacher Amritpal Singh into the poll fray as an Independent candidate from the Khadoor Sahib Lok Sabha seat has stirred the politics in this region, which borders Pakistan.

record-setting spree with the best-ever May performance driven by brisk sales activity and high demand, even amid higher mortgage rates and increasing property prices. The country’s commercial capital witnessed more than 11,917 property registrations during the month, up 21.3% from a year ago. The performance led to the state exchequer fetching revenue worth over Rs 1,029 crore through stamp duty collection, up 23.5% on-year, showed data from Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra. “India's economic expansion and optimistic future have significantly enhanced homebuyers’ confidence in acquiring property, which has resulted in robust business activity in the industry. The sector is performing well on all key metrics including sales momentum, new developments, and price growth, and Mumbai property market undoubtedly remains the top performer,” said Deepak Goradia, CMD, Dosti Realty.

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Centre has utilised Rs 9,48,506 crore as part of its capital expenditure in FY24 as against revised estimate (RE) of Rs 9,49,555 crore, which account for 99.9 per cent of the RE government data showed on Friday. Spending picked up in September 2023 and once again in March 2024 marking the end of monsoon and the onset of General elections respectively. India raised capex by 42 per cent in FY22 and 24 per cent in FY23. This was trimmed to 11.1% for FY25 in the interim budget from the budgeted capex in FY24, which was up 35.9 per cent from previous year, in line with the government's fiscal consolidation glide path. The Centre intends to narrow its fiscal deficit to 5.1 per cent in FY25 from 5.8 per cent in FY24 (RE).

Michael Cohen once said he would take a bullet for Donald Trump. But on Thursday, Trump was on felony charges based largely on the onetime loyal fixer's testimony against his former boss. Over four days earlier this month, Cohen took the witness stand as the star prosecution witness in the first-ever criminal trial of a U.S. president, past or present. He testified that Trump directed him to pay off a porn star before the 2016 election, and then approved a plan to falsify business records to cover it up. The testimony in New York state court in Manhattan marked the culmination of a 15-year arc from a lawyer and fixer for the businessman-turned-politician to an outspoken antagonist.

India's economy witnessed a robust growth rate of 7.8 per cent year-on-year in the January-March quarter, surpassing expectations due to strong performance in the manufacturing sector. According to government data released on Friday, the GDP growth in the fourth quarter of the FY24, was slightly lower than the revised 8.6% growth in the previous quarter. Furthermore, economists are optimistic about sustained momentum throughout the year.

Lok Sabha elections, the Phalodi Satta Bazar in Rajasthan has updated its estimates for the ruling Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) and the Opposition's INDIA bloc. This grey market has become a popular gauge for people amid the absence of official opinion or exit polls. Initially, the Phalodi Satta Bazar's estimates aligned closely with the BJP's claim of the NDA securing 400 seats out of 543. However, projections shifted as the election progressed. Prior to the polls starting on April 19, the market predicted over 300 seats for the BJP alone. This figure dropped to about 290 seats after the first two phases and rose again to nearly 300 after the fifth phase. In its latest update, the Phalodi Satta Bazar anticipates the BJP securing fewer than 300 seats, while projecting the INDIA bloc to achieve 80-85 seats, its highest forecast yet. On May 13, the market predicted 40-42 seats for the Congress, considerably lower than its 2019 tally of 52 seats and even below its lowest-ever tally of 44 in 2014.

Exit polls. "The purpose of any debate should be to inform the people.

Top news of the day: On 31 May, a series of events are set to take place right from politics to business. Indian economy expanded at a blistering 7.8% in the three months through March. Prajwal Revanna, the suspended JD(S) leader and Bengaluru's Hassan MP, was remanded to six-day police custody in connection with allegations of sexually abusing several women.The Indian economy expanded at a blistering 7.8% in the three months through March, surpassing expectations and pushing up growth for the fiscal year 2024 to 8.2%, according to official data released on Friday.

“As an independent venture capital firm, we have the flexibility to adjust our fund size and allocations. However, we have outlined a strategy to allocate approximately 25-30% of our investments specifically in the APAC region.

American homeowners with a mortgage are continuing to meet their monthly payments. But an increasing share are not.

Banking giants that once had the most ground to lose to the burgeoning world of private credit keep finding more ways — and much more money — to pump into the sector.

This much is clear for the financial markets: The US presidential election is likely to usher in a bumpy end to 2024.

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The U.S. Department of Labor wants a federal judge to prevent Hyundai and two other Alabama companies from what the government contends is the illegal employment of children

Inflation ticked up to an annual 2.6% in Europe in May

Hungarian Prime Minister Viktor Orbán is pushing back against some NATO proposals that would allow Ukraine to use Western weapons to strike targets within Russia

World shares are mixed after an official survey showed Chinese factory activity weakening in May on slowing export orders