UPS Financial News

Bitcoin (BTC) shook off last week's jitters and briefly traded above $72,000 on Monday—an indication that the rally has far from stalled ahead of its fourth halving later this month.

Arsenal will play host Bayern Munich in the UEFA Champions League quarterfinals first-leg on Tuesday. While Arsenal are very much in contention for Premier League, Bayern Munich's proposition in German Bundesliga is all but over. UEFA Champions League quarterfinals game between Bayern Munich and Arsenal is scheduled to kick off on Tuesday, April 9 at 3 pm (ET). The soccer match will be live streamed on Paramount+.

Panama Papers" money laundering started Monday in a Panamanian criminal court. Those on trial include the owners of the Mossack-Fonseca law firm that was at the heart of the 2016 massive document leak.

US Federal Reserve are fueling a record-breaking rally in precious metals. The precious metal could gain by another 10-15% from current levels, said experts. Silver contracts, which have risen by more than a tenth in a week, touched a lifetime high of ₹82,109 per kilogram on the MCX on Monday. Both gold and silver trying to breach their multi-year highs indicates that a bull market is in force for precious metals, and historically, silver has outperformed gold in such situations, said Sahil Kapoor, market strategist at DSP Mutual Fund. «Conditions are favorable. A breakout is happening after many years, and if you have already allocated to silver, stay put, and if not, you should allocate and wait,» he said. While the precious metal typically moves in tandem with gold prices, it also takes cues from base metal prices because of its usage across several industries including electronics, batteries and semiconductors. Base metal prices have seen a recent rally following encouraging manufacturing data from China. «Middle East tensions and China's heavy buying drove silver's demand, pushing prices up. Meanwhile Fed's Powell last week hinted at cautious rate cuts, influencing silver's long-term bullish outlook,» said Naveen Mathur, director for commodities and currencies at Anand Rathi Shares and Stock Brokers. The demand for silver is expected to grow 1% globally to 1.2 billion ounces in 2024, while supply is seen rising 3% to 1.02 billion ounces, the Silver Institute said in a report earlier this year.

John Mulaney is gearing up for what might just be his year. Following the success of his David Letterman special and amidst the star-studded lineup of the 2024 Netflix Is A Joke Fest, Mulaney is set to host six shows as part of "John Mulaney Presents: Everybody’s in LA." The laughter will echo at The Hollywood Bowl on May 4, with episodes streaming live on Netflix from May 6 through May 10.

Samsung next week to expand its chip output in Taylor, Texas, as it seeks to ramp up chipmaking in the U.S., two people familiar with the matter said. The subsidy, which will be unveiled by Commerce Department Secretary Gina Raimondo, will go towards construction of four facilities in Taylor, including one $17 billion chipmaking plant that Samsung announced in 2021, another factory, an advanced packaging facility and a research and development center, one of the sources said.

Gujarat International Finance Tec-City may soon enjoy a five-day work week, months after the government eased alcohol consumption rules in GIFT City to make it more attractive to global financial institutions. A working group set up by the International Financial Services Centres Authority (IFSCA) on uniform working hours and a holiday list for IBUs has recommended a five-day work week and a decision in this regard may be announced soon, according to two officials aware of the matter. «The recommendations are being examined, and we expect a nod for a five-day work week within the first quarter of 2024-25,» said one of the officials, who did not wish to be identified, adding that IBUs will also adopt the Mumbai holiday calendar. «This is required because most of the IBUs are involved in treasury operations, which, for Indian lenders, are mostly done through Mumbai, and also because overseas units of Indian banks follow the Mumbai holiday calendar.» The working group said in its recommendations that a five-day work week will align with practices adopted in international financial centres and offshore units of Indian banks. «The government wants to position GIFT City as a major financial hub. All these steps are very important benchmarks for an aspiring international financial centre like GIFT IFSC,» said another official.

Russia captured a larger share of India's crude imports in the just-ended fiscal year despite narrowing discounts on its oil and sanctions imposed by G7 nations due its invasion of Ukraine. The share of Russian oil in India's total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa. During the year, all other key suppliers, including Iraq, Saudi Arabia, UAE, and the US lost share in the Indian market. Iraq's share fell to 20% (from 21%). Similar drops were noted for Saudi Arabia (15% from 17.5%), UAE (6% from 9%), and the US (3.5% from 5.5%). Russia supplied 1.57 million barrels a day (mb/d) in FY24, up from 1mb/d in the previous year. Iraq's supply of 0.89 mb/d in 2023-24 was lower than 0.95 mb/d in the previous year. Saudi's supply fell to 0.69 mb/d from 0.78 mb/d.

North America on Monday as a total solar eclipse raced across the continent, thrilling those lucky enough to behold the spectacle through clear skies. Eclipse mania gripped all of Mexico, the U.S. and Canada, as the moon swept in front of the sun, blotting out daylight. Almost everyone in North America was guaranteed at least a partial eclipse, weather permitting.

Recently, two international organizations published their assessment of India’s labour market and employment situation. Two weeks ago, the International Labour Organization (ILO), in collaboration with the Institute for Human Development (IHD), released the India Employment Report 2024, focusing on youth employment. Shortly thereafter, the World Bank released its South Asia Development Update (SADU), with a focus on jobs.

ALSO READ: Musk Claims ‘Storm Has Passed’ as Tesla Sweden Strike Drags On In the past, Elon Musk had said that Tesla will make a car that did not have human controls. He had also said that Tesla cars, which will have full self-driving capability will through software, gradually become better and better at driving, CNN reported.

The global labour market is in the midst of a gradual but significant transformation. Driven by a dramatic collapse in birth rates, impeded globalization, changes in the capital intensity of growth, a preference shift towards fewer work hours, initial use cases of artificial intelligence (AI) and societal angst over immigration, labour market dislocations have already begun and are only about to go further out-of-whack with time. The manifestations and initial responses are different, country by country, but the meta phenomenon is a major upheaval in labour markets that will necessitate responses.

A few weeks ago, when the gold price hit a record high, no one besides a few gold bugs seemed to care. Bitcoin also hit a record high. Everyone cared.

Elon Musk announced he'll unveil a Tesla robotaxi in August, it was a clear attempt to arrest a spiral for the once high-flying carmaker. Tesla shares already had been sinking before the company reported anemic quarterly delivery figures last week. Then, Reuters reported the automaker was shelving plans for a cheaper electric vehicle, extending the tailspin. Musk's vague denial didn't do the trick — the stock closed Friday as the worst performer in the S&P 500 this year. So the chief executive officer turned to his tried-and-true playbook: change the narrative by dangling a new product. The shares jumped in late trading at the end of last week and traded up 4.2% at the start of Monday's premarket session.

Justin Trudeau's allegations of «potential» involvement of Indian agents in the killing of Khalistani separatist Hardeep Singh Nijjar last June on Canadian soil, the boss of Canada's 2nd largest pension fund, Caisse de dépôt et placement du Québec (CDPQ), said the US and India are the only two outperforming markets in the world. Without getting drawn into the specific allegations New Delhi has rejected as «absurd» and «motivated», Charles Emond, chief executive, CDPQ, said he did not want to comment on government relations, but added «India is an important part of our APAC strategy,» during an exclusive interaction with ET. «And it remains a country where we continue to see strong potential over the long term.» He was recently in India, his first visit since he took over in 2020, just a month before Covid paralysed the world.

A Raja said the AIADMK and BJP should look inwards before pointing «tainted fingers» at the DMK over allegations of corruption and dynastic politics. The DMK MP said he was confident of retaining his Nilgiris seat with a «substantial margin» and that he remained unfazed by his rivals' attacks on him over the 2G scam and allegations of being corrupt. «I am being celebrated as a hero as far as 2G is concerned because I very bravely told everyone to call me 'Spectrum Raja',» he told ET in an exclusive interaction. «I am a Spectrum Raja. I am the spectrum king. I led a revolution. It is not unknown to history that a person who led a revolution is often called a criminal or a corrupt man.» The BJP and the AIADMK have been levelling charges against Raja, raking up his alleged involvement in the 2G spectrum allocation cases, which have been popularly dubbed as the 2G scam. In December 2017, a special CBI judge acquitted Raja, DMK supremo M Karunanidhi's daughter Kanimozhi, and other accused of all charges in the cases. The Delhi High Court in March this year admitted a CBI appeal against the acquittal of Raja and 16 others in the 2G scam case.

Yogi Adityanath emphasized the nationwide sentiment in favour of the National Democratic Alliance (NDA) ahead of the 2024 Lok Sabha elections, spanning from North to South and East to West, pointing out that the people are assured of Prime Minister Modi's inevitable return. Addressing a public meeting in Wardha on Monday, to seek support for the BJP's candidate and incumbent MP from the LS constituency, Ramdas Chandrabhanji Tadas, Adityanath highlighted the achievements of the government in the last 10 years, crediting the PM with elevating India's global stature, fortifying security, and implementing numerous welfare initiatives for the impoverished. The CM also extended warm wishes for the Indian New Year to Maharashtra's populace on the occasion. In a scathing critique directed towards the Congress Party, Chief Minister Yogi Adityanath said that the party lacked leadership, coherent policies, and genuine intentions.

Delhi government on Monday slammed Lt Governor VK Saxena over a letter he wrote to the MHA in which he accused its ministers of not attending a meeting called by him, and questioned the role of the LG's office in the subjects transferred to the AAP government. The LG Secretariat, in a letter to the Union Ministry of Home Affairs (MHA), said the Delhi ministers refused to attend a meeting called by Saxena to discuss the functioning of their ministries following the arrest of Chief Minister Arvind Kejriwal. Kejriwal was arrested by the Enforcement Directorate on March 21 in connection with a money-laundering case linked to the now-scrapped Delhi excise policy and is now lodged in Tihar jail here.

Narendra Modi's recent comparison of Congress with pre-Independence-era Muslim League is a direct attack on the GOP's credentials as sole inheritor of the freedom struggle legacy. It also tells us how far BJP has travelled to not just lay claim to this space but also is prepared to take it as its own — an effort at the heart of its revival since 2014. BJP has, over the past decade, drawn on Congress' leadership pantheon. It took advantage of the latter's tendency to predominantly play up the legacy of the Nehru-Gandhi family while paying little or no attention to the contribution of others. As result, today, BJP has acquired a reasonable degree of ownership on legacies of leaders like Sardar Vallabhbhai Patel, B R Ambedkar and Subhas Chandra Bose. Congress of that era had many political strands, and each of these leaders represented one thought or the other. What BJP has done is, it has worked on owning each of them, including Mohandas Gandhi. In fact, leaving aside Jawaharlal Nehru, BJP has accepted almost all greats from the decades of the 1920s and 1930s who shaped the Independence movement.

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BJP and the NDA for 2024. All BJP leaders from PM Modi and Union home minister Amit Shah to the lower-level party workers, have been emphasising on this number during the campaigns. However, apart from the BJP, its allies will have to play a major role in delivering the numbers. Though seat-sharing is yet to be finalised in some states, the BJP allies are contesting on around 100 Lok Sabha seats across eight states and the northeast region. The BJP has given 23 seats to its allies JDU, LJP(Ram Vilas), RLM and HAM in Bihar. In 2019, RLP and HAM were not the part of the alliance and the allies had delivered 22 of the 23 seats. The BJP allies have the challenge to repeat the numbers of 2019. In neighbouring Uttar Pradesh, the BJP has upped its stake this time with the party contesting 75 seats and giving two seats each to the RLD and Apna Dal and one to SBSP. In Jharkhand, like in 2019, the party has given one seat to ally AJSU. None of the senior leaders have campaigned in the state yet.