UPS Financial News

U.S. refiners are heading into the summer driving season at full speed. Shares of Marathon Petroleum are up 45% year to date, while Valero and Phillips 66 are up 39% and 30%, respectively.

Ford Motor said it is delaying the launch of a new three-row electric vehicle, which will buy time for the consumer market for EVs to further develop. The carmaker now expects to launch the new EV in 2027, delayed from a previous target date of 2025. Ford said it will still produce the EV at its Oakville Assembly Plant in Canada, which Ford is planning to overhaul from gas-vehicle production to an EV manufacturing plant.

₹20,000 crore from the markets through a follow-on public offer (FPO) likely as early as next week, said three people aware of the discussions the cash-strapped company was having with banks. It is learnt to have appointed Axis Bank, Jeffries Group and State Bank of India as lead bankers for managing the share sale. Two of the people cited above said that a price band may be decided by early next week, which is likely to be at a discount to the current price.

Just as investors shouldn’t get carried away with artificial intelligence, enthusiasm about a booming economy can also become excessive. So far, economic activity remains strong, especially in the U.S., where consumers keep spending on extravagances and official figures for job openings and factory goods published this week came in better than expected. Yes, there are some fears that this will lead central banks to keep interest rates high, which is why the stock market sold off on Tuesday.

The looming “maturity wall" for commercial real-estate loans coming due has been moved back, but it has also gotten taller. Banks’ commercial real-estate loans are now growing at an accelerating rate. In the first quarter of 2024 they grew sequentially 1.2% on a seasonally adjusted basis, according to Federal Reserve data.

MUMBAI : Flexible office space providers have emerged as a significant challenger to technology firms in leasing offices, as companies across sectors gradually enforce return-to-office mandates for their employees. Between January and March, flexible office space providers have already captured a significant 22% share of leasing activity, as per a report by real estate consultancy CBRE. This translates to a leased area of about 3 million sq.ft., marking a significant rise in the sector's influence.

India slipped to their lowest level since early February this week, pressured by sluggish demand, while Thai rates declined for the fourth consecutive week due to a weaker baht. Top exporter India's 5% broken parboiled variety was quoted at $540-$548 per ton this week, down from last week's $550-$558. Prices hit a record high of $560 last month after customs officials changed the calculation method for the 20% export duty, resulting in a higher levy. Demand from Asian buyers was subdued, which brought down prices from the last month's highs, said Himanshu Agarwal, executive director at Satyam Balajee, a leading exporter.

Tesla Inc.’s court to lay down its investment plans for the South Asian nation after the government cut import duty on electric vehicles. The industry department last month released a comprehensive policy for boosting EV manufacturing in the world’s most-populous nation. Following that move, it’s up to Elon Musk’s carmaker to “make the announcements of their manufacturing plans,” Rajesh Kumar Singh, secretary of department for promotion of industry and internal trade, told Bloomberg in an interview on Thursday. “We will help them out in terms of giving them the contacts at state level,” Singh said. “There have been contacts made at that level with state governments and the central government. VinFast has already announced and we expect a few others.”

Tesla has begun production of right-hand drive cars at its plant in Germany for export to India later this year, three people aware of the company's plans told Reuters, as it moves ahead with a possible entry into the world's third-largest car market. A team from Tesla is expected to visit India later this month to look at sites for a local car manufacturing plant that would require an investment of about $2 billion, said two of the three people, who declined to be named because the plans are not public yet. India last month slashed the import tax rate on certain electric vehicles if their makers invest at least $500 million in the country and start production there within three years. The move is a win for Tesla, which had lobbied for months for lower taxes, but faced resistance from local carmakers.

Punjabi music sensation Diljit Dosanjh recently opened up on a rather stressful episode from his childhood and his complicated equation with his parents. In an interview with YouTuber Ranveer Allahbadia aka Beer Biceps, the ‘Born To Shine’ hitmaker revealed his bond with his parents Sukhwinder Kaur and Balbir Singh Dosanjh. In the podcast with Beer Biceps, the ‘Good Newwz’ star said that his parents sent him away with a relative without consulting as they wanted him to have a better life. “I was eleven years old when I left my home and started living with my mamaji (maternal uncle). I came to the city leaving my village behind. I shifted to Ludhiana. He said ‘send him to the city with me’ and my parents said ‘Yes, take him.’ My parents did not even ask me..” he told Allahabadia. Dosanjh said that since the digital revolution had still not taken place, mobile phones were not prevalent and as he did not have money, he couldn’t call his family on a daily basis. “I used to stay alone in a small room. I used to just go to school and come back, there wasn’t any TV. I had a lot of time. Also, we didn’t have mobile phones back then, even if I had to call home or receive a call from my parents, it cost us money. So I started becoming distant from my family,” he reflected.

Army Medical Corps, after completing 260 years of service, has endeavoured to enhance optimal combat medical care and set a benchmark in professionalism, courage and compassion beyond the call of duty, officials said on Thursday. The Corps celebrated its 260th raising day on Wednesday. «Raised in 1764, the Corps has rendered selfless service to the nation over centuries of progress, development, dedication and sacrifice, both in combat and in peace, living up to the Corps' motto of 'Sarve Santu Niramaya' meaning 'let all be free from disease',» the defence ministry said in a statement. Army Chief Gen Manoj Pande and Indian Air Force Chief Air Chief Marshal VR Chaudhari attended an event in Delhi organised to mark the raising day, and to honour the achievements and celebrate the «esprit de corps of AMC», it said on Thursday.

The Mirror's report citing royal expert Tom Quinn, Prince Harry, who although supports wife Meghan in her venture, is not very sure about a part of her new business. Quinn was quoted saying, "Harry thinks the new brand is a great idea because it's Meghan's idea he's still so loved up that she can do no wrong in his eyes" However, he said that Harry has grown up in the Royal family, one that would've looked down on a commercial enterprise like that of Meghan.

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Avenue Supermarts, which operates the retail chain of DMart, saw its shares zoom 5.8% to hit a new one-year high of ₹4,715 apiece in today's trading before finishing the trade at ₹4,645 apiece, up 4.13%. Investor sentiment was buoyed by the company's impressive business update for the fourth quarter of FY24, which garnered positive attention from market participants. The upbeat performance of Avenue Supermart's shares has significantly boosted the notional value of stakes held by Radhakishan Damani and his family, who are the promoters of the company.

₹3,000 but now, with modification, the cost has been brought down to ₹300. This will help in saving severe anaemic cases and life saving intervention," said Dr Kapil Yadav, a researcher at AIIMS Delhi.

Many individuals have a cherished dream of owning a home. To transform this dream into a reality, many individuals choose to pursue a home loan, as it allows borrowers to gradually repay the loan amount through affordable Equated Monthly Instalments (EMIs). 

Less than four years after it went public in what was the Toronto Stock Exchange’s largest tech IPO ever, Nuvei Corp. is going private in a deal that values the company at US$6.3 billion.

Just a week before the Bank of Canada decides on interest rates new evidence has some economists questioning their forecasts on the first cut — and this time it comes from the central bank itself.

Hotel bookings are up across the nation for travel to the line of totality for the solar eclipse.

Between December 2023 and March 2024, UK investors have added £6.6bn to North American equity funds, which is more than the combined £6.3bn invested since the data study began nine years ago. North American equity funds attracted £1.7bn of new capital in March, bringing the total for the first quarter of the year to a record £5.7bn, which is more than triple the previous best quarter (£1.7bn in Q4 2020). Edward Glyn, head of global markets at Calastone, said: «The US earnings recession is over. Profits are once again on the up and that seems to be the main catalyst driving fund inflow...

Nagarjuna Fertilizers and Chemicals Ltd.(up 4.88%), Deepak Fertilisers & Petrochemicals Corporation Ltd.(up 4.02%), Bohra Industries Ltd.(up 3.95%), Mangalore Chemicals & Fertilizers Ltd.(up 3.25%), Paradeep Phosphates Ltd.(up 2.15%), Zuari Agro Chemicals Ltd.(up 1.39%), Sikko Industries Ltd.(up 1.02%), Aries Agro Ltd.(up 0.96%), The Fertilisers and Chemicals Travancore Ltd.(up 0.38%) and Gujarat Narmada Valley Fertilizers & Chemicals Ltd.(up 0.26%) stood among the top gainers.