UPS Financial News

Bitcoin’s price hit US$60,000 on Wednesday for the first time in more than two years, as a surge of capital into new U.S. spot bitcoin exchange-traded products fueled a rally that has reached 42 per cent this month, on track for its largest monthly gain since December 2020.

MUMBAI : For a sure sign that domestic dealmaking is picking up in India, as is the economy, turn to the recruitment scene at the country’s premier management schools. Investment banks and private equity firms are handing out more domestic postings than international gigs to graduating students of the Indian Institutes of Management, in a sign that the persistent funding winter perhaps is finally thawing. Large domestic as well as global firms including DE Shaw, Goldman Sachs and Premji Invest are hiring graduates for functions across wealth management, institutional equities, asset management and investment banking profiles.

₹4,600 a metric ton from ₹3,300 with effect from March 1, according to a government order released on Thursday, February 29. The government also cut the windfall tax on diesel to zero from 1.50 per litre effective March 1, the order showed. The tax on petrol and aviation turbine fuel will continue to be zero.

NLC India, apart from Ola Electric, Jindal Power and Dalmia Group, are among bidders for 20 blocks in the first tranche of auction for critical mineral blocks in the country. The Union mines ministry on Thursday said it has received more than 50 bids for the 20 critical and strategic mineral blocks in the first tranche, which was launched on 29 November. These blocks consisted of minerals like lithium, glauconite, nickel, PGE, potash, graphite, molybdenum, phosphorite and rare earth elements (REE).

Lawyers for disgraced former FTX CEO Sam Bankman-Fried (SBF) have argued that judges should consider their client’s autism traits when deciding his prison sentence.

Chhindwara (MP), After days of suspense over their political plans, Congress MP Nakul Nath on Thursday categorically said that neither he nor his father, Congress veteran Kamal Nath were going to join the Bharatiya Janata Party. Speculation about the Naths' intentions was intensified in the last few days as several Congress workers from Chhindwara, the Lok Sabha constituency of Nakul Nath, crossed over to the ruling party. "Lok Sabha polls are going to be held in the next one or one-and-a-half months. Lot of rumours are being spread by BJP people that Kamal Nath and I are going to the BJP. Let me make it clear that neither Kamal Nath nor Nakul Nath are going to join the BJP," the junior Nath said at a public meeting at Navegaon in Chhindwara district. The BJP had won 28 out of the 29 Lok Sabha Seats in Madhya Pradesh last time while Chhindwara was the only seat retained by the Congress. The ruling party is trying hard to breach the Kamal Nath bastion this time. " Since February 1, a total of 5,000 Congress leaders and workers have joined the BJP as they were unhappy with their party's decision to boycott the Ayodhya Ram temple consecration ceremony," said the BJP's Chhindwara district unit president Bunty Sahu.

Allahabad High Court on Thursday dismissed a petition filed by veteran film actor and former MP Jaya Prada seeking quashing of non-bailable warrant issued against her by a trial court in Rampur for alleged violation of election code of conduct and making inflammatory statements. On Thursday, during a hearing by a single bench of Justice Sanjay Kumar Singh, Jaya Prada's counsel told the court that they wanted to file a new application with some new facts and documents and sought permission from the court to withdraw the petition. The court accepted the request and allowed the petition to be withdrawn.

Indian auto industry is set to invest up to $7 billion, or about Rs 58,000 crore, by FY28 to deepen localisation of advanced components from electric motors to automatic transmissions to reduce imports and capitalise on multinationals’ ‘China Plus One’ sourcing strategy. Automakers and their suppliers are likely to make this investment between FY24 and FY28, industry body Automotive Component Manufacturers Association (ACMA) said. These firms have already undertaken more than 500 localisation projects across 11 key component categories including drive transmissions and steering, engines, electricals and body chassis at an investment of over Rs 3,000 crore to reduce net imports by 5.8% (double the target of about 3%), or by Rs 7,018 crore, in the two years to FY22, as per the latest assessment on localisation programmes jointly conducted by ACMA and Society of Indian Automobile Manufacturers (SIAM).

By Joey Roulette

By Ankika Biswas and Khushi Singh

Iran as the country faces a multitude of challenges following a tumultuous period since the last parliamentary elections in 2020. This will be the first elections in Iran since the nationwide anti-government protests of 2022 that were triggered by the death of Mahsa Amini. The previous election in Iran in 2019 were held after major protests.

NEW DELHI : Indians spent liberally on dining at hotels and restaurants and on alcohol in 2022-23 while going easy on clothing, food and non-alcoholic beverages, clearly marking out their preferences emerging from two years of pandemic lockdowns. Growth in private final consumption expenditure on food and non-alcoholic beverages slowed to 6.2% in FY23 from 6.6% in the year before, show the government’s PFCE data released on Thursday. Private final consumption expenditure is defined as the expenditure incurred by households on final consumption of goods and services, and is reflective of the broader household demand in the country.

Mint poll by 17 economists had projected GDP growth at 6.6%. Not only is the growth in October-December high, but the figures for July-September and April-June have also been revised upwards—mainly due to a downward revision in the previous year's figures, thus making a low base. The GDP numbers for April-June and July-September have been revised upwards to 8.2% and 8.1% respectively, up from the earlier figures of 7.8% and 7.6%.

Hybrid sales overshadowed electric cars in India in 2023. This is in spite of the fact that hybrids do not get tax concessions or incentives—unlike battery-operated cars. Is this just a blip or a definitive shift in consumer preference? What is driving it? Mint explains: In 2023, sale of hybrid cars touched an all-time high of 82,607 units.

KPMG chief economist Diane Swonk reacts to the surprising January jobs report and discusses the impact of the Fed's next rate move on 'Making Money.'

unanimously decided to serve upon "Indefinite Strike Notice as per relevant Rules on 19th March 2024, and the Indefinite Strike to comment on 1st May 2024 i.e on international Labour Day". The press note shared by him said that after "considering the prevalent situation thoroughly and keeping in view the Non-Response of the Government on Restoration of Defined Guaranteed Old Pension Scheme in place of NPS", the committee decided "that there is no alternative left but to resort to direct action by all constituent trade unions collectively".

Never mind the layoffs: Some of the biggest U.S. tech companies have swelled their ranks much more than they have trimmed them. Microsoft, Alphabet and Netflix each employed 50% more people than before the pandemic, year-end disclosures show.

«Ghosting» isn't just a dating phenomenon: It has grown more common at the workplace, too. And that unreliable behavior risks reputational harm to employers and job seekers, said career experts.

The Nikkei stock index recorded last week its first new high in 34 years, a fitting tribute to Japan’s re-emergence as a genuinely exciting economy. It also comes amid mounting evidence that Japan has finally broken the hold of deflation. Inflation in January was 2.2%, the 22nd month above 2%.

The first private U.S. spacecraft to land on the moon broke a leg at touchdown before falling over

India has been seeking appropriate and effective special and differential treatment (S&DT) for its small scale fishermen and to keep the policy space for development of its fisheries sector. “There is no consensus in fishing especially deep sea fishing. They are attaching conditions with S&DT,” said an official.