UPS Financial News

Karnataka assembly passed the Hindu Religious Institutions & Charitable Endowment (Amendment) Bill, 2024, which rejigged existing matrix to collect more taxes from earnings of state-owned temples, the contentious bill fell through in legislative council Friday, with BJP and JD(S) joining forces to defeat it in a potential display of solidarity ahead of Lok Sabha elections. Political Maneuvering in Karnataka Legislative Council The Congress had ensured the smooth passage of the bill in the assembly as it has a majority in the Lower House. However, the BJP-JD(S) combine, taking advantage of their majority in the Upper House, threw a spanner in the works of the government and thwarted the proposal. The bill was rejected by a voice vote conducted by deputy chairperson M K Parnesh.

Chris Wood said he continues to believe that India is the best equity story in the world on a ten-year view. In his GREED & Fear newsletter, Wood said the Indian market-especially mid-caps-looks expensive but these valuations must be seen in the context of acceleration in growth led by a developing capex cycle. According to the report, Indian equities outperformed the world in dollar returns in the 11-year period between FY02 and FY12 when the country witnessed a private capex cycle.

(Reuters) — Blackstone (NYSE:BX) Inc Chief Executive Steve Schwarzman took home $896.7 million in pay and dividends last year, a 29% decline from his record take in 2022, according to a regulatory filing on Friday.

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Los Angeles Lakers will be hosting San Antonio Spurs at Crypto.com Arena on Friday. Bother sides have lost their previous matches. Spurs lost to Sacramento Kings and La Lakers were defeated by Golden State Warriors. NBA game between La Lakers and San Antonio Spurs will tip off at 10.30 pm (ET). The game will live streamed on fuboTV.

Manchester United will play Aston Villa at Old Trafford on Saturday. Erik ten Hag's side would want to keep their winning form to push for top four finish in the Premier League. Manchester United versus Fulham Premier League match will kick off at 10 am (ET) on Saturday. The EPL game will be live streamed on Peacock in the US.

By Deena Beasley

Nvidia, the chipmaker underpinning a much-hyped artificial intelligence revolution, saw its market capitalization briefly pass US$2 trillion for the first time on Friday amid a record-breaking week for Wall Street.

There has been a lot of discussion about the fate of the 401(k) system in the month since a pair of academics proposed killing the tax preferences for 401(k)s to help shore up Social Security.

As the pump in AI stocks like Nvidia on Wall Street eases, major cryptocurrencies are mostly trading in the red on Friday, encouraging risk-tolerant investors to scour the altcoin market for lesser well-known coins that could be the best crypto to buy today.

By Steve Gorman and Joey Roulette

By David Shepardson

(Reuters) -MGM Resorts International disclosed that state and federal regulators were probing a cyberattack on its systems that took place in September and caused a $100 million hit to the company's third-quarter results.

Credit card interest rates have ballooned to record highs in recent years — and the growing portion of the formula that generates profit for card issuers is partly to blame, according to a new analysis by the Consumer Financial Protection Bureau.

Investing.com-- The Dow and S&P 500 notched a record close Friday, even as the rally in Nvidia cooled to blunt the broader tech sector's swashbuckling gains amid waning optimism for aggressive Federal Reserve rate cuts this year.       

Nord Anglia’s owners have selected banks to advise them on a potential exit from their investment in the international school operator, people with knowledge of the matter said.

(Reuters) — U.S. companies borrowed 6% more to finance equipment investments in January compared to a year ago, industry body Equipment Leasing and Finance Association (ELFA) said on Friday.

LPL Financial Holdings Inc. appears to be on the hook for a $50 million settlement and penalty from the Securities and Exchange Commission over compliance failures in keeping records of financial advisors’ and employees’ electronic communications, such as text messages and apps.

IDBI Bank has come out with a portfolio of micro, small and medium enterprises (MSME) loans for sale. It has put Rs 280-crore of MSME loans up for sale and received interest from seven asset reconstruction companies, including JC Flowers ARC, ARCIL, Omkara and ACRE. Other banks like Indian Overseas Bank (IOB) and RBL Bank have sold their MSME loans in the last quarter. MSME loans given during the Covid-19 had turned into non-performing assets (NPAs) and are now up for sale.

Timberlake will perform at London's O2 on August 11. Fans can buy tickets from 10 am (local time) on Friday, March 1.

Despite a hard year of ballooning losses and increased operating expenses, Envestnet managed to close out 2023 with a modest bump in its fourth-quarter revenue.