UPS Financial News

Bank of Canada governor Mark Carney issued a warning at the World Economic Forum that global supply shocks are becoming more persistent, forcing central bankers to adapt to tame inflation.Carney, who also previously led the Bank of England, spoke on a panel in Davos, Switzerland at the WEF summit Thursday about how central bankers ought to adapt their approaches for the modern economy.He said the current regime has been successful so far in taming the ongoing inflationary period, as some of the supply shocks following the height of the COVID-19 pandemic and Russia’s invasion of Ukraine have unwound and higher interest rates globally have limited demand in the world economy.But he warned that central bankers cannot rest on their laurels amid ongoing geopolitical tensions and a changing economic context.“We are in a world, I would suggest, where we are going to see additional supply shocks with some relatively high degree of certainty with some persistence,” Carney said.“Effectively, the world is being rewired.”Though Carney did not directly reference Houthi attacks in the Red Sea forcing companies to divert cargo away from the key shipping corridor, he said trade routes are being “rewired” to “derisk” global supply chains.Energy systems, too, are being rewired to address climate change concerns, Carney said.

The mood of the global elite meeting in Davos, Switzerland, is a useful indicator for investors—as long as they do the opposite. When the elite are depressed, buy. When they’re positive, sell.

BSE also jumped about a per cent. Around 10:15 am, the Nifty 50 was 0.83 per cent up at 21,639.40 while the Sensex was also 0.84 per cent up at 71,785.22. Here are five key reasons that appear to have given a boost to the market: Positive global cues gave a boost to the domestic market sentiment.

ruin and riches. Less than a year ago rising rates caused Silicon Valley Bank (SVB) and then First Republic to fail, the largest bank collapses since 2008. Yet on January 12th JPMorgan Chase reported its seventh consecutive quarter of record net-interest income.

Investing.com-- Major Asian chipmaking and technology stocks rose sharply on Friday, tracking better than expected earnings from TSMC and as the chipmaking giant also flagged a positive outlook on AI demand.

earnings heavy day with 46 listed companies to declare their December quarter earnings. Street will be keenly looking at the results of Reliance Industries (RIL), Hindustan Unilever (HUL), UltraTech Cement and Paytm operator One 97 Communications. The other important results will be from the likes of Atul, Central Bank, Hindustan Zinc, RBL Bank, Sunteck Realty and Supreme Industries. On Thursday, IndusInd Bank and Polycab India announced their October-December quarter results along with 40 other companies. While the private lender reported standalone net profit growth of 17% year-on-year at Rs 2,298 crore which was up from Rs 1,959 crore in Q3FY23, Polycab posted a double-digit growth in both profit and revenue for the said quarter. The consolidated net profit rose 15.4% year-on-year (YoY) to Rs 413 crore.

Bitcoin slid to the lowest since mid-December as the speculative demand for the token sparked by hype about new exchange-traded funds dissipates, leaving the cryptocurrency in the red since the start of 2024. The largest digital asset briefly flirted with a drop below $40,000 before trading at $41,160 as of 6:30 a.m. Friday in Singapore, a decline of 3% in the past 24 hours. Smaller tokens like Ether, Solana and Polkadot also struggled. Bitcoin surged 157% last year on optimism about the eventual Jan. 11 launch of the first US exchange-traded funds to directly hold the token. Digital assets also got a tailwind from bets on looser monetary policy. Traders are now assessing how much money the ETFs attract and paring expectations for interest-rate cuts. “This type of correction after a significant run-up is normal for Bitcoin,” said Greg Moritz, co-founder at crypto hedge fund AltTab Capital.

Russia’s Central Bank has warned citizens about a crypto “scam” project based on the hit drama series The Boy’s Word: Blood on the Asphalt.

jobs for all students this placement season. The impact of the global slowdown and over-hiring during the post-Covid job boom are being felt at the Indian Institutes of Management (IIMs), where final placements are either ongoing or will begin soon. This year is turning out to be one of the most difficult ever for placements at the top IIMs of Ahmedabad, Bangalore, Calcutta, Lucknow, Indore and Kozhikode, officials and students across institutes told ET. Many did not wish to reveal their identity or their institute.

Japan has signed a deal with the United States to purchase up to 400 Tomahawk cruise missiles as part of its ongoing military buildup in response to increased regional threats

By Jamie McGeever

Reliance Industries: Mukesh Ambani-owned Reliance Industries Ltd will announce its December quarter (Q3FY24) results on 19 January, Friday. The oil-to-telecom conglomerate is expected to report a 9.3% year-on-year rise in consolidated net profit to ₹17,257 crore, aided by a steady performance of its digital and retail businesses. Consolidated revenue for Q3FY24 is likely to rise 5% YoY to ₹2.31 trillion.

Garena Free Fire Max is a popular battle royale game that gained popularity in India after the original Free Fire game was banned by the Indian government. In addition to the game's vibrant graphics and intense gameplay, the release of daily redeem codes by the game's developers, 111 Dots Studio, only adds to its popularity. The game's developers update these codes on a daily basis.

Investing.com-- Oil prices moved little in Asian trade on Friday, but were set for some gains this week as optimistic demand forecasts and output disruptions in the U.S. helped offset fears of slowing economic growth and high interest rates.

₹700 crore, has held talks with strategic and financial investors, three people with knowledge of the development said. “The company has not been able to scale up beyond the initial traction it saw. Merging with a larger player seems to be on the cards," the first person cited above said on condition of anonymity as the talks are private.

UK celebrates Ram Mandir Pran Pratishtha ceremony The UK declaration, signed by over 200 mandirs, community organizations, and associations nationwide, will be presented to the Shri Ram Janmabhoomi Teerth Kshetra Trust in Ayodhya before the Pran Pratishtha ceremony on January 22. The powerful statement from Dharmic communities in the UK highlights shared joy and solidarity with the 1.5 billion global celebrants, warmly embracing the inauguration ceremony of the Ram Janmabhoomi Mandir in Ayodhya.

ICICI Securities spilled over at the company’s post-earnings meet on Tuesday, as analysts and shareholders challenged its rationale and questioned the swap ratio. The investors are upset over the proposal to turn ICICI Securities into a wholly owned subsidiary of parent ICICI Bank, and made plain their disgruntlement for the first time in a public forum. They believe the company is better off listed and are unhappy with the share swap ratio proposed.

Investing.com-- Japanese consumer inflation eased as expected in December, furthering bets that the Bank of Japan will keep its ultra-dovish policy largely unchanged when it meets in the coming week.

By Tom Westbrook

This week’s inflation “setback” was not great news for anyone hoping for a Bank of Canada rate cut sooner rather than later.

For the first time in more than two decades, the Canada Revenue Agency’s prescribed interest rate for overdue taxes has hit double digits — 10 per cent for the first quarter of 2024. The last time the prescribed rate was so high was back in mid-2001.