UPS Financial News

Google was found last week to have violated antitrust law by illegally maintaining a monopoly in internet search. Now discussions over how to fix those violations have begun. Justice Department officials are considering what remedies to ask a federal judge to order against the search giant, said three people with knowledge of the deliberations involving the agency and state attorneys general who helped to bring the case. They are discussing various proposals, including breaking off parts of Google, such as its Chrome browser or Android smartphone operating system, two of the people said. Other scenarios under consideration include forcing Google to make its data available to rivals, or mandating that it abandon deals that made its search engine the default option on devices like the iPhone, said the people, who declined to be identified because the process is confidential. The government is meeting with other companies and experts to discuss their proposals for limiting Google's power, the people said.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Investment management firm Vanguard Group on Wednesday bought more than 11.4 million units in REIT firm Nexus Select Trust for ₹158 crore through open market transactions, while Morgan Stanley sold its stake in the company. Nexus Select Trust is India's first real estate investment trust (REIT) backed by retail properties.

inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September. Wednesday's report from the Labor Department showed that consumer prices rose just 0.2% from June to July after dropping slightly the previous month for the first time in four years. Measured from a year earlier, prices rose 2.9%, down from 3% in June. It was the mildest year-over-year inflation figure since March 2021.

scooter maker Ola Electric on Wednesday reported a 32% jump in revenue for the first quarter of fiscal year 2025 to ₹1,644 crore, while net loss widened to ₹347 crore, from a loss of ₹267 crore a year ago. The firm's automotive division saw total income jump 34% to ₹1,722 crore, while loss after tax for the segment widened to ₹233 crore, from a loss of ₹189 crore a year ago. Its battery division reported an income of ₹5 crore for the quarter, with a loss after tax of ₹37 crore.

Cisco Systems said on Wednesday it was witnessing rebounding demand for its networking equipment and announced a 7% cut in its global headcount to focus on high-growth areas such as AI and cybersecurity. Shares of the company were up 5% in extended trading after it forecast upbeat current-quarter revenue. «Inventory digestion is complete and we're now returning to a more normalized demand environment,» CEO Chuck Robbins said on an analyst call.

Siddhartha Khemka, Head-Retail Research, MOFSL, says there is very strong liquidity from the domestic flows – be it the DIIs, HNIs, retail investors and that is what we are also seeing in some of the IPOs that have come out. We would also see the appetite from the institutional side, both domestic and foreign, for the bulk of OFS or blogs that promoters or PE funds have sold. There is a humongous demand for some of these papers. That only shows that the appetite for the right quality of company and the right business is pretty strong in the market. Why are we seeing so much of strength? Everybody is saying valuations are expensive, valuations are stretched, do not invest, save, do not invest, sit on cash, but markets are not coming down. Siddhartha Khemka: If you look at the markets, yes, definitely a case of strong liquidity is supporting the sentiments and the indices as well. But what is also supporting so far has been the strong macros that have withstood the global headwinds and that continues to be the case which kind of makes a positive case going forward as well.

RG Kar Medical College and Hospital in Kolkata on Thursday morning, hours after unidentified miscreants vandalised a part of the medical establishment where a woman doctor was found dead last week, police said. The vandalism took place amid midnight protests by women in various parts of the state against the alleged rape and murder of the doctor in the seminar hall of the hospital. «The goons entered the campus and beat up agitating doctors. This was an attempt to break our morale so that we back out from the protest. But such incidents have only strengthened our resolve to fight till the end,» said one of the protesting doctors. According to the police, nearly 40 people, masquerading as protestors, entered the hospital premises, vandalized property, and pelted the police personnel present with stones, prompting the force to burst tear gas shells to disperse the crowd.

Vedanta will sell up to 3.31% stake in Hindustan Zinc, or 140 million shares of the company, at a floor price of ₹486 rupees a share, filings from both the companies to the exchanges showed. Vedanta had earlier said that it would sell 2.60% in the zinc-lead producer. The stake sale through the offer-for-sale will take place on Friday and Monday. The floor price is at a discount of 15% to Wednesday's closing of ₹571.75. Shares of Hindustan Zinc are up nearly 80% so far in 2024, but have lost 14% in a month. Between March and May, the shares had surged nearly 125%.

Mint on Wednesday in response to a questionnaire. After Hindenburg's Mauritius claim, the island country's financial services regulator in a press statement on Tuesday denied the fund being registered there. “We wish to clarify that IPE Plus Fund and IPE Plus Fund 1 are not licensees of the FSC and are not domiciled in Mauritius," the Mauritius Financial Services Commission said in the statement.

Canadians are managing to keep up with their mortgage payments in the face of higher interest rates, but a new Statistics Canada analysis suggests there are cracks forming on other kinds of debt.

Stree 2 is likely to garner half of all screens given its established fan base, it shall compete with Akshay Kumar-starrer Khel Khel Mein and John Abraham’s Vedaa. A separate slate of films including Double iSmart (Telugu) and Thangalaan (Tamil) is releasing down south, adding to the competition. Exhibitors say cinemas that had run nearly empty due to lack of content for two months during the Lok Sabha elections, now have to deal with a clutter, leading to showcasing issues.

The federal government wants to make it easier for employees to quit a job and work for a competitor

The late British prime minister Winston Churchill infamously remarked, “India is merely a geographical expression. It is no more a single country than the Equator." The pugilistic Churchill, no friend of India, seldom hid his distaste for Indians, referring to us once as “beastly people." Ignorance levels have dropped since. Today, we are widely known for what we are: a rainbow nation of mind-boggling diversity, a blend of ethnicities, a profusion of mutually incomprehensible languages, and a host of religions, cultural practices and topographies.

ByteDance last week launched a new text-to-video generative AI app called Jimeng AI, said to be a rival to OpenAI’s Sora which is yet to be made publicly available. ET takes a close look at Jimeng and other Chinese GenAI models, and their place in the global AI race. What does Jimeng AI do? Jimeng AI was developed by ByteDance-owned Faceu Technology and can generate images or videos from text prompts. It is available on both Android and Apple’s App Stores, but only in China.

RBI) is expected to unleash stringent rules, tightening provisioning requirements for project finance, introducing a new expected credit loss (ECL) framework and imposing a higher liquidity coverage ratio (LCR) for deposits to hedge against sharp outflows through digital channels. The central bank is expected to introduce these rules later this year and bankers are worried they will hurt profitability in the medium term. “Banks have given their feedback on all three proposals; we can only hope RBI listens. The project finance norms, particularly, are pretty harsh. If implemented in its current form, it could hurt financing for the sector,” said an executive at a public sector bank. “At a time when India is looking to grow faster and there is no crisis on the horizon, these norms could do more harm than good.” The central bank published a set of draft guidelines in April on project finance.

Team USA' gymnastics has spoken out about the troubled relations with her daughter and how she is looking forward to Biles' forgiveness and start their bonding afresh, forgetting the previous scars in their lives that led to a fallout. Biles has returned a champion from the Paris Olympics, winning back-to-back medals in gymnastics for Team USA and has become a top contributor for Team USA's medal haul in track and field events. Her mother, meanwhile, is elated at her feats at the global level and even thought the mother-daughter have a falling out, she expects that one day she would be able to asker her daughter for forgiveness.

While financial advisors have massively ramped up their tech adoption since the COVID-19 pandemic, the industry still faces many challenges with respect to technology, according to a report by Cerulli Associates.

US stock market on Wednesday closed on green as key indices — S&P 500, Dow Jones Industrial Average, and Nasdaq — rose. The Dow Jones Industrial Average closed up 0.6 per cent at 40,008.39, while the broad-based S&P 500 rose 0.4 per cent to 5,455.21, and the Nasdaq increased by less than 0.1 per cent 17,192.60. Among individual stocks, the news of Snickers maker Mars's near-$36 billion acquisition of snacking giant Kellanova made waves on Wall Street, sending the share price of the former firm up by 4.5 per cent, and the latter by 7.8 per cent.

NFP is extending its reach into Southern California’s high-net-worth space with its latest acquisition.