UPS Financial News

tennis legend Rafael Nadal announced on Thursday that he will not compete in the 2024 US Open, citing an inability to give his 100 per cent. Nadal, who recently suffered a second-round defeat to Serbia's Novak Djokovic at the Paris Olympics, expressed regret over missing the event. In a post on social media, Nadal said that he has decided not to compete in the upcoming US Open. The Spaniard added he will miss those electric and special night sessions in New York.

pole vaulter Anthony Ammirati has now become a major sensation across the world after a small fiasco that made the world know his name, but for all the weird reasons. According to previous ET reports, Anthony Ammirati's 'private parts' touched the crossbar of the pole vault arena, when he was taking his final jump of the qualifying event.

India has been a crucible for some of YouTube’s global product successes, including that of its short video format, Neal Mohan, CEO of the Google-owned platform, told ET. A new app, YouTube Create, and some AI-led language tools are being currently tested in India before their global rollout, he added. Mohan, 51, who grew up in Lucknow, is on his first visit to the country after being appointed CEO of YouTube in February last year. Edited excerpts: What are YouTube’s priority areas and expectations from India? I've been on the ground here for a few days now. It's wonderful to see how dynamic the environment here is. The creator economy on YouTube has generated Rs 16,000 crore of economic activity along with 7,50,000 jobs. We're very proud of it and are investing heavily into it. And I think it's just a small example of where this can go.

global equity markets saw a relief rally following the Bank of Japan's assurance that it will not increase interest rates when the markets are unstable. NSE's Nifty rose 304.95 points, or 1.27%, to close at 24,297, whereas BSE's Sensex rose 874.94 points, or 1.11%, to end at 79,468.

Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in U.S. crude stockpiles, rebounding from multi-month lows touched this week. Brent crude futures rose 23 cents, or 0.3%, at $78.56 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude gained 29 cents, or 0.4%, to $75.52.

SocGen’s Q2 results are out. And while most reporting has focused on the feebleness of its retail performance or the moderate strength of its equities traders, one thing has mostly flown under the radar: the French bank may have dispensed with a senior executive whose division failed to make the cut.

Barclays’ released its second quarter results today. They don’t look bad. Profits rose 27% on last year and the business is now generating a passable 9.6% return on equity, which is better than the 7.7% it generated in Q2 last year or the 5.6% it mustered in Q2 2022.

Ola Electric prepares to list later this week, founder Bhavish Aggarwal is busy charging up his 14-year-old ride-hailing business, according to people in the know. His latest efforts are directed towards tapping the red-hot quick commerce sector and is Ola’s second attempt at the business. Ola Cabs parent firm ANI Technologies plans to set up its own dark stores amid rising demand for rapid deliveries, said these people. Dark stores are small neighbourhood warehouses that stock products delivered by these services. These will be operated by Ola, people briefed on the matter said, adding that robots will be deployed to reduce human involvement. The company also plans to launch its own Unified Payments Interface (UPI) offering for consumers, said the people cited. Aggarwal is likely to unveil these initiatives at its annual Independence Day event on August 15. However, these plans may undergo changes.

Boutique banks have been having a pretty good 2024 so far, with Evercore and Moelis in particular recording spectacular revenue increases. As a consequence, they’ve been hiring – both from each other and from Wall Street.

One of the warning signs that an investment banking franchise is in trouble is that memos start going round the office telling everyone that business class travel is being curtailed . It tends to be followed by strict limits on client entertainment, or even the banning of particularly popular and expensive restaurants.

₹334 crore in Q1 of FY25 from ₹268 crore at the end of the March quarter. Sumant Kathpalia, CEO of IndusInd Bank said during its Q1 earnings call that some stress will be seen in the card business in the next two quarters. “If you look at the 60-plus and 30-plus DPDs, the 30-plus looks 7% right now.

Working in private equity is notoriouslylucrative, but as governments globally look for ways of raising additional tax, it stands to become less so in the future.

Mint explains: The Real Estate (Regulation and Development) Act 2016 aims to regulate transactions, so that projects are completed and handed over in time. MahaRERA has now issued more orders for developers—on delivery dates, maintenance of bank accounts, parking space and complaint redressal. It kept the registration of 1,750 lapsed projects under suspension due to delays.

France is in shock. BNP Paribas is acquiring Axa Investment Managers to create a new pan-European asset management firm with €1,500bn in assets under management and «powerful platforms of public and private assets.» The deal, which bankers from JPMorgan and Zaoui are advising Axa on according to Les Echos, won't close until 2025, thereby Axa's 2,400 people ample months to contemplate their fates. 

Investment banking revenues may be recovering, but banks' cost-cutting days are never done. And as banks cast about for costs to remove in a world where deals are recovering, guess who's in the firing line? Not people in the front office. 

Citadel Securities has got some big aspirations.Bloomberg reported earlier this month that the electronic trading firm would like to offer a white labelled trading service to banks that presumably would no longer run trading operations of their own. In return for a fee, the vision seems to be that Citadel Securities would manage technology, order analytics and execution. Banks would just need to plug in the clients.

The young people who get an undergraduate internship at Blackstone might consider that they’ve pretty much won the lottery.  There are very few of them – the “summer analyst” class is no more than 150, but that includes people from MBAs and law school.  The private equity firm's 0.3% acceptance rate is lower than Citadel’s 0.5%, and they get paid somewhere in the region of $20,000 for ten weeks of work.

One reason why Goldman Sachs made its ill-fated move into «platform businesses» that were supposed to generate a steady flow of income for minimal incremental effort was that its lucrative sales and trading business was seen as being too erratic. The firm's latest 10Q filing today, says times have changed. 

University of Maryland economist Peter Morici discusses whether Wall Street investors believe Bidens economy is improving on Varney & Co.

Wall Street slumped after a morning rally evaporated, but the losses weren’t as bad as the manic moves that wracked markets worldwide over the last week

Lyft shares tumbled to their biggest loss in more than a year on Wednesday after the ride-hailing app reported gross bookings that spooked investors