Business
US markets today: Dow up 141 points as Wall Street eyes record week finish, UnitedHealth jumps on Buffett stake – Times of India
US stocks hovered near record highs on Friday as Wall Street moved towards closing another winning week, buoyed by hopes that the Federal Reserve will cut interest rates in September.The S&P 500 was virtually unchanged in early trade, a day after notching a fresh all-time high, and was on track for its fourth winning week in the last five. The Dow Jones Industrial Average was up 141 points, or 0.3%, while the Nasdaq composite slipped 0.1%, according to AP.Investor optimism has grown on expectations of a September rate cut, which could boost asset prices and spur economic activity by lowering borrowing costs for US households and businesses. However, lower rates also risk fuelling inflation. A weaker-than-expected US wholesale inflation report on Thursday trimmed some of the rate-cut optimism, but traders still largely expect the Fed to act. Treasury yields have retreated sharply in recent days and were steady on Friday.Economic data released Friday painted a mixed picture: US retail sales rose as forecast in July, manufacturing in New York state unexpectedly expanded, but nationwide industrial production fell, missing expectations for modest growth. Later in the day, a consumer sentiment report on inflation and the economy was awaited.On Wall Street, UnitedHealth Group soared 10.3% after Warren Buffett’s Berkshire Hathaway disclosed the purchase of nearly 5 million shares in the insurer during the spring, valued at $1.57 billion. Berkshire Hathaway shares gained 0.2%.Applied Materials fell 12.5% despite posting quarterly results above analyst forecasts, as its revenue guidance for the current quarter disappointed investors. CEO Gary Dickerson cited a “dynamic macroeconomic and policy environment” creating uncertainty, particularly for the company’s China business. Sandisk dropped 4.9% after its upbeat quarterly profit was overshadowed by a weaker-than-expected profit outlook.In Asia, Japan’s Nikkei 225 rose 1.7% on stronger-than-expected GDP growth, while Shanghai gained 0.8% and Hong Kong’s Hang Seng shed 1% after data showed China’s economy slowed across key indicators in July, prompting calls for more policy support.ING Economics noted, “Chinese economic activity slowed across the board in July, with retail sales, fixed asset investment, and value added of industry growth all reaching the lowest levels of the year. After a strong start, several months of cooling momentum suggest that the economy may need further policy support.”European markets traded mixed ahead of a scheduled meeting between US President Donald Trump and Russian President Vladimir Putin, which could influence the direction of the war in Ukraine.In bonds, the 10-year US Treasury yield held at 4.29%, while the two-year yield slipped to 3.72% from 3.74%.
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
NCAA president responds to integrity concerns after alleged point-shaving scheme leads to dozens of arrests
How A$AP Rocky and Rihanna fell in love?
Xreal files patent suit against rival smart glasses maker Viture
-
Politics1 week agoUK says provided assistance in US-led tanker seizure
-
Entertainment1 week agoDoes new US food pyramid put too much steak on your plate?
-
Entertainment1 week agoWhy did Nick Reiner’s lawyer Alan Jackson withdraw from case?
-
Business1 week agoTrump moves to ban home purchases by institutional investors
-
Sports5 days agoClock is ticking for Frank at Spurs, with dwindling evidence he deserves extra time
-
Sports1 week agoPGA of America CEO steps down after one year to take care of mother and mother-in-law
-
Business1 week agoBulls dominate as KSE-100 breaks past 186,000 mark – SUCH TV
-
Sports6 days ago
Commanders go young, promote David Blough to be offensive coordinator