Category: Business & Economy

  • Stellantis Cancels Ohio Jeep Plant Layoffs After CEO’s Departure

    Stellantis Cancels Ohio Jeep Plant Layoffs After CEO’s Departure

    Stellantis, the company behind brands like Jeep and Ram, has decided not to lay off about 1,100 workers at its Jeep plant in Ohio. This change comes less than three weeks after their CEO, Carlos Tavares, unexpectedly quit his job. A company spokesperson said that instead of putting people on indefinite layoff starting January 5, they will keep employees informed and help them adjust. Workers should report back to work after the New Year as planned.

    Tavares had to leave because some board members thought his goals for the company were unrealistic. Just last month, Stellantis announced layoffs at a plant in Toledo, Ohio, which makes the Jeep Gladiator. The company is trying to improve efficiency and reduce inventory due to falling sales in North America, where they usually earn a lot of money from popular Jeep and Ram vehicles.

    Stellantis’s focus on cutting costs grew under Tavares’s leadership. Last month, they also mentioned that 400 workers at a parts facility in Detroit would lose their jobs indefinitely. In August, they said they would lay off up to 2,450 workers in Michigan after ending production of the Ram 1500 Classic truck.

    While Stellantis has cut some salaried positions through buyouts, many people are paying attention to the layoffs affecting workers from the United Auto Workers (UAW) union. UAW President Shawn Fain has warned about a possible nationwide strike, claiming Stellantis isn’t keeping its promises to the union. Stellantis insists it is following the terms of the contract.

  • Gold Prices Rise Slightly Amid Economic Pressure – What to Expect Next

    Gold Prices Rise Slightly Amid Economic Pressure – What to Expect Next

    Gold prices have been under a lot of pressure lately. They dropped below $2,600 per ounce because there weren’t any new updates on China’s economy, and some strong data from the U.S. worried investors. However, gold did bounce back a bit at the end of the week, closing at $2,624 on Friday, with a slight 1.13% gain on that day. Despite this, gold ended the week nearly 1% lower. During the week, its price fluctuated between $2,583 and $2,693.

    Gold got a bit of a boost after the U.S. released its PCE Price Index for November, an important measure of inflation. The numbers were slightly better than expected, showing a slower rise in prices. Here’s the breakdown:

    Monthly PCE: 0.1% (Forecast: 0.2%)
    Yearly PCE: 2.4% (Forecast: 2.5%)
    Core PCE (Monthly): 0.1% (Forecast: 0.2%)
    Core PCE (Yearly): 2.8% (Forecast: 2.9%)

    These numbers are significant because they affect how the Federal Reserve (Fed) decides on interest rates. In a meeting on November 18, the Fed lowered the Fed Fund rate by 0.25%, bringing it to a range of 4.25% to 4.50%. However, they also suggested they might keep rates higher for a while, which had some members concerned.

    Other countries’ central banks, like the Bank of England and the Bank of Japan, decided not to make big changes, which helped support the U.S. dollar.

    Looking ahead, important U.S. reports coming up include Consumer Confidence for December and how many durable goods were ordered in November. There’s also the final report on U.K. GDP for the third quarter that traders will watch closely.

    Total global gold holdings in ETFs dropped to 82.647 million ounces, marking a third week of declines.

    Due to the Fed’s decisions and strong U.S. economic news, the U.S. dollar index rose slightly but settled lower than its peak. Yields on U.S. government bonds also saw a rise.

    In conclusion, even though the PCE numbers gave gold a temporary boost, other strong U.S. data means the Fed might keep interest rates high. Traders may be cautious, especially since trading could be quieter with the holiday season coming. For gold, there’s tough resistance around $2,670, while support levels are at $2,606 and $2,580. Overall, gold might still face difficulties pushing higher in the near term, and a dip to $2,536 is also possible.

  • Foreign Investors Shift: December Brings Rs 21,789 Crore Inflows!

    Foreign Investors Shift: December Brings Rs 21,789 Crore Inflows!

    In December 2024, foreign portfolio investors (FPIs) have started putting money back into the Indian stock market, investing a total of Rs 21,789 crore so far. This is a big change after several months of pulling money out of the market. With this new investment in December, FPIs have put in Rs 6,770 crore in total for the year, compared to the Rs 15,019 crore they took out by the end of November.

    Before this, FPIs sold a lot of Indian stocks, taking out Rs 21,612 crore in November and a whopping Rs 94,017 crore in October. In December, most of the money came into three main areas: financial services (Rs 7,424 crore), IT (Rs 6,754 crore), and real estate (Rs 4,689 crore). However, FPIs sold off Rs 5,337 crore worth of oil and gas stocks, along with Rs 1,823 crore of auto stocks, and Rs 1,655 crore of FMCG shares.

    Despite selling off some shares, sectors like telecom and services started to attract attention again in December, getting investments of Rs 627 crore and Rs 553 crore. Oil and gas have been the biggest area for FPIs pulling money out in 2024, totaling Rs 50,851 crore, while financial services have seen withdrawals nearing Rs 54,000 crore for the year.

    Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned that the sudden switch from buying to selling by FPIs has made the stock market shaky. At the start of December, FPIs were actively buying stocks, investing Rs 14,435 crore in the cash market until December 13. However, they flipped to selling, letting go of Rs 15,828 crore in the week ending December 20.

    Factors like a stronger dollar, rising U.S. bond yields, and worries about slower growth in India helped trigger this change. Vijayakumar believes that as the U.S. economy stays strong, foreign investors might return to buying once growth in GDP and corporate earnings shows signs of improvement. He thinks that upcoming Q3 data might show a slight increase, and despite recent selling, prices for quality large companies in banks and sectors like pharma, IT, and digital platforms are becoming more attractive for investors.

    This year, FPIs have had lots of ups and downs. They brought in the most money in September, with Rs 57,724 crore, while they invested Rs 7,322 crore in August, which was less than the Rs 32,359 crore in July. In June, they were back to buying at Rs 26,565 crore after selling in April and May. Even though they took out Rs 25,744 crore in January, FPIs were net buyers in February and March.

    Recently, FIIs sold Rs 3,597.82 crore worth of stocks, while domestic institutional investors (DIIs) bought Rs 1,374.37 crore. The new inflows in December show that investor confidence is improving with global uncertainties easing and key sectors looking attractive.

  • Google Takes Stand Against DOJ’s Plan to Sell Chrome Browser

    Google Takes Stand Against DOJ’s Plan to Sell Chrome Browser

    Google says the U.S. government’s idea to make it sell its Chrome web browser is “extreme” and not fair. The company is asking a judge to be careful, saying such a move could hurt new ideas and investments.

    In a recent statement, Google responded to the government’s request by saying that they have a better solution. They argued that selling Chrome does not relate to the illegal actions the judge found — which were about unfair contracts with phone and internet companies.

    The U.S. Justice Department (DOJ) wants the judge to order Google to sell Chrome and make other changes to help competition in online searching. Google believes any punishment should be similar to the unfair practices they were accused of.

    Google’s vice president, Lee-Anne Mulholland, explained that their proposal would allow other browsers, like Apple’s Safari, to work with any search engine they choose. This comes after the judge found Google was wrong for paying companies like Apple to be the default browser.

    Google wants to let device makers preload many search engines and not require them to include Chrome, making it easier for users to pick.

    This is Google’s first response since the judge decided they had unfairly dominated online search and advertising. Google plans to appeal but must wait until the case ends.

    The judge has scheduled a meeting in April to decide what needs to change to improve competition, with a final decision expected by August 2025.

  • Earn Big as a Data Analyst: No College Needed!

    Earn Big as a Data Analyst: No College Needed!

    Data analytics is a popular job right now, and you can earn a six-figure salary without needing a traditional college degree. According to a report from NiftyStat, Lisa Gevelber, a Vice President at Google and founder of the Grow With Google program, shared how important this job is. She mentioned, “There’s a big need for people who can understand data and use it to help businesses make important choices.”

    Data analysts look at raw data, find trends, and create useful insights to help companies make better plans. They use tools like Excel, SQL, and Tableau to analyze data, such as sales numbers or website traffic, helping businesses run more smoothly.

    The great thing about data analytics is that it relies more on skills than on formal education. There are many industry-recognized certifications and online training programs available. For example, Google offers a data analytics certification for $49 per month through its Grow With Google initiative. Companies like IBM and CompTIA also provide affordable training options.

    These certifications teach skills like coding, using spreadsheets, and creating data visualizations. Right now, the U.S. Bureau of Labor Statistics expects jobs in this field to grow by more than 30% over the next decade, which is three times faster than other jobs.

    Gevelber explained that data analytics can be applied anywhere and in any industry. If you know how to use artificial intelligence (AI) tools, you’ll have a big advantage. She said, “Using AI to organize data or create visuals can make you much more efficient.”

    So, how much can data analysts make? An entry-level data analyst typically earns a median salary of $93,000, while experienced analysts can make around $110,000 a year. Some remote positions in industries like healthcare, technology, and finance can pay even more, sometimes up to $150,000 per year.

  • Essential Guide to Bank Holidays in December 2024: What You Should Know!

    Essential Guide to Bank Holidays in December 2024: What You Should Know!

    Today is a bank holiday! Banks in India are usually open on the first, third, and fifth Saturdays of the month, but they’re closed on the second and fourth Saturdays, as well as on Sundays. Since December 21 is a third Saturday, banks will be open and running normally.

    In December 2024, banks will take breaks for various holidays like the Feast of St. Francis Xavier, Goa Liberation Day, Christmas Eve, and New Year’s Eve. However, which days banks close can depend on where you live. To find out when your local bank might be closed, it’s best to check with them directly.

    Even though bank branches may be closed on holidays, you can still use services like online banking anytime. You can access bank websites, apps, UPI payments, and ATMs all year round, unless there’s a scheduled maintenance shutdown. You can even start a fixed or recurring deposit online, even on bank holidays!

  • Biden Administration to Blacklist Chinese Chip Company for Illegal Activity”

    Biden Administration to Blacklist Chinese Chip Company for Illegal Activity”

    The Biden administration is getting ready to add a Chinese company called Sophgo to a special blacklist. This is happening because Sophgo used a chip made by TSMC in a Huawei AI processor without permission. Sophgo is connected to Bitmain, a company that makes bitcoin mining equipment.

    When a company is put on the U.S. Commerce Department’s Entity List, it means they can’t buy goods and technology from the U.S. without permission. This permission is usually hard to get. Huawei, a big company that makes phone equipment, has been on this list since 2019. Since 2020, no one can send even chips made outside of the U.S. to Huawei unless they get a special license.

  • Tesla Recalls: Fixing Tire Pressure Warning Light Issues!”

    Tesla Recalls: Fixing Tire Pressure Warning Light Issues!”

    Tesla is fixing an important problem with some of its cars, including the Model 3, Model Y, and Cybertruck. The tire pressure warning light may not always stay on, so drivers might not know when their tires are low on air. This is serious because driving on under-inflated tires can lead to accidents.

    To solve this issue, Tesla will send an over-the-air software update to fix the warning system. In the first three quarters of the year, Tesla’s cars made up 21% of all recalls in the U.S., according to BizzyCar, a company that helps manage recalls. Thankfully, most of these problems can be fixed with software updates instead of going to a repair shop.

    In the third quarter alone, Tesla recalled 1,858,774 vehicles, which is the most in the U.S. this year, but all these issues can be resolved with software updates. Plus, in November, Tesla recalled 2,400 Cybertruck units because a faulty part could cause power loss, which is dangerous. This was the sixth recall for the Cybertruck this year!

  • Friday’s Market Wrap: FMCG Stocks Up and Down!

    Friday’s Market Wrap: FMCG Stocks Up and Down!

    On Friday, shares of companies selling fast-moving consumer goods (FMCG) had a varied day in the stock market. Some companies did really well, while others struggled.

    Top Gainers:
    – Prataap Snacks Ltd. saw its stock rise by 10.63%.
    – Umang Dairies Ltd. went up by 3.77%.
    – Bikaji Foods International Ltd. increased by 1.59%.
    – Other companies that gained include Honasa Consumer Ltd. (+0.78%), Gopal Snacks Ltd. (+0.52%), Euro India Fresh Foods Ltd. (+0.23%), Nestle India Ltd. (+0.15%), and Sheetal Cool Products Ltd. (+0.05%).

    Top Losers:
    On the other hand, some companies had a tough day:
    – ADF Foods Ltd. fell by 3.84%.
    – Hatsun Agro Products Ltd. dropped 3.83%.
    – Mrs. Bectors Food Specialities Ltd. went down 3.64%.
    – Other companies that lost ground included Heritage Foods Ltd. (-3.24%), Dodla Dairy Ltd. (-3.10%), Zydus Wellness Ltd. (-3.02%), Dangee Dums Ltd. (-2.98%), Gillette India Ltd. (-2.82%), Varun Beverages Ltd. (-2.47%), and Hindustan Foods Ltd. (-2.19%).

    In broader market news, the NSE Nifty50 index ended down by 364.21 points, finishing at 23587.5. Meanwhile, the BSE Sensex closed down by 1176.46 points, ending at 78041.59.

    In the Nifty pack, some winners included Dr. Reddy’s Laboratories Ltd. (up 1.37%), ICICI Bank Ltd. (up 0.12%), and HDFC Life Insurance Company Ltd. (up 0.05%). Unfortunately, Tech Mahindra Ltd. (down 3.9%), Trent Ltd. (down 3.68%), and several others saw declines.

  • DLF Ltd. Shares Update: Trends, Indicators, and Key Insights

    DLF Ltd. Shares Update: Trends, Indicators, and Key Insights

    DLF Ltd.’s shares changed slightly, going up by 1.05 percent to end at Rs 855.00 on Friday. During the day, they reached a high of Rs 869.35 and a low of Rs 854.20.

    Looking at some important averages: the 200-day moving average (200-DMA) for DLF shares is at Rs 850.37, and the 50-day moving average (50-DMA) is at Rs 829.38. When a stock trades above both of these averages, it usually shows a positive trend. But if it trades below both, that means it’s not doing well. If it’s in between, it could go either way.

    The stock is also performing well according to a tool called the MACD (Moving Average Convergence Divergence), which indicates that DLF shares may be on the rise. The MACD helps identify changes in trends for stocks. It calculates the difference between two averages over different time frames and shows potential buy or sell signals through a line called the “signal line.”

    Additionally, the Relative Strength Index (RSI) for DLF is at 52.89. Typically, if the RSI goes above 70, it suggests the stock is too expensive (overbought), and if it goes below 30, it suggests it may be a good bargain (oversold).

    Lastly, DLF’s Return on Equity (RoE) is 6.91 percent, meaning it’s making a profit compared to the money invested by shareholders. The Return on Capital Employed (RoCE), which helps measure how well a company is using its capital, is at 4.56 percent.