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Diwali 2024 bank holidays: Are banks closed on October 31 or November 1? Full state-wise Diwali bank holiday list

suimt — Wed, 30 Oct 2024 08:24:44 +0000

On October 31 (Thursday), banks will be closed in…

Diwali 2024 bank holidays full list: The diverse traditions and customs in India lead to varying bank holidays during Diwali (Deepawali) across different states. Understanding the bank closure dates for Diwali in 2024 is essential for individuals, businesses, and tourists to effectively plan their financial transactions and travel arrangements.
It’s important to note that some holidays, such as Karnataka Rajyotsava and Kut festival, are specific to certain states.
Diwali, also known as Deepavali, is a Hindu festival that celebrates the triumph of light over darkness, good over evil, and knowledge over ignorance. The festival typically spans five to six days, during which people decorate their homes, temples, and workplaces with diyas (oil lamps), candles, and lanterns.
The festival holds great spiritual significance, as it symbolises “the spiritual ‘victory of light over darkness, good over evil, and knowledge over ignorance.'”

Diwali Bank Holidays 2024:

On October 31 (Thursday), banks will be closed in Andhra Pradesh, Goa, Karnataka, Kerala, Puducherry, Telangana, Tamil Nadu, Delhi, Uttar Pradesh, and West Bengal. However, banks will remain open in Tripura, Maharashtra, Uttarakhand, Sikkim, Manipur, Jammu, Kashmir, and Meghalaya.
On November 1 (Friday), banks will be closed in Tripura, Karnataka, Uttarakhand, Jammu & Kashmir, Maharashtra, Meghalaya, Sikkim, and Manipur due to the celebration of Deepavali, Kut Festival, and Kannada Rajyotsava.
On November 2 (Saturday), banks will be closed in Gujarat, Maharashtra, Karnataka, Uttarakhand, Sikkim, Rajasthan, and Uttar Pradesh for Diwali (Bali Pratipada)/Balipadyami/Laxmi Puja (Deepawali)/Govardhan Pooja/Vikram Samvant New Year Day.

Some states will see extended bank holidays. In Karnataka and Maharashtra, banks will be closed for four consecutive days from October 31 to November 3 (Sunday). In Uttarakhand and Sikkim, banks will be closed for three consecutive days from November 1 to November 3 (Sunday).

Europe prepares for 'America First' push no matter who wins the U.S. election

Aseem — Wed, 30 Oct 2024 05:43:36 +0000

Former President Donald Trump and Vice President Kamala Harris are shown on screen during a debate watch party at the Cameo Art House Theatre in Fayetteville, North Carolina, on Sept. 10, 2024.

Allison Joyce | Bloomberg | Getty Images

European politicians and policymakers are busy preparing for more American protectionism regardless of who emerges as the next leader of the White House after elections next week.

The presidential race has remained a dead heat going into its final few days, with polling consistently rating the candidates, Vice President Kamala Harris and former President Donald Trump, as being tied within key battleground states and across the country.

“Whoever wins will be ‘America first’,” a senior European diplomat, who did not want to be named due to the sensitive nature of the transatlantic relationship, told CNBC last week.

“The main concern for the Americans is the economy, and the answer will have to be more economic nationalism — I don’t agree with it, but I don’t see any way around that,” said the senior diplomat, who takes part in confidential talks among the EU leaders.

The comments come after a warning from German Finance Minister Christian Lindner, who on Friday told CNBC there could be retaliation if the U.S. kicked off a trade war with the European Union.

“In that case, we need diplomatic efforts to convince whoever enters the White House that it’s not in the best interest of the U.S. to have a trade conflict with [the] European Union,” he said at the IMF annual meetings in Washington, D.C.

Trade with the United States is extremely important for European nations. The EU and the U.S. have the largest bilateral trade and investment relationship in the world, which reached an all-time high of 1.2 trillion euros ($1.29 trillion) in 2021, according to data from the European Commission, the executive arm of the EU.

Harris is seen, to some extent, as likely to continue current President Joe Biden’s policies, which in economic terms will be remembered in Europe by the Inflation Reduction Act — a sweeping U.S. legislation totaling $369 billion which targets climate and energy policies. The IRA upset many European leaders due to its perceived protectionist nature.

The “America first” policy is likely to have more repercussions for European economies under a Republican presidency. Trump has threatened to impose additional across-the-board tariffs of 10% on European products, which could put a strain on the bloc’s exporters and, according to data from Goldman Sachs, weaken the euro by as much as 10%.

Trump’s first tenure at the White House was a challenging time for some European leaders, who expressed their dislike for the former president’s style and confrontational tone. The two sides often had differing views on trade, defense and technology — among others.

“Trump cannot surprise us anymore, we know how to handle it, we have had to deal with him before,” the anonymous senior diplomat also told CNBC.

A second EU official, who also requested not to be named due to the sensitive nature of the U.S. relationship, told CNBC: “There’s no panic. We are being very pragmatic, but of course we have to prepare for both scenarios.”

The same official added that the European Commission is working on “bold” initiatives regardless of who becomes the next president.

CNBC reported in May 2023 how European officials were already quietly preparing for the possibility of a return of Trump. This meant a focus on cutting dependencies with the U.S. and with China — something that EU leaders continue to target.

In an October statement, the 27 heads of state of the EU called for “more efforts to enhance the Union’s competitiveness, strengthen its economic resilience, secure its industrial renewal and achieve the full potential of the Single Market.”

“It highlights the urgency of taking effective action,” the statement added.

Viktor Orban reportedly told journalists in Brussels this month that he would open “several bottles of Champagne” if Trump returns to the White House. Just two days after U.S. voters head to the polls, EU leaders are expected to meet in the Hungarian capital of Budapest and will likely discuss the outcome of the election over dinner.

A third EU official, who did not want to be named and who will be attending the meetings in Budapest, told CNBC: “I am definitely not going to celebrate if Trump wins.” The same official added that the U.S. election is “very worrying” as it “comes down to 200 votes in [swing state] Pennsylvania.”

The official added that, whatever the result, “it won’t come as a shock as it did last time, and Europe has since improved its strategic autonomy and defense spending.”

MG’s China connection prompts scrutiny for PLI benefit for EV manufacturing

suimt — Wed, 30 Oct 2024 01:36:29 +0000

NEW DELHI: MG Motor’s China connection is casting a shadow on its plans to expand JSW MG Motor India’s electric vehicle manufacturing in the country by using the govt’s production-linked incentive scheme.
At least three sources told TOI that a decision on the company’s foreign investment scrutiny towards availing of PLI benefits had been “held back” by an inter-ministerial panel led by the Union home secretary, which is primarily tasked with checking if FDI proposals are in line with govt’s Press Note 3 prescription.
The review follows the company’s revised PLI application for benefits after the induction of local partner JSW Group, which now holds a 35% stake through a Singapore arm. MG, a unit of Chinese giant SAIC, had been facing challenges in expanding its operations in India after the introduction of Press Note 3 in 2020 during the Covid-19 lockdown.
The measure had seen govt withdraw automatic FDI approval for companies with significant beneficial ownership from countries that share a land border with India. The move was initiated to scrutinise proposals related to Chinese companies instead of giving an automatic green light in non-strategic sectors.

Facing challenges in accessing fresh funding, SAIC decided to dilute stake in the India subsidiary through the deal with JSW Group. It also diluted 8% equity in favour of an Indian financial investor and gave 5% to employees as ESOPs and 3% to dealers. After this, the Chinese partner has 49% equity.
The new entity is now petitioning govt to allow access to PLI benefits, especially in view of its changed ownership where Indian entities and nationals hold the majority stake.
JSW MG Motor India said: “The consolidated Indian shareholding after JV is 51% and Chinese shareholding is 49%.” “The company and JV partners obtained requisite clearances/ approvals as may be required for consummation of the transaction,” it said.
Sources said that under the new JV — called JSW MG Motor India — has been petitioning the govt for “relaxation in scrutiny in view of the majority holding by Indians”. The company is of the view that access to PLI will help it soften the handicap of expensive EV manufacturing, making the new green cars more affordable.

Chipotle misses revenue estimates as same-store sales growth disappoints

suimt — Tue, 29 Oct 2024 21:41:47 +0000

A customer holds a bag of food outside of a Chipotle restaurant in New York on Jan. 12, 2024.

Angus Mordant | Bloomberg | Getty Images

Chipotle Mexican Grill on Tuesday reported mixed quarterly results despite another quarter of higher traffic to its restaurants.

Shares of the company fell 3% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: 27 cents adjusted vs. 25 cents expected
Revenue: $2.79 billion vs. $2.82 billion expected

Chipotle reported third-quarter net income of $378.4 million, or 28 cents per share, up from $313.2 million, or 23 cents per share, a year earlier.

The company’s food and beverage costs increased during the quarter, in part due to Chipotle’s decision to reemphasize generous portions after social media-fueled backlash over the size of its burrito bowls this summer.

Excluding items, the company earned 27 cents per share.

Net sales climbed 13% to $2.79 billion.

Same-store sales rose 6%, just shy of StreetAccount estimates of 6.3%. Traffic to restaurants increased 3.3% in the quarter, continuing the chain’s streak of bucking an overall slump in foot traffic across the industry. While many consumers have opted to eat out less, Chipotle has benefited from having a wealthier customer base that is willing to pay more for its burritos and bowls.

“We’re seeing growth from all income cohorts at present,” interim CEO Scott Boatwright said on CNBC’s “Closing Bell: Overtime” on Tuesday.

While demand was weaker at the start of the third quarter, Boatwright said sales accelerated throughout the period, particularly as Chipotle reintroduced its smoked brisket. The limited-time menu item is currently the most expensive protein, topping even the chain’s steak and beef barbacoa options.

Boatwright, formerly Chipotle’s chief operating officer, stepped in to lead the company after former CEO Brian Niccol departed in late August to pilot Starbucks‘ turnaround. On the company’s conference call on Tuesday, Boatwright reassured investors that the chain’s strategy is not changing despite the leadership shake-up.

“I have worked alongside our talented executive team to craft and evolve our successful strategy, and we will continue to execute against it,” he said.

Digital sales accounted for 34% of the chain’s quarterly food and beverage revenue.

The company opened 86 new locations during the quarter, 73 of which included a “Chipotlane” dedicated to online order pickup.

Chipotle is also investing in new equipment to improve its preparation and cooking. The company plans to roll out new produce slicers to all restaurants by next summer. Chipotle has also added dual-sided grills to 74 restaurants and will announce early next year its strategy to add the equipment to new and existing restaurants.

For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage. The company also anticipates it will open between 285 and 315 new restaurants this year.

Looking to 2025, Chipotle plans to open between 315 and 345 new locations. More than 80% of those restaurants will include a Chipotlane.

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McDonald's executives say E. coli outbreak is 'behind us'

Harsh — Tue, 29 Oct 2024 18:29:54 +0000

McDonald’s Chris Kempczinski speaks about fresh beef expansion at a McDonald’s event in Oak Brook, Illinois.

Richa Naidu | Reuters

A week after health authorities publicly linked a deadly E. coli outbreak to McDonald’s Quarter Pounder burgers, the company’s CEO, Chris Kempczinski, told investors that the situation is now behind them.

“How we’ve handled the issue, now that we’re moving … we view it as being behind us,” Kempczinski said on the company’s call Tuesday.

During his prepared remarks, he said that the “situation appears to be contained.”

On Sunday, McDonald’s said Quarter Pounder burgers would return to roughly a fifth of its U.S. footprint where the company had pulled the menu item following the outbreak. That amounts to roughly 3,000 restaurants, the company told CNBC Tuesday.

Health authorities didn’t detect any E. coli in the burger’s fresh beef patties, but the Food and Drug Administration is still investigating the slivered onions that are used in Quarter Pounders as the likely source. McDonald’s has stopped sourcing onions from the supplier indefinitely, and around 900 locations will serve the Quarter Pounder sans slivered onions.

McDonald’s saw daily sales and traffic to its U.S. restaurants turn negative in the days immediately following the outbreak announcement as consumers reacted to the news, CFO Ian Borden said. He added that the company isn’t anticipating a material impact to the business.

Now McDonald’s is focused on reassuring diners and returning to the higher sales it had been seeing earlier in October, fueled by its $5 value meal and the launch of the Chicken Big Mac.

“What I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our U.S. business back to that strong momentum that I just talked about,” Borden said.

On Tuesday, McDonald’s reported U.S. third-quarter same-store sales that increased 0.3% over the prior-year period, reversing a decline during the second quarter but slightly weaker than the 0.5% growth projected by StreetAccount estimates.

McDonald’s beat Wall Street’s estimates for its quarterly earnings and revenue, but its overall same-store sales fell 1.5%, fueled by weaker demand in key international markets.

Shares of McDonald’s fell as much as 2.5% in premarket trading on Tuesday but recovered during the conference call. The stock was roughly flat when the markets opened.

Earlier on the call, Kempczinski apologized to customers for the situation.

“The recent spate of E. coli cases is deeply concerning, and hearing reports of how this has impacted our customers has been wrenching for us,” Kempczinski said. “On behalf of the entire system, we are sorry for what our customers have experienced. We offer our sincere and deepest sympathies, and we are committed to making this right.”

As of Friday, 75 health cases across 13 states have been tied to the outbreak, including one death of an older adult.

At least three lawsuits have already been filed against McDonald’s by victims of the outbreak.

Clarification: This story has been updated to clarify that McDonald’s is returning the Quarter Pounder to roughly 3,000 locations after pulling the menu item following an E. coli outbreak. About 900 restaurants will serve the burgers without slivered onions.

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Pfizer tops earnings estimates, hikes full-year guidance as Covid products help sales

Harsh — Tue, 29 Oct 2024 17:37:24 +0000

The PAXLOVID antiviral medications nirmatrelvir co-packaged with ritonavir were developed by Pfizer to treat the virus.

Patrick T. Fallon | Afp | Getty Images

Pfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company’s Covid vaccine and antiviral pill Paxlovid helped boost sales.

The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share.

Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between $59.5 billion and $62.5 billion. That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid.

The results are a much-needed win for Pfizer CEO Albert Bourla, who is facing new pressure from activist investor Starboard Value. The firm has a roughly $1 billion stake in the pharmaceutical company.

Still, shares of Pfizer fell more than 2% on Tuesday.

Here’s what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.06 adjusted vs. 62 cents expected
Revenue: $17.7 billion vs. $14.95 billion expected

The company booked third-quarter net income of $4.47 billion, or 78 cents per share. That compares with a net loss of $2.38 billion, or 42 cents per share, during the same period a year ago. Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of $1.06 for the quarter.

Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago.

It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years. The drugmaker’s shares are trading at about half of their pandemic-era high, putting the company’s market cap at roughly $163 billion.

contends that Pfizer failed to capitalize on the windfall earned from its Covid products and, in the process, destroyed tens of billions of dollars in market value. Smith points to what he believes are management’s poor investments in research and development and hefty acquisitions that have yet to be fruitful for the struggling company.

Notably during the quarter, Pfizer withdrew from world markets a critical sickle cell drug it had acquired in a $5.4 billion deal for Global Blood Therapeutics. Starboard is calling for a massive overhaul at Pfizer, saying that the company needs to be more disciplined in its investments.

Bourla said Tuesday he and other executives met with Starboard two weeks ago, and called it “constructive and cordial.”

Pfizer agrees with some of the points Starboard raised, but has “vastly different views on many others,” Bourla said. For example, Starboard challenged Pfizer’s capital deployment for business development. But Pfizer believes its deals will bring significant shareholder returns, Bourla said.

Bourla pointed to changes Pfizer has implemented over the last 10 months, such as appointing new executives and separating its U.S. and international businesses.

Still, he said, “We will engage productively with our shareholders, including Starboard” and consider “all good ideas that are offered.”

Meanwhile, Pfizer reiterated Tuesday it is on track to deliver at least $4 billion in savings by the end of the year. The company in May announced a multiyear plan to slash costs, with the first phase of the effort slated to deliver $1.5 billion in savings by 2027.

whopping $43 billion.

Those drugs brought in $854 million in revenue for the quarter, including $409 million from a targeted treatment for bladder cancer called Padcev as well as $268 million from Adectris, a drug that targets certain lymphomas. Pfizer completed its acquisition of Seagen in December.

Revenue also got a boost from sales of Pfizer’s Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle. Those drugs booked $1.45 billion in sales, up 62% from the third quarter of 2023.

Analysts had expected that group of drugs to rake in $1.37 billion for the quarter, according to estimates from StreetAccount.

Pfizer said its blood thinner Eliquis, which is co-marketed by Bristol Myers Squibb, also helped drive revenue growth during the period. The drug posted $1.62 billion in revenue for the quarter, up 8% from the year-earlier period.

That is slightly higher than the $1.59 billion that analysts were expecting, according to StreetAccount.

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Sales of Eliquis could take a hit in 2026, however, when a new price for the drug goes into effect for certain Medicare patients following negotiations with the federal government. Those price negotiations are a key provision of President Joe Biden‘s Inflation Reduction Act that the pharmaceutical industry fiercely opposes.

Meanwhile, Pfizer’s vaccine against respiratory syncytial virus, or RSV, saw $356 million in revenue for the third quarter. The shot, known as Abrysvo, entered the market during the third quarter of 2023 for seniors and expectant mothers who can pass on protection to their fetuses.

Analysts had expected the shot to generate sales of $255.4 million, according to StreetAccount estimates.

Last week, Pfizer’s RSV shot won approval for adults ages 18 to 59 who are at increased risk for the disease – a decision that will likely significantly expand the reach of the jab in the U.S.

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Harris vs. Trump: Auto insiders weigh in on both candidates, top issues

suimt — Tue, 29 Oct 2024 17:00:01 +0000

New Ford F-150 trucks go through the assembly line at the Ford Dearborn Plant on April 11, 2024 in Dearborn, Michigan.

Bill Pugliano | Getty Images

DETROIT — The automotive industry has become a crucial topic during the 2024 presidential election as Michigan — home of the Motor City and 1.1 million automotive jobs — remains a critical swing state.

Vice President Kamala Harris, former President Donald Trump, and their running mates and supporters have made Michigan a second home in recent weeks as the campaigns attempt to win over undecided voters in the Great Lakes State.

Since 2008, whichever candidate has won the state has moved into the White House, including Trump in 2016 and President Joe Biden in 2020.

“Michigan’s 16 electoral votes have helped thrust Autos into the debate. Between Trump’s hyperactive and contradictory statements and Harris’ quieter views lay deep differences but also convergence,” Jefferies analyst Philippe Houchois wrote in an investor note Monday.

While major automakers and suppliers have shied away from publicly endorsing either presidential candidate, executives and lobbyists from several companies spoke to CNBC on the condition of anonymity to discuss how they’re preparing for each candidate, as well as a likely divided Congress.

Electric vehicles, trade, tariffs, China, emissions regulations and labor are among the top issues automakers are monitoring, according to industry executives and policy experts.

union President Shawn Fain who has been a combative foe to automakers, is concerning to some.

US Vice President and Democratic presidential nominee Kamala Harris greets union workers as she tours an International Union of Painters and Allied Trades training facility in Macomb, Michigan, on October 28, 2024.

Drew Angerer | AFP | Getty Images

If Trump wins reelection, automotive industry officials largely expect that he’ll return to policies and actions from his first presidential term, but those stances could be potentially more aggressive than they were before.

If he’s in office, insiders expect he would roll back or eliminate tightening federal emissions and fuel economy like he did during his first term; renew a battle between California and other states that set their own standards; and potentially enact funding changes to the Biden administration’s key Inflation Reduction Act of 2022 legislation.

Officials said it would be difficult for Trump to completely gut the IRA, but he could defund or limit EV subsidies through executive orders or other policy actions.

Automakers, suppliers and other auto-related companies are preparing for both outcomes as well as a split in Congress, insiders said.

Republican presidential nominee and former U.S. President Donald Trump speaks as he visits a campaign office in Hamtramck, Michigan, U.S. October 18, 2024.

Brian Snyder | Reuters

“There’s no perfect scenario. Both candidates offer some opportunities and challenges,” said a leading lobbyist and public policy expert for a major automaker. “Everyone in our business has to look at the gamut of scenarios.”

Some Wall Street analysts speculate legacy automakers — specifically the “Detroit” companies General Motors, Ford Motor and Chrysler parent Stellantis — would benefit most with Trump and Republican control of Congress.

EV startups such as Rivian Automotive and Lucid Group would benefit more with a Democratic win, largely due to expected plans involving EVs and fuel economy requirements. That’s despite Tesla CEO Elon Musk‘s continued support for Trump.

“Advanced Clean Cars II” regulations of 2022 call for 35% of 2026 model year vehicles, which will begin to be introduced next year, to be zero-emission vehicles. Battery-electric, fuel cell and, to an extent, plug-in hybrid electric vehicles qualify as zero emission.

The California Air Resources Board reports 12 states and Washington, D.C., have adopted the rules; however, roughly half have them starting for the 2027 model year. They are part of CARB’s Advanced Clean Cars regulations that include mandating 100% of new vehicle sales be zero-emission models by 2035.

Only 11 states and the District of Columbia had an EV market share above 10% to begin this year, according to the Alliance for Automotive Innovation, a trade association and lobby group that represents most major automakers operating in the U.S.

Officials said regardless of who wins the White House, many automakers will push for the CARB mandates to be postponed. They also would expect Trump to roll back or freeze the Corporate Average Fuel Economy, or CAFE, standards for model years 2027-2031.

Several automotive insiders said they expect Harris would work on a middle ground for such standard with the automakers, much like Biden, to an extent, has done.

talking point for Democrats four years ago to a rallying call for Republicans.

Republicans, led by Trump, have largely condemned EVs, saying that they are being forced upon consumers and that they will ruin the U.S. automotive industry. Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency and incentives to promote production and adoption of the vehicles.

In contrast, Democrats, including Harris, have historically supported EVs and related incentives.

Harris hasn’t been as vocal about backing EVs lately amid slower-than-expected consumer adoption of the vehicles and consumer pushback. She has said she does not support an EV mandate such as the Zero-Emission Vehicles Act of 2019, which she co-sponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040.

Lucid Group CEO Peter Rawlinson told CNBC on Monday that regardless of which presidential candidate wins the election, he believes America’s EV industry is still in its infancy and needs to continue to be “nurtured.”

Rawlinson, whose company has the most efficient EVs on sale, also argues the IRA should favor not just the size of a battery, like it currently does, but the efficiency of the vehicles.

“That’s effectively incentivizing electron-guzzling EVs,” he said. “It actually incentivized to put more batteries in and be less efficient.”

negotiated under Trump’s first term in office and took effect in 2020. However, the former president and Democrats have said it needs to be improved to better support American automotive production.

While Trump touted the deal when it was renegotiated, Harris was one of 10 U.S. senators who voted against USMCA at the time.

GM CEO Mary Barra last week said the automaker is “paying careful attention” to the election, including how potential changes in trade and tariffs could impact the company.

“We have and we’ll continue to engage constructively with the policymaking process regardless of the election outcome. When you look at the number of jobs created in the U.S., even with some vehicles that are manufactured outside, a lot of them are in our partners from an ally perspective,” she said. “It’s a very complex situation.”

Tariffs are central to Trump’s plan for the auto industry. He has said he would be willing to increase tariffs dramatically to prevent Chinese automakers from importing cars into the U.S. from factories in Mexico.

Chinese automakers are not currently doing that, but are expected to attempt to use that method of importing in the years ahead, as they expand sales and build localized production plants in the country.

Harris has reportedly called Trump’s tariff proposals “a sales tax on the American people.” The vice president hasn’t outlined any specific changes she’d make to the current tariff structure if elected, including on Biden’s announcement of raising the tariff rate on EVs imported from China from 25% to 100%.

Non-U.S.-based automakers, which together account for 48% of U.S. production and 52% of USMCA production, look more positively leveraged to Harris winning, according to Jefferies.

speech at the Democratic National Convention.

The UAW arguably has more political clout than any time in a generation, led by Fain and his top advisors who he brought in from outside the union’s ranks. But there has been a divide in the UAW and other unions regarding the historically Democratic-backed organizations and their members.

While the Teamsters declined to endorse a candidate due to a divide in the union, UAW leaders not only endorsed Harris but have been a driving force for her election campaign in Michigan and other states.

The UAW last week said internal polling showed increasingly “strong support for Kamala Harris over Donald Trump, with Harris’ lead over Trump surging in the last month.”

Meanwhile, Trump and Fain have consistently criticized one another over the past year, as the union attempts to organize as many auto plants as possible following major contract gains won during negotiations last year with the traditional Detroit automakers.

Blue-collar workers such as UAW members were viewed as crucial supporters for Trump’s first presidential election over Democratic candidate Hillary Clinton in 2016.

— CNBC’s Michael Bloom contributed to this report.

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Investment proposals of Rs 40 lakh crore bear shows growing interest in UP: Yogi Adityanath

suimt — Tue, 29 Oct 2024 10:15:40 +0000

Uttar Pradesh chief minister Yogi Adityanath on Tuesday said that the increasing interest of investors from around the world in the state is evident with investment proposals worth Rs 40 lakh crore that were received during last year’s Global Investors Summit.
Addressing an event, he said, these proposals not only highlight the state’s progress but also reveal the journey of its transformative development journey.
“Over the past seven years, Uttar Pradesh has seen major changes that have improved its reputation both in India and around the world. As a result, investors from across the globe are now drawn to invest in the state. Investment proposals Rs 40 lakh crore received during last year’s Global Investors Summit bear testimony to the growing interest of investors from across the globe in the state,” the minister stated.
He said that previously, (before BJP came to power), the state was struggling with a damaged reputation.
He added that the state had been known for riots, criminal gangs, political corruption, and governance issues, leading to young people facing a jobs crisis, lack of respect, and insecurity. Residents used to be constantly worried about violence which often dampened festivals and celebrations.
“Today, however, the state is free from riots and lawlessness. Previously, investors hesitated to invest in UP and those who did often sought ways to leave. Now the state has created a safe and stable environment that attracts businesses and provides new opportunities for its youth,” Adityanath said.
He also emphasized that the recent Global Investor Summit showcased the state’s economic potential to the nation and Rs 12 lakh crore worth groundbreaking projects have already taken place from the committed proposals. Apart from this, at present, investment proposals of Rs 10 lakh crore are ready.
Highlighting these investments, he said that they not only concern economic growth but also represent vast job opportunities for the state’s youth.
Aligning with PM Narendra Modi’s vision,Currently, one of India’s leading state economies, Uttar Pradesh, aims to achieve a $1 trillion economy by 2029.
He said that once the state that faced an identity crisis, is now attracting investors and tourists because of its secure environment. Uttar Pradesh is now gathering attention from people from across the globe, who look forward to being part of its growth. “
This transformation required significant policy changes by the state government to bring in new opportunities and foster a climate of safety and development,” he added.
Adityanath stated that Uttar Pradesh now has 28 specific investment policies that are designed to attract investors across various sectors. He also praised the state’s rich history, emphasizing the importance of its festivals, especially Dhanteras and Deepotsav.
Yogi said that Dhanvantari, the Hindu god of medicine, was born in the state’s oldest city, Varanasi and this heritage is celebrated across the nation.
The UP chief minister also announced that a grand Deepotsav would be held in Ayodhya on Wednesday to mark a significant occasion of being the first major celebration since Ramlala took his place in his sacred abode after 500 years.

British oil giant BP posts weakest quarterly earnings in nearly four years on lower crude prices

Aseem — Tue, 29 Oct 2024 08:06:52 +0000

British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.

Nurphoto | Nurphoto | Getty Images

British oil major BP on Tuesday reported its weakest quarterly earnings in nearly four years, weighed down by a slump in crude prices and lower refining margins.

The energy firm posted underlying replacement cost profit, used as a proxy for net profit, of $2.3 billion for the July-September period. That beat analyst expectations of $2.1 billion, according to an LSEG-compiled consensus.

BP reported net profit of $2.8 billion for the second quarter of the year and $3.3 billion for the third quarter of 2023.

The firm’s third-quarter results were the weakest since the fourth quarter of 2020, when industry profits cratered during the coronavirus pandemic.

“We have made significant progress since we laid out our six priorities earlier this year to make bp simpler, more focused and higher value,” Murray Auchincloss, CEO of BP, said in a statement.

“In oil and gas, we see the potential to grow through the decade with a focus on value over volume. We also have a deep belief in the opportunity afforded by the energy transition – we have established a number of leading positions and will continue high-grading our investments to ensure they compete with the rest of our business.”

Oil prices fell by more than 17% in the third quarter amid concerns about the outlook for global oil demand.

BP maintained its dividend at 8 cents per share after raising it in the second quarter and said it would keep the rate of its share buyback program unchanged at $1.75 billion over the next three months.

The company said it is committed to announcing a further $1.75 billion share buyback in the fourth quarter but warned that, as part of an update to its medium term plans in February next year, it intends “to review elements of our financial guidance, including our expectations for 2025 share buybacks.”

Net debt rose to $24.3 billion in the July-September period, up from $22.6 billion at the end of the second quarter. BP said the increase was primarily driven by lower operating cash flow, higher capital expenditures and lower divestment.

Shares of London-listed BP fell around 1.2% on Tuesday morning. The stock price is down over 14% year-to-date, underperforming its European rivals as investors continue to question the firm’s investment case.

reported by Reuters on Oct. 7, citing three unnamed sources, would be viewed as further evidence of CEO Auchincloss’s plan to prioritize near-term returns from the firm’s more profitable fossil fuel operations.

BP was also said to be targeting several new investments in the Middle East and the Gulf of Mexico to boost oil and gas output, the news agency reported.

A BP spokesperson told CNBC: “As Murray said at the start of year in our fourth quarter results, the direction is the same – but we are going to deliver as a simpler, more focused, and higher value company.”

Britain’s Shell and France’s TotalEnergies are scheduled to report quarterly results on Thursday, with U.S. majors Exxon Mobil and Chevron set to follow suit on Friday.

Last week, Norwegian oil and gas producer Equinor reported a 13% drop in adjusted operating income in the July-September period, missing analyst expectations.

McDonald's is about to report earnings. Here's what to expect

suimt — Tue, 29 Oct 2024 04:01:01 +0000

A McDonald’s restaurant in El Sobrante, California, on Oct. 23, 2024.

David Paul Morris | Bloomberg | Getty Images

McDonald’s is expected to report its third-quarter earnings before the bell on Tuesday.

Here’s what Wall Street analysts surveyed by LSEG are expecting the company to report:

Earnings per share: $3.20 expected
Revenue: $6.82 billion

The earnings report comes a week after the Centers for Disease Control and Prevention issued an advisory notice that warned about a deadly E. coli outbreak linked to McDonald’s Quarter Pounder burgers. After temporarily pulling the menu item from roughly a fifth of its U.S. restaurants, the company said Sunday that the burger will return to affected locations, sans slivered onions.

Health authorities have cleared the chain’s fresh beef patties as the source of the outbreak, and the investigation has zeroed in on the slivered onions that are included in the menu item. As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.

McDonald’s sales had been lagging even before the outbreak. For the company’s third quarter, analysts are expecting the company to report same-store sales declines of 0.6%, dragged lower by weak international demand, according to StreetAccount estimates.

As inflation-weary consumers dine out less, McDonald’s has been rolling out value menus and combo meals in some of its biggest markets. In the U.S., where it launched a $5 combo meal in late June, its same-store sales are expected to rise 0.5%.

Shares of McDonald’s have fallen 6% since it was first tied to the E. coli outbreak. So far this year, the stock is roughly flat. McDonald’s has a market cap of about $210 billion.

This story is developing. Please check back for updates.