Gold declines ₹ 231; silver tanks ₹ 256
Gold in the national capital declined ₹ 231 to ₹ 48,421 per 10 gram on Wednesday, according to HDFC Securities.
In the previous trade, the precious metal had closed at ₹ 48,652 per 10 gram. Silver also dipped ₹ 256 to ₹ 65,614 per kilogram from ₹ 65,870 per kilogram in the previous trade.
The rupee appreciated 8 paise to 72.86 against the US dollar in opening trade on Wednesday.
In the international market, both gold and silver were trading flat at $ 1,850.5 per ounce and $ 25.41 per ounce.
According to Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services, "Gold prices held steady ahead of the US Federal Reserve’s monetary policy decision due later in the day and as investors awaited a stimulus package in the world’s largest economy."
Boris Johnson to make announcement on schools at press conference this afternoon
The prime minister will address the nation this evening, No 10 has announced.
Boris Johnson will be speaking at a Downing Street press conference later today.
Although a time has not yet been confirmed, the press briefings usually begin at 5pm.
The announcement comes as Mr Johnson is currently being grilled over his handling of the pandemic at Prime Minister’s Questions.
This is a breaking news story, more to follow…
Maddow Points Out Huge Difference Between Democrats And ‘Dumpster Fire’ GOP Right Now
Rachel Maddow on Tuesday ripped the GOP as a “dumpster fire,” accusing the Republican party of being unable in its current post-Trump turmoil to contribute to the governing of the country.
“We are now quite suddenly and clearly at this place where the two parties have totally different tasks at hand,” said the host of MSNBC’s “The Rachel Maddow Show.”
“On the Republican side, it is some scary and kind of unnerving stuff about whether or not they are a party that endorses violence and whether they are a party that still believes that democracy and elections are the way that we decide things as a country,” she said.
Democrats, meanwhile, are “just trying to govern,” Maddow continued. “They’re trying to figure out how to get something done without having to deal with that dumpster fire on the other side.”
“Because how can that be your governing partner?” she added.
“The Democrats have to prove they can do this or they’re going to have to contend with the dumpster fire over there again in terms of what the people of the United States have to choose from between the two options available to them,” Maddow concluded. “Just an incredible situation that we are in.”
Watch Maddow’s monologue here:
Oman Electricity Transmission Co tightens guidance for dollar bonds – document
DUBAI, Jan 27 (Reuters) – Oman Electricity Transmission Company has tightened its price guidance for 10-year U.S. dollar-denominated bonds due to launch later on Wednesday to around 6%, a document from one of the banks on the deal showed.
The company, owned 51% by Oman via the state-owned Electricity Holding Company (Nama) and 49% by China’s State Grid International Development Ltd, had given initial price guidance of 6.25%-6.375% for the bonds. It drew more than $3.1 billion in orders for the debt sale.
Morgan Stanley Q4 Results Beat View
Morgan Stanley (MS) reported Wednesday a profit for the fourth-quarter that climbed 57 percent from last year, reflecting strong performance across all three business segments. Both earnings per share and quarterly revenue beat analysts’ estimates.
The company reported that its fourth-quarter earnings applicable to common shareholders climbed 57 percent to $3.27 billion from last year’s $2.09 billion, with earnings per share improving to $1.81 from $1.30 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.27 per share for the fourth-quarter. Analysts’ estimates typically exclude special items.
Net revenues for the fourth-quarter grew 26 percent to $13.64 billion from $10.86 billion a year ago. Analysts expected revenues of $11.54 billion for the fourth-quarter.
Institutional Securities net revenues for the quarter were $7.0 billion compared to $5.1 billion a year ago. Investment Banking revenues were up 46 percent from a year ago. Sales and Trading net revenues were up 32% from a year ago.
Wealth Management net revenues for the quarter were $5.7 billion compared to $4.6 billion last year.
Investment Management net revenues declined to $1.1 billion from $1.4 billion in the previous year.
In Wednesday pre-market trading, MS was trading at $76.30 up $1.31 or 1.75 percent.
Hess Corporation Q4 adjusted earnings Beat Estimates
Below are the earnings highlights for Hess Corporation (HES):
-Earnings: -$97 million in Q4 vs. -$222 million in the same period last year.
-EPS: -$0.32 in Q4 vs. -$0.73 in the same period last year.
-Excluding items, Hess Corporation reported adjusted earnings of -$176 million or -$0.58 per share for the period.
-Analysts projected -$0.66 per share
-Revenue: $1.42 billion in Q4 vs. $1.70 billion in the same period last year.
AT&T Sued For Allegedly Stealing Patented Twinning Technology
AT&T Inc. has been sued by Network Apps LLC for allegedly stealing patented twinning technology.
The Seattle-based apps developer filed a complaint in New York Southern District Court against the telecommunications giant for breach-of-contract and patent infringement claims.
Reuters reported that Network Apps seeks $1.35 billion in damages, including royalties.
Network Apps’ twinning technology allows smart devices including watches and tablets to respond to calls placed to a single phone number.
The suit is against AT&T’s NumberSync that lets consumers sync wireless number with compatible mobile devices.
In the filing, Network Apps accused that the company and AT&T had joint development and licensing agreements for its technology, but the deals were cancelled in 2014. A year later, AT&T allegedly incorporated the technology in its own product, NumberSync.
As per the complaint, NumberSync uses the same concept and architecture with only cosmetic changes.
Reuters quoted Network Apps’ founders, John Wantz and Kyle Schei as saying that AT&T’s decision to steal their technology has forced them to scale back operations significantly.
They also accuses that AT&T has not paid the required royalties since October 2015.
Network Apps is reportedly seeking at least $450 million of damages that needs to be tripled to reflect AT&T’s alleged willful and egregious infringement, as well as royalties for any future infringements.