Gold gains ₹54 on weaker rupee, global cues

Trump touts 'blue collar boom' in speech to global elite

Trump: US witnessing a ‘blue collar boom’

President Trump addresses the World Economic Forum in Davos.

President Trump touted the U.S. economic boom in a speech to global leaders at the World Economic Forum in Davos, Switzerland, on Tuesday.

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The 30-minute long speech touched on key components of his economic initiatives, including job creation, trade improvements and energy independence.

TRUMP 2020 REELECTION BID GOOD NEWS FOR STOCKS

“America’s thriving, America’s flourishing, and yes, America is winning again like never before,” Trump said.

The president reeled off a number of accomplishments for the labor force under his leadership, pointing to the more than 7 million jobs created, helping push the unemployment rate to 3.5 percent, its lowest in 50 years.

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He said earnings growth of the bottom 10 percent of Americans is outpacing that of the top 10 percent, adding that real median household income is at an all-time high. It amounts to a "blue-collar boom," Trump said.

He also cited record low unemployment numbers for African Americans, Hispanic Americans and Asian Americans.

“The American dream is back, bigger, better, stronger than ever before,” Trump said.

This story is developing. Check back for updates.

Donald Trump Jr. Tried To Make MLK Day All About His Dad And It Didn’t Go Over Well

Donald Trump Jr. drew ire on Monday for attempting to make Martin Luther King Jr. Day all about his dad.

President Donald Trump’s eldest son praised his father on Twitter “for his commitment to empowering black Americans to live happier, more prosperous lives.”

Check out the full post here:

President Trump also sparked anger by trying to turn the holiday into a tribute to himself with a tweet linking it to the three-year anniversary of his inauguration.

Trump Jr.’s post was predictably pounced upon by dozens of critics on Twitter.

“Would it kill Trump Jr to tweet something respectful about MLK without mentioning his father,” asked one.

Added another: “Irony is dead.”

Trump Mocked As ‘Space Farce’ After Saying America Is Number One In The Universe

President Donald Trump made a boast on Monday that was big, even by his usual “braggadocious” standards. He claimed the United States was “number one in the universe by far.” 

Before departing for Davos, Switzerland for the World Economic Forum’s annual meeting, the president tweeted: 

The claim caused “number one in the universe” to trend, with tweets such as these:

Vans parent VF Corp. reviewing strategic options for nine businesses that outfit U.S. workers

Vans and Timberland parent VF Corp. VFC, -0.90% said Tuesday it has hired Barclays as financial adviser as it explores strategic options for the occupational part of its work segment. At stake are nine brands and businesses including Red Kap, that make uniforms and other work clothing for workers in the industrial, service and government sectors. Together, they accounted for about $865 million of the company’s 2019 revenue of $13.8 billion. "Divesting these brands would leave VF with a simplified portfolio of higher-growth, consumer-focused brands, while providing financial flexibility to fuel further strategic initiatives and enhance shareholder value," Chief Executive Steve Rendle said in a statement. The review does not include the Dickies and Timberland Pro brands. VF Corp. shares were up 0.8% in premarket trade and have gained 22% in the last 12 months, while the S&P 500 SPX, +0.39% has gained 25%.

TalkTalk To Sell FibreNation And Certain Assets To CityFibre For £200 Mln

TalkTalk Telecom Group plc (TALK.L) announced Tuesday that it has agreed to sell FibreNation Limited and TalkTalk’s shareholding in Bolt Pro Tem Limited to CityFibre Infrastructure Holdings Limited and CityFibre Holdings Limited.

The aggregate cash consideration is 200 million pounds, and the sale is conditional upon shareholder approval.

The completion of the sale is expected to occur in March 2020.

TalkTalk said it intends to use the net proceeds from the sale to strengthen its balance sheet.

The company has already received commitments from shareholders holding, in aggregate, 57.5 percent to vote in favour of the sale.

Tristia Harrison, Chief Executive of TalkTalk, said, “The sale of FibreNation to CityFibre, in combination with a competitive wholesale agreement, enables us to continue our strategy to accelerate TalkTalk’s fibre growth for our residential and business customers, thereby delivering a superior customer experience at an affordable price.”

Gold gains ₹54 on weaker rupee, global cues

Gold prices rose ₹54 to ₹40,807 per 10 gram; silver prices fell ₹56 to ₹47,804 per kg from ₹47,860 per kg

Gold prices rose ₹54 to ₹40,807 per 10 gram in the national capital on January 21 due to a weaker rupee and global cues, according to HDFC Securities.

The yellow metal had closed at ₹40,753 per 10 gram on January 20.

However, silver prices fell ₹56 to ₹47,804 per kg from ₹47,860 per kg in the previous trade.

“Spot gold for 24 karat in Delhi was trading up by ₹54, supported by a weaker rupee and early strength in global gold prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The spot rupee was trading around 11 paise weaker against the dollar during the day, he added.

The rupee depreciated 6 paise to 71.17 against the U.S. dollar in opening trade on January 21, tracking weak domestic equity market.

In the international market, gold was trading at $1,559 per ounce, while silver was quoting at $18 per ounce on the COMEX.

In the global market, gold prices traded volatile with spot international gold prices at COMEX traded near $1,559, declining from the highs made near $1,568 for the day, Mr. Patel said.

“Gold prices may trade sideways to up in the near term with support at $1,550 and resistance at $1,580,” he said.