Oil Prices Inch Higher In Choppy Trade

Segway Powersports Recalls Fugleman UTVs

Segway Powersports Inc. is recalling Fugleman Utility Terrain Vehicles or UTVs citing fire risk, the U.S. Consumer Product Safety Commission said.

The recall involves about 1,100 units of model year 2022 Fugleman UT10E and UT10X UTVs. These vehicles were sold in various colors including white, black, gray and camo.

The vehicles were manufactured in China by Segway Technology Co. Ltd. and sold at Segway Powersports authorized dealers or sellers of off-road vehicles from November 2021 through May 2022 for between $14,400 and $16,700.

According to the agency, the cockpit rear panel between the seats and the cargo bed can overheat and melt the plastic, posing a fire hazard.

The recall was initiated after the McKinney, Texas -based firm received 10 reports of incidents. There were seven incidents involving fire and three incidents with overheating. However, no injuries have been reported related to the recalled vehicles to date.

Consumers are urged to stop using the recalled UTVs and to take them to an authorized Segway Powersports dealer for a free repair.

In similar incidents, Yamaha Motor Corp. USA, affiliated to Japanese automaker Yamaha Motor Co. Ltd., in late June recalled about 3,500 Kodiak All-Terrain Vehicles due to risk of crash and injury.

In early June, Batesville, Arkensas-based Intimidator called back about 16,000 units of Intimidator and Mahindra UTVs citing crash risk.

Start-ups trump traditional companies in value creation

Domestic new-age companies are making their presence felt at India Inc.

According to a study done by Credit Suisse, only 15 per cent of the companies in the BSE500 index were formed after the year 2000.

By comparison, nearly 90 per cent of unicorns — a start-up with a value of over $1 billion — were set up after 2000.

This goes to show that start-ups have led to more value creation than traditional companies over the past two decades.

“For the BSE 500, the ratio has risen marginally from 13 per cent, helped by the listing of some of last year’s unicorns,” said Credit Suisse in a note.

Indian start-ups are also having a much larger impact in India than in the global context.

The share of domestic unicorns’ value as a percentage of listed market cap is over 10 per cent in India, higher than the US (4 per cent) and China (5 per cent).

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Start-ups trump traditional companies in value creation

Domestic new-age companies are making their presence felt at India Inc.

According to a study done by Credit Suisse, only 15 per cent of the companies in the BSE500 index were formed after the year 2000.

By comparison, nearly 90 per cent of unicorns — a start-up with a value of over $1 billion — were set up after 2000.

This goes to show that start-ups have led to more value creation than traditional companies over the past two decades.

“For the BSE 500, the ratio has risen marginally from 13 per cent, helped by the listing of some of last year’s unicorns,” said Credit Suisse in a note.

Indian start-ups are also having a much larger impact in India than in the global context.

The share of domestic unicorns’ value as a percentage of listed market cap is over 10 per cent in India, higher than the US (4 per cent) and China (5 per cent).

Gold Dips As Dollar Consolidates At Two-decade High

Gold prices were moving lower on Friday as the dollar consolidated at a two-decade high.

Spot gold dropped 0.4 percent to $1,703.28 per ounce, while U.S. gold futures were down 0.3 percent at $1,700.25.

The euro was flat after bouncing back from below parity on Thursday for a second day.

Asian stocks ended mixed while European stocks were seeing strong gains despite concerns about a slowdown in economic growth and Italy’s political turmoil.

Official data showed China’s GDP grew 0.4 percent year-on-year in the second quarter, missing expectations for 1 percent growth. However, retail sales rose 3.1 percent in June to recover from a prior slump.

Christopher Waller and St. Louis Fed President James Bullard, two of the Federal Reserve’s most hawkish policymakers, on Thursday signaled support for a second straight 75-basis-point rate hike at the U.S. central bank’s policy meeting later this month, alleviating some fears of a 100-basis point hike.

Investors await the release of U.S. retail sales and University of Michigan’s consumer sentiment index due later today for policy outlook.

Oil Prices Inch Higher In Choppy Trade

Oil prices rose in choppy trade on Friday as investors pondered over Federal Reserve policy and its impact on global growth.

Benchmark Brent crude futures rose 0.7 percent to $99.75 a barrel, while WTI crude futures were up 0.4 percent at $96.17.

Worries surrounding aggressive Fed tightening eased after Christopher Waller and St. Louis Fed President James Bullard, two of the Federal Reserve’s most hawkish policymakers, on Thursday signaled support for a second straight 75-basis-point rate hike at the U.S. central bank’s policy meeting later this month.

Investors were also reacting to mixed Chinese data. Official data showed GDP grew 0.4 percent year-on-year in the second quarter, missing expectations for 1 percent growth. However, retail sales rose 3.1 percent in June to recover from a prior slump.

U.S. President Joe Biden heads to Saudi Arabia later today to discuss energy supply, human rights and security cooperation. He is poised to ask his Gulf allies to pump more oil and thus lower prices.