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Coca-Cola reported better-than-expected earnings in the first quarter and said the impact of tariffs on its business are likely to be manageable. Revenue fell 2 per cent to USD 11.1 billion in the January-March period, the company said on Tuesday. That was in line with Wall Street's expectations, according to analysts polled by FactSet. Net income rose 5 per cent to USD 3.3 billion for the quarter. Adjusted for one-time items, the Atlanta company earned 73 cents per share. That beat expectations of 72 cents. Shares rose 1.5 peer cent before the opening bell Tuesday.
The impact of mobile phone service tariff hike was evident in July with Reliance Jio, Bharti Airtel, Vodafone Idea reporting loss of customer base, which resulted in an overall decline in telecom subscribers in the country. Reliance Jio, Bharti Airtel and Vodafone Idea increased their mobile service plan rates in the range of 10-27 per cent in the first week of July. Airtel and Vodafone Idea have more than doubled their entry-level mobile rates in the last 2-3 years to Rs 199 that comes with 28 days validity. State-run BSNL was the only player that added new subscribers and led the market in terms of new net customer addition, according to a monthly subscribers report released by the Telecom Regulatory Authority of India on Friday. According to the report, BSNL added over 2.94 million mobile subscribers in July. Bharti Airtel lost 1.69 million mobile subscribers which was highest among its peers. Vodafone Idea and Reliance Jio lost 1.41 million and 758 thousands mobile subscribers
Chinese officials warned a delegation of top US executives visiting Beijing this week that higher tariffs on imports from China will harm their businesses inside the country. The delegation of influential business people belonging to the US China Business Council, including the CEOs of FedEx and Micron, followed a top-level meeting last week where ruling Communist Party leaders endorsed a blueprint for policies that included numerous pledges to improve the business environment for foreign investors. But they also vowed greater vigilance in protecting state secrets, a potential minefield for foreign businesses that face intense scrutiny of their China operations by authorities. Both the US and China have cited national security concerns in imposing restrictions on trade and investment, and American businesses have at times been caught in the middle. Beijing has objected strenuously to Washington's moves to hike tariffs on Chinese-made products and limit Chinese access to advanced ...