October 5: The lensman`s view
October 5: The lensman`s view
A crane unloads coal from a ship at the Adani Cargo Port at Dahej in Gujarat
Groups led by Morgan Stanley Infrastructure Fund and Global Infrastructure Partners, and the Adani Group are considering bids in the A$2 billion ($1.9 billion)-plus sale of Australia's state-owned Port of Brisbane, two sources familiar with the transaction said on Tuesday.
Final bids for the port, which is being sold as part of a A$15 billion sale of infrastructure assets by the Queensland state government, close on October 25, one of the sources said.
One of the parties conducting due diligence was a consortium of US-based investment fund Global Infrastructure Partners, state government arm Queensland Investment Corp and Macquarie Capital, two sources with direct knowledge of the matter said.
Employees at a call centre provide service support to customers in Siliguri
Business activity in the Indian services sector expanded at a considerably slower pace in September than in the previous month, with the index falling to a 10-month low mainly due to weakness in incoming new business.
The HSBC Markit Business Activity Index, based on a survey of 400 firms, saw its third consecutive fall, easing to 55.6 from 59.3 the previous month, but staying above the 50 mark that divides growth from contraction for the 17th month.
While September's data continued to signal growth in the sector, the pace was significantly slower when compared to last month with all the adjusted sub-indexes showing a decline.
\"India's service industry is stepping off the throttle. Along with the manufacturing sector, growth is slowing, although the expansion continues,\" said Frederic Neumann, Co-head of Asian economics research at HSBC.
Chairman and Chief Executive Officer Lakshmi Mittal is seen in Luxembourg
Consolidation in the steel industry is almost finished, apart from in China, said the head of the world's largest steelmaker, ArcelorMittal, dampening speculation of an M&A revival in the sector.
Despite a pick up in global merger and acquisition activity, steel production has seen few large deals since Mittal took over Arcelor in 2006.
The fragmented steel industry is in a disadvantageous position in price talks with iron ore miners, producers of key steelmaking material, as three big miners -- Vale, Rio Tinto and BHP Billiton -- dominate the market.
A woman walks past the Merrill Lynch logo outside their offices in the City of London
The Indian wealth management arm of Merrill Lynch aims to grow new client assets and revenues by about 30 percent over the next year as wealthy Indians return to invest in a booming market, a top executive said on Tuesday.
Atul Singh, who heads the wealth manager in India, said his firm added clients at its fastest pace ever in the last 12-15 months and plans to increase the number of relationship managers by a fifth over the next one year to sustain the rapid growth.
He said risk appetite was improving and investors were now more comfortable with the investing climate as Indian economic growth picks up and its stock markets surge, making it the fertile hunting ground for wealthy clients.
\"There was a little bit more momentum in the last 15 months but I don't think that momentum is temporary and will go away,\" Singh told the Reuters Global Wealth
A saleswoman arranges gold jewellery inside a showroom in Kolkata
India December gold futures on the Multi Commodity Exchange (MCX) extended gains on Tuesday to a new record high of Rs 19,390 per 10 grams, surpassing the previous peak of Rs 19,368 struck on September 23.
At 1:05 pm, the contract was trading at Rs 19,380, up 0.73 per cent, tracking firm overseas markets and a weaker rupee, which makes the dollar-quoted yellow metal expensive.
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