Page 1193 - Business Finance
Stocks slide on China worries, rising supply hits oil
NEW YORK (Reuters) - Stock markets slid worldwide on Monday as reduced outlooks from Caterpillar and Nvidia Corp underscored investor concerns about China's economy, while oil headed for its biggest one-day drop in a month on evidence of more growth in U.S. crude supply.
FM asks PSU banks to step up lending to MSME, agri and housing sectors
Finance Minister Piyush Goyal Monday exhorted state-run banks to step up lending to micro, small and medium enterprises, agriculture and housing sectors and also assured these lenders of all kinds of support. Observing that the Insolvency and Bankruptcy Code (IBC) has helped the public sector banks (PSBs) recover over Rs 1 lakh crore in the three quarters of the current fiscal, the minister exuded confidence that it would make them more profitable in days to come. "We have discussed how working of IBC has helped them recover large amount of money both through the IBC mechanism and NCLT (National Company Law Tribunal), and in many cases without having going to NCLT through the pressure that is built up on the large borrowers," he told reporters after his first meeting with the heads of PSU banks after taking over as interim finance minister. Goyal further said the meeting also discussed internal mechanism to resolve cases under the RBI guidelines and within the framework set in the ...
China's Didi sets up joint ventures with BAIC unit, Volkswagen
BEIJING (Reuters) - China's Didi Chuxing has set up joint ventures with a unit of Chinese carmaker BAIC and Germany's Volkswagen as part of the ride hailing giant's goal to ultimately develop purpose-built cars for its services.
Nvidia cuts fourth-quarter revenue estimate on weak China demand; shares sink
(Reuters) - Nvidia Corp on Monday cut its fourth-quarter revenue estimate by half a billion dollars because of weak demand for its gaming chips in China and lower-than-expected data center sales, sending its shares down 15 percent.
Jet plan to convert debt to equity, another Kingfisher redux?
The Board of the beleaguered Jet Airways will meet on February 21 to discuss a fresh resolution plan being considered by lenders triggering speculation whether it will end up as a redux of the Kingfisher Airlines disaster that eventually led to Vijay Mallya being declared a fugitive economic offender.
Follow prudential norms for credit without being excessively conservative: Das to banks
Reserve Bank of India Governor Shaktikanta Das Monday asked banks to extend credit while observing prudential norms without getting excessively conservative. During his interaction with the chief executive officers (CEOs) of the state-owned banks, Das highlighted the importance of public sector banks (PSBs) for the economy at all times and especially at the current juncture in helping meet broader economic goals. He also flagged "the need for PSBs to extend credit while observing prudential norms but without excessive conservatism". Das emphasised the need for further strengthening various aspects of banking, including underwriting standards, capacity building, use of technology and governance. "Basically, the idea was to convey to them the regulator's expectation from the banking sector in general and public sector banks in particular, and also to get from them their understanding of the current banking situation, and to get an understanding about the future outlook, the sense they ..
Delhi to hold farmers' conference over implementation of Swaminathan Report
The Delhi government will hold a farmers' conference on Tuesday over the implementation of M.S. Swaminathan Committee Report on Agriculture, Development Minister Gopal Rai said on Monday.
Did Chandra's woes began with stake sell talks in Zee Entertainment?
The woes of Zee and Essel Group Chairman Subhash Chandra, who last week apologised to bankers, NBFCs and mutual funds for "not having lived up to their expectations", may have begun with the announcement to divest up to 50 per cent of stake in the cash-rich Zee Entertainment Enterprises Ltd (ZEEL).
India names new envoy to Maldives
India on Monday named Sunjay Sudhir, a 1993 batch officer of the Indian Foreign Service (IFS), as its new Ambassador to the Maldives.
Interim budget, macro-data to set course of equity indices (Market Outlook)
Expected sops from the interim budget 2019-20 and fears of over slippage in fiscal deficit will determine the trajectory of the Indian equity market in the coming week.
US-based Company-Chennai firm JV to produce aero space
The US based Carr Lane Manufacturing and Chennai based Rialto Enterprises Pvt Ltd Monday finalised a joint venture to produce specialised aero space components with an investment of Rs 100 crore over a three-year period. "The investment envisaged is Rs 100 crore but will be in tranches over a three year period. Since the basic infrastructure is ready only fine tuning is required," the companies said in a release. "This new JV will start commercial production within three months and the next 24 months we hope to achieve a sizeable turnover," managing director of Rialto Enterprises Ranjit Pratap said. He said plans were afoot to produce very niche products which are in great demand by the industry. The basic infrastructure was readily available to produce the high quality and reliable components that are used by the aero space industry, he said. "In our factory on the outskirts of Chennai, we already manufacture through the Engineering division press components for Wabco.
Wall Street drops more than one percent on Caterpillar, Nvidia warnings
(Reuters) - U.S. stocks dived on Monday, as weak forecasts from Caterpillar Inc and Nvidia Corp fueled worries about a slowdown in China taking a bigger bite off corporate profits.
Goyal tells PSB chiefs to increase lending to MSMEs
Finance Minister Piyush Goyal on Monday reviewed the performance of Public Sector Banks (PSBs) during which they committed themselves to stepping up lending to micro, small and medium enterprises (MSMEs) while also significantly increasing the level of domestic credit growth.
Saudi says Venezuela crisis could hit oil market
The crisis in OPEC member Venezuela, where the president is locked in a power struggle with the opposition, could impact the oil market, the Saudi energy minister said Monday. "Of course, developments in Venezuela may have an impact on the (oil) markets ... We are watching developments there, and there could be an impact on the oil market balance," Khalid al-Falih told Al-Arabiya news channel. Oil production in Venezuela has dropped sharply in past months from over two million barrels per day to around 1.4 million bpd. The Latin American nation sits on the world's largest crude reserves of over 300 billion barrels, most of it heavy crude that is costly to produce. Venezuelan President Nicolas Maduro and opposition leader Juan Guaido have been locked in a power struggle since Guaido proclaimed himself "acting president" Wednesday amid angry protests over the country's economic woes. The standoff has split the international community between nations that recognise Guaido as president, ..
Tesla seen forecasting first-quarter loss after Musk warning
(Reuters) - Wall Street analysts expect Tesla Inc to forecast a loss for the first quarter when it reports results on Wednesday, having changed their expectations for a profit after Chief Executive Officer Elon Musk warned of a "very difficult" road ahead.
Intellect Design Arena Q3 net profit at Rs 13.38 crore
Financial technology major Intellect Design Arena Ltd on Monday said it closed the third quarter of the current fiscal with 10 per cent growth in after tax profit.
Greece begins process for first bond issue since bailout exit: debt agency
Greece's debt agency on Monday said it had begun a process for the country's first bond issue -- a five-year sale -- since exiting the last bailout. The agency said the bond, carrying an April 2024 maturity, would be offered to investors "in the near future". Merrill Lynch, Goldman Sachs International Bank, HSBC, JP Morgan, Morgan Stanley and Societe Generale have been named as managers of the sale. In its last bond issue in February 2018, Greece raised 3.0 billion euros at 3.5 percent via a 7-year bond. Offers at the time stood at around 6.5 billion euros. The previous five-year bond sale, in July 2017, raised 3.0 billion euros at 4.625 per cent. Greece currently has no urgent need to draw money from the bond markets as it has built a cash cushion of at least 15 billion euros. "Our financing needs are fully covered to 2020," Prime Minister Alexis Tsipras told parliament earlier this month. But it acts as a psychological milestone, designed to show that the country is on the road to ..
Escorts Q3 net profit up 52% to Rs 140.11 crore
Farm equipment and engineering major Escorts on Monday reported a 52.34 per cent increase in standalone net profit at Rs 140.11 crore for the third quarter ended December 2018. The company had posted a net profit of Rs 91.97 crore in the same period of the previous fiscal. Its total income rose to Rs 1,679.47 crore, up 38.42 per cent, during the third quarter as against Rs 1,213.23 crore in the year-ago period. Tractor sales rose 36 per cent to 25,743 units during the third quarter of the current fiscal. "Sales of construction equipment went up by 30 per cent at 1,413 units in quarter ended December 2018 as against 1,087 units in the corresponding quarter," it added. Escorts revenue from the railway products division rose 34.1 per cent to Rs 96.6 crore as against Rs 72.0 crore in the third quarter of the previous fiscal. Its total expenses stood at Rs 1,480.37 crore as against Rs 1,083.87 crore, up 36.58 per cent. Commenting on the outlook, Escorts CMD Rajan Nanda said: "With recent ..
Saudi Arabia says Venezuela crisis could hit oil market
The crisis in OPEC member Venezuela could impact the oil market balance, Saudi Energy Minister Khalid al-Falih told Al-Arabiya news channel on Monday. "Of course, developments in Venezuela may have an impact on the (oil) markets...We are watching developments there and there could be an impact on the oil market balance," Falih said.
Government report says US budget deficit set to hit USD 897 bn
A new government report says that the US budget deficit is set to hit USD 897 billion this year and predicts that economic growth will slow as the effects of President Donald Trump's tax cut on business investment begin to drop off. The Congressional Budget Office Report predicts a USD 118 billion increase over last year's USD 779 billion deficit. The CBO predicts in a report released Monday that the economy will grow by 2.3 per cent this year, a slowdown from 3.1 per cent last year. The report comes as the government is reopening after a 35-day partial shutdown. The CBO says the shutdown will have a modest negative impact on the economy. The report lands in a divided Washington, where neither Trump nor Democrats controlling the House are expected to make curbing the deficit a priority.