Page 1205 - Business Finance

Global gasoline margins plunge due to overproduction, tepid demand

Global gasoline margins plunge due to overproduction, tepid demand

Oil slips on rising U.S. rig count, China industrial slowdown

SINGAPORE (Reuters) - Oil prices fell on Monday after U.S. energy firms added rigs for the first time this year in a sign that crude production there may rise further, and as China, the world's second-largest oil user, reported additional signs of an economic slowdown.

Global Markets: Stocks rise after U.S. government reopens for now

TOKYO (Reuters) - Asian stocks advanced on Monday as Wall Street rallied after a deal was announced to reopen the U.S. government following a prolonged shutdown that had shaken investor sentiment.

Chinese yuan edges higher to 6.7472 against US dollar

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 469 basis points to 6.7472 against the US dollar Monday, according to the China Foreign Exchange Trade System.

Japan's Nikkei opens lower as stronger yen dents sentiment

Tokyo stocks opened marginally lower on Monday as a comparatively firm yen against the US dollar dented investor sentiment and saw market players secure profits from recent gains.

Essel Group enters into an agreement with lenders

Multi-faceted business conglomerate Essel Group's management on Sunday said to have "successfully arrived at an understanding with lenders which are having a pledge on shares held by the promoters.""In view of the sensitive situation triggered due to the steep fall of the stock price of ZEE Entertainment Enterprises Ltd and Dish TV Ltd, a detailed meeting of the Essel Group promoters with the lending entities comprising of mutual funds, NBFCs and banks was conducted," said the Group in a statement."In the meeting, the lenders further showcased their belief in the intrinsic value of ZEE Entertainment and Dish TV," said the statement, adding that "there will not be any event of default declared due to the steep fall in price" and "there will be synergy and co-operation, amongst lenders leading to a unified approach.""Lenders drew comfort from reiteration by the promoters for a speedy resolution through a strategic sale in a time-bound manner," said the Group in the statement.Essel Group

Tesco may cut thousands of fresh food counter jobs: report

LONDON (Reuters) - Tesco, Britain's biggest supermarket chain, may cut thousands of jobs by closing in-store meat, fish and delicatessen counters and by replacing staff canteens with vending machines, the Mail on Sunday newspaper reported, citing industry sources.

No link with transactions alleged in media report: Zee to bourses

Zee Entertainment Enterprises Ltd (ZEEL) on Sunday clarified that it has no connection with any of the transactions said to have been carried out by its promoter Essel Group, as alleged in a media report a few days back.

New market inaugurated in Mangaluru

: A six-storeyed market-cum- commercial complex was inaugurated here Sunday by state Urban Development and Housing Minister and Dakshina Kannada district-in-charge U T Khader. The 5,400-square-foot building was jointly constructed by Mangaluru Urban Development Authority (MUDA) and Mangaluru City Corporation (MCC) at a cost of Rs 12.62 crore. The complex has 122 shops. In the inaugural speech, Khader said the city was on the path of fast development as a smart city and congratulated the chairman of the Authority Suresh Ballal and former MLA J R Lobo who had initiated the project. Also, he appreciated the team of engineers in the Corporation for completing the work in a short period. MLA Vedavyas Kamath, Member of the Legislative Council Ivan D Souza, Mayor Bhaskar Moily and Dakshina Kannada district deputy commissioner Sasikanth Senthil were among those present.

Essel Group says lenders have agreed to not declare it defaulter in case of steep fall in share prices

The Subhash Chandra-led Essel Group on Sunday said it has "arrived at an understanding" with its lenders, which are having pledge on shares held by the promoters, not to be declared defaulter following any steep fall in share prices of listed entities such as Zee Entertainment and Dish TV. The promoters of the Essel Group had a detailed meeting with the lending entities comprising mutual funds, non banking financial companies (NBFCs) and banks, in which it was decided that there would not be any event of "default declared due to the steep fall in price", the Essel Group said in a statement. This development comes two days after shares of ZEE Group companies had come under massive selling pressure, plummeting up to 33 per cent, and suffered a combined erosion of Rs 13,352 crore in market valuation on January 25. According to the Essel Group, its lenders have "showcased their belief" in the group firms ZEE Entertainment Enterprises Ltd. and Dish TV. "As a result of the above, there will

Brazil puts USD 3 billion freeze on Vale assets after dam disaster

Brazilian judicial authorities have frozen USD 3 billion in assets of the Vale mining company after a dam collapse at one of its sites left at least 37 dead and more than 250 missing. The public prosecutor's office of the state of Minas Gerais announced late Saturday that it had frozen a total of 11 billion reales -- about USD 3 billion -- in Vale assets. The dam break Friday at the Corrego do Feijao mining complex in southeastern Brazil unleashed a torrent of sludge that swept across buildings, roads and vehicles. The order freezing Vale's assets said the company's real estate and vehicles would be embargoed if it could not come up with the full amount. The company also has been hit with fines by the federal and state government totaling some USD 92.5 million. Vale share prices fell Friday more than 8 per cent on the New York Stock Exchange.

Goyal meets PSB heads on Monday, ahead of Budget

Finance Minister Piyush Goyal has called the heads of all public sector banks for a meeting on Monday when he is expected to take stock of banking sector's performance and discuss ways to improve their financial health.

Rajasthan govt transfers 1 IFS, 45 IFS, 26 RAS officers

The Rajasthan government has transferred an IAS, 45 Indian Forest Service (IFS) and 26 Rajasthan Administrative Service (RAS) officers on Sunday. IAS Deepak Nandi, the director of Rajasthan state Agricultural Marketing Board, was shifted to Tribal Area Development Department as a joint secretary. Another IAS officer, Naresh Pal Gangwar, who is principal secretary energy department, was given the additional charge of MD Rajasthan Energy Development Corporation Ltd. The government also transferred 45 IFS and 26 RAS officers. The department of personnel has issued separate orders in this regard.

Threat of Zee contagion spreading awaits market (IANS Special)

Market watchers, participants and intermediaries are approaching trading hours on Monday with great trepidation, against the backdrop of the Zee Group shares' implosion and Chairman Subhash Chandra's open acceptance of flaws and issues within the companies that he helms.

China launches 5G base station in Tibet-Qinghai region

China has opened its first 5G base station for the Qinghai-Tibet plateau region, a media report said on Sunday. The service was opened last week in the city of Xining, Qinghai Province, according to the Qinghai subsidiary of the telecom firm China Mobile. Currently, part of the city's downtown area is covered by 5G service, having the peak download speed of 1.3 Giga byte per second (Gbps), about 10 times that of 4G service, the state-run Xinhua news agency reported. The high-altitude province of Qinghai has lagged behind in infrastructure construction. In April 2018, the local government vowed to develop new wireless technologies such as 5G network, the report said, adding that the province also plans to offer information services, such as virtual reality and tele-medicine, thanks to faster internet speeds. The company officials said that the 5G service is expected to improve the communication between Qinghai's Tibetan-populated areas and the rest of the country by closing their ...

Coffee Day will free Mindtree shares attached by I-T Department

Coffee Day Enterprises has said it would take required action in the next few days to get a part of shares of IT firm Mindtree, owned by Coffee Day and its promoter V.G. Siddhartha, released by the Income Tax Department.

Decisive steps being taken to reduce crude oil import by 10

Prime Minister Narendra Modi Sunday said the NDA government has taken "decisive steps" to bring down crude oil import by 10 percent and save precious foreign exchange for the country. Towards this end, Modi said, 11 oil PSUs have adopted the modern 'lignocellulosic' route for establishing twelve 2G ethnol plants in 11 states of the country. "To cut down on import of Crude oil, government has taken decisive steps towards reducing imports by 10 per cent and saving precious foreign exchange," Modi said after dedicating to the nation an integrated refinery expansion complex of the public sector Bharat Petroleum Corporation Ltd at the Kochi Refinery here. Six MoUs have already been signed in this direction, he said. To overcome environment pollution, he said the Centre was promoting the use of environment-friendly transport fuel--CNG-- by expanding the coverage of City Gas Distribution (CGD) network in the country. After the successful completion of 10th CGD bidding Round, ..

Egypt's GASC tender attracts four offers for Chinese, Vietnamese and Indian rice: traders

CAIRO (Reuters) - Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), on Sunday received four offers at its first international purchase tender for rice in 2019, traders said.

Egypt's GASC tender attracts 4 offers for Chinese, Vietnamese and Indian rice - traders

CAIRO (Reuters) - Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), on Sunday received four offers at its first international purchase tender for rice in 2019, traders said.

Netherlands' Knot: European economy 'very much okay'

AMSTERDAM (Reuters) - Klaas Knot, the president of the Netherlands' central bank, said Europe's economy was "very much okay" despite worries over trade wars, slowing growth and uncertainty over Brexit.