Page 1225 - Business Finance
Jio may have largest subscriber base by end of FY20: Expert
Reliance Jio may turn out to be the largest telecom service provider in terms of subscribers by the end of the upcoming financial year, 2019-20, an expert with India Ratings and Research (Fitch Group) said on Thursday.
Exclusive: NYC Transit stops Bombardier deliveries until problems fixed
MONTREAL (Reuters) - New York City Transit will stop taking new train car deliveries from Bombardier Inc until it fixes existing cars, as the Canadian aerospace and transportation company faces pressure to improve performance at its rail unit, its largest division by revenues.
VW says trade war big concern, in talks to avoid U.S. import tariffs
DAVOS, Switzerland (Reuters) - Volkswagen Group has a "big concern" over slowing consumer demand in China resulting from the Sino-U.S. trade war, but believes it can still grow slightly and there will be a deal between the two countries, its chief executive said on Thursday.
Fintech companies could seriously disrupt banking: BOJ's Kuroda
DAVOS, Switzerland (Reuters) - Japan's central bank chief, Haruhiko Kuroda, said on Thursday that fin-tech companies could disrupt the banking system in a serious way.
Oil edges higher on Venezuela turmoil, but weighed by U.S. crude stock build
NEW YORK (Reuters) - Oil prices rose on Thursday, boosted by the U.S. threat of sanctions on OPEC member Venezuela, but gains were limited by U.S. data showing record high gasoline inventories and an unexpected big build in crude.
U.S. shutdown hangs over airlines even as profits beat
(Reuters) - Three major U.S. airlines posted quarterly profits on Thursday that beat Wall Street expectations thanks to healthy passenger demand, but the carriers said the U.S. government partial shutdown was disruptive.
Biocon net zooms 136% in Q3
India's biotech major Biocon on Thursday reported Rs 217-crore consolidated net profit for the third quarter of fiscal 2018-19, registering a 136 per cent annual growth from Rs 92-crore in the same period a year ago.
Oil steady as U.S. gasoline glut offsets Venezuela turmoil
NEW YORK (Reuters) - Oil prices were steady on Thursday after U.S. data showing record high gasoline inventories and an unexpected big build in crude offset the United States' threat of sanctions on OPEC member Venezuela.
U.S. labor market remains strong, economy slowing
WASHINGTON (Reuters) - The number of Americans filing applications for unemployment benefits fell to more than a 49-year low last week, but the drop likely overstates the health of the labor market as claims for several states including California were estimated.
American Airlines, Southwest profits beat on strong travel demand
(Reuters) - American Airlines and Southwest Airlines Co on Thursday posted fourth-quarter profits and 2019 forecasts that beat Wall Street expectations thanks to healthy passenger demand and easing investor concerns about slower global economic growth.
CAIT urges Modi to ensure enforcement of new ecommerce FDI norms
The Confederation of All India Traders (CAIT) on Thursday urged Prime Minister Narendra Modi to ensure that the government does not to give in to the "pressure tactics" of several global e-commerce players to postpone the February 1 deadline for implementing the new foreign direct investment (FDI) rules in e-commerce.
PNB Housing Finance posts 32% net profit in Q3
PNB Housing Finance on Thursday reported a 32 per cent increase in its consolidated net profit for the October-December quarter of 2018-19, on a year-on-year basis.
Newgen Software Q3 profit jumps over 2-folds to Rs 18 crore
IT company Newgen Software Technologies Thursday posted an over two-fold jump in its net profit at Rs 18 crore in the third quarter ended December 2018. The company had registered a net profit of Rs 8.65 crore in the same period a year ago. Total income of Newgen Software jumped around 34 per cent to Rs 164.77 crore during the reported quarter from Rs 123 crore in the corresponding quarter of 2017-18.
U.S. oil output to surpass Russia and Saudi Arabia combined by 2025: Rystad
(Reuters) - The United States is on track to produce more crude oil and liquids than Russia and Saudi Arabia put together by 2025, consultancy Rystad Energy said on Thursday.
SBI General Insurance Q3 profit up 53% at Rs 89 cr
SBI General Insurance Thursday reported a 53 per cent rise in net profit at Rs 89 crore for the quarter ending December. Its net profit was Rs 58 crore in the corresponding quarter a year ago, SBI General said in a statement. SBI General recorded its sustainable underwriting profit of Rs 49 crore in quarter as against an underwriting loss of Rs 41 crore in the same quarter a year ago. The Gross Written Premium (GWP) also witnessed a significant growth of 37 per cent to Rs 1,272 crore.
Ravneet Singh Gill to be Yes Bank CEO
Having spent more than three decades in the banking sector, Deutsche Bank India CEO Ravneet Singh Gill is now set to be the next MD and CEO of Yes Bank from March 1.
How Chanda Kochhar defrauded ICICI? CBI FIR deconstructs fiddle
The law has finally caught up with the big fish -- high-profile banker Chanda Kochhar and industrialist Venugopal Dhoot. On Thursday, both, along with Chanda's husband Deepak Kochhar, were named in a CBI FIR for cheating and defrauding ICICI Bank to the tune of Rs 1730 crore.
US sanctions two Iran-backed militias fighting in Syria
The US Treasury announced sanctions Thursday on two Iran-backed militias fighting in Syria in a move aimed at raising pressure on Tehran and the powerful Revolutionary Guard Corps. The Fatemiyoun Division, comprising Afghan nationals, and the Zaynabiyoun Brigade, consisting of Pakistanis, were placed on Treasury's financial blacklist, which aims to cut off their access to international financial networks to choke their operations. Both militias are recruited by the Revolutionary Guard, the Treasury said, from communities of refugees and migrants living inside Iran, and sent to fight for the Bashar al-Assad regime in Syria. "The brutal Iranian regime exploits refugee communities in Iran... and uses them as human shields for the Syrian conflict," Treasury Secretary Steven Mnuchin in a statement. "Treasury's targeting of Iran-backed militias and other foreign proxies is part of our ongoing pressure campaign to shut down the illicit networks the regime uses to export terrorism and unrest .
Tejas Networks Q3 profit up 9% at Rs 32.8 crore
Domestic telecom gear maker Tejas Networks Thursday reported about 9 per cent increase in its consolidated profit at Rs 32.84 crore for the third quarter ended December 2018. The company had a profit of Rs 30.14 crore in the same period a year ago. Total revenue of Tejas Networks declined by 18.18 per cent to Rs 193.63 during the reported quarter from Rs 236.67 crore in the corresponding quarter of 2017-18. "We have a lumpy business and impact is not seen on a quarter basis. For the nine-month period, we have seen healthy margins. We expect to close this fiscal year with 20 per cent growth in overall business," Tejas Networks MD and CEO Sanjay Nayak said. He said the company has received orders for some of government telecom projects for which revenues will start coming in next financial year. "We are seeing growth in our exports. Last fiscal year, domestic market accounted for 82 per cent of our overall business and rest was from overseas. This year, we expect that the contribution ..
No convincing pickup in flows to emerging markets aside from China: IIF
LONDON (Reuters) - Investors have turned more constructive on emerging markets, the Institute of International Finance (IIF) said in a report on Thursday, though the move into asset markets has only been truly convincing in China.