Page 1243 - Business Finance

ArcelorMittal's Essar bid delays planned JV with SAIL - official

MUMBAI (Reuters) - ArcelorMittal's prolonged bid to buy debt-ridden Essar Steel is delaying the world's biggest steelmaker's joint venture with state-owned Steel Authority of India Ltd (SAIL), India's steel minister and SAIL's chairman said.

Four state-run companies to help make Tripura ODF state

Four state-owned companies under the Petroleum and Natural Gas Ministry will provide Rs 80 crore to Tripura to make the northeastern state Open Defecation Free (ODF) soon, a top ONGC official said here on Wednesday.

Leder & Schuh denies report on takeover talks with Poland's CCC

VIENNA (Reuters) - Family-owned Austrian shoemaker Leder & Schuh Group denied a media report on Wednesday that it had held talks with Polish clothing retailer CCC about a possible takeover by its bigger rival.

Kimberly-Clark misses profit estimates, shares fall

(Reuters) - Kimberly-Clark Corp on Wednesday reported quarterly profit that missed Wall Street estimates, as the Kleenex-tissues maker continued to struggle with rising raw materials costs and a strong U.S. dollar, sending its shares down 2.2 percent.

Newcomers pile into race for Qatar LNG

LONDON (Reuters) - Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway's Equinor and Italy's Eni, industry sources said.

Sell-off in ITC, negative global cues pushes Sensex 0.92% lower (Roundup)

Negative global cues and a last hour sell-off in the index heavyweight ITC pushed the key equity indices down on Wednesday. The Sensex ended 336 points lower and the Nifty finished the day's trade session at 10,831.

Global Markets: Stocks reverse losses, U.S. dollar climbs in fragile rebound

LONDON, Jan 23 (Reuters) - Global markets recovered from earlier losses on Wednesday as investors made a cautious return to riskier assets, with the dollar rising and U.S. futures higher though worries about corporate and economic growth lingered.

U.S. bank Citi to shrink Russia branch network, but expects to do more business

MOSCOW (Reuters) - The Russian arm of U.S. bank Citi said on Wednesday it planned to reduce the number of its offices in the country, but expected to do more business this year.

EU competition chief signals caution over Siemens-Alstom rail merger

BERLIN/ZURICH (Reuters) - Europe's competition commissioner has signalled her scepticism about the merger of Siemens's and Alstom's rail businesses by describing both companies as world champions that can compete globally.

REHAU to open 56 retail centres in India by 2020

Swiss polymer-based products maker REHAU Wednesday said it will set up 56 retail centres in India by 2020 to strengthen its presence in the country. The company will set up 18 centres this year and 38 centres in the next year, REHAU said in a statement. REHAU provides polymer-based solutions and systems like window and furniture in construction, automotive and industry segments. It has three plants -- two in Pune and one at Vadodara -- in India. "The company will introduce new formats of retail experience centres, bringing it closer to its customers. These include REHAU Shoppe, REHAU Concepts and REHAU Design Studio. As many as 18 display centres to be set up in 2019 and 38 in 2020," the company said. The REHAU Shoppe is a 100 square feet display showcasing a select range of furniture solutions and REHAU Concepts is a 500 square feet area in a shop-in-shop concept showcasing the complete range of of furniture solutions. REHAU Design Studio, is a 1,000 square feet exclusive showcase .

India to remain fastest-growing economy in 2019, 2020: UN report

India will continue to remain the world's fastest-growing large economy in 2019 as well as in 2020, much ahead of China, a UN report said Wednesday. According to the UN's World Economic Situation and Prospects (WESP) 2019, India's GDP growth is expected to accelerate to 7.6 per cent in 2019-20 from an estimated 7.4 per cent in the current fiscal ending March 2019. The growth rate may come down to 7.4 per cent a year later. In the case of China, the growth is estimated to decelerate to 6.3 per cent in 2019 from 6.6 per cent in 2018. It may further go down to 6.2 per cent in 2020. "Growth (in India) continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms. "Yet, a more robust and sustained recovery of private investment remains crucial to lift the medium-term growth," WESP report said. Referring to China, it said the growth is expected to moderate from 6.6 per cent in 2018 to 6.3 per cent in 2019, with policy support

Railways extends services of 22 pairs of trains

Railways has extended services of 22 pairs of trains across the country, Railway Minister Piyush Goyal said Wednesday. These trains include the 18107/18108 Rourkela-Koraput Express extended to Jagdalpur, 14369/24369-14370/24370 Bareilly-Singrauli/ Shaktinagar Express extended to Tanakpur, 14630/14629 Firozpur-Ludhiana Cantt Sutluj Express extended to Chandigarh, 24887/24888 Barmer-Haridwar Link Express extended to Rishikesh, 18213/18214 Durg-Jaipur Express extended till Ajmer, 19710/19709 Kamakhya-Jaipur Kaviguru Express extended to Udaipur. "All these extensions have been planned by utilising the lie-over periods of the existing trains at their respective terminating stations. These extensions will help in more gainful utilisation of coaching stock and will augment revenue of Indian Railways," Goyal told reporters after the announcement of the extensions.

Etihad files lawsuit in Britain against Air Berlin administrators

ABU DHABI (Reuters) - Abu Dhabi's Etihad Airways on Wednesday said it has begun legal proceedings in London, disputing a claim by the administrators of Air Berlin for damages of up to 2 billion euros ($2.26 billion).

Reliance Communications posts wider loss in third quarter

(Reuters) - Debt-laden Indian telecom company Reliance Communications Ltd (RCom) on Wednesday reported a wider loss for the third quarter, hurt by higher expenses.

United Tech fourth-quarter profit rises 73 percent

(Reuters) - Industrial conglomerate United Technologies Corp reported a 72.8 percent rise in quarterly profit on Wednesday, as the company benefited from a favorable tax rate and the acquisition of aero parts maker Rockwell Collins.

Marex Spectron to acquire Energy Broking Ireland Ltd

LONDON (Reuters) - Commodities broker Marex Spectron said on Wednesday it has agreed to acquire Dublin-based Energy Broking Ireland Ltd (EBI), in a deal expected to be completed in February.

Davos: Tria says Italy will hit budget goal, no need for correction

DAVOS, Switzerland (Reuters) - Italy will meet its key budget deficit target for this year and there is no need for any corrective measures to prevent an overshoot, Economy Minister Giovanni Tria said on Wednesday.

Siemens, Alstom both able to compete, EU's Vestager says

BERLIN (Reuters) - The rail divisions of Siemens and Alstom are world champions and are both able to compete in the market, the European Union's Competition Commissioner Margrethe Vestager told Die Zeit newspaper, signalling scepticism over a planned merger of their rail businesses.

Davos: Total CEO says influx of U.S. oil exports could weigh on prices

PARIS (Reuters) - An expected increase in U.S. oil exports could weigh on oil prices towards the end of the year, the chief executive of French energy company Total said on Wednesday.

Beijing to build 5G network with $4.4bn investment

The communication operators in Beijing will spend more than 30 billion yuan (around $4.4 billion) on building a 5G network in the city by 2022.