Page 1300 - Business Finance
Musk tweets Tesla to end customer referral plan because of costs
(Reuters) - Tesla Inc's customer referral incentive plan will end on Feb. 1, the electric carmaker's Chief Executive Officer Elon Musk tweeted on Thursday, citing costs.
Analysis: Trading operations stung banks in fourth quarter but dovish Fed fuels hope
(Reuters) - Big trading operations were a thorn in the side of the top U.S. banks in the fourth quarter as fears about global growth sent credit markets into a tailspin, but a "dovish" turn from the Federal Reserve may mean the drama is over for now.
Rupee logs 1st gain in five sessions, rises 21 paise against dollar
The Indian rupee reversed its four-day losing streak by recovering 21 paise to close at 71.03 against the US dollar Thursday on increased selling of the greenback by exporters and lower crude oil prices. Besides, liquidity infusion by central banks through open market operations and unveiling a RBI new policy for overseas borrowings, allowing all eligible entities to raise foreign funding under the automatic route and removing sectoral curbs, supported the rupee. At the Interbank Foreign Exchange, the rupee opened stronger at 71.15 a dollar against the previous close of 70.24. The local unit moved in a range of 70.92 to 71.40, before finally ending at 71.03, showing a gain of 21 paise. The rupee Wednesday plunged by 19 paise to close at 71.24 against the US dollar. "Indian rupee has broken the four days losing streak, after liquidity infusion by central banks through open market operation. Central bank eased overseas borrowing rules for companies, which also helped rupee to recover ...
Exclusive: Sri Lanka to receive Bank of China's $1 billion sovereign loan by March quarter
COLOMBO (Reuters) - Sri Lanka will receive a loan of $1 billion from Bank of China before the end of the March quarter, the chief of the central bank said on Thursday, to help the country meet repayments in the coming months.
Morgan Stanley quarterly profit more than doubles
(Reuters) - Morgan Stanley's fourth-quarter profit more than doubled from a year earlier when it recorded a $1 billion tax charge due to changes in the U.S. tax law.
Global Markets: Stocks turn red, pound finds some peace
LONDON (Reuters) - Concern over China's economic outlook and possible U.S. tariffs on European cars dragged stocks lower on Thursday, while an anti-climactic end to the latest chapter in the Brexit saga offered sterling a moment's peace.
Board of NRB Bearings approves appointment of director
At meeting held on 17 January 2019
Kenya's Safaricom's overdraft service exceeds expectations: CEO
NAIROBI (Reuters) - Kenya's biggest telecoms operator, Safaricom, notched up one million users for its new overdraft feature on the M-Pesa platform in just eight days, surpassing its CEO's expectations, he said on Thursday.
70 per cent of organisations in Southeast Asia worries about Belt and Road Initiative
A large number of companies and institutions in southeast Asia are worried about participating in China's One Belt One Road (OBOR) stated a research conducted by Singapore based ISEAS-Yusof Ishak Institute.The Belt and Road Initiative is a development strategy adopted by the Chinese government involving infrastructure development and investments in countries in Europe, Asia and Africa.The survey published in Singapore's primary Chinese language newspaper Lianhe Zaobao revealed that 70 per cent of companies and institutions surveyed in Southeast Asia believe that the local government should be cautious when discussing the 'One Belt, One Road' plan for participating in China, fearing that it will bear huge debts.The research center visits 1,008 business, private institutions, academic institutions and government agencies in ASEAN countries. The organisations in Malaysia, the Philippines, and Thailand are especially concerned about this risk.One-third of those surveyed complained about ..
Adani to foray into petrochemicals in Ambani's backyard
Billionaire Gautam Adani-led Adani Group Thursday announced a partnership with German chemical giant BASF for a Rs 16,000-crore factory that will mark its foray into the petrochemicals sector which is currently dominated by Mukesh Ambani-run Reliance Industries. Adani Group and BASF will set up a chemical factory at Gujarat's Mundra district, besides putting up wind and solar power plant at the site to meet the electricity requirement of the unit, the two companies said in a statement. BASF will hold a majority controlling stake in the new venture. It will, however, hold a minority interest in the power venture. Reliance is the market leader in the Indian petrochemical sector and this will be the first time that the two billionaires hailing from Gujarat will be in direct competition in any business. The oil-to-telecom conglomerate Reliance in January 2018 completed a massive USD 16 billion expansion of its petrochemical production capacity to enter the league of the top five producers
Nepalis stash Rs 35.8 billion in Swiss banks: Report
Nepalis have stashed Rs 35.8 billion in Swiss banks, violating the country's law which bars them from transferring funds abroad, according to an investigation carried out by the Centre for Investigative Journalism. The report 'Nepal-leaks 2019: Illegal Wealth watch', released Wednesday night, also claimed that 55 Nepalis have invested in offshore companies, taking advantage of the country's secretive tax regimes and breaching the law which bars investment in foreign countries. The report is based on an analysis of over 3,000 financial and court documents and interviews with 70 individuals. Questions have been raised about the source of their investment since they have invested in offshore companies including lesser known British Virgin Islands , says the report. Those who invested money in foreign countries include politicians to high-flying businessman-some of whom are non-resident Nepalis-to doctors and hoteliers. The investors include renowned businessmen and industrialists Upendra
Siemens, Alstom raise doubts about mega merger
Confidence that the politically sensitive merger of their rail businesses would be waved through by the European Commission was ebbing at both Siemens and Alstom Thursday. A source at German group Siemens said Brussels had posed "insurmountable" demands for concessions that the groups would not make. Meanwhile Alstom, maker of France's iconic TGV trains, said there was "no certainty" the companies could mollify the Commission. Both Paris and Berlin have thrown their weight behind the proposed Siemens-Alstom tie-up, saying the arrival of Chinese giant CRRC on the global market will put European manufacturers in the shade. It would be "an economic mistake and a political failing", as well as a "negative signal to the peoples of Europe" to block the merger, French government spokesman Benjamin Griveaux said Wednesday. If approved, the merger would create a rail behemoth with operations in 60 countries and annual turnover of 15.6 billion euros (USD 17.8 billion). Alone, CRRC's annual ...
HUL Q3 net profit grows 9% to Rs 1,444 crore on volume growth
FMCG major Hindustan Unilever (HUL) Thursday reported a 9 per cent increase in its net profit to Rs 1,444 crore for the December 2018 quarter on account of strong volume growth and improved margins. The company's net profit stood at Rs 1,326 crore in the October-December period of the previous fiscal. Sales during the quarter under review stood at Rs 9,357 crore, up 12.42 per cent, as against Rs 8,323 crore in the corresponding period of the last fiscal, HUL said in a regulatory filing. "Domestic consumer growth was 13 per cent with underlying volume growth at 10 per cent. EBITDA margin (earnings before interest, tax, depreciation and amortisation) was up 170 basis points and profit after tax (before exceptional items) grew by 17 per cent," HUL said in a statement. "Prudent management of volatility in costs (crude and currency led) along with improved mix and operating leverage has driven margin improvement," the company said. HUL chairman and managing director Sanjiv Mehta said the .
Congress points fingers at Doval son, demands details of FDI from Cayman Islands
Alleging links between National Security Advisor Ajit Dovals son Vivek opening a hedge fund in the Cayman Islands soon after 2016 demonetisation and the huge spike in inflow of FDI into India from the territory, the Congress on Thursday demanded the RBI to make public the source of funds received from the tax haven.
Print media ad growth to accelerate in 2020: Report
The upcoming general elections are expected to provide a fillip to advertising revenues, while the aggregate operating profit of print media companies is likely to increase 500 basis points in FY20, due to softening newsprint prices and hike in DAVP rates, a report said. The impact of the increased DAVP rates and general elections-linked advertising will start getting reflected from the last quarter, according to rating agency Crisil. "Nearly 10 per cent of the advertising revenues of print media companies comes from advertisements linked to DAVP rates. While these rates have been 30-45 per cent below commercial rates earlier, the upward revision will reduce the gap to 10-25 per cent and increase ad revenues of print media companies," Crisil Ratings senior director Sachin Gupta said. The Ministry of Information and Broadcasting had recently announced a 25 per cent hike for advertisement in print media, over and above the existing rate structure by the Bureau of Outreach
Value of mobile phone component production to cross Rs 70k cr in FY'19 : ICEA
The value of mobile phone component production in the country is expected to cross Rs 70,000 crore in 2018-19, which is 40 per cent more than the Rs 50,000 crore target for 2019-20, according to mobile phone industry body ICEA. "The component manufacturing target of Rs 50,000 crore which was to be achieved by March 2020 has already been achieved. "We have crossed the same in spite of lack of progress in some of the 2017 PMP components and that 2019 components have not yet been notified. In fact, the component manufacturing in 2018-19 is expected to cross Rs 70,000 crore," ICEA Chairman Pankaj Mohindroo said. Under phased manufacturing programme (PMP), the target for mobile sector included local manufacturing of 500 million mobile phones by 2020 out of which over 290 million have been manufactured. "The minimum value to be achieved was Rs 1,50,000 crore, however Rs 1,65,000 crore approximately has already been achieved. There was a target of generating 15 lakh new jobs out of which ...
Naresh Goyal offers to invest Rs 700 cr in Jet Airways subject to conditions
Jet Airways Chairman Naresh Goyal has offered to invest up to Rs 700 crore in the crisis-hit airline as well as pledge all his shares on the condition that his stake does not fall below 25 per cent, according to a letter. Amid the full-service carrier grappling with financial woes, Goyal has written to SBI Chairman Rajnish Kumar with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing". The letter also comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the airline. Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter. "Should this not be possible, then I ..
Explainer: How pressing is Lebanon's financial challenge?
BEIRUT (Reuters) - Financial strains in Lebanon have been brought into focus by turbulence on markets where its dollar-denominated sovereign bonds suffered a heavy sell-off last week following comments by the finance minister about the public debt.
Before start of new oil pact, OPEC makes progress in averting glut
LONDON (Reuters) - OPEC on Thursday said it cut oil output sharply in December before a new supply-limiting accord took effect, suggesting producers have made a strong start to averting a new glut.