Page 1333 - Business Finance

Airbus seeks hefty cost cuts for Canadian A220 jet

MONTREAL (Reuters) - Europe's Airbus is looking for a "significant double-digit" percentage reduction in costs for a recently acquired Canadian jet programme, as it expands production capacity to cope with anticipated demand for the former Bombardier jet.

MNG Enterprises offers to buy USA Today publisher Gannett

(Reuters) - Newspaper chain MNG Enterprises Inc said on Monday it had offered to buy USA Today publisher Gannett Co Inc in a deal valued at $1.36 billion.

FedEx pays $35.3 million to end NY lawsuit over illegal cigarettes

NEW YORK (Reuters) - FedEx Corp will pay $35.3 million to settle lawsuits in which New York state and New York City accused the company of shipping millions of untaxed cigarettes to residents over a decade.

Wall Street slips after China data reignites global slowdown worries

(Reuters) - Technology shares pulled Wall Street lower on Monday, after an unexpected drop in China's exports in December reignited worries of a slowdown in global economic growth.

RBI might slightly cut interest rate: Kaushik Basu

Former chief economic advisor Kaushik Basu on Monday said the Reserve Bank of India (RBI) could "slightly" reduce interest rate to boost growth. "NPAs have made the banks cautious. But, India can do with slightly lower rate of interest," Basu said at an interactive session organised by the Indian Chamber of Commerce here. The central bank should be left alone with complete autonomy, he added. The RBI's monetary policy review is slated in February. Basu also said that the investment rate in India was on the decline. Talking about the GST, he said it was borrowed from advanced countries and "poorly implemented", and demonetisation was a "bad idea".

Festive sales failed to live up to expectation: SIAM President

Non-availability of credit and anxiety over elections resulted in weak festive sales of domestic vehicles in December 2018, data showed on Monday.

Global Markets: Weak China trade hits world stocks, causes risk-off trade

NEW YORK (Reuters) - World stock indexes fell while the yen rose against the dollar on Monday after a shock contraction in Chinese trade reignited fears of a sharper slowdown in global growth and caused investors to sell riskier assets.

Telecom Italia shareholders to vote on Vivendi's board demands in March

MILAN (Reuters) - Telecom Italia has called a shareholder meeting for March 29 to vote on top investor Vivendi's request to replace five board members, setting the stage for a new showdown between the French media giant and U.S. activist fund Elliott.

Newmont to become largest gold producer with $10 billion Goldcorp buy

(Reuters) - Newmont Mining Corp said on Monday it would buy smaller rival Goldcorp Inc in a deal worth $10 billion, creating the world's biggest gold producer in the face of dwindling easy-to-find reserves of the precious metal.

Citigroup beats profit estimates on lower expenses, shares rise

(Reuters) - Citigroup Inc beat Wall Street profit estimates on Monday as lower expenses offset a drop in quarterly revenue, stemming from year-end volatility in its fixed-income trading business.

Oil slips on concerns about China slowdown

NEW YORK (Reuters) - Oil prices edged lower on Monday, pressured by data showing weakening imports and exports in China that raised new worries about a global economic slowdown hurting crude demand.

Trump says trade deal with China likely

President Donald Trump said Monday he expects to be able to reach a trade deal with China, which is feeling the impact of US tariffs. "We are doing very well with China. They're having a hard with their economy because of the tariffs," Trump told reporters at the White House. "I think that we are going to be able to do a deal with China." US officials were in Beijing last week for talks aimed at ending the bruising trade confrontation that has subjected more than USD 350 billion in two-way trade to steep tariffs. Chinese officials said the next round of negotiations would be held in Washington between January 30 and 31. Trump and Chinese leader Xi Jinping agreed on December 1 to a three-month truce in the escalating spat. "I can tell you we are getting things that before I became president you would have had no chance at getting," Trump said. "They would have laughed in your president's face." As Trump has pressed Beijing to increase imports of US goods, China's trade surplus with the

Lower fuel prices ease India's December retail, wholesale inflation (Roundup)

Lower fuel prices further eased India's retail inflation in December to 2.19 per cent from the annual rate of 2.33 per cent in November, even as food prices appreciated somewhat over the previous month although continuing to remain in the negative zone, official data showed on Monday.

TukTuk Ride launches ride hailing services in Noida

Transportation network company TukTuk Ride on Monday launched its app-based on-demand cab and bike service in Noida.

Flipkart's co-founder Sachin Bansal invests Rs 150 crore in Ola

Co-founder of leading e-tailer Flipkart, Sachin Bansal, invested Rs 150-crore ($21 million) in ride-sharing major Ola, business signals platform paper.vc said on Monday.

Sebi settles case with individual in IndoStar Capital case

Markets regulator Sebi has settled a case of disclosure lapses by an individual after paying more than Rs 2 lakh towards settlement charges in the matter of IndoStar Capital Finance Ltd. In an order, the regulator said during the probe it 'prima-facie' found that "Prashant Shetty had sold 15,000 shares of IndoStar during June 15, 2018 to June 19, 2018". As the traded value exceeded Rs 10 lakh, Shetty was required to make disclosures under PIT (Prohibition of Insider Trading) norms. However, the disclosures were made with delay, Sebi said. Before initiating with proceedings, Sebi issued notice intimating Shetty that the default can be settled and disposed of under settlement mechanism with payment of Rs 2.04 lakh, the regulator said. Accordingly, Shetty without admission and without denial of the guilt paid Rs 2.04 lakh under the settlement mechanism, the regulator noted. "The Securities and Exchange Board Of India (Sebi) shall not initiate any enforcement action against Prashant ...

Wall Street drops after China data, Citi results

(Reuters) - U.S. stocks slipped on Monday, dragged down by technology shares, after an unexpected drop in China's exports in December fanned worries of a slowdown in global economic growth.

Citigroup reports surprise drop in quarterly revenue, shares fall

(Reuters) - Citigroup Inc reported a surprise drop in quarterly revenue on Monday, as volatility in financial markets toward the end of the year hurt its fixed-income trading business.

Factbox: Huawei's challenges in Europe mount after Polish arrests

(Reuters) - China's Huawei Technologies, the leading global supplier of telecoms network equipment, faces questions over its access to European markets after the arrest of a sales executive in Poland on suspicion of spying.

Tata Metaliks reports Rs 39.63 cr PAT in Dec quarter

Tata Metaliks Monday said its profit after tax (PAT) fell by 1.78 per cent to Rs 39.63 crore during the quarter ended December 31, 2018. The company clocked Rs 40.35-crore PAT during the corresponding quarter in the financial year 2017-18, Tata Metaliks said in a BSE filing. Its total income stood at Rs 547.63 crore, higher as compared to Rs 490 crore in October-December 2017. A subsidiary of Tata Steel, Tata Metaliks Ltd has manufacturing facilities at Kharagpur, West Bengal, where the company produces pig iron and ductile iron pipes. Shares of the company Monday ended 1.99 per cent down at Rs 636.95 apiece on the BSE.