Page 1614 - Business Finance
Global LNG: Prices at six-month lows as floating cargoes released
LONDON (Reuters) - Asian spot prices for liquefied natural gas (LNG) slumped this week to a six-month low, bucking the usual winter trend, as low demand persisted and supplies were boosted by deliveries from tankers that had been floating in north Asian waters for weeks.
China's Huawei pledges $2 billion to allay British security fears: sources
LONDON (Reuters) - China's Huawei will spend $2 billion as part of efforts to address security issues raised in a British government report earlier this year, sources with knowledge of the matter said on Friday.
Tech stocks pull Wall Street lower, offseting jobs data bump
(Reuters) - A drop in technology stocks weighed on Wall Street on Friday, offseting strong oil prices and a U.S. jobs report that was tepid enough to lower bets for faster future interest rate hikes without fanning fears of an economic slowdown.
Global Economy: No Brexit shock absorber for UK this time
LONDON (Reuters) - It might not feel like it, but Britain's economy got lucky after the shock of the Brexit referendum result in 2016.
Gold hits five-month peak as dollar slips after U.S. jobs data
BENGALURU (Reuters) - Gold prices hit a five-month peak on Friday and continued to trade close to that level as the dollar slid following weaker-than-expected U.S. jobs data that raised the possibility that the U.S. Federal Reserve might go slow on interest rate hikes next year.
Corrected: India's July-September current account gap hits four-year high on oil price rise
By Suvashree Choudhury
U.S. job growth cools in November, monthly wage gains modest
WASHINGTON (Reuters) - U.S. job growth slowed in November and monthly wages increased less than expected, suggesting some moderation in economic activity that could support expectations of fewer interest rate increases from the Federal Reserve in 2019.
Exclusive: China's COSCO Shipping considers London listing - sources
LONDON (Reuters) - China's largest shipping group, COSCO Shipping, is considering raising capital for the first time on the London Stock Exchange through a new initiative with Shanghai's bourse, two finance sources familiar with the matter said.
Oil surges 5 percent as OPEC agrees output cut
LONDON (Reuters) - Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.
Analysis: As bitcoin trading shifts shape, big money stays away
LONDON (Reuters) - Bitcoin's value has plunged by three-quarters this year, sending the original and biggest cryptocurrency back to levels not seen before its bubble. And price isn't the only aspect of trading that has changed.
India's third-quarter current account gap hits four-year high on oil price rise
MUMBAI (Reuters) - High oil prices pushed India's current account deficit in July-September to its widest in over four years, according to data released by the central bank on Friday.
Govt sells over 3% stake in NBCC to Reliance Nippon's CPSE-ETF mutual fund scheme
The government has sold 5.72 crore shares, representing 3.18 per cent stake, in state-owned NBCC Ltd to Reliance Nippon Life Asset Management Ltd, which manages central public sector enterprise exchange traded fund (CPSE-ETF), the construction company said on Friday. In a filing to the BSE, NBCC said the President of India, acting through Housing and Urban Affairs Ministry, has sold these shares in an off market transaction to Reliance Nippon, which is the asset management company of the CPSE-ETF mutual fund scheme. NBCC explained that the CPSE-ETF mutual fund scheme was launched in March 2014. The proceeds of the scheme were utilised for the purchase of CPSE shares as represented in the constituent companies of the Nifty CPSE Index. The President had sold the shares at a discounted rate to the scheme for the benefit of unit holders of the scheme. The Department of Investment and Public Asset Management (DIPAM) along with Reliance Nippon has formulated a third 'Further Fund Offer' ...
LG India looks to beef up B2B segment with more offerings
LG Electronics India has plans to add more offerings under its B2B portfolio as the company looks this segment as "future business", a top company official said Friday. As a result, the company expects its B2B segment's contribution to increase significantly in its turnover in the coming years. "B2B is our future business. We are gaining our market share in segments like hotel TV and digital signage market," LG Electronics India Managing Director Kim Ki Wan told PTI. In other areas also, like commercial air-conditioning, "we are gaining market share. We have made a remarkable growth in commercial air conditioning area," he said. At present, LG generates around 8 to 10 per cent of its total sales from the B2B segment in India. According to reports, LG Electronics India had a turnover of around Rs 16,000 crore to Rs 17,000 crore in FY 2016-17. The company would also continue to launch products and add more verticals in its offerings every year in the consumer business segment. "We had ..
Altria bets big on cannabis with $1.8 billion investment in Canada's Cronos
(Reuters) - Marlboro cigarette maker Altria Group Inc made a big bet on the rapidly growing marijuana industry on Friday with a $1.8 billion investment in Canadian cannabis producer Cronos Group Inc.
India's Q2 current account deficit widens to $19.1 bn
India's current account deficit (CAD) widened to $19.1 billion during the second quarter of 2018-19 from $15.9 billion in the preceding quarter and $6.9 billion in the corresponding period of 2017-18, the Reserve Bank of India (RBI) data showed on Friday.
Wall Street dips at open after jobs data
(Reuters) - U.S. stocks pulled back from steeper losses in futures trading to open slightly lower on Friday after a U.S. jobs report that was tepid enough to lower bets for faster future interest rate hikes, but not enough to fan fears of an economic slowdown.
Portugal china maker VAA dishes out shares to support global push
LISBON (Reuters) - Portugal's leading fine china maker Vista Alegre Atlantis (VAA) has launched a secondary share offering to significantly increase its free float and support what it sees as strong growth opportunities in Europe, the Americas and Asia.
Top Kenyan officials arrested over 'spilled' petrol
The director of the Kenya Pipeline Company and four others have been arrested after millions of litres of petrol went missing in dubious circumstances, police said Friday. In October, 10 leading fuel marketers demanded an independent audit of KPC's stock, suspecting up to 20 million litres had gone missing, with much of it falsely declared as "spillage", and believed to have been stolen. "We have five KPC officers including (managing director Joe) Sang in custody and we are processing them for their appearance in court," said a senior detective involved in the arrest, who asked not to be named. He said the official charges would be announced later. The petroleum ministry confirmed the "arrest of the top management" in a statement, naming an interim managing director on Friday. The government-owned KPC is tasked with overseeing the transport of imported fuel from coastal Mombasa to the rest of the country. In an audit report before the senate energy committee, company officials said ...
HCL Tech to acquire select IBM software products for USD 1.8 billion
HCL Technologies Friday said it will acquire select IBM software products for USD 1.8 billion (over Rs 12,700 crore) in an all-cash deal that represents the largest purchase by an Indian IT services company till date. The transaction outlines HCL Tech's bold bet in software products business -- considered a holy grail for IT companies -- and is slated to close by mid-2019. The transaction is subject to "completion of applicable regulatory reviews", HCL Technologies said in a statement. The deal entails seven products in areas including security, marketing and collaboration solutions, and represents a total addressable market of more than USD 50 billion, HCL Tech said in a regulatory filing. The deal will arm HCL with incremental revenue to the tune of USD 650 million in the second year of the acquisition (on a run-rate basis) but the first year realisations are expected to be USD 25 million lower "due to transition", the company explained in a presentation to investors and ...
Oil prices surge 5.0% on report of agreed OPEC cut
The price of Brent North Sea oil rocketed five percent Friday on reports that OPEC and non-OPEC crude producers had agreed to slash crude output. Brent surged to $63.07 per barrel, while New York's WTI advanced by almost 5.0 percent after Bloomberg reported that producers, including oil kingpins Saudi Arabia and Russia, had agreed to cut output by a combined 1.2 million barrels per day.