Page 1622 - Business Finance
Cabinet gives 'In Principle' approval to PFC takeover of REC
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its 'In Principle' approval the for strategic sale of the Centre's existing 52.63 per cent of total paid up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) along with transfer of management control.The acquisition intends to achieve integration across the power chain, obtain better synergies, create economies of scale and have enhanced capability to support energy access and energy efficiency by improved capability to finance power sector. It may also allow for cheaper fund raising with increase in bargaining power for the combined entity.Both REC and PFC are Central Public Sector Enterprises under the Ministry of Power.
Cabinet approves Agricultural export policy to double farmers' income by 2022
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Agriculture Export Policy, 2018 with an aim to double farmers' income by 2022. Exports of agricultural products would play a pivotal role in achieving this goal.In order to provide an impetus to agricultural exports, the Government has come out with a comprehensive "Agriculture Export Policy" aimed at doubling the agricultural exports and integrating Indian farmers and agricultural products with the global value chains.The Cabinet has also approved the proposal for the establishment of Monitoring Framework at Centre with Commerce as the nodal Department with representation from various line Ministries/Departments and Agencies and representatives of concerned State Governments, to oversee the implementation of Agriculture Export Policy.The Agriculture Export Policy has the vision to harness the export potential of Indian agriculture, through suitable policy instruments, to make India global power in agriculture .
Moderna to raise $618 million in upsized IPO, braving market jitters: sources
(Reuters) - Moderna Inc is set to sell around $618 million in shares in its initial public offering (IPO) on Thursday, a person familiar with the matter said, braving stock market jitters to sell more stock than originally planned.
Japan firms see trade war, sales tax pressuring economy in 2019
TOKYO (Reuters) - Most Japanese firms expect flat or weaker domestic growth next year and are even more pessimistic about global growth amid concerns over the impact of the U.S.-China trade war and a planned sales tax hike at home, a Reuters poll showed.
Bombardier expects higher business jet deliveries to fuel turnaround
NEW YORK (Reuters) - Bombardier Inc said on Thursday it expects to deliver 150 to 155 business aircraft next year, helping the Canadian plane and trainmaker meet an $18 billion revenue target for 2019.
Embraer-Boeing aviation deal blocked by Brazilian court
BRASILIA (Reuters) - A Brazilian federal court on Thursday granted an injunction blocking the proposed tie-up between U.S. planemaker Boeing Co and Embraer SA , a deal the Brazilian company says is crucial to its survival.
US dollar falls amid downbeat data, lower expectation on Fed rate hikes
The US dollar extended losses in late trading on Thursday, as a batch of negative economic data cast a poll over investors sentiment.
Global markets: stocks down on China exec arrest; oil slips on OPEC decision delay
NEW YORK (Reuters) - Stock markets around the world sank on Thursday as the arrest of a top Chinese technology executive threatened to strain an already brittle U.S.-China trade relationship, while oil prices fell after OPEC delayed an output decision.
Oil dives nearly three percent after OPEC delays output decision
NEW YORK (Reuters) - Oil fell nearly 3 percent in choppy trading on Thursday after OPEC and its allies ended a meeting without announcing a decision to cut crude output, and prepared to debate the matter the next day.
Boeing CEO says hopeful U.S.-China on course to resolve trade dispute
(Reuters) - Boeing Co Chief Executive Officer Dennis Muilenburg said on Thursday he is hopeful that China and the U.S. are on a path to resolve their trade spat, on a day when global stocks fell on renewed fears of a trade war between the world's two largest economies.
Exclusive: Moderna mulls upsizing largest biotech IPO since 2016 - sources
(Reuters) - Moderna Inc is considering selling up to 20 percent more shares than originally planned in its initial public offering on Thursday, allaying concerns that stock market jitters could derail the biggest flotation of a biotechnology company since 2016, two people familiar with the matter said.
Analysis: Oil's sharp price drop fuels questions for stock market
NEW YORK (Reuters) - U.S. stock investors are wary that a 30 percent slump in oil prices will pressure corporate profits while also presenting a sign of weakness in global growth at a time they are already weighing when the long economic expansion will end.
In major shift, U.S. now exports more oil than it ships in
(Reuters) - The United States last week exported more crude oil and fuel than it imported for the first time on record, according to data released on Thursday, the same day OPEC ended a meeting without a decision to curb global output to balance out the historic surge in U.S. supply.
Greek government plans crowdfunding for new warships
Greece's defence minister is appealing to his austerity-battered countryfolk for a crowdfunding effort to raise money for new warships, promising to donate part of his own salary. Panos Kammenos says he will open a bank account on January 1 where members of the public can make donations "for new frigates and a flagship." He addressed his appeal to Greece's wealthy shipowning industry, as well as ordinary Greeks. "I will be the first to deposit my salary in this effort," he said, speaking to navy personnel on the occasion of Thursday's feast day of St. Nicholas, patron saint of Greek seamen and the navy. Kammenos said 2019 will see a general drive to upgrade the fleet, which faces strong competition from neighbouring Turkey, a NATO ally and historic regional rival.
Global markets: stocks fall on China exec arrest; oil slips on OPEC output delay
NEW YORK (Reuters) - Stock markets around world slid on Thursday as the arrest of a top Chinese technology executive cast further shadows on U.S.-China trade relations, while oil prices sank after OPEC delayed an output decision.
S&P, Dow lose 2018 gains as global growth fears grip Wall Street
(Reuters) - The S&P 500 and the Dow Jones Industrial Average slipped back to losses for the year on Thursday, as U.S. stocks fell on mounting worries of slowing global growth after a fresh twist in China-U.S. tensions as well as lower oil prices and U.S. bond yields.
Kia Motors signs MoU with Andhra for future eco mobility
South Korean auto major Kia Motors on Thursday signed a Memorandum of Understanding (MoU) with the state of Andhra Pradesh to collaborate on the partnership for future eco mobility.
Gold nears five-month peak as dollar, stocks decline
BANGALURU (Reuters) - Gold rebounded on Thursday to a near five-month peak as the dollar declined amid expectations of a slowdown in the pace of U.S. interest rate hikes, with investors seeking refuge in the bullion from a sell-off in global stocks.
Saudi Arabia says 'not confident' OPEC can reach agreement on cuts
OPEC members and other oil-producing countries may not be able to agree a reduction in output to help shore up plunging prices, Saudi Arabia said on Thursday. "No, I am not confident," Saudi oil minister Khalid Al-Falih told reporters after coming out of a meeting of the Organization of Petroleum Exporting Countries in Vienna. "We're still debating the distribution" of any possible cuts, he added. Iraqi minister Thamir Abbas Al Ghadhban said deliberations would continue on Friday. But he said: "We are hopeful that an agreement can reached." Unusually, the oil cartel had scrapped a planned news conference on Thursday at which the members had largely been expected to announce a new reduction in output to stem the recent sharp drop in the price of crude. OPEC's 15 members had been meeting in the Austrian capital on Thursday to decide what action to take, a day after US President Donald Trump took to Twitter to urge them not to cut output. "Hopefully OPEC will be keeping oil flows as is, .
IMF's Lagarde: Don't see 'elements of recession' in near term
Despite some uncertainty and market volatility, the United States is not likely to see an economic contraction in the near term, IMF chief Christine Lagarde said Thursday. On a day when Wall Street has dropped more than two per cent, Lagarde said "there's a question mark about growth prospects going forward" but the concerns are "a little bit overdone." "I don't see the elements of recession in short order," she said on CNBC, and the IMF is forecast 3.7 per cent US growth next year which "is not bad." However, she said the Federal Reserve was "probably going to slow down" its rate increases as they look at economic data. The US central bank has raised its benchmark lending rate three times this year and is widely expected to do so again on December 19 but has signalled that it may slow or even pause next year as the economy loses some steam. Lagarde declined to make a recommendation to Fed policymakers but said their moves will depend on "their reading of the state of the economy," ...