Page 1623 - Business Finance
Fitch Ratings lowers India's FY19 growth forecast to 7.2%
Global ratings agency Fitch Ratings on Thursday lowered India's growth forecasts to 7.2 per cent from an earlier projection of 7.8 per cent rise for fiscal year ending March 2019.
OPEC tentatively agrees oil cut, waits for Russia to commit
VIENNA (Reuters) - OPEC tentatively agreed an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said.
CCI clears deal involving Blackstone, Embassy Group
The Competition Commission has approved the deal involving global investment company Blackstone and realty firm Embassy Group. The deal involves restructuring of Embassy Group, Blackstone Group and certain third parties into Embassy office parks REIT (Real Estate Investment Trusts). In a tweet on Thursday, the CCI said it "approves acquisition of real estate assets of Embassy Group and Blackstone Group by Embassy". Post deal, Embassy Office Parks REIT will undertake an initial public offer and list its units on recognised stock exchanges in India, the CCI said. Sebi had notified REITs and InvITs Regulations in 2014, allowing setting up and listing of such trusts which are very popular in some advanced markets. Embassy group is one of the leading real estate developers in the country. It has developed over 45 million sq ft of prime residential and commercial projects. The company, in joint venture with Blackstone, has developed business parks covering about 34 million sq ft of office ..
NTPC likely to buy Centre's stake in SJVN, discussions on with HP govt
Power company NTPC is likely to acquire the Central government's stake in SJVN Ltd, an official said. However, the acquisition deal is stuck because of resistance from the Himachal Pradesh (HP) government, the official added. The transaction would fetch the exchequer about Rs 6,700 crore at current market prices. SJVN is a joint venture between central government and Himachal Pradesh government, with the Centre holding 63.79 per cent stake and the latter holding 26.85 per cent at the end of September. "We are looking at NTPC acquiring Centre's share in SJVN. The matter is stuck because of resistance from Himachal Pradesh government. We are discussing it," the official said. At the current market price, sale of 63.79 per cent stake in SJVN would fetch the Central government about Rs 6,700 crore. The Cabinet Thursday approved PFC buying the government's 52.63 per cent stake in REC. The transaction would fetch the government Rs 15,000 crore. The government has already mopped up over Rs .
Markets tumble as Huawei arrest rekindles US-China trade fears
World markets slumped Thursday as the arrest of a top executive at Chinese telecoms giant Huawei raised doubts over the recent trade truce agreed by US President Donald Trump and Chinese counterpart Xi Jinping. Fears over the potential trade fallout saw the Frankfurt DAX index, London and Paris all shed three percent and Wall Street joined the global stocks sell-off, opening sharply lower as the Dow Jones Industrial Average slid 2.0 per cent. The broad-based S&P 500 sank 1.9 per cent to 2,648.04, while the tech-rich Nasdaq Composite Index shed 2.2 per cent to 7,002.02 as Wall street returned to action. The US markets were closed Monday for the funeral of former president George H.W. Bush. "After some semblance of tranquility on Wednesday, markets are in the thick of it as news regarding Chinese smartphone Company Huawei suggest that US-China tensions are well beyond the tit for tat tariff war," said Oanda's Stephen Innes. The markets tanked after the arrest of Huawei executive ...
Sebi fines Bampsl Securities Rs 5 lakh for disclosure lapses
Markets regulator Sebi imposed a fine of Rs 5 lakh on Bampsl Securities for violating disclosure norms regarding the change in shareholding of Kay Power Paper. The Securities and Exchange Board of India (Sebi) conducted a probe regarding the trading in the scrip of Kay Power from June to August, 2014. The probe found that Bampsl made three transactions which resulted in changing its shareholding in the company. However, on all occasions, Bampsl failed to disclose the change in shareholding to the company and on two occasions it made disclosures to the BSE but with wrong information and thereby violated PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeovers norms) regulations, Sebi said. Under PIT and SAST, the entity is required to make disclosure to both company and the exchange where the scrips of company are listed. The regulator said the entity "by not making disclosures and making disclosures having wrong information violated the provisions
Oil dives 4 percent after OPEC delays output decision
NEW YORK (Reuters) - Oil fell more than 4 percent in choppy trading on Thursday after OPEC and allied exporting countries ended a meeting without announcing a decision to cut crude output, and prepared to debate the matter the next day.
UPL names new leadership team for merged entity
Following its decision to acquire Arysta LifeScience, global crop protection products firm UPL on Thursday announced a new leadership of the merged entity with the new executive team to be led by the company's global CEO Jai Shroff.
Atlanta Fed trims U.S. fourth-quarter GDP growth view to 2.7 percent
NEW YORK (Reuters) - The U.S. economy is expanding at a 2.7 percent annualized rate in the fourth quarter as data showed the U.S. trade deficit jumped to a 10-year high in October, the Atlanta Federal Reserve's GDPNow forecast model showed on Thursday.
Wall Street slide on global growth fears erases S&P's 2018 gains
(Reuters) - The S&P 500 and the Dow Jones Industrial Average slipped back into losses for the year on Thursday as U.S. stocks slid on mounting worries of slowing global growth after a fresh twist in China-U.S. tensions as well as falling oil prices and U.S. bond yields.
Global Markets: Shares spiral on arrest of China executive; oil sinks as output decision delayed
NEW YORK (Reuters) - Stock markets around world tumbled on Thursday as the arrest of a top Chinese technology executive cast further shadows on U.S.-China trade relations, while oil prices sank on fears of smaller-than-expected output cuts.
Cabinet clears agi export policy to take shipments to USD 60 bn by 2022
Seeking to double agricultural export to USD 60 billion by 2022, the Union Cabinet Thursday approved a maiden export policy for the farm sector that imposes no restrictions on export of all organic and processed products. However, export policy for primary agricultural products, like onion, would reviewed periodically on a case-to-case basis depending on price-supply situation, said Commerce Minister Suresh Prabhu after the Cabinet meet. "The policy aims at doubling agricultural shipments to over USD 60 billion by 2022," he said, adding that achieving the target was "doable". He said the farm exports have grown by 20 per cent in a year. Agricultural exports are currently estimated at USD 30 billion. Prabhu said there was a time when India used to import agricultural products, but now it is exporting in a big way. He rued India had no export policy for agri products despite a major producer. Prabhu said the first ever 'Agriculture Export Policy, 2018' would help the government in ...
China demands Canada release executive of tech giant Huawei
China on Thursday demanded that Canada release an executive of Chinese tech giant Huawei who was arrested in a case that compounds tensions with the U.S. and threatens to complicate trade talks. Meng Wanzhou, chief financial officer of Huawei Technologies Ltd., faces possible extradition to the United States, according to Canadian authorities. The Globe and Mail newspaper, citing law enforcement sources, said she is suspected of trying to evade U.S. trade curbs on Iran. Huawei, the biggest global supplier of network gear used by phone and internet companies, has been the target of deepening U.S. security concerns. Under Trump and his predecessor, Barack Obama, Washington has pressured European countries and other allies to limit use of its technology. The U.S. sees Huawei and smaller Chinese tech suppliers as possible fronts for spying and as commercial competitors. The Trump administration says they benefit from improper subsidies and market barriers. The timing of the arrest is ...
Cabinet nods India's first agri export policy to double farmers' income
Union Cabinet on Thursday approved the country's first Agriculture Export Policy with an aim to double farmers' income and agricultural export to $60 billion by 2022, Commerce and Industry Minister Suresh Prabhu said.
OPEC to consider views of Modi seriously before cutting production: Saudi oil min
Oil cartel OPEC will consider views of world leaders such as Prime Minister Narendra Modi, who represent the voice of major consuming nations, with seriousness before taking a decision on cutting output to support falling prices, Saudi oil minister Khalid Al Falih said Thursday. India is the world's third largest oil consuming nation, which is more than 80 per cent dependent on imports to meet its energy needs. Led by Modi, it has been very strongly making a case for oil producers' cartel OPEC to price crude at reasonable and responsible rates. Speaking to reporters at the meeting of the Organisation of Petroleum Exporting Countries (OPEC), he said: "We take the views of Prime Minister Narendra Modi seriously who (like US President Donald Trump) is equally vocal about the issue. We just met him in Buenos Aires (during G20 summit) and privately he made those points very very strongly that he does care for Indian consumers and is very serious about it. I have also seen him at three ...
Top Huawei executive arrested on U.S. request, clouding China trade truce
VANCOUVER/BEIJING (Reuters) - The daughter of Huawei's founder, a top executive at the Chinese technology giant, was arrested in Canada and faces extradition to the United States, stirring up fears it could reignite a Sino-U.S. trade row and roiling global stock markets.
Government nods sale of its 53% stake in REC to Power Finance Corp
The Cabinet Committee on Economic Affairs (CCEA) on Thursday accorded in-principle approval for the strategic sale of the governments existing 52.63 per cent majority shareholding in the Rural Electrification Corporation (REC) to the state-run Power Finance Corporation (PFC), along with transfer of management control.
US trade deficit hits 10-year high on record imports
The US trade deficit hit a 10-year high in October as Americans used a stronger dollar to snap up record imports, the government reported Thursday. The result showed the trade gap has continued to swell despite the punitive tariffs imposed this year on allies and adversaries alike by President Donald Trump, who has who has sought to shrink deficits he blames for job losses. And that is likely to subtract from growth in the final quarter of 2018, economists say. Amid Trump's high-stakes trade war with Beijing, the total trade gap rose 1.7 per cent to USD 55.5 billion, driven by all-time high imports, according to the Commerce Department. The deficit in goods trade with China likewise continued to expand, rising two per cent to USD 38 billion, seasonally adjusted, as key exports like soybeans fell. Without seasonal adjustments, the US-China goods trade gap hit an all-time record of USD 43.1 billion. Washington and Beijing have exchanged steep tariffs on more than USD300 billion in total
Wall Street extends slide, Dow plunges over 700 points
(Reuters) - The S&P 500 and the Dow Jones Industrial Average slipped back into losses for the year on Thursday, as U.S. stocks extended slide on fresh worries over China-U.S. tensions, lower oil prices and tumbling U.S. bond yields.
India to sell REC stake to another state lender, Power Finance Corp
NEW DELHI (Reuters) - The Indian government on Thursday approved a plan by one state-owned lender to the power industry, Power Finance Corp to acquire a majority stake in a similar government-controlled lender, REC Ltd, Finance Minister Arun Jaitley said.