Page 1627 - Business Finance

OPEC expected to cut oil production to support price

OPEC countries were meeting Thursday to find a way to support the falling price of oil, with analysts predicting the cartel and some key allies, like Russia, would agree to cut production by at least 1 million barrels per day. Crude prices have been falling since October because countries like the US and Saudi Arabia are producing at high rates and due to fears that weaker economic growth would dampen energy demand. The price of both benchmark US crude and the standard for internationally traded oil fell 22 per cent in November. The oil minister of Saudi Arabia, the heavyweight within OPEC, said Thursday that the country was in favour of a cut of 1 million barrels a day. "I think a million will be adequate personally," Khalid Al-Falih said upon arriving to the meeting in Vienna. He clarified that that would cover production for both OPEC countries as well as non-OPEC countries, like Russia, which have in recent years been coordinating their production limits with the cartel. His Iraqi

Volkswagen to cut another $3.4 billion in costs to boost margins

WOLFSBURG, Germany (Reuters) - Volkswagen announced another 3 billion euros ($3.4 billion) of cost cuts on Thursday in an effort to speed up an improvement in profit margins at its core VW brand.

Oil stocks fall up to 3 pc, OPEC meet underway

Oil stocks Thursday fell up to 3 per cent amid expectation of production cuts by Russia and OPEC. Shares of Indian Oil Corporation (IOC) tumbled 2.94 per cent, ONGC declined 2.47 per cent and Reliance Industries fell 2.72 per cent. Among others, Bharat Petroleum Corporation dipped 1.22 per cent and Hindustan Petroleum Corporation dropped 0.71 per cent. OPEC members began a two-day meeting Thursday to decide about the production policy. According to market analysts, shares of oil companies declined on expectation of production cuts by Russia and OPEC besides weakening of the rupee. "Investors are closely watching the meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and other top oil-producing countries," said BNP Paribas Mutual Fund's Senior Fund Manager-Equities, Abhijeet Dey. As per reports, OPEC is looking for a sufficient reduction in oil production to help recover tumbling crude prices. Led by losses in these stocks, the BSE Oil and Gas Index dropped by

Top Indian-American Microsoft executive Sirosh joins Compass

Microsoft's Indian-origin artificial intelligence (AI) expert Joseph Sirosh has joined Compass as its Chief Technical Officer (CTO) as the American real estate technology company stepped up its efforts to ease sale and purchase of houses in the United States. In his new role, Sirosh will lead the company's engineering team and help in developing new AI-powered products for the New York-based firm's real estate ecosystem. In a tweet, Sirosh said that he was "superexcited" to join Compass. "I'm super excited to join Compass! It's bringing agents and technology to empower us in one of the most stressful & consequential transactions of our lives - buying or selling a home. One of the fastest growing platforms that I know, and an inspiring and diverse leadership," he said. Sirosh was associated with Microsoft for five years prior to which he was with Amazon. Compass also welcomed Sirosh for his new role in the company. "AI, machine learning, and cloud platform expert Joseph Sirosh has .

Arrest of Huawei 'heiress' throws rare spotlight on family

HONG KONG (Reuters) - Like many top Chinese executives, Meng Wanzhou is a mysterious figure even in her home country, but the 46-year-old chief financial officer of Huawei Technologies had been widely tipped to one day take the helm of the tech giant her father founded.

RP Sanjiv Goenka Group eyes Rs 1,000cr annualised revenue from FMCG

RP Sanjiv Goenka Group is expecting to clock an annualised revenue of Rs 1,000 crore from its FMCG business by June next year, an official said on Thursday.

Biju Balendran to head Renault Nissan Automotive India

In a top level management rejig, Renault-Nissan alliance Thursday announced the appointment of Biju Balendran as the managing director and chief executive officer (CEO) for Renault Nissan Automotive India (RNAIPL). Balendran is replacing Colin MacDonald who moves on to a new role in Europe. Besides, the organisation announced the appointment of Sambath Kumar as the chief finance officer (CFO) for Nissan India operations. In their new roles, Balendran will be responsible for all the manufacturing operations of the Renault-Nissan Alliance factory at Oragadam, Chennai, while Kumar will look after finance for Nissan India operations. "As a part of the Nissan India strategy, we aim to substantially increase plant utilisation enabling greater efficiency and build capacity to develop products which meet the expectations of Indian customers. Under the leadership of Biju, the manufacturing plant will serve as a key contributor to the growth of Nissan in India," Nissan India operations ...

Explainer - Who is China's Huawei Technologies and why is it controversial?

(Reuters) - The arrest in Canada of Meng Wanzhou, a top executive at China's Huawei Technologies Co Ltd and daughter of the founder and CEO, jolted the global business community on Thursday and raised fears that a truce in the U.S.-China trade war could come to a swift end.

Sentiment On Economic Situation Dips Further Says RBI's Consumer Confidence Survey

The Reserve Bank has released the results of the November 2018 round of its Consumer Confidence Survey. The survey was conducted in 13 major cities - Ahmedabad; Bengaluru; Bhopal; Chennai; Delhi; Guwahati; Hyderabad; Jaipur; Kolkata; Lucknow; Mumbai; Patna; and Thiruvananthapuram - and obtained 5,326 responses on households' perceptions and expectations on the general economic situation, the employment scenario, the overall price situation and their own income and spending.

Kerala's largest IT employer to become catalyst for startups

UST Global -- the state's largest employer in the IT sector -- as part of a strategic shift has decided to turn a catalyst for new start-ups, and has also given the green signal to its employees to work on their own ideas, said a top official.

India inks pact with Iran to pay crude bill in rupee

India has signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees, sources in know of the development said. The memorandum of understanding (MoU) was signed following the US letting India and seven other nations to keep buying Iranian oil despite sanctions were reimposed on the Islamic state on November 5. Sources said Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC). Half of these funds would be earmarked for settling payments for exports of Indian goods to Iran, they said. Under US sanctions, India can export foodgrains, medicines and medical devices to Iran. India had won the exemption after it agreed to cut imports and escrow payments. Under the 180-day exemption, India is allowed to import a maximum of 300,000 barrels a day of crude oil. This compares to an average daily import of about 560,000 barrels this year. India, which is the second biggest purchaser of Iranian oil after China,

Wonder Cement Asia's most promising brand 2018 study by iBrands 360 WCRCINT research

'Well begun is half done', as the famous Aristotelian saying goes; it all started with "Ek Perfect Shuruaat" a brand campaign launched towards supporting and building a Cement Company named Wonder Cement in the year 2012.Today the brand is celebrating its 6th birthday and has been bestowed with recognition, 'Asia's Most Promising Brand 2018', in the Cement Category, India by iBrands 360 WCRCINT research.iBrands 360 WCRCINT research is a global brand equity evaluation and a specialized brand architecture and research company that is totally dedicated towards brands research, Brand fortification strategies and company evaluation studies, for start-ups in Asia.In the past iBrands 360 WCRCINT research had also recognized Wonder Cement as the Most Digitally Active Brand and Most Promising Brand in Asia as well.While commenting on receiving the award, Tarun Singh Chauhan, an Industry veteran and brand consultant for Wonder Cement said, "We are proud to be recognized as Asia's most promising

Asian refiners' profits slump as mild weather exacerbates oil products glut

SINGAPORE (Reuters) - Oil refiners' profits in Asia have slumped to the lowest in more than four years after refineries ramped up output in the fourth quarter and churned out excess fuel in anticipation of stronger demand during winter.

Telecom relief package 'difficult' as cos not speaking in unison on financial stress: Govt source

The government may find it "difficult" to respond to calls for relief package for the telecom sector given the differences among operators on financial stress, a source said. At the same time, there is some movement on the sector's other demands including review of import duty on telecom equipment, said the senior government official who did not wish to be named. Telecom sector has been battered by falling tariffs, eroding profitability, and mounting debt, in the face of stiff competition triggered by disruptive offerings of Reliance Jio, owned by Mukesh Ambani. The industry association has been seeking urgent relief measures for the troubled sector, entailing debt restructuring, cut in levies like licence fee and spectrum charges, and release of GST input tax credit locked up with the government. The official familiar with the ongoing parleys, said action has been initiated for a way out on two of the concerns -- review of import duties for telecom equipment and GST payments locked .

Sensex, Nifty tumble over 1.5% amid global selloff

Key domestic indices slumped, mirroring weakness in global stocks. Indices settled lower for third day in a row as investors turned cautious in the run-up to the announcement of five state elections' results next week.

Quick Wrap: Nifty Realty Index declines 2.40%, NIFTY Tumbles 1.69%

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Oil tumbles 5 percent after OPEC hints at smaller output cut

LONDON (Reuters) - Oil lost nearly 5 percent on Thursday, after OPEC signalled it may agree to a smaller output cut than expected and as concern over the economic impact of trade tensions hit global stocks.

Turnover in F&O segment spurts

Nifty December 2018 futures at modest premium

Volkswagen to seek 3 billion euro savings between 2020 and 2023

FRANKFURT (Reuters) - German carmaker Volkswagen on Thursday said it will extend a cost savings and efficiency programme at its core brand beyond 2020 and seek an additional 3 billion euros in cost savings by 2023.

U.S. appeals court to hear arguments to stop AT&T purchase of Time-Warner

WASHINGTON (Reuters) - The U.S. Justice Department goes before an appeals court on Thursday to urge a three-judge panel to overturn a lower court ruling and order wireless carrier AT&T Inc to undo its $85.4 billion purchase of entertainment company Time Warner, one of the largest media mergers ever.