Page 1657 - Business Finance

Disney amends CEO Iger's pay package

(Reuters) - Walt Disney Co said on Monday Chief Executive Officer Robert Iger has agreed to certain adjustments to his compensation package, which ties his paycheck to the company's performance, as it nears the completion of its Twenty-First Century Fox acquisition.

Ernst & Young CEO Weinberger to step down

(Reuters) - Ernst & Young said on Monday that Mark Weinberger would step down on July 1, 2019 as global chairman and chief executive.

U.S.-China trade truce boosts Wall Street

(Reuters) - Wall Street's major indexes rallied on Monday following a trade truce between the United States and China, whose tensions have clouded the outlook for the stock market for much of the year.

Fed Chairman Powell's testimony to Congress postponed

WASHINGTON (Reuters) - Federal Reserve Chairman Jerome Powell's testimony to Congress' Joint Economic Committee on Wednesday has been postponed and will be rescheduled at a later date, the committee said on Monday.

Fed's Quarles: Fed watching data but will not react to 'every wavering'

WASHINGTON (Reuters) - Federal Reserve vice chairman Randal Quarles said the Fed's increasing "data dependence" does not mean it will react to every rise or fall in economic statistics or markets, but only to "significant changes in direction."

Working relationship between GST Council, Finance Commission needs closer look: N.K. Singh

The working relationship between the GST Council and the Finance Commission needs a closer look, said Chairman of the 15th Finance Commission N.K. Singh here on Monday.

U.S. November car sales surprise on upside

(Reuters) - Holiday season deals propped up U.S. auto sales in November, limiting the scale of annual falls at some carmakers and putting overall figures on course to top analysts' expectations, numbers from several top producers showed on Monday.

Amazon.com briefly becomes Wall Street's most valuable company

SAN FRANCISCO (Reuters) - Amazon.com briefly became the most valuable company on Wall Street in intraday trade on Monday, days after Microsoft Corp dethroned long-time leader Apple.

330 developers get IT notice for violating sanctioned plan

The Income Tax department here has issued notices to over 330 developers and builders allegedly for constructing multi-storied buildings violating sanctioned plans in mineral-rich Kolhan region, a top Income Tax officer here on Monday said. Kolhan region comprises East and West Singhbhum and Seraikela-Kharswan districts. These builders and developers allegedly constructed additional floors of building against approval of the municipal bodies and evaded Income Tax, Principal Income Tax Commissioner, Jamshedpur, Avinash Kumar Sahay said. "We are identifying more such buildings and the number of defaulters may go up further," he told a press conference. The department has also served notices to owners of 170 luxury cars worth more than Rs 30 lakh, and 242 pensioners asking them to pay tax or face penalty. About the performance of the department in the current fiscal, Sahay said the department here is growing by 17 per cent and expressed confidence to exceed the target set ...

Exclusive: Altria in talks to buy cannabis company Cronos Group - sources

(Reuters) - Marlboro cigarette maker Altria Group Inc is in early stage talks to acquire Canadian cannabis producer Cronos Group Inc, as it seeks to diversify its business beyond traditional smokers, people familiar with the matter said on Monday.

AN Jha is India's new Finance Secretary

AN Jha, currently working as Secretary, Expenditure, in the Ministry of Finance, will take charge as India's new Finance Secretary. Jha will succeed Hasmukh Adhia.Jha's appointment was confirmed on Monday by the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi. A 1982-batch IAS officer, Jha will succeed Adhia, who retired on November 30 after a tenure spanning over four years.Jha, who pursued his education at St Stephens College in New Delhi, is also the recipient of a World Bank scholarship to pursue Masters in Economic Policy Management from McGill University in Canada.On the day of his retirement, Adhia, in a series of tweets, had thanked Finance Minister Arun Jaitley and Prime Minister Narendra Modi for their guidance during his tenure.Jaitley, too, had penned a blog post for the outgoing Finance Secretary, lauding Adhia for his contributions towards spearheading the rollout of the Goods and Services Tax (GST), facilitating a crackdown on black money ..

Italy, Spain and France would face 90 billion euro hit on new ECB 'key'

FRANKFURT (Reuters) - The European Central Bank would have to reduce its holdings of Italian, Spanish and French government bonds by nearly 90 billion euros if it strictly follows its new shareholder base, Reuters calculations on ECB data showed on Monday.

U.S. construction spending slows, factory growth readings mixed

WASHINGTON (Reuters) - U.S. construction spending fell for a third straight month, government data showed on Monday, while private-sector figures showed an uptick in manufacturing order growth but offered a mixed view on overall factory activity.

Oil surges three percent on trade truce, expected supply cuts

NEW YORK (Reuters) - Oil prices jumped by more than 3 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute and Canada's Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply.

Trade detente helps Wall Street build on last week's gains

(Reuters) - Trade-sensitive industrial and technology stocks pushed Wall Street higher on Monday after the United States and China agreed on a temporary trade truce, hopes of which had driven the market last week to post its biggest gain in nearly seven years.

Global markets surge on China-U.S. trade truce, dollar dips, yuan up

NEW YORK (Reuters) - A temporary ceasefire in the U.S.-China trade war boosted global stocks to their highest in about three weeks on Monday, while sending the dollar lower and the Chinese yuan and several trade-dependent currencies higher.

British Indian steel tycoon clinches US acquisition deal

British Industrialist of Indian-origin Sanjeev Gupta's GFG Alliance on Monday announced a binding agreement to purchase all of the outstanding stock in US-based Keystone Consolidated Industries Inc (KCI) from Contran Corporation (Contran). Under the terms of the deal, GFG Alliance company Liberty Steel USA will acquire KCI, including all its subsidiaries, for USD 320 million in cash, less certain assumed liabilities. The company said the purchase is expected to close by the end of this month, subject to regulatory review. "The Keystone acquisition is a core part of GFG's GreenSteel vision to become a leading US producer of high quality, cleanly produced steel," said Gupta, executive chairman of GFG Alliance. "As we look ahead to the future, GFG will benefit from Keystone's century-long history, its robust operations, and its reputation for producing top quality steel," he said. According to the GFG Alliance, the acquisition will vault Liberty into position as one of the leading ...

Nexstar to buy Tribune Media for $4.1 billion

(Reuters) - Nexstar Media Group Inc said on Monday it agreed to buy Chicago-based peer Tribune Media Company for about $4.1 billion in cash, making it the largest regional U.S. TV station operator.

NSE launches futures on overnight call rate

The National Stock Exchange Monday said it has introduced futures on overnight call rate (Mibor) to provide participants an opportunity to manage risk exposures. Mibor (Mumbai Inter-Bank Offer Rate) is the interest rate at which banks borrow from another for short term purposes. "It is important to develop tools to help institutions manage interest rate risk. The futures on MIBOR, which is one of the key barometers of India's overnight borrowing and lending, is being introduced with the objective of providing a hedging instrument for interest rate risk," said NSE's managing director and chief executive Vikram Limaye. On the first day, turnover (notional) in Mibor futures was Rs 185 crores. The participation was from financial institutions like banks, primary dealers and from the brokers, the NSE said in a release. Financial Benchmarks India Pvt Ltd announces the overnight Mibor on a daily basis except holidays.

Sweden, India ink pact to bolster renewable energy technologies

Sweden and India Monday signed two MoUs in the Renewable Energy sector to enhance the technology and bring in power efficiency. The first MoU was signed between Swedish firm Spowdi and EMVEE for setting up local manufacturing and assembly unit in Bangalore. The second MoU was inked between Swedish Neutral and Tata Power DDL for setting up pilot for earth fault protection in Delhi, Embassy of Sweden said in a statement. The MoUs were signed on the sidelines of inauguration of the 'Sustainability by Sweden Showroom India' by Swedish Energy, Agency Business Sweden and Embassy of Sweden under the Sweden India Nobel Memorial Programme, it said. The showroom was inaugurated at Business Sweden here by A K Verma, Joint Secretary, Ministry of Power, Josa Karre, counsellor and head of economic affairs, Embassy of Sweden and Josephine Bahr Ljungdell - Director of International Affairs, Swedish Energy Agency. India and Sweden share a long history of collaboration, which is guided by MoUs in the .