Page 1675 - Business Finance
Macron, Abe to discuss Renault-Nissan at G20 as feud brews
TOKYO/PARIS (Reuters) - French President Emmanuel Macron will discuss the Renault-Nissan alliance's future with Japan's prime minister at the G20 summit in Argentina on Friday, seeking to defuse a brewing diplomatic row over the balance of power inside the partnership.
GDP growth slows to 7.1 pc in Q2; still faster than China
India's economic growth slowed to 7.1 per cent in the September quarter after peaking to an over two-year high in the first three months of this fiscal, as consumption demand moderated and farm sector displayed signs of weakness. The growth in Gross Domestic Product (GDP) in July-September is the lowest in three quarters but better than 6.3 per cent in the same period of the previous year, helping the country retain the tag of the world's fastest-growing major economy, ahead of China. The Indian economy had grown by 8.2 per cent in the first quarter of the current fiscal year that began in April, according to data released by the Central Statistics Office (CSO) Friday. The government, naturally, was disappointed but took comfort in the fact that the expansion was "robust and healthy" when the average rate for the first six months of the current fiscal are taken. "GDP growth for second quarter 2018-19 at 7.1 per cent seems disappointing. Manufacturing growth at 7.4 per cent and ...
In investment-heavy phase of long term strategy for India: Oppo
A day after announcing that its India Managing Director will step down, Chinese handset maker Oppo Friday asserted it is currently in the "investment-heavy phase" of its "long-term strategy" in the country and will pump funds into the operations, including R&D. Oppo, which competes against brands like Xiaomi and Samsung among many others, said that its India MD Yi Wang's exit from his role was a "mutual decision" and that the company will announce his successor at "an appropriate time". "Oppo India is focused towards expansion in the Indian market and sees itself as a long term player in one of the fastest growing mobile handset markets in the world. We are here for the long-run and are currently in the investment-heavy phase of our long-term strategy," Oppo India President Charles Wong told PTI. He added that the company's commitment in India will continue and that it sees the country as one of its largest markets for its products. Wong, however, declined to disclose ...
India's economic growth slows as Modi prepares for re-election
NEW DELHI (Reuters) - India's economic growth fell to a worse-than-expected 7.1 percent in the July-September quarter, dragged down by a slower consumer spending and farm growth, in a setback for Prime Minister Narendra Modi who faces a national election by May.
Oil falls as high inventories outweigh likely OPEC cuts
LONDON (Reuters) - Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.
Wall Street opens flat ahead of Trump-Xi trade meeting
(Reuters) - U.S. stocks opened flat on Friday as caution mounted ahead of a high-stakes U.S.-China trade meeting at the G20 Summit, whose outcome would determine if the trade war that has roiled financial markets would abate or worsen.
Global funds raise cash holdings to 20-month high as caution mounts
LONDON (Reuters) - Concerned about the health of the global economy, international investors boosted allocations to safe-haven cash in November to the highest levels in almost two years, while further trimming equity exposure, especially in the United States.
Tempted to play in mid-price category but will continue with premium mkt: OnePlus CEO
OnePlus co-founder and CEO Pete Lau Friday said the company has been 'tempted' to expand its presence to the mid-priced smartphone category as it presents a huge opportunity in a country like India, but it will continue to focus on the premium market. Speaking to PTI, Lau said there is a huge addressable market in the Rs 15,000-20,000 category (mid segment). "It is a temptation but we are not doing that. We have had a mission from the start of building a flagship phone with the best features, we will continue to focus there," he said. OnePlus, which had entered the Indian market in 2014 with Amazon as its e-commerce partner, usually launches two devices a year unlike other players that play across various price categories. According to the research firm Counterpoint, OnePlus held a 30 per cent share in the premium category (Rs 30,000 and above) during the July-September 2018 quarter. Samsung was the second largest player in the category with 28 per cent market share, followed by Apple
Wall Street set to open lower ahead of Trump-Xi trade meeting
(Reuters) - Wall Street was set to open lower on Friday as caution mounted ahead of a high-stakes U.S.-China trade meeting at the G20 Summit, whose outcome would determine if the trade war that has roiled financial markets would abate or worsen.
Pakistan central bank hikes interest rate to 10 percent on inflation fears
ISLAMABAD (Reuters) - Pakistan's central bank on Friday hiked key interest rates by 150 basis points to 10 percent and sharply cut growth forecasts, warning that the economy faces mounting headwinds from rising inflation and high current account and fiscal deficits.
India's Q2 GDP growth slows to 7.1%
The pace of India's GDP (gross domestic product) growth slowed during the second quarter of 2018-19 to 7.1 per cent from 8.2 per cent in Q1, mainly on the back of a drop in manufacturing, agriculture and mining activities, official data showed here on Friday.
SAIL needs to be more profitable: Steel Minister
The country's largest steel maker Steel Authority of India Ltd (Sail) needs to be more profitable and retain its leadership in the market, Union minister Chaudhary Birender Singh said Friday. The Union Steel Minister, who visited SAIL's Alloy Steel Plant (ASP) at Durgapur in West Bengal said that the unit is geared up to become profitable from next year, the steel ministry said in a statement. The minister said that the plant was now showing improved performance both in physical and financial terms. The minister who also visited the Durgapur steel plant (DSP) said that the plant's commensurate growth plan has been duly considered in tune with the National Steel Policy of making 300 million tonnes (MT) of steel by 2030-31 and SAIL's plan to enhance steel production to 50 MT. DSP is currently implementing its modernisation and expansion plan (phase-I) with the main objectives of conversion of available semis into value added rolled products. The minister also visited the SAIL's Salem ..
Gold slips as dollar drifts higher ahead of Trump-Xi meeting
BENGALURU (Reuters) - Gold edged lower on Friday as the dollar firmed ahead of an expected meeting between U.S. President Donald Trump and China's President Xi Jinping at the G20 summit, but bullion was on track to post its second straight monthly gain.
AU Small Finance Bank raises Rs 500 cr via NCD
AU Small Finance Bank Friday said has raised tier II capital of Rs 500 crore through non convertible bonds issued on a private placement basis.
India committed to globalisation, reformed multilateralism, says PM Modi
Prime Minister Narendra Modi on Friday reaffirmed India's commitment to globalisation and reformed multilateralism at an informal meeting of the BRICS leaders on the sidelines of the G-20 summit here. Modi arrived Argentina's capital of Buenos Aires on Thursday to attend the G-20 summit where he will discuss ways to meet the new and upcoming challenges of the coming decade with other world leaders, including US President Donald Trump. "In his first of the many engagements today, PM @narendramodi participated at #BRICS Leaders' Informal Meeting on the margins of #G20Summit. Reaffirmed India's commitment to globalisation and reformed multilateralism," External Affairs Ministry spokesperson Ravish Kumar tweeted. In his departure statement Thursday, Modi said through the 10 years of its existence, the G-20 has strived to promote stable and sustainable global growth. "This objective is of particular significance for developing countries and emerging economies such as India, which is today .
Forex reserves drop by $24.02 bn to $400.52 bn in Apr-Sep
The country's foreign exchange reserves declined by USD 24.02 billion to USD 400.525 billion in the April to September period this year, according to an Reserve Bank of India (RBI) data. The foreign exchange reserves stood at USD 424.54 billion as on March 31, 2018. In the April to August period, reserves followed a declining trend, from USD 420.52 billion as on April 30, to USD 412.37 billion as on May 31, USD 405.74 billion as on June 30, USD 403.67 billion as on July 31 and USD 400.10 billion as on August 31, the data showed. It rose slightly to USD 400.43 billion in September. "At the end of June, the foreign exchange reserves cover of imports declined to 10.1 months, from 10.9 months at end-March 2018," RBI said in its half-yearly report on Management of Foreign Exchange Reserves - April-September. The foreign currency assets comprise multi-currency assets that are held in multi-asset portfolios as per the existing norms, which conform to the best international ...
Pakistan central bank hikes interest rate to 10 percent
ISLAMABAD (Reuters) - Pakistan's central bank hiked its key interest rate by 150 basis points to 10 percent on Friday, citing rising inflation and high current account and fiscal deficits.
Illegal CIS: Sebi fines Arise Bhoomi, directors Rs 1 crore
Markets regulator Sebi Friday levied a total fine of Rs 1 crore on Arise Bhoomi Developers and its three directors for mobilising funds from small investors through unregistered collective investment scheme. The directors fined in this connection are Papu Kumar Singh, Ratnesh Kumar Yadav and Ravi Shankar Singh. In four separate but similarly worded orders, Sebi said it conducted an investigation after it received a complaint from an NGO, alleging that the company was involved in collection of funds from small investors without obtaining approval of Sebi and it mobilised Rs 8.38 crore during 2013-2014. The probe found the firm was "operating a collective investment scheme (CIS) without obtaining a registration from Sebi", the regulator noted. Illegal mobilisation of funds through unregistered collective investment scheme by any entity is in violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. The entities "had violated PFUTP Regulations and is liable for ...
Futures pare losses on Lighthizer's trade comments
(Reuters) - U.S. stock index futures pared losses on Friday after Trade Representative Robert Lighthizer said he would be surprised if Saturday's dinner between U.S. President Donald Trump and his Chinese counterpart Xi Jinping "wasn't a success".
Money laundering could affect financial stability, Danish central bank warns
COPENHAGEN (Reuters) - A money laundering scandal at Danske Bank involving billions of euros of suspicious flows is serious enough to potentially affect the country's financial stability, the central bank warned on Friday.