Page 1759 - Business Finance
Analysis: Stock market volatility - Options traders expect more, more, more
NEW YORK (Reuters) - A new normal is taking root in U.S. stock markets, and the word that best sums it up starts with a "V".
Nissan seeks more power in Renault alliance; governments urge stability
PARIS/TOKYO (Reuters) - Nissan wants more influence in its alliance with France's Renault following the arrest of group Chairman Carlos Ghosn, arguing the structure does not adequately reflect the Japanese carmaker's size and global sales.
New York regulator to end supervision of StanChart for compliance failings
LONDON (Reuters) - New York's Department of Financial Services (DFS) will end a period of monitoring of Standard Chartered on Dec. 31, the DFS said on Wednesday, bringing to a close one strand of the bank's punishment for past failings in compliance controls.
Jet Airways says in talks with various investors amid reports of seeking Etihad support
Jet Airways said Wednesday it continues to be in active discussions with various investors, amid reports that its founder Naresh Goyal is in talks with Etihad for financial support. The response came after the BSE sought a clarification on the news report that 'Naresh Goyal and Etihad discussing merger of Jet Privilege and Jet Airways. Naresh Goyal in Abu Dhabi in talks with Etihad for financial support'. Terming such reports as "speculative in nature", the airline said it is committed to make appropriate disclosures in accordance with applicable regulations to avoid any speculative activities. "The company continues to be in active discussions with various investors to secure sustainable financing to navigate through the current headwinds and create long term growth," Jet Airways said in a filing to the BSE. Etihad holds 24 per cent stake in Jet Airways. Jet Airways, which is battling financial woes, also told the exchange that there are no discussions or decisions by its board that .
Oil rebounds after previous session's slide, but glut worries persist
NEW YORK (Reuters) - Oil prices rose nearly 4 percent on Wednesday, recovering from the lowest levels in months, after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.
NDMC attaches 648 bank accounts from Apr-Oct for 'non-payment' of property tax
The North Delhi Municipal Corporation has attached 648 bank accounts and 670 properties from April-October this year for "non-payment" of property tax, officials said. NDMC's Additional Commissioner (Revenue) B M Mishra said since April 1, 2004 (the date of implementation of Unit Area Method) it is the responsibility of the property owner or occupier to self-assess the property tax of his/her property and deposit with the corporation within due date. But many property owners/occupiers are not doing so, thus the corporation has to attach their property or bank account to realise the same. "The NDMC has attached 648 bank accounts and 670 properties from April 1 to October 31 this year for non payment" of property tax," the civic body said in a statement. Mishra has appealed to people to deposit their due property tax for the year 2018-19 along with arrears, if any, in time, otherwise defaulters would have to pay penalty and interest, along with due tax. Meanwhile, the East Delhi ...
Vodafone Idea plans to invest Rs 27,000 crore in FY20
The country's largest telecom operator Vodafone Idea plans to invest Rs 27,000 crore in 2019-20, supported by savings of around Rs 14,000 crore that it expects to come from synergising operations of merged entities, according to a company's document. The debt-ridden company has advanced its target date to complete integration of Vodafone and Idea Cellular business to financial year 2021 from fiscal 2023. "Capex guidance of Rs 270 billion in financial year 2019-20 supported by existing co-located equipment to be redeployed, spectrum consolidation, capex avoidance and efficiencies," the document said. The company expects advancing of synergy target by two years will help it improve cash flow to the tune of Rs 8,400 crore and re-deployment of co-located equipments of Vodafone and Idea will help it save Rs 6,200 crore. The company has chalked out deleveraging plan by raising capital and sell 11.15 per cent stake in Indus Towers. Vodafone Idea estimates that sale of 11.15 per cent stake in
Telecom woes: Birla flags concerns on liquidity, high spectrum payment to govt
Billionaire Kumar Mangalam Birla, head of India's biggest telecom company, has sent an SOS to the government for deferring statutory payments in a sector that is not generating enough cash to even service loans, a source said. Hit by intense competition and regulatory uncertainty, most telecom companies are in a turmoil as they attempt to retain market by matching dirt-cheap tariffs at the cost of eroding profits and taking on debt. Birla, who heads Vodafone-Idea - the new entity that emerged from merger of India operations of UK's Vodafone plc and Idea Cellular, raised the issue of stress in the telecom sector in a meeting with Telecom Minister Manoj Sinha and his department's top bureaucrat, Aruna Sundararajan, recently. A senior official with the knowledge of the matter said that Birla cited severe liquidity crunch in the market to underscore the need for a relief package from the government. Among his key demands was further deferring of the payment schedule for spectrum, which ...
MobiKwik targets to sell 15 lakh insurance policies by March
Digital financial services firm MobiKwik on Wednesday announced the launch of digital insurance service on its mobile app, with target to sell 15 lakh policies by March. "We understand that complexity of the product, high premiums and standardised products irrespective of customer profile or needs are key deterrents to the adoption of insurance and hence, we will be co-creating products that offer high value coverage at low premium. We are targeting 1.5 million policies by the end of the current financial year," MobiKwik co-founder and director Upasana Taku said in a statement. The company counts this as third big launch in the financial services domain on its platform. The company is in expansion mode and targets a four-fold growth in the current financial year. It also claimed that its customers can buy insurance in less than 10 seconds "The insurance penetration in India is close to 3% of the GDP and there is a huge potential ready to be tapped, more so with the exponential ...
With general elections nearing, mobile tariff may not rise: Report
Mobile tariffs for subscribers are not expected to increase with general elections coming next year in May, according to a report by Bank of America Merill Lynch released Tuesday. The analyst report of Bank Of America Merill Lynch (BoFA ML) said that it believes Mukesh Ambani-led Reliance Jio is unlikely to raise rates till it achieves a subscriber base of 400 million. "We believe Jio is aiming for No. 1 position and unlikely to raise tariffs till it reaches 400 million subscribers. Furthermore with elections around April-May 2019, we do not expect any tariff hikes," said the report by BoFA ML research analysts Sachin Salgaonkar and Sukriti Bansal. According to the report, Jio estimates that for good quality fibre-to-home (FTTH) service market, 50 million customers would pay USD 20 or around Rs 1,400 per month over a period of time, while Bharti Airtel feels the market size in the segment is around 30 million and consumers could pay Rs 500 per month on an average. The analysts felt ...
Work on Machilipatnam port to begin in December, says CM
: Andhra Pradesh Chief Minister N Chandrababu Naidu announced Wednesday that the construction of the Machilipatnam deep sea port would begin in December. Addressing a gathering after inaugurating the Bhavanipuram-Vullipalem bridge in Krishna district, the Chief Minister said the Machilipatnam coast would not be preferred for setting up industries if the local people hiked the land price. "Those who part with their land for the port will benefit from the developed commercial and residential plots," he said while referring to farmers parting with 35,000 acres of land for developing the capital city of Amaravati. He said Diviseema would see development along with the development of the industrial corridor on the Machilipatnam coast. The Chief Minister said a ring road connecting Diviseema and the existing road and bridge facilities would hasten development of the area. He further said the Navayuga group was keen on developing the Machilipatnam port on the lines of the ...
Wall Street bounces back as tech shares recover
(Reuters) - U.S. stocks recovered from a brutal two-day selloff on Wednesday as strong earnings from Foot Locker and gains in technology stocks lifted investor sentiment ahead of the Thanksgiving holiday.
'R Chandrashekhar wanted YES Bank to focus on finding successor of Rana Kapoor'
Former independent director of YES Bank Rentala Chandrashekar quit the board as he was not happy with the recent developments in the bank, which seemed non-focussed to find a successor of its MD & CEO Rana Kapoor, sources said Wednesday. The former bureaucrat wanted the bank to focus on finding a successor for Kapoor rather than indulging in issues such as shake up in the board composition and the likes, sources told PTI. YES Bank, in a response, said the recent resignations bear no impact on the new MD & CEO selection process. "...the new MD & CEO selection process is on track, as per committed timelines. The Search & Selection Committee ("SSC") and the N&RC is scheduled to convene on December 12, 2018 to discuss the final shortlist for new MD & CEO appointment, " YES Bank said in a statement Wednesday. When contacted, Chandrashekhar confirmed in the affirmative on the reason behind his departure from YES Bank and refused to divulge anything further. Also, he .
AP CM's grandson richer than him with Rs 18.71 cr assets
Andhra Pradesh Chief Minister N Chandrababu Naidu has net assets worth Rs 2.99 crore while his three-year-old grandson Nara Devaansh is richer with assets worth Rs 18.71 crore in his name. Naidu's son and state Information Technology Minister Nara Lokesh declared the family's assets at a press conference Wednesday. Lokesh's assets shot up to Rs 21.40 crore from Rs 15.21 crore last year. Value of Naidu's assets rose by just Rs 46 lakh compared to last year while his debt burden reduced from Rs 5.64 crore to Rs 5.31 crore on a housing loan. The new house he built in Jubilee Hills, Hyderabad, has been valued at Rs 8.96 crore against Rs 7.75 crore last year. Naidu's wife Bhuvaneswari is the richest member of the family with netassetsworth Rs 31.01 crore, which rose from Rs 25.41 crore last year. Her "liabilities" too increased from Rs 20.90 crore to Rs 22.35 crore during the year. Lokeshs wife Brahmani saw her assets decline by half to Rs 7.72 crore from Rs 15.01 crore last .
Ryanair says not seeing any Brexit impact, well-prepared for no-deal
LONDON (Reuters) - Europe's biggest low cost airline Ryanair is not seeing any impact from Brexit on demand for flights, and is prepared for a no-deal, chief marketing officer Kenny Jacobs said.
SoftBank Investment Advisers sets up India office, names Sumer Juneja as Head
Japanese conglomerate SoftBank said Wednesday it is setting up India operations of its Vision Fund -- a key investor in many Indian startups -- and has named Sumer Juneja to head the operations. In his role, Juneja will seek to build closer connections with the local technology community and support the Vision Fund's portfolio to expand their operations into the region, SoftBank said in a statement. SoftBank Investment Advisers invests through the SoftBank Vision Fund. The Fund has already invested over USD 5 billion in four of the biggest Indian startups - OYO, Flipkart, Paytm and PolicyBazaar. It exited Flipkart earlier this year when Walmart invested USD 16 billion in the e-tailer. The move, according to SoftBank, will help it strengthen ties with the region's rapidly growing technology ecosystem. Juneja joins from Norwest Venture Partners. Having led and invested in deals like Swiggy.com, Komli Media and Quikr, Juneja is well equipped to foster closer links between India's ...
Deere outlook for 2019 disappoints amid trade war, slowing demand
CHICAGO (Reuters) - Deere & Co gave an underwhelming earnings forecast on Wednesday for fiscal 2019 after missing quarterly profit estimates amid a U.S. trade battle with China that has depressed U.S. farm commodity prices and hurt agriculture equipment demand.
WhatsApp names Abhijit Bose as India Head
Under pressure to address issues raised by the government, WhatsApp Wednesday announced the appointment of Abhijit Bose as its India head -- the first time it has named a head for the country that accounts for most users across the world. The Facebook-owned app has been drawing flakes from the government to devise ways to trace the origin of fake messages circulated on the platform, set up a local corporate entity and appoint a grievance officer, in order to curb the spread of deadly rumours that have claimed several lives. While a US-based grievance officer has been appointed, WhatsApp has sought to address rumour-mongering on its platform by flagging forwarded messages with an explicit "forwarded" label to clarify when a text had not originated from the sender. It also attempted to slow down forwarding in India by limiting the number of contacts to whom a message could be sent - to five at a time. Meeting another key demand, WhatsApp Wednesday announced Bose, who was co-founder and .
Cashew prices jump nearly 10 percent after Tanzania price hike
NAIROBI (Reuters) - The global price of cashew nuts has jumped nearly 10 percent over the past week, after Tanzania's government started buying the entire country's stock at a higher price, a trader said.
Thyssenkrupp's 2019 forecast fails to revive beaten stock
ESSEN, Germany (Reuters) - Thyssenkrupp's 2019 forecast for a marked recovery at most of its divisions drew a tepid market response, suggesting its new CEO faces a struggle to restore trust in the German industrials group after warning on profit twice this year.