Page 1779 - Business Finance

Skoda Auto India MD Gurpratap Boparai to also lead Volkswagen India

Volkswagen Group India on Tuesday announced plans for management rejig under which Skoda Auto India's Managing Director Gurpratap Boparai will also lead Volkswagen India from next year.

Jet Airways to commence 20 new, additional flights

Jet Airways on Tuesday said it would introduce 20 new and additional flights on domestic and international routes.

Best Buy boosts profit forecast, cautious on holiday earnings

(Reuters) - Best Buy Co Inc raised its full-year earnings forecast on Tuesday, as the largest U.S. consumer tech retailer sold more mobile phones and home theater systems, but stayed cautious on its outlook for the holiday shopping season.

'Jet Airways is in active discussions with various investors'

In a bid to secure sustainable financing to navigate through current headwinds, Jet Airways is "in active discussions with various investors", an official said on Tuesday in a message to the airline's passengers.

Campbell Soup first-quarter profit beats estimate, shares jump

CHICAGO (Reuters) - Campbell Soup Co on Tuesday reported a smaller-than-expected decline in quarterly earnings, boosting shares of the soup maker a week before its proxy showdown with hedge fund Third Point LLC.

Oil drops 4 percent as equities slide sparks demand worries

NEW YORK (Reuters) - Oil prices fell about 4 percent on Tuesday, with U.S. crude plunging to its lowest in over a year, caught up in Wall Street's broader selloff fed by growing concerns about slowing global growth.

Lowe's to get rid of Mexico stores in further restructuring

(Reuters) - Lowe's Cos Inc said on Tuesday it was looking to shed its retail operations in Mexico and two of its smaller U.S. businesses as the country's second-biggest home improvement chain strives to compete with rivals including Home Depot.

SoftBank doubles down on Korean online retailer Coupang with $2 billion investment

SEOUL (Reuters) - SoftBank's Vision Fund is investing an additional $2 billion in South Korea's top e-commerce firm Coupang, the retailer said on Tuesday, as the loss-making startup seeks to cement its market dominance.

France urges Renault to replace Ghosn, Nissan alliance faces strain

PARIS/TOKYO (Reuters) - France urged Renault on Tuesday to replace CEO Carlos Ghosn after his arrest in Japan on financial misconduct allegations, which sources said formed part of an investigation extending to its broader carmaking alliance with Nissan.

Extension of Basel-3 implementation timeline credit-negative for PSU banks: Moody's

Global credit ratings agency Moody's Investors Service on Tuesday termed the RBI board's decision to extend the timeline for the full implementation of Basel 3 guidelines by a year as a credit-negative for state-run banks.

Renault, Nissan prepare to turn page as heat rises on Ghosn

French and Japanese officials scrambled Tuesday to reassure investors about the stability of the Nissan-Renault-Mitsubishi alliance, after fresh claims emerged following the arrest of auto industry titan Carlos Ghosn on financial misconduct charges. Nissan and Mitsubishi shares plunged Tuesday after Ghosn, chairman at both carmakers, was arrested in Japan for allegedly failing to report all his Nissan pay and for inappropriate use of corporate assets. Ghosn has not been heard from since his arrest, though sources confirmed he was being held by Tokyo prosecutors. Nissan's board has already said it will seek to oust the architect of the three-way alliance, which combined sells more cars worldwide than any other automaker. Sources told AFP in France that Renault too intends to strip Ghosn of his CEO title and hand over control to his number two, Thierry Bollore, in tandem with the board's lead independent director. In a statement Tuesday, French Finance Minister Bruno Le Maire and his ...

German watchdog asks Deutsche to supply information on Danske: source

FRANKFURT (Reuters) - Germany's financial watchdog has asked Deutsche Bank to provide information on its dealings with Danske Bank, which is caught up in money laundering allegations, a source close to the matter said on Tuesday.

Target shares slide as profit misses estimate, inventories jump

(Reuters) - Target Corp said on Tuesday that third-quarter profit missed estimates as investments in its online business, higher wages and price cuts hurt margins and a big jump in inventory ahead of the critical holiday season worried investors.

Global sell-off, profit booking dent equity indices; metal stocks plunge (Roundup)

A global sell-off coupled with profit booking and a significant outflow of foreign funds weighed on key Indian stock indices on Tuesday.

Retail gloom, tech weakness pin down Wall Street

(Reuters) - The S&P 500 hit a three-week low on Tuesday as weak results and forecasts from a bunch of retailers including Target and Kohl's fanned worries about holiday season sales, while tech stocks continued to slide on concerns about iPhone sales.

Target third-quarter results miss estimates, shares tumble

(Reuters) - Target Corp reported third-quarter earnings and comparable sales below estimates on Tuesday at a time when a strong economy has boosted consumer spending at rival retailers, sending its shares sliding nearly 10 percent in premarket trade.

Pak says 'substantive progress' in talks with IMF on bailout

Cash-strapped Pakistan said on Tuesday that "substantive progress" was made with the visiting IMF delegation to develop understanding for financial assistance to address the balance of payment issue, amid reports that the global lender sought complete disclosure of Chinese financial support to the country and hiking of energy prices and levying more taxes. The International Monetary Fund delegation led by Harald Finger visited Pakistan from November 7-20 and held extensive talks with officials after Pakistan formally applied the bailout package, the Finance Ministry said in a statement. It said that the discussions covered all sectors of the economy, as Finance Minister Asad Umar chaired the concluding session with the IMF team on Tuesday. "Substantive progress has been made by the Government of Pakistan and the IMF Mission towards developing a common understanding on the policy and structural reforms framework for the prospective IMF programme, including fiscal and monetary measures,

Amazon among bidders for 22 Disney sports networks: CNBC

(Reuters) - Amazon.com Inc is bidding for Walt Disney Co's 22 regional sports networks, including Yes Network, CNBC reported on Tuesday, citing sources familiar with the matter.

CCB deferral could help PSBs get Rs 35,000 crore breather:

The RBI Boards decision to extend the timeline for implementation of the last tranche of capital conservation buffer (CCB) under Basel III capital regulations could reduce the burden of public sector banks by Rs 35,000 crore this fiscal, a rating agency said. "This will provide some breathing space to capital-starved PSBs," CRISIL Ratings senior director Krishnan Sitaraman said. "As per our earlier estimates, they needed Rs 1.2 lakh crore over the next five months up to March 2019 to meet Tier 1 capital stipulated under Basel III norms. Now they would need only Rs 85,000 crore on implementation of deferral of the last tranche of CCB," he said. The Reserve Bank of India board on Monday decided to extend implementation of the CCB norm of 0.625 per cent of risk weighted assets (RWA) by a year to March 2020. CCB is the capital buffer that banks have to accumulate in normal times to be used for offsetting losses during periods of stress. It was introduced after the 2008 ...

ECB steps up checks of banks at high risk of laundering money

FRANKFURT (Reuters) - The European Central Bank is stepping up scrutiny of banks it sees at high risk of laundering money by launching a dedicated network of watchdogs sharing information on the matter, its chief supervisor Daniele Nouy said on Tuesday.