Page 1851 - Business Finance

Strong U.S. economy boosts Walmart's third-quarter sales

NEW YORK (Reuters) - Walmart Inc reported higher-than-expected quarterly U.S. comparable sales on Thursday and raised its full year outlook as a strong economy boosted customer store visits and e-commerce purchases grew as it sold more groceries online.

Government is not eyeing RBI's surplus reserves: Gurumurthy

Calling the government's standoff with the RBI a part of India's thinking ecosystem which depends on American ideas, RBI board member S. Gurumurthy on Thursday said the government was not asking for the central bank's surplus reserves but only wanted formulation of a policy as to how much reserves it must have.

HAL Academy launches unique PG programme

Hindustan Aeronautics Limited's Management Academy (HMA) launched an AICTE approved 15 months, full-time Post Graduation Diploma in Aviation Management (PGDAM) at its sprawling new campus in Karnataka's Bengaluru on Thursday.Inaugurating the programme, V M Chamola, the Human Resources Director,said, "With this, HAL has opened doors for both HAL and the outside world to create specifically trained human resource in the aviation and aerospace which is one of the fastest growing industries in thecountry."He further added, "Given the structure and concept of the programme, we are confident of getting the best companies to the campus forplacement assistance."The program includes a visit to the top aviation companies abroad, interaction with practising professionals and aviation industryexposure module. The HMA will train around 35 persons through this program. The batch consists a mix of HAL executives and professionals from outside selected through a rigorous evaluation process. The ...

Oil gains despite potential supply glut on the horizon

LONDON (Reuters) - Oil rose on Thursday, steadying after losing nearly 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message that it may cut crude output.

Uber remains committed to investing in high-potential markets even as losses rise

Ride-hailing app Uber has said it will continue to invest in Uber Eats, and electric bikes and scooters businesses as well as in high-potential markets like India and the Middle East, even though its losses mounted to over USD 1 billion in the September 2018 quarter. The US-based company registered USD 1.07 billion in losses in the quarter ended September, up from USD 891 million in the previous quarter. Its sales grew by about 5 per cent to USD 2.95 billion for the said quarter from the previous quarter. "We had another strong quarter for a business of our size and global scope. As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including in food, freight, electric bikes and scooters, and high-potential markets in India and the Middle East where we continue to solidify our leadership position," Uber CFO Nelson Chai said. The company said it is on track for its initial public offering next year. Gross bookings from Uber Eats grew more than ...

WR runs 1,188 extra trains between Aug 1- Nov 14 to clear rush

Western Railway ran 1,188 special trains and added 2,126 extra coaches to regular services between August 1 and November 14 this year to clear the rush of passengers during the festival season, chief PRO Ravinder Bhakar said Thursday. It helped 1.5 lakh passengers and generated additional revenue of Rs 15 crore, he added. "From August 1 to November 14, we ran 1,188 special trains and added 2,126 extra coaches in different trains. Almost one lakh passengers travelled on them which resulted in additional revenue of Rs.9.65 crore," he said. "By augmenting trains on temporary basis, 68,000 passengers benefited and Rs 5.34 crore revenue was generated," he added. He said some of these special trains would be operated till the Christmas and New Year holiday season. Bhakar informed that concerted action against touts had led to seizure of Rs 1 crore worth of tickets procured unauthorisedly.

Postal Service's red ink for 12th year as letter mail drops

The US Postal Service on Wednesday reported a financial loss for the 12th straight year, citing declines in mail volume and the costs of its pension and health care obligations, as the agency braces for an upcoming report ordered by President Donald Trump to address its "unsustainable financial path." Postal officials said they expected next year's finances to be helped by a strong holiday season of package deliveries and a just-approved increase to the price of its first-class stamp, from 50 cents to 55 cents. It takes effect in January. But they pleaded anew for help from Congress to relieve the Postal Service of onerous health and pension prepayments and for help from regulators to grant the agency more flexibility to increase prices so it can return to profitability. "Absent legislative and regulatory change, we cannot generate enough revenue or cut enough costs to pay off our bills," said Postmaster General and CEO Megan J. Brennan. "The flawed business model imposed by law ...

Wall Street opens lower as mixed retail results, growth stocks weigh

(Reuters) - U.S. stocks opened lower on Thursday, with hopes of a trade negotiation between the United States and China being offset by mixed results from retailers and a slide in growth stocks including Facebook and Amazon.com Inc.

Kellton Tech sees net profit up 33 per cent

: City-based Kellton Tech Solutions Limited Thursday said its net profit for the quarter ended September 30 stood at about Rs 20 crore up 33 per cent over the corresponding quarter last fiscal. The revenue rose to Rs 210 crore (Rs 185 crore), a growth of 14.0 per cent on year-on-year basis. A press release quoted the chairman and whole-time director of the company Niranjan Chintam as saying: "We continue to maintain steady momentum...our deep domain knowledge and innovative approach have helped us drive in more wins and proud recognitions in the industry." "Our strategic investments in new-age technologies and people have started bearing fruit," he said in the release.

Gold holds ground as dollar gains on Brexit turmoil

BENGALURU (Reuters) - Gold held steady on Thursday as opposition within Britain's Conservative Party to a draft EU exit deal hit sterling and lifted the dollar, making bullion less attractive for holders of other currencies.

World Bank provides USD 155.7 mln to Nepal for road networks, food enhancement projects

The World Bank on Wednesday provided over USD 155 million in financial assistance to Nepal to invest in strategic road networks and food and nutrition enhancement projects. The first project comprising a credit of USD 133 million will be mobilised in the country's strategic roads network, comprising of around 12,142 km of national highways, feeder roads and other roads of national importance. The second project in the form of a grant of USD 22.7 million will contribute to the government's capacity to deliver agriculture extension services at the decentralised levels and to diversify income opportunities for the rural poor, the Finance Ministry said in a statement. "These two projects are expected to ensure better livelihoods, access, and trade opportunities for thousands of Nepalis," Finance Minister Yuba Raj Khatiwada said. The first credit will finance improvement and maintenance programme targeting around 477 bridges along Nepal's strategic roads network. Similarly, the multi-donor

Wall Street set for mixed open after retail earnings

REUTERS - U.S. stocks were set for a mixed open on Thursday, with hopes of a trade negotiation between the United States and China being offset by mixed results from retailers and a slide in Facebook Inc.

Services exports rise over 19 pc to USD 16.38 bn in Sept; imports up 18 pc

India's services exports grew by over 19 per cent to USD 16.38 billion in September, data from the Reserve Bank showed Thursday. The services exports stood at USD 13.73 billion in September 2017. However, imports during the month also increased to USD 9.95 billion, up by 17.7 per cent over the year-ago period, as per the RBI data on 'India's International Trade in Services'. Cumulatively, the services exports by India during the first half (April-September) of the current fiscal stood at USD 101.07 billion. Imports of services during these six months were valued at USD 62.57 billion. However, the monthly data on services released by the RBI are provisional. It would undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis, the RBI said.

Global Markets: Sterling, euro stocks scuttled as Brexit deal slams the rocks

LONDON (Reuters) - Sterling tumbled and the rest of Europe's share markets groaned on Thursday after a long-awaited Brexit agreement was thrown into chaos as Britain's chief negotiator for the deal quit just hours after it had been unveiled.

Development can benefit few but leave out many: Jaitley

Warning about the dangers of development benefiting a few while leaving out many others, Finance Minister Arun Jaitley on Thursday said there is a need to design a system where beneficiaries of high growth rate can be more inclusive.

CAIT wants govt to launch e-commerce marketplace for traders

Traders body wants the government to set up the online marketplace so that small traders can sell their products in a 'fair and transparent manner'

No liquidity crisis in NBFC sector: SBI Chairman

Amid the ongoing tussle between the government and the Reserve Bank of India (RBI) on liquidity issue, State Bank of India (SBI) Chairman Rajnish Kumar on Thursday said there was no liquidity crunch for the non-banking finance companies (NBFCs).

GEECL says 3.5 Tcf shale gas resource in West Bengal block

Great Eastern Energy Corp Ltd (GEECL) Thursday announced a potential of 3.51 trillion cubic feet (tcf) of in-place shale gas reserves in its Raniganj (South) coal-bed methane (CBM) block in West Bengal. These reserves, certified by independent reserve engineers, Advanced Resources International, are in addition to 2.62 tcf of coal seam gas, or coal bed methane, in the block, the company's Managing Director and Chief Executive Officer Prashant Modi said. The company plans to drill some pilot wells to test how much of the in-place shale gas reserves can be produced. Based on these so-called core and pilot wells, it will put an investment plan in place for exploiting the reserves. It may take at least two years for the first shale gas production, he said. ARI has estimated in-place shale resources at 1.4 Tcf (low) to 6.63 Tcf (high), while 3.51 tcf is the best-case scenario. At the high-end of the estimate, the total potential of the Raniganj (South) block is 9.25 Tcf (6.63 Tcf of shale .

Exports grow by 17.86 pc in Oct due to base effect; trade deficit widens

India's exports rose by 17.86 per cent to USD 26.98 billion in October mainly due to the low base effect even as trade deficit widened to USD 17.13 billion, according to the commerce ministry data. The exports on monthly basis were down compared to USD 27.95 billion in September. Imports during October also rose by 17.62 per cent to USD 44.11 billion, leading to widening of trade deficit to USD 17.13 billion. The deficit widened despite a steep decline of 42.9 per cent in gold imports to USD 1.68 billion during the month under review. The trade gap was USD 14.61 billion in October 2017. Exporters attributed close to 18 per cent growth in exports in October to a favourable base effect, as the foreign shipments in the comparable month of the previous fiscal were quite low at USD 22.89 billion. The Federation of India Export Organisations (FIEO) said that exports in October last year were even lower than that of September this year. Base effect is responsible for the high growth in ...

Walmart's third-quarter comparable sales top estimates, e-commerce jumps

NEW YORK (Reuters) - Walmart Inc reported better-than-expected quarterly U.S. comparable sales on Thursday and raised its full year outlook as a strong economy boosted customer store visits and e-commerce purchases grew as it sold more groceries online.