Page 1988 - Business Finance

Exclusive: Rosneft in stand-off with oil buyers as it seeks sanctions protection

MOSCOW (Reuters) - Rosneft wants its Western oil buyers to accept new terms and pay penalties from 2019 if they fail to pay for supplies in the event that new U.S. sanctions on the Russian energy major disrupt its oil sales, according to trading sources and Rosneft's draft contracts.

Heads of World Bank, IMF say risks of trade tensions growing

Leaders of the World Bank, International Monetary Fund and other global financial organisations warned Tuesday that trade tensions pose a growing risk for emerging economies. With the US and China embroiled in their worst trade conflict in decades, global growth has "plateaued and some downside risks have materialised," the leaders said in a joint statement issued after a meeting in Beijing. "We are concerned about a further escalation of trade tensions, and the spillover effects on vulnerable emerging markets," the statement said, specifically mentioning employment as a concern. The leaders said they were "very strongly concerned" about protectionism and one-sided measures and urged support for broader efforts such as the World Trade Organization. Conflicts over technology policies and other trade issues have led the U.S. to impose tariffs on billions of dollars' worth of Chinese exports. China has responded in kind. The disruptions to trade as companies adapt and prices rise are ...

Sensex ends Samvat 2074 on a timid note; banking stocks fall (Roundup)

The key equity indices closed Samvat 2074 on a timid note, as the S&P BSE Sensex and NSE Nifty50 ended flat on Tuesday.

German car parts maker to shut UK sites, citing Brexit

Schaeffler, a German maker of parts for cars and industrial products, announced Tuesday plans to shut two UK sites, with Brexit cited for axing up to a reported 500 jobs. Schaeffler said in a statement that "uncertainty surrounding Brexit has brought forward" a decision to restructure globally. "A global business needs to regularly review market conditions and strive to optimise its footprint across different regions," added Regional CEO Europe, Juergen Ziegler. "The proposed measures we have taken for the UK reflect this business reality. However, we remain committed to keeping certain activities in the UK, a country that will continue to be important to us." Schaeffler said the company proposes to close its sites in Llanelli, Wales, and Plymouth in southwest England, and to relocate their production to the US, China, South Korea and Germany. "The global footprint analysis focused on how best to structure the business in the UK based on various factors including economic conditions, .

Gold rises on uncertainty over U.S. midterm elections

BENGALURU (Reuters) - Gold edged up on Tuesday as investors sought shelter from uncertainty over the outcome of the U.S. midterm elections.

Ralph Lauren tops revenue estimates, North America sales rebound

(Reuters) - Ralph Lauren returned to growth in North America in its second fiscal quarter as a strategy to intensify marketing on social media bore fruit, also helping the upscale fashion group top Wall Street revenue estimates on Tuesday.

Bank of Baroda raises interest rate by 0.1 pc

State-owned Bank of Baroda has hiked its MCLR by 0.1 per cent across various tenures effective Wednesday, making home and auto loans expensive. The interest rate for different categories of borrowers are pegged at the marginal cost of funds based lending rate (MCLR). "MCLR has been reviewed at 10 BPS above existing level w.e.f. November 7, 2018," the bank said in a statement. The bank's one-year MCLR will be 8.65 per cent, which is competitive as per the current market scenario, it said. For all other tenors -- overnight, one month, three months and six months -- rates are 8.15 per cent, 8.20 per cent, 8.30 per cent and 8.50 per cent, respectively. The bank further said it does not add any mark-up on its MCLR for its best-rated home loan borrowers. One-year MCLR, that is 8.65 per cent, is applicable irrespective of the total home loan amount and is available for a tenure of up to 30 years, it added. Bank of Baroda had posted an increase of 19.7 per cent in September quarter profit at .

Global Markets: Stocks, dollar hunker down for U.S. midterm elections

LONDON (Reuters) - European shares sagged and the dollar and bond markets barely budged on Tuesday, as traders braced for midterm elections in the United States and potentially lively sessions ahead.

India aims to sign pact with Iran for oil payments in rupees: sources

NEW DELHI (Reuters) - India aims to sign an initial agreement with Iran this month to settle all their oil trade in rupees through UCO Bank, two Indian government sources said.

Opera invests $30 mn in StarMaker

Mobile browser Opera Limited Tuesday said it has invested USD 30 million in US-based social media company StarMaker focused on music and entertainment. Opera has invested USD 30 million at a USD 125 million pre-money valuation by purchasing preferred shares issued by StarMaker resulting in an ownership stake of 19.35 per cent, Opera said in a statement. As part of the investment, Opera also obtained an option to increase its ownership to 51 per cent in the second half of the year 2020, it added. StarMaker enables users to record and share their own music videos, collaborate with other musicians, connect with other users and follow their idols on the social platform. Starmaker has a strong and engaged user base in the emerging markets such as India, Indonesia and the Middle East, the statement said. "We are extremely excited to invest in StarMaker, as they are one of the leading music-oriented social media platforms in emerging markets. StarMaker complements our existing content ...

China to step up funding support for private firms

BEIJING (Reuters) - China's central bank will step up funding support for private firms including developing an equity financing tool, its chief, Yi Gang, said on Tuesday, the latest step to support a slowing economy pressured by a trade dispute with the United States.

Thyssenkrupp elevator's COO poised to succeed unit's CEO: sources

FRANKFURT (Reuters) - Thyssenkrupp is likely to appoint company veteran Peter Walker to succeed Andreas Schierenbeck as the chief executive of its elevators unit, two people familiar with the matter told Reuters on Tuesday.

Neogen Chemicals files IPO papers with Sebi

Neogen Chemicals has filed draft papers with capital markets regulator Sebi to float an initial public offering. The initial share sale comprises fresh issuance of shares aggregating up to Rs 70 crore and an offer for sale of up to Rs 29 lakh by the company's promoters, according to the draft red herring prospectus (DRHP) filed with Sebi. Neogen Chemicals is a leading manufacturer of bromine-based and lithium-based specialty chemicals. Proceeds of the issue will be utilised towards repayment of certain borrowings availed by the company, long-term working capital, and for general corporate purposes. "Our company expects to receive the benefits of listing of equity shares on stock exchanges, including among other things, enhancing the visibility of our brand and company," as per the draft papers. Inga Advisors and Batlivala & Karani Securities India will manage the company's initial public offer (IPO). The equity shares are proposed to be listed on BSE and NSE.

Oil prices down on Iran sanction exemptions, demand concerns

LONDON (Reuters) - Oil prices fell on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil, lifting supply concerns and turning the market's focus to worries that an economic slowdown may curb fuel demand.

Thyssenkrupp elevator's COO poised to succeed division's CEO: sources

FRANKFURT (Reuters) - Thyssenkrupp is likely to appoint company veteran Peter Walker to succeed Andreas Schierenbeck as the chief executive of its elevators unit, two people familiar with the matter told Reuters on Tuesday.

ECB will struggle with rate liftoff, markets bet

LONDON (Reuters) - A year from the first anticipated rise in euro zone interest rates since 2011, markets are betting that a slowing global economy will hamper the European Central Bank's efforts to lift rates significantly away from crisis-era levels.

Firecracker sales drop 40%, makers seeks policy from Centre

Amid jitters in the Rs 20,000-core pan-India firecracker market in the wake of a Supreme Court order imposing stringent rules on their sale and use, its manufacturers and sellers in the country are witnessing a 40 per cent slump in sales during the ongoing festive season, officials said on Tuesday.

Higher prices, lending curbs dim Diwali festival for Indian retailers

NEW DELHI/BENGALURU (Reuters) - Higher prices, lending curbs and a move to online shopping are denting the cheer for Indian retailers at this year's Diwali Hindu festival, with lacklustre sales for high-end items ranging from iPhones to cars and even gold.

Thomson Reuters reports better-than-expected quarterly profit

TORONTO (Reuters) - Thomson Reuters Corp on Tuesday reported a smaller-then-expected fall in third-quarter earnings and said it was on track for a solid 2018 and a better performance in 2019.

Rupee spurts 12 paise to 73 against US dollar on easing crude prices

The rupee rebounded by 12 paise to end at 73 per US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices. Globally, the dollar edged up even as investor sentiment remained cautious amid the US midterm elections. At the Interbank Foreign Exchange (forex) market, the rupee opened on a firm note at 72.98 from Monday's close of 73.12. It gained further ground to hit a high of 72.90, driven by dollar selling by exporters. The local unit, however, pared the initial gains and finally settled the day at 73 to the US dollar, up 12 paise. The rupee had plunged 67 paise to close at 73.12 Monday. "Ahead of the US mid-term elections, ICE Dollar Index has been trading flat at 96.45. Dollar dipped against the euro and sterling, but made up ground on the Japanese yen as traders kept their options open after the US currency's bumper year so far," said V K Sharma, Head PCG and Capital Markets Group, HDFC Securities. Forex dealers said bullish trend in the ...