Page 2075 - Business Finance

Rupee rises 11 paise to 73.84 against US dollar

The rupee rebounded 11 paise to 73.84 against the dollar in early trade Thursday on increased selling of the American currency by exporters. At the interbank foreign exchange, after opening higher at 73.88 rupee strengthened further to quote at 73.84 against the dollar registering a recovery of 11 paise over its previous close. The dollar's weakness against some currencies overseas and a better opening of domestic equities supported the rupee's recovery, traders said. Easing concerns around the rift between the government and the RBI, after the Finance Ministry said the autonomy for the central bank, within the framework of the RBI Act, was an "essential and accepted" governance requirement, also lifted the the local unit, they added. On Wednesday, the rupee had plunged 27 paise to close at nearly three-week low of 73.95 as the American currency strengthened against major global currencies overseas amid steady capital outflows. Meanwhile, the benchmark Sensex went up 149.36 points, or

Market opens higher on positive global cues

Key benchmark indices were trading higher in early trade, supported by positive signals from Asian markets and overnight gains in the US stocks. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 138.68 points or 0.40% at 34,580.73. The Nifty 50 index was up 24.95 points or 0.24% at 10,411.55.

U.S.-China trade battle shows deepening economic impact across Asia

HONG KONG(Reuters) - The economic impact of the intensifying trade war between Washington and Beijing appeared to deepen last month with factory activity and export orders weakening across Asia and analysts expecting a bigger hit in months to come.

Shares may extend gains

Market is seen extending gains, supported by positive signals from Asian markets and overnight gains in the US stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29.50 points at the opening bell.

UK, EU agree tentative Brexit deal on financial services - the Times

(Reuters) - British Prime Minister Theresa May has struck a tentative deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday.

Global Markets: Asia starts new month up on strong Wall Street after brutal Oct

TOKYO (Reuters) - Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session, while the pound rallied on a report Britain has secured a deal that would give its financial services firms continued access to European markets after Brexit.

Petrol prices slashed, diesel unchanged

Petrol prices continued to tumble on Thursday as the essential commodity is now being sold at Rs 79.37 per litre in the national capital.While diesel prices remained unchanged, petrol witnessed a decrease of 18 paise in Delhi as compared to Tuesday.Meanwhile, in Mumbai, petrol prices witnessed a marginal decline of 16 paise to now be sold at Rs 84.86 per litre. Diesel prices remained unchanged in the financial capital.The fuel prices had earlier witnessed a relentless hike in the country, burning a hole in the common commuter's pocket.In this regard, Union Finance Minister Arun Jaitley had on October 4 announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre and urged respective state governments to slash the same amount at their end.

UK, EU agree tentative Brexit deal on financial services: the Times

(Reuters) - British Prime Minister Theresa May has struck a tentative deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday.

8.75% increase in freight rates for major commodities

The Indian Railways on Wednesday rationalised its freight rates to ensure additional revenue generation across the network for improved passenger amenities.This is expected to result in an 8.75 percent increase in freight rates for major commodities such as coal, iron and steel, iron ore, and raw materials for steel plants, read a statement.Furthermore, the haulage charges of containers have been increased by 5 percent and the freight rates of other small goods have been increased by 8.75 percent."The freight rates of food grains, flours, pulses, fertilisers, salt, and sugar have not been increased, keeping in mind farmers and the common man. Additionally, the freight rates of cement and petroleum (including diesel) have not been increased," the statement added.This decision will result in additional revenue generation for Indian Railways to the tune of Rs 3,344 crore. The additional revenue will further help enhance various aspects of Railways including safety, service, punctuality, .

Oil prices fall on signs of rising supplies, ebbing confidence on global economy

BEIJING (Reuters) - Oil prices fell early on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.

Deutsche Boerse launches EEX Asia in Singapore to grow in Asian commodity markets

SINGAPORE (Reuters) - German exchange group Deutsche Boerse is revamping its Asian business with the launch of its European Energy Exchange (EEX) in Singapore, looking to boost its business in the world's fastest growing commodity markets.

UK, EU strike tentative Brexit deal on financial services: the Times

(Reuters) - British Prime Minister Theresa May has struck a deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday.

Global markets: Asia starts new month up on strong Wall Street after brutal October

TOKYO (Reuters) - Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session thanks to upbeat corporate earnings, while the dollar hovered near a 16-month high on further signs of strength in the world's largest economy.

Growth of 8 infrastructure sectors slow down to 4.3 percent

Due to the decline in the production of crude oil and natural gas, the growth of eight infrastructure sectors has slowed down to 4.3 per cent in September this year, the Ministry of Commerce and Industry stated.According to the data released on Wednesday, Fertiliser grew by 2.5 percent; cement by 11.8 percent; and electricity output grew by 8.2 per cent.However, the growth of coal declined to 6.4 percent, refinery products to 2.5 percent and steel sectors fell to 3.2 percent. The output of crude oil has also dipped by 4.2 percent and natural gas by 1.8 percent in the month under review.Earlier, the lowest growth rate was in May 2018 when the core sectors expanded at just 4.1 percent. Eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had grown by 4.7 per cent in September last year. These comprise more than 40 percent of the weight of items included in the Index of Industrial Production.

BHP to return $10.4 billion in buyback, special dividend bonanza

(Reuters) - Top global miner BHP on Thursday said it would buy back shares and pay a special dividend to return $10.4 billion to shareholders, sticking to a promise to hand back all of the proceeds from the sale of its U.S. shale business.

Bank of England to stay in "suspended animation" after Halloween meeting

LONDON (Reuters) - Britain's central bank is expected to keep interest rates steady on Thursday, after a Halloween policy meeting which economists said would leave long-term plans to raise borrowing costs in "suspended animation".

Walmart India opens first store in Vizag

Walmart India has opened its first B2B cash and carry store near Autonagar Arch at Gajuwaka here.Present at the launch was Andhra Pradesh IT Minister Nara Lokesh."We are highly excited about opening the first B2B Cash and Carry Store in the city of Vizag in the midst of the festival season. This is our fourth store in the state of Andhra Pradesh, which reinforces our belief in the ease of doing business under the leadership of Andhra Pradesh Chief Minister N Chandrababu Naidu," said Krish Iyer, President and CEO, Walmart India."This store also gives us the opportunity to continue to create shared value for our supplier partners, farmers, members, associates and the community at large. Each of our stores creates an estimated 2,000 direct and indirect jobs and this one too has opened up employment opportunity in Vizag," Iyer added.

Wall Street ends last day of haunted October in the black

NEW YORK (Reuters) - U.S. stocks rebounded for a second day on Wednesday as investors snapped up beaten-down technology and internet favourites and strong company results lifted spirits, even as the S&P 500 closed out its worst month in seven years.

'Record reforms introduced worldwide to improve business climate'

Governments around the world implemented a record 314 business reforms in "bureaucracy busting efforts" over the past year, the World Bank Group said in a report on Wednesday.

Volkswagen and Ford in talks on self-driving and electric vehicles -source

FRANKFURT/DETROIT (Reuters) - Volkswagen AG and Ford Motor Co are in "exploratory talks" to jointly develop self-driving and electric vehicles in a far-reaching strategic alliance meant to save the companies billions of dollars, according to a person familiar with the matter.