Page 2139 - Business Finance
Gold rises as stocks slide triggers flight to safety
(Reuters) - Gold rose on Friday to a more than three-month peak as investors rushed to the safety of bullion as stock markets around the globe plunged, putting the metal on track for its fourth week of gains.
UAE delegation arrives in Pakistan to explore investments
A high-level delegation of the UAE arrived in Pakistan on Friday to explore investment opportunities in the cash-strapped country. The delegation is headed by Dr Sultan Aljaber, Minister of State and CEO of Abu Dhabi National Oil Company (ADNOC), the Foreign Office (FO) said. It comprises CEOs and senior officials of major companies including Mobadla Petroleum, ADIA (Sovereign Wealth Funds), Etisalat, DP World, Dubai Investment Authority, Emaar Company, Aldahra Agriculture and Abu Dhabi Fund for Development. The visit follows Prime Minister Imran Khan's official visit to Abu Dhabi in September and his understanding with Crown Prince Muhammad Bin Zayed Al Nahyan "to forge closer economic, trade and investment relations between the two countries in all areas of common interest", the FO said. Pakistan hoped that the UAE will also announce an assistance package like Saudi Arabia and investment in various projects, officials sources said. The delegation met foreign minister Shah Mehmood ...
Weak Amazon, Alphabet results ignite growth worries
(Reuters) - Shares of Amazon.com Inc dropped by the most in four years on Friday after its outlook for holiday season sales missed targets, fanning concerns that Wall Street's tech darlings are finally starting to face stronger competition.
ArcelorMittal's plan approved by CoC to take over Essar Steel, LoI issued
A day after the Rs 54,000-crore offer, made by the Essar Steel's board and shareholders to repay the entire debt of the company, ArcelorMittal on Friday said the Committee of Creditors (CoC) has voted to approve its acquisition plan for the debt-laden steel company.
India needs to push its people to adopt disruptive ways of doing business: DST secy
Conventional ways of doing incremental business will no longer suffice, Department of Science and Technology secretary Ashutosh Sharma said on Friday, stressing India needs to push its people to adopt disruptive ways of doing work. Sharma also emphasised on the need for leveraging technologies to create new jobs in the economy. "The conventional ways of doing incremental business will no longer suffice, India needs to push its people to adopt disruptive ways of doing business," Sharma said at the 4th CII Smart Manufacturing Summit held here. Addressing the summit, German ambassador Martin Ney said digitalisation and manufacturing means modelling products with software rather than hardware, manufacturing more variants on the same assembly line, embracing new business models and creation jobs that were unheard of earlier. Vandana Kumar, the joint Secretary, the Department of Industrial Policy and Promotion (DIPP), mentioned industry must become cognizant of ongoing mega trends which are
U.S. economic growth slows slightly in third quarter; outlook less upbeat
WASHINGTON (Reuters) - The U.S. economy slowed less than expected in the third quarter as a tariff-related drop in soybean exports was partially offset by the strongest consumer spending in nearly four years, keeping growth on track to hit the Trump administration's 3 percent target this year.
Majority of euro zone want common budget, digital tax deal possible: French finance minister
BERLIN (Reuters) - A majority of euro zone countries favour the single currency area adopting a fiscal capacity, or common budget, French Finance Minister Bruno Le Maire said on Friday.
Wall Street off session lows as Alphabet pares losses
(Reuters) - U.S. stocks were well off session lows on Friday afternoon, with the S&P retreating from correction levels, helped by a sharp recovery in Alphabet and data showing the U.S. economy continued to grow at a healthy pace.
RBI Deputy Governor Viral Acharya calls for 'effective independence'
MUMBAI (Reuters) - India's central bank needs to be more independent to improve macroeconomic stability, Reserve Bank of India (RBI) Deputy Governor Viral Acharya said on Friday, warning that undermining a central bank's independence could be "potentially catastrophic".
Arvind gets NCLT's approval for demerger of branded apparel, engineering biz
Textiles major Arvind Friday said it has received nod from the National Company Law Tribunal (NCLT) for its scheme of demerger of its branded apparel and engineering businesses into separate entities. According to the company, it expects demerger of branded apparel business and engineering business to become effective from the second half of November. Moreover, Arvind Fashions and Anveshan may also get independently listed in early January, it added. "We would like to inform you that today NCLT Ahmedabad has sanctioned the Composite Scheme of Arrangement... amongst Arvind Ltd and Arvind Fashions and Anveshan Heavy Engineering and The Anup Engineering and their respective Shareholders and Creditors," said Arvind Ltd in a regulatory filing. The Ahmedabad bench of NCLT has approved scheme of demerger of branded apparel business and engineering business of Arvind Ltd into Arvind Fashions and Anveshan Heavy engineering. Commenting of the development Arvind Chief Financial Officer Jayesh ...
DB Realty's Q2 loss widens to Rs 16.75 cr
DB Realty Friday reported a standalone loss of Rs 16.75 crore for the second quarter of this fiscal. Its net loss stood at Rs 12.39 crore in the year-ago period, the Mumbai-based developer said in a regulatory filing. Revenue from operations declined to Rs 20.67 lakh during July-September quarter from Rs 2.44 crore in the corresponding period of the previous year. However, total income rose to Rs 24.42 crore from Rs 10.42 crore during the period under review.
Eros International Q2 net up 34.4 pc to Rs 77.31 crore
Media and entertainment firm Eros International Media on Friday reported a 34.42 per cent rise in its consolidated net profit to Rs 77.31 crore for the second quarter ended September, 2018. The company had posted a net profit of Rs 57.51 crore during the July-September quarter a year ago, Eros International Media said in a regulatory filing. Total income during the quarter under review rose 17.02 per cent to Rs 320.56 crore, as against Rs 273.93 crore in the corresponding period of the previous fiscal. Total expenses stood at Rs 231.36 crore as against Rs 208.54 crore, up 10.94 per cent. Eros International Executive Vice Chairman and MD Sunil Lulla said it "has been result of our continuous focus on building a portfolio of deeply researched, content driven films that appeal to a wide cross section of audiences, produced at optimum costs and marketed around the world across diverse entertainment platforms". Shares of Eros International Media settled at Rs 68.05 on BSE Friday, down 1.73
RBI Dy Guv Acharya calls for 'effective independence' of central bank
Pitching for "effective independence", RBI Deputy Governor Viral Acharya Friday said governments that do not respect central bank's independence would sooner or later incur the wrath of financial markets. Amid instances of apparent differences between the government and the RBI, Acharya emphasised that undermining a central bank's independence is akin to committing a "self goal" for any government. Wiser politicians will give a central bank necessary autonomy so that they reap electoral benefits of stable macroeconomic conditions which such independence will bring, Acharya said here. Delivering the A D Shroff Memorial Lecture, he said, "What matters is the effective independence with which these powers (vested in the Acts governing the RBI or any central bank) can be exercised in practice." "Governments that do not respect central bank's independence will sooner or later incur the wrath of financial markets, ignite economic fire and come to rue the day they undermined an important ...
ICICI Bank registers 42 per cent dip in September quarter net
ICICI Bank posted 42 per cent dip in September quarter net at Rs 1,204.62 crore on consolidated level as there was no one-off gain from share sales like the year-ago, but the dud assets rose. In the first results under a new leadership, the second largest private sector lender posted a 55.84 per cent decline in net profit to Rs 908.88 crore on a standalone basis as compared to last year, which was much better than the quarter ago's Rs 120 crore loss. In the year-ago period, its profits were helped by a Rs 2,100-crore gain from the sale of 7 per cent stake in its life insurance arm. The bank's core net interest income rose 12.4 per cent to Rs 6,418 crore on an eight-quarter high credit growth of 15.7 per cent and a 0.10 per cent expansion in the net interest margin at 3.33 per cent on a blended basis. The non-interest income rose by a tepid 6.6 per cent to Rs 3,191 crore largely on softness in dividend income from subsidiaries. The bank, one of the most affected among the
RBI deputy governor calls for 'effective independence'
MUMBAI (Reuters) - India's central bank needs to be more independent to improve macroeconomic stability, Reserve Bank of India (RBI) Deputy Governor Viral Acharya said on Friday, warning that undermining a central bank's independence could be "potentially catastrophic".
Soothing words from Fed as rate hits ceiling for first time
NEW YORK (Reuters) - Federal Reserve officials have tried this week to ease concerns on Wall Street that bank reserves are growing scarce and that the Fed's key rate will edge up above a policy range, possibly forcing it to permanently hold more assets than planned.
ECB's Coeure open to change in message to smooth out stimulus exit
FRANKFURT (Reuters) - Further changes in the European Central Bank's policy guidance could smooth its exit from years of aggressive stimulus, ECB board member Benoit Coeure said on Friday.
Global Markets: Stocks slide globally, U.S. Treasury prices rise
NEW YORK (Reuters) - Stock markets around the world fell on Friday on track for their longest weekly losing streak since 2013 while U.S. Treasury prices rose along with demand for safer bets as better than expected U.S. economic data did little to assuage anxiety over disappointing corporate profits and trade wars.
Oil heads for third weekly decline, but Iran sanctions limit losses
NEW YORK (Reuters) - Oil prices were little changed on Friday, supported by expectations that sanctions on Iran would tighten supplies, but prices were headed for a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook.
Wall Street resumes selloff; S&P flirts with correction
(Reuters) - U.S. stocks resumed their selloff on Friday, with the S&P poised to join the Nasdaq in correction territory, sparked by grim earnings reports from Alphabet and Amazon that eclipsed data showing the U.S. economy continued to grow at a healthy clip.