Page 2245 - Business Finance
U.S. housing starts, building permits fall in September
WASHINGTON (Reuters) - U.S. homebuilding dropped more than expected in September as construction activity in the South fell by the most in nearly three years, likely held down by Hurricane Florence.
U.S. frees Prudential Financial from more rigorous Fed oversight
WASHINGTON (Reuters) - A U.S. regulatory council announced on Wednesday it had removed the systemically risky label from Prudential Financial, freeing the insurance company from more rigorous oversight by the Federal Reserve.
Porsche launches latest edition of Cayenne starting Rs 1.19 cr
German sports luxury car maker Porsche Wednesday launched the latest edition of its highest selling SUV in the country, Cayenne, in three variants, with price tags ranging between Rs 1.19 crore and Rs 1.92 crore. Of the three variants, Cayenne is priced at Rs 1.19 crore, while Cayenne E-hybrid will come for Rs 1.58 crore. The Cayenne Turbo carries a price tag of Rs 1.92 crore. The Cayenne accounts for almost 45 per cent of the Porsche product portfolio in India. "Since its initial launch, the Cayenne has been one of our most popular models in India, and I have no doubt that the third generation will continue this success story," said Pavan Shetty, director, Porsche India. The deliveries of the vehicles will begin from this month, he added. Porsche India at present has six dealerships - Gurgaon, Delhi, Mumbai, Kolkata, Kochi and Ahmedabad - besides eight service centres across the country. According to a company source, the car maker has already seen as many as 100 ...
French firm Total, India's Adani join hands in LNG sector
French energy company Total on Wednesday announced its partnership with India's Adani Group to jointly develop projects on Liquefied Natural Gas (LNG) terminals in India. The French firm said that this partnership between Total and Adani Group will create a major footprint in LNG business and new retail network of 1,500 service-stations."Total and Adani Group have signed an agreement to jointly develop multi energy offers to the Indian energy market. This cooperation includes Liquefied Natural Gas (LNG) and Fuel Retail. The Adani Group is an Indian private conglomerate active in 50 countries and specialised in commodities trading, port infrastructures and logistics, as well as energy production and distribution," Total said in a press release."Total, the world's second largest LNG private player, and Adani, the largest infrastructure conglomerate in India, will serve the fast growing gas demand of the Indian market. The companies will jointly develop various regasification LNG ...
RIL posts record Rs 9,516 crore profit in Q2
Reliance Industries Wednesday reported its highest ever quarterly net profit of Rs 9,516 crore, a 17.4 per cent rise year-on-year, for the July-September period. Its net profit stood at Rs 8,109 crore in the second quarter of the previous fiscal, the company said in a statement. RIL's revenue rose 54.5 per cent to Rs 156,291 crore during the said quarter.
Danske Bank forced to resume CEO search after regulator's rejection
COPENHAGEN (Reuters) - Danske Bank, reeling from a money laundering scandal, will resume its search for a new chief executive after a Danish regulator rejected its internal candidate for the job, and analysts said it would be forced to look outside the bank.
Netflix shares jump as Wall Street applauds record subscriber growth
(Reuters) - Shares of Netflix Inc soared 11 percent before the bell on Wednesday, after the company put fears of a slowdown in growth to bed by racking up seven million new subscribers between July and September.
With oil above $80/bl, trader Trafigura still holds bullish view
GENEVA (Reuters) - Trafigura executives expect more upward pressure on global oil prices next year as rising U.S. shale output will not be able to fill a gap in supply once U.S. sanctions on Iranian oil come into force in early November.
Analysis: Bond alarm bells may ring sooner than Italian govt expects
LONDON (Reuters) - Italy may have to act to contain a surge in its borrowing costs sooner than comments from the ruling coalition government suggest.
CCI dismisses unfair biz practices complaint against Vatika, CREDAI
The Competition Commission dismissed a complaint alleging unfair business practices by real estate developer Vatika and realtors' body CREDAI with regard to development and sale of residential plots in Gurugram. The regulator disposed of the matter as it did not find any contravention of the sections pertaining to abuse of dominant market position and anti-competitive agreements by Vatika and CREDAI, according to a CCI order. The ruling came on a complaint filed by a New Delhi-based individual who had alleged that Vatika had abused its dominant market position by imposing unfair terms and conditions in the buyer's agreement and demanding instalment money without performing its own contractual obligations. Further, the individual alleged cartelisation by the Confederation of Real Estate Developers' Associations of India (CREDAI) and its members, including Vatika, thereby contravening anti-competitive agreements. For the case, the Competition Commission of India (CCI) considered the ...
NBFC stocks tank up to 13% on liquidity concerns
Shares of non-banking financial companies (NBFCs) came under massive selling pressure Wednesday, plunging up to 13 per cent on liquidity concerns. Shares of Indiabulls Housing Finance plummeted 13.17 per cent, followed by DHFL 12.34 per cent, Mahindra & Mahindra Financial Services 7.74 per cent and Cholamandalam Investment and Finance Company 6.63 per cent on the BSE. Among others, Ujjivan Financial Services declined 6.29 per cent, Shriram Transport Finance Company fell 5.98 per cent and Can Fin Homes dipped 4.56 per cent. NBFCs are facing enormous liquidity crunch in the wake of IL&FS crisis. In the broader market, the BSE Sensex snapped its three-day gains, plunging 383 points.
Central Board of State Bank of India to consider raising equity capital
On 22 October 2018
Profit booking, crude oil prices pull indices by over 1% (Roundup)
Profit booking, along with a slight rise in global crude oil prices and depreciation in the Indian rupee, pulled the key Indian equity indices lower on Wednesday after three consecutive days of gains.
Punjab increases stamp duty rates
In a move to mobilise additional resources for the state, the Punjab Cabinet on Wednesday approved an ordinance to enable increase in the stamp duty rates on property transactions.
India presses OPEC for responsible pricing of oil
India, the world's third-biggest oil consumer, Wednesday pressed OPEC to move to responsible pricing of oil and gas saying the recent spike in rates are far detached from market fundamentals and are hurting importing nations. A combination of crude oil climbing to four-year high and rupee dipping to its lowest level against US dollar has sent retail petrol, diesel and cooking gas (LPG) rates to record high. The relentless price rise has wiped away tax cuts done by the government to give relief to consumers. At the annual institutional dialogue between the world's third-largest oil importer and the Organisation of Petroleum Exporting Countries (OPEC), Oil Minister Dharmendra Pradhan gave the cartel, which accounts for 45 per cent of the world output, a perspective of an importing country. "(I) met OPEC Secretary General Mohammed Sanusi Barkindo at the 3rd India-OPEC Energy Dialogue (and) raised the issue of surging crude prices which is hurting oil importing countries like India. I ...
India seeks investors for building 2nd phase of strategic oil storage
The government Wednesday began roadshows to attract investors for building its second phase of strategic oil storage at a cost of over Rs 11,000 crore that would more than double the emergency cover against any supply disruption to 22 days. India, which is over 83 per cent dependent on imports to meet its oil needs, built the first phase of 5.33 million tonnes of emergency storage in underground rock caverns in Mangalore and Padur in Karnataka and Visakhapatnam in Andhra Pradesh. It now plans to build another 6.5 million tonnes of storage at Padur and Chandikhol in Odisha. Oil Minister Dharmendra Pradhan said the second stage of strategic oil storages will be built on a public-private partnership where the investor would take the responsibility of constructing, filling up and operating the cavern. Roadshow in the national capital, which will be followed up with similar meets in Singapore and London later this month, would drum support from oil traders and producers would use the ...
U.S. removes 'systemic' oversight from Prudential Financial
WASHINGTON (Reuters) - A U.S. regulatory council announced on Wednesday it had removed the systemically risky label from Prudential Financial, freeing the insurance company from more rigorous oversight by the Federal Reserve.
Musk to purchase Tesla stock worth $20 million
(Reuters) - Tesla Inc Chief Executive Officer Elon Musk will purchase company stock worth $20 million in the next open trading session, the electric carmaker said in a filing on Wednesday.
Cyient sees profit after tax at 14 per cent
: City-based Cyient Limited, into engineering design service, manufacturing, network and operations focusing on aerospace, rail, oil and gas, and communications Wednesday said its profit after tax (PAT) for the quarter ended September 30 was up by 14 per cent. The PAT has risen to Rs 127 crore against Rs 109.7 crore during the same quarter last year, a press release from the company said. The income rose to Rs 1,243.80 crore against Rs 1,006.60 crore at a rate of 23.6 per cent, the release said. The company declared an interim dividend of Rs 6 per share on a face value of Rs 5 for 2018-19, another press release said. "We witnessed a growth of 14.5 per cent in exchange rates across aerospace and defence, transport, industrial, energy and natural resources, among others," the release quoted managing director and chief executive officer of the company Krishna Bodanapu as saying.
Kuwait sets Oct-Nov prices for new super light crude -source
DUBAI/SINGAPORE (Reuters) - Kuwait Petroleum Corp set the price for Kuwait Super Light Crude (KSLC) at $2.30 a barrel above Oman-Dubai quotes for October and at a premium of $3.05 a barrel for November, a source with knowledge of the matter said on Wednesday.