Page 2246 - Business Finance
Gold edges down on firmer stocks, dollar; Fed minutes in focus
BENGALURU (Reuters) - Gold prices edged lower on Wednesday as equities and the dollar gained amid waning risk-averse sentiment, with the market awaiting minutes from the U.S. Federal Reserve's latest policy meeting for fresh clues on the pace of interest rate hikes.
Global Markets: World stock recovery loses steam as European auto sector takes beating
LONDON (Reuters) - A recovery by global stocks proved short-lived as warnings over a slowing European auto sector soured an upbeat mood, while Wall Street was set for a slightly lower open after enjoying its best session in eight months the previous day.
RBI refuses more time to Rana Kapoor; tells Yes Bank to appoint new chief by Feb 1
Reserve Bank Wednesday refused to grant more time to Yes Bank's long serving CEO and MD Rana Kapoor and asked the private sector lender to appoint his successor latest by February 1, 2019. Last month, the Yes Bank board had sought at least a three-month extension for Kapoor from the RBI beyond January 31, 2019, stating that finding a suitable successor is a "time consuming challenge". The central bank, however, has not agreed to the suggestion and insisted Yes Bank's board should find his successor within the stipulated time. "The Reserve Bank of India has reaffirmed that a successor to Shri Rana Kapoor, MD & CEO, YES Bank should be appointed by February 1, 2019," the lender said in a stock exchange filing. The RBI had earlier curtailed the three-year term that the board had sought for Kapoor, also one of the promoters of the bank, to January 31, 2019, and asked the bank to find a replacement. Kapoor has been in his position since the inception of the bank in 2004. The bank's ...
ArcelorMittal to make $1 billion creditor payment to bid for Essar Steel
(Reuters) - ArcelorMittal SA said on Wednesday it would pay 74.69 billion rupees ($1.01 billion) to creditors of two Indian companies in which it previously held stakes, in order to make its acquisition offer valid for Essar Steel, another debt-ridden Indian steel firm.
Brazil gives antitrust nod to Eletrobras distributor sale
SAO PAULO (Reuters) - Brazil's antitrust agency Cade has approved the sale of a distribution company owned by state-run Centrais Eletricas Brasileiras SA, according to the official gazette on Wednesday.
Aurora Cannabis production plant gets sales license
(Reuters) - Aurora Cannabis Inc said on Wednesday its Aurora Sky production plant was granted a sales license by Canada's health regulator as the country becomes the second in the world to legalize recreational marijuana.
Italy's long-dated bonds rise on debt sale annoucement, stocks sell-off
LONDON (Reuters) - Long-dated Italian government bonds were being sold off on Wednesday after the government announced a buyback and reopening of longer dated issues, as global stocks markets came under renewed selling pressure and dented appetite for riskier assets.
NIIT Tech shares up over 5% as Q2 net profit jumps
Shares of NIIT Technologies Wednesday rose over 5 per cent after the company reported 66.3 per cent jump in net profit for the quarter ended September 30. The stock soared 4.34 per cent to close at Rs 1,189.60 on BSE. Intra-day, it jumped 6.56 per cent to Rs 1,215. On NSE, shares of the company surged 5.14 per cent to end at Rs 1,198. NIIT Technologies Wednesday reported 66.3 per cent jump in net profit to Rs 111.8 crore for the second quarter driven by strong demand across sectors like BFSI and travel and transportation. The company had registered a net profit of Rs 67.2 crore in the year-ago period, it said in a regulatory filing. The company's revenues grew 23.1 per cent to Rs 907.4 crore in the reported quarter from Rs 737.2 crore in the year-ago period.
Former Indian Equifax manager in US sentenced to 8 months home confinement for insider trading
An Indian software engineer who was charged with insider trading related to Equifax's massive data breach in 2017 has been sentenced to eight months of home confinement and fined USD 50,000 after pleading guilty. Sudhakar Reddy Bonthu was also ordered to forfeit USD 75,979, the US Justice Department said. The US Attorney's Office Northern District of Georgia in a statement Tuesday said Bonthu, 44, was sentenced to eight months of home confinement by US District Court Judge Amy Totenberg. "Bonthu intentionally took advantage of information entrusted to him in order to make a quick profit," said US Attorney Byung J Pak in a statement. He said that the integrity of the stock markets and the confidence of investors are impaired by those who use nonpublic information for personal gain. Chris Hacker, the special agent of FBI Atlanta said that it will do everything to hold accountable those who choose to take advantage of their inside knowledge. "If we don't hold company insiders to the same
ONGC, Bharat Petroleum offer to desilt water channels
Oil and Natural Gas Organisation (ONGC) and Bharat Petroleum have offered to fund desilting 213 km of irrigation channelsin Papanasam, Kumbakonam and Thirvidai Maruthu taluks in the district under their corporate social responsibility initiatives. ONGC had given Rs 1 crore for the desilting project, district collector M Pradeep Kumar said in a statement here Wednesday. The project had been finalised in consultation with farmers, it said. The Bharat Petroleum would chip in with Rs 20 lakh for the desilting, the release said. The project was being taken up to enable the water in the channels to flow to the tail-end area, it said.
Fiat Chrysler to set up 1st Jeep Connect sales outlet in Pune
Automaker Fiat Chrysler Automobiles (FCA) Wednesday announced the setting up of its first premium sales and sales outlet called 'Jeep Connect,' in Pune and said it plans to launch six more by December as part of its plans to expand its retail and after-sales service across the country. Jeep Connect is a network expansion strategy to take the Jeep brand and Mopar closer to customers homes, which may be located far away from the hubs of big cities, FCA India said in a release. Mopar is the parts, service and customer care organisation within the FCA. FCA India had launched its first locally-manufactured Jeep Compass SUV in July last year. "We wanted to take Jeep and Mopar brands closer to our customers living farther away from metros, and now we can achieve this with Jeep Connect, which is a compact concept that will offer the same premium experience that customers get in our outlets in city centres," said Kevin Flynn, president and managing director, FCA India. The ...
ACC Q3 net profit up 15 pc to Rs 209 cr
Cement maker ACC Ltd Wednesday reported 15.20 per cent increase in consolidated net profit at Rs 209.14 crore for the third quarter ended September 30, led by volume growth spurred by higher demand. The company, which follows January-December financial year, had posted a net profit of Rs 181.53 crore during the year-ago period, ACC said in a BSE filing. Total income from operations was up 10.35 per cent to Rs 3,465.92 crore as against Rs 3,140.76 crore in the September quarter of 2017. ACC's total expenses were at Rs 3,160.38 crore as against Rs 2,877.00 crore. During the quarter, ACC's cement sales were up 9.89 per cent to 6.55 million tonne (MT) as against 5.96 MT earlier. "The company grew cement sales volume by 10 per cent during the quarter spurred by higher demand," said ACC in a post earning statement. ACC MD & CEO Neeraj Akhoury said:" Despite continuing input cost headwinds, ACC has delivered consistent positive financial performance. We are also encouraged by the ...
South Africa's retail sales jump as spending on consumer goods rises
JOHANNESBURG (Reuters) - South Africa's retail sales rose in August as household goods, clothing and cosmetics grew, data showed on Wednesday, with recovering consumer spending a sign the economy is climbing out of a recession that has piled pressure on President Cyril Ramaphosa.
India's Yes Bank told to find new CEO by Feb. 1
(Reuters) - India's Yes Bank Ltd on Wednesday said the Reserve Bank of India had reaffirmed that the retail bank should appoint a successor to Chief Executive Rana Kapoor by February 1, 2019.
Corrected: India's ACC Q3 profit misses expectations as expenses rise
(Reuters) - Cement maker ACC Ltd on Wednesday posted a 15.7 percent rise in quarterly profit, which fell short of market estimates as expenses rose.
Essar Steel: ArcelorMittal to pay Rs 7,469cr to clear Uttam
Following the October 4 Supreme Court order linking its eligibility to bid for Essar Steel through bankruptcy courts, ArcelorMittal Wednesday said it will pay Rs 7,469 crore to the financial creditors Uttam Galva and KSS Petron, its two domestic subsidiaries from which it had claimed to have exited. The NRI Laxmi Mittal-owned company, which is the world's largest steel maker, which has been on a murky legal battle with other bidders, especially the Russian VTB Bank- promoted NuMetal, had on April 2 submitted a proposal to take over Essar Steel. Of the Rs 7,469 crore payment, around 80 per cent will be used to settle the dues of Uttam Galva and the rest 20 per cent for KSS Petron, the company said. ArcelorMittal has reportedly submitted Rs 42,000 crore to the 10-million-tonne alloy mill in Gujarat, which is one of the newest steel mills set up by Essar Steel, which owes over Rs 45,000 crore to a clutch of lenders. "Our board believes that Essar Steel represents a unique .
Avaya to launch world's first social network for chatbots
Communications solution provider Avaya Holdings Corp is planning to roll out a social networking platform for chatbots next year which will enable bots to engage with each other and find answers to customers' questions that they have not been trained to answer.
Reliance Industries shares down 1% ahead of Q2 results
Shares of Reliance Industries gave up all its early gains and ended over 1 per cent lower Wednesday ahead of its September quarter results to be announced later in the day. The stock fell 1.27 per cent to close at Rs 1,148.90 on the BSE. Intra-day, it jumped 1.48 per cent to Rs 1,180.95. On NSE, shares of the company declined 1.09 per cent to settle at Rs 1,151. In terms of the equity volume, 14.53 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day. "A meeting of the board of directors is scheduled for Wednesday, October 17, 2018, to consider and approve standalone and consolidated unaudited financial results for the quarter/ half year ended September 30, 2018," Reliance Industries had said in a BSE filing on October 10.
Punjab Cabinet approves new sand and gravel policy
To bring further transparency in sand mining sector, the Punjab Cabinet Wednesday approved major policy changes to enable the government to grant contracts by auction of mining blocks in strategically established clusters through progressive bidding instead of the earlier process of auction by individual mines. The decision came during the Cabinet meeting held Wednesday under the chairmanship of Chief Minister Amarinder Singh. It was decided that the new policy would come into force two months after the Cabinet approval to the Punjab State Sand and Gravel Policy, 2018 and amendment to the Punjab Minor Mineral Rules, 2013, the statement said. The move would help substantially increase the royalty receipt of the state exchequer, provide adequate supply at fair price to the consumer and curb illegal mining, an official statement said here. It has also been decided that the department of mining would launch an online Punjab Sand portal for sale of sand to all the consumers. All ...
Exclusive: Russian high tech project flounders after U.S. sanctions
MOSCOW (Reuters) - U.S. sanctions targeting Russia's nascent high tech industry have caused a Russian microchip company significant financial woes and delayed the launch of an initiative meant to produce substitutes for Western products, the firm's owner said.