Page 2304 - Business Finance
Chinese stocks tumble to multi-year lows after Wall Street rout
HONG KONG (Reuters) - China's benchmark Shanghai Composite Index dived to near four-year lows on Thursday, joining a global equities rout after a tech sell-off battered Wall Street overnight.
ATF price cut by 2.6%; to cost less than petrol, diesel
Jet fuel or ATF prices were Thursday cut by 2.6 per cent following the government decision to lower excise duty on the fuel. Aviation turbine fuel (ATF) is now cheaper than petrol and diesel. ATF in Delhi was cut by Rs 1,962 per kilolitre, or 2.6 per cent, to Rs 72,605 per kl (Rs 72.6 per litre), according to a price notification issued by state-owned oil firms. It costs Rs 72,225 per kl in Mumbai, down from Rs 74,177. Even at the reduced price, ATF is at its highest level since March 2014. The government had Wednesday cut excise duty on jet fuel to 11 per cent from 14 per cent previously to give relief to the aviation industry that has been in recent weeks hit hard by rising fuel prices and plummeting rupee. The move came after jet fuel prices this month hit their highest level since January 2014. Rates had risen by 9.5 per cent since July, and over 58.6 per cent since July last year. While the ATF has been cheaper than petrol before, the fuel used in aeroplanes is cheaper than even .
Trump trade war delivers farm boom in Brazil, gloom in Iowa
LUÍS EDUARDO, Brazil/BOONE, Iowa (Reuters) - The Bella Vita luxury condominium tower rises 20 stories over the boomtown of Luís Eduardo Magalhães in northeastern Brazil. Its private movie theater and helipad are symbols of how far this dusty farming community has come since it was founded just 18 years ago.
MobiKwik acquires wealth management start-up Clearfunds
Domestic mobile wallet major MobiKwik on Thursday announced its foray into India's wealth management market with the acquisition of Clearfunds, an online mutual fund investment platform based out of Mumbai, for an undisclosed amount.
IT dept searches premises of media baron Raghav Bahl
The Income Tax Department searched media baron Raghav Bahl's home and office on Thursday in connection with a case of alleged tax evasion, officials said. A team of I-T sleuths raided Bahl's premises in Noida early morning and are looking for documents and other evidence related to a case of "bogus long term capital gains (LTCG) received by various beneficiaries", they said. Bahl, who was in Mumbai, said in a statement that he was on his way to Delhi and his wife and mother were confined to the residence and not allowed to speak to anybody. "I have got little else to go on right now," he said in a statement to the media. Apart from Bahl, three other "beneficiaries" and professionals, J Lalwani, Anoop Jain and Abhimanyu, are also being searched as part of the same action, officials said. Officials said their business links to offshore entities are being investigated. LTCG is broadly defined as the tax paid on profit generated by an asset such as real estate, shares or share-oriented ...
Chatbots dumb automated machines for most consumers: Survey
While chatbots can be fast and convenient to answer simple queries, most consumers still think they are dumb automated machines and prefer a human on the other end, a new survey from global software company Pegasystems revealed on Thursday.
Reliance Nippon Life bags mandate to manage ESIC funds
Reliance Nippon Life Asset Management on Thursday announced it has received a mandate from the Employees' State Insurance Corporation (ESIC) to manage its funds.
Rupee plunges to new low as Indian equities join global sell-off
The rupee plunged to a fresh low on Thursday, as Indian equities joined a global sell-off amid mounting concerns growth would slow in the face of a trade war between the United States and China.
Oil extends losses as other markets fall, stockpiles climb
TOKYO (Reuters) - Oil fell to two-week lows on Thursday as it extended losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing U.S. crude inventories rose more than expected.
Office space leasing up 7 pc in Jan-Sep in 9 cities; supply rises 25 pc: CBRE
India's office market continues to perform well as leasing rose 7 per cent during January-September 2018 to 32.2 million sq ft in nine major cities on higher demand of spaces from corporates and co-working operators for their expansion, property consultant CBRE said. Office space leasing stood at 30.1 million sq ft in the year-ago period, CBRE said in its 'India Office MarketView Q3 2018' report. It tracks Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Pune, Hyderabad, Ahmedabad and Kochi. The consultant attributed the rise in leasing to higher demand as well as supply of office spaces, which went up by 25 per cent to 23 million sq ft during the first three quarters of 2018. "India's economic growth continued on its upward trajectory and real estate services (along with financial and professional services) sector contributed to this economic surge...," said Anshuman Magazine, Chairman, India and South East Asia, CBRE. The sectors such as banking, financial services and insurance ...
Delhi Jewellery and Gem Fair 2018 Concludes on a High Note; Visitor Influx Reflects a Bullish Market Ahead for Industry
/ -- DJGF 2018 at a glance: - Over 700 brands showcased - Over 45 % growth in new participants - Over 30% growth in unique visitor footfall - Announcement of massive Jewellery Tech Park in the Capital to accommodate 10,000 stores - Showcase and launch of trend-setting product designs & technologies - 4th edition of The Retail Jewellers Guild Awards The 7th edition of the Delhi Jewellery and Gem Fair (DJGF), hosted by UBM India concluded successfully at Pragati Maidan, New Delhi. The show was inaugurated by Chief Guest Shri Ram Niwas Goel, Speaker of Legislative Assembly of Delhi; Guest of Honour Shri Karnail Singh, BJP National Convener - USA Business; Shri Yogesh Singhal, President - TBJA; Mr. Michael Duck, Executive Vice President, UBM Asia Ltd. ; Mr. Yogesh Mudras, Managing Director, UBM India and Mr. Abhijit Mukherjee, Group Director, UBM in the presence of other dignitaries from the jewellery trade. (Logo: https://mma.prnewswire.com/media/675607/UBM_Logo.jpg ) (Logo: ...
Stock market crash erodes over Rs 3 lakh cr from investor wealth
As the BSE benchmark index plummeted over 1,000 points during the morning trade Thursday, investor wealth got eroded by over Rs 3 lakh crore. The BSE benchmark Sensex Thursday crashed over 1,000 points to slip below the key 34,000-mark in early trade, tracking a global sell-off. Led by the sharp carnage in equities, the market capitalisation of BSE-listed companies slumped Rs 3,05,625.87 crore to Rs 1,35,59,695.82 crore in late morning trade. The 30-share BSE barometer, which had gained 461.42 points Wednesday, crashed 1,037.36 points to hit a low of 33,723.53. "Indian stock markets have fallen sharply Thursday. This is a continuation of the sharp fall we have witnessed in the stock prices over the last couple of weeks (except for one or two days of exception). "While most of the earlier fall could be attributed largely to domestic factors - be it the IL&FS effect and fears of contagion thereon, or the ever increasing fuel prices due to the combined effect of weakening rupee and ..
RSWM Ltd leads gainers in 'B' group
Goa Carbon Ltd, Cupid Ltd, BLB Ltd and Motor & General Finance Ltd are among the other gainers in the BSE's 'B' group today, 11 October 2018.
Veon withdraws offer for subsidiary's stakes in Pakistan and Bangladesh
(Reuters) - Mobile phone operator Veon said on Thursday it was withdrawing an offer to acquire the stakes its GTH unit holds in its Pakistan and Bangladesh businesses, citing concerns about the Pakistani currency and resistance from GTH minority shareholders.
Apple to buy part of supplier Dialog's business in $600 million deal
BERLIN/SAN FRANCISCO (Reuters) - Apple Inc has agreed to buy a portion of chip supplier Dialog Semiconductor Plc's business in a $600 million deal, the two companies said Thursday, expanding the iPhone maker's chip operations in Europe.
China should prepare 'more powerful' steps to support economy - state media
BEIJING (Reuters) - China should prepare "more powerful" policy measures, possibly including a large-scale stimulus package, to prevent its economy from stalling as trade frictions with the United States persist, a state-backed tabloid said in a commentary on Thursday.
Jeera remains weak, down 0.46 pc on low demand
Jeera prices fell by 0.46 per cent to Rs 19,330 per quintal in futures trade Thursday as speculators engaged in trimming positions to book profits at prevailing levels. In futures trading at the National Commodity and Derivatives Exchange, jeera for delivery in November was trading lower by Rs 90, or 0.46 per cent, to Rs 19,330 per quintal, with an open interest of 5,973 lots. Similarly, the spice for delivery in current month was quoting lower by Rs 55, or 0.28 per cent, to Rs 19,450 per quintal in 3,192 lots. Analysts said, trimming of positions by participants on the back of easing domestic as well as exports demand at spot market against adequate stocks position, mainly kept jeera prices down at futures trade.
Lead futures soften by 1.16% on sluggish demand
Lead prices eased by 1.16 per cent in futures market Thursday as speculators cut positions amid subdued demand at the spot markets. At the Multi Commodity Exchange, lead for delivery in current month shed Rs 1.65, or 1.16 per cent, to Rs 140.65 per kg in a business turnover of 378 lots. Analysts attributed weakness in lead prices at futures to cutting down of bets by participants due to tepid demand from battery makers at the spot market.
Gold prices up 0.33% on domestic demand
Gold prices rose by 0.33 per cent to Rs 31,4848 per 10 gram in futures trade on Thursday as speculators raised their bets even as the precious metals weakened overseas. At the Multi Commodity Exchange, gold for delivery in December rose by Rs 103, or 0.33 per cent, to Rs 31,484 per 10 gram in a business turnover of 280 lots. Market analysts attributed the rise in gold prices in futures trade to raising of bets by participants but a weak trend overseas, squeezed the gains. Globally, gold was trading 0.15 per cent lower at USD 1,193.60 an ounce in Singapore.
Copper futures shed 1.22% on weak global cues, muted demand
Amid weak trends overseas and muted demand at domestic spot markets, copper futures fell 1.22 per cent to Rs 453.10 per kg Thursday as speculators trimmed their positions. At Multi Commodity Exchange, copper for delivery in November declined by Rs 5.60, or 1.22 per cent, to Rs 453.10 per kg in a business turnover of 1,160 lots. Analysts attributed the fall to off-loading of positions by speculators, tracking a weak trend in the base metals pack overseas and subdued spot demand.