Page 2307 - Business Finance

Market crashes amid dismal global cues

Key benchmark indices crashed in early trade amid global market rout. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 1024.50 points or 2.95% at 33,736.39. The Nifty 50 index was down 306.55 points or 2.93% at 10,153.55.

BMW to gain control of China venture in milestone deal for foreign carmakers

SHENYANG, China (Reuters) - Germany's BMW said it will take majority control of its main China joint venture for 3.6 billion euros ($4.2 billion), the first such move by a global carmaker as Beijing starts to relax ownership rules for the world's biggest auto market.

Domestic shares may witness steep selling amid global rout

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 255.50 points at the opening bell amid selloff in global stock markets.

Zee Entertainment Enterprises consolidated net profit declines 38.23% in the September 2018 quarter

Sales rise 24.89% to Rs 1975.86 crore

Uttam Galva Steels reports standalone net loss of Rs 580.58 crore in the September 2018 quarter

Sales decline 87.60% to Rs 109.72 crore

Zee Entertainment Enterprises standalone net profit rises 4.66% in the September 2018 quarter

Sales rise 21.22% to Rs 1677.12 crore

Global Markets: Asia shares shattered by Wall Street rout, China's yuan under fire

SYDNEY (Reuters) - Asian share markets sank in a sea of red on Thursday after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe.

Centre cuts excise duty on jet fuel to 11%

In a major relief to airline companies, the Centre on Wednesday slashed excise duty on Aviation Turbine Fuel (ATF) to 11 per cent from 14 per cent.A notification issued from the Finance Ministry's revenue department stated that the revised duty would be effective from October 11.In March 2014, the government had increased excise duty on jet fuel from eight per cent to 14 per cent.The decision to cut jet fuel tax comes at the time when airlines are reeling under pressure due to high jet fuel prices since January 2014 and a weaker rupee.The fuel in Delhi currently costs Rs 74,567 per kilolitre and in Mumbai, it is being sold at Rs 74,177 per kilolitre.Last week, the government had cut excise duty on petrol and diesel by Rs 2.50 per litre and asked state-owned oil firms to subsidise the fuel by another Re 2.5 a litre. The move was followed by the Bharatiya Janata Party (BJP)-ruled states, giving a relief of about Rs 5 per litre to the customers.

Hyderabad airport opens Interim International Departure Terminal

The Hyderabad International Airport on Wednesday inaugurated the Interim International Departure Terminal (IIDT) that is set to commence operations from October 23.The terminal has been designed to cater to the continued growth in passenger traffic, while the existing Passenger Terminal Building (PTB) facility has been expanded to more than double the present capacity. The new terminal building is an exclusive concourse to handle check-in, security, immigration, customs processes for departing international passengers.After completing the formalities, passengers will seamlessly move into the main PTB using a bank of elevators and escalators, where they will be able to enjoy a multitude of passenger amenities including shopping, retail, food and beverages, and lounge access while awaiting boarding.The terminal is equipped with a host of new technologies including India's first-ever remote hand baggage screening facility, which when coupled with the new Automatic Tray Retrieval System ..

BMW Group increases stake in its joint venture with China's Brilliance Automotive

(Reuters) - The BMW Group said on Thursday it plans to increase its stake in its Chinese joint venture with partner Brilliance Automotive <1114.HK> from 50 percent to 75 percent.

FamilyMart Uny, Don Quijote deepen ties in tough Japan retail market

TOKYO (Reuters) - Japanese retailers FamilyMart Uny Holdings Co and Don Quijote Holdings Co said on Thursday they would join hands through a capital alliance to weather tough competition in a shrinking domestic market.

Lift off: Singapore Airlines to boost U.S. presence with world's longest flight

SINGAPORE (Reuters) - Singapore Airlines Ltd is poised for a major boost to its U.S. footprint from Thursday evening as it resumes, after five years, the world's longest commercial flight - a near-19 hour non-stop from Singapore to New York.

Rattled Wall Street stock investors fret about a correction

(Reuters) - The deepest one-day selloff in Wall Street stocks in eight months has investors using the market equivalent of a dirty word: "correction".

Boeing rocket for NASA over budget, could further delay launch - audit

ORLANDO, Fla. (Reuters) - Boeing Co is building the largest rocket in NASA's history but the aerospace giant's "poor performance" has resulted in an $8.9 billion price tag that is double the initial budget and could further delay the launch, the U.S. space agency's watchdog office said on Wednesday.

Oil extends losses as other markets fall, inventories rise

TOKYO (Reuters) - Oil dropped on Thursday to extend big losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing U.S. crude inventories had risen more than expected.

Natixis exploring possible takeover of French fintech firm Ingenico - Bloomberg

(Reuters) - Natixis SA's payments business is exploring a potential takeover of the $4.6 billion French fintech company Ingenico Group SA, Bloomberg reported on Wednesday.

BMW raises stake in main China JV with $4.2 billion deal

SHENYANG, China (Reuters) - German luxury carmaker BMW will take majority control of its main China joint venture, BMW Brilliance Automotive, the first such move by a foreign carmaker as Beijing sets to relax ownership rules on foreign auto ventures in the market.

Asia shares trampled in Wall St. rout, eyes on China

SYDNEY (Reuters) - Asian share markets sank on Thursday after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe.

Exclusive - Mitek rebuffs Elliott-backed ASG's takeover approach: sources

(Reuters) - Mitek Systems Inc, a U.S. provider of financial technology to banks, has rejected a takeover approach from hedge fund Elliott Management Corp's software company ASG Technologies, people familiar with the matter said on Wednesday.

Trump says Fed has gone crazy after Dow Industrial tumbles

In an unprecedented criticism by a serving US President, Donald Trump said the Federal Reserve has gone crazy after the Dow Jones Industrial Average in New York tumbles by over 800 points, the biggest decline in more than seven months. In a brief interaction with reporters Wednesday, when asked about the tumbling down of the stock market, Trump said he was not worried about it. "I think the Fed is making a mistake. They're so tight. I think Fed has gone crazy," the US President said in response to a question. "So, you can say that, 'well that's a lot of safety actually. And it is a lot of safety, and it gives you a lot of margin. But I think the Fed has gone crazy," he said. According to the Wall Street Journal, the Dow industrials extended their steepest October retreat since the financial crisis, posting an 832-point decline that raises fresh concern about the health of the nine-year-old bull market for stocks. "The Fed's more-restrictive stance has joined with other signals to ...