Page 2309 - Business Finance
M&M launches leasing service for retail buyers
Automobile major Mahindra & Mahindra (M&M) on Wednesday launched the leasing service for retail buyers of its personal range of vehicles.
Rising U.S. bond yields bring back Wall Street's sinking feeling
NEW YORK (Reuters) - For stock investors, the recent spike in bond yields may be prompting some uncomfortable deja vu.
Cathay Pacific Airways makes key appointments
Hong Kong-based Cathay Pacific Airways Wednesday announced appointments to various management positions, including Tanu Lele as Head of Corporate Sales for India. Naveed Ahmed Khan would be the Head of Trade Sales for India while Anand Yedery has been appointed as Regional Head of Marketing and Sales for South Asia, Middle East and Africa, the airline said in a release. Other appointments include Rajesh Menon as Regional Head of Cargo for South Asia, Middle East and Africa, Karthik Radhakanthan as Regional Cargo Services Manager for South Asia, Middle East and Africa. Further, Abhijit Abhyankar has been appointed as Regional Head of Marketing and Digital Sales for South Asia, Middle East and Africa while Neeraj Tyagi would be Regional Head of Business Development for South Asia, Middle East and Africa. "These are primarily transfers of internal talent. As a company we aim to develop talent and give opportunities to transfer across different disciplines," the carrier said. Currently, ..
Online sales, foreign expansion boost Ikea sales
Swedish furniture giant Ikea on Wednesday reported rising sales for the year to August, helped by a big push online and new store openings, including its first in India. Total store turnover, comprising sales of both products and services, rose 1.3 percent to 38.8 billion euros ($44.5 billion) from 38.3 billion euros a year earlier, the company said in a statement. Adjusted for currency impact, sales were up 4.5 percent at its over 400 worldwide stores. "It was an incredible year," Jesper Brodin, the new CEO of the Ingka Group which owns the bulk of Ikea stores, told reporters in Madrid at an event to promote its new city centre store in the Spanish capital timed to coincide with the release of the yearly results. Best known for its low-cost flat-pack furniture and sprawling out-of-town stores, Ikea opened 19 new outlets around the globe, including its first in India and Latvia in August. It is now present in over 50 markets worldwide. Ikea announced it will open its first store in ...
Tech stocks lead Wall Street slump as investors shun risk
(Reuters) - Wall Street was hammered on Wednesday as investors dumped high-growth names such as technology and FAANG stocks, with rising Treasury yields and trade-related worries sapping their risk appetite.
Corrected: Oil prices slump 2 percent as Wall Street slides
(Corrects EIA monthly forecast to 10.74 (not 10.75) million bpd in last paragraph)
Uttam Galva Steels net loss widens to Rs 580 cr in Jul-Sep
Uttam Galva Steels' net loss widened to Rs 580.58 crore in the quarter ended on September 30, 2018, mainly due to high finance cost and a sharp decline in revenue. The company had posted a net loss of Rs 213.26 crore during July-September period in 2017, Uttam Galva Steels Ltd said in a BSE. Total income plunged to Rs 111.29 crore in July-September 2018 from Rs 900.27 crore in the year-ago quarter, according to the filing. Its finance costs too zoomed to Rs 339.65 crore in the quarter under review from Rs 174.41 crore in July-September 2017. Uttam Galva Steels is one of the largest manufacturers of cold rolled steel and galvanized steel in western India. Shares of the company closed 4.98 per cent down at Rs 8.58 apiece on BSE.
Website for 'Aero India' launched
A website for the 12th edition of 'Aero India', a major trade exhibition of the aerospace and defence industries with public air shows, was launched Wednesday, the Ministry of Defence said. The five-day event, starting from February 20 next year at the Yelahanka Air Force station in Bengaluru, will witness participation from global leaders and big investors in the aerospace industry and think tanks. "Aero India will provide a unique opportunity for exchange of information, ideas and new developments in the aviation industry. Besides giving a fillip to the domestic aviation industry, it would further the cause of 'Make in India'," a statement said. In Aero India, close to 500 companies, both Indian and foreign, are expected to participate. A newly designed website has been launched (https://aeroindia.gov.in) for registration of exhibitors and visitors. The portal facilitates payment of registration fee online and booking of space/stall of their choice at the venue. Business visitors ...
Chinese slowdown fears hit LVMH shares and luxury rivals
PARIS (Reuters) - Robust sales growth at luxury goods leader LVMH in the third quarter failed on Wednesday to quell fears that Chinese demand for high-end fashion and handbags will start waning, sending its shares lower and rattling those of competitors.
J-K municipal polls: 30% polling recorded in Phase-II
The Chief Electoral Officer (CEO) of Jammu and Kashmir, Shaleen Kabra on Wednesday said that overall 30 percent voter turnout was recorded in the second phase of the municipal polls.Kabra said, in Jammu division, 76 percent polling was witnessed in 214 wards that went to polls today while Kashmir division witnessed average three percent polling in 49 wards and Bandipora recorded 36 percent voting.In Jammu division, the highest polling percentage of 84.6 percent was recorded in Reasi, the CEO said.He said the cumulative polling percentage till date is 46.7 percent with 67.3 percent voting recorded in Jammu division and 8.34 percent in Kashmir division in the first and second phases.The CEO said that 544 polling stations were designated across the State for Phase-II with 270 polling stations in Kashmir division and 274 in Jammu.1029 candidates are in the fray for 263 Municipal Wards for Phase-II with 881 candidates in Jammu division and 148 in Kashmir division.In the first two phases, ..
Meghalaya cuts diesel, petrol prices by Rs 2.50/litre
The Meghalaya government has reduced the prices of diesel and petrol by Rs 2.50 per litre, Deputy Chief Minister Prestone Tynsong announced on Tuesday.
Draft electronics policy aims $400 bn manufacturing ecosystem turnover by 2025
The IT ministry looks to create a USD 400 billion electronics manufacturing industry by 2025 with mobile devices segment accounting for three-fourths of the production, according to the draft electronics policy. "Promote domestic manufacturing in the entire value-chain of ESDM (electronic system design and manufacturing) for economic development to achieve a turnover of USD 400 billion by 2025," the draft National Policy on Electronics (NPE) released by the Ministry of Electronics and IT on Wednesday proposes. The proposed policy aims to double target of mobile phone production from 500 million units in 2019 to 1 billion by 2025 to meet the objective. "This (USD 400 billion turnover) shall include targeted production of 1.0 Billion mobile handsets by 2025, valued at USD 190 billion (approximately Rs 13 lakh crore), including 600 Million mobile handsets valued at USD 110 Billion (approximately Rs 7 lakh crore) for export," the draft said. According to the draft, the government plans to
E-commerce majors see strong growth in apparel, large appliances as festive sale kicks off
E-commerce giants Flipkart and Amazon India have seen a strong start to their festive sale with categories like apparel and large appliances driving record transactions and new customers coming on board. These companies have put in months of preparation in ramping up selection, setting up warehouses and strengthening delivery network ahead of the festive sale to ensure a smooth shopping experience for customers, with demand being much higher than on non-festive days. Players like Flipkart, Amazon India and Paytm Mall kick-started their festive sale from October 10 that will continue for the next 5-6 days. More offers are expected to be rolled out over the next many days leading up to Diwali. "The scale of Big Billion Days (festive sale of Flipkart) has only grown with each passing year and this year too, we expect the trend to continue. While each category sees manifold growth, we expect smartphones, large appliances and apparel to be phenomenally big categories," Flipkart CEO Kalyan .
Global Markets: Equities slide to three-month low as tech stocks plunge
NEW YORK (Reuters) - World equities fell more than 1 percent on Wednesday, sliding to three-month lows, as technology shares slumped on fears of slowing demand, while rising U.S. bond yields made stocks less compelling.
AirAsia India appoints Sunil Bhaskaran as CEO
AirAsia India Wednesday announced appointment of Tata group veteran Sunil Bhaskaran as chief executive officer and managing director, amid the no-frills airline preparing to expand its operations. The carrier, which currently has a fleet of 19 planes, is a joint venture between Tatas and Malaysia's AirAsia Berhad. Bhaskaran's appointment would be effective from November 15, AirAsia India said in a release Wednesday. Currently, he is vice president of corporate services at Tata Steel and has over three decades of experience in the fields of manufacturing, export and commercial operations with the Tata group. He would be the third CEO and MD of Bengaluru-headquartered AirAsia India, which started operations in June 2014. He would "oversee the next phase of expansion and growth of the company", the release said. Bhaskaran would replace Amar Abrol, who stepped down from the position in June to join back the parent company AirAsia in Malyasia. "We are delighted to welcome Bhaskaran as the .
Excise duty on ATF cut to 11%
After petrol and diesel, the government Wednesday cut excise duty on jet fuel to 11 per cent to give relief to the aviation industry that has been in recent weeks hit hard by rising fuel prices and plummeting rupee. Excise duty on aviation turbine fuel (ATF) has been reduced to 11 per cent from 14 per cent with effect from October 11, a notification issued by the revenue department in the finance ministry said. Jet fuel prices this month hit their highest level since January 2014 as rising international oil prices and plummeting rupee value pushed rates. The fuel in Delhi currently costs Rs 74,567 per kilolitre (Rs 74.56 per litre) and in Mumbai, it is priced at Rs 74,177 per kl. ATF prices, which currently are cheaper than petrol and diesel in Delhi, have since July spiked up by 9.5 per cent. They have been on upswing since July last year, rising every month except in July 2018. Jet fuel was priced at Rs 47,013 per kl in July last year and has risen by 58.6 per cent since then. Just .
P&G proposal for stake acquisition in co gets govt nod: Merck Ltd
Drug firm Merck Ltd said Wednesday the government has approved the proposal of Procter & Gamble Overseas India BV to acquire up to 77.80 per cent stake in the company. The Department of Pharmaceuticals has approved the proposal of Procter & Gamble Overseas India BV for acquisition of up to 77.80 per cent of the paid-up equity share capital of the company, Merck Ltd said in a filing to BSE. The company further said out of the 77.80 per cent paid-up equity share capital, 51.80 per cent was held by current promoters and up to 26 per cent by public shareholders, it added. In April this year, Merck Ltd had said that Procter & Gamble would acquire 51.80 per cent stake for Rs 1,289.88 crore in the company as part of a global deal under which P&G was taking over German firm Merck KGaA's international consumer health business. In a regulatory filing then, Merck Ltd had said Procter & Gamble Overseas India B.V and The Procter & Gamble Company had launched up to Rs 647.53
Flipkart arm to invest Rs 991 cr for logistics hub in Bengal
Instakart Services, a part of the online e-commerce major Flipkart, is set to invest Rs 991 crore for setting up a logistics hub in West Bengal, a Minister said on Wednesday.
Oil slips with Wall Street, losses limited by supply worries
NEW YORK (Reuters) - Oil prices dropped more than $1 a barrel on Wednesday as U.S. equity markets broadly fell, but losses were limited as U.S. sanctions restricted Iranian exports and as Hurricane Michael closed nearly 40 percent of U.S. Gulf of Mexico oil output.
Volkswagen names new America group CEO
DETROIT (Reuters) - Volkswagen AG on Wednesday named a new head of its America group as the German automaker pushes to boost SUV sales amid weakening demand for cars.