Page 2356 - Business Finance
AFP plans job cuts to strengthen finances: CEO
Agence France-Presse's chief executive announced plans on Thursday to cut 125 jobs over five years, saying the measure was necessary in order to stabilise the agency's finances. The cuts would affect some five percent of overall staff positions in the Paris-based world news agency. Chief executive Fabrice Fries announced the plan at a meeting of the agency's governing board. He said the measures would not include compulsory layoffs. Instead, 160 retiring staff will not be replaced, while the number of new employees over the period will be limited to 35. The cuts will be spread over the editorial, technical and administrative departments. The measures are part of what Fries called a "transformation plan" which aims to balance the agency's books by 2021. AFP management says that if it does not rein in costs, the agency's operating deficit will swell to 90 million euros (USD 104 million) over the next five years. It aims to cut costs by 16.5 million euros in 2023, mostly by reducing ...
Wall Street drops as bond yield climb continues
NEW YORK (Reuters) - Wall Street stocks dropped on Thursday as U.S. Treasury yields continued their ascent to multi-year highs on another round of strong economic data, increasing concerns for accelerating inflation.
US stocks trade lower as Treasury yields surge
US stocks traded on a downbeat note on Thursday as the government bond rates hit new multiyear highs, dampening investor sentiment.
Weak demand, inflationary pressure ease India's September services output growth: PMI
Weak demand conditions along with a rise in inflationary pressures eased growth of India's service sector output during September, a macro-economic data showed on Thursday.
Fed survey points to tighter borrowing terms if yield curve inverts
WASHINGTON (Reuters) - A small majority of financial market players told the U.S. Federal Reserve in August that borrowing conditions could tighten if interest rates on short-term debt rose above rates for long-term debt, the U.S. central bank said on Thursday.
Oil falls from four-year highs; Saudi, Russia agree to up supply
NEW YORK (Reuters) - Oil prices fell on Thursday as the prospect of increased crude production from Saudi Arabia and Russia prompted profit-taking the day after futures hit four-year highs on a boost from imminent U.S. sanctions on OPEC's No. 3 producer Iran.
Wall Street hammered by surging bond yields
(Reuters) - Wall Street tumbled on Thursday, mirroring a slump in global financial markets, as U.S. Treasury yields surged to multi-year highs on robust economic data and upbeat comments from the Federal Reserve, sparking fears of accelerating inflation.
High profile exits mar private banking space
The year has been quite tough for the private sector banking industry which is seeing exit of three high-profile bankers, Chanda Kochhar, Shikha Sharma and Rana Kapoor, before the end of their scheduled term. While Kochhar Thursday resigned from the post of MD and CEO of ICICI Bank with immediate effect, Sharma is leaving Axis Bank in December. Another high profile banker and founding CEO of Yes Bank Rana Kapoor has been asked by the Reserve Bank of India (RBI) to quit the post by January 2019. Kochhar, who is facing allegations of nepotism and conflict of interest, quit the bank six months before her current tenure was to end. She also resigned from all subsidiaries of the bank including ICICI Securities where she had sought reappointment as the chairperson. There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis. Another ICICI Bank prodigy, Shikha Sharma had decided to quit the bank by the end of this year. .
Fuel prices lower Rs 5 per litre in Uttarakhand
The Uttarakhand government on Thursday followed other Bharatiya Janata Party (BJP)-ruled states and slashed the rates of diesel and petrol by Rs 2.50 per litre.
Wall Street succumbs to soaring bond yields
(Reuters) - Wall Street tumbled on Thursday, mirroring a slump in global financial markets, as U.S. Treasury yields surged to multi-year highs on robust economic data and on upbeat comments from the Federal Reserve, sparking fears of accelerating inflation.
Centre cuts fuel prices by Rs 2.50/litre, some states follow suit (Intro Roundup)
Under attack from rivals and with Assembly elections round the corner, the Centre on Thursday cut petrol and diesel prices by Rs 2.50 per litre, a decision that was followed by several BJP-ruled states, giving an overall relief of Rs 5 per litre to the consumer.
Salaries likely to rise 10% in India in 2019: Survey
Salaries in India are projected to rise the highest in the Asia Pacific region at 10 per cent in 2019, same as it did in the last four years, advisory and broking firm Willis Towers Watson said in a report on Thursday.
SRI Capital to raise $60 million in three months
SRI Capital, a leading early stage Venture Capital fund focussed on US/Indian start-ups, plans to raise $60 million in three months for its $100 million Fund, said company founder and Managing Director Sashi Reddy on Thursday.
Arunachal, Tripura join other BJP-ruled states to cut fuel prices
Arunachal Pradesh and Tripura joined other BJP-ruled states in the country Thursday to reduce petrol and diesel prices by Rs 2.5 per litre after the Centre's decision to pare prices by a similar margin. The state governments will bear the impact of the cut of Rs 2.5 per litre from the state Value Added Tax (VAT). The Arunachal Pradesh government has decided to cut fuel price with effect from Thursday midnight, an official statement said adding the consumers will get the benefit of a total relief of Rs 5 per litre. It said the step is being taken in order to ease the difficulties of the common people and also to reduce the inflationary trend despite loss in revenue. The Centre's decision to cut excise duty on petrol and diesel by Rs 1.50 per litre was announced by Union Finance Minister Arun Jaitley who said oil firms would absorb Re 1 a litre of the prices. He asked the state governments to match the move with a similar reduction in sales tax or VAT. Announcing the cut in fuel price ..
AP govt may not reduce tax on petro products
The Andhra Pradesh government may not further reduce tax on petro products since it has already cut Rs 2 a litre on petrol and diesel last month. A one rupee increase in price of these products fetches an additional revenue of Rs 560 crore to the state exchequer and any cut would cause an income loss to that extent, a top official of the Finance Department said. The state government levies 31 per cent Value-Added Tax plus Rs 4 as "additional tax" per litre on petrol and diesel. On September 10, the state government had reduced the "additional tax" by Rs 2 a litre on these commodities. The government then claimed that the measure would cause a monetary loss of Rs 1,120 crore. However, given the steady increase in price of petrol and diesel in the last few weeks, the government effectively did not lose any revenue as such, the Finance Department official pointed out. "If we further cut the tax, there will sure be a loss of revenue. Given the precarious state of our finances,
Too little, too late: Left on reduction of fuel prices
The Left parties described the Centre's reduction of the excise duty on petrol and diesel on Thursday as "too little and too late", saying it was like rubbing salt on the wounds of the common man. CPI(M) leader Mohammed Salim said the central government realised that it should reduce the fuel prices when the price of petrol and diesel was just "few runs away from hitting the century". "The common man was suffering and Prime Minister Narendra Modi-led government kept watching. This meagre reduction is like rubbing salt on the wounds of the common man, who is reeling under the rising prices," Salim said. Echoing similar sentiments, CPI leader D Raja said, "It is too little and too late. There is urgent need for more reduction in petrol and diesel prices." Raja added that oil marketing companies needed to absorb more as they made hefty profits when international crude prices were at its lowest levels. Finance Minister Arun Jaitley announced a Rs 2.50-per-litre cut in petrol and diesel ...
Rahul says Rupee not breaking, it's broken
As the rupee hit a record low of Rs 73.77 against the US dollar on Thursday, Congress President Rahul Gandhi said the Indian currency is not breaking, but is "broken". The rupee plunged as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows. "Breaking: Rupee slips to 73.77. It's not breaking - it's Broken," Gandhi said on Twitter. Senior Congress leader Anand Sharma said with the rupee constantly losing its value, it is the "worst performing" currency of Asia. "It is a matter of shame. Prime Minister makes the claim and he is never tired of saying that the economy is doing well. But the Prime Minister, the Finance Minister in this government, they lack any vision or direction to revive the Indian economy and they have already taken the rupee to the ICU and also the Indian economy is moving in the same direction," he told reporters. Congress chief spokesperson Randeep Surjewala said the rupee has crossed Prime Minister Narendra
Fuel prices slashed: Several BJP states announce additional cut
Soon after the central government announced a cut of Rs 2.50 per litre in fuel prices on Thursday, several BJP-ruled states including Chhattisgarh, Tripura and Gujarat decided to give an additional concession of Rs 2.50 in the prices of petrol and diesel.Earlier on Thursday, Union Finance Minister Arun Jaitley announced a cut of Rs 2.50 per litre on both petrol and diesel prices and directed the state governments to implement the same. "Excise duty to be reduced by Rs 1.50 and Oil Marketing Companies will absorb one rupee. So, a total of Rs.2.50 will be reduced on both diesel and petrol," Jaitley said.After this announcement, Gujarat, Chhattisgarh, Madhya Pradesh, Uttar Pradesh and Tripura governments implemented the direction and also decided to give an additional relief of Rs. 2.50 per litre on petrol and diesel, making the fuels cheaper by five rupees each in the states.Meanwhile, the Maharashtra Government also decided to give an additional concession of Rs 2.50 per litre on ...
Fuel prices slashed: Several BJP states announce additional cut
Earlier on Thursday, Union Finance Minister Arun Jaitley announced a cut of Rs 2.50 per litre on both petrol and diesel prices and directed the state governments to implement the same
Global Markets: Bond yields follow U.S. Treasuries sell-off globally, stocks sink
NEW YORK (Reuters) - A sell-off in U.S. Treasuries pushed yields to multi-year peaks on Thursday as robust economic data and hawkish speeches by Federal Reserve officials stoked concerns about inflation, weighing on stock markets globally.