Page 2513 - Business Finance
Ferrari says most of its cars will be hybrid by 2022
Most of the cars made by Ferrari will be hybrid petrol-electric by 2022, the Italian sports car manufacturer said on Tuesday, including its first SUV. "By 2022, nearly 60 percent of the models we produce will be built around hybrid powertrains," new CEO Louis Camilleri said at the company's Maranello headquarters. The company known for its low-slung aerodynamic sports cars will also launch its first SUV -- Purosangue -- after the end of the current business plan in 2022. Gas-guzzling Ferraris are faced with more and more anti-emission regulations around the world, as well as increasingly environmentally aware would-be owners. Ferrari stock tumbled 8 percent in August as investors wondered if the company could stay on track for its profit targets after the death of historic boss Sergio Marchionne. Announcing the SUV, former Philip Morris boss Camilleri said he initially abhorred the idea. "It just does not sit well with our brand and all that it represents," he admitted, but insisted ..
Shares tumble on broader selling pressure
The market extended yesterday's steep decline amid weakness in select index stocks. The barometer index, the S&P BSE Sensex, fell 294.84 points or 0.78% to 37,290.67, as per the provisional closing data. The Nifty 50 index fell 98.85 points or 0.87% to 11,278.90, as per the provisional closing data. Rising global trade tensions spooked investors after US President Donald Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, escalating the trade conflict between the world's two biggest economies.
Quick Wrap: Nifty PSU Bank Index registers a drop of 5.44%
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Pakistan's new government hikes taxes, cuts spending for economy in 'intensive care'
ISLAMABAD (Reuters) - Pakistan's new government announced cuts in planned development spending and a tax increase for higher earners on Tuesday, unveiling a mini-budget aimed at shoring up an economy in danger of needing another International Monetary Fund bailout.
Malaysia's Axiata scraps $940 million Pakistan deal after regulatory issues
KUALA LUMPUR/SINGAPORE (Reuters) - A unit of Malaysian telecoms firm Axiata Group has called off a $940 million deal to buy 13,000 telecoms towers in Pakistan after regulators there failed to provide all approvals for the transaction announced a year ago.
Pakistan PM Imran Khan leaves for Saudi Arabia amid bailout speculation
ISLAMABAD (Reuters) - Pakistani Prime Minister Imran Khan left for Saudi Arabia on Tuesday, the foreign office said, amid speculation he may be seeking economic assistance from a staunch ally instead of another IMF bailout.
RCOM subsidiary to develop commercial space at DAKC, Navi Mumbai
Reliance Communications (RCOM) Chairman Anil Ambani on Tuesday said the company's subsidiary Reliance Realty would develop Dhirubhai Ambani Knowledge City (DAKC) to create 30 million square feet of commercial space.
Global Markets: Shares shrug as Trump fires off $200 billion of China tariffs
LONDON (Reuters) - Who's afraid of the big bad trade war? Not world stock markets it seems.
Gold falls as trade tensions keep dollar afloat
LONDON (Reuters) - Gold prices fell on Tuesday as the dollar firmed after China said it would retaliate against a new round of U.S. tariffs on its goods, intensifying tensions between the world's two largest economies.
Indian Hotels Company inks pact for new Taj hotel in Dubai
Tata group's hospitality arm Indian Hotels Company Ltd (IHCL) said Tuesday it has inked a partnership with Ithra Dubai LLC for a new Taj hotel at the Deira Creek in Dubai. Ithra Dubai LLC is a wholly-owned subsidiary of Investment Corporation of Dubai (ICD). "The Middle East is a significant market for IHCL. We are honoured to partner with Ithra Dubai for this new hotel in Deira - the historical and cultural centre of Dubai," IHCL MD and CEO Puneet Chhatwal said in a statement. The new Taj hotel is a greenfield project slated to open in early 2022 and would be part of Deira Waterfront Development. Commenting on the partnership, Ithra Dubai LLC CEO Issam Galadari said: "We are delighted to partner with The Indian Hotels Company Limited and look forward to working with them to bring the iconic Taj brand to the Deira Waterfront Development in Dubai." IHCL also operates Taj Dubai in downtown Business Bay and has two new hotels, Taj Jumeirah Lake Towers and Taj Exotica Resort & Spa, ...
Myforexeye appoints Priyetu Shekhar to lead its International Trade vertical
Myforexeye, service forex company has announced the appointment of Priyetu Shekhar to lead its International Trade vertical.Priyetu will be actively involved in expanding, developing and marketing of Trade products for its B2B clientele.A veteran in the banking and finance industry, Priyetu was previously associated with Bank of America as Regional Head of Treasury Sales, North and Standard Chartered Bank as the Director, Transaction Banking Sales."Priyetu will spearhead streamlining technology around trade finance syndication. The client ecosystem is looking for solutions to finance their exports and import and we are extremely confident that he will effectively lead product development, bank integrations and build seamless platforms to streamline financing for B2B users in international trade," said founder Myforexeye, Anand Tandon."Myforexeye is today's agent of change - that is spearheading transformation in forex and its ancillary domains by leveraging technology to bridge the ...
Nifty, Sensex mark lowest close in 1-1/2 months
(Reuters) - Indian shares extended falls on Tuesday and posted their lowest close in one-and-a-half months, dragged by state-run banks as the rupee depreciated following higher crude prices.
Select copper prices firm up on sustained demand
Prices of select copper, zinc and lead firmed up at the non-ferrous metals market here on stockists' buying amid sustained demand from industrial users. While, tin prices eased further owing to sluggish offtake from alloy industries. Copper cable scrap, copper scrap heavy, copper billets and zinc rose by Rs 2 per kg each to Rs 452, Rs 447, Rs 480 and Rs 211 from Monday's closing level of Rs 450, Rs 445, Rs 478 and Rs 209, respectively. Copper sheet cuttings and lead inched up by a rupee per kg each to Rs 440 and Rs 161, respectively. However, tin moved down by Rs 3 per kg to Rs 1,420 as compared to Rs 1,423 yesterday.
Tribunal orders Infosys to pay ex-CFO Bansal Rs 12 crore
The arbitral tribunal ordered Infosys to pay its former Chief Financial Officer (CFO) Rajiv Bansal Rs 12.17 crore with interest as part of the severance amount, the IT major said on Tuesday.
Equity indices end in red for second straight session
The key Indian equity indices provisionally closed in the negative territory for the second successive day on Tuesday, with the S&P BSE Sensex losing close to 300 points.
Market rout continues as US-China trade war intensifies; Re woes worsen
The BSE benchmark Sensex Tuesday tumbled by about 295 points to close at an over one-month low of 37,290.67 due to hectic selling in realty, PSU, power and banking counters amid flaring up of trade tariff tensions between the US and China and weakness in the rupee. The broader Nifty also cracked below the 11,300-mark. The domestic currency after remaining range-bound was quoting lower by 27 paise at 72.78 (intra-day) against the US dollar in late afternoon trade. Market sentiments were further dampened after US President Donald Trump Monday announced imposition of new tariffs on an additional USD 200 billion worth of imports from China, escalating the trade war with the Asian giant. Alleging that China has been unwilling to change its unfair trade practices, Trump said the new additional tariff structure would be effective September 24 from when it would be at 10 per cent until the year end, but would increase to 25 per cent level from January 1. The 30-share Sensex opened on a ...
IMF says 'real' depreciation of Indian rupee only 6-7%
The Indian rupee has 'effectively' depreciated only 6-7 per cent this year after adjusting it to inflation, almost half of the actual drop in the value of the currency this year, the International Monetary Fund (IMF) said. The IMF, however, warned that the rupee depreciation would jack up the prices of imported goods such as oil and petroleum products, potentially putting an upward pressure on inflation. IMF spokesperson Gerry Rice said the currencies of many of India's trading partners, including those in the emerging markets, too have depreciated against the dollar. "As a result, so far this year the real effective depreciation of the Indian rupee compared to December 2017, by our estimates, is between six and seven per cent," Rice said. The real effective exchange rate (REER) is the weighted average of a country's currency in relation to an index or basket of other major currencies, adjusted for the effects of inflation. The Indian currency has since the beginning of the year lost .
Tech still investors' favourite bet as gloom on economy grows - BAML survey
LONDON (Reuters) - U.S. and Chinese tech stocks remain overwhelmingly popular among investors, as they become increasingly wary that global economic growth may slow, Bank of America Merrill Lynch's monthly survey showed on Tuesday.
FSSAI to review progress on de-listing of non-licensed restaurants in Oct
Food regulator FSSAI will review in the first week of October the progress made by the online food delivery platforms, including Zomato and Swiggy, on delisting of non-licensed restaurants and catering establishments. In July this year, FSSAI had directed the food delivery platforms to de-list non-licensed establishments after getting consumer complaints of sub-standard food being served through e-commerce platforms. "We had given time till end of September (to these platforms). We will review in the first week of October on the progress made on de-listing of non-licensed restaurants and catering firms," Food Safety & Standards Authority of India (FSSAI) CEO Pawan Kumar Agarwal said on the sidelines of the Retail India Summit and Expo. Earlier this month, Zomato said it is de-listing restaurants that are not compliant with the Food Safety and Standards Authority of India regulations from its platform. When asked how many establishments have been de-listed so far, Agarwal said: "I .
Alexander Stamps & Coin fixes record date for bonus issue
Record date is 28 September 2018