Page 2517 - Business Finance
Naspers' OLX unit to invest in Webuycars
JOHANNESBURG (Reuters) - OLX Group, a unit of South African e-commerce giant Naspers, said on Tuesday it would invest 1.4 billion rand ($94 million)in used car buying service Webuycars.
Despite rupee's decline, paint industry expects robust growth
The Indian paint industry, which remains bullish in its outlook with an anticipated 15 per cent growth in the current fiscal on the back of a good monsoon and lower taxes, is weighing the impact of the depreciating rupee on its raw material cost, stakeholders say.
Dena Bank leads gainers in 'A' group
Corporation Bank, MMTC Ltd, Indian Overseas Bank and UCO Bank are among the other gainers in the BSE's 'A' group today, 18 September 2018.
Pak govt raises gas prices by up to 143 per cent
Millions of Pakistanis woke up on Tuesday to the first shock of 'Naya Pakistan' to find out that their next month's gas bill will be hiked by up to a whopping 143 per cent to recover Rs 94 billion from the consumers, in effect slashing consumer subsidies that were a fiscal drag on the government's budget. The decision to increase the gas prices for both household and commercial consumers was taken by the Economic Coordination Committee (ECC) of the Cabinet on Monday and announced by Minister for Petroleum Ghulam Sarwar Khan. "The ECC allowed raise in the gas prices for domestic consumers in the range of 10 per cent for the lowest slab consumers to 143 per cent for the highest slab domestic consumers," Khan said. The increase will be implemented in the gas bills of October and it will help the cash-starved government to recover Rs94 billion from consumers. The decision will hurt as many as 9.4 million domestic users 3.6 million of them falling in the lowest income slab and another ...
Platforms for SME & MSME to maximize their business this festive season
Cash flow is always the biggest challenge faced by the SME and MSME sector especially during the festive season.As sales increases, more and more inventory needs to be financed. Thus time-sensitive working capital needs have to be assessed across inventory, payables and receivables.There are few fintech platforms who are working towards uplifting the SME and MSME sector:Vivriti CapitalTech-enabled online marketplace offering customised debt products to institutional clients within retail financial services and other non-financial services sectors. Headquartered in Chennai, Vivriti Capital was established with the objective of connecting capital markets' investors with institutions, small enterprises, and individuals to provide them with a comprehensive range of financial services in an efficient manner.Aye FinanceAye Finance is one such commercial institution built around the mission to solve these challenges of funding MSMEs and enabling their inclusion into the mainstream of the ...
Ola announces to begin operations in New Zealand
Ride sharing platform Ola on Tuesday announced its plans begin its operations in New Zealand, with service offerings in Auckland, Christchurch and Wellington.Serving a billion rides annually, Ola has successful operations in India, Australia and the UK.To build Ola's presence locally, Brian Dewil has been appointed as Country Manager for New Zealand. Brian is a proven business leader with over 15 years' of experience working in the technology and start-up industry."We see a real opportunity in New Zealand to provide a fair alternative in the ride-share space for both customers and drivers," said co-founder and CEO Ola, Bhavish Aggarwal.Adding to this he said that the company has invested in understanding the New Zealand customer and devised the right strategy to meet their transport needs."We are the rideshare brand that cares and are looking forward to creating high quality transport experiences for both passengers and drivers in New Zealand," added Aggarwal.With a refreshed approach
Bank Merger a progressive move and signifies the government's determination to strengthen the banking sector in the country: FICCI
"This merger will lead to greater operational efficiencies and the entities involved would benefit through a synergistic relationship that would leverage each other's network, customer base and access to low cost deposits," Mr. Shah said.
China central bank warns investors of ICOs and virtual currency risks
BEIJING (Reuters) - China's central bank Shanghai Head Office said on Tuesday investors should increase risk awareness for initial coin offerings (ICOs) and virtual currency investment and not blindly speculate in the market.
Trade war impact on China's economy not big, but stocks, FX need to be watched - cbank adviser
TIANJIN, China (Reuters) - The impact on China's economy from Beijing's and Washington's ongoing trade war is not significant, but the impact on stock and currency markets needs to be watched, an adviser to China's central bank said on Tuesday.
Market breadth turns negative
Key barometers trimmed losses after hitting fresh intraday low in mid-morning trade. At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 41.13 points or 0.11% at 37,544.38. The Nifty 50 index was down 22.55 points or 0.20% at 11,355.20. Sentiment was fragile as US-China trade tensions took a renewed toll on investor appetite for risky assets.
Ferrari's targets and SUV plans in spotlight as Camilleri takes the wheel
MARANELLO, Italy (Reuters) - Ferrari's new boss will explain on Tuesday how he intends to deliver on mid-term targets, aiming to convince investors the supercar maker can maintain the pace set by his illustrious predecessor.
Cardamom futures rise 1.83 pc on spot demand
Cardamom prices rose 1.83 per cent to Rs 1,414 per kg in futures trade Tuesday as participants built up fresh positions, supported by improved export and spot demand. Further, restricted supplies from major producing belts supported cardamom prices. At the Multi Commodity Exchange, cardamom for delivery in October was trading higher by Rs 25.40, or 1.83 per cent, to Rs 1,414 per kg in a business turnover of 25 lots. Analysts said fresh positions created by traders due to pick-up in demand in spot market pushed up cardamom prices.
Refined soya oil futures slip 0.19 pc on profit-booking
Refined soya oil prices softened by 0.19 per cent to Rs 734 per 10 kg in futures market Tuesday as speculators booked-profits, driven by easing demand at the spot market against adequate stocks. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in November fell by Rs 1.40, or 0.19 per cent, to Rs 734 per 10 kg with an open interest of 10,500 lots. Similarly, the oil for delivery in October contracts weakened by Rs 1.20, or 0.16 per cent, to Rs 731 per 10 kg in 49,690 lots. Analysts said besides profit-booking, fall in demand in the physical markets against sufficient stocks position weighed on refined soya oil prices in futures trade.
Crude oil futures slip 0.54 pc on weak global cues
Crude oil futures fell by Rs 27 to Rs 4,975 per barrel Tuesday as speculators reduced their bets following weakness in global market. At Multi Commodity Exchange, crude oil for delivery in October was trading Rs 27, or 0.54 per cent, lower at Rs 4,975 per barrel in 248 lots. Oil for September delivery also moved down by Rs 25, or 0.50 per cent, to Rs 4,970 per barrel in a business volume of 1,800 lots. Analysts said the trading sentiments dampened in futures trade as oil prices as the latest escalation in the China-US trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support. Meanwhile, the US benchmark crude oil fell 32 cents, or 0.46 per cent to USD 68.59 a barrel, while Brent crude slid 27 cents, or 0.35 per cent, to quote at USD 77.78 a barrel.
Wheat futures shed 0.39% on ample stocks
Wheat prices eased by 0.39 per cent to Rs 2,045 per quintal in futures market Tuesday as speculators trimmed positions, triggered by adequate stocks position at spot markets on increased supply. At the National Commodity and Derivatives Exchange, wheat for delivery in October declined by Rs 8, or 0.39 per cent to Rs 2,045 per quintal with an open interest of 2,750 lots. Market analysts said reduction of holdings by traders, driven by sufficient stocks position on increased arrivals from producing belts in the physical markets against easing demand, mainly helped wheat prices to trade lower at futures trade.
Aluminium futures edged 0.10 pc higher on spot demand
Aluminium prices inched up by 0.10 per cent to Rs 146.30 per kg in futures trade Tuesday as speculators built up fresh positions, supported by rising demand in the spot market. At the Multi Commodity Exchange, aluminium for delivery in September edged higher by 15 paise, or 0.10 per cent, to Rs 146.30 per kg in a business turnover of 237 lots. Likewise, the metal for delivery in October was trading higher by 5 paise, or 0.03 per cent, to Rs 147.60 per kg in 14 lots. Analysts said fresh positions created by participants due to upsurge in demand from consuming industries in the physical market influenced aluminium prices in futures trade.
Spot demand drives up nickel futures by 0.28%
Supported by rising demand from alloy-makers in domestic spot markets, nickel prices moved up 0.28 per cent to Rs 891.40 per kg in futures trade Tuesday. Nickel for delivery in the current month grew Rs 2.50, or 0.28 per cent, to Rs 891.40 per kg in a business turnover of 1,185 lots at the Multi Commodity Exchange. Similarly, the metal for delivery in October traded higher by Rs 2.10 - or 0.23 per cent - to Rs 896.60 per kg in 31 lots. Analysts attributed the rise in nickel prices to widening of bets by participants on the back of rising demand from alloy-makers in the spot market but a weak trend in the base metals pack at the London Metal Exchahge (LME), capped the gains.
Lead futures fall 0.67% on muted demand
Lead prices were down 0.67 per cent to Rs 148.90 per kg in futures trading Tuesday as speculators cut down their positions, taking negative cues from domestic spot market on easing demand. At the Multi Commodity Exchange, lead for delivery in September eased by Re 1, or 0.67 per cent to Rs 148.90 per kg in a business turnover of 1,073 lots. Similarly, the metal for delivery in October shed 85 paise, or 0.56 per cent to Rs 149.70 per kg in 12 lots. Analysts said offloading of positions by traders owing to slackened demand from battery-makers in the physical market weighed on lead prices in futures trade.
New US tariffs on Chinese imports spare Apple Watch, AirPods
In a huge relief to Apple and its investors, Apple's smart watch, smart speaker and AirPods are not among the products that will be affected by the Trump administration's latest tariffs on Chinese imports, the media reported.
Zinc futures up 0.62% on positive spot cues
Zinc prices were higher by 0.62 per cent to Rs 169.50 per kg in futures market Tuesday as speculators created fresh positions, taking positive cues from spot market on pick-up in demand. At the Multi Commodity Exchange, zinc for delivery in September rose by Rs 1.05, or 0.62 per cent to Rs 169.50 per kg in a business turnover of 1,929 lots. Similarly, the metal for delivery in October edged up by Re 1, or 0.59 per cent to Rs 170.90 per kg in 111 lots. Analysts said fresh positions built up by participants following uptick in demand from consuming industries in the physical markets, mainly led to the rise in zinc prices at futures trade.