Page 2518 - Business Finance
Volumes spurt at Vijaya Bank counter
Vijaya Bank registered volume of 19.25 lakh shares by 10:48 IST on BSE, a 34.36 fold spurt over two-week average daily volume of 56023 shares
Trump hits China with fresh tariffs, threatens more if Beijing retaliates
WASHINGTON/TIANJIN (Reuters) - U.S. President Donald Trump escalated his trade war with Beijing, imposing 10 percent tariffs on about $200 billion worth of imports in a move one senior Chinese regulator said "poisoned" the atmosphere for negotiations.
US stocks end in the red
Technology and consumer-discretionary sectors were the biggest losers
India again extends deadline to impose high import duties on 29 US products till Nov 2
The government, for the second time, has extended the deadline for the imposition of higher customs duties on 29 products, including almond, walnut and pulses, imported from the US, till November 2. In June, India decided to impose retaliatory tariffs from August 4. But it was extended by another 45 days till September 18. In a notification last night, the department of revenue, has said that now the duties would come effect from November 2. The duty hike move by India was in retaliation to US President Donald Trump's March 9 decision to impose heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war. Senior officials of India and the US are in discussions to finalise a kind of trade deal. Both the sides holding two track discussions -- to increase trade in short and medium term, and identify long term trade potentials. India is pressing for exemption from high duty imposed by the US on certain steel and aluminium products, resumption of
Gold futures drop on sluggish global leads
Gold prices fell 0.23 per cent to Rs 30,705 per 10 grams in futures trade Tuesday as participants cut down their bets amid a weak global trend. At Multi Commodity Exchange, gold prices for delivery in October fell by Rs 71, or 0.23 per cent, to Rs 30,705 per 10 grams in a business turnover of 318 lots. Gold for delivery in December contract too fell by Rs 65, or 0.21 per cent, to Rs 30,935 per kg in 16 lots. Analysts attributed the fall in prices to lower positions from participants, tracking a weak trend in the global market, as the dollar rose after the US imposed a new round of tariffs on Chinese imports, aggravating global trade worries. Meanwhile, gold fell 0.25 per cent at USD 1,198.10 an ounce in Singapore Tuesday.
Copper futures slip 0.28 pc as traders trim positions
Copper prices fell by 0.28 per cent to Rs 434.50 a kg in futures trade Tuesday as participants cut exposure amid muted demand at the domestic spot markets and weak global cues. At the Multi Commodity Exchange, copper for delivery in February contracts declined by Rs 1.20, or 0.28 per cent, to Rs 434.50 per kg in a business turnover of 19 lots. Copper to be delivered in November contracts too fell by Rs 1.15, or 0.27 per cent, to Rs 428.60 per kg in 1,211 lots. Globally, at the London Metal Exchange (LME) copper ended 0.50 per cent down at USD 5,945 per tonne on Monday, near a 14-month low of USD 5,773 touched in August and down nearly 20 per cent from its June peak. Prices of most industrial metals slipped after reports the US imposed fresh round of tariffs on another USD200 billion worth of Chinese goods. Analysts said offloading of positions by traders, tracking subdued demand at the domestic spot markets as some industrial metals fell due to low demand and weak overseas cues, ...
Silver futures fall Rs 119 per kg
Silver prices were down by Rs 119 to Rs 37,314 per kg in futures trade Tuesday as speculators cut holdings, tracking a weak trend overseas. Silver for delivery in December was trading lower by Rs 119, or 0.32 per cent, at Rs 37,314 per kg in a business turnover of 764 lots in futures trading at the Multi Commodity Exchange (MCX). Similarly, the contract for delivery in March next year fell by Rs 99, or 0.26 per cent, to trade at Rs 38,114 per kg in business turnover of just one lot. In the international market, silver fell 0.32 per cent at USD 14.12 an ounce in Singapore Tuesday. Market analysts said, trimming of positions by participants to book profits amid muted global cues as the dollar rose after the US imposed a new round of tariffs on Chinese imports, aggravating global trade worries, mainly led to a fall in silver prices in futures trade here.
Merger of BoB, Vijaya, Dena Bank to improve efficiency, governance: Moody's
Moody's Investors Service Tuesday said the plan to merge Bank of Baroda, Vijaya Bank and Dena Bank will be credit positive as it would improve their efficiency and governance. The government Monday proposed the merger of the three state-owned banks to create the country's third largest lender as part of efforts to revive credit and economic growth. The government of India's plan to merge three public sector banks, Bank of Baroda, Vijaya Bank and Dena Bank, will be credit positive as it will provide efficiencies of scale and help improve the quality of corporate governance for the banks, Moody's Investors Service VP (Financial Institutions Group) Alka Anbarasu said. The merged entity will have a market share of about 6.8 per cent by loans, according to data as of March 2018, making it the third largest bank in the system, Moody's said. We expect the merged entity will require capital support from the government, otherwise such a merger would not improve their capitalisation profile, ...
FMCG shares move higher
Key equity indices were hovering in negative terrain in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 37.95 points or 0.10% at 37,547.56. The Nifty 50 index was down 7.65 points or 0.07% at 11,370.10. Sentiment was fragile as US-China trade tensions took a renewed toll on investor appetite for risky assets.
Investors hungry for Chinese hotpot as Haidilao raises nearly $1 bilion in IPO
HONG KONG (Reuters) - Chinese hotpot chain Haidilao raised nearly $1 billion in its Hong Kong initial public offering (IPO) by pricing its shares at the top of an indicated range, three people close to the deal said on Tuesday.
Ola forays into New Zealand in latest overseas push
(Reuters) - Indian ride-hailing platform Ola said on Tuesday it plans to launch operations in New Zealand, and expand its overseas rivalry with U.S.-based peer Uber Technologies Inc.
Australian miner New Hope says coal prices to push higher
MELBOURNE (Reuters) - Australian miner New Hope Corp on Tuesday said thermal coal prices would push higher in coming months, extending a rise that helped boost its profits in the last financial year.
Oil prices drop as escalating U.S.-China trade war clouds demand outlook
BEIJING (Reuters) - Oil markets fell on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for crude demand from the two countries, which are the world's top two oil consumers.
Global Markets: Asian shares slip as Sino-U.S. trade tensions intensify
TOKYO/SYDNEY (Reuters) - Asian shares fell and copper prices eased on Tuesday after Washington announced new tariffs on Chinese imports, inflaming trade tensions between the world's two biggest economies.
Bank of Baroda sinks on merger with smaller rivals
(Reuters) - Bank of Baroda Ltd, India's second-largest state-run bank by market capitalisation, fell as much as 14.2 percent on Tuesday after the government's decision to merge it with Dena Bank and Vijaya Bank failed to enthuse investors.
New U.S. trade action "poisons" atmosphere, won't work on China - regulator
TIANJIN, China (Reuters) - The United State's trade actions against China will not work as China has ample fiscal and monetary policy tools to cope with the impact, a senior securities market official said on Tuesday.
Sensex, Nifty turn choppy on global rising trade war concerns
Benchmark indices turned volatile in early trade Tuesday on escalating global trade concerns after US President Donald Trump announced new tariffs on an additional USD 200 billion worth of imports from China. The 30-share BSE index gained 159.93 points, or 0.42 per cent in opening trade, but soon turned choppy falling 37.10 points, or 0.10 per cent, to 37,548.41. The gauge had lost 505.13 points in the previous session as rupee woes and trade war worries spooked investors despite the government announcing measures to stem a steep fall in the domestic currency. The NSE Nifty, too, turned negative and was trading 10.60 points, or 0.09 per cent, lower at 11,367.15. Investors were cautious 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 ...
Gold falls as investors turn to dollar for safety amid trade worries
BENGALURU (Reuters) - Gold prices fell on Tuesday as investors sought safety in the U.S. dollar amid concerns of slowing global trade after the United States imposed a new round of tariffs on Chinese imports.
China's yuan, stocks down as U.S. fires fresh trade salvo
SHANGHAI (Reuters) - China's yuan currency and its stocks edged lower on Tuesday after U.S. President Donald Trump said Washington will impose duties on an extra $200 billion worth of Chinese imports, sharply escalating the trade fight between the two economic giants.
US ranks near bottom on commitment to development
The US ranks near the bottom of an index which ranks 27 of the world's richest countries on their dedication to policies that benefit people living in the poorer nations. The poor performance by the US in the Commitment to Development Index (CDI) was driven by low scores on foreign aid, finance, and environmental policies, according to the annual report released on Tuesday by Washington-based Center for Global Development (CGD). The CDI, published annually by the CGD, ranks 27 of the world's richest countries on their dedication to policies that benefit people living in poorer nations. Sweden tops this year's CDI, followed by Denmark. Germany climbs to the podium and shares third place with Finland, said the annual report released by the CGD. The US remained in the 23rd spot out of 27 rich countries in the survey, the report said. "Good development policy is about much more than foreign aid," said Masood Ahmed, the president of CGD. "While aid is important, US policymakers need to ...