Page 2537 - Business Finance
Global LNG: Prices for November soften after earlier strong weeks
LONDON (Reuters) - Asian spot liquefied natural gas (LNG) softened for November delivery after several weeks of strong demand and tightening supplies led buyers to wait for a correction in prices.
Sterlite Tech to double optical fibre cable capacity
Optical fibre maker Sterlite Tech Friday announced doubling of its cable solutions capacity to 33 million fibre km. It announced "the addition of 15 million fibre km to its optical fibre cabling capacity, doubling it to 33 million fibre km". The company's board of directors has approved a Rs 320 crore (USD 44 million) capital expenditure for this expansion, which will be financed through a mix of internal accruals and debt, Sterlite Tech said in a BSE filing. It said the enhanced capacity is expected to come on-line by June 2020 in a phased manner. "Given exponential data growth, telcos, internet companies and governments around the globe are looking for innovative network solutions for hyper-scale connectivity," it added.
Arun Jaitley outlines measures to stem declines in rupee
NEW DELHI/MUMBAI (Reuters) - India will ease overseas borrowing norms for the manufacturing sector, its finance minister said after an economic review meet chaired by Prime Minister Narendra Modi late on Friday, as the government announced a slew of measures to stem a sharp fall in the rupee.
Trump wants tariffs on about $200 billion more in Chinese products despite talks - Bloomberg
WASHINGTON (Reuters) - U.S. President Donald Trump has instructed aides to proceed with tariffs on about $200 billion more in Chinese products, despite Treasury Secretary Steven Mnuchin's attempts to restart talks with China about resolving the trade war, Bloomberg reported on Friday.
Wall Street falls on report U.S. to go ahead with China tariffs
(Reuters) - U.S. stocks reversed course on Friday to trade lower after Bloomberg reported that President Donald Trump instructed aides to proceed with tariffs on about $200 billion more in Chinese products.
REC net up 37 pc at Rs 1,468.7 cr in April-June quarter
State-run Rural Electrification Corporation (REC) posted about 37 per cent jump in its net profit at Rs 1,468.70 crore for the April-June quarter compared to the year ago period on higher revenues and lower impairments. The company's standalone net profit in the quarter ended on June 30, 2017, was Rs 1,075.96 crore, REC said in a statement. The company has adopted Indian Accounting Standards (Ind-AS)from this fiscal and presented its first Ind-AS Compliant financial results. The total income of the company was Rs 6,319 crore in the first quarter, up from Rs 5,628 crore year ago. The Earnings per Share (EPS) during the first quarter of FY2019 has also increased to Rs 7.44, in comparison to EPS of Rs 5.45 during the year-ago quarter, it said. In spite of the challenging business environment, the loan book of the company has shown a healthy increase of 16 per cent and has grown to Rs 2.42 lakh crore as at June 30 2018, as against Rs 2.08 lakh crore as at June 30 2017, it added. The loan .
Turkey to freeze new government projects, Erdogan says
ISTANBUL (Reuters) - Turkey is freezing new government investment projects, President Tayyip Erdogan said on Friday, to rein in spending and stem double-digit inflation after a 15-year construction boom fuelled by debt.
Oil prices gain as market tests $79 Brent
NEW YORK (Reuters) - Oil prices gained on Friday, on track to end the week up more than 2 percent as the market strengthened, bucking off bearish forces that had pulled it down earlier in the session.
Exports rise at fastest pace in 3 months in Aug; trade deficit narrows to $17.4 bn
The country's exports rose at the fastest pace in three months to reach USD 27.84 billion in August on account of healthy growth in petroleum products, engineering, pharma, and gems and jewellery shipments. Imports too grew by 25.41 per cent in August to USD 45.24 billion due to costlier crude oil shipments. In August, the growth rate in overseas shipments touched a three-month high of 19.21 per cent. Earlier in May, exports had recorded a growth of 20.18 per cent. Trade deficit during the month narrowed to USD 17.4 billion as against USD 12.72 billion in the same month last year, according to the data released by the commerce ministry Friday. In July, the trade deficit soared to a near five-year high of USD 18.02 billion. Exports of petroleum products, engineering, pharma and gems and jewellery in August rose by 43.25 per cent, 31.81 per cent, 28.52 per cent and 34.76 per cent respectively. Oil imports in August grew by 51.62 per cent to USD 11.83 billion and non-oil imports were up .
PNB wins Hindi implementation award
State-run Punjab National Bank (PNB) on Friday bagged the "Rajbhasha Kirti" award for outstanding performance in implementing the Official Language Policy during 2017-18, the bank said.
Global Markets: Trade hopes lift stocks; emerging markets get boost from Turkey rate hike
NEW YORK (Reuters) - An index of world stock markets climbed to its highest in over a week on Friday as expectations grew that the United States and China would start fresh trade talks, while an interest rate hike in Turkey supported the lira and emerging markets.
Infosys arm buys Salesforce advisor Fluido for $76 mn
Global software major Infosys on Friday said its consulting arm acquired Fluido Oy, a leading Salesforce advisor and consulting firm in Finland, for $76 million to help its clients in digital transformation.
No laxity in steps to stop Mallya from fleeing: SBI
The State Bank of India (SBI), the lead lender to the now-defunct Kingfisher Airlines, on Friday denied reports of any laxity in moving the court to stop industrialist Vijay Mallya from fleeing abroad.
Fed policy to turn mildly restrictive in 2019, Evans says
FORT WAYNE, Ind. (Reuters) - The Federal Reserve's interest-rate hikes will begin to drag on U.S. economic growth and employment by next year, a U.S. central banker said Friday, as the level of borrowing costs appropriately turns "mildly restrictive" after more than a decade of acting as a stimulant.
Kwality shares slump over 4 pc on weak Q1 results
Shares of Kwality Ltd Friday slumped by over 4 per cent after the company reported a steep fall in its net profit for the June quarter. Shares of Kwality fell by 4.43 per cent and settled at Rs 20.5 on the BSE. During the intra-day trade, it touched a high of Rs 22.20 and low of Rs 20.40 On the NSE, shares of Kwality shed 4.45 per cent and closed at Rs 20.40. Its net profit saw a steep fall to Rs 1.04 crore during the first quarter of 2018-19 fiscal on poor sales, the company said in a regulatory filing. Net profit during April-June 2017-18 stood at Rs 27.87 crore and the net income declined to Rs 1,265.78 crore from Rs 1,573.18 crore in the year-ago period, Kwality said. "This started when the company could not service its customers with the required goods due to liquidity crunch, a situation that emerged primarily towards the end of the quarter triggered due to non-disbursement of sanctioned working capital from banking partners," it said It is currently facing an issue of ...
Trinasolar says working on plan to set up manufacturing unit in India
China-based Trinasolar is working on its plan to set up a manufacturing unit in India to tap the over 10 GW annual solar equipment market in the country, a company official said. The company is very much in talks with partners like investors, manufacturers and developers for setting up manufacturing unit in India, Executive Vice President of Trinasolar Yin Rong Fang, told reporters here at the launch of it product Trinahome. The company has land near Visakhapatnam which was acquired in 2015 for setting up manufacturing plant here. About three years ago company wanted to set up a plant to manufacture 500 to 700 MW of solar equipment annually. But now this could be even higher in view of India's annual market size of 10 GW of solar equipment. The plant would require at least half a billion US dollar investment as per the estimates worked out earlier by the company. Commenting on the recently imposed safeguard duty on solar equipment, Yin was of the view that its impact may be big in ...
PM takes stock of economy amid depreciating rupee
Prime Minister Narendra Modi Friday began a two-day review of prevailing economic issues including fall in the rupee, rising fuel prices and reforms measures needed to boost growth, official sources said. Modi met Finance Minister Arun Jaitley, RBI Governor Urjit Patel and other key officials involved in economic policymaking. The deliberations will continue tomorrow, the sources said. Issues facing the economy like depreciation in the rupee and rising fuel prices are being discussed in the meeting. Measures to boost exports as well as raising interest rate to shore up the rupee, that hit a fresh lifetime low earlier this week, are also being talked about in some quarters. The meeting comes against the backdrop of the Indian currency falling around 6 per cent since August to touch an all-time low of 72 level this week. Petrol and diesel prices have also touched record highs. The government has been under pressure from the opposition to stem the rupee fall and cut taxes to check ...
Wall Street propped up by gains for bank stocks
(Reuters) - U.S. stocks inched higher for a fifth day on Friday, as declines in real estate and utilities were offset by gains for banking stocks, driven by a rise in 10-year U.S. government bond yields above 3 percent.
Wall Street Week Ahead: Tariffs threaten market-leading tech, consumer stocks
NEW YORK (Reuters) - U.S. technology and consumer discretionary stocks have been insulated from global trade tensions, but if another round of U.S. tariffs on Chinese goods goes into effect, even those high-flying sectors could come down to earth.
Tariffs threaten market-leading tech, consumer stocks
NEW YORK (Reuters) - U.S. technology and consumer discretionary stocks have been insulated from global trade tensions, but if another round of U.S. tariffs on Chinese goods goes into effect, even those high-flying sectors could come down to earth.