Page 2540 - Business Finance
Wells Fargo sees total expenses dropping by $3 billion by 2020 - CFO
(Reuters) - Wells Fargo & Co's chief financial officer said on Friday the bank expects to reduce total expenses by about $3 billion by 2020.
Syska forms partnership to manufacture camera module, to invest Rs 200 cr
Syska group had formed a partnership with two foreign companies to set up the country's first camera module factory by investing around Rs 200 crore at Noida in Uttar Pradesh, a top company official said. The company has formed a joint venture with Singapore-based Biometronics and Taiwan's optical system solution provider Suyin Optronics to manufacture camera modules used in mobile phones, automobiles, security and defence industry etc. Syska Group has 49 per cent stake in the JV, Biometronic has 41 per cent stake and the rest 10 per cent stake is with Suyin Optronics. The company expects the first phase to complete by next three-four years, Syska Group Director Rajesh Uttamchandani said. Syska is eyeing the fast growing mobile handset market and smartphones (which use front and back camera) beside sectors such as automotive, drones, security systems, medical etc. "We would invest USD 30 million (around Rs 200 crore) on the project and would have a revenue of around Rs 1,600 crore to .
Fortum hit with $23 million Nasdaq bill after Norwegian trader's default
OSLO (Reuters) - Finnish energy firm Fortum will pay approximately 20 million euros ($23 million) to help replenish a Nasdaq Commodities contingency fund after the default of a private Norwegian trader, the company said on Friday.
World stocks boosted by trade hopes, tech, and Turkey
LONDON (Reuters) - World stocks hit their highest levels in over a week on Friday as expectations grew that the United States and China would open new trade talks, while an interest rate hike in Turkey supported the lira and global risk appetite.
India should shed 'world's largest arms importer' tag: Def Production Secy
Secretary in the department of defence production (DP) Ajay Kumar Friday said India has overtaken China as the world's largest arms importer and should shed the tag. He said the public-private partnership in defence in the country is being encouraged to step up arms exports and licensing system in some items had been liberalised. "India is the world's largest arms importer, a place which earlier belonged to China", he said over video conference from Delhi at a seminar organised by Bharat Chamber of Commerce here on Friday. Kumar said, "If China could (reduce dependence on imports productions) then why cannot India"? Citing the instance of Mexico, he said the central American country has established a huge aero-manufacturing base and exports to the US and Europe. According to Kumar, the five permanent members of the United Nations Security Council are responsible for 74 per cent of the global arms trade. "What part of that pie we need to have?", he asked, adding that many countries ...
British Steel blames falling pound as it axes 400 jobs
LONDON (Reuters) - British Steel, Britain's second largest steelmaker, said on Friday it would cut 400 jobs, blaming factors such as the falling pound, which has lost nearly 13 percent of its value since Britain voted to leave the European Union two years ago.
Markets rally on macro data, rupee recovery; post second weekly losses
Benchmark Sensex spurted around 373 points Friday to reclaim the 38,000-mark as better-than-expected macro data and further recovery in the rupee triggered widespread buying. The NSE Nifty too breached the 11,500-level with a jump of 145.30 points. All sectoral indices ended in the green, led by realty, power, consumer durables and metals. Brokers said sentiment was bullish on continuous recovery in the rupee amid reports that the government may announce steps to prop up the domestic unit. Prime Minister Narendra Modi will hold meetings with top officials Friday and Saturday to review the economic situation. The rupee strengthened by another 65 paise to 71.53 (intra-day) against the dollar Friday, also supported by a fall in crude oil prices. Domestic cues were positive after official data released after trading hours Wednesday showed that industrial production (IIP) grew at 6.6 per cent in July, while retail inflation cooled to a 10-month low of 3.69 per cent in August. Meanwhile, ...
Godrej Agrovet board approves merger of subsidiary
Animal feed company Godrej Agrovet said Friday its board has approved the merger of its subsidiary Astec Lifesciences with the parent firm. The merger plan approved in the board meeting held Friday is in consideration for equity shares of Godrej Agrovet, the company said in a regulatory filing. According to the merger plan, Godrej Agrovet will issue 11 fully paid up equity shares of Rs 10 each to Astech shareholders for every 10 fully paid up equity shares held by them in Astec. The equity shares issued to shareholder pursuant to the merger scheme will be listed on stock exchanges, it said. The merger scheme will be subject to necessary approvals from the National Company Law Tribunal, Stock Exchanges, Securities and Exchange Board of India. Shares of Godrej Agrovet gained 1.81 per cent to settle at Rs 587.65 apiece on the BSE.
Takeda gets China's approval for $62 billion Shire purchase
(Reuters) - Takeda Pharmaceutical Co Ltd said on Friday China approved its purchase of Shire Plc, the latest regulator to clear the $62 billion deal and bring the Japanese group closer to becoming a global top 10 drugmaker.
Guwahati-based startup to launch cab service in 98 cities
A Guwahati-based startup Friday announced to roll out on-demand cab services across 98 cities in the country under the brand 'Wify Cab'. The company -- Aspiring Ideas and Future Tech Solutions -- will also introduce app-based ambulance services. "We are doing our market surveys now. We have already taken onboard 2,000 cabs. The first service will be launched in Guwahati before Durga Puja," Aspiring Ideas and Future Tech Solutions Chief Executive Officer Mridul Das said at a press conference here. The company is planning to introduce its services across all the smart cities, excluding Goa and Port Blair, he added. Highlighting its benefits over other app-based cab services, Das informed that Wify Cabs will have only one rate of Rs 5 per km and will not have any peak time pricing or night charges. The CEO said it will tie up with different hospitals and private owners for their ambulances to offer the service through Wify Cabs app. The startup firm has raised a seed ...
Nifty September 2018 futures at premium
Turnover on NSE's F&O segment declines
India shifts to discount; gold buying tapers off elsewhere as prices gain
MUMBAI/BENGALURU (Reuters) - Physical gold buying waned in major Asian centres this week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand.
China to ask Wall Street for ideas on improving U.S ties
HONG KONG (Reuters) - China will ask Wall Street firms for ways to improve ties with the United States and suggestions to open up its financial sector at a day-long meeting in Beijing on Sunday, people familiar with the matter said.
Bank of England not predicting big house price fall - Carney
DUBLIN (Reuters) - Bank of England Governor Mark Carney said on Friday the central bank was not predicting big falls in house prices, despite having told banks last year to be prepared for falls of up to a third if there was economic turmoil after Brexit.
HSBC sees value in three-year Italian bonds, expects market friendly budget
LONDON (Reuters) - HSBC said on Friday that it see further gains in Italian bonds, especially shorter-dated ones, given expectations for a relatively market-friendly budget.
WPI inflation drops to 4-month low of 4.53% on cheaper food prices
Inflation-based on wholesale prices eased to a four-month low of 4.53 per cent in August on softening of food prices, but experts warned that a sliding rupee and rising oil prices could prompt an interest rate hike by RBI. The effect of rising petrol and diesel prices has been neutralised by deflation in food articles, which resulted a lower wholesale price index (WPI) inflation for August. The WPI-based inflation stood at 5.09 per cent in July and 3.24 per cent in August last year. According to government data released Friday, food articles registered deflation at 4.04 per cent in August 2018. Last month, deflation in this category was 2.16 per cent. Deflation in vegetables was 20.18 per cent in August, as against 14.07 per cent in the previous month. Inflation in the 'fuel and power' basket was 17.73 per cent in August as prices of domestic fuel increased, in line with high global crude oil rates and a depreciating rupee. While inflation in liquefied petroleum gas (LPG) was 46.08 ...
Outcome of board meeting of IKF Technologies
Held on 14 September 2018
Board of TRF approves change in directorate
At meeting held on 14 September 2018
Ukraine in talks with IMF on new standby deal: president's ally
KIEV (Reuters) - Ukraine has begun talks with the International Monetary Fund on a new standby deal that would replace the current $17.5 billion assistance programme, the president's parliamentary representative said on Friday.
India shifts to discount; buying tapers off elsewhere as prices gain
MUMBAI/BENGALURU (Reuters) - Physical gold buying waned in major Asian centres this week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand.