Page 2565 - Business Finance
Euro zone industry output in surprise fall for second straight month
BRUSSELS (Reuters) - Production at factories in the euro zone dropped in July for a second consecutive month and by more than expected, in what could herald a possible slowdown of the bloc's economy in the third quarter, official data released on Wednesday showed.
Preview: Turkey set to raise rates, balancing lira and growth concerns
ISTANBUL (Reuters) - The Turkish Central Bank is expected to raise interest rates on Thursday to calm a currency crisis, but forecasts for the scale of the increase vary widely as the bank balances concerns over lira weakness with worries about an economic slowdown.
U.S.-China "trade typhoon" could knock 7 percent off HK exports: official
HONG KONG (Reuters) - Around seven percent of Hong Kong's total exports could be impacted if the United States imposes a new round of trade tariffs on China, the city's Commerce and Economic Development Secretary told Reuters on Wednesday.
Padma Bhushan economist VS Vyas passes away
Padma Bhushan awardee and noted agricultural economist Vijay Shankar Vyas passed away on Wednesday here after a brief illness, a family member said. He was 87. The last rites will be performed at the Lal Kothi crematorium, his elder son Vikram Vyas said. Shankar Vyas is survived by his wife and two sons. He had held several prestigious, professional and leadership positions in national and international organisations. The economist was the director of the Indian Institute of Management (IIM), Ahmedabad, and the Institute of Development Studies (IDS), Jaipur. He was also a senior advisor in the World Bank's agriculture and rural development department. Rajasthan Chief Minister Vasundhara Raje and former chief minister Ashok Gehlot condoled Vyas's demise. "Deeply saddened by the demise of noted agricultural economist and Padma Bhushan Vijay Shankar Vyas. His work was acclaimed world over. "With his passing Rajasthan and especially Bikaner has lost one of its leading sources of ...
Sugar prices drop on mounting stocks
Amid ample stocks against limited offtake, sugar prices came down sharply by up to Rs 70 per quintal at the wholesale market in the national Wednesday. Marketmen attributed a steep fall in the prices to huge stock positions following increased supplies, driven by record output. Besides, absence off necessary offtake by stockists and bulk consumers, too, weighed on prices, they added. Meanwhile, country's ouput reached at record 32 million tonnes in the 2017-18 season (October-September). Sugar ready M-30 and S-30 prices plunged by Rs 70 each to finish the day at Rs 3,250-3,440 and Rs 3,240-3,430 per quintal. Sugar mill delivery M-30 and S-30 prices too fell by Rs 60 each to Rs 3,040-3,210 and Rs 3,030-3,200 per quintal. In the mill gate section, sugar Dhampur declined the most by Rs 65 to Rs 3,050 per quintal. Sugar Sakoti and Modinagar dipped by Rs 55 each to close at Rs 3,070 and Rs 3,075, while Budhana, Thanabhavan and Malakpur dropped by Rs 50 each to Rs 3,095, Rs 3,085 and Rs ..
Fork Media and Ziff Davis announce Mashable India
Fork Media, India's fastest growing publishing and ad tech media company, today announced a new agreement with Ziff Davis, the digital media company with market-leading positions in the technology, entertainment, gaming and shopping categories, to operate Mashable India. The expanded partnership builds on Forks' existing operation of other Ziff Davis brands, IGN and AskMen, in India.Mashable is obsessed with culture and tech, offering smart, spirited coverage of the products and innovations that shape our connected lives and the digital trends that keep us talking. A recognized authority in tech, social and digital culture, Mashable's audience believes in taking action to shape a better future. One of the most prominent and premium brands in media, Mashable became a Ziff Davis brand in 2017.Mashable India will curate and localize the best of Mashable's delightfully offbeat global content while adding originally created unique content specifically produced for the India market.Fork ...
Bus fares hiked in Jharkhand
Fares of private buses in Ranchi have gone up steeply due to rising prices of petrol and diesel.
Road project to benefit China, its neighbours: Envoy
Describing India as a "rising economy", Chinese Consul General in Kolkata Ma Zhanwu Wednesday said his country wants to maintain stable relations with its neighbours. Asserting that the much-vaunted Belt and Road Initiative (BRI) is not a scheme designed by China to conquer the world or its neighbourhood, Zhanwu said the project is all about "shared benefits and development" through consultations and discussions. "India and Russia are major powers and neighbours of China. Our country wants to maintain stable relations with its neighbours," the Chinese consul general in Kolkata stated. Talking about the recent devaluation of Indian currency, Zhanwu said "rupee must have depreciated in the past few days, but the rise of Indian economy is irreversible". The world has been witnessing the rise of China, India and other developing countries in Africa and Latin America, he observed. Zhanwu, however, described the trade protectionism policy in the US as "negative ...
New York overtakes London as world's top financial centre: Z/YEN survey
LONDON (Reuters) - New York has overtaken London as the world's most attractive financial centre, a survey said on Wednesday, as Britain's decision to leave the European Union prompts banks to shift jobs out of the city to preserve access to Europe's single market.
Rupee recovers from record low of 72.91/$
The Indian rupee recovered from the day's low to trade around 72.50 per dollar during the afternoon session on Wednesday.
Chinese firm eyes Serena Williams' racquet maker
China's Anta Sports Products has offered to pay USD 5.5 billion for the firm that makes the Wilson tennis racquets used by Serena Williams, it said in a statement Wednesday. Anta has joined buyout firm FountainVest Partners to offer 40 euros (USD 46.50) a share for Finland's Amer Sports, one of the world's biggest sports equipment firms that also owns popular ski brands Salomon and Atomic. Along with Roger Federer, Williams is one of Wilson's most recognisable tennis stars, who hit the headlines for her bad-tempered loss in Saturday US Open final in which she smashed her racquet. The bid is non-binding and subject to a number of conditions such as a due diligence investigation, the statement added. Shares in Anta soared as much as 3.8 per cent in Hong Kong pre-market trade but later fell back to end the morning 3.8 per cent lower. However, Amer climbed 19 per cent to close at 34.20 euros in Helsinki after it confirmed the takeover interest, Bloomberg News reported. Anta, a Chinese ...
Germany's consumer-led upswing to continue in H2 - ministry
BERLIN (Reuters) - Germany's domestically driven upswing will continue in the second half of the year despite global trade disputes as industrial output is expected to bounce back after a soft patch in the summer months, the Economy Ministry said on Wednesday.
Banks have to take haircuts of 40-60% on stressed debt of over Rs 50,000 crore under ICE framework, notes ASSOCHAM-Crisil joint study
Terming the Insolvency and Bankruptcy Code, 2016 (IBC) as a game changing reform for India's economy, the study noted that effective implementation of IBC will help in preserving the value of asset and faster resolution, which also means that asset reconstruction companies (ARCs) would be able to churn capital faster and enhance returns.
Hindustan Zinc Ltd eases for fifth straight session
The stock is quoting at Rs 285.55, down 0.97% on the day as on 13:19 IST on the NSE. Hindustan Zinc Ltd tumbled 7.02% in last one year as compared to a 12.07% rally in NIFTY and a 1.62% fall in the Nifty Metal index.
Maruti Suzuki India Ltd drops for fifth straight session
The stock is quoting at Rs 8451, down 0.78% on the day as on 13:19 IST on the NSE. Maruti Suzuki India Ltd jumped 4.04% in last one year as compared to a 12.07% rally in NIFTY and a 2.93% fall in the Nifty Auto index.
Broader market depicts weakness
Key domestic indices continued trading with small gains in afternoon trade. At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 72.55 points or 0.19% at 37,485.68. The Nifty 50 index was up 8.05 points or 0.07% at 11,295.55.
Equity indices cede gains to trade flat
The key Indian equity indices ceded major gains made earlier in the day to trade on a flat-to-positive note during the afternoon session on Wednesday.
TVS launches NTORQ 125 scooter in Sri Lanka
Chennai-based TVS Motor Company announced Wednesday the launch of its scooter model TVS NTORQ 125 in Sri Lanka. The 125cc scooter, which will be available in two versions -- drum and disc brake, is priced at Lankan rupee (LKR) 2,54,900 and LKR 265,900 (ex-showroom Colombo) respectively, the company said in a statement. "With the launch of TVS NTORQ 125, we have developed an attractive, feature-rich product for the young scooter buyers in Sri Lanka," TVS Motor Company Senior Vice President, International Business R Dilip said. The TVS NTORQ 125 is equipped with TVS SmartXonnect, bluetooth-enabled technology which is paired to an exclusive NTORQ mobile App which can be downloaded from Google play store, the company said. "The scooter market in Sri Lanka is on an upswing and is largely driven by the youth of the country. Our latest 125cc offering is a fantastic package of stunning style, smart technology and performance, which will attract this set of young customers," TVS Lanka Pvt. Ltd
OPEC crude basket rises to $76.02
The basket of crude oil used as a benchmark indicator by the Organisation of Petroleum Exporting Countries increased to $76.02, the OPEC Secretariat said here on Wednesday.
Kissht raises $30 mn in funding led by Vertex Ventures, Sistema Asia Fund
Fin-tech company Kissht Wednesday said it has raised USD 30 million (over Rs 218 crore) in funding led by Vertex Ventures SEA and India and Sistema Asia Fund. The series C round also saw participation from existing investors, Fosun RZ Capital, Ventureast and Endiya Partners. The company has raised about USD 44 million till now. Founded in 2015 by Krishnan Vishwanathan and Ranvir Singh, Kissht provides purchase financing and personal loans to customers through a financial technology platform that is integrated with online and offline merchants. The new funds will be used to increase the base of offline and online merchant partners, deepen presence across categories, and further enhance data and analytics capabilities, Kissht co-founder and CEO Krishnan Vishwanathan told PTI. He added that Kissht has partnered over 50 online merchants and is available at more than 3,500 offline points of sale across categories like consumer durables, electronics, health, and education, allowing ...