Page 2575 - Business Finance
821 mn faced food shortage in 2017: UN
The number of people facing food shortage and undernourishment increased in 2017 to 821 million, according to a report released by UN organisations on Tuesday.
China auto sales drop again on trade war, economic gloom
BEIJING (Reuters) - China's automobile sales fell for the second straight month in August as a weak macro economy and trade frictions with the United States made consumers cautious about spending, an industry association said on Tuesday.
Germany's economic outlook improves as trade fears fade - ZEW
BERLIN (Reuters) - Investors are more upbeat about Germany's economic outlook as fears about a full-blown trade war with the United States are fading, the ZEW research institute said on Tuesday after its survey showed German investor morale improved in September.
Dubai to host India-UAE Partnership Summit
Seeking to promote the strategic partnership between India and the UAE, a summit will be held here next month to encourage investments into specific sectors and projects in the Indian states, according to a media report. The two-day India-UAE Partnership Summit (IUPS) will be held in Dubai from October 30 where India is expected to attract large-scale investment opportunities from the The Gulf Cooperation Council (GCC) countries, the official WAM news agency reported. The GCC is a political and economic alliance of Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman. It was established in 1981. The Indian economy, which registered 8.2 per cent growth in the first quarter of the 2018-19 fiscal year the highest in recent history is expected to attract large-scale investment from the GCC to India. "We are delighted to support the second IUPS being organised by the Business Leaders Forum (BLF). Its objectives and agenda fit perfectly into efforts to promote the strategic partnership ..
Sensex crashes 509 pts to end at over 1-month low on global trade woes
Market benchmark BSE Sensex crashed 509 points to close at more than one-month low of 37,413.13 due to heavy losses in metal, auto and financial stocks as investors fretted over heightened global trade war concerns. Besides, the rupee hit yet another new lifetime low of 72.73 against the dollar (intra-day) at the forex market, which also triggered selling in equities pace towards the close. Amid continuous foreign capital outflows, the 30-share barometer gained over 121 points at the outset on value-buying in select bluechip stocks, but fell back after selling pressure gathered momentum. The BSE barometer closed the day with a hefty fall of 509.04 points or 1.34 per cent at 37,413.13. This is the weakest closing since August 2 when it had ended at 37,165.16. It had lost 467.65 points in the previous day. The 50-share NSE Nifty cracked below the 11,300-mark by falling 150.60 points or 1.32 per cent at 11,287.50. Intra-day, it shuttled between 11,479.40 and 11,274. Investors turned ...
Alibaba, Russian tech firm Mail.ru to launch new venture
Chinese e-commerce giant Alibaba and Russian technology group Mail.ru on Tuesday announced a deal to launch a joint venture in Russia and former Soviet countries. The two groups, along with the Russian sovereign wealth fund RDIF and telecom operator MegaFon, announced the creation of "a new strategic partnership" as Russia hosts an economic forum in the far eastern city of Vladivostok. Alibaba and Mail.ru said in a statement this would "integrate Russia's key consumer internet and e-commerce platforms and launch a leading social commerce joint venture in Russia and the CIS (Commonwealth of Independent States)." The new company will be called AliExpress Russia -- taking after the name of an existing Alibaba platform. It will be 48 per cent owned by Alibaba, 24 per cent by MegaFon, 15 per cent by Mail.ru and 13 per cent by the RDIF, the statement said, without disclosing the amounts involved. Alibaba, founded by tech billionaire Jack Ma in 1999, already plays a major role in e-commerce .
TVS Motor forays into super premium bike segment in Nepal
Two and three wheeler maker TVS Motor has forayed into the super premium motorcycle segment in Nepal with the launch of its RR 310 in that country Tuesday. The company during the on-going auto show organised by the National automobile dealers association has showcased the motorcycle in Kathmandu. "Nepal is an important market for us and we are delighted to launch TVS Apache 310 here today," the company said in a statement. "It is the most advanced and exclusive offering in our motorcycle portfolio, as it is a manifestation of 36 years of learnings from the race track, coupled with cutting edge technology.. We are sure that this motorcycle will find favour among the enthusiasts in Nepal," he said. TVS Motor currently retails several models in Nepal including Apache, Star City plus. It also sells 200cc auto rickshaw TVS King in petrol variant in that country, it added.
Inflationary risks depress rupee; touches new low of 72.74
Inflationary risks along with broadly negative global cues depressed the Indian rupee to a new low of 72.74 to the US dollar during late afternoon session on Tuesday.
UK pay growth beats forecasts as hiring levels off
LONDON (Reuters) - British workers' pay excluding bonuses picked up faster than expected during the three months to July to a rate that has not been beaten in three years, as businesses found it harder to hire staff, official figures showed on Tuesday.
German investor morale brightens in September as trade angst eases
BERLIN (Reuters) - The mood among German investors brightened unexpectedly for the second month in a row in September, a survey showed on Tuesday, as concerns about an escalating tit-for-tat trade dispute faded.
Greece will meet primary surplus targets until 2022 - Tsipras
STRASBOURG (Reuters) - Greece will meet primary surplus targets of 3.5 percent of GDP until 2022 as required by its creditors, but the policies to achieve that will be determined by the Greek government, Prime Minister Alexis Tsipras told the European Parliament on Tuesday.
Smriti Irani corners Congress for NPA crisis, National Herald scam
Union Textiles Minister Smriti Irani on Tuesday launched a scathing attack on the Congress over former Reserve Bank of India (RBI) governor Raghuram Rajan's remarks that most bad loans that account for Indian banks' Non Performing Assets (NPA) originated during the United Progressive Alliance's (UPA) regime between 2006 and 2008.Addressing a presser here, Irani said, "Rajan's statement proves that it is the Congress who is responsible for the increased NPA. Sonia Gandhi led a government that attacked the very core of the Indian banking system."The Bharatiya Janata Party (BJP) leader's comments come in the wake of Rajan's written statement in response to a parliamentary panel who sought his views on the current situation of India's banking sector, especially the NPA crisis.Rajan stated that during the period, "too many loans were made to well-connected promoters who have a history of defaulting on their loans," adding that sanctioning the loans were a "historic phenomenon of irrational
Shares tumble on weak global cues
The domestic market tumbled, extending its sharp fall from the previous session, as concerns over escalating tensions surrounding the US-China trade war continued to haunt investors. The barometer index, the S&P BSE Sensex, fell 509.04 points or 1.34% to 37,413.13, as per the provisional closing data. The Nifty 50 index fell 150.60 points or 1.32% to 11,287.50, as per the provisional closing data.
Domestic Automobile Production Up 14.54% In April-August 2018
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Cipla Ltd rises for fifth straight session
The stock is quoting at Rs 669, up 0.14% on the day as on 12:44 IST on the NSE. Cipla Ltd is up 19.36% in last one year as compared to a 13.16% spurt in NIFTY and a 16.49% spurt in the Nifty Pharma.
Re hits fresh low of 72.73, drops 28 paise against US dollar
Continuing its slide, the rupee Tuesday hit yet another record low of 72.73 against the US dollar, falling 28 paise in late afternoon trade on strengthening American currency as crude oil prices went past the USD 78 a barrel mark. Besides, unabated foreign fund outflows, sharp plunge in domestic equities with the benchmark Sensex crashing by over 500 points, too, weighed on the domestic unit, dealers said. The rupee Tuesday opened on a positive note by inching 20 paise higher at 72.25 against the US dollar amid increased selling by banks and exporters. The currency, however, failed to sustain strength and weakened to hit a fresh lifetime low of 72.73, down by 28 paise over its previous closing of 72.45. It breached its previous record low (intra-day) of 72.67 hit Monday. There were no signs of change in trading preference of foreign portfolio investors who sold shares worth a net of Rs 841.68 crore. Domestic institutional investors (DIIs) also offloaded equities worth a net of Rs ...
Commerce Min to soon seek Cabinet nod for national logistics policy
The commerce ministry will soon seek Cabinet approval for its national logistics policy, which is aimed at promoting seamless movement of goods across the country and reducing high transaction cost of traders, an official said. The ministry has already circulated a draft Cabinet note on the policy seeking views of different ministries and departments on the same. "After getting the views, the department of commerce would finalise the note and seek Cabinet's approval," the official added. The proposed policy will also focus on increasing the warehousing capacity, and identify gaps that could be bridged to bring down the cost of logistics for traders. High logistics cost impacts competitiveness of domestic goods in the international markets. The commerce ministry is working on several steps, including development of a national logistics portal to boost both domestic and foreign trade. The main departments involved in the process include Railways, Shipping, Road Transport, Civil Aviation
Manali Petro begins production of Notedome products at Chennai
Manali Petrochemicals Ltd has commenced the production of high performance polyurethanes at the facilities owned by its subsidiary Notedome Ltd here, the company said Tuesday. City-based Manali Petrochemicals Ltd acquired Notedome Ltd, United Kingdom through its overseas subsidiaries in September 2016 for an 'undisclosed sum.' MPL, the parent of Notedome, has commenced production of the products at its facilities in Chennai this month. The production would serve the South East Asian markets, a company statement said. The synergy with Manali Petrochemicals Ltd has not only allowed Notedome to tap into the robust growoth in the polyurethane industry in Asia, it has a created a natural fit within their value chain, the statement said Notedome currently holds a market share of 15 per cent in the Asian market. "The physical presence of MPL in the region for over three decades has paved the way for closer proximity to existing and new Asian customers, easer access to raw ...
'Online hiring activity up 17 pc in Aug; outlook bullish'
Online hiring activity registered 17 per cent rise in August led by insurance, construction and engineering sectors and the job market is expected to stay bullish in the coming months, says a Naukri.com report. The Naukri JobSpeak Index for August 2018 stood at 2,161, up 17 per cent from August 2017 when the index stood at 1,851. According to the job portal, the insurance and construction/ engineering industries recorded 68 per cent and 22 per cent growth in recruitment activity, respectively. The oil and gas industry which is undergoing revival, witnessed an increase of 36 per cent in recruitment in August 2018. "The JobSpeak Index has been consistently surging ahead over the past few months...and the job market is likely to move further north in the months to come," Naukri.com Chief Sales Officer V Suresh said. He noted that apart from good performance of non-IT sectors like auto, auto ancillary, real estate, construction and BFSI, there is slow and steady revival of the IT & ...
PIL in HC against rising fuel prices
As the nation reels under the impact of rising fuel prices, a PIL was moved in the Delhi High Court on Tuesday against the daily change in the rates of petrol and diesel in the country. The public interest litigation was mentioned before a bench of Chief Justice Rajendra Menon and Justice V K Rao, which allowed it to be listed for hearing on Wednesday. The plea by Puja Mahajan, a resident of the national capital, sought directions to the central government to treat petrol and diesel as "essential commodities" and fix a "fair price" for the petroleum products. The petition, filed through advocate A Maitri, alleged that the government had "indirectly given implied consent" to the oil manufacturing companies (OMCs) to hike the petrol and diesel prices at their own "whims and fancies". It claimed that the implied consent was evident from the lack of revision in fuel prices for around 22 days in the run-up to the Karnataka Assembly polls. The petition also alleged that the government was ..