Page 2581 - Business Finance

Global Markets: Asia shares relieved by trade lull, sterling up on Brexit deal hopes

SYDNEY (Reuters) - Asian shares were struggling to snap an eight-session losing streak on Tuesday as investors decided no news was good news on tariffs, while the pound touched a five-week top on hints a Brexit deal might be nearer.

Snap chief strategy officer leaves in latest executive departure

(Reuters) - Snap Inc, the parent of Snapchat messaging, said on Monday Chief Strategy Officer Imran Khan will step down, the latest top-level exit amid pressure to stem a drop in users following a controversial redesign of the app.

Global Markets: U.S., Europe optimism helps global stock index dodge trade war dread

NEW YORK (Reuters) - An index of global stock markets rose on Monday for the first time in eight trading sessions on optimism about policy from Italy to the United States, dodging anxiety about the U.S.-China trade war.

S&P, Nasdaq move higher; Apple falls

NEW YORK (Reuters) - U.S. stocks mostly edged higher on Monday, with the S&P 500 and Nasdaq rebounding to snap a four-day losing streak, although a drop in Apple Inc kept gains in check.

S&P, Nasdaq edge higher after recent losses but Apple drags

NEW YORK (Reuters) - U.S. stocks mostly edged higher on Monday, rebounding slightly after last week's losses, although a drop in Apple kept gains in check.

Half of US foreign profits booked in tax havens: paper

About half of all the foreign profits of US multinationals are booked in tax havens with Ireland topping the charts as the favorite, according to a new economic study on Monday. And the benefits for the increase in profits have gone to shareholders, the paper showed. US companies are by far the biggest users of tax havens, where they face effective tax rates of just seven percent, according to the study by economists Thomas Wright and Gabriel Zucman. "Ireland solidifies its position as the #1 tax haven," Zucman said on Twitter. "US firms book more profits in Ireland than in China, Japan, Germany, France & Mexico combined. Irish tax rate: 5.7%." The research was made possible by the US tax cut in December 2017 that contained a mandatory repatriation of profits, which allowed researchers to calculate the final tax bill for the companies. Because the 2017 law "allows these firms to repatriate their foreign earnings at a low rate...we now know that US multinationals have really had a .

SpiceJet launches dedicated cargo service, inducts first freighter

Budget airline SpiceJet on Monday announced the launch of its dedicated air cargo services and inducted the first freighter aircraft in its fleet.

Iraq replaces Saudi as top oil supplier to India in August: data

NEW DELHI (Reuters) - Iraq replaced Saudi Arabia in August as the top oil supplier to India, data from industry and shipping sources showed, as refiners turned to Iraqi barrels to compensate for a lower intake of Iranian oil ahead of U.S. sanctions in November.

S&P, Nasdaq edge higher on tax optimism despite Apple drag

(Reuters) - The benchmark S&P 500 and the Nasdaq edged higher on Monday, lead by industrial stocks, on optimism for further tax relief, although a drop in Apple kept gains in check.

Tata Motors Group's August global wholesales up 14%

Automobile major Tata Motors Group's global wholesales in August 2018, including Jaguar Land Rover (JLR) rose by 14 per cent, as compared to August 2017.

Oil pulls back on concerns U.S. inventories are building

NEW YORK (Reuters) - Oil prices were mixed on Monday, pulling back from an early rally after data suggested U.S. crude inventories might build, weighing on the market.

Over optimistic bankers, growth slowdown responsible for bad loans: Rajan

Over optimistic bankers, slowdown in government decision making process and moderation in economic growth mainly contributed to the mounting bad loans, said former RBI Governor Raghuram Rajan in a note to Parliamentary panel. In a note to Chairman of Estimates Committee Murli Manohar Joshi, he said: "A variety of governance problems such as the suspect allocation of coal mines coupled with the fear of investigation slowed down government decision making in Delhi, both in the UPA and the subsequent NDA governments". Project cost overruns escalated for stalled projects and they became increasingly unable to service debt, he said, adding the continuing travails of the stranded power plants, even though India is short of power, suggests government decision making has not picked up sufficient pace to date. He further said a larger number of bad loans were originated in the period 2006-2008 when economic growth was strong, and previous infrastructure projects such as power plants had been ..

HC rejects Sonia, Rahul's plea against Income Tax notice

The Delhi High Court on Monday dismissed Congress President Rahul Gandhi and his mother Sonia Gandhi's plea challenging the Income Tax notice seeking tax reassessment for the financial year 2011-2012.

Evolve policy to shield MSMEs from cotton price rise: Spinners

South India Spinners Association (SISPA) on Monday urged the Tamil Nadu government to come out with a policy to protect MSMEs (micro,small, medium enterprises) in the wake of rise in price of cotton. For this purpose, the government should esnure buffer stock of cotton and affordable raw material pricing mechanism, the association said in a press release. The beneficiaries of the increase in prices are multinational companies (MNC) traders and the Cotton Corporation of India, the release quoted the president of SISPA S K Rangarajan as saying. The ones affected were end-users and the farmers as the companies and traders buy cotton at MSP (minimum support price) and hoard them only to inflate the prices later, he said. The SME mills do not have the financial capacity to buy cotton and store it, the SISPA president said. In April, the price of cotton was hovering around Rs 38,000 per candy-level and reached Rs 48,000 in June, he said, adding that the SME sector was unable ..

MTN CEO confident about Nigeria dispute as firm applies for injunction

DURBAN, South Africa (Reuters) - South African telecoms firm MTN Group said on Monday it was confident a multibillion-dollar dispute with the Nigerian government would be resolved even as it applied for a court injunction to protect its Nigerian assets.

2-day convention on 'battlefield tourism in Rajasthan

The prospects of introducing Battlefield Tourism in Rajasthan will be taken up at the seventh edition of the Indian Heritage Hotels Association (IHHA) Convention due Sept 13-14 in Bharatpur, said Randhir Vikram Singh, general secretary, Indian Heritage Hotels Association (IHHA) Convention 2018.

French carmaker to launch five new models in Pakistan

French car manufacturing juggernaut, Renault, will launch five of its variants in Pakistan.

Sebi exempts family trusts linked to Vinati Organics from making open offer

Capital markets regulator Sebi Monday exempted two connected private family trusts related to the promoter group of Vinati Organics from making an open offer following their proposed acquisition of additional stake in the firm. Vinod Saraf Family Trust and Kavita Vinod Saraf Family Trust had sought exemption from the obligation of making open offers post acquisition of certain number of shares in Vinati Organics. Under the proposed acquisition, Vinod Saraf Trust will be acquiring 13.52 per cent and 12.08 per cent shares of Vinati Organics from promoter Vinod and Kavita Saraf, respectively. Besides, the Saraf couple jointly own Suchir Chemicals Pvt Ltd (SCPL), which is also a promoter of Vinati Organics. The proposed acquisition additionally involves Vinod Saraf's transfer of 59.95 per cent stake of SCPL to Vinod Saraf Trust and in same way transfer of Kavita's 40.04 per cent of shares to Kavita Saraf Trust. In an order, the Sebi has granted exemptions to the trusts from making the ...

Gold edges higher as Brexit hopes boost sterling and the euro

LONDON (Reuters) - Gold prices edged higher on Monday as hopes of a swift Brexit deal boosted sterling and the euro against the dollar, making bullion cheaper for buyers in Britain and the euro zone.

Agri Sec stresses on use of innovative farm technologies

Agriculture Secretary S K Pattanayak Monday stressed on the use of innovative technologies to boost output and prosperity of the farming community. Speaking at an event here, the secretary also said that the goal of agricultural development in India needs to go beyond the production, productivity and acreage. "Important as they are but these three are merely output indicators so far as the farmers as producers are concerned. The outcome from their perspective is to be seen in their gains in terms of profit and prosperity," a release said quoting him. Pattanayak said bright agriculture outlook doesn't mean a relaxed life to the government. "The challenge that such a situation of abundance puts up before us is that of maintaining food prices at levels that ensure farmers get their due profits, while not letting the general consumers remain deprived of the gains of bumper harvest," he said. Food inflation based on Wholesale Price Index has remained benign during 2017-18 and 2018-19 ...