Page 2589 - Business Finance
Alibaba founder Jack Ma to step down in 2019, names company CEO as successor on 54th B'day
Jack Ma, one of China's richest men, announced on Monday he would step down as Alibaba's executive chairman next year as he unveiled an unprecedented succession plan on his 54th birthday, naming the e-commerce giant's CEO as his successor. Ma will remain Alibaba's executive chairman during the year-long period to ensure a "smooth and successful" transition, and stay on as an Alibaba director until a shareholder' meeting in 2020, Hong Kong-based South China Morning Post, which is owned by Alibaba, reported. Ma will hand over the keys of his company to 46-year-old Daniel Zhang in an unprecedented succession plan that will slowly take the focus off one of China's most recognisable corporate names over the next 12 months, the Post report said. Zhang will be promoted to the executive chairman on September 10, 2019, while Ma remains a director on Alibaba's board and a permanent member of the Alibaba Partnership, according to a letter written by Ma to all staff including to the Post. "This ..
Oriental Bank of Commerce eases for fifth straight session
The stock is quoting at Rs 76, down 1.55% on the day as on 13:19 IST on the NSE. Oriental Bank of Commerce tumbled 39.3% in last one year as compared to a 14.6% rally in NIFTY and a 4.31% fall in the Nifty PSU Bank index.
Infibeam Avenues Ltd down for fifth straight session
The stock is quoting at Rs 227.6, down 0.5% on the day as on 13:19 IST on the NSE. Infibeam Avenues Ltd jumped 57.45% in last one year as compared to a 14.6% rally in NIFTY and a 54.31% spurt in the Nifty IT index.
Corrected: Ban cheese imports? Pakistan discusses outside-the-box ideas to avoid IMF bailout
(Corrects that Economic Advisory Council meeting was chaired by prime minister, not finance minister)
French second-quarter online retail sales up 14.4 percent: Fevad
PARIS (Reuters) - Online retail sales in France rose 14.4 percent to 22 billion euros ($25.40 billion) in the second quarter, the country's e-commerce federation (Fevad) said on Monday.
Cartier maker Richemont hands Lambert reins for digital era
GENEVA (Reuters) - Cartier maker Richemont made Jerome Lambert chief executive on Monday, handing the luxury goods veteran the task of continuing to take the group, in particular its watch brands, digital.
China vows to respond if U.S. takes new steps on trade
BEIJING (Reuters) - China will respond if the United States takes any new steps on trade, the foreign ministry said on Monday, after President Donald Trump warned he was ready to slap tariffs on virtually all Chinese imports into the United States.
JSW Steel crude steel output grows 8% in August
JSW Steel today said its crude steel output grew 8.3 per cent to 14.48 lakh tonne (LT) during August 2018. The company's crude steel production was at 13.37 LT in August 2017, it said in a filing to BSE. Last month, the production of flat rolled products was almost flat at 9.81 LT against 9.79 LT in August 2017, it said. The output of long rolled products increased 9.7 per cent to 3.05 LT over 2.78 LT in the same month last year, it said. JSW Steel is a part of the diversified USD 13 billion JSW Group, which has a presence in steel, energy, infrastructure, cement, ventures and sports. It is a leading integrated steel company with an installed steel-making capacity of 18 million tonne per annum (MTPA) in India. The company's plant at Vijayanagar in Karnataka is the largest single location steel producing facility in the country with a capacity of 12 MTPA.
Jindal Stainless (Hisar) Ltd rises for third consecutive session
The stock is quoting at Rs 135.05, up 2.35% on the day as on 12:49 IST on the NSE. Jindal Stainless (Hisar) Ltd is down 28.75% in last one year as compared to a 14.53% drop in NIFTY and a 0.7% drop in the Nifty Metal index.
Hathway Cable & Datacom Ltd soars 6%, up for third straight session
The stock is quoting at Rs 24.75, up 6% on the day as on 12:49 IST on the NSE. Hathway Cable & Datacom Ltd is down 24.89% in last one year as compared to a 14.53% fall in NIFTY and a 11.8% fall in the Nifty Media index.
Max Financial Services Ltd up for third straight session
The stock is quoting at Rs 509.15, up 7.54% on the day as on 12:49 IST on the NSE. Max Financial Services Ltd is down 15.11% in last one year as compared to a 14.53% spurt in NIFTY and a 11.49% spurt in the Nifty Financial Services index.
Mindtree Ltd spurts 0.24%, gains for fifth straight session
The stock is quoting at Rs 1164.75, up 0.24% on the day as on 12:44 IST on the NSE. Mindtree Ltd is up 160.8% in last one year as compared to a 14.55% jump in NIFTY and a 54.23% jump in the Nifty IT.
Rupee crashes further, hits 72.67 per dollar
Continuing its free fall, the Indian rupee touched a new low of 72.67 on Monday, depreciating by almost a rupee from its previous close of 71.73 per US dollar.
Apple supplier shares slide after Trump tells tech giant to make products in U.S.
TAIPEI (Reuters) - Shares of Apple Inc suppliers fell across Asia on Monday after U.S. President Donald Trump tweeted that the tech giant should make products in the United States if it wanted to avoid tariffs on Chinese imports.
Seven emerging mkt countries at risk of exchange rate crises: Nomura
Seven countries including Sri Lanka, Pakistan and Turkey are at risk of exchange rate crisis as investors re-assess their risks following the contagion in Argentina and Turkey, a new index by Nomura says. According to the global financial services major, emerging markets are under pressure as investors re-assess the risks amid monetary policy normalisation in developed markets, trade protectionism and China's economic slowdown. The new gauge, Damocles, that assessed the risk of exchange rate crises for 30 emerging market economies noted that seven countries are at risk of exchange rate crises with scores over 100: Sri Lanka, South Africa, Argentina, Pakistan, Egypt, Turkey and Ukraine. A score above 100 suggests a country is vulnerable to an exchange rate crisis in the next 12 months, while a reading above 150 signals a crisis could erupt at any time. As per the index Sri Lanka has a score of 175, followed by South Africa (143), Argentina (140), Pakistan (136), Egypt (111), Turkey ...
SpiceJet launches dedicated air cargo service, inducts first freighter
Budget passenger carrier SpiceJet on Monday launched a dedicated air cargo service.
Sensex falls 1 percent; HDFC group firms top drag
(Reuters) - Indian shares fell 1 percent on Monday, tracking broader Asia as fears of a potentially major escalation in the Sino-U.S. trade conflict weighed on investor sentiment, while the rupee depreciated to a fresh low, bolstering inflation concerns.
Gold falls further as rate hike views, trade war worries buoy dollar
BENGALURU (Reuters) - Gold fell for a second straight session on Monday as expectations of an interest rate hike by the U.S. Federal Reserve in September and fears of an escalation in U.S.-China trade tensions kept the dollar firm.
Asian stocks slump to 14-month low on China woes, Trump's trade threats
SYDNEY (Reuters) - A sell-off in Chinese shares pulled Asian equities to a 14-month trough on Monday as investors braced for a potentially damaging escalation in the Sino-U.S. tariff row after U.S. President Donald Trump raised the stakes in the dispute with Beijing.
Sensex, Nifty witness steep plunge
As the country is observing a 'Bharat Bandh' on account of rising fuel prices and depreciating value of the Rupee, market indices have witnessed a slump on Monday morning.The BSE' Sensex is trading 395.60 points lower at 37,993.52, while the Nifty has dropped below 11,500 to trade at 11,458.40.Sectoral indices are trading in green, led by favourable outcomes in the IT and pharmaceutical sectors.Among the top gainers are Axis Bank, Cipla and JSW Steel, while Tata Motors, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have incurred significant losses.Meanwhile, the Indian Rupee registered a fresh low by opening at Rs. 72.18 against a dollar, registering a 60 paise decline from Friday's closing value of Rs 71.73 against a dollar.