Page 2611 - Business Finance
Global Markets: Trade war uncertainty drags on markets, world stock index down for fifth day
NEW YORK (Reuters) - MSCI's global stock index fell for a fifth straight day on Thursday and emerging market stocks were in their sixth day of declines as investors braced for an escalation in the trade war between the United States and China.
S&P 500, Nasdaq end lower; tech stocks decline
NEW YORK (Reuters) - The S&P 500 and Nasdaq declined on Thursday as the possibility of more U.S. tariffs on Chinese imports loomed and as tech stocks stumbled on warnings from chipmakers and concerns about increased regulation of social media companies.
Nasdaq, S&P drop as tech stocks hammered anew
NEW YORK (Reuters) - The S&P 500 and Nasdaq declined on Thursday as tech stocks stumbled on warnings from chipmakers regarding sales and pricing, as well as on continuing concerns about increased regulation of social media companies.
Commercial vehicles on alternative fuel exempted from permits
Union Road Transport and Highways Minister Nitin Gadkari on Thursday announced exemption of commercial vehicles, buses, taxis and all vehicles running on alternative fuel from the permit requirements at the 58th Annual Convention held by the Society of Indian Automobile Manufacturers (SIAM). As a long-term focus areas for the government, he listed three areas (i) Reduce import (ii) Increase export (iii) reduce pollution.Speaking at the Convention, Union Minister for Heavy Industries and Public Enterprises Babul Supriyo said the government has provided incentives for electric mobility and policies would support electric vehicles. He added that "the increased focus on safety, is impacting the technological development in the auto industry."John Simlett, Global Leader future of mobility, (E&Y) said, "The future will be less about the advanced technology and more about new ways of applying it." When we talk about 'Mobility Revolution' it is more about new and easy ways of applying ...
Traders' stir against Walmart-Flipkart deal
The Confederation of All India Traders (CAIT) on Thursday said traders from across the country are expected to participate in a strike against the Walmart-Flipkart deal on September 28.
British Airways investigating data breach from 380,000 card payments: IAG
(Reuters) - The British Airways website and mobile application have suffered a breach of customers' personal and financial data from around 380,000 card payments, the carrier's parent International Airlines Group said on Thursday.
Jet pilots warn of 'non-cooperation', airline assures full salary payment till November
Crisis-hit Jet Airways Thursday told senior employees that salaries will be paid in two instalments till November. With pilots warning of "non-cooperation" over delay in pay, the airline has assured them that 50 per cent of their August salary will be paid by September 11, sources said. "The disbursal of salary for GMs and above, cockpit crew and AMEs will be postponed for the month of August 2018, and shall be disbursed in 2 instalments 50 per cent by 11th September and balance fifty per cent by 26th of September 2018," Jet Airways human resources head Rahul Taneja said in a circular. For the months of September and October 2018, the same disbursement schedule will be followed, he added. The Naresh Goyal-promoted full service carrier, in which Gulf airline Etihad holds 24 per cent stake, is grappling with acute financial crunch after two back-to-back quarterly losses. "Withholding salaries, that too without prior notice, is a serious matter and the management will bear sole ...
Qatar calls for increased investment in oil and gas markets
BERLIN (Reuters) - Qatar's energy minister on Thursday called for oil-producing countries to boost investment in the oil and gas sector given a recovery in the price of oil, but said he did not back setting any specific targets for such investment.
Burberry ends bonfire of the luxuries after waste outcry
LONDON (Reuters) - Britain's Burberry will no longer burn unsold luxury goods to protect its brand after an admission that it destroyed almost $40 million worth of stock last year sparked a furore over waste in the fashion industry.
NY Fed's Williams says economy 'as good as it gets' for U.S. central bank
BUFFALO, NY (Reuters) - Current economic conditions are "as good as it gets" for the U.S. central bank, a key policymaker said on Thursday, with steady inflation and low unemployment allowing the Federal Reserve to continue gradually raising rates.
CBS board in exit negotiations with CEO Moonves: source
(Reuters) - Media company CBS Corp's board is in settlement talks with Chief Executive Officer Les Moonves to negotiate his exit, a source familiar with the matter said on Thursday.
Wall Street drops as tech stocks take a beating
(Reuters) - The tech-heavy Nasdaq saw sharp declines on Thursday as internet stocks faltered for a second day on concerns about increased regulation, while warnings from Micron Technology and KLA-Tencor led a slide in chip stocks.
Ola founders seek CCI nod for hiking stake in cab aggregator
Founders of Ola, Bhavish Aggarwal and Ankit Bhati, have sought CCI approval for increasing stake in ANI Technologies, which owns the cab aggregator. The acquisition will be made through Lazarus Holdings, which is incorporated in Singapore, and is a special purpose vehicle which will be used as an investment holding company. "The proposed combination pertains to the indirect acquisition of less than 10 per cent of the share capital of ANI by Ankit Bhati, Bhavish Aggarwal and MacRitchie through Lazarus from certain existing shareholders of ANI," a notice with the Competition Commission of India (CCI) said. MacRitchie Investments is an indirectly wholly-owned subsidiary of Singapore-based investment company Temasek Holdings. According to reports, Temasek has invested over USD 200 million in the Bengaluru-based company. Ola, which competes against US-based Uber counts among its investors names like Softbank, Tiger Global, Tencent and Sequoia Capital, among others Mergers and acquisitions .
IMF aims for quick conclusion to Argentina talks, peso climbs
WASHINGTON/BUENOS AIRES (Reuters) - The International Monetary Fund said on Thursday it aimed to wrap up talks to "strengthen" a $50 billion backup financing deal with Argentina "as rapidly as possible," as the country's peso and stocks climbed for a second straight day.
Low base drives up India Inc's Q1 revenues 17%
India Inc reported a 17.1 per cent growth in revenues for the June quarter on a lower base in the year-ago period, a report said Thursday. "Indian corporate sector's aggregate revenues have grown by 17.1 per cent during the first quarter (Q1FY19), on a year-on-year basis," domestic rating agency Icra Ratings said in a note. The agency said it analysed 660 companies as part of the research and added that 26 of the 32 sectors it analysed have shown a revenue growth. It said consumer-oriented sectors like auto, fast moving consumer goods, consumer durables, restaurants and airlines, and commodity-linked sectors like cement, iron and steel and oil and gas continue to do well, while sectors like capital goods, pharmaceuticals, media and fertilisers have also witnessed strong revenue growth. "This growth has been achieved on low-base, adversely impacted by GST implementation in Q1 FY 2018 besides, healthy consumption-driven demand as well as pick-up in infrastructure ...
Sebi imposes fine of Rs 30 lakh on Stephens Financial, 2 directors for non compliance
Sebi Thursday imposed a total fine of Rs 30 lakh on Stephens Financial Services and its two directors for not providing required information sought earlier by the regulator in a case pertaining to Falcon Tyres and Dunlop India. The regulator had conducted investigation from April 26-28, 2012 and issued summons to the entities to furnish information and appear before the Investigating Authority (IA) regarding acquisition of scrips of Falcon Tyres and Dunlop India through preferential allotment by certain entities, including Stephens and its directors. However, despite sending several summonses, the entities failed to submit the required information and its director also failed to appear before IA, the Securities and Exchange Board of India (Sebi) said in an order. The non compliance by the entities violated Sebi norms, it said. Accordingly, a fine of Rs 10 lakh each was imposed on Stephens Financial Services and its directors -- Satya Narayan Singh and Sonali Kumar Roy.
Vijaya Bank raises MCLR by 0.05% on select maturities
State-owned Vijaya Bank has hiked marginal cost based lending rates (MCLR) by 0.05 per cent for select maturities, following industry peers. The bank has revised the MCLR with effect from September 7, 2018, Vijaya Bank said in a regulatory filing. The one-year MCLR, against which consumer loans are benchmarked, has been raised to 8.70 per cent from 8.65 per cent earlier. Among others, six, three, one month and overnight MCLRs will attract 0.05 per cent higher interest each in the range of 8.60-8.05 per cent. However, it has kept the MCLRs unchanged for three year and two year loans at 9.25 per cent and 9 per cent, respectively. Last week, industry leader SBI had increased the lending rate by 20 basis points or 0.20 per cent across all tenors up to three years. SBI's MCLR for a one-year tenor has been increased to 8.45 per cent from 8.25 per cent. ICICI Bank and Bank of Baroda too have raised their MCLRs.
16 Amrapali properties to be sold to complete unfinished projects: SC
The Supreme Court on Thursday observed that initially 16 properties of Amrapali Group in India, including commercials, would be auctioned and later on the personal properties of the real estate company's promoters and directors will be auctioned or sold to generate money for completion of its unfinished real estate projects.The apex court division bench, headed by Justice Arun Mishra and also comprising Justice Uday Umesh Lalit, directed to conduct a forensic audit of all the 46 companies or properties of the Amrapali Group and assets of all their directors within two months.The owner of Amrapali Group, Anil Sharma, is having his own property in Maharani Bagh and one house in Sector 62, Noida in Uttar Pradesh.The Supreme Court also asked the directors of the Amrapali Group to furnish their asset details by way of an affidavit to it within four days, and fixed the matter for further hearing to September 12. The court had on August 4 sought details of all the properties which Amrapali ..
Jet pilots warn of 'non-cooperation', airline assures full salary payment by Sep 26
With pilots warning of "non-cooperation" over delay in pay, crisis-hit Jet Airways has assured them that 50 per cent of their August salary will be paid by September 11, sources said. The full service airline expects to complete payment of the whole salary amount by September 26 to pilots, they added. The Naresh Goyal-promoted full service carrier, in which Gulf airline Etihad holds 24 per cent stake, is grappling with acute financial crunch after two back-to-back quarterly losses. As much as 50 per cent of salary for the month of August would be paid by September 11 and the remaining amount by September 26, sources privy to the development told PTI. The salaries will continued to be paid in two installments for the next months, the sources said. "Withholding salaries, that too without prior notice, is a serious matter and the management will bear sole responsibility for any repercussions," Jet Airways' pilots said in a communication to the management earlier this week. "We would like
Global Markets: Trade war worries drag on world shares for a fifth day
NEW YORK (Reuters) - World shares fell for a fifth straight day on Thursday, with emerging market stocks in their sixth day of declines, as investors braced for an escalation in a trade war between the United States and China.