Page 2635 - Business Finance
U.S. factory activity hits 14-year high; supply constraints rising
WASHINGTON (Reuters) - U.S. manufacturing activity accelerated to more than a 14-year high in August, boosted by a surge in new orders, but increasing bottlenecks in the supply chain because of a robust economy and import tariffs could restrain further growth.
Trump says U.S. supports Argentina, backs its efforts with IMF
WASHINGTON/BUENOS AIRES (Reuters) - U.S. President Donald Trump on Tuesday backed Argentine President Mauricio Macri's handling of a worsening economic crisis and encouraged his efforts to quickly win financing from the International Monetary Fund.
Citigroup CFO Gerspach to retire, be replaced by Mason: memo
ZURICH/NEW YORK (Reuters) - Citigroup Inc's longtime Chief Financial Officer John Gerspach will retire in March, to be replaced by Mark Mason, CFO of the institutional clients group, the third-largest U.S. bank told employees on Tuesday.
Gold slips as trade, emerging market worries lift dollar
LONDON (Reuters) - Gold slipped on Tuesday as concerns over an escalating trade conflict between the United States and China battered emerging market currencies and prompted investors to seek perceived safety in the dollar.
Wall Street slides on tech weakness, Nike drags on Dow
(Reuters) - U.S. stocks fell on Tuesday, with Facebook leading a decline in the technology sector and Nike dragging on the Dow Jones Industrial index, setting a rough start for September as investors grappled with trade issues.
US stocks trade lower amid trade tensions
US stocks traded on a downbeat note on Tuesday as investors grew concerned over the increasing trade tensions between Washington and its key trading partners.
Icra cuts ratings on Jet Airways' borrowing programmes
Rating agency Icra Tuesday downgraded long term ratings of Jet Airways' borrowing programmes, citing deterioration in the airline's financial performance. The full services carrier has been grappling with financial woes. The long-term ratings of the airline's borrowing programmes have been downgraded to "BB from BB+ with negative outlook", Icra said in a release. 'BB' indicates moderate risk of default. According to the agency, the downgrade considers the continued deterioration in the operating and financial performance of the company because of its inability to pass on the increase in jet fuel prices to the customers. "The airline industry continues to face headwinds of rising fuel costs and weak pricing power due to excess competition. "This is expected to result in a further weakening of the company's performance in the near term," it added.
German Blaupunkt to enter Indian TV market
German brand Blaupunkt is foraying into the fast growing competitive Indian TV market by launching its range of LED TV here. "After investing time and resource on understanding the Indian market, Blaupunkt, is coming to India with a vision to disrupt the Indian market with its range of LED Televisions," Blaupunkt said in a statement. By end of 2018, the Indian television market is expected to touch revenues of USD 11.78 billion, registering a growth of 12.97 per cent. "India's growth story is an attraction to many global brands and one such entrant to address the growing Indian consumer demand for LED television is Blaupunkt," it said.
Nagpur-Mumbai Samruddhi Corridor project cost goes up
The estimated cost of the Nagpur-Mumbai Samruddhi Corridor road project has risen to Rs 49,247 crore from the earlier Rs 46,000 crore due to inflation, a Maharashtra government official said Tuesday. The estimated expenditure on land acquisition has decreased, but the interest on loans and the inflation in last two years led to increase in the total estimated cost by more than Rs 3,000 crore, the official said. The government has sanctioned Rs 6,388 crore towards interest on loans, he said. As per the proposal submitted by the Maharashtra State Road Development Corporation (MSRDC) on August 24, 2016, the estimated cost of the project was Rs 46,000 crore. The cost of construction was estimated at Rs 24,000 crore, whereas Rs 6,000 crore were estimated as interest liability. The official said that in the last two years, due to inflation, the estimated cost has reached Rs 49,247 crore. The actual construction, it is estimated, will cost Rs 29,029 crore, an increase of Rs ...
Amazon hits USD 1 trillion in stock market value
America's online shopping giant Amazon, which has a sizeable presence in India, on Tuesday became the second US company to hit USD 1 trillion in stock market value. Silicon Valley-based Apple was the first US company to do so less than a month ago. Amazon shares traded at USD 2,050.27 Tuesday afternoon, which pushed the company's market valuation over USD 1 trillion. The Seattle-based company which started as selling books online is owned by Jeff Bezos, who among other things also owns The Washington Post, a top American daily. Amazon, in recent years, has emerged as a disruptive force in shopping, attracting millions of customers across the globe - the US and India in particular - to shop online. Over the past few years, Amazon has emerged as a major FDI investor in India. This year alone, Amazon stocks have jumped 75 per cent adding USD 435 billion to its market capitalization. This is combined market capitalization of America's top three retail stores - Walmart, Costco and ...
Amazon becomes second $1 trillion company in US
Amazon on Tuesday became the second US public company after Apple to hit the $1 trillion valuation mark.
Aeris, Hello Tractor to provide tractors to farmers on lease
The US-based technology firm Aeris said Tuesday it has tied up with Hello Tractor to provide tractors on lease to Indian farmers. Aeris and Hello Tractor launched this service in India and the ASEAN region at a session on India-Africa- ASEAN: Internet of Things (IoT) in Agriculture', organised in association with FICCI, the industry body said in a statement. The two companies will start their service with 500 tractors in next 2-3 months, targeting states like Uttar Pradesh and Bihar where there are less number of tractors, said Rishi Mohan Bhatnagar, President, Aeris India. The partnership enables the pay-as-you-use model for small holding farmers to use tractors with innovative commercial models. With the Aeris IoT platform, called Aeris Mobility Platform, tractor tracking, utilisation time and billing is simplified, based on time in the field and area covered. "After successful alliance with Hello Tractor to enable 'Tractor-as-a-Service' in Africa, we are now launching this in ...
Alpha to make defence electronic devices for Israeli firm
Aerospace major Alpha Design Technologies on Tuesday opened a new facility to export defence electronic devices to Israel-based Elbit Systems valued at $14.5 million (Rs 103 crore).
Getty family to buy majority stake in Getty Images from Carlyle
(Reuters) - The Getty family said on Tuesday it would acquire Carlyle Group's majority stake in photo agency Getty Images Inc.
Rain in Maha 86 pc of average; water storage 66 pc of capacity
Maharashtra has received 823 mm, or 86.1 per cent of the year's average rainfall from June 1 to September 4, and the water storage in the state is 66.1 per cent of the total capacity, an official release said Tuesday. As much as 97 per cent arable area has been brought under Kharif sowing, it said. There is 66.1 per cent water storage in the water bodies in the state as of September 4, while the last year the stock was 64.95 per cent in the corresponding period, it said. Eleven districts have received over 100 per cent rainfall: Thane, Ratnagiri, Palghar, Pune, Satara, Sangli, Nanded, Hingoli, Akola, Washim and Gadchiroli. Raigad, Sindhudurg, Dhule, Ahmednagar, Kolhapur, Jalna, Latur, Parbhani, Buldhana, Amravati, Yavatmal, Wardha, Nagpur, Bhandara, Gondia and Chandrapur have received 75 to 100 per cent rainfall so far. Nashik, Nandurbar, Jalgaon, Solapur, Aurangabad, Beed, and Usmanabad districts have received rainfall between 50 and 75 per cent of average during this ...
Amazon becomes 2nd US company to reach USD 1 trillion value
E-commerce company Amazon on Tuesday became the second American company to cross USD 1 trillion in value.The Jeff Bezos-founded company and Apple now make up more than eight percent of the entire value of the S&P 500, CNN quoted senior index analyst for S&P, Howard Silverblatt as saying.The company's stock reportedly rose nearly two percent in the morning trading, thereby putting its market value just over the 13-digit territory.Amazon, in just two decades, expanded far beyond its bookseller beginnings. It has revolutionised how people shop online.Apple topped the USD 1 trillion mark in early August.
Maha revenue rose by 39 per cent post GST rollout: Minister
Debt-ridden Maharashtra government has recorded a positive growth since the Goods and Services Tax (GST) was rolled out on July 1 last year, state Finance Minister Sudhir Mungantiwar said Tuesday. He said the government revenue increased by Rs 25,000 crore or 39.52 per cent in the first quarter of the current financial year (2018-19). Maharashtra was facing a revenue deficit of Rs 8500 crore when the BJP came to power in 2014. The total debt of Maharashtra government is expected to be Rs 4,13,044 crore in 2017-18, as per the Economic Survey that was tabled in the state Legislature in March this year. The minister credited strong consumer market in the state and the per capita income for the revenue growth. In the recent history of state, only two finance ministers---Jayant Patil and Ajit Pawar (both NCP)---had tabled surplus annual budgets when the Congress-led UPA government was in power before 2014, according to Mungantiwar. "Jayant Patil could table a surplus budget as
Oil rises ahead of Storm Gordon; gains capped by Cushing build
NEW YORK (Reuters) - Oil prices rose on Tuesday as the market prepared for potential supply disruptions due to a hurricane forecast to hit the U.S. Gulf Coast, but gains were capped by a report that Cushing, Oklahoma, stockpiles rose last week.
Global Markets: Emerging markets under pressure as dollar rises
NEW YORK (Reuters) - Stocks tumbled in many major markets around the world on Tuesday, while emerging markets currencies fell and the U.S. dollar rose as investors looked for safety as they braced for escalation in the trade conflict between the United States and China.
Provide us level-playing field with airlines abroad: SpiceJet CMD
SpiceJet CMD Ajay Singh made a strong pitch to the government Tuesday to give domestic carriers a "level-playing field" with international carriers who enjoy tax benefits and consequently become able to cushion the impact of high jet fuel prices. He said domestic carriers needed to raise fares, which was "incredibly" important to remain financially healthy and sustain the growth trajectory in the Indian aviation market. "What's happening today is quite scary, oil prices are high for every airline in the world but in India we are compounding the problem by also taxing the oil... Our oil is actually costing the airlines in India for domestic travel 30 per cent more than those costing the airline around the world," Singh said at a plenary session of the International Aviation Summit here. In contrast, airlines around the world do not have to pay taxes on oil and therefore are emerging stronger and this is a problem for the Indian carriers. "If India truly aspires to be a global aviation .