Page 2644 - Business Finance
Global Markets: Asian shares rise on China turnaround, trade fears persist
SHANGHAI (Reuters) - Asian shares rose on Tuesday, with markets reversing earlier losses, but investors were apprehensive as the Sino-U.S. trade dispute threatened to escalate this week and Argentina's austerity measures rattled emerging markets.
Timeline: Noble Group's collapse from a $6 billion commodity trading firm
(Reuters) - Troubled Noble Group was saved from insolvency after shareholders approved a $3.5 billion debt restructuring last week, but the company is barely a shadow of what was once Asia's biggest commodity trader.
Zinc futures inch higher on positive spot cues
Zinc prices inched up by 0.09 per cent to Rs 176.60 per kg in futures trade today as speculators created fresh positions, taking positive cues from the spot market on improved demand. At the Multi Commodity Exchange, zinc for delivery in September edged up by 15 paise, or 0.09 per cent, to Rs 176.60 per kg in a business turnover of 2,915 lots. However, the metal for delivery in October contracts held steady at 176.85 per kg in 28 lots. Analysts said fresh positions built up by participants due to uptick in demand from consuming industries in the physical markets influenced zinc prices in futures trade.
Automakers fret as China clamps down on capacity, seeks consolidation
BEIJING (Reuters) - Some automakers in China are alarmed by proposed government restrictions on investing in new manufacturing capacity and the ways in which Beijing is trying to trigger consolidation of the country's flabby auto industry through mergers and strategic cooperation.
WPP nudges full-year outlook higher after return to sales growth
LONDON (Reuters) - WPP nudged its full-year outlook higher on Tuesday after it reported a 0.3 percent rise in first-half net sales and said it would update the market on its new strategy by the end of the year.
Back from the brink: How Noble Group was saved from an Iceberg collision
SINGAPORE (Reuters) - In May 2017, Paul Brough had just assumed the chairmanship of Noble Group and immediately faced a room full of angry bankers demanding their money back from the struggling commodity trader.
WPP's new boss nudges net sales outlook higher
LONDON (Reuters) - WPP nudged its full-year net sales outlook higher on Tuesday after it reported a 0.3 percent rise in the first half helped by demand in Europe, as its new boss said he would lay out his new strategy by the end of the year.
Netflix partners Hathway Broadband in India
Netflix said Tuesday it has partnered Hathway Broadband to offer video streaming services to the latter's eight lakh subscribers. Under the alliance, Netflix will be offered through Hathway's set-top box that includes a remote with a dedicated Netflix button to allow users to launch the service directly. The cable broadband provider's subscribers will also be able to pay for their Netflix subscription using their Hathway bill, a statement said. "In this smart and digital era, customers are looking at leading internet entertainment services like Netflix to access high quality, well-produced entertainment," Hathway Managing Director Rajan Gupta said. He added that the Hathway set-top box will be bundled with its high-speed, unlimited fibre-to-home monthly plans. Tony Zameczkowski, Vice President Business Development for Netflix Asia, said the company is excited to partner with Hathway Broadband in India to bring the latest technologies and great stories under one roof. Netflix is one of
FMCG stocks decline
A divergent trend was witnessed in mid-morning trade as the Sensex was trading with small gains while the Nifty 50 index was trading with small losses. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 26.32 points or 0.07% at 38,338.84. The Nifty 50 index was down 13.20 points or 0.11% at 11,569.15. FMCG stocks dropped.
China lures chip talent from Taiwan with fat salaries, perks
TAIPEI (Reuters) - A huge pay rise, eight free trips home a year and a heavily subsidised apartment. It was a dream job offer that a Taiwanese engineer simply could not refuse.
Nickel futures drop 0.36% as participants trim bets
Nickel prices eased by 0.36 per cent to Rs 913.80 per kg in futures trade today as investor cut their bets, driven by easing demand from consuming industries in the spot market. At the Multi Commodity Exchange, nickel for delivery in October declined by Rs 3.30, or 0.36 per cent, to Rs 913.80 per kg in a business turnover of 26 lots. Similarly, the metal for delivery in September contracts shed Rs 3.20, or 0.35 per cent, to Rs 909.10 per kg in 1308 lots. Analysts said the fall in nickel prices in futures trade was mostly attributed to cutting down of positions by participants owing to slackened demand from alloy-makers at the domestic spot market amid weakness in select base metals overseas.
India to construct 100 airports worth USD 60 billion
India plans to construct 100 airports at an estimated cost of USD 60 billion (about Rs 4.2 lakh crore) in the next 10 to 15 years, Civil Aviation Minister Suresh Prabhu said Tuesday. The country's aviation sector is one of the fastest-growing in the world and has recorded 50 months of double-digit traffic growth. As many as 100 new airports would be built in the next 10 to 15 years for about USD 60 billion. These airports are to be constructed through public private partnership, Prabhu said. He said the government is also working on a cargo policy. According to global airlines' grouping IATA, India is expected to overtake Germany, Japan, Spain and the UK within the next ten years to become the world's third largest air passenger market.
Australia's central bank on hold as economy set to seal 27 years without recession
SYDNEY (Reuters) - Australia's central bank entered its third year of policy stability on Tuesday, and a change seems no nearer even as its commercial cousins nudge up their home loan rates to protect profit margins.
ING settles money laundering case with Dutch prosecutors for $900 million
AMSTERDAM (Reuters) - Dutch prosecutors said on Tuesday they had settled a money laundering case with lender ING Groep NV for 775 million euros ($900 million).
Copper futures extend fall on weak global cues
Copper prices traded lower by 0.11 per cent to Rs 423.40 per kg in futures market Tuesday as speculators reduced bets amid a weak trend overseas. At the Multi Commodity Exchange, copper for delivery in November declined by 45 paise, or 0.11 per cent, to Rs 423.40 per kg in a business turnover of 1,956 lots. Likewise, the metal for delivery in February contracts shed 30 paise, or 0.07 per cent, to Rs 429.45 per kg in six lots. Analysts said sentiment remained bearish after London metal prices steadied Tuesday, but a trade dispute between China and the United States chilled factory activity in August and tempered appetite for metals. Meanwhile, copper for delivery in three months hit its weakest in nearly two weeks at USD 5,935 a tonne before steadying to trade flat at USD 5,968 a tonne. Shanghai Futures Exchange copper fell 0.4 per cent to 47,970 yuan (USD 7,034) a tonne.
Silver futures soften by 0.17% on weak global cues
Taking subdued cues from the global market, silver prices declined by 0.17 per cent to Rs 37,559 per kg in futures trade today as participants reduced their exposure. At Multi Commodity Exchange, silver for delivery in December fell by Rs 65, or 0.17 per cent, to Rs 37,559 per kg in business turnover of 156 lots. Likewise, the white metal for delivery in September contracts shed Rs 32, or 0.09 per cent, to Rs 36,784 per kg in 3 lots. Analysts attributed the fall in silver futures to a weak trend in the precious metals overseas. Globally, silver fell 0.03 per cent to USD 14.45 an ounce in Singapore.
Volumes spurt at JK Lakshmi Cement Ltd counter
JK Lakshmi Cement Ltd registered volume of 94370 shares by 10:47 IST on BSE, a 42.19 fold spurt over two-week average daily volume of 2237 shares
Reuters Poll: Chance of hard Brexit holds at 25 percent, economists say
LONDON (Reuters) - There is a one chance in four that Britain will leave the European Union in March without a deal, a Reuters poll found, while the Bank of England will wait until after Brexit before raising borrowing costs again.
Gold futures fall 0.27% on negative global cues
Tracking weak global trend, gold prices drifted down by 0.27 per cent to Rs 30,244 per 10 grams in futures trade today as speculators trimmed positions. At the Multi Commodity Exchange, gold for delivery in October fell by Rs 83, or 0.27 per cent, to Rs 30,244 per ten grams in business turnover of 243 lots. Similarly, the yellow metal for delivery in December contracts was trading lower by Rs 71, or 0.23 per cent, to Rs 30,470 per ten grams in one lot. Market analysts said offloading of positions by traders in sync with a weakening global trend where gold inched lower today as the dollar remained firm near a one-week high on the back of intensifying global trade tensions, influenced gold prices in futures trade here. Globally, gold fell 0.15 per cent to USD 1,199.10 an ounce in Singapore.
SORIL Infra hits the roof
SORIL Infra Resources hit an upper circuit limit of 5% at Rs 663.70 at 10:35 IST on BSE after the company said its board will meet on 6 September 2018, to consider preferential issue of equity shares.