Page 2668 - Business Finance
Instant View: India's economy grows 8.2 pct in April-June
BENGALURU (Reuters) - India's economic growth surged to a more than two-year high of 8.2 percent in the three months ended June from a year earlier, powered by a strong performance in manufacturing and consumer spending.
Deteriorating U.S.-China trade picture helps buoy gold
LONDON (Reuters) - Gold rose on Friday as the dollar steadied and investors grew jittery about an escalation in the U.S.-China trade dispute after fresh threats by U.S. President Donald Trump, although bullion is still heading for its fifth straight monthly decline.
'Gold losing its pull as alternate asset'
Gold is losing its allure as an alternate asset and is likely to remain subdued on waning appeal, says a DBS report. According to the global financial services major, the July-September quarter of 2018 is one of the worst performing quarters for the yellow metal since 2016. "As such, we do not see an immediate catalyst for gold price," DBS said adding that strong fund outflow from gold related ETFs signals that it is losing its attractiveness as an alternate asset. In July 2018, outflow from ETFs amounted to USD 1,530 million, a drastic turnaround from an inflow of USD 1.383 million in March quarter and USD 1,420 million in June quarter of this year. "Accordingly, we estimate the ETF flows in the second half of this year (July-December) to be a net negative, which will be a key contributor for gold price weakness in near term," the report added. The price of gold plummeted to USD 1,174.2/oz on August 16, down 13.2 per cent from a high of USD 1,353.4/oz recorded on April 11. The ...
Ind-Ra maintains stable outlook for auto sector for rest of FY19
Ratings agency Ind-Ra today maintained stable outlook for the automobile sector for the remainder of FY'19. India Ratings and Research (Ind-Ra) however said an upward trend in interest rate and fuel prices would increase cost of ownership for end-consumers and hence curtail PV demand to a certain extent and also affect smaller CV fleet operators. Maintaining the stable outlook, Ind-Ra said it was in line with earlier expectations of moderate sales volume growth in passenger vehicle (PV), double-digit growth in commercial vehicle (CV) and steady growth in the two-wheeler segment (2W) on a year-on-year basis. "While the growth momentum in CVs is likely to continue, thanks to improved economic activity, increased infrastructure development and improved mining activities, the growth rate is likely to moderate in 2HFY19 due to a higher base," the ratings agency said in a statement. Amid several regulatory changes undergoing in the industry, CV growth would remain susceptible to clarity ...
China moves closer to launching Shanghai-London Stock Connect
BEIJING (Reuters) - China's securities regulator on Friday published draft rules for the long-awaited cross-border stock connect scheme between Shanghai and London, and encouraged firms listed in the two cities to apply for floatation on each other's exchanges.
Global Markets: Shares extend falls on Trump trade threats
LONDON (Reuters) - Global stocks fell for a second day on Friday as a report that U.S. President Donald Trump was preparing to step up a trade war with Beijing dampened risk appetite and erased some of the gains made in a rally this week.
Indian economy grows 8.2 percent in June quarter: government
NEW DELHI (Reuters) - India's economic growth surged to a more than two-year high of 8.2 percent in the three months through June from a year earlier, powered by a strong performance of manufacturing and consumer spending.
Indian economy grows at 15-quarter high of 8.2% in Q1
The Indian economy grew at 15-quarter high of 8.2 per cent in the April-June quarter of current fiscal on good show by manufacturing and farm sectors, according to the government data released today. The growth cemented India's position as the fastest growing major economy, clocking higher expansion rate than China's 6.7 in the same quarter. The gross domestic product (GDP) at constant (2011-12) prices in the first quarter of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 per cent, a Central Statistics Office statement said. According to statement, the quarterly GVA (Gross Value Added) at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated at Rs 31.63 lakh crore, as against Rs 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8 per cent over the year-ago period. The previous high quarterly GDP growth was recorded in July-September period in 2014-15 at 8.4 per cent. As per the ...
India's Q1 2018-19 GDP grows at 8.2%
An upswing in manufacturing activity accelerated India's GDP growth rate for the first quarter of 2018-19 to 8.2 per cent, official data showed here on Friday.
Eurozone unemployment falls to decade low of 8.2 pc
Unemployment across the 19-country eurozone has fallen to its lowest level since the most acute phase of the global financial crisis a decade ago. Eurostat, the European Union's statistics agency, revealed today that the unemployment rate in July was 8.2 per cent. That was unchanged from the previous month's rate, which Eurostat revised down from 8.3 per cent. The rate is now the lowest since November 2008, when unemployment was soaring in the immediate aftermath of the collapse of US investment bank Lehman Brothers, the most symbolic moment of the financial crisis. Unemployment hit a peak of 12.1 per cent in 2013 when the crisis, at least for the eurozone, morphed into a government debt crisis largely centered on Greece. Eurostat said 16.82 million people were unemployed across the eurozone in July, down 82,000 on the previous month. Though the overall decline was widespread, there are still big disparities across the region. Some countries, like Germany, are operating at what ...
Circular Trades: Sebi imposes fine of Rs 16 lakh on two individuals
Markets regulator Sebi today imposed a penalty of Rs 16 lakh on two individuals for indulging in fraudulent trading activities. In three separate but similarly worded orders, the regulator imposed a total fine of Rs 10 lakh on Sunil Purohit and Rs 6 lakh on Haresh Posnak for violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). In Purohit case, Sebi had conducted probe into the alleged irregularity in the trading in shares of Today's Writing Products Ltd (TWPL) and K Sera Sera Productions during December 2003 to February 2004 and from May to July 2005, respectively. The regulator also conducted an examination during May-July 2005 for possible violations of Sebi norms in scrips of K Sera Sera Productions by Posnak. Sebi found that the two individuals along with other entities indulged in circular and synchronised trades and thereby created increased artificial volume and entered into transaction in securities without intention of change of beneficial ownership ..
IBA elects PNB's Sunil Mehta as chairman
The Indian Banks Association (IBA) has elected Punjab National Bank's managing director and chief executive, Sunil Mehta, as the new chairman for 2018-19. The managing committee of the banking lobby has also elected Bank of India's managing director and chief executive, Dina Bandhu Mohapatra, as the deputy chairman, an official release said today. State Bank of India's chairman, Rajnish Kumar, and Federal Bank's managing director, Shyam Srinivasan, will continue as deputy chairmen of IBA, it added. Madhav Nair, country head and chief executive, Mashreqbank PSC, has been elected as the Honorary Secretary of the association for 2018-19, the IBA said.
Coca-Cola buys British coffee chain Costa for USD 5.1 billion
Coca-Cola is hoping to give itself another caffeine-fueled boost. The company said today it will buy the Costa coffee brand from British firm Whitbread for 3.9 billion pounds (USD 5.1 billion) in cash. Costa is Britain's biggest coffee company, with over 2,400 coffee shops in the UK and another 1,400 in more than 30 international markets. The deal, expected to complete in the first half of 2019, plugs a big hole in Coca-Cola's portfolio, giving it a presence in one of the few beverage markets it doesn't currently contend in. It could potentially provide stiff competition to the likes of Starbucks. "Hot beverages is one of the few remaining segments of the total beverage landscape where Coca-Cola does not have a global brand," said James Quincey, Coca-Cola President & CEO. In the year to March, Costa made an operating profit of 123 million pounds on sales of 1.29 billion. The deal represents a big return to Whitbread, which bought Costa in 1995 for 19 million pounds. Since then, ...
Jindal Stainless Group aims 15-20pc jump in topline in FY19
The Jindal Stainless Group -- Jindal Stainless Ltd and Jindal Stainless (Hisar) Ltd -- is aiming at a 15-20 per cent jump in topline in the 2018-19 fiscal, betting big on higher value-added product mix. "Stainless steel demand in India is growing at 9-10 per cent, while our growth is expected to be at 12-13 per cent. But, due to higher value-added product mix, our revenue is likely to jump by 15-20 per cent," Jindal Stainless Group Sales Head Vijay Sharma said today. The Group's turnover during the last fiscal was around Rs 20,000 crore from sales of 1.4 million tonnes of steel products. It is foraying into stainless long-products to deepen its portfolio over the next 18 months for an annual capacity of about 50,000 tonnes a year, company officials said. "Long products constitute about 20 per cent of total demand, so it is natural to expand. It is being implemented at Jindal Stainless (Hisar)," Sharma said. Jindal Stainless is also installing additional two lakh tonnes ..
Honda Signs Up Drivezy For Its 2-Wheelers in Hyd, B'luru
The country's second largest two-wheeler maker Honda Motorcycle and Scooter India (HMSI) today announced its latest business deal with Drivezy, a leading last-mile self-drive rental service. Honda's fleet of 3,000 scooters, including India's largestselling two-wheeler Activa 5G and CLIQ will now serve as newoptions for metro commuters in Bengaluru and Hyderabad, HMSIVice President (Sales and Marketing) Yadvinder Singh Guleriatold reporters here. In India, rapid urbanisation and limited public transport infrastructure is leading to increased traffic congestion incities and hence shared mobility on two-wheels is fastevolving, he said. "Scooters with universal acceptance due to their unisex appeal are the most preferred choice of customers availing shared mobility services. As a result, more and more shared mobility companies are inducting Honda scooters," he said. From initial business with 10 shared mobility players in 2014, Honda is now the first choice of over 30 shared
Smartworks pumps $20 mn in 18 co-working centres
Co-working operator Smartworks has invested USD 20 million in the last two-and-half years on setting up 18 facilities, of which 3 are underway, to tap into the rising demand for shared office space, a top company official said. The company has become profitable with its revenue rising 15 per cent month-on-month, Smartworks founder Neetish Sarda said. Founded in April 2016, Smartworks has opened 15 facilities across nine cities covering 16,000 seating capacity and 1.1 million sq ft of area. "We have opened our second centre at Chennai comprising 1,500 seats, taking the total number of centres to 15," Sarda said. Besides Chennai, the company has 3 centres in Pune, two each in Mumbai, Gurgaon and Bengaluru. In Delhi, Noida, Hyderabad and Kolkatta, it has one centre each. Smartworks will soon open three centres in Chennai, Bengaluru and Gurgaon, said co-founder Harsh Binani. The company sub-leases the space to clients who give long-term commitment and absorbs large space, he ...
Private Chinese trader delivers crude oil against Shanghai contract
BEIJING (Reuters) - Shanghai Zhida Hailan Energy Co Ltd, a private energy trader set up in May last year, is one of the companies that delivered crude oil against the Shanghai September futures contract on Friday, a company spokesman told Reuters.
Nifty September 2018 futures at premium
Turnover on NSE's F&O segment declines
FPIs turn buyers
Net inflow of Rs 1045.90 crore on 30 August 2018
India's July domestic air traffic up 18%: IATA
India's domestic air passenger traffic grew in double digits for the 47th consecutive month in July, a global airline association said on Friday.