Page 2978 - Business Finance
RBI will need to tighten monetary policy to counter inflation: IMF
NEW DELHI (Reuters) - The Reserve Bank of India (RBI) will need to gradually tighten monetary policy further due to rising inflation, driven mainly by higher oil prices and a falling rupee, the International Monetary Fund said on Wednesday.
Snapchat's daily user count slips to 188 mn
Snapchat's daily active users number shrank 1.5 per cent to 188 million in the second quarter of 2018 -- down from 191 million in the last quarter, its parent company Snap has said.
Chinese media warns against 'wantonly' rising tariffs in U.S. trade war
BEIJING (Reuters) - Certain people who want to wield the "stick of hegemony" on China with tariffs for their own personal ends will only end up hurting themselves, major Chinese state newspapers said on Wednesday in a unified message against the United States.
China's July exports rise more than expected despite U.S. tariffs
BEIJING (Reuters) - China's exports growth unexpectedly accelerated in July despite fresh U.S. tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets.
Oil prices steady on falling U.S. crude stocks, Iran sanctions
SINGAPORE (Reuters) - Oil prices held steady on Wednesday, supported by a report of rising U.S. crude inventories as well as the introduction of sanctions against Iran.
Patel Engineering spurts after bagging orders
Patel Engineering rose 13.71% to Rs 49.75 at 9:51 IST on BSE after the company announced that it bagged two hydro projects worth Rs 1793.50 crore and a tunnel project worth Rs 618.21 crore.
Equity indices open flat; metal stocks rise
The key Indian equity indices traded on a flat-to-positive note on Wednesday morning.
Market slightly higher in early trade
Volatility struck bourses in early trade as the key benchmark indices trimmed almost entire gains after a positive opening. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 15.11 points or 0.04% at 37,680.91. The Nifty 50 index was up 2.80 points or 0.02% at 11,392.25.
Global Markets: Asian shares rise for fourth day on earnings, China stimulus hopes
TOKYO (Reuters) - Asian shares extended their recovery into a fourth day on Wednesday, buoyed by strong U.S. earnings and expectations that Beijing will ramp up fiscal stimulus to cushion the impact of its worsening trade dispute with Washington.
BOJ board disagreed on new tolerance for yield moves at last meeting
TOKYO (Reuters) - Bank of Japan board members disagreed on how far interest rates should be allowed to move from the central bank's target when they crafted steps to make monetary stimulus more sustainable, a summary of opinions from the last rate review showed.
Trump hosts Nooyi, Banga among top corporate leaders for dinner at private golf course
PepsiCo's outgoing CEO Indra Nooyi and MasterCard's chief executive Ajay Banga were among a small group of top corporate leaders hosted by US President Donald Trump for a dinner at his private golf club in New Jersey to hear their perspective on the state of the country's economy. The White House had said in a statement that the dinne is an "opportunity for the President to hear how the economy is doing from their perspective and what their priorities and thoughts are for the year ahead." Nooyi and Banga were accompanied by their spouses Raj Nooyi and Ritu Banga, according to an updated list of attendees provided by the White House. Among the 15 prominent business leaders attending the dinner hosted by Trump yesterday were Fiat Chrysler CEO Michael Manley, FedEx president and CEO Fredrick Smith and Boeing's chief executive officer Dennis Muilenburg. Trump's wife Melania Trump, daughter Ivanka Trump and her husband Jared Kushner also attended the dinner. According to a White House pool
Rupee spurts 6 paise against US dollar
The rupee rose by 6 paise to 68.62 against the dollar in early trade today as the US currency softened against China's yuan and the euro amid sustained foreign fund inflows. Increased selling of the greenback by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said. Yesterday, the rupee had staged an impressive rebound from a two-week low to end higher by 20 paise at 68.68 against the US currency on fresh bouts of dollar selling by exporters and banks. Meanwhile, the benchmark BSE Sensex rose by 110.06 points, or 0.29 per cent, to trade at 37,775.86 in early trade. Foreign portfolio investors (FPIs) bought shares worth Rs 314.83 crore yesterday, as per provisional data.
MphasiS in focus after board OKs buyback
MphasiS announced that its board approved a proposal for buyback of equity shares from all the existing shareholders of the company on a proportionate basis through the tender offer method at a maximum price of Rs 1350 per equity share, aggregating to an amount not exceeding Rs 988.27 crore. The resultant shares to be bought back with the maximum price is 73,20,555 equity shares of Rs 10 each (representing 3.79% of the total paid up equity share capital of the company). The buyback offer size of Rs 988.27 crore, is 25% of the total paid-up equity capital and free reserves of the company as per the audited financials as at 30 June 2018. The board also recorded the intentions of the promoter to participate in the proposed buyback. The announcement was made after market hours yesterday, 7 August 2018.
A flat opening on the cards
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 2 points at the opening bell.
State-owned China Tower starts trading in Hong Kong
State-owned China Tower -- the world's largest operator of telecommunications towers -- kicked off its trading debut in Hong Kong today in the latest high-profile listing in the city. Shares were at HK$1.27 (USD 0.16) in the first few minutes, slightly up on their IPO price of HK$1.26. China Tower is the world's largest IPO since Postal Savings Bank of China's USD 7.6 billion offering in 2016, according to data compiled by Bloomberg. But although Hong Kong's recent listings have grabbed headlines, investor confidence has been overshadowed by US-China trade tensions and falling global markets. China Tower raised USD 6.9 billion after pricing its initial public offering at the low end of the expected range. The Beijing-based telecoms giant is the second prominent company to price at the low end recently, following Chinese smartphone maker Xiaomi's disappointing valuation in July. Some observers say investors may see China Tower as a safe bet on the country's mobile market because of its
Toshiba posts record quarterly profit on chip unit sale, beats estimates
TOKYO (Reuters) - Japan's Toshiba Corp reported a record quarterly net profit on Wednesday, thanks to the $18 billion sale of its flash memory chip business earlier this year to a consortium led by U.S. private equity firm Bain Capital.
China Tower in muted Hong Kong debut for world's largest IPO in two years
HONG KONG (Reuters) - China Tower Corp Ltd's shares were little changed on their debut in Hong Kong on Wednesday, with escalating Sino-U.S. trade tensions weighing on investor sentiment towards the world's biggest initial public offering (IPO) in two years.
Musk wants Tesla to go private at $420 per share
In a surprise move, Elon Musk has announced to take his electric car maker company Tesla private at $420 per share.
Going private is the best path forward, says Elon Musk
Tesla boss Elon Musk is considering taking the electric-car firm private, a move he claimed was the "best path forward" for the company.
Former Argentina vice president convicted in corruption case
An Argentine court has sentenced former Vice President Amado Boudou to five years and seven months in prison for corruption in connection with the purchase of a currency-printing firm.