Page 3074 - Business Finance

DoubleLine's Gundlach: Short-maturity U.S. Treasuries look attractive

NEW YORK (Reuters) - Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Tuesday that short-maturity U.S. Treasuries "look as good" relative to stocks and long-maturing bonds than they have in a long time.

U.S. bank regulator allows fintech firms to seek federal charter

WASHINGTON (Reuters) - A U.S. bank regulator said on Tuesday it would start accepting national charter applications from financial technology companies, giving so-called fintech firms a path to federal oversight for the first time.

US-China trade dispute likely to escalate, impact global growth

Trade tensions between the United States and China will likely escalate further during the rest of the year and will have a negative but manageable impact on global growth, Moody's Investors Service said in a report.Elena Duggar, Chair of Moody's Macroeconomic Board and co-author of the report said, "We expect the trade dispute between the US and China and other countries to be prolonged, with further trade measures being put in place over the rest of 2018.""Currently, we think that the trade dispute will stop short of full implementation of the most severe potential measures announced so far, including tariffs on all US automotive imports or a breakdown of NAFTA," she added.The trade dispute will have a manageable aggregate impact on global growth and inflation. However, if there is a large reaction in the financial markets or if confidence is undermined, the dispute has the potential to derail the global economy.The trade restrictions are expected to cut about 0.25 percentage points

Wall Street bounces back, led by industrials

NEW YORK (Reuters) - U.S. stocks rebounded on Tuesday, boosted by gains in industrial shares following reports of renewed trade negotiations between the United States and China.

Apple earnings beat expectations as it sells pricier iPhones

(Reuters) - Apple Inc on Tuesday posted quarterly results that topped Wall Street targets and forecast revenue in the current quarter above expectations, driven by sales of higher-priced iPhones and revenue from services like the App Store, Apple Music and iCloud.

Oil posts biggest monthly loss since 2016 as OPEC boosts output

NEW YORK (Reuters) - Oil prices fell on Tuesday, closing out the largest monthly decline in two years on supply worries after OPEC output reached a 2018 high in July, overshadowing reports that the United States and China might reopen trade talks that could boost demand.

Equities inch higher on U.S.-China talks report

NEW YORK (Reuters) - Global stock markets inched up on Tuesday helped partly by a report that the United States and China were seeking to resume talks to defuse the battle over import tariffs, while the U.S. dollar rose against the yen after the Bank of Japan said it intends to keep interest rates low.

Thyssenkrupp cuts profit guidance on cost overruns at industrial unit

FRANKFURT (Reuters) - Thyssenkrupp , the German engineering group shaken by activist investors, cut its earnings forecast late on Tuesday, citing cost overruns and sluggish orders at its plant engineering and ship building division.

Wall Street rebounds, led by industrials, tech

NEW YORK (Reuters) - U.S. stocks bounced back on Tuesday as industrial and technology stocks pulled the market higher on news of a possible easing of tariff tensions between the United States and China.

Pfizer CEO expects Trump to eliminate drug rebates

(Reuters) - Pfizer Inc Chief Executive Ian Read said on Tuesday he believes the Trump administration intends to stop the practice of allowing rebates on prescription drug purchases, suggesting that U.S. drug pricing reforms may focus on middlemen rather than drugmakers.

LS passes Insolvency Code amendment Bill

A Bill to amend the Insolvency and Bankruptcy Code (IBC), 2016, allowing home buyers to be treated as financial creditors, was passed in the Lok Sabha on Tuesday amid allegations from opposition parties that some changes were intended to "help just one industry".

Eight Core Industries Growth Clocks 6.7% In June 2018

The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stands at 129.8 in June, 2018, which was 6.7 per cent higher as compared to the index of June, 2017. Its cumulative growth during April to June, 2018-19was 5.2 per cent.

Fiscal Deficit Reported At 4.29 Lakh Crore In June Quarter

India's April-June fiscal deficit was reported at Rs 4.29 lakh crore, or 68.7% of the full-year Budget Estimate (BE) of Rs 6.24 lakh crore, Finance Ministry data showed. The deficit was at 80.8% of BE in the April-June quarter of last fiscal. April-June revenue deficit came in at Rs 3.52 lakh crore or 85% of full year estimate of Rs 4.17 lakh crore. Net tax receipts in the first quarter of 2018-19 fiscal year that ends in March 2019 were Rs. 2.37 lakh crore, government data showed.

LPG cylinder price increases in Delhi

In yet another blow to the common man, the price of subsidised cooking gas (LPG) was hiked by Rs 1.76 per cylinder following tax impact on the change in base price.In Delhi, with effect from midnight, the subsidised LPG will cost 498.02 per cylinder as against its current rate of Rs 496.26.Meanwhile, Price of non-subsidised LPG in the national capital will increase by Rs 35.50 per cylinder to Rs 789.5. This comes after the prices of the same were hiked by Rs 55.50 per cylinder in July.This hikes comes after following the higher global rates.All LPG consumers have to buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users. The amount varies every month depending on the changes in average international benchmark LPG rate and foreign exchange rate.Oil firms revise LPG price monthly based on average benchmark rate and foreign exchange rate in the previous ...

Domestic Sugar Output Estimated At 322 Lakh Tonnes In Current Season

The Sugar production during current sugar season (Oct, 17-Sep,-18) is estimated to be about 322 Lakh MT as against 202.27 lakh MT during pervious sugar season. Estimated domestic demand is about 250 Lakh MT, according to a latest official press release from Ministry of Consumer Affairs, Food & Public Distribution. The excess sugar production during the current sugar season has adversely affected the market sentiments due to which the ex-mill prices of sugar in the domestic market have fallen sharply and came down in the range of Rs 24.50 to Rs. 26 per kg in the month of May, 2018. Depressed sugar price due to excess sugar production during current sugar season 2017-18 has adversely affected the financial health of sugar mills resulting accumulation of cane price arrears which peaked at Rs. 14538 cr on FRP basis and Rs. 23232 cr on State Advised Price (SAP) basis in the last week of May, 2018. As a result of various measures taken by the Government, the cane price arrears for the ..

Delhi airport to allocate non-scheduled flight slots online

The Delhi International Airport Ltd (DIAL) on Tuesday said it has introduced an online system for requesting slots for general aviation (GA) aircraft operators at the Indira Gandhi International (IGI) Airport here.

Lok Sabha passes Insolvency and Bankruptcy Code amendment bill

The Lok Sabha on Tuesday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018.Last month, President Ram Nath Kovind gave his assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, providing significant relief to home buyers by recognising their status as financial creditors.Speaking on the same, the Ministry of Corporate Affairs Secretary Injeti Srinivas told ANI "Home buyers will be recognised as financial creditors now and will be a part of the decision-making process. Their voting share will increase as per their exposure and bargaining power will increase."It will also enable home buyers to invoke Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against errant developers.The immediate benefit it provides is that it does not disqualify the promoter to bid for his enterprise undergoing the Corporate Insolvency Resolution Process (CIRP) provided the person is not a willful defaulter and does not attract other disqualifications.

Sebi fines individual in SKS Logistics case

Markets regulator Sebi today imposed a Rs 3.5 lakh penalty on an individual for fraud trading in the shares of SKS Logistics. The Securities and Exchange Board of India (Sebi) had conducted an investigation in the scrip of the company during the period June 2004 to October 2004. In an order, the regulator said that Sunil Purohit along with certain other entities "has created artificial volume in the market by executing synchronised trades and circular trades thereby created false and misleading appearance on the market and entered transaction in securities (of SKS Logistics) without intention of performing it or without intention of change of ownership of such shares". Purohit has violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, Sebi said. In September 2004, Sunil Purohit sold 3,000 shares at Rs 37.25 to S P J Stock Broker Pvt Limited and same 3,000 shares were circulated among the Purohit, PJ Chaudhary and SP J Stock ...

China will strive to hit growth target despite trade tensions with U.S.

BEIJING (Reuters) - China will keep its economic growth within a reasonable range and achieve this year's target despite challenges, the state-run Xinhua news agency said on Tuesday as a trade war with the United States intensifies.

Banks say UK finance exports underscore need for good Brexit deal

LONDON (Reuters) - Britain's exports of financial services to the European Union hit a record high last year, highlighting the need for the City to preserve access to the bloc after Brexit, industry officials said on Tuesday.