Page 3255 - Business Finance

IMF slashes India's growth prediction to 7.3% for 2018

The International Monetary Fund on Monday slashed India's growth rate prediction to 7.3 percent for 2018 and 7.5 percent for 2019.In its latest World Economic Outlook (WEO), the IMF noted that the reduction in growth predictions was due to the negative impact of the recent hike in oil prices, coupled with a modification of the monetary policy due to soaring inflation rates."The projection is 0.1 and 0.3 percentage points lower for 2018 and 2019, respectively, than in the April WEO, reflecting negative effects of higher oil prices on domestic demand and faster than-anticipated monetary policy tightening due to higher expected inflation," it said.In April this year, the IMF said that it expects India to re-emerge as one of the fastest growing major economies in the 2018 - 2019 period, projecting the country's growth rate at 7.4 percent in 2018.Further, the international financial organisation forecasted a rate of growth of 7.8 percent for 2019.It explained that the increase is mainly ...

Oil falls 4 percent to three-month low as supply outage concerns ease

NEW YORK (Reuters) - Oil prices slumped 4 percent on Monday, with Brent reaching a three-month low, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers.

M&A deals increase in H1 2018 to 235, worth over $65 bn: Report

Mergers and Acquisitions (M&A) in the country increased to 235 deals during the first half (H1) of 2018 from 198 deals reported for the corresponding period of last year, a report showed on Monday.

BofA profit beats on consumer loan growth, lower expenses

(Reuters) - Bank of America Corp reported quarterly profit above analyst expectations on Friday as the second-largest U.S. lender cut expenses and benefited from growth in loans and deposits on the back of a strengthening economy.

India's passenger aircraft fleet will double to 1,100 by 2027: Study

International aircraft leasing company Avolon has forecasted that Indias current passenger jet fleet will double to almost 1,100 by 2027.

BEML, L&T to tap export market for defence products

State-run Bharat Earth Movers Ltd (BEML) and Indian multinational Larson & Toubro Ltd (L&T) on Monday signed an agreement to jointly explore export markets for defence products and systems.

Thyssenkrupp faces leadership turmoil as chairman quits

FRANKFURT (Reuters) - The chairman of embattled German industrial group Thyssenkrupp resigned on Monday, following the company's chief executive out the door under pressure from activist shareholders pushing for radical restructuring of the group.

Wall Street flat as oil slump offsets earnings optimism

(Reuters) - Wall Street was mostly flat on Monday as a slump in oil prices dragged energy shares lower, offsetting a jump in financial stocks after Bank of America's strong results reinforced expectations of earnings growth for U.S. companies.

Global Markets: Oil prices sink, keeping stocks in check; banks gain

NEW YORK (Reuters) - Oil prices dropped 3 percent on Monday, putting pressure on energy shares and keeping global stock markets in check, although financial shares rallied after upbeat news from Bank of America and Deutsche Bank.

NuMetal: NCLAT asks Rewant to file affidavit over his association with Ravi Ruia

The NCLAT today asked Aurora Enterprises promotor Rewant Ruia to file an affidavit stating that he has no business with Ravi Ruia in the affairs of Numetal, which is in race to acquire debt ridden Essar Steel. National Company Law Appellate Tribunal also declined to allow the requests of Committee of Creditors (COC) of Essar Steel to open the second round of bids. A two member bench of the appellate tribunal headed by Chairman Justice S J Mukhopadhaya asked to file a submission over the relationship between Rewant Ruia and Ravi Ruia. Besides, Russia's VTB Capital-backed Numetal Ltd alleged that rival ArcelorMittal India is not eligible to bid for Essar Steel under the IBC as it was shown as promotor of defaulting company Uttam Galva till March by leading bourses, almost a month after submission of its bids. Senior advocate Mukul Rohatgi appearing for Numetal submitted that although ArcelorMittal has disposed of share before submitting its resolution plan in February, but it was a ...

India invites investments from Omani companies

The Indian government on Monday invited Omani companies to invest in India and benefit from Make in India programme aimed to encourage manufacturing, an official statement said.

Sebi orders attachment of 2 properties of Sunshine Global Agro

Markets regulator Sebi has ordered attachment of two properties of Sunshine Global Agro Ltd and its directors to recover an amount of Rs 21.49 crore in a case related to illegal fund raising. Among the two properties, one is located in Bihar and other in West Bengal, according to a Sebi order dated July 13. Sebi also prohibited persons concerned from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties, which stands attached in execution of recovery certificate. In October 2016, the Securities and Exchange Board of India(Sebi) had ordered attachment of bank and demat accounts of the company and its directors after it found that the firm was running Collective Investment Schemes(CIS) without obtaining necessary approvals from the regulator. Sunshine Global Agro (formerly known as Sunshine Forestry Private Limited) was mobilising funds under its schemes of sale of Jatropha Bush Group and sale of plant/trees which was in nature of ...

HUL to go for "judicious" hike to ward off inflation

FMCG major HUL today said increasing crude prices and a weak rupee will impact the input cost and the firm may go for a "judicious pricing" without loosing its competitiveness. Rising crude prices has higher impact on the home care category of the company, which consists of laundry and other cleaning products, said said HUL Chief Financial Officer Srinivas Phatak in post earning calls. "In the first place, we have not seen inflation across all categories. Having said that with crude moving up, with currency under pressure, we expect to see a bit more impact forward," he said. However, Phatak further added: "As the pricing is concerned, there are multiple levers at play. We get a benefit of mix, get benefit of savings, after all where required we would take judicious pricing, which is measured without loosing our competitiveness". On being asked whether the GST related taxation issues with the government over, Phatak said that there are few elements which are still under ...

Pakistani stocks nosedive after rupee slides against USD

The Pakistan Stock Exchange (PSX) fell sharply on Monday as investors resorted to panic selling after Pakistani rupee slumped to a record low against the US dollar in the money market, fanning concerns over the health of the country's economy.

Nifty settles below 11,000-mark as pharma, metal stocks fall

NSE benchmark Nifty ended below the 11,000-level at 10,936.85 on broad based selling led by healthCare, metal, realty, PSU bank, media, auto and energy stocks on the back of subdued global peers and rising inflation hurting sentiment. Resuming flat, the market turned volatile and traded negative and in range till afternoon, caution ruled hit by country's widening trade deficit, rise in WPI inflation and sustained capital outflows from Indian equities, while weak global cues triggered selling pressure in most of the sectors as key indices ended with steep losses. Overseas, most markets in Asia declined after mixed economic data out of China spurred selling. Market in Japan was shut for a holiday. European stocks were trading mixed in early deals. The broader midcap and smallcap shares also saw substantial losses. The 50-share NSE Nifty ended below 11,000-level at 10,936.85, losing 82.05 points, or 0.74 per cent. It moved between 10,926.25 and a high of 11,019.50. Sector-wise, Pharma ...

S&P 500 dips as weak oil prices offset earnings optimism

(Reuters) - The benchmark S&P 500 index was marginally lower on Monday as a sharp drop in crude oil prices weighed on the energy stocks and offset a rebound in financials after Bank of America's strong results reinforced expectations of a strong earnings season.

IMF projects 7.3, 7.5 pc growth rate for India in 2018, 2019

The IMF today forecast a growth rate of 7.3 per cent in 2018 and 7.5 per cent in 2019 for India, which was down by 0.1 per cent and 0.3 per cent respectively than its April projections. "India's growth rate is expected to rise from 6.7 per cent in 2017 to 7.3 per cent in 2018 and 7.5 per cent in 2019, as drags from the currency exchange initiative (demonetisation) and the introduction of the goods and services tax fade," said the International Monetary Fund's latest World Economic Outlook (WEO) update. "The projection is 0.1 and 0.3 percentage points lower for 2018 and 2019, respectively, than in the April WEO, reflecting negative effects of higher oil prices on domestic demand and faster than-anticipated monetary policy tightening due to higher expected inflation," it said. Despite this slight downgrade in its projections, India continues to outperform China, IMF's WEO update figures reflect. "Growth in China is projected to moderate from 6.9 per cent in 2017 to 6.6 per cent in 2018 .

Agri dept meets makers of crop residue management machinery

The agriculture department of Punjab today held a meeting with manufacturers of crop residue management machinery to ensure quality of equipment to be provided under a central scheme to tackle farm waste burning, a release said. Around 165 manufacturers from Punjab and 100 from Haryana, Uttar Pradesh and other states participated in the meeting. Under the central scheme, 'Promotion of Agricultural Mechanization for In situ Management of Crop Residue', Punjab will get Rs 665 crore in two years on 100 per cent grant-in-aid basis to tackle crop residue burning. Already an amount of Rs 269.38 crore had been received as first installment for 2017-18, out of which money would be spent on procurement of equipment on subsidy basis at the rate of 50 per cent for individual farmers and at the rate of 80 per cent for farmer groups. The state government received a large number of applications in the first phase for equipment like happy seeders, paddy straw choppers/mulchers. As many as 7,436 ...

Corrected: BofA profit beats on consumer loan growth, lower expenses

(Corrects to say Moynihan is into his ninth year as CEO, not seventh, in paragraph 7)

IMF cuts India's growth projection, but it still retains world's top spot

The International Monetary Fund (IMF) cut India's growth projections for this fiscal year to 7.3 per cent and for the next to 7.5 per cent on Monday, although the country will still retain its top spot in the global growth league.