Page 3279 - Business Finance

SpiceJet to enter into major business partnerships with two US companies: CMD Ajay Singh

Low-cost carrier SpiceJet is considering entering into major business partnerships with two American companies, including an international airline, and diversifying its activities beyond aviation, its chairman and managing director Ajay Singh has said. Acknowledging that aviation is a "fairly high-risk enterprise", the airline's chief said, "We must hedge ourselves from the risk of being in a pure aviation business and find the businesses which are connected to aviation, which would be a little more insulated from the high cost of fuel and so on. "So, we are looking at some new areas. We will be making announcements at the appropriate time. We believe that there are significant strategic partnerships that we can enter into and we will be announcing them soon," Singh told reporters on the sidelines of the Annual Leadership Summit of US-India Strategic and Partnership Summit (USISPF) here yesterday. He said SpiceJet is exploring an alliance with a major international carrier and also ...

China's June exports jump, surplus with U.S. at record high

BEIJING (Reuters) - China's exports unexpectedly accelerated in June and its trade surplus with the United States hit a record high in a positive sign for the economy, though the overall result looks set to keep a bitter trade dispute with Washington on the boil for a while longer.

Global Markets: Asian shares extend rebound but trade fears dog China stocks

SHANGHAI (Reuters) - Most Asian share markets rose on Friday, heartened by gains on Wall Street fueled by expectations of strong U.S. earnings, but China's markets wobbled as investors braced for the impact of broadening, tit-for-tat Chinese-U.S tariffs.

Oil edges lower, set for big weekly decline

TOKYO (Reuters) - Oil prices edged lower on Friday and were set for a second weekly fall, as the market shrugged off a warning that spare capacity may be stretched as OPEC and Russia increase production.

HCL Tech in spotlight after board clears buyback plan

HCL Technologies said its board approved buyback of up to 3.64 crore shares (2.61% stake) worth Rs 4000 crore at Rs 1,100 each. The announcement was made after market hours yesterday, 12 July 2018.

Board of Fortis Healthcare approves binding investment proposal from IHH Healthcare Berhad

At meeting held on 13 July 2018

India's growth at risk if Modi is not re-elected: John Chambers

India's "impressive development and inclusive growth" stand at risk if Prime Minister Narendra Modi does not get a chance to lead the country after the next year's parliamentary elections, a top US industrialist has said. John Chambers, a former executive chairman and CEO of CISCO Systems told a group of Indian reporters told India has a chance to be the strongest growth-inclusive country in the world. "To do that takes at least a decade to put in place. I think your prime minister Modi has to capability of doing it. I think he has the country headed in the right way," he said. "I think it would be a major risk not to give him a chance to finish that vision," Chambers said yesterday on the sidelines of the inaugural Annual Leadership Summit of the US India Strategic and Partnership Forum (USISPF) here of which he is the chairman. He was responding to a question what if Modi is not re-elected in the 2019 elections. "He (Modi) is courageous. He wakes up every day thinking about your ...

Singapore second-quarter GDP growth slows as trade tensions cloud outlook

SINGAPORE (Reuters) - Singapore's economic growth eased in the second quarter and missed forecasts, preliminary data showed on Friday, as manufacturing activity cooled and worsening U.S.-China trade tensions clouded the outlook for the trade-reliant city-state.

Fortis accepts $584 million stake deal from Malaysia's IHH Healthcare

MUMBAI (Reuters) - Fortis Healthcare Ltd said on Friday it accepted an investment offer from Malaysia's IHH Healthcare Bhd, capping a months-long bidding war for control of the firm that drew interest from domestic and international suitors.

Aus govt releases report to boost economic ties with India

The Australian government has released an India Economic strategy report recommending to lift New Delhi into its top three export markets and make it the third largest destination in Asia for its outward investment. The report titled 'An India Economic Strategy to 2035' -- authored by former Australian high commissioner to India Peter Varghese -- was welcomed by Australian Prime Minister Malcolm Turnbull yesterday. The report said it would see Australian exports to India grow from AUD 14.9 billion in 2017 to around AUD 45 billion in the next 20 year, and outward Australian investment to India rise from AUD 10.3 billion to over the AUD 100-billion mark, reflecting a transformational expansion of the relationship. It noted that the opportunities however would not fall into its lap and that the government would require a sharper national focus on India, an unambiguous commitment by Australian business and a deeper understanding by both government and business of the magnitude of what is .

IHH Healthcare wins race for Fortis, to invest Rs 4,000 cr

After months of searching for an investor, cash-strapped Fortis Healthcare today said its board has unanimously accepted a binding offer from Malaysia's IHH Healthcare Berhad to invest Rs 4,000 crore in it by way of preferential allotment at Rs 170 per share. On July 3, the company received two binding proposals from IHH and TPG-Manipal consortium but Munjals-Burmans combines, which had earlier become the preferred bidder, and Radiant Life Care had backed out. In a statement, Fortis said under the accepted offer, IHH would infuse Rs 4,000 crore through subscription to the preferential allotment at a price of Rs 170 per share. The Malaysian firm will then make a mandatory open offer to public shareholders for 26 per cent of the outstanding shares post issuance. The "proposal provides for refinance of debt to the extent of Rs 2,500 crore", the company said, adding funds infused would be used towards completion of acquisition of assets of RHT, SRL private equity minority shareholders and

Oil edges lower, set for big weekly decine

TOKYO (Reuters) - Oil prices edged lower on Friday and were set for a second weekly fall, as the market shrugged off a warning that spare capacity may be stretched as OPEC and Russia increase production.

CCI gives nod to Vishal Mega Marts deal by Kedaara Capital, Partners Group

The deal to acquire the retail value chain was announced in May

Brent oil rises on concerns about spare capacity

NEW YORK (Reuters) - Brent crude strengthened late on Thursday, recouping some of its losses from the previous session, as market focus returned to concerns about spare capacity following a warning from the International Energy Agency (IEA).

Global Markets: Asian shares extend recovery on Wall Street gains

SHANGHAI (Reuters) - Asian shares were higher on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather.

EU unconditionally approves Ryanair purchase of LaudaMotion

BRUSSELS (Reuters) - The European Commission said on Thursday that it had approved Ryanair's planned acquisition of LaudaMotion without conditions.

Asian shares extend recovery on Wall Street gains

SHANGHAI (Reuters) - Asian shares were higher on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather.

Broadcom loses $19 billion in market value after bid to buy CA

(Reuters) - Chipmaker Broadcom Inc's surprise bid to buy software company CA Inc for $18.9 billion wiped off the same amount from its market value on Thursday, with investors and analysts struggling to find a clear reason for the deal.

Beef, eggs, animal feed fatten Cargill's profits

CHICAGO (Reuters) - Strong global demand for beef and animal feed fattened grain trader Cargill Inc's [CARG.UL] profits in fiscal year 2018, which were also boosted by trade tensions and South American weather woes, the company said on Thursday.

Corrected - Broadcom loses $19 billion in market value after bid to buy CA

(Reuters) - (Corrects Emulex item in graphic)