Page 3337 - Business Finance
Gold slips, but on track for gains this week on softer dollar
LONDON (Reuters) - Gold slipped on Friday ahead of key U.S. payrolls data and as global equities stood firm, though the precious metal was on course for slight gains for the week as the dollar drifts lower amid escalating Sino-U.S. trade tensions.
Equity indices close in green; auto stocks rise
The key Indian equity indices provisionally closed in the green on Friday tracking broadly positive global markets.
Ford slides deeper into China rut after worst ever H1 vehicle sales
BEIJING (Reuters) - Ford Motor's China slump intensified, with vehicle sales tumbling 38 percent in June and the automaker recording its worst ever first-half, as buyers shunned its ageing models that are awaiting overhauls and flocked to rivals.
Vegoils: Palm oil hits nearly two-week low on higher production outlook
KUALA LUMPUR (Reuters) - Malaysian palm oil futures fell to their lowest in nearly two weeks on Friday evening, marking a fourth session of declines, on expectations of higher production this month.
German industry output bounces back in May
BERLIN (Reuters) - German industrial output bounced back in May, data showed on Friday, suggesting that factories in Europe's largest economy are gathering steam again after a weak start of the year.
Thyssenkrupp shares jump after CEO offers to quit
DUESSELDORF/FRANKFURT (Reuters) - Shares in Thyssenkrupp jumped on Friday after Chief Executive Heinrich Hiesinger unexpectedly offered to step down, clearing the way for a radical restructuring of the group.
Ford India recalls 5,397 units of EcoSport to fix faulty parts
Ford India today said it is recalling 5,397 units of its popular sports utility vehicle EcoSport to rectify faulty front lower control arm and driver and front passenger seat recliner locks. EcoSport produced at the company's Chennai plant between May 2017 and June 2017 numbering 4,379 units are being inspected for weld integrity of the front lower control arm, the company said in a statement. "The weld strength on some of these vehicles may be below Ford specifications, which in rare cases, can potentially affect steering control," it added. A control arm set connects the front suspension of the vehicle to its frame. The company said it is also writing to owners of 1,018 EcoSport vehicles, manufactured between November 2017 and December 2017, to inspect their cars for driver and front passenger seat recliner locks. The voluntary inspections are in line with the company's commitment to deliver world-class quality vehicles to its customers, Ford India said.
Nifty July futures at small premium
Turnover on NSE's F&O segment slips
Oilmeals export up 9% in June quarter says SEA
As per the latest data compiled by Solvent Extractors' Association of India, the export of oilmeals during June 2018, provisionally reported at 166,833 tons compared to 251,124 tons in June 2017. The overall export during April to June 2018 is reported at 654,774 tons compared to 599,346 tons during the same period of last year i.e. up by 9%. The export of rapeseed meal is sharply increased to nearly 135,000 tons (90%), in first three months, mainly exported to South Korea and Thailand.
Indiabulls Real Estate to sell office property in Chennai to Blackstone for Rs 850cr
Indiabulls Real Estate (IBREL) today announced sale of its office project in Chennai to global investor Blackstone for Rs 850 crore as part of its strategy to monetise commercial asset. The company had in March this year sold 50 per cent stake in two prime commercial properties in Mumbai to Blackstone for Rs 4,750 crore. In a filing to BSE, IBREL informed that a committee, constituted by the board, has authorised execution of definitive transaction documents with Blackstone group firms for divestment of its 100 per cent stake in its commercial assets at Ambattur, Chennai. The deal will fetch a "gross value of approximately Rs 850 crore", the company said, adding that this asset was non-core. The transaction is expected to be completed in tranches by September 30, 2019. The Chennai project 'One Indiabulls Park' is already complete with 1.9 million sq ft office space commanding an annual annuity revenue of Rs 85 crore. The shareholders had given approval for re-organisation of its ...
Malaysian PM Mahathir to discuss China mega-projects on August visit
Malaysian Prime Minister Mahathir Mohamad today said he is set to visit China next month to discuss "unfair" terms for several big projects signed by his scandal-tainted predecessor Najib Razak. Mahathir, 92, a tough-talking political veteran, said he will also bring up the high interest rates levied on Chinese loans used to finance the projects. Malaysia's previous government under Najib had cultivated warm ties with China and signed a string of deals for Beijing-funded projects. But critics say many agreements lacked transparency, fuelling suspicion they were struck in exchange for help in paying off debts from a financial scandal that engulfed the state fund 1MDB which ultimately helped bring down Najib's regime. Mahathir has ordered a review of mega-projects signed by Najib during his nine-year term in a bid to cut the country's national debt, estimated at $250 billion, and other liabilities. Malaysia yesterday announced the suspension of three of its largest China-backed projects
PNB invites bids to sell 3 NPA accounts to recover over Rs 136cr
Punjab National Bank (PNB) has put on sale three non-performing assets to recover Rs 136 crore dues from the borrowers. "We intend to place these accounts for sale to ARCs/ NBFCs/other banks/FIs on the terms and conditions stipulated in the bank's policy, in line with the regulatory guidelines," PNB said in the invite for expression. The three non-performing accounts (NPAs) or bad loans that have been put on sale are Gwalior Jhansi Expressways with an outstanding of Rs 55 crore; SVS Buildcon Pvt Ltd Rs 50 crore and Shiva Texfabs Ltd Rs 31.06 crore. The process of e-bidding for the sale of these accounts will happen on July 20 (rpt) 20, 2018, the bank said. All the public sector lenders (PSBs), who account for the highest amount of bad loans of the banking industry, have stepped up measures to recover dues from bad assets. The NPA in the banking sector stood at Rs 8.31 lakh crore as of December 2017. Apart from referring potential NPA cases to the Insolvency and Bankturty Code (IBC), ..
Sensex, Nifty end higher; Reliance Industries boosts
(Reuters) - Indian shares ended higher on Friday, posting their sixth weekly gain in seven, while sentiment across the globe improved as investors calmly absorbed the imposition of tariffs by the United States and China.
Industrial oils climb on persistent demand
Castor seed bold and castor oil commercial climbed at the Vashi oils and oilseeds wholesale market here today following persistent demand from soaps and shippers industries. While, groundnut oil declined owing to poor offtake from stockists and retailers. Meanwhile, refined palmolein and linseed oil ruled steady in the absence of any worthwhile buying activity. In the non-edible section, castor seed bold surged by Rs 110 per 100 kg to Rs 4,310 from Thursday's closing level of Rs 4,200 and castor oil commercial rose by Rs 22 per 10 kg to Rs 892 as against Rs 870, respectively. Linseed oil ended unaltered to Rs 820 per 10 kg. Moving to the edibles segment, groundnut oil fell by Rs 20 per 10 kg to Rs 820 as compared to Rs 840 yesterday and refined palmolein closed unchanged at Rs 698 per 10 kg.
Sensex rises 83 pts in see-saw trade
The Sensex rebounded over 83 points to close at 35,657.86 in volatile trade today, led by gains in auto, realty, capital goods and energy stocks. Markets benefited from bargain-hunting in recently battered stocks amid mixed global cues, brokers said. Asian markets ended higher even as investors monitored developments on the trade front in the aftermath of tit-for-tat tariffs by the US and China. The 30-share Sensex, after a negative opening, slipped to the day's low of 35,532.21, but staged a strong comeback in the later part of the session to hit a high of 35,799.71. It finally finished 83.31 points, or 0.23 per cent higher at 35,657.86. The NSE Nifty, after shuttling between 10,735.05 and 10,816.35, ended at 10,772.65, up 22.90 points, or 0.21 per cent. Both the Sensex and Nifty posted weekly gains, rising 234.38 points, or 0.66 per cent, and 58.35 points, or 0.54 per cent, respectively. Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 159.37 crore on net basis, ...
Analysis: Curbs on Chinese investment could hit Detroit and Silicon Valley
DETROIT (Reuters) - U.S. President Donald Trump's threat to block Chinese investment in U.S. companies could be trouble for a number of American automotive and technology companies using Chinese funds to develop electric and self-driving cars and related services, from Tesla Inc to dozens of Silicon Valley startups.
HTC's June sales slump 68 percent, biggest drop in over two years
TAIPEI (Reuters) - Taiwanese smartphone maker HTC Corp said its sales fell nearly 68 percent in June, its biggest slump in more than two years, as the struggling firm continues to lose customers amid intensifying competition with nimbler manufacturing rivals.
Career guide for 'average' employees
A new book authored by Rishi Piparaiya, who has spent over 15 years as a manager and senior executive in multinational corporations, attempts to chronicle some crucial mantras for average employees struggling to find their feet.
Dr.Reddys bullish about better sales in Europe in FY19
Dr Reddys Laboratories today expressed hope of higher sales this year in Europe, a key market, as it has overcome some of the regulatory issues that had hit its performance in the last quarter of FY18. The drug maker also said it wants to have a strong pipeline of difficult-to-manufacture complex formulations that address key therapeutic needs to counter the pricing pressures in the USA as it is difficult to predict how long these trends will last. There was also a regulatory hiccup when the Federal Institute for Drugs and Medical Devices (BfArM) of Germany audited" Dr Reddy's formulation unit 2 at Bachupally here, the company said in its latest annual report. This resulted in the good manufacturing practices (GMP) compliance certificate not being renewed in August, 2017. Corrective work was immediately undertaken. After a follow-up audit, the GMP non-compliance status was withdrawn in January, 2018. However, stoppage in sale to Europe for four months led to lesser ...
Market settles with small gains
Key indices ended the volatile session with small gains. The barometer index, the S&P BSE Sensex, rose 71.58 points or 0.20% to 35,646.13, as per the provisional closing data. The Nifty 50 index rose 22.50 points or 0.17% to 10,772.25, as per the provisional closing data.