Page 3459 - Business Finance

Energy stocks gain on oil boost; Dow set to snap losing skid

NEW YORK (Reuters) - The S&P 500 and Dow Jones Industrial Average advanced on Friday, with the Dow poised to end an eight-day losing streak, as a jump in oil prices lifted energy stocks, but losses in technology stocks kept the Nasdaq in check.

Air India unveils revamp plan after privatisation setback

NEW DELHI (Reuters) - State-run Air India will revamp its business and first class cabins on international flights to try to boost revenues by wooing more high-paying passengers, a top company official said on Friday, days after a plan to privatise the ailing airline was called off.

RITES initial public offer oversubscribed 67 times

The initial public offering (IPO) of railways consultancy firm RITES closed on Friday with the issue getting subscribed more than 67 times, stock exchange data showed.

OPEC to increase oil production

The members of the Organization of the Petroleum Exporting Countries (OPEC) on Friday agreed to jointly increase oil production, which is estimated to be about one million barrels a day.The deal, which came after a week of tense negotiation, was announced at a press conference in Vienna and is aimed at easing fears of a global supply crunch, reported CNN Money.The group would increase its output to the maximum allowed under the terms of a production agreement struck in 2016, the report quoted the current head of OPEC and energy minister of the United Arab Emirates (UAE) Suhail Mohammed Faraj Al Mazrouei, as saying.Saudi Arabia, OPEC's de facto leader, and a major American ally has pushed for a change in course.It is scheduled to meet with Russia and several other producers on Saturday to discuss their role in easing production limits.US President Donald Trump zeroed in on the decision of the major oil-producing countries."Hope OPEC will increase output substantially. Need to keep ...

OPEC agrees modest hike in oil supply after Saudi and Iran compromise

VIENNA (Reuters) - OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.

Exclusive: Terra Firma approaches IWG about joining bid battle for offices firm - sources

LONDON (Reuters) - Private equity firm Terra Firma has approached IWG about a possible bid for the $3.8 billion London-listed serviced office provider and entering a takeover battle for the company, according to two people with knowledge of the matter.

ED seeks fugitive offender tag for Mallya

The Enforcement Directorate (ED) on Friday moved a special court to declare the now defunct Kingfisher Airlines' chief Vijay Mallya a "fugitive economic offender" and confiscate all his properties.

Dow set to snap eight-day losing run as oil climbs

(Reuters) - U.S. stocks rose on Friday with the Dow Jones Industrial Average looking to snap its 8-day losing streak, powered by a surge in oil prices, but losses in technology stocks curbed some gains.

Hope OPEC will increase output to keep oil prices down: Trump

US President Donald Trump today expressed hope that petroleum exporting countries will increase the oil production substantially to keep its prices down. The Organization of Petroleum Exporting Countries (OPEC), at its meeting in Vienna today, agreed to increase the production of crude oil by 1 million barrels per day. The move is likely to keep the global oil prices under control, which has seen an increase in recent months. "Hope OPEC will increase output substantially. Need to keep prices down!" Trump tweeted, after OPEC agreed to increase their production. Based out of Vienna, OPEC is an intergovernmental organization of 14 crude oil producing nations which collectively account for an estimated 44 per cent of global oil production and 73 per cent of the world's "proven" oil reserves. As a result, OPEC has a major influence over global oil prices. PTI LKJ http://ptinews.com/images/pti.jpg We bring the World to you" Disclaimer : This e-mail message may contain proprietary, ...

Trump threatens 20 percent U.S. tariff on EU car imports

WASHINGTON (Reuters) - President Donald Trump on Friday threatened to escalate a trade war with Europe by imposing a 20 percent tariff on all U.S. imports of European Union-assembled cars, a month after the administration launched an investigation into whether auto imports pose a national security threat.

Oil jumps 4 percent on modest OPEC output increase

NEW YORK (Reuters) - Oil prices jumped more than 4 percent on Friday after major producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand.

Jyothy Laboratories gets shareholders' nod for bonus issue

Jyothy Laboratories today said it has got shareholders' nod to issue bonus share in the ratio of 1:1. The resolution to issue bonus shares in the ration of 1:1 is passed by requisite majority of shareholders, the firm said BSE filing. The board of directors of the company at its meeting held on March 16, 2018 had recommended issue of Bonus Shares to the shareholders of the company in the ratio of (1:1) i.e. 1 (one) equity share of Re 1 each for every 1 (one) equity share of Re 1 each held by the shareholders of the company.

Trump threatens 20 per cent tariff of European cars

US President Donald Trump today threatened to slap a 20 per cent duty on all cars imported from Europe unless the European Union removed its trade barriers and tariffs on dozens of American products which took effect. Trump's warning comes after the European Union imposed tariffs on USD 3.4 billion in US products, ranging from bourbon to motorcycles, in a tit-for-tat response to US President's decision to slap hefty tariffs on European steel and aluminium exports. "Based on the tariffs and trade barriers long placed on the US and it great companies and workers by the European Union, if these tariffs and barriers are not soon broken down and removed, we will be placing a 20 per cent tariff on all of their cars coming into the US," Trump threatened in a tweet. "Build them here!" Trump said, indicating that he wants the cars to be build in the US and not to be imported from overseas. Trump imposed tariffs of 25 per cent on European Unioin steel and 10 per cent on aluminum on June 1. ...

OPEC agrees to hike oil output by near 1 mn barrels a day

The Organisation of Petroleum Exporting Countries (OPEC) on Friday announced an agreement to raise oil output which, in accord with non-OPEC producers, had been reduced last year in order to boost prices that had been in free fall mainly due to a supply glut.

Ker based start-up launches mobile matrimony app for Inidans

'Wedviser People Connect(P) Ltd', a Kerala based start-up, today launched "Wedviser", an exclusive mobile matrimony app for Indians across the globe. The mobile app, funded and supported by the Kerala State Industrial Development Corporation (KSIDC), is incubated at IIMK LIVE, the Business Incubator and Entrepreneurship Centre of the Indian Institute of Management, Kozhikode (IIM-K). It is designed to be used by potential brides and grooms, their parents, other close relatives and friends to find matrimonial matches through their social connections, an IIM-K release said today. "Wedviser, an innovative match-making platform designed specifically for Indian matrimony, is certain to be a preferred platform for prospective brides and grooms soon. This is primarily because the idea is deep-rooted in behavioural insights on 'how matches are made in India", Dr Keyoor Purani, Professor-Marketing, IIM Kozhikode and Executive Director of IIMK LIVE said in the release. "Wedviser's .

Energy stocks push Wall Street higher; tech weighs

(Reuters) - Wall Street rose on Friday boosted by higher oil prices after the OPEC agreed to a modest increase in output, but a drop in technology stocks capped gains.

FICCI launches initiatives to promote India-UK trade and investment

A series of initiatives to promote trade and investment between India and Britain was unveiled here by the Indian High Commission and traders' body the Federation of Indian Chambers of Commerce and Industry (FICCI). The UK-India Technology and Talent Exchange Programme, dubbed TechXChange, is aimed at providing support to the best start-ups in both countries. "It follows from the technology exchange programme that has been signed between the two countries in presence of the Prime Ministers (Narendra Modi and Theresa May). "This is an attempt to really give it some shape, some serious framework to make this actually happen between India and the UK, said Sunil Parekh, FICCI's Member of the National Executive Committee and Chair of the Sub-Committee on Start-ups, at the two-day UK-India Leadership Conclave which concluded yesterday. In a move to boost UK exports to India, the industry body announced the 'UKThat' Portal, which will create a marketplace for manufacturing and services ...

RBI allocates portfolio to deputy guv Jain

The newly appointed RBI Deputy Governor M K Jain will look after banking divisions, security cell and document management system, among others, the apex bank said. Jain - a banker - was appointed to the post, which remained vacant for almost an year after the retirement of S S Mundra in July 2017. Effective June 22, 2018, the distribution of portfolios amongst the deputy governors has been reallocated. "Government appoints experienced banker Mahesh Kumar Jain, MD & CEO of IDBI Bank, as Deputy Governor of RBI for a term of three years, Financial Services Secretary Rajiv Kumar has informed earlier this month. Jain will also look after Rajbhasha department, consumer eduction, financial inclusion and premises department, the RBI said. N S Vishwanathan will take care of the co-ordination portfolio, banking regulation, communication, co-operative banking and non-banking regulation, enforcement department and risk monitoring, it added. Viral V Acharya will take care corporate strategy ...

IBA condemns arrests of bankers on fraud charges

Indian Banks' Association (IBA) CEO V.G Kannan on Friday condemned the arrests of the Bank of Maharashtra's Managing Director and others, saying it was unwarranted as all due procedures were adhered to.For those unversed, the Pune Police on June 20 arrested four Bank of Maharashtra officials for wrongful disbursement of money to the Pune-based DSK Group.Addressing a press conference in Mumbai, Kannan said, "Due processes were followed and the loan was fully secured. Hence, we feel that the entire unfortunate incident of arrests of the officials was unwarranted causing major concerns for the bankers."Kanna claimed that the arrests by the Pune Police were not legitimate, quoting the section 197 of the Code of Criminal Procedure. He also highlighted the Reserve Bank of India's (RBI) guidelines, as per which any fraud case amounting to over Rs 25 crore were to be handled only by the Central Bureau of Investigation (CBI)."Assuming that there has been a fraud in the case, we are unable to ..

Unichem to pay 5% royalty to Eli Lilly for generic tadalafil till Apr 2020

Drug firm Unichem Laboratories today said it will pay Eli Lilly a royalty of 5 per cent on the net sales of the generic tadalafil product till the expiry of the global pharma firm's patent on April 26, 2020. In a regulatory filing earlier, Unichem Laboratories had said it had entered into a settlement pact with Eli Lilly & Company and ICOS Corporation for resolving their patent litigation regarding generic tadalafil, which is used for treating erectile dysfunction. "In terms of the settlement, the company shall pay to Eli Lilly a royalty of 5 per cent on net sales of the product up till the expiry of the US patent 6943166, i.e. April 26, 2020," Unichem Laboartories said in a filing to the BSE. The company had filed an abbreviated new drug application (ANDA) with Para IV certification for generic tadalafil with the US Food and Drug Administration (USFDA), it added. Pursuant to the said filing Eli Lilly & Company and the ICOS Corporation filed an infringement suit against the ...