Page 3468 - Business Finance

EU launches retaliatory tariffs on US goods

The European Union (EU) on Friday launched tariffs on some $3.2 billion worth of American goods, in retaliation for tariffs US President Donald Trump's administration imposed on imported steel and aluminium earlier this month.

Merck to transfer three business units to Merck Life Science

Pursuant to and in connection therewith, the Company has also entered into an agreement with MLSPL, Merck Specialities (MSPL) and Merck Performance Materials (MPMPL) for the said direct transfer of the BP and PM businesses to MSPL and MPMPL respectively, in accordance with the terms and conditions of the BT A. MSPL and MPMPL are affiliates of MLSPL, all three entities being subsidiaries of the Company's ultimate holding company, Merck KGaA, Dannstadt, Germany.

Mahindra & Mahindra sells 22% stake in Mahindra Sanyo Special Steel

For consideration of Rs 146.32

Europe ends Greece's 8-year bailout saga

The Finance Ministers of the Eurozone, the Eurogroup, has reached an agreement that will put an end to Greece's third bailout program, the French Finance Minister said.

Rupee gains 19 paise, global dollar weakness helps

The rupee firmed up by 19 paise to 67.79 against the dollar today after increased selling of the US currency by exporters and banks. The dollar slipping from an 11-month peak against other currencies overseas as investors took profits also helped the rupee. Further, fresh foreign capital inflows took the local currency higher but a lower opening of the domestic equity markets capped the rise, dealers said. Yesterday, the rupee had appreciated by 10 paise to close at 67.98 against the greenback on sustained selling of the American currency by exporters and local banks. The benchmark BSE Sensex fell by 50.91 points, or 0.14 per cent, to 35,381.48 in opening trade.

JSW Steel to invest up to USD 500 mn at Ohio steel manufacturing unit

In Phase 1, JSW will revamp & restart the electric arc furnace and the slab caster, and modernize the hot strip mill. The proposed investment including the cost of acquisition, is expected to be approximately US$250 million.

Taiwan's Foxconn says biggest challenge is U.S.-China trade war

TAIPEI (Reuters) - Foxconn, the world's largest electronics contract manufacturer, said on Friday the biggest challenge the company is facing is the trade war between Washington and Beijing.

Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 16 points at the opening bell.

Low inflation: Japan's May data shows BOJ stimulus barely moving price dial

TOKYO (Reuters) - Japan's core inflation remained subdued in May, yet again highlighting how far off the central bank is in hitting its 2 percent price goal despite over five years of massive stimulus.

Chinese loans placing South Asia in debt trap

The trade deficit in South Asian countries such as Nepal, Myanmar and Pakistan with China is rising year-on-year, in spite of Beijing extending bilateral loans to them by significant amounts.According to the Kathmandu Post, in Nepal alone, the gap between import and export values with China has widened by 21.4 percent (Rs.124.57 billion in the first ten months of this fiscal year).The Nepal Rastra Bank (NRB) reveals that the figure stood at Rs.91.18 billion during the review period in 2015-16.Countering the view that China is slowly but steadily forcing these countries in South Asia into loan debt trap, Li Jiming, the Director General of the Yunnan Foreign Affairs Office, was quoted by the Kathmandu Post as saying that China's only aim in offering bilateral financial support to these South Asian countries is to bring out the economic potential of these countries."Rather than forcing these countries into a long term debt trap, we have increased the funding in the region to build ...

Greece crisis declared 'over' as eurozone agrees debt relief

Eurozone ministers declared the end of the Greek debt crisis early today agreeing debt relief and a big cash payout for Greece, part of a broad bailout exit deal that will close eight years of financial rescues for cash-strapped Athens. Greece is slated to leave its financial rescue on August 20 and finance ministers from the 19 countries that use the single currency were under pressure to offer Athens a goodbye deal that left it strong in the eyes of the financial markets. "The Greek crisis ends here tonight," said EU Economic Affairs Commissioner Pierre Moscovici, after marathon talks in Luxembourg. "We finally got to the end of this path which was so long and difficult it is a historic moment," the former French finance minister said. The agreement is an important turning point for the eurozone nearly a decade after Greece stunned the world with out-of-control spending and sparked three bailouts and a near collapse of the euro single currency. The deal was expected to be an easy ...

Asian shares flirt with 6-month lows as signs of tariff effects appear

TOKYO (Reuters) - Asian shares were under pressure on Friday on signs U.S. trade battles with China and many other countries are starting to chip away at corporate profits, with oil prices choppy ahead of major producers meeting to discuss raising output.

US dollar declines on downbeat data

The US dollar dropped as investors were digesting the latest data from the country.

Favourable U.S. tax ruling gives limited boost to big-box retailers

NEW YORK (Reuters) - Complying with a U.S. Supreme Court ruling on Thursday that forces online retailers to collect sales tax just like their brick-and-mortar counterparts will be a heavy burden for smaller e-commerce businesses.

Bombardier sees 50 percent market share with revamped CRJ 900 jet

MONTREAL (Reuters) - Bombardier Inc's revamped CRJ 900 regional jet should win "half or more" of the market against competing planes from Brazil's Embraer SA , the company's Commercial Aircraft President Fred Cromer told reporters on Thursday.

Peace plays: How foreign companies have lost a bundle in N.Korea

SEOUL (Reuters) - Months before the first summit between leaders of two Koreas in 2000, South Korean tech giant Samsung Electronics Inc <005930.KS> invested $730,000 in Pyongyang's top computer lab. North Korean programmers there would develop online chess games and food recipes for Samsung to sell outside the North.

OPEC strives for deal to raise oil output as Iran resists

VIENNA (Reuters) - OPEC scrambled on Thursday to agree on raising oil output, with Saudi Arabia warning of shortages but Iran holding out against a deal amid the prospect of lower exports due to U.S. sanctions on Tehran.

Oil options show bulls and bears on edge over OPEC

LONDON (Reuters) - OPEC appears to be edging towards raising crude oil output at its policy meeting on Friday, but the oil options market shows traders and investors are not betting heavily on that scenario.

Cartel charges may mean share sales will become more difficult in Australia

SYDNEY (Reuters) - An Australian regulator's criminal cartel lawsuit against the local heads of Citigroup Inc and Deutsche Bank AG may make it harder for companies to raise capital through share sales here, according to interviews with more than a dozen people at investment banks and brokers.

How a powerful inquiry upended one of Australia's grandest companies

SYDNEY (Reuters) - One of Australia's oldest financial institutions, AMP Ltd , spent years building the country's largest network of financial advisers to recommend its products, and well over a century polishing its brand.