Page 3469 - Business Finance
German carmakers join American farmers on front line of U.S.-China trade war
WASHINGTON/FRANKFURT/BEIJING (Reuters) - An increasingly shrill exchange of words between the United States and China that is threatening to trigger a global trade war has claimed another victim - Germany's auto sector.
US stocks close lower amid market woes
US stocks closed lower with the Dow posing an eight-day losing streak.
Largest US banks would survive recession: US Fed
The largest US banks are "strongly capitalized" and would survive a severe global economic recession, the Federal Reserve has announced. So-called stress testing by the central bank showed that in the event of pronounced economic troubles -- in which unemployment shot up to 10 percent, GDP shrank and financial conditions worsened -- the nation's 35 biggest financial institutions would still be able to lend to households and businesses, according to the Fed. However, certain changes in December's sweeping tax overhaul and a harsher hypothetical scenario led to much steeper projected losses than were calculated last year, the central bank said in a statement yesterday. Randal Quarles, the Fed's recently appointed vice chairman for banking supervision, said the testing showed that banks would end the next recession in better shape than they started the last one. "Despite a tough scenario and other factors that affected this year's test, the capital levels of the firms after the ...
Dow drops eighth straight session on trade worry; Amazon slips
NEW YORK (Reuters) - U.S. stocks fell on Thursday, with the Dow slumping for an eighth straight decline as industrials wobbled again on trade war concerns while Amazon and other online retailers weakened after a U.S. Supreme Court ruling on state sales tax collection.
BoE chief economist boosts chance of August hike with vote for rate rise
LONDON (Reuters) - The Bank of England bolstered expectations that at its next meeting it will raise rates for only the second time in a decade, after its chief economist unexpectedly joined the minority of policymakers voting for a hike on Thursday.
Intel chief resigns over relationship with employee
Chipmaker Intel has announced that its chief executive, Brian Krzanich, is stepping down with immediate effect because of "a violation of Intel's non-fraternisation policy".
Stocks fall with U.S. dollar; oil slips before OPEC
NEW YORK (Reuters) - Stocks around the world fell on Thursday and the U.S. dollar slipped from a peak as investors flocked to bonds on worries about a U.S.-China trade war.
Wall St declines as Amazon, Intel fall; trade worries persist
NEW YORK (Reuters) - U.S. stocks dipped on Thursday as a U.S. Supreme Court ruling on state sales tax collection pulled Amazon and other online retailers lower while industrials continued to falter on concerns over trade war concerns.
Oil falls as OPEC struggles for deal to raise output
NEW YORK (Reuters) - Global benchmark Brent crude fell more than 2 percent on Thursday ahead of a meeting of the Organization of the Petroleum Exporting Countries, where producers were expected to boost output to stabilise prices.
Gold up slightly as dollar drops; Russia buys bullion
NEW YORK/LONDON (Reuters) - The price of gold rose slightly on Thursday, lifted off an early six-month low as the U.S. dollar fell from an 11-month high, with traders saying they heard Russia had bid for bullion.
Brent crude falls as OPEC edges closer to raising output
NEW YORK (Reuters) - Global benchmark Brent crude extended losses on Thursday ahead of Friday's meeting of the Organization of the Petroleum Exporting Countries, where producers are expected to boost output.
Private sector must play key role in exploration of the deep seated minerals
He said exploration of the deep seated minerals needs to be focused. Lot of work needs to be done and private sector must play role in exploration too. He also said that there is large number of small players in the mining business. Now the time has come for the consolidation, either through consortium of miners. In our country there is lot of low grade minerals. For example, bauxite reserve in Orissa, however there is huge reserve of low grade bauxite in Maharashtra and Gujarat also, he said. He emphasized the importance for utilizing the low grade ore.
Chanel steps out of fashion shadows to show off surging sales
PARIS (Reuters) - French fashion group Chanel published financial results for the first time on Thursday, showing off its credentials as one of the luxury world's biggest labels by sales as revenue and profit grew strongly in 2017.
Amicus Capital invests Rs 700 million in Wonderchef
Wonderchef, a cookware and kitchen appliances brand, announced the closure of an Rs 700 million transaction with Amicus Capital, a private equity fund.Amicus Capital primary will get them 10 percent stake in the company.Founded in 2009 by industry veteran Ravi Saxena and celebrity chef Sanjeev Kapoor, Wonderchef aims to achieve sales worth Rs. 6 billion in the next five years.Wonderchef has a wide presence across India and markets through multiple channels including exclusive Wonderchef outlets, 735 department stores, over 7,000 electrical and cookware stores, e-commerce websites, TV Shopping, institutional sales, direct marketing network of 50,000 women entrepreneurs, as well as on its own retail website.The funds from Amicus Capital will be utilised for expanding the retail distribution reach, investing in brand building and expanding its integrated manufacturing, assembly and warehousing facility.The company also intends to add new product segments and deepen its presence in ...
Wall Street falls as drops in Amazon, Intel add to trade jitters
(Reuters) - U.S. stocks slipped on Thursday as oil prices slid, industrials dropped on worries over U.S.-China trade spat and Amazon led a decline in online retailers after the Supreme Court let states force the companies to collect sales tax.
Activists hit out at AIIB during 3-day convention in Mumbai
Over 150 organisations from across the country today began a 3-day convention on infrastructure financing with a view to draw the government's attention in the run-up to the annual meeting of the Asian Infrastructure Investment Bank (AIIB). The AIIB's annual meeting will be held in Mumbai on June 25-26. The convention, held under the aegis of the Working Group on International Financial Institutions here, was addressed by social activists Medha Patkar and Ulka Mahajan, economist Arun Kumar and journalist Sucheta Dalal. Hitting out at the AIIB, Patkar said, "Though AIIB aims to push infrastructure in Asia including India, they have nothing to do with improving the social and economic status of the poor people of the country,." She alleged that while Rs 9,800 crore would be invested in infrastructure in the fields of energy, roads and urban development, the common man was missing from their (AIIB) roadmap. She said that such infrastructure development was taking care of ..
China-U.S. trade war hits Daimler profit, may sweep sector
FRANKFURT (Reuters) - Germany's Daimler cut its 2018 profit forecast and BMW said it was looking at "strategic options" because of a trade war between China and the United States, sparking fears of a wave of earnings downgrades in the auto industry.
Teradata files IP theft suit against SAP, alleges former CTO Vishal Sikka was in the know
Cloud-based data and analytics firm Teradata has filed a complaint in a US court against German firm SAP alleging trade secret misappropriation, copyright infringement and antitrust violations. The complaint, filed with the US District Court for the Northern District of California, also claimed that key SAP employees, including its then former CTO Vishal Sikka "were aware of and supported SAP's misappropriation of Teradata's trade secrets during the development of HANA". Sikka is considered to be the force behind SAP's analytics platform, HANA that had helped the company strengthen its position in the global market. The complaint has been filed against SAP SE, SAP America, Inc and SAP Labs, LLC (collectively, SAP), Teradata said in a statement on its website. The statement also carried an online link to a copy of the lawsuit filed against SAP. In its complaint, Teradata alleged that SAP has "engaged in a decade-long campaign of anti-competitive behaviour, to the detriment of the ...
China's Xi denounces 'protectionism, isolationism and populism'
Chinese President Xi Jinping today lambasted "protectionism, isolationism and populism" and again vowed to open up Asia's largest economy, as Beijing faces an escalating trade dispute with the United States. Xi told a gathering of foreign business executives that after "signs of stability and improvement in the world economy" last year, "we must also stay vigilant because ... we have seen a surge of trade protectionism, isolationism and populism". The leaders of mining giant BHP Billiton, German carmaker Volkswagen and British conglomerate Swire were seen at the meeting according to images from Chinese state television. Trade relations between Beijing and Washington risk descending into all-out conflict, with US President Donald Trump having threatened to impose tariffs on almost all of Chinese exports to the United States. Without mentioning the Trump administration, the Chinese president condemned "Cold War mentalities and zero sum games" where exporting countries are seen as the ..
Electrosteel acquisition: Rs 5,320 cr remitted to lenders
Electrosteel Steels on Thursday said an upfront payment of Rs 5,320 crore has been remitted to lenders of the steel maker as per approved resolution plan of Vedanta.