Page 3549 - Business Finance
Citigroup CFO sees flat second-quarter markets revenue vs year earlier
NEW YORK (Reuters) - Citigroup Inc sees second-quarter markets revenue coming in "flattish" compared to a year earlier, Chief Financial Officer John Gerspach said on Wednesday.
Higher trade gap pushes FY18 CAD over three times to $48.7 bn
Current account deficit (CAD) jumped over three times to USD 48.7 billion, or 1.9 per cent of the country's GDP, in FY18 from USD 14.4 billion or 0.6 per cent in the previous year, driven by higher trade deficit, Reserve Bank said today. For the March quarter, CAD, which is the difference between forex receipts and payments, rose manifold to over USD 13 billion, or 1.9 per cent of GDP, from a low USD 2.6 billion, or 0.9 per cent, in the year-ago period, the RBI said. In the December quarter, the deficit stood at a higher 2.1 per cent. The CAD is a keenly watched space that signifies the strength of an economy from an external sector point of view and also influences the currency markets. In 2013, the rupee was affected significantly because of a record high CAD that shot past 5 per cent of GDP. Trade deficit for the entire fiscal shot up to USD 160 billion from USD 112.4 billion, the central bank said, adding earnings from services increased to USD 77.6 billion from USD 68.3 ...
Siemens to mull sale of gas turbine business: Bloomberg
(Reuters) - Siemens AG is considering strategic options including a potential sale of its struggling business that makes large gas turbines for power plants, Bloomberg https://bloom.bg/2LOJJuf reported on Wednesday citing people familiar with the matter.The German engineering company is looking at all possibilities, such as a combination with a rival, the report added.
Coal comeback spurs new carbon emissions growth, says BP
LONDON (Reuters) - Global greenhouse gas emissions began rising again last year as the first pick-up in coal burning since 2013 overshadowed a record expansion in renewable energy, a BP report said.
Telecom stocks under pressure; Idea cracks over 5%
Telecom stocks, led by Idea Cellular came under selling pressure today, falling up to 5.3 per cent, amid concerns over increasing tariff war. Idea Cellular tumbled 5.30 per cent to close at Rs 61.65 on BSE. Intra-day, it slumped 6.29 per cent to Rs 61. Shares of Bharti Airtel fell by 1.30 per cent to end at Rs 376.10. During the day, it lost 1.94 per cent to Rs 373.65. Reliance Communications dipped 0.31 per cent to close at Rs 16.05. Reliance Jio yesterday started offering 1.5 GB additional data per day to customers on all pre-paid plans. Telecom sector is witnessing intense competition and tariff wars.
Thyssenkrupp looking to close value gap in Tata Steel JV: sources
FRANKFURT/DUESSELDORF (Reuters) - Thyssenkrupp and India's Tata Steel are struggling to narrow a widening valuation gap as they seek to adjust debt and asset contributions in a planned merger of their European steel operations, people familiar with the matter said.
Govt considers listing of Air India
The government is considering listing of debt-laden Air India after the proposal for 76 per cent strategic stake sale failed to attract any bidders, a source said today. The source in the government said various options, including possible listing of the national carrier, are being looked at. Listing of Air India would help in garnering revenues as well as retain control of the airline, the source said. In a major setback, the government on May 31 said that no initial bids were received for the proposed stake sale in Air India and that various options would be explored for the airline's future. The listing option is also being considered as reportedly there have been concerns among potential bidders about the government retaining 24 per cent stake in the airline post disinvestment. Under the proposed disinvestment plan, around Rs 33,000 crore debt would have remained with Air India. The national carrier's debt burden was about Rs 50,000 crore at the end of March 2017. On June 7, Civil
Wall Street opens flat, media stocks in focus
(Reuters) - U.S. stock indexes opened little changed on Wednesday as gains in healthcare stocks offset losses in AT&T, whose $85 billion takeover of Time Warner was approved by a court.
'Securitisation volumes down 7.2% in FY18 on GST ambiguity'
Ambiguity on goods and services tax (GST) applicability resulted in a 7.2 per cent decline in securitisation volumes in FY18, after two consecutive years of impressive growth, a report said today. A shift within banks to priority sector lending certificates (PSLCs) to meet their shortfalls also dented the prospects of the securitisation, the report by ratings agency Crisil said. "After growing at a breakneck pace between fiscals 2015 and 2017, the volume of retail assets securitisation shrunk last fiscal primarily because of the ambiguity on GST applicability," said Krishnan Sitaraman, senior director, Crisil. He added that hardening of interest rates towards the end of the year also hurt the volumes of securitisation, where a lender sells off future receivables on an aggregated loan portfolio to a peer. Retail loans were the biggest component of securitisation, accounting for Rs 84,700 crore of the total Rs 95,100-crore market, the agency said, adding this segment also
CCEA clears Rs 2,225 cr fund to strengthen higher agri-education
The Cabinet Committee on Economic Affairs (CCEA) today approved Rs 2,225.46 crore fund to be utilised till 2020 to strengthen and develop higher agricultural education and generate quality human resources. The fund will be used for strengthening agri-education being imparted by various institutes under the Indian Council of Agricultural Research (ICAR), National Academy of Agricultural Research Management (NAARM), Central Institute of Women in Agriculture (CIWA), including All India Coordinated Research Project on Home Science (AICRP-HS). "The Cabinet has approved the continuation of the Three Year Action Plan (2017-2020) of the scheme for Agricultural Education Division and ICAR Institutes with an outlay of Rs 2,225.46 crore," Interim Finance Minister Piyush Goyal told reporters after the meeting. In a statement, the government said the purpose of the scheme was to generate quality human resources besides taking initiatives to attract talented students, address faculty shortage, ...
Oberoi Realty opens QIP issue
On 13 June 2018
Analysis: U.S. shale firms miss out on $70 oil after hedging at $55
NEW YORK (Reuters) - Many top U.S. shale oil producers are missing out on the rally in oil prices to more than $70 a barrel - because they sold their oil through futures contracts at about $55 last year when that looked like a good deal. Now, it looks cheap.
Expensive gasoline pushes up U.S. producer prices in May
WASHINGTON (Reuters) - U.S. producer prices increased more than expected in May, leading to the biggest annual gain in nearly 6-1/2 years, but underlying producer inflation remained moderate.
Investors challenge WPP over Sorrell's departure
LONDON (Reuters) - The world's biggest advertising agency WPP faced a shareholder revolt on Wednesday over its handling of the departure of former CEO Martin Sorrell, who quit under a cloud but is still entitled to share awards worth millions.
Global cues, profit taking subdue equity indices to end flat (Roundup)
Broadly negative global markets ahead of the US Federal Reserve's rate setting meet and profit booking led the key domestic equity indices to close on a flat-to-positive note on Wednesday.
Fox, other media companies rise after AT&T-Time Warner approval
(Reuters) - Twenty First Century Fox Inc's shares rose 8 percent on Wednesday as an approval for AT&T's buyout of Time Warner Inc spurred speculation that Comcast Corp would proceed with an offer for most of the media company's assets.
Medical device maker Stryker says not in talks to buy Boston Scientific
(Reuters) - Medical device maker Stryker Corp is not in talks to buy rival Boston Scientific Corp, the company said in a regulatory filing https://bit.ly/2Jy6VQB on Wednesday, two days after a media report of a potential deal between the two surfaced.
Hong Kong Hang Seng drops 1.2%
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Amazon India launches seller lending network
Amazon India today launched its Seller Lending Network (SLN), which will allow sellers on the e-commerce major's platform to seek loans from multiple third party lenders. Amazon India has partnered organisations like Aditya Birla Finance, Bank of Baroda, Capital First, Capital Float, Flexiloans, and Yes Bank for the lending programme. "With this launch, a seller can perform all loan-related activities including viewing multiple loan offers, applying for loans and easy/automatic loan repayments by linking their Amazon sale proceeds to their loan account, all on Amazon's Seller Central portal," Amazon India said in a statement. Amazon India, which is locked in an intense battle for market leadership with homegrown player Flipkart, has about 3.4 lakh sellers on its platform. Under SLN, sellers will get access to a wider selection of loan options from multiple lenders and loan types (term loans or overdraft loans) as well as competitive interest rates. They can avail loans via an online ..
Vodafone launches 4G services at Kedarnath
Vodafone India today said it has launched 4G services at Kedarnath to provide high-speed connectivity to its users visiting the holy shrine in Uttarakhand. The 4G site has been installed in the vicinity of the temple at a height of about 11,755ft, enabling customers to access 4G services in and around the temple, a Vodafone release said. The operator is among the first private telecom service providers to launch 4G at Kedarnath, Dilip Kumar Ganta, business head of UP West, Vodafone India, claimed. The launch has been timed with the annual Chardham Yatra which draws pilgrims from various places to the shrine in Rudraprayag district.