Page 3585 - Business Finance

Automation could thin Citigroup's investment banking unit jobs - FT

(Reuters) - Citigroup Inc's investment banking business could shed as much as half of its 20,000 technology and operations staff in the next five years due to automation, the Financial Times reported on Monday.

Analysis: North Korea seen looking to China, not U.S., for help in any economic transformation

SEOUL/BEIJING (Reuters) - U.S. President Donald Trump may have promised that North Korea will become "very rich" on the back of American investment if Pyongyang ditches nuclear weapons but economists and academics who have studied the isolated country say it is China not the U.S. that will be the engine of any transformation.

U.S. stocks rise ahead of North Korea summit, despite Trump's G7 fireworks

(Reuters) - U.S. stocks ended slightly higher on Monday as investors shook off the weekend's chaotic G7 summit ahead of a week packed with diplomatic events, and a pair of U.S. Treasury Department auctions met with strong demand.

VW's Skoda says might outsource production to meet demand

BERLIN (Reuters) - Volkswagen's Czech brand Skoda said on Monday it might outsource some production to a contract manufacturer as the division looks to respond to booming demand.

Wall Street ekes out gains ahead of Singapore summit

NEW YORK (Reuters) - All three major U.S. stock indexes closed slightly higher on Monday as investors eyed the looming United States-North Korea summit on Tuesday in Singapore while shrugging off the weekend's factious meeting of the Group of Seven nations.

Citigroup's investment banking unit to cut jobs in next five years - FT

(Reuters) - Citigroup Inc's investment banking business will shed as much as half of its 20,000 technology and operations staff in the next five years, the Financial Times reported on Monday, citing Jamie Forese, the division's head.

More than 25 percent of WPP investors oppose Sorrell pay arrangements - Sky

(Reuters) - More than a quarter of investors at WPP have cast votes against a pay report to be discussed at Wednesday's annual general meeting, angered by benefits for former chief executive Martin Sorrell, according to Sky News reporter Mark Kleinman.

Cloud over global economy getting darker: IMF chief

International Monetary Fund (IMF) chief Christine Lagarde has attacked the U.S. protectionist trade policies and warned that the cloud over global economy "is getting darker".

Iraq accuses other oil producers of exceeding quotas

Iraq today accused other oil-producing countries of extracting more barrels of crude than agreed by OPEC and its partners, ahead of a meeting of the cartel next week. "Producers who are or are not members of OPEC have not respected the set target... and the price of petrol has not reached the desired level," said Oil Minister Jabbar al-Luaibi. In order to "reach a fair and consistent price, we need more support, stability and engagement from the producing countries for the agreement" reached in early 2017, he said in a statement. At the time, the Organization of Petroleum Exporting Countries and other countries pledged to limit oil output and measures to boost crude prices. But according to the Russian news agency Interfax, in the first part of June Russia exceeded its daily production target of 10.95 million barrels per day. OPEC member Iraq is currently producing 4.325 million barrels a day, according to the oil minister Luaibi. It has often called for measures to be taken to boost .

US stocks edge higher ahead of US-North Korea summit

Wall Street stocks edged higher today, largely shrugging off a contentious G7 weekend meeting while looking ahead to an historic US-North Korea summit. The Dow Jones Industrial Average finished up a hair at 25,322.31. The broad-based S&P 500 rose 0.1 per cent to 2,782.00, while the tech-rich Nasdaq Composite Index gained 0.2 per cent to 7,659.93. US stocks spent much of the morning under pressure after a messy finale to the G7 meeting when President Donald Trump disavowed a group communique and bitterly attacked Canadian Prime Minister Justin Trudeau on Twitter. Stocks later strengthened but a sell-off near the end of the session cut into the gains. Still, the market's ho-hum reaction to the G7 clash suggested investors remained sceptical that a value-destroying trade war was likely. "It is probably more bluster than anything else," said Bill Lynch, director of investment at Hinsdale Associates. "It will probably blow over and end up not having much effect on our economy going ...

Stocks shake off G7 row, U.S. Treasury auctions see strong demand

(Reuters) - U.S. and European stocks edged up on Monday as investors shook off the weekend's chaotic G7 summit ahead of a week packed with diplomatic events, while a pair of U.S. Treasury Department auctions met with strong demand.

U.S. stocks rise ahead historic Singapore summit

NEW YORK (Reuters) - Wall Street stocks gained some ground on Monday as investors shrugged off the weekend's contentious meeting of the Group of 7 nations and focused on the historic United States-North Korea summit Tuesday morning in Singapore.

Infra needs up to USD 1 trillion investment in 2-3 years: NIIF

The National Investment and Infrastructure Fund (NIIF) today said the country needs an investment of up to USD 1 trillion in the infrastructure sector in the next two to three years. "In the next two to three years, we need total investment of USD 800 billion to USD 1 trillion in infrastructure," its chief executive Sujoy rpt Sujoy Bose said at at a finance ministry-organised seminar here. He said resources are required both in tangible infrastructure assets as well as de-leveraging by companies saddled with high debt. Bose said there was "hubris" in the years between fiscal year 2004-05 to 2011-12, which witnessed poor underwriting that hurt banks later through bad assets on books and companies getting leveraged a lot higher. From FY13 onward, there has been a decline in the infrastructure sector investments, Bose said. He exhorted the private sector to do more, saying that the government is leading the investments at present. The role of the government should be ...

Medical device maker Stryker makes takeover approach to Boston Sci: WSJ

(Reuters) - Medical device maker Stryker Corp has made a takeover approach to rival Boston Scientific Corp, the Wall Street Journal reported https://www.wsj.com/articles/stryker-has-made-a-takeover-approach-to-boston-scientific-1528727749?mod=searchresults&page=1&pos=1 on Monday, a combination that would give Stryker a strong position in stroke-preventing heart products.

Not received any communication from US' SEC on Kochhar: ICICI Bank

Lending major ICICI Bank on Monday said that it has "so far not received any communication" from the US Security and Exchange Commission in relation to the allegations leveled on its Managing Director and CEO Chanda Kochhar.

Over 1,320 new FPIs in 2017-18: Sebi

Indian equity and debt markets attracted over 1,320 new Foreign Portfolio Investors (FPIs) in 2017-18, market watchdog Sebi said on Monday.

Air India revises excess baggage rate

National passenger carrier Air India announced it has revised the applicable Excess Baggage Rate (EBR) on domestic sectors effective Monday.

Haryana CM approves e-auction for allotting petrol pumps, CNG sites

Haryana Chief Minister Manohar Lal Khattar has approved introduction of e-auction with an amendment in the policy for allotment of petrol pumps, CNG or PNG sites to various oil companies in the urban estates of Haryana Shehari Vikas Pradhikaran (HSVP). Giving details, Rajiv Jain, Media Advisor to the Chief Minister, said today that the decision was taken by a committee set up under the chairmanship of the chief administrator, HSVP. The committee has reached the conclusion that in order to inject transparency in the allotment process, e-auction would be adopted and only Oil Marketing Companies (OMCs) and CGD (City Gas Distribution) Companies would be allowed to participate. The sites would be on leasehold basis and designated as filling-cum-charging stations. It could be used by the allottee for CNG or petrol pump and diesel pump or allied activities such as battery-charging station for future e-vehicles etc, the official said. Jain said with the introduction of e-auction, the ...

Wall Street rises ahead of Trump-Kim summit

(Reuters) - U.S. stocks rose on Monday, driven by gains in Facebook and a handful of healthcare stocks ahead of a highly anticipated meeting between President Donald Trump and North Korean leader Kim Jong Un.

22 more UP cities to get piped gas at home

As many as 22 more towns and cities of Uttar Pradesh will soon be supplied piped natural gas (PNG), Petroleum Minister Dharmendra Pradhan announced here on Monday.