Page 3850 - Business Finance
Rusal says CEO, top directors resign over US sanctions
Russian aluminium giant Rusal announced today that its chief executive and half of its board of directors had resigned to ensure the firm avoids US sanctions that targeted its founder Oleg Deripaska. In a statement it said the resignations were part of "the efforts that have been made by the management of the group to protect the interests of the company and its shareholders since the OFAC sanctions were imposed" last month. The US Treasury's Office of Foreign Assets Control announced fresh sanctions against Russia last month following the diplomatic crisis sparked by the poisoning of former spy Sergei Skripal. The sanctions hit oligarchs close to President Vladimir Putin, including Deripaska, prompting the shares of the firm responsible for 7 per cent of the world's aluminium production to tumble while the price of the metal soared. Faced with turmoil on the market for a key industrial product, the US government then indicated the firm could avoid being caught up in the sanctions by .
Elliott eyes operational improvements after taking Thyssenkrupp stake
BERLIN (Reuters) - Hedge fund Elliott said on Thursday it saw room for significant improvement at Thyssenkrupp, confirming it had taken a stake in the German industrial group.
BOJ member warns against overly stimulating demand with easy policy
MAEBASHI, Japan (Reuters) - Bank of Japan board member Makoto Sakurai said on Thursday excessive monetary easing could destabilise the economy and suggested the central bank could whittle down its massive stimulus programme if growth continues to strengthen.
Nifty, Sensex rise on surging IT stocks
(Reuters) - Indian shares rose on Thursday, driven by IT stocks such as Infosys Ltd and Tata Consultancy Services Ltd on the back of a weak rupee.
Cathay Pacific revamps loyalty programme with focus on customer spending
SINGAPORE (Reuters) - Hong Kong's Cathay Pacific Airways has made the biggest overhaul to its loyalty programme in a decade, with airfares paid now playing a larger part in determining customer rewards, the head of the business said on Thursday.
Jet Airways shares hit 52-week low on weak earnings
Shares of Jet Airways today plunged over 12 per cent after the company reported a standalone net loss of Rs 1,036 crore in the March quarter. The company's scrip tumbled 10.57 per cent to Rs 376.60 -- its 52-week low -- on BSE. On NSE, shares of the company slumped 12.12 to hit a one-year low of Rs 370.05. Jet Airways yesterday reported a standalone net loss of Rs 1,036 crore in the March quarter due to rise in oil prices and weaker rupee. The company had reported a net profit of Rs 602.42 crore in the year-ago period, as per the company's filing on BSE . The total income also declined by 3.44 per cent to Rs 6,055 crore during the quarter, against Rs 6,271.21 crore in the same quarter last year, as per the filing.
Windfall oil tax on ONGC in offing to soften fuel prices
The government may levy a windfall tax on oil producers like Oil and Natural Gas Corp (ONGC) as part of a permanent solution it is working on for moderating the spiralling retail prices of petrol and diesel. The tax, which may come in form of a cess, will kick in the moment oil prices cross USD 70 per barrel, sources privy to the development said. Under the scheme, oil producers, who get paid international rates for the oil they produce from domestic fields, would have to part with any revenue they earn from prices crossing USD 70 per barrel mark. The revenues so collected would be used to pay fuel retailers so that they absorb spikes beyond the threshold levels, they said. This may be accompanied by a minor tinkering with excise duty rates to give immediate relief to consumers. States too would be asked to cut sales tax or VAT to show a visible impact on retail prices. Sources said the thinking in the government is to levy cess on all oil producers - both public and private sector - .
Guar gum futures drop further by Rs 27 per quintal
Guar gum prices remained lower by Rs 27 to Rs 8,297 per quintal in futures trade today following narrowing of bets by traders in tune with discouraging physical cues. Market players attributed the negativity in the guar gum futures prices to the mounting of stocks on persistent arrivals of guar seed from growing regions in the spot market amid muted export demand for oil drilling industries. At the National Commodity and Derivatives Exchange, guar gum delivery for the July contract slipped further by Rs 27, or 0.32 per cent, to Rs 8,297 per quintal, in an open interest of 17,060 lots. Likewise, the delivery of the most-traded first contract June declined by Rs 22, or 0.27 per cent, to Rs 8,190 per quintal, with a business turnover of 45,255 open lots.
Deutsche Bank to cut thousands of staff in investment bank revamp
FRANKFURT (Reuters) - Deutsche Bank will cut global staff numbers by more than 7,000 in the first major move by its new CEO to reduce costs and restore profitability after years of false starts.
Tata Motors shares crack over 8% after Q4 results
Shares of Tata Motors today tumbled over 8 per cent after the company reported 49.82 per cent decline in consolidated net profit for the March quarter. The stock opened the day on a weak note and further slumped 7.93 per cent to Rs 284.70 -- its 52-week low -- on BSE. On NSE, shares of the company cracked 8.19 per cent to hit a one-year low of Rs 284.10. The stock was the top loser on both key indices during morning trade. Homegrown auto major Tata Motors yesterday reported 49.82 per cent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and Europe, in addition to one-time impairment charge. It had posted consolidated net profit of Rs 4,336.43 crore in the corresponding period of last fiscal, Tata Motors said in a BSE filing. Its consolidated income from operations in the fourth quarter of 2017-18 was Rs 91,279.09 crore. It was at Rs 78,746.61 crore in the year-ago quarter.
Global Markets: Asia share markets hit by U.S. auto tariff threat, dollar pulls back
SHANGHAI (Reuters) - Asian shares fell on Thursday after the U.S. government launched a national security probe into car imports that could lead to new tariffs, and President Donald Trump's comments suggested setbacks in U.S.-China trade talks.
Cabinet approves restructuring of balance sheet of Scooters India Limited, Lucknow
i. Reduction of equity of Rs. 85.21 crore in the share capital of SIL held by Government of India against accumulated losses. The reduction would be deemed to have taken effect as on 31.03.2013 and
Well-prepared to fend off Chinese competition in India: Samsung official
Stressing that there has not been any significant loss of its market share owing to the rise of Chinese smartphone brands in India, a top Samsung executive has said the company is well prepared to fend off challenges from its competitors.
Starlit Power Systems Ltd leads gainers in 'B' group
Ortel Communications Ltd, Celebrity Fashions Ltd, Tree House Education & Accessories Ltd and Capital Trust Ltd are among the other gainers in the BSE's 'B' group today, 24 May 2018.
Larsen & Toubro secures orders worth Rs 2112 crore
The buildings and factories business has secured orders worth Rs 1565 crore.
Indices hold firm at higher levels
Key barometers were hovering near the day's high in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 168.07 points or 0.49% at 34,512.98. The Nifty 50 index was up 39.55 points or 0.38% at 10,469.90. Gains were triggered by bargain hunting following a steep sell off in the previous session.
U.S. launches auto import probe, China says will defend interests
WASHINGTON (Reuters) - The Trump administration has launched a national security investigation into car and truck imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March.
Zinc futures soften by 0.12 pc on profit booking
Zinc prices eased by 0.12 per cent to Rs 207.75 per kg in futures trade today as speculators booked profits amid easing demand from industries in the spot market. At the Multi Commodity Exchange, zinc for delivery in June month shed 25 paise, or 0.12 per cent to Rs 207.75 per kg in business turnover of 44 lots. Likewise, the metal for delivery in May month contract was trading lower by 10 paise, or 0.05 per cent to Rs 207.20 per kg in 1,783 lots. Analysts said besides profit-booking by participants, fall in demand from consuming industries in the physical market mainly weighed on zinc prices at futures trade.
Cabinet approves waiver of Penal Interest on Government Loans advanced to Paradip Port Trust
i. Waiver of penal interest amounting to Rs.1076.59 crore in respect of PPT as on 31.03.2017 and further accruals thereon till date of approval of waiver.
Eros International Media Ltd leads gainers in 'A' group
Kaveri Seed Company Ltd, Jaiprakash Associates Ltd, Larsen & Toubro Infotech Ltd and Gujarat State Petronet Ltd are among the other gainers in the BSE's 'A' group today, 24 May 2018.