Page 3855 - Business Finance
Turkmenistan says close to securing TAPI pipeline financing
AVAZA, Turkmenistan (Reuters) - Turkmenistan plans to secure within a few months all the necessary funding to complete the construction of an $8 billion natural gas pipeline to Afghanistan, Pakistan and India, the project's chief executive said on Wednesday.
S&P 500 erases losses following Fed minutes
(Reuters) - The S&P 500 erased losses to trade little changed on Wednesday after minutes from the last Federal Reserve meeting suggested higher inflation may not result in faster interest rate hikes.
Deutsche Bank looks to cut 10,000 jobs to reduce costs: source
FRANKFURT (Reuters) - Deutsche Bank plans to cut 10,000 jobs, or about a tenth of its global workforce, as part of efforts to reduce costs, a person with knowledge of the matter said on Wednesday.
Bombay HC extends stay on SGX's launch of new contracts
The Bombay High Court has extended the period of injunction it had granted on May 21 against the launch of new India-based derivative contracts by Singapore Exchange Limited (SGX).
Thyssenkrupp CEO feels heat after investor vote of no confidence
FRANKFURT/DUESSELDORF, Germany (Reuters) - Heinrich Hiesinger's position as Thyssenkrupp's CEO is more precarious than it has ever been as he prepares to unveil a new strategy to placate impatient investors, including Cevian and Elliott, people familiar with the matter said.
GE CEO says cannot guarantee dividend, sees no quick fixes
NEW YORK (Reuters) - General Electric Co cannot guarantee its 2019 dividend and is still fixing its power and capital units, Chief Executive John Flannery said on Wednesday, sending the industrial conglomerate's stock down nearly 7 percent.
Most Fed policymakers say rate rise likely needed 'soon': minutes
WASHINGTON (Reuters) - Most Federal Reserve policymakers thought it likely another interest rate increase would be warranted "soon" if the U.S. economic outlook remains intact, minutes of the central bank's last policy meeting showed.
Tesla shares poised to rise after 'fever pitch' of bad news: analyst
SAN FRANCISCO (Reuters) - Immaterial negative news stories about Tesla Inc have hit a "fever pitch", and the electric carmaker's stock is set to surge as output of its Model 3 sedan improves, according to an analyst.
Gold eases as dollar gains ahead of Fed meeting minutes
NEW YORK/LONDON (Reuters) - Gold fell on Wednesday as the U.S. dollar rose against a basket of currencies while investors awaited minutes from the U.S. Federal Reserve's latest policy meeting for clues on the pace of interest rate hikes.
India moves one notch up to 44th rank in IMD's competitiveness rankings
India has moved one notch higher, to the 44th place in terms of competitiveness, in the annual rankings compiled by International Institute for Management Development (IMD) which placed the US in the top slot. The US became the most competitive economy globally driven by its strength in economic performance and infrastructure, followed by Hong Kong and Singapore in the second and third place, respectively. The Netherlands and Switzerland were the other two nations in the top five slots. This year, though India has moved up to 44th position worldwide, up one rank from last year, it is ranked the 12th most competitive economy out of the 14 Asian countries on the list. Regarding India, the report said, "some of the challenges which India has to face for the year 2018 would be skilling of manpower and employment generation, streamlining the implementation of goods and services tax and balancing high growth with sustainable development goals". The report further noted that "digital ...
Target's profit miss overshadows sales growth, shares tumble
NEW YORK (Reuters) - Target Corp's first-quarter profit came in below analyst estimates as price cuts, higher wages and investments in its online business ate into margins, sending shares down 5 percent in afternoon trade on Wednesday.
TRAI tariff order upheld by HC; 3rd judge concurs with CJ's view
With a third judge today supporting the findings of Chief Justice Indira Banerjee, the Madras High Court has upheld the Telecom Regulatory Authority of India's March, 2017 regulations and tariff order relating to fixation of charges for free and pay channels. A two-judge bench headed by Chief Justice Indira Banerjee, which had delivered a split verdict on the matter on March 2, referred to a third judge the petitions challenging TRAI's regulations. In his 150-page judgment today, the third-judge, Justice M M Sundresh, supported the findings of Chief Justice Banerjee following which the majority judgment of upholding the TRAI's recommendations will prevail. Passing orders on the petitions filed by Star India Private Limited and its subsidiary Vijay Television Private Limited, the Chief Justice had upheld the impugned regulations, the tariff order on pricing and packaging of TV channels offered in a bouquet and a cap on channel prices. The Chief Justice, however, held as "arbitrary" the
Wall Street remains lower on fresh concerns over U.S.-China trade talks
(Reuters) - U.S. stocks fell on Wednesday as President Donald Trump's latest comments fueled skepticism over U.S.-China trade talks and ahead of a Federal Reserve report that could indicate the pace of future rate hikes.
Jet Airways' standalone Q4 net loss at Rs 1,036 cr
Airline major Jet Airways on Wednesday reported a standalaone net loss of Rs 1,036 crore for the fourth quarter of 2017-18.
NSE says injunction continues against SGX launching new India derivative contracts
The National Stock Exchange (NSE) today said a court-ordered injunction continues against Singapore bourse SGX launching any India derivative contracts, amid a legal battle between the two exchanges. The Bombay High Court today deferred until May 26 the hearing on a dispute between the NSE and the Singapore Exchange (SGX) over the latter's plan to launch Nifty-based products beginning this June. Justice S J Kathawala had passed an interim order yesterday restraining the SGX from launching these new derivative contracts until further notice. As the NSE has sought relief under the Arbitration and Conciliation Act, the judge today expressed his wish to send the parties to a court-appointed arbitrator to resolve the dispute. Following the court decision today, the NSE said in a statement that the Bombay High Court after hearing both the parties had granted an injunction against the launch of the new derivative contracts by SGX. "The matter was heard by the court and has been kept for ...
Sebi fines AstraZeneca Pharma, 3 ex-officials Rs 4 lakh
Markets regulator today imposed a total penalty of Rs 4 lakh on AstraZeneca Pharma India and its three former senior officials for not complying with insider trading norms. The officials are Lars Walan, Supriya Kumar Guha and Pawan Singhal. Walan was the managing director of AstraZeneca Pharma India from March 29, 2001 to April 1, 2004 and Guha was company secretary/compliance officer of the firm from July 1, 1999 to January 31, 2006. Singhal was the company secretary/ compliance officer of the firm from May 7, 2012 to July 31, 2014. According to a Sebi order, the model code of conduct for prevention of insider trading that was mandated to be framed and adopted under the amendment dated February 20, 2002 to the PIT Regulations was adopted by AstraZeneca Pharma India only on February 24, 2004. In its order, the regulator said Walan and Guha "had awareness and significant role in framing and adopting the model code of conduct and are liable for the said delay in adopting the ...
Suzlon plans to raise Rs 900 cr to reduce debt
Suzlon Energy today said it is considering to raise Rs 900 crore from the market to replace its existing debt. Besides, the company is planning to issue securities to an extent of Rs 2,000 crore, Suzlon Energy said in a regulatory filing. Suzlon's board is meeting on May 30 to "consider and approve" issuance of "redeemable non-convertible debentures/non-equity linked instruments in one or more tranches to an extent of Rs 900 crore on a private placement basis for replacement of existing debt." However, this would be subject to the approval of shareholders . It would also consider to "issue of the securities to an extent of Rs 2,000 crore, subject to the approval of the shareholders, at the ensuing 23rd annual general meeting of the company.
Whistleblower writes to Sebi against Infosys
A whistleblower has written to market regulator Sebi complaining against Infosys and alleged that IT major's current Chairman Nandan Nilekani had failed to uphold the highest standards of corporate governance practised earlier by the IT major. In a letter to the Securities and Exchange Board of India (Sebi), the whistleblower said Infosys had "quietly revealed", in its annual report, that it had signed agreements for mutual release of claims with three directors, including former Chairman R Seshasayee and Jeff Lehman (ex-head of nominations and remuneration committee). "The only reason why company signed such claim release agreement with those directors is because they found certain wrongdoings in the investigation reports. The release of which will be damning indication on the company and those directors, the whistleblower claimed. Emails sent to Infosys did not elicit any response. The letter also requested Sebi to enquire why such agreements were not disclosed to shareholders in ...
Bookstore opens kiosk with world database of over 2 cr titles
A city based bookstore launched a kiosk here today with a touch based technology solution, offering readers a world database of over two crore titles. Books in 11 languages, including English, Hindi, Kannada, French and Spanish would be available and those in Indian languages would be added in the coming months, CEO of Sapna Group of India, Nijesh Shah, told reporters. He was speaking on the sidelines of the inaugural of the 'Sapna kiosk' here. He said Sapna at any given time has around five lakh books as inventory for customers. Readers could also purchase directly from the shop and have the books delivered at their doorstep with an additional cost of Rs 60, he said. However, books banned in India would not be procured, he said.
Eros International Q4 net jumps 85% to Rs 58 cr
Media and entertainment firm Eros International Media today reported a 85.31 per cent rise in its consolidated net profit to Rs 58.69 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 31.67 crore during the January-March period of previous fiscal, Eros International Media said in a regulatory filing. Total income during the quarter under review was up 22.49 per cent at Rs 257.75 crore, as against Rs 210.41 crore in the corresponding quarter of the previous fiscal. Its total expenses stood at Rs 173.45 crore. For the entire 2017-18, Eros International's net profit was down 4.96 per cent to Rs 231.22 crore, compared to Rs 243.29 crore in 2016-17. However, total income of Eros International stood at Rs 1,010.01 crore as against Rs 1,445.28 crore in 2016-17, down 4.96 per cent. Commenting on the result, Eros International Executive Vice Chairman & MD Sunil Lulla said: "For the full year FY2018, the company has witnessed the EBIT margin increase at