Page 3888 - Business Finance
Explainer: U.S. commodity exports to China to rise amid trade talks, but volumes are capped
SINGAPORE/BEIJING (Reuters) - China has pledged to buy more U.S. goods to reduce America's huge trade deficit and help avoid exacerbating a trade war between the world's two biggest economies, with energy and commodities high on Washington's list of products for sale.
US stocks higher as trade worries ease
US stocks traded higher as investor sentiment was boosted by an easing of trade tensions between China and the US.
Markets rise as Beijing and Washington avert trade war
Global stock markets mostly rose today after the US and China said they had agreed to hold off imposing tariffs, averting a damaging trade war at least for now. London stocks ended the session with a gain of 1.0 per cent and Paris closed 0.4 per cent higher, while Frankfurt was shut for a public holiday. The Milan stock market however dropped 1.5 percent, amid concerns that Italy is inching towards becoming the first EU founding member to have a eurosceptic government. On the other side of the Atlantic, Wall Street was in positive territory, with the Dow Jones gaining more than one percent. After high-level talks in Washington, economic superpowers China and the United States revealed a deal had been hammered out, ending months of tension that had sent financial markets into a spin. Treasury Secretary Steven Mnuchin told Fox News on Sunday that "right now we have agreed to put the tariffs on hold" while Xinhua reported China's Vice Premier Liu He as saying "the two sides reached a ...
Oil returns to multi-year highs on Venezuela concerns
NEW YORK (Reuters) - Oil prices strengthened on Monday, with U.S. crude hitting new multi-year highs, amid rising concerns about Venezuela's crude output following the country's election.
Consumer Reports finds flaws in Tesla's Model 3
(Reuters) - U.S. consumer bible Consumer Reports stopped short of recommending Tesla Inc's Model 3 sedan on Monday, criticising the car for its braking and taking the shine off a day of gains for shares in billionaire Elon Musk's venture.
Government looking at steps to control fuel prices: Pradhan
The government is considering ways to keep rising transport fuel prices in check, Petroleum Minister Dharmendra Pradhan said on Monday, even as petrol and diesel prices in Delhi and Mumbai crossed previous highs.
Gold hits 2018 low as trade comments lift stocks, dollar
NEW YORK/LONDON (Reuters) - Gold on Monday marked a new low for the year to date after U.S. Treasury Secretary Steven Mnuchin's declaration that a trade war between China and the United States was "on hold" helped boost appetite for higher-risk assets, such as stocks.
PNB Scam: ED attaches Nirav Modi's assets worth Rs. 171.26Cr
The Enforcement Directorate (ED) on Monday attached bank accounts, properties and other beneficiaries worth Rs. 171.26 crore owned by absconding jewellery designer Nirav Modi under the Prevention of Money Laundering Act 2002 (PMLA).On February 24 this year, the ED had provisionally attached 21 immovable properties belonging to Nirav Modi and companies controlled by him under the PMLA, with current market value of Rs. 523.72 crore. The said properties include six residential flats and ten office premises in Mumbai, two residential flats in Pune, one farmhouse in Alibaug, one solar power plant and 135 acres land in Karjat , Ahmednagar.Earlier, the ED had registered a money laundering case against Modi this year under the provisions of the PMLA, 2002 on the basis of the FIR registered by the Central Bureau of Investigation (CBI) under sections 120-B read with 420 of the Indian Penal Code (IPC).It was stated in the FIR that Nirav Modi and others had committed the offence of cheating ...
DLF's Q4 consolidated net profit at Rs 244 cr
Real estate major DLF on Monday reported a consolidated net profit of Rs 244 crore for the fourth quarter (Q4) of 2017-18.
GE to merge transportation unit with Wabtec in $11.1 billion deal
(Reuters) - General Electric Co announced a $11.1 billion deal on Monday to merge its transportation business with U.S. rail equipment manufacturer Wabtec Corp, with GE and its shareholders owning just over half of the combined business.
Three Directors of Fortis Healthcare resign before Tuesday's EGM
Fortis Healthcare (FHL) has informed that three of its Directors have resigned due to personal reasons.
Wall Street advances on trade war truce; Russell 2000 hits record
(Reuters) - U.S. stocks rallied on Monday after the United States and China put their trade differences "on hold" to work on a wider agreement, while sentiment was also boosted by the nearly $28 billion worth of merger deals.
Carl Icahn files lawsuit against AmTrust, controlling family
(Reuters) - Activist investor Carl Icahn filed a lawsuit on Monday against AmTrust Financial Services Inc and the family that controls the company, accusing them of trying to take the insurer private at the wrong time and at the wrong price.
Pradhan appeals Odisha govt to reduce tax on petrol, diesel
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Monday said that they have appealed to the Odisha government to reduce the tax on petrol and diesel for the benefit of people.Talking to media, Pradhan said, "We will appeal to the Odisha state government to reduce the tax on petrol and diesel for the benefit of people. Now once again we will appeal to the government to reduce tax, for the benefit of citizens."Yesterday, Pradhan said the hike in the fuel prices is due to the less production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market.However, the Union Minister also assured the citizens that the Indian government will soon take out a solution to tackle the situation.The prices of petrol and diesel touched an all-time high on Sunday causing inconvenience to the public.The petrol and diesel prices have been increased by 17 paise a litre and 21 paise per litre respectively in Delhi.With ...
Retailers to move CCI against Walmart-Flipkart
Retailers have joined hands to approach fair trade regulator CCI against USD 16 billion Walmart-Flipkart deal as they apprehend that the it would lead to massive job loss and be a "nightmare for retail trade" of the country. Traders body CAIT in a strongly worded statement today alleged ruling party BJP of bias towards multi-national companies and deviating from its commitment made in 2014 election manifesto. The Confederation of All India Traders (CAIT) said that it will move fair trade regulator CCI to file objections on the proposed Walmart-Flipkart deal, claiming that the agreement would lead to an uneven playing field and massive job losses. On the other hand, an online sellers industry body today moved the Competition Commission of India (CCI) against Flipkart India Pvt Ltd, a wholesale company, for allegedly abusing its dominant position on Flipkart's online marketplace. Emails sent to Flipkart did not elicit a response. Global retail giant Walmart had last week approached ..
AAP hits out at Centre for rise in fuel prices
The Aam Aadmi Party (AAP) today hit out at the BJP-led central government for the price hike in petrol and diesel, saying it "adversely" affected the livelihood of the common man. The people of the country felt "cheated" by the Narendra Modi government in the wake of the increased prices of petrol and diesel, AAP's chief spokesperson Saurabh Bhardwaj said. The prices of petrol today stood at Rs 84.07 per litre in Mumbai, Rs 79.13 per litre in Chennai, Rs 78.91 per litre in Kolkata and Rs 76.24 per litre in Delhi. These were the highest petrol prices under the current BJP dispensation, while the price of diesel touched a high of Rs 65.65 per litre, Bhardwaj said. "The Modi government is responsible for the inflation all around. From fruits and vegetables to petrol and diesel -- everything is severely affected by the daily price hikes," he added. Despite a fall in the price of crude oil in the international market, the fuel prices were going up in the country, because the BJP government
CBI files charge sheet in Rotomac loan default case
The CBI on Monday filed a charge sheet against Rotomac Global company in a Rs 456.63 crore alleged loan default to the Bank of Baroda, accusing its promoters Vikram Kothari and his son of criminal conspiracy, cheating and fraud, officials said.
UAE lands first crude oil cargo for Mangaluru strategic reserve
The first consignment of 2 million barrels of crude oil from the UAE for India's strategic petroleum reserve at Karnataka's Mangaluru landed on the west coast, an official statement said on Monday.
Reduce excise duty, VAT on petrol, diesel: Sachin Pilot
Rajasthan Congress chief Sachin Pilot today demanded that the Centre and state government reduce the excise duty and VAT on petrol and diesel. Pilot condemned the unprecedented hike in prices of petrol and diesel prices, saying the BJP government in the Centre and in Rajasthan were working to increase inflation. He said that the people had voted the BJP to power for reducing inflation, but the party has breached the people's trust. Pilot said that crude oil prices in the international market had reduced drastically than it was when the UPA was in the Centre, but the present government was looting the people of their hard earned money by revising prices of petrol and diesel everyday. He alleged that the BJP government had burdened people by levying more taxes on petrol products. In Jaipur, petrol and diesel price recorded a rise of nearly Rs 2 and Rs 1.98 respectively from May 11.
NCLAT declines to stay Bhushan Steel sale to Tata Steel, issues notices
The National Company Law Appellate Tribunal (NCLAT) today declined to stay Tata Steel's acquisition of debt-laden Bhushan Steel under the corporate insolvency resolution process. An NCLAT bench headed by Chairman Justice S J Mukhopadhaya also issued notices to Tata Steel, the resolution professional and Committee of Creditors (CoC) of Bhushan Steel on a petition filed by its promotor Neeraj Singal challenging the sale. The appellate tribunal declined to pass any interim stay over the process and said that the acquisition process will be subject to the final outcome of the appeal. "Let us decide the law but not stall the process," the bench said. The bench directed the matter to be listed on May 30 and asked the parties to file their replies in a week. The NCLAT has also issued notices to Bhushan Steel employees, who had also challenged the sale before the National Company Law Tribunal (NCLT). On May 15, NCLT had approved the resolution plan submitted by the RP of Bhushan Steel, which .