Page 848 - Business Finance
Zimbabwe introduces inter-bank forex market to curb black market
Zimbabwe's central bank on Wednesday said it was introducing a new interbank foreign exchange system effectively devaluing its quasi-currency which was officially pegged at par with the US dollar. "We have provided a formal way of trading in foreign currency," reserve bank of Zimbabwe governor John Mangudya said in announcing new monetary policy measures aimed at addressing a perennial foreign currency crunch. "We have basically formalised what is happening. We have basically ensured that no one goes to buy currency from the parallel market. "The inter-bank exchange system will have significant positive effects on the economy's external and fiscal sectors, domestic production and on the welfare of citizens," he said. The local bond -- a quasi-currency introduced two years ago to address cash shortages -- will be a tradable domestic currency alongside the greenback, South African rand and a host of other foreign currencies adopted in 2009 after hyperinflation rendered the local ...
South Africa pledges $5 billion Eskom bailout as budget creaks
CAPE TOWN (Reuters) - South Africa will bail out state utility Eskom with 69 billion rand ($4.9 billion) over three years, the centrepiece of a budget that exposed the limited room President Cyril Ramaphosa has to fix the economy ahead of an election in May.
Exclusive: Healthcare logistics company Owens & Minor explores sale - sources
(Reuters) - Owens & Minor Inc is exploring a sale of the company, people familiar with the matter said on Wednesday, as the U.S. medical supplies distributor seeks ways to recover from a string of disappointing earnings.
Southwest shares drop as mechanics labour dispute escalates
(Reuters) - Southwest Airlines Co's shares fell as much as 6 percent on Wednesday after the low-cost carrier said it was investigating whether a conflict with its mechanics union was leading to a spike in flight cancellations.
Buffett's Suncor bet to revive investor interest in Canadian energy
TORONTO (Reuters) - Berkshire Hathaway Inc's re-investment in Suncor Energy Inc highlights the benefits of being an integrated oil company and could revive investor interest in the languishing Canadian energy sector, fund managers said.
French steel pipe maker Vallourec launches new savings plan
(Reuters) - France's Vallourec on Wednesday it would cut about 18 percent of its staff in Germany by 2020 and announced other savings measures, after reporting a sharp rise in full-year earnings.
Estonia investigates alleged Swedbank link to money laundering scandal
STOCKHOLM (Reuters) - Estonia is investigating allegations linking Swedbank to suspicious transactions in the country involving Danske Bank, Estonia's state prosecutor said on Wednesday.
Wall Street treads water ahead of Fed minutes
(Reuters) - U.S. stocks were little changed on Wednesday, as investors awaited the Federal Reserve's minutes from its January meeting and details on trade talks between the United States and China.
Garmin shares surge 15 percent as new direction fuels strong forecast
(Reuters) - Garmin Ltd on Wednesday forecast full-year revenue and profit above expectations along with strong fourth-quarter results, sending its shares up 15 percent to their highest in more than a decade.
Cabinet nod for proposal to settle pre-GST taxation disputes
The Maharashtra cabinet Wednesday approved a proposal that seeks to settle all the taxation-related disputes pending before the Goods and Services Tax (GST) came into effect. This is aimed at recovering the revenue that the government was losing due to litigation and clearing backlog of cases, a statement issued by the Chief Minister's Office (CMO) said. A new legislation will be introduced to ensure that people who come ahead to settle their disputes will get a waiver in the range of 1 per cent to 50 per cent in their penalty amount, it said. "This is being done to ensure that the revenue that the government was losing due to litigation is recovered and also the backlog of applications as per the old taxation system is disposed of," the statement added. "Thousands of cases as disputes are pending since years in the state. The cases are related to various taxes such as the Central Sales Tax, 1956, the Bombay Sales of Motor Spirit Taxation Act 1959, the Maharashtra ...
Delhi-Raipur Vistara flight from March 31
Full-service carrier Vistara on Wednesday announced addition of Raipur as its 23rd destination, effective March 31.
Saudi Aramco, RIL in talks for India projects
Saudi Aramco, national petroleum and natural gas company of Saudi Arabia, said on Wednesday it was looking to expand footprint in India and was discussing partnerships with Indian companies, including Reliance Industries Ltd (RIL).
CVS 2019 profit forecast a wide miss, shares fall 9 percent
(Reuters) - CVS Health Corp on Wednesday forecast 2019 profit well below Wall Street forecasts due to weakness in its pharmacy business that serves long-term care facilities and slower than anticipated growth in drug prices, sending shares down as much as 9 percent.
Oil rises 2 percent on hopes of market rebalance, trade deal
HOUSTON (Reuters) - Crude prices rose nearly 2 percent on Wednesday, with Brent hitting its highest this year, on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela.
Volvo Cars raises over $200 million from new euro bond
STOCKHOLM (Reuters) - Sweden's Volvo Cars issued a bond worth 2 billion Swedish crowns ($214.65 million), it said on Wednesday, just five months after the Chinese-owned carmaker terminated plans to list itself blaming trade tensions and a downturn in automotive stocks.
Sainsbury's-Asda deal in jeopardy as UK regulator condemns plan
LONDON (Reuters) - Britain's competition regulator has dealt a potentially fatal blow to Sainsbury's planned $9.5 billion takeover of Walmart's Asda, saying the supermarket groups are unlikely to be able to address its "extensive" concerns about the deal.
LAC Tejas is now combat ready
After over three and a half decades, the Indian Air Force on Wednesday finally agreed that the indigenously developed and built Light Combat Aircraft (LCA) Tejas was combat ready and received the 'release to service document' certificate.The fighter plane got the Final Operational Clearance (FOC) from the Defence Research and Development Organisation (DRDO) at ongoing Aero India show here.FOC involves the addition of key capabilities to the Initial Operational Clearance (IOC) aircraft which are Beyond Visual Range Missile capabilities. Air-to-Air refueling, air-to-ground FOC, earmarked weapons and general flight envelope expansion.
Italy's Banco BPM says police seized 85 million euros in diamonds probe
MILAN (Reuters) - Banco BPM said on Wednesday Italian tax police had seized 84.6 million euros ($96 million) in funds from the country's third-largest bank as part of a probe into alleged fraudulent diamond sales to customers.
Credit Suisse loses bid to dismiss lawsuit in U.S. over writedowns
NEW YORK (Reuters) - A U.S. judge has rejected Credit Suisse Group AG's bid to dismiss a lawsuit accusing the Swiss bank of defrauding shareholders about its risk appetite and risk management before taking $1 billion of writedowns on souring debt.
Exclusive: Starboard target Magellan Health to explore potential sale - sources
(Reuters) - U.S. healthcare plan and pharmacy benefits manager Magellan Health Inc will explore selling itself after coming under pressure to do so from activist hedge fund Starboard Value LP, people familiar with the matter said on Wednesday.