Page 863 - Business Finance

Gold hits 10-month peak on growth worries; dollar slips

NEW YORK (Reuters) - Gold prices rose to a 10-month high on Tuesday as concerns over a global economic slowdown spurred a safe-haven bid and were also supported by a weaker U.S. dollar, which fell on optimism for a breakthrough in U.S.-China trade talks.

CORRECTED: Gold hits 10-month peak on growth worries; dollar slips

NEW YORK (Reuters) - Gold prices rose to a 10-month high on Tuesday as concerns over a global economic slowdown spurred a safe-haven bid and were also supported by a weaker U.S. dollar, which fell on optimism for a breakthrough in U.S.-China trade talks.

Palladium eyes $1,500/oz in record surge; gold hits 10-month high

(Reuters) - Palladium scaled a record peak to within striking distance of the $1,500 level on Tuesday fuelled by a sharp supply deficit, while gold climbed 1 percent to hit a 10-month high on a weaker dollar and global growth jitters.

Lebanon nominates challenger to Trump's choice to lead World Bank

WASHINGTON (Reuters) - Lebanon has nominated investment banker Ziad Hayek as a candidate for president of the World Bank, mounting the first challenge to U.S. President Donald Trump's choice to lead the development lender, Hayek said in a Twitter post on Tuesday.

U.S., McKinsey & Co reach $15 million settlement over bankruptcy case disclosures

WASHINGTON (Reuters) - The United States and McKinsey & Company have reached a $15 million settlement over allegations that the global consulting company did not make proper disclosures in bankruptcy cases, the U.S. Department of Justice said in a statement on Tuesday.

German regulator intervenes to halt cryptocurrency offering: source

BERLIN (Reuters) - German financial markets regulator Bafin intervened for the first time in the cryptocurrency market by stopping a planned initial coin offering (ICO) late last year, a person familiar with the matter told Reuters.

Wall Street edges higher on Amazon, Walmart gains; trade talks in focus

(Reuters) - U.S. stocks inched higher on Tuesday, led by Amazon and upbeat earnings from Walmart, while investors focused on the latest round of trade talks between the United States and China.

BlackRock, KKR plan $4 billion-$5 billion investment in ADNOC pipeline unit: Financial Times

(Reuters) - U.S. investment firms BlackRock Inc and KKR & Co Inc are in advanced talks to take a $4 billion to $5 billion stake in Abu Dhabi National Oil Co's (ADNOC) pipeline network, the Financial Times reported on Tuesday.

Cabinet approves new methodology for coal mines

The Cabinet Committee on Economic Affairs on Tuesday approved the methodology for allowing the allocatee of coal mines for specified end use or own consumption to sell 25 per cent of actual production on ROM basis in open market.The outputs will be sold with payment of additional premium on such sale under the Coal Mines (Special Provisions) Act, 2015 and the Mines and Minerals (Development and Regulation) Act, 1957.Under this new purpose, the allocatees are mandated to utilize a minimum of 75 per cent of its actual production (ROM basis) in specified end-use plants and are allowed to sell up to 25 per cent in open market.In case of auctions, the successful bidder shall be required to pay an additional premium of 15 per cent of its final bid price on per tonne basis, for the actual quantity of coal sold in open market. The additional premium will be over and above the final bid price.On the other hand, the successful allottees shall be required to pay an additional reserve price of 15

Walmart holiday-quarter sales jump, 'feel pretty good about consumer'

(Reuters) - Walmart Inc said on Tuesday it sees no signs of weakness in U.S. consumer spending and posted its strongest holiday-quarter sales growth in a decade, citing robust grocery and e-commerce sales and assuaging concerns about a looming U.S. recession.

Barclays hoped 2008 cash call would drive international growth, court told

LONDON (Reuters) - Barclays believed deals with strategic investors during the 2008 financial crisis would help to provide a springboard for its international ambitions, the bank's former chairman told a London criminal trial on Tuesday.

Noble Energy to reward investors with more than $500 million cash flow target

(Reuters) - Noble Energy Inc on Tuesday outlined a plan to return over $500 million to shareholders by 2020 and lowered its 2019 capital expense forecast in response to a drop in crude oil prices, sending its shares up 5 percent.

Global Markets: Gold hits 10-month peak on hopes for US-China trade talks

NEW YORK (Reuters) - Gold prices surged to a 10-month high on Tuesday, as the U.S. dollar weakened, on optimism for a breakthrough in U.S.-China trade talks, with bullion also receiving support as a safe-haven asset due to concerns over global growth.

Cabinet nod to new company for commercial use of ISRO programmes

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Tuesday gave its approval for setting up a new company under the Department of Space, to commercially exploit the research and development work carried out by Indian Space Research Organization (ISRO).

No way US can crush Huawei, says founder Ren Zhengfei

Huawei is currently reeling under pressure from the United States over its alleged threat to the national security. The country has also accused the company of being used as a vessel by the Chinese government to spy on the US.In the first public interview after daughter Meng Wanzhou's arrest on charges of money laundering, bank fraud, and stealing trade secrets, Huawei founder Ren Zhengfei told the BBC that the arrest was a politically motivated move.The founder said that there is no way the US can crush Huawei. He further added that the company is much more advanced for the world to simply eliminate it and even if the US pressurises more countries to not use Huawei products temporarily, the company can scale down a bit.Recently, the US warned its allies against using Huawei technology. Australia, New Zealand, and the US have already banned or blocked the company from supplying equipment for their future 5G mobile broadband networks. Ren Zhengfei stressed that America doesn't ...

Cabinet clears reform to enhance domestic oil & gas exploration

The Union Cabinet on Tuesday approved a new policy framework on reforms in exploration and licensing (E&L) sector that aims to enhance domestic exploration and production of oil and gas by providing more attractive terms to investors.

UK no longer preferred spot for Indian investment

THe UK is no longer a preferred market for Indian investment due to the uncertainty unleashed by the Brexit factor, according to a survey released on Tuesday.

Electronics policy targets $400 billion manufacturing revenue by 2025

The Union Cabinet on Tuesday passed the National Electronic Policy 2019 which targets $400 billion turnover by 2025 from domestic manufacturing, setting up cluster for the entire value chain and employing over 1 crore people directly or otherwise to achieve a growth rate of 32 per cent.

Palladium eyes $1,500 in record surge; gold hits 10-month top

(Reuters) - Palladium scaled a record peak to within striking distance of the $1,500 level on Tuesday fueled by a sharp supply deficit, widening its lead over gold by more than $150, even as bullion hit a 10-month high on a weaker dollar and global growth jitters.

Honda to close British car plant as Brexit looms

LONDON/TOKYO (Reuters) - Honda will close its only British car plant in 2021 with the loss of up to 3,500 jobs, a major departure of Japanese investment announced just over a month before the United Kingdom is due to leave the European Union.