markets

 
Play this video BTVI
img

Stocks In News

 

ICICI BANK

I-T department probing acquisition of Chanda Kochhars Mumbai Residence

I-T department looking into acquisition of the residence by Deepak Kochhar

Acquisition of residence said to be linked to firms of Videocon group

Indian Express Reports

BANK OF MAHARASHTRA

3 officials including MD & CEO RP Marathe, ED RK Gupta arrested in Pune

Arrests are in connection to fraudulent loans sanctioned to Kulkarni Developers

Outstanding exposure to DS Kulkarni Developers at Rs 94.52 Cr

IPO UPDATE

RITES IPO subscribed 0.6x on day 1

Fine organic industries IPO subscribed 0.12x on day 1

IDBI BANK

SBI's B Sriram takes additional charge as MD & CEO of IDBI Bank

B Sriram is the longest serving PSB MD

B Sriram Has Experience In Managing Stressed Assets

INDIAN HOTELS

Wins bid for Connaught Place in Delhi

Taj Group wins 33-year lease for Connaught Hotel in E-auction

Offered to share 31.8% of annual revenue earned with civic body

INDIGO CLARIFIES

Have not received any notice from ED on FEMA violations

WELSPUN CORP

U.S. to levy tariff on Indian welded pipes

U.S. imposes anti-subsidy duties of upto 500% on welded pipes from India

China, South Korea, & Turkey to also face duties from U.S.

U.S. imported large-diameter welded pipes worth $294.7 Mn from India in 2017

U.S. International Trade Commission scheduled to make a final decision By Dec 20

  • SENSEX

    35,432.39 114.94   (-0.32 %)
  • NIFTY

    10,741.10 30.95   (-0.29 %)
img
You can skip this ad in seconds.
Will simplify norms on buyback of Securities: SEBI Chairman

News In Brief

 

    UN's Zeid says Hungary's new laws are 'blatantly xenophobic'

    Geneva: New Hungarian laws that criminalise people for helping asylum-seekers are shameful and blatantly xenophobic, U.N. High Commissioner for Human Rights Zeid Ra’ad al Hussein said in a statement on Thursday. 

    “The constant stoking of hatred by the current government for political gain has led to this latest shameful development, which is blatantly xenophobic and runs counter to European and international human rights standards and values,” he said.

    (Reuters)

    UN fears for 750,000 Syrians caught in new offensive

    Geneva: The United Nations is deeply concerned for around 750,000 people in southwestern Syria, where a military offensive has displaced people in Deraa governorate towards the Jordanian border, a U.N. humanitarian statement said on Thursday. 

    “Today, fighting and shelling continued to be reported in many towns on the eastern and western side of Dara’a governorate,” it said. “Yesterday (Wednesday), on 20 June, shelling and fighting in several areas of Dara’a governorate reportedly resulted in the deaths of 20 people, including 11 in Dara’a city; many others were injured.”

    (Reuters)

    WDM witnesses trade worth Rs 778.70 cr on NSE

    Mumbai: Wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 778.20 crore in 25 trades.

    Top securities (nn-repo) traded at the WDM were: The 5.69 per cent Government security maturing in CG2018 traded value of Rs 100.00 crore at weighted yield of 6.60 per cent, the 7.17 per cent Government security maturing in CG2028 traded value of Rs 100.00 crore at weighted yield of 7.81 per cent and the 8.13 per cent Government security maturing in CG2045 traded value of Rs 75.00 crore at weighted yield of 8.06 per cent,an nse release said.

    (PTI) 

    NEC establishes NEC Laboratories India

    New Delhi: NEC Corporation today said it will set up NEC Laboratories India (NLI), a solutions and technology research and development site in Mumbai, aimed at global expansion of its solutions.

    "The new laboratories will be established in July 2018 within NEC Technologies India (NECTI), where Akihiko Iketani, senior manager, Central Research Laboratories, NEC Corporation, is slated to lead operations," NEC said in a statement.

    (PTI)

    Solutions Infini rebrand to 'Kaleyra'

    New Delhi: IT firm Solutions Infini today said it has rebranded itself as 'Kaleyra' after its merger with Italy-based messaging services provider, Ubiquity. The combined turnover for Solutions Infini and Ubiquity was 65 million euros in 2017.

    "The brands' turnover in the 2017 was 65 million euros and now aims at touching 100 million euros while expanding their base and entering newer markets...," a statement said. The brand Kaleyra was formed to provide unique and seamless global solutions that help banks, enterprises and SMEs to boost their customer experience and satisfaction, it added. Kaleyra will now headed by its founder, Chairman and CEO Dario Calogero along with Aniketh Jain, Managing Director - Cloud and Ashish Agarwal, Chief Technology Officer, the statement said.

    (PTI)

     

    Goibibo partners with PhonePe

    New Delhi: Online travel company Goibibo today said it has partnered with digital payments major PhonePe. The "app-in-app partnership" will provide a unified login and payments experience to over 100 million PhonePe users while making their hotel bookings, Goibibo said in a statement.

    Goibibo will be live with their Hotels' store (microapp) on the PhonePe app, while PhonePe users will be able to use their goCash balance (Goibibo's promotional currency) in the PhonePe app to book domestic and international hotels. "This partnership will extend Goibibo's extensive selection of over 50,000 domestic hotels and homestays, including Goibibo-certified goStays and half a million international hotels to PhonePe's growing customer base," Goibibo COO Sanjay Bhasin said.

    (PTI)

     

    Indigenous Running Foundation launches app developed with TCS

    New Delhi: IT major Tata Consultancy Services (TCS) today said it has launched a mobile application in partnership with Australia's Indigenous Running Foundation (IRF). IRF is an organisation that uses running as a platform to help improve fitness and well-being for indigenous Australians.

    "The app was developed as part of the TCS Australia and New Zealand Community Innovation Program, which offers pro-bono technology services to non-profit organisations," TCS said in a statement. IRF founder Robert de Castella said TCS has perfectly designed the app "with input from indigenous communities to make it relevant and culturally appropriate as a resource that measures levels of physical activity". "

    (PTI)

     

    India consumer biz growing at strong pace: Jabra

    New Delhi: Communications products maker Jabra today said it is witnessing strong growth in the Indian market, helped by increasing adoption of mid and high-end smartphones by consumers in the country.

    The Copenhagen-based company -- which launched new products, including premium wireless earbuds today in India -- is also betting big on technologies around sensors and digital assistants like Alexa and Siri. " True Wireless is the fastest growing category right now (for the company)... We are in the high double-digit growth (in India)," Jabra Country Manager Consumer Business Ankit Sarraf told reporters here.

    (PTI) 

     

    ICICI Lombard launches wellness index

    New Delhi: Private general insurer, ICICI Lombard General Insurance today launched a wellness index which captures the wellness quotient of the country.

    The country scored a poor 58.3 out of 100 on the index, it said in a statement. The outcome is based on the feedback from 2,350 consumers across 11 cities, including New Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata. 

    (PTI)

    US dollar ends cheaper against rupee

    Mumbai: The US dollar ended cheaper against the rupee at Rs 67.98/99 per dollar but the pound sterling finished higher at Rs 89.88/90 at the close of the Interbank Foreign Exchange (forex) market here today.   

    Following are the Interbank forex and RBI rates : (In Rs per unit) Unit Interbank RBI Reference US Dollar 67.98/99 US Dollar Rs 68.1950 Pound Sterling 89.88/90 EURO Rs 78.7925 Euro   78.47/49 Japanese yen (100) 61.

    (PTI) 

    Czech PM says EU border agency Frontex should be strengthened

    Budapest: Czech Prime Minister Andrej Babis said on Thursday that the EU border agency Frontex should be strengthened and its forces beefed up substantially. 

    Speaking at a joint press conference in Budapest after a meeting with the Slovak, Hungarian, Polish and Austria leaders, Babis said he agreed with German Chancellor Angela Merkel on this, and believed Frontex should be increased to 10,000 staff.

    (Reuters)

    Britain's Fox dismisses talk of staying in single market for goods

    Geneva: British Trade Secretary Liam Fox told Reuters on Thursday that he had heard the theory that Britain could remain in the European single market for goods but he dismissed the idea. 

    “The government’s made it clear that we’re leaving the single market and we’re leaving the customs union,” he said. “It’s what we voted for in the referendum, to take back control. We’re not going to surrender it now.”

    (Reuters)

    Fed's Kashkari says uncertain if tax cuts will lead to sustainable growth

    The Trump administration’s recent tax overhaul will lead to a short-term boost in economic growth but it is unclear if that will be sustainable, Minneapolis Fed President Neel Kashkari said on Thursday. 

    “We know if you cut taxes on the margin that should boost economic growth in the short term,” Kashkari said at an event in Minneapolis, Minnesota. “The question is when that short term is over, does it actually lead to longer-term, higher sustained economic growth? That’s unclear right now.” Kashkari does not have a vote on monetary policy this year.

    (Reuters)

    Dow drops at open, technology stocks boost Nasdaq

    Bengaluru: The Dow Jones Industrial Average opened lower on Thursday, as concerns over an ongoing trade spat between the United States and China lingered, while strong results from Micron and gains in large-cap technology stocks buoyed the S&P 500 and Nasdaq. 

    The Dow Jones Industrial Average .DJI fell 18.59 points, or 0.08 percent, at the open to 24,639.21.  The S&P 500 .SPX opened higher by 1.96 points, or 0.07 percent, at 2,769.28. The Nasdaq Composite .IXIC gained 18.78 points, or 0.24 percent, to 7,800.30 at the opening bell.

    (Reuters)

    Siris Capital unit to buy Web.com for $2 billion

    Internet services company Web.com Group Inc said on Thursday an affiliate of private equity firm Siris Capital will buy the company for about $2 billion in cash. 

    Shareholders of Web.com will receive $25 per share in cash, representing a premium of about 8 percent to the stock’s Wednesday closing price.

    (Reuters)

    Italian economy minister reiterates that euro currency not in doubt

    Luxembourg: Italian Economy Minister Giovanni Tria, arriving for his first meeting with fellow eurogroup ministers, said on Thursday the new anti-establishment government in Rome had no intention of leaving the euro. 

    “The government position is that the euro is not up for discussion,” Tria told reporters, adding that EU ministers had no reason to fear his actions. “I hope I am not a cause of concern. It is up to other people to decide if I am a worry. In general, I am not,” said the softly spoken economics professor.

    (Reuters)

    NATO needs Britain's defence capability, says Stoltenberg

    London: NATO Secretary-General Jens Stoltenberg said on Thursday the military alliance needed Britain’s defence capabilities after a news report said Prime Minister Theresa May had told her defence minister that he needed to rethink them.

    At a speech in London, Stoltenberg also said a possible meeting between U.S. President Donald Trump and Russian President Vladimir Putin did not contradict NATO policy.

    (Reuters)

    Thyssenkrupp workers still see open issues in Tata Steel talks

    Frankfurt: Thyssenkrupp (TKAG.DE) workers on Thursday urged management to solve outstanding issues in talks with Tata Steel (TISC.NS) to create a European joint venture, cautioning that a good deal was better than a rushed job. 

    “There are still a number of unresolved issues until a possible signing,” Tekin Nasikkol, chairman of Thyssenkrupp Steel Europe’s works council and member of Thyssenkrupp AG’s supervisory board, said in a statement. “We expect all parties to focus on diligence rather than speed in fixing the problems.”

    (Reuters)

    Bank of England to reinvest 2.9 billion pounds proceeds from QE gilt

    London: The Bank of England on Thursday said it would reinvest 2.9 billion pounds ($3.83 billion) from a maturing gilt owned as part of its quantitative easing programme. 

    The BoE will reinvest the proceeds of the gilt, which matures on July 22, in three 955 million pound reverse auctions of gilts in the week beginning July 23. It said the gilt purchases would be in the standard maturity ranges of 3-7 years, 7-15 years and over 15 years, and spread evenly across the three maturity sectors.

    (Reuters)

    UK's M&S, Microsoft sign artificial intelligence deal

    London: Britain’s Marks & Spencer has signed a strategic partnership deal with Microsoft to test the integration of artificial intelligence technologies into the retailer’s stores and operations, it said on Thursday. 

    The deal will see Microsoft’s AI engineers work with M&S’s engineers to examine how the technology can benefit customers and increase efficiency in its business. No financial details of the deal were disclosed.

    (Reuters)

    South Korea's Moon: cooperation with Russia key for peace on Korean peninsula: Report

    Moscow: South Korean President Moon Jae-in said on Thursday that cooperation with Russia was key to peace on the Korean peninsula, Russian news agencies reported. 

    Moon, speaking in the Russian State Duma, the lower house of parliament, said Pyongyang has been taking real steps toward full denuclearization.

    (Reuters)

    Ross says US must create 'environment of pain' in trade: CNBC

    Washington: Commerce Secretary Wilbur Ross said on Thursday the United States needs to make it painful for its trading partners to have high trade barriers in order to reach President Donald Trump’s ultimate goal of lowering barriers and a level playing field. 

    “What we have to do is create an environment where it’s more painful for these parties that have these huge trade barriers, both tariff and non-tariff, got to make it more painful for them to keep those barriers than to get rid of them,” he told CNBC. “In the particular case of China, it’s compounded by their disrespect of intellectual property, the forced technology transfers, the cybersecurity breaches.”

    (Reuters)

    Russia's Putin, Ukraine's Poroshenko discuss implementation of Minsk agreement: RIA

    Russian President Vladimir Putin spoke with Ukrainian President Petro Poroshenko by phone on Thursday about implementing the Minsk peace agreement, RIA news agency reported.

    (Reuters)

    Junior UK trade minister resigns over plans to expand Heathrow airport

    London: A British trade minister said on Thursday he will resign from the government and vote next week against its plans to build a third runway at London’s Heathrow Airport.

    “I wrote to the PM earlier this week on how I will honour these 2017 General Election pledges to the people of Chelsea & Fulham and vote against the Heathrow 3rd runway on Monday,” Greg Hands said on his Twitter page.

    (Reuters)

    Thousands gather at Britain's ancient Stonehenge site for summer solstice

    Stonehenge, England: Wrapped in jackets and blankets, thousands of people gathered at Britain’s Stonehenge for summer solstice, watching the sun rise over the Neolithic monument and welcoming the longest day of the year.

    Revellers of all ages, including druids and pagans performing rituals, clapped and cheered as the sun rose at 0352 GMT on Thursday over the prehistoric site made up of huge standing stones in the southwest county of Wiltshire. Some sang or beat drums while others performed yoga.  Each year, thousands of people arrive at the Stonehenge for the occasion, and this year, around 9,500 people were present, according to Wiltshire police.

     (Reuters) 

    Euroskeptics to head Italian parliamentary finance committees

    Rome: Two leading euroskeptics from the far-right League, Claudio Borghi and Alberto Bagnai, were picked on Thursday to head respectively the Budget Committee in the lower house of parliament and the Finance Committee in the upper house Senate. 

    Committee heads can guarantee a fast track for government legislation and slow down opposition amendments.  Borghi has called for the issuance of short-term government bonds, known as mini-bots, to pay companies owed money by the state, while he and Bagnai have repeatedly railed against EU budget restraints. “The goal to balance the budget has destroyed our economy,” Bagnai told Reuters earlier this year.

    (Reuters)

    Iran's 'aggression' in Middle East must be countered: Merkel

    Amman: Measures are needed to counter Iran’s “aggressive tendencies” in the Middle East, German Chancellor Angela Merkel said on Thursday after talks in Jordan with King Abdullah. 

    The Jordanian monarch said that peace in the region could only take place once the Palestinians have a state with Jerusalem as its capital.

    (Reuters)

    Transatlantic bond will be preserved, says NATO chief Stoltenberg

    London: NATO Secretary-General Jens Stoltenberg said on Thursday he believed the bond between the United States and Europe would survive any differences over trade, climate or the Iran nuclear deal. 

    In a speech in London, Stoltenberg said: “Our bond is strong but some are doubting the strength of that bond. And yes we see differences between the United States and other allies over issues such as trade, climate and the Iran nuclear deal.” “It is not written in stone that the transatlantic bond will survive forever but I believe we will preserve it.”

    (Reuters)

    Allianz denies report on plan to cut 5,000 jobs in Germany

    Frankfurt: Allianz (ALVG.DE) denied on Thursday a report by Manager Magazin that it planned to cut at least 5,000 job in Germany. 

    “The number is wrong,” a spokesman said. “It is completely fabricated.

    (Reuters)

    Talks before main OPEC meeting to debate 1 million bpd output hike: Sources

    Vienna: Oil ministers will debate on Thursday whether to raise supplies by 1 million barrels per day as the main proposal for the upcoming meetings of OPEC and non-OPEC allies, OPEC sources said. 

    Three OPEC sources said that if the proposal was approved, all OPEC members and their non-OPEC allies could raise supplies pro-rata, with Saudi Arabia adding about 0.25-0.3 million bpd. Iran had yet to agree to the proposal, the sources said. Iran will join a ministerial committee meeting on Thursday. Iran is usually not part of the committee, which includes Russia, Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Algeria and Venezuela.

    (Reuters)

    PM May committed to Britain to being a leading military power: Spokeswoman

    London: Prime Minister Theresa May is committed to Britain remaining a leading military power, her spokeswoman said on Thursday, rejecting a report that she had questioned why Britain should remain a “tier one” military nation. 

    “We are a leading military power and the PM is committed to ensuring that remains the case,” the spokeswoman told reporters. “We have the biggest defense budget in Europe and the second-biggest in NATO and we are committed to that.”

    (Reuters)

    China's Xi says has honored word on opening up economy

    Beijing: Chinese President Xi Jinping said on Thursday he had honored his word by taking action on steps to open up the country’s economy. 

    Vigilance is needed as world economic growth still lacks momentum, and trade protectionism, isolationism and populism have surged, he told a group of foreign chief executives.

    (Reuters)

    EU's Juncker says backing of Irish Brexit position will not change

    Dublin: The support of European Union members for Ireland’s Brexit position will not change, European Commission President Jean-Claude Juncker said on Thursday, advising against any temptation to isolate Ireland in a withdrawal deal. 

    “We wanted to make it clear again and again that Ireland is not alone, we have Ireland backed by 26 members states and by the Commission and that will not change,” Juncker told a news conference following talks with Irish Prime Minister Leo Varadkar in Dublin  “I am strongly against any temptation to try to isolate Ireland. Ireland has to be part of the deal.”

    (Reuters)

    Beiersdorf CEO to step down

    Frankfurt: Beiersdorf (BEIG.DE), the maker of Nivea lotions, said Chief Executive Stefan Heidenreich would step down when his term ends at the end of 2019 or earlier depending on when a successor is appointed. 

    It said in a statement that Heidenreich and the supervisory board had reached an amicable agreement on his resignation in a meeting on Thursday.

    (Reuters)

    Sebi board approves amendments to buyback as well as takeover regulations

    New Delhi: Sebi board approves amendments to buyback as well as takeover regulations, says chairman Ajay Tyagi. 

    Kremlin says aware that US national security adviser heading to Moscow

    Moscow: US national security adviser John Bolton plans to visit Moscow, Kremlin spokesman Dmitry Peskov told reporters on a conference call on Thursday. 

    Bolton’s visit is to prepare for a possible meeting of U.S. President Donald Trump and Russian President Vladimir Putin, Interfax news agency reported earlier on Thursday citing sources.

    (Reuters)

    East Libya forces in full control at Ras Lanuf oil port: Spokesman

    Benghazi, Libya: East Libyan forces took full control of Ras Lanuf oil terminal and the surrounding area on Thursday as they rapidly advanced against rivals who seized the port a week ago, a spokesman said. 

    “Our armed forces fully control the Ras Lanuf district and the enemy suffered large losses in lives and equipment,” Libyan National Army (LNA) spokesman Ahmed al-Mismari said.

    (Reuters)

    Swiss National Bank's Jordan sees no limits to forex intervention

    Zurich: The Swiss National Bank’s huge balance sheet is no impediment to continued intervention in foreign exchange markets to weaken the Swiss franc, SNB chairman Thomas Jordan said on Thursday.

    “We have no limits and if it is necessary to keep growing our balance sheet, to intervene in the markets to maintain monetary conditions, the SNB can and has to continue to grow its balance sheet,” he said at a news conference accompanying the central bank’s latest rate decision. The SNB would do this “so that our influence on the foreign exchange market can counter the pressure on the Swiss franc,” Jordan said.

    (Reuters)

    Civilians flee fighting in Syrian southwest: Monitor

    Beirut: Thousands of people have fled rebel-held areas of southwestern Syria being targeted by government bombardment, a war monitor said on Thursday, fearing a big offensive in the area near the border with Jordan. 

    The Syrian Observatory for Human Rights said some 12,500 people had fled northwestern areas of Deraa province.

    (Reuters)

    Volkswagen Truck & Bus to list 25 percent stake in summer 2019: Manager Magazin

    Frankfurt: Volkswagen’s (VOWG_p.DE) Truck & Bus (VOWG_p.DE) division plans an initial public offering in summer 2019 and could raise more than 6 billion euros (5.24 billion pounds) by listing a stake of around 25 percent, the division’s chief executive told Manager Magazin. 

    On being asked whether Truck & Bus, which is due to be renamed Traton, could raise 6 billion euros, Andreas Renschler said: “It could be a little more than that.” Volkswagen has said it was considering a listing or partial listing of the trucks division, but that this would not happen in 2018. [nL8N1TH13R]

    (Reuters)

    Siemens to pare number of industrial units in revamp: Manager Magazin

    Berlin: Siemens (SIEGn.DE) Chief Executive Joe Kaeser will present plans in August to reduce the number of industrial divisions at the engineering group to boost efficiency, Germany’s Manager Magazin reported on Thursday. 

    The long-awaited strategy dubbed “Vision 2020+” foresees scaling back the number of industrial units to three from five and giving the new divisions higher margin targets, the monthly magazine reported on its website, citing company sources. Part of the plan is to merge the so-called Digital Factory unit with operations designed to automate process industries, the magazine said.  Munich-based Siemens had no immediate comment.

    (Reuters)

    Saudi energy minister says Aramco IPO in 2019 would be nice, timing not critical

    Vienna: Saudi Arabian Energy Minister Khalid al-Falih said on Thursday it would be “nice” to see Saudi Aramco floated on the stock exchange next year, but he added the timing was not critical to the Saudi government. 

    Speaking in Vienna, Falih said Saudi Arabia’s Tadawul bourse would be Aramco’s primary listing, with an international secondary listing to be determined to some extent by where the market for its products is, which is “shifting to the east”.

    (Reuters)

    British lawmakers publish IBM report into TSB bank IT failure

    London: Britain’s influential Treasury Committee of lawmakers on Thursday published a preliminary report by International Business Machines Corp into an IT outage at TSB bank that left thousands of customers locked out of their accounts. 

    IBM was called in by TSB to help fix the problem, which arose when the bank tried to migrate customers onto a new IT platform. In the report, it said such a risky operation would require “world class design rigour” and “test discipline”. But it said that in TSB’s case, performance testing of the new system did not provide the required evidence of the system’s capacity.

    (Reuters)

    US security chief Bolton to visit Moscow for talks on Trump, Putin meeting: Interfax

    Moscow:  U.S. national security adviser John Bolton plans to visit Moscow next week to prepare for a possible meeting of U.S. President Donald Trump and Russian President Vladimir Putin, Interfax news agency reported on Thursday, citing sources.

    The Kremlin said on Tuesday there are no plans for a meeting between Trump and Putin before the NATO summit, Interfax reported. Trump is expected to attend the NATO summit in Brussels on July 11-12.

    (Reuters) 

    Malaysia to inject $698 million to complete TRX City

    Kuala Lumpur: Malaysia on Thursday said it will fund up to 2.8 billion ringgit ($697.9 million) to complete the development of TRX City, an integrated financial district, from which over 3 billion ringgit was taken to pay off 1Malaysia Development Berhad (1MDB) debts. 

    Finance Minister Lim Guan Eng said the decision will “help allay concerns” of local and foreign investors on the fate of the project.  “This is one example of how 1MDB used this to pay off its debts that are not related to the project,” Lim said at a press conference broadcast live on local television.

     (Reuters)

    Japan defense minister: US, Japan must keep up guard against North Korea

    Tokyo: Japanese Defence Minister Itsunori Onodera said on Thursday that Japan and the United States needed to keep up their guard against North Korea until the country took steps towards denuclearization.

    “North Korea has yet to show any concrete steps towards denuclearization,” Onodera said in opening remarks ahead of his meeting with U.S. Indo-Pacific military commander Philip Davidson in Tokyo.  U.S. Navy Admiral Davidson was promoted to commander of the U.S. Indo-Pacific Command (INDOPACOM) last month.

    (Reuters) 

    Former RSM Tenon finance director barred from accounting over misconduct

    London: Britain’s Financial Reporting Council (FRC) on Thursday excluded the former finance director of a collapsed accounting firm from accounting for five years, and fined him 57,000 pounds ($74,875.20) plus 825,000 pounds towards the costs of the investigation. 

    Russell McBurnie, who left London-listed RSM Tenon in 2012 before it collapsed into administration in 2013, admitted “extensive misconduct” in relation to the preparation and approval of the firm’s 2011 financial statements, the FRC said. Auditor PriceWaterhouseCoopers admitted misconduct and was fined 5.1 million pounds for signing off on the accounts in August 2017. 

     (Reuters) 

    Foodgrain prices ruled steady

    Chennai: Prices of all commodities ruled   steady in the wholesale foodgrain market here today.

    Following are the wholesale rates of various   agri-commodities (rates in rupees per quintal, unless stated   otherwise): Thoor Dal Rs 6,700, Urad Dal Rs 6,700, Moong Dal   Rs 6,900, Gram Dal Rs 4,500, Sugar Rs 3,600, Wheat Rs 2,900,   Maida (90 kg) Rs 2,500 and Sooji (90 kg) Rs 3,000.

    (PTI) 

    Defence equipment maker Chemring's profit rises 5.2 percent

    Defence contractor Chemring Group Plc (CHG.L) on Thursday reported a 5.2 percent rise in six-month operating profit and said it sees more benefits from increased U.S. defence spending. 

    Chemring’s operating profit rose to 18.1 million pounds, in the six months ended April 30, from 17.2 million pounds reported a year earlier.The company said the total amount of its current orders was 442 million pounds, down from 478 million pounds a year earlier.

    (Reuters)

    China Vice Premier Liu to meet EU delegation next week

    Beijing: Chinese Vice Premier Liu He will meet with a senior European Union delegation in Beijing next week, China’s Commerce Ministry said on Thursday. 

    The meeting is significant at an important juncture, the ministry added.  Vice-President of the European Commission Jyrki Katainen is due to attend the EU-China High-level Economic Dialogue in Beijing on Monday, ahead of a China-EU summit likely to be held in July in China.

    (Reuters) 

    Taiwan's TSMC to invest $25 billion in 5 nanometer node technology

    Hsinchu, Taiwan: Taiwan Semiconductor Manufacturing Co Ltd, a supplier to Apple Inc, said on Thursday it expects to invest $25 billion in 5 nanometer node technology.

    The firm did not provide a time frame for the investment. 

     (Reuters) 

    China says will maintain normal relations with Iran

    Beijing: China will maintain normal relations with Iran, the Commerce Ministry in Beijing said on Thursday.  Ministry spokesman Gao Feng made the comment when asked at a regular news briefing if Chinese firms would withdraw from the Iranian market. 

    U.S. President Donald Trump pulled the United States out of an international nuclear deal with Iran in May and said he would reimpose harsh sanctions on Tehran.

     (Reuters) 

    India raises import duties on agri, steel products to protest US tariff hike

    New Delhi: India has increased import duties on some agricultural and steel products that are imported from the U.S. in retaliation against Washington’s new global tariffs on steel and aluminium, according to a government note seen on Thursday.

    Last month, India had given a list of products to the WTO that it said could incur higher tariffs.

    (Reuters) 

img

Global Markets

 

twitter @BTVI