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Stocks In News

 

CADILA HEALTH

To Consider Fund Raising Via Shares, Bonds On May 24

RUCHI SOYA

Adani-Wilmar JV Competes Patanjali To Buy Entire Stake Of Co

Deal Valued At Around Rs 5,000 Cr

Economic Times Reports

FORTIS HEALTH

Fortis Faces MCA Probe ahead of EGM

Director General to look into mismanagement charges

3 Directors nominated by promoters to quit the Board on May 22

Govt may take over the co if mismanagement reported

Business Standard Reports

BHARTI AIRTEL

Bharti's Cedar Svcs May Sell Stake Of 9.23% In Future Retail & Ent

Deal Size Valued At Rs 2,500 Cr

Economic Times Reports

FUTURE RETAIL

Acquires Foodworld Supermarkets At Rs 40 Cr

Foodworld OSouthern India

Expects acquisition to be completed within 10-12 weeks

  • SENSEX

    34,663.11 318.20   (0.93 %)
  • NIFTY

    10,513.85 83.50   (0.80 %)
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News In Brief

 

    U.S. could seek American compliance officers at ZTE: Ross

    Washington: The United States has not made a final decision on changes to its ban on ZTE Corp, but any alternative remedy could include installing U.S. compliance officers at the Chinese telecoms company, Commerce Secretary Wilbur Ross told CNBC.

    Asked about national security concerns about the company, Ross said, “If we do decide to go forward with an alternative, what it literally would involve would be implanting people of our choosing into the company to constitute a compliance unit,” that would report back to the Commerce Department, among others.

    (Reuters)

     

    Turkey's ruling party says wants to overcome problems with US

    Ankara: Turkey wants to overcome its problems with the United States and maintaining close cooperation between the two countries is essential, President Tayyip Erdogan’s ruling AK Party said in its manifesto for next month’s elections, published on Thursday.

    The AK Party also said Turkey would continue its efforts for a new and legitimate leadership in Syria, adding that it aimed to re-establish neighbourly ties and cooperation with the “new Syria”.

    (Reuters) 

    Dutch PM cuts short India trip for cabinet meeting on downed MH17 airliner: ANP

    Amsterdam: Dutch Prime Minister Mark Rutte will shorten his visit to India by a day in order to join cabinet discussions on Friday about new findings on the downing of passenger flight MH17 over Ukraine in 2014, Dutch news agency ANP said on Thursday.

    Prosecutors investigating the downing of Malaysia Airlines Flight 17 said on Thursday they had identified the missile used to shoot down the plane on Jul 17, 2014, as coming from a Russian military unit. The airliner with 298 people on board was hit by a Russian-made missile over territory in eastern Ukraine held by pro-Russian separatists. All those aboard died.

    (Reuters)

    Two Congo Ebola patients attended church with 50 people before dying: MSF

    Geneva: Two Democratic Republic of Congo Ebola patients who fled hospital in the city of Mbandaka on Monday attended a prayer meeting with 50 people hours before they died, Jean-Clement Cabrol, an emergency medical coordinator at Medecins Sans Frontieres (Doctors Without Borders), said on Thursday. 

    Health officials are scrambling to contain an outbreak of the deadly disease in the heavily populated port city in northwest Congo that is believed to have killed 22 people since April.

    (Reuters)

    Prime Minister Narendra Modi to visit Indonesia and Singapore

    New Delhi: Prime Minister Narendra Modi to visit Indonesia and Singapore from May 29-June 2, says MEA.

    (PTI)

    EU parliament gets Facebook answers after Zuckerberg meeting

    Brussels: The European Parliament distributed on Thursday what it called a first set of written replies from Facebook to oral questions put by lawmakers to CEO Mark Zuckerberg at a meeting in Brussels on Tuesday.

    (Reuters) 

    Deutsche Bank's chairman defends abrupt change in CEO

    Frankfurt: Deutsche Bank (DBKGn.DE) chairman Paul Achleitner on Thursday defended his decision to abruptly change top management last month. 

    “We had to act - even though it wasn’t originally our intention to make our change so swiftly,” he told shareholders. “Personally I had hoped that the reshuffle at the top of our bank would be made in a constructive spirit at today’s annual general meeting.”

    (Reuters)

    Kidnapped UN staff member and son released in Afghanistan

    Kabul: A member of the United Nations staff working in Kabul and her son, who were kidnapped in January, have been released, the UN’s mission in Afghanistan said on Thursday, expressing outrage at the death of her driver during the abduction. 

    The woman, an Afghan national, went missing on Jan. 22 with her young son after their car was stopped by unknown assailants. Kidnapping, mainly for ransom targeting Afghans, has become a chronic problem in Kabul and other cities, although several foreigners have also been abducted in recent years.

    (Reuters)

    Global group taps U.S. biotechs to speed work on Nipah vaccine

    London: A global coalition set up a year ago to fight epidemics has struck a $25 million deal with two U.S. biotech companies to accelerate work on a vaccine against the brain-damaging Nipah virus that has killed at least 11 people in India. 

    The Coalition for Epidemic Preparedness Innovations said on Thursday that Profectus BioSciences and Emergent BioSolutions would receive up to $25 million to advance development and manufacturing of a shot against the bat-borne disease. There is currently no vaccine for Nipah. The death toll from the latest outbreak in Kerala rose to 11 on Wednesday as Indian health officials said they were checking on two suspected cases in the neighbouring state of Karnataka.

    (Reuters)

    Investigators say identify Russian military unit in MH17 downing

    Bunnik, Netherlands: Prosecutors investigating the downing of flight MH17 over eastern Ukraine in 2014 said on Thursday they had identified the missile used to shoot down the plane as coming from Russia’s armed forces. 

    Wilbert Paulissen, head of the crime squad of the Netherlands’ national police, said the missile was fired from Russia’s 53rd Anti-Aircraft Brigade. “All the vehicles in a convoy carrying the missile were part of the Russian armed forces”, he told a televised news conference. Russia has denied involvement in the incident.

    (Reuters)

    EU sets new obligations for asset managers to avoid greenwashing

    Brussels: The European Commission proposed on Thursday new rules to force asset managers to disclose how they take into account environmental risks in their investments and abide by new, precise criteria when they claim “green” credentials. 

    The plan is meant to spur green investment and to curb “greenwashing”, a practice whereby companies and other organizations claim to be more environmentally friendly than they really are. “We want to establish an EU-wide classification system for sustainable activities, to provide common definitions for what is green and what is not. This is a ground breaking step,” the EU commission’s vice-president Valid Dombrovskis said.

    (Reuters)

    North Korea collapses tunnels at nuclear test site: Media reports

    Seoul: North Korea followed through on a pledge to blow up tunnels used for nuclear testing on Thursday, South Korean media reported, as part of steps that have reduced tension on the Korean peninsula and raised the possibility of a summit with the United States. 

    North Korea has conducted all six of its nuclear tests at the Punggye-ri site, which consists of tunnels dug beneath Mount Mantap in the northeast of the country.

     (Reuters) 

    Brexit transition will end in December 2020, UK source denies reports of additional period

    London: Britain will end its implementation period with the European Union after Brexit in December 2020, a government source said on Thursday, denying a media report that Prime Minister Theresa May was seeking a new transition until 2023. 

    The source said both Britain and the EU were “absolutely clear” on the transition period ending in December 2020 after The Times newspaper reported that May would propose another transition covering customs and trade to run until 2023.

    (Reuters)

    Burkina Faso cuts diplomatic ties with Taiwan

    Ouagadougou: Burkina Faso has cut diplomatic ties with Taiwan, the foreign ministry said on Thursday. China has been applying pressure on the few remaining African countries with diplomatic ties with Taiwan to cut them. 

    “This decision is guided by the firm desire of the government of Burkina Faso to defend the interests of Burkina Faso and its people in the concert of nations,” the ministry said in a statement, which made no direct mention of China.

     (Reuters) 

    Malaysia finance minister says official govt liabilities 80 percent of GDP

    Kuala Lumpur: Malaysia’s finance minister said on Thursday the country’s total federal debt and liabilities amounted to 1.087 trillion Malaysian ringgit (204 billion pounds) or 80.3 pct of GDP.

    Lim Guan Eng told a news conference the figure included federal debt, government guarantees for entities unable to service debts, and additional lease payments on public-private partnership projects like schools and hospitals that the government is committed to.  “Let me emphasize that the fundamentals of the economy remains strong. Malaysian PM Mahathir Mohamad’s has estimated the national debt at 1 trillion ringgit, while blaming the ballooning debt on abuses by the previous government led by Najib Razak.

    (Reuters)

    Britain set for parliamentary showdown on crucial Brexit law in weeks

    London: The British government said on Thursday its key piece of Brexit legislation would return to the House of Commons in a matter of weeks, the next stage in what is expected to be a major test of Prime Minister Theresa May’s authority.

    The EU (Withdrawal) Bill is central to the government’s Brexit plan, repealing the laws that made Britain an EU member and transposing existing EU law into British law.“I aim to bring back the very important Brexit legislation within weeks,” said Andrea Leadsom, leader of the House of Commons, without giving a specific date.

    (Reuters)

    IMF chief says global corporate and sovereign debt represent risk

    St Petersburg: International Monetary Fund chief Christine Lagarde said on Thursday that global levels of corporate and sovereign debt represented a risk. 

    Speaking in Russia’s St Petersburg at an economic forum, Lagarde also said protectionist talk was a threat to confidence in international trade.

    (Reuters)

    Russia must improve economic productivity, diversity: IMF chief

    St Petersburg: Christine Lagarde, managing director of the International Monetary Fund, said on Thursday that Russia needed to improve its economy’s productivity and diversity. 

    Speaking at an economic forum in Russia’s second city St Petersburg, Lagarde also said Russia should not change its fiscal rules, adding that investors do not welcome rule changes.

    (Reuters)

    Russia is ready to buy assets of sanctioned companies: Siluanov

    St Petersburg, Russia: Russian Finance Minister Anton Siluanov said on Thursday Russia is prepared to buy the assets of sanctions-hit companies that are held as collateral by foreign banks. 

    “The state is not going to stand aside here and it will help companies that have fallen into a difficult financial situation,” Siluanov said at an economic forum in St Petersburg.

    (Reuters)

    ED files first charge sheet in the PNB scam

    New Delhi: ED files first charge sheet in the over USD 2 billion Nirav Modi-PNB scam money laundering case, say officials.

    (PTI)

    Sensex zooms 318.20 points to end at 34,663.11

    New Delhi: Sensex zooms 318.20 points to end at 34,663.11; Nifty jumps 83.50 points to 10,513.85. 

    (PTI)

    EU Commission proposes new sovereign bond-backed securities

    The European Commission proposed on Thursday to set up a new class of sovereign bond-backed securities to encourage banks and investors to diversify their holdings of euro zone bonds.

    The plan is meant to address a weakness in the currency bloc that came to light in the 2010-2012 euro zone debt crisis, when banks’ high exposure to their sovereigns’ own debt exacerbated the problems facing banks and euro zone authorities alike. EU officials said the new product would reduce investors’ bias towards their own countries and increase the financial stability of the euro zone.

    (Reuters)

    ECB will weigh 'geopolitical factors' before decision on asset buys: Lithuania cbank

    Vilnius: The European Central Bank will analyze “geopolitical factors” before deciding on its asset purchase program at the next governing council meeting in Riga on June 14, Lithuanian central bank governor Vitas Vasiliauskas said on Thursday. 

    “We see that the markets have already reacted (to the Italian government changes), we have to take that into account,” Vasiliauskas, who is a member of the governing council, told reports in Vilnius on Thursday.

    (Reuters)

    GAIL India fourth-quarter profit surges nearly four-fold, misses estimates

    State-owned gas utility GAIL (India) Ltd’s fourth-quarter profit surged nearly four-fold, but missed analysts’ expectations.Profit rose to 10.21 billion rupees ($149.41 million) in the three months ended March 31, from 2.60 billion rupees a year earlier, the company said on Thursday.

    That compared with an average estimate of 13.55 billion rupees in profit drawn from 18 analysts, Thomson Reuters data showed.Revenue from operations rose 12.8 percent to 154.31 billion rupees.

    (Reuters) 

    India trying to get resolution soon on rising fuel prices: Oil minister

    New Delhi: India is trying to get a resolution soon on tackling rising fuel prices, and the government is looking at both short-term and long-term solutions, said Oil Minister Dharmendra Pradhan on Thursday.

    Prices of diesel and petrol in India have surged to a record high, stoking opposition criticism of Prime Minister Narendra Modi’s administration for causing hardship to ordinary people.  Rising global crude oil prices are largely behind the surge, but fuel is also heavily taxed by India’s state and central authorities, accounting for about 40-50 percent of the retail cost of petrol and diesel. In Delhi, petrol costs 77.47 rupees ($1.13) a litre and diesel sells at 68.53 rupees a litre.

    (Reuters)

    Kremlin denies allegations it planning cyber attack on Ukraine

    Moscow: The Kremlin on Thursday denied an allegation from Ukraine that Russia was planning a cyber attack on Ukrainian state bodies and private companies ahead of the Champions League soccer final in Kiev on Saturday.

    The US govt said late on Wednesday that it would seek to wrestle hundreds of thousands of infected routers and storage devices from the control of hackers who security researchers warned were planning to use the “botnet” to attack Ukraine. “Russia has not been planning a hacker attack using routers,” Kremlin spokesman Dmitry Peskov told reporters on a conference call.

    (Reuters)

    Russia's Lukoil says it's time to raise global oil production

    St Petersburg: Vagit Alekperov, the head of Russia’s No.2 oil producer Lukoil, said on Thursday the time has come to increase global oil output as prices have risen to $80 per barrel, a level not seen since late 2014.

    The current global deal on curbing oil output should remain in place in 2019 but it has to be “flexible”, he said.

    (Reuters)

    Lebanon's Hariri wins majority support to be PM: Jadeed

    Beirut: More than half of Lebanon’s MPs nominated Sunni politician Saad al-Hariri as prime minister on Thursday during consultations with President Michel Aoun, al-Jadeed TV reported, confirming that he is set to be designated premier for a third time.

    Aoun is obliged to designate the candidate with the greatest support among the 128 members of parliament. Hariri was widely expected to be designated prime minister as Lebanon’s leading Sunni politician. The post is reserved for a Sunni in Lebanon’s sectarian system.The consultations continue into the afternoon.

    (Reuters)

    Russia's Lukoil says it's time to raise global oil production

    St Peterburg: Vagit Alekperov, the head of Russia’s No.2 oil producer Lukoil (LKOH.MM), said on Thursday the time has come to increase global oil output as prices have risen to $80 per barrel, a level not seen since late 2014.

    The current global deal on curbing oil output should remain in place in 2019 but it has to be “flexible”, he said.

    (Reuters) 

    ECB's Praet says economy is good but there are political 'clouds'

    Brussels: The euro zone’s economy is in good shape but there are “clouds” relating to government policy, for example in Italy, the European Central Bank’s chief economist said on Thursday. 

    “There are clouds but economic conditions are good,” Praet told a financial industry event in Brussels.Among the clouds, he cited plans by Italy’s would-be government to loosen fiscal policy and roll back a pension reform, as well as international trade tensions.

    (Reuters) 

    Russian central bank: Economy, financial system adapted to latest US sanctions

    Moscow: The Russian central bank is sticking to its plan to lower rates further as the economy and the financial system have already adapted to the latest U.S. sanctions, Central Bank Governor Elvira Nabiullina said in CNBC interview released on Thursday.

    “Our monetary policy is one that we define as moderately tight and this year we intend to transition to a neutral monetary policy. Our assessment of a neutral key rate is 6-7 percent,” Nabiullina said. Nabiullina also said the impact of rouble fluctuations on consumer inflation have become less pronounced.

    (Reuters)

    US auto import probe borders on provocation: Germany's DIHK

    Berlin: The U.S. decision to launch a national security investigation into car imports marks a further low point in business ties with Europe and could lead to costs of 6 billion euros, Germany’s DIHK Chambers of Industries and Commerce said on Thursday.

    “To cite aspects of national security as justification is totally constructed and far-fetched. We almost have to take this as a provocation,” DIHK President Eric Schweitzer said. The US administration has launched a national security investigation into car, truck imports that could lead to new US tariffs similar to those imposed on imported steel, aluminum in March.

    (Reuters)

    China plans to cut import tariffs on some consumer goods from July 1: Bloomberg

    Beijing: China plans to cut import tariffs on some consumer products ranging from food and cosmetics as early as July 1, Bloomberg reported on Thursday, citing unidentified sources.

    The tariff reductions will apply to more product lines than similar cuts on around 200 items announced last year, Bloomberg said, citing the sources. The precise composition of the cuts has not been finalised yet, and is still subject to approval by the State Council, or the cabinet, according to Bloomberg.

    (Reuters)

    Ukraine puts Russian tycoon Deripaska on updated sanctions list

    Kiev: Ukraine has placed Russian businessman Oleg Deripaska, whose company Rusal owns a large alumina plant in Ukraine, on a recently expanded sanctions list, a document posted on the presidential website showed on Thursday.

    Earlier this month Ukraine expanded sanctions on Russian companies and entities to mirror those of the United States, which has blacklisted tycoons and allies of Russian President Vladimir Putin.

    (Reuters)

    Russia's watchdog says Lexus recalls 3,331 cars

    Moscow: Russia’s standards agency said on Thursday that it has been informed about the recall of 3,331 Lexus cars sold in Russia from March 2010 to May 2012.

    The reason for the recall is a possible airbag failure, the agency said.

    (Reuters)

     

    NCLAT directs CoC to proceed with bids submitted for Bhushan Power & Steel by Tata Steel, Liberty House

    New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday directed Committee of Creditors to proceed with the bids submitted for Bhushan Power & Steel by Tata Steel and Liberty House.

    (PTI)

    China says closing door doesn't help Sino-US defense ties

    Beijing: China’s Defence Ministry said on Thursday that closing the door to communication does not help Sino-U.S. military mutual trust and cooperation, after the United States “disinvited” China from a major U.S.-hosted naval drill.

    Being invited or not invited cannot change China’s intention to play a role in protecting peace and stability in the Asia Pacific region, the ministry said in a statement.

    (Reuters)

    Profligate euro zone govts may face market's ire, ECB warns

    Frankfurt: Indebted euro zone governments that loosen the purse strings risk falling out of favor with investors, particularly if economic growth slows, the European Central Bank said in a report on Thursday.

    The warning came as a new, anti-establishment government was close to taking office in Italy on pledges to cut taxes and jack up spending. “A deteriorating growth environment or a loosening of the fiscal stance in high-debt countries could impact the fiscal outlook and, by extension, market sentiment towards some euro area sovereign issuers,” the ECB said in a statement accompanying its Financial Stability Review.

    (Reuters)

    China says it hopes North Korea-US summit proceeds smoothly

    Beijing: China said on Thursday that it hopes a planned summit between the leaders of North Korea and the United States can proceed smoothly, after U.S. President Donald Trump cast further doubt over whether the meeting would go ahead.

    Both countries should cherish the opportunity and all parties should ensure that dialogue leads to a positive outcome, Chinese Foreign Ministry spokesman Lu Kang said at a regular briefing.

    (Reuters)

    Britain's RockRose to buy Netherland-based Dyas for 107 mn euros

    Britian’s RockRose Energy on Thursday said it agreed to buy Netherland-based privately held oil and gas explorer Dyas BV, for 107 million euro (94 million pounds) in cash.

    The acquisition of the owner of non-operated Netherlands gas and condensate producing assets will add a further 13 Million barrels of oil equivalent net developed reserves and over 5,000 barrels of oil equivalent per day of production, RockRose said. There will be a significant working capital adjustment at completion, the London-listed RockRose added.

    (Reuters)

     

    Russia must improve economic productivity, diversity: IMF chief

    St Petersburg: Christine Lagarde, managing director of the International Monetary Fund, said on Thursday that Russia needed to improve its economy’s productivity and diversity.

    Speaking at an economic forum in Russia’s second city St Petersburg, Lagarde also said Russia should not change its fiscal rules, adding that investors do not welcome rule changes.

    (Reuters)

    Russia's Gazprom sells 44 percent in Gazprom Neft-Vostok to UAE's Mubadala

    Moscow: Russian gas giant Gazprom said on Thursday that its board of directors has agreed to sell 44 percent in the charter capital of its Gazprom Neft-Vostok subsidiary to United Arab Emirates’ Mubadala Petroleum company.

    The stake in Gazprom Neft-Vostok would be sold for at least $271 million, according to Gazprom.

    (Reuters)

     

    Elliott eyes operational improvements after taking Thyssen stake

    Berlin: Hedge fund Elliott said it sees room for significant improvement at Thyssenkrupp, confirming it had taken a stake in the German industrial group.

    “Elliott believes Thyssenkrupp has significant scope for operational improvement which would benefit all stakeholders and looks forward to engaging in a constructive dialogue with them in the near future, including with the supervisory and management boards,” the investor said in a statement. It confirmed it had taken a stake in Thyssenkrupp, but that this did not exceed the 3% threshold for mandatory disclosure.

    (Reuters)

    IMF chief says global corporate and sovereign debt represent risk

    St Petersburg: International Monetary Fund chief Christine Lagarde said on Thursday that global levels of corporate and sovereign debt represented a risk.

    Speaking in Russia’s St Petersburg at an economic forum, Lagarde also said protectionist talk was a threat to confidence in international trade.

    (Reuters)

    Foodgrain prices ruled steady

    Chennai, Prices of all commodities 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 6,900, Urad Dal Rs 6,700, Moong Dal Rs 7,000, Gram Dal Rs 4,700, Sugar Rs 2,900, Wheat Rs 2,700, Maida (90 kg) Rs 2,500 and Sooji (90 kg) Rs 3,000. 

    (PTI) 

    Russia's VTB sells part of Magnit stake for $1 billion

    Moscow: Russia’s No.2 bank VTB (VTBR.MM) said on Thursday it had sold an 11.82 percent stake in retailer Magnit (MGNT.MM) to Marathon Group for 62.5 billion roubles, or around $1.02 billion. 

    VTB said its stake in Magnit had decreased to 17.28 percent, adding that it still considered its investment in Magnit in February as a long-term investment.

     (Reuters) 

    Go-Ahead upgrades profit after greater efficiency boosts rail

    London: British bus and train company Go-Ahead Group (GOG.L) upgraded its annual forecasts on Thursday, saying that improved efficiency measures on its Southeastern rail contract would boost profit in the year. 

    Go-Ahead, which operates the Southeastern and GTR rail franchises which connect London to its suburbs, has over the last two years made headlines for the wrong reasons with cancellations and strikes, and this week, a huge timetable change.According to Reuters data, the company is expected to post annual pretax profit of 115 million pounds ($154 million) for the 12 months ended June 30.

     (Reuters) 

    United Utilities full-year profit rises 3.6 percent

    British water utility United Utilities Group Plc (UU.L) on Thursday posted a 3.6 percent rise in full-year profit, buoyed by lower costs and regulatory changes over how utilities charge their customers. 

    The utility, which supplies and treats water in north-western UK, said its underlying operating profit came in at 645.1 million pounds, compared with 622.9 million pounds a year earlier.The company’s revenue rose 1.9 percent to 1.74 billion pounds in the year ending March 31.

    (Reuters) 

    Tate & Lyle profit up but sales fall

    London: British food ingredients firm Tate & Lyle (TATE.L) on Thursday reported higher annual profits, helped by gains in all its business units and lower costs. The company, which sells corn syrup and other ingredients to food and drink makers, said profit before tax rose 23 percent to 286 million pounds in the year ended March 31.

    Sales however fell 2 percent to 2.7 billion pounds, hurt by a 10 percent drop in sales of sucralose sweetener. In recent years, Tate has been putting more focus on specialty food ingredients, which carry higher margins than its much larger and more commoditised business of bulk ingredients.

    (Reuters) 

    TalkTalk adds 109,0000 customers in fourth quarter, sells B2B unit

    London: British broadband company TalkTalk (TALK.L) added 109,000 subscribers in its fourth quarter, its best ever quarterly net adds, although the customer push hit full-year earnings, which fell 35 percent to 233 million pounds.

    The company also announced the sale of its direct business-to-business unit to Daisy Group for 175 million pounds on Thursday.

    (Reuters) 

    Russia to deliver 10 Su-35 fighter jets to China this year: Ifax

    Moscow: Russia’s state conglomerate Rostec will supply China with 10 Su-35 fighter jets this year, Interfax news agency reported on Thursday, citing Rostec. 

    The corporation said China would buy 24 fighter jets in total in a deal worth around $2.5 billion, according to Interfax. It had already supplied China with 14 Su-35 fighter jets in 2016 and 2017, the agency said.

    (Reuters) 

    Deutsche Bank to cut staff to well below 90,000 from current 97,000

    Frankfurt: Deutsche Bank (DBKGn.DE) said on Thursday that it would shrink global staff to well below 90,000 from the current 97,000, as part of a broad restructuring move to reduce costs and restore profitability.

    The bank said that it would cut headcount by 25 percent in its equities sales and trading business following a review of the business.

     (Reuters) 

    Yemen appoints new minister of foreign affairs: SABA

    Dubai: Yemeni President Abd-Rabbu Mansour Hadi has appointed Khaled al-Yamani as foreign minister, replacing Abdel-Malek al-Mekhlafi, according to a statement posted on Thursday by state news agency SABA. 

    Mekhlafi will become an adviser to the president, the statement said. Yemeni ambassador to the United States Ahmed Awadh bin Mubarak will take up Yamani’s position as Yemen’s representative to the United Nations while also remaining in his current role.

     (Reuters) 

    China's CCCC says has not received notification of Aecon deal rejection from Canada

    Shanghai: China Communications Construction Co (CCCC) (601800.SS)(1800.HK) has yet to receive documents from the Canadian government on its rejection of the Aecon Group (ARE.TO) deal, an official in the firm’s investor relations team told Reuters. 

    Canada on Wednesday blocked a proposed takeover of the construction company by a CCCC unit. The CCCC official said that it will issue a statement once it receives the documents.CCCC International Holding Ltd, the overseas investment and financing arm of China Communications, had offered to buy Aecon for C$1.51 billion (884 million pounds) in October.

     (Reuters) 

    China says has good potential in cooperation with Germany in new energy cars, AI

    Beijing: China’s commerce ministry said on Thursday that the nation has good potential in cooperation with Germany in sectors such as digitalization, new energy cars, artificial intelligence and driverless cars. 

    The comments were made by ministry spokesman Gao Feng at a regular briefing in Beijing.

    (Reuters)

    China says hopes to work with Japan, South Korea on FTA as soon as possible

    Beijing: China hopes to work with Japan and South Korea to reach a mutually beneficial free trade agreement as soon as possible, the Chinese commerce ministry’s spokesman said on Thursday.

    China and South Korea will complete the second phase of their free trade agreement negotiations as soon as possible to boost trade, the ministry’s spokesman, Gao Feng, said at a regular news briefing.

    (Reuters) 

    Germany's Merkel says China's investments in Germany are in order

    Beijing: China’s investments in Germany are in order and favourable to Germans, German Chancellor Angela Merkel said on Thursday at Beijing’s Great Hall of the People during a two-day visit to China.

    Merkel made the comment in a joint news briefing with China’s Premier Li Keqiang.

    (Reuters) 

    China's Premier Li says China and Germany uphold free trade

    Beijing: China’s Premier Li Keqiang said on Thursday China has always supported a unified and prosperous Europe and that China and Germany uphold free trade.

    Li said at a joint news briefing at Beijing’s Great Hall of the People with visiting German Chancellor Angela Merkel there was huge potential for cooperation between China and Germany.

    (Reuters) 

     

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