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Stocks In News



In talks to sell MF and broking units for Rs 600 Cr

Bain Capital , Warburg, Yes Bank and IndusInd said to have expressed interest

The AMC business had an AUM of Rs 66392 cr and PAT of Rs 58 cr in FY17

The Securities business had a PAT of Rs 29 cr in FY17

Economic Times Reports


Taj Mansingh auction to begin on 19th June18 as per NDMC notice

NDMC - New Delhi Municipality Council

Potential bidders can submit bids starting from 18th May

The hotel is a 292 room five star hotel currently operated by IHCL

Mint Reports


Zydus Gets final approval from USFDA for Methylprednisolone

Will be manufactured at formulations manufacturing facility at Moraiya, Ahmedabad

Also received final approval to market Cinacalcet Hydrochloride Tablets

Will be manufactured at facility at SEZ, Ahmedabad


    34,713.60 212.33   (0.62 %)

    10,617.80 47.25   (0.45 %)
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Axis Bank Q4 loss at Rs 2,189 cr

News In Brief


    U.S. would 'probably regret' not keeping holding force in Syria: Mattis

    Washington: U.S. Defense Secretary Jim Mattis said on Thursday the United States would “probably regret” not keeping a holding force in Syria to ensure that Islamic State militants did not re-emerge and that any withdrawal of U.S. forces was based on conditions. 

    “We have to create local forces that can keep the pressure on any attempt by ISIS to try to (re-emerge),” Mattis told a Senate Armed Services Committee hearing, using an acronym for Islamic State. When asked whether it would be risky to have local holding partners without U.S. forces, Mattis said: “ I am confident that we would probably regret it.


    EU's Barnier downplays bespoke Brexit deal for British financial sector

    Sofia: The EU’s chief negotiator on Brexit said on Thursday the bloc’s existing system of market access for foreign financial firms can work well for Britain after it leaves the European Union. 

    This would reduce the chances that Britain’s financial sector will get a bespoke deal. “Why would the equivalence system, which works well for the U.S. industry, not work for the City?,” Barnier told a financial conference in Sofia, the Bulgarian capital.


    Britain will narrow its position to one customs option in Brexit talks

    London: Britain’s government will narrow its position on a future customs arrangement with the European Union to one of the two options currently on the table in Brexit talks, a spokesman for Prime Minister Theresa May said on Thursday.

    “There are two options which we put forward and those two options are currently on the table, but as we move forward you can expect us to move forward with a single option,” the spokesman told reporters. Asked when the decision will be made, he said: “It will be from when there has been a full discussion on it and the government has taken a decision.”


    New York Times names company veteran Roland Caputo as CFO

    Bengaluru: The New York Times Co (NYT.N) on Thursday named Roland Caputo as its next chief financial officer, tapping a company veteran to succeed James Follo whose retirement was announced in October. 

    Caputo, who has had a 32-year career at the Times, has been serving as interim finance chief since March. Caputo, 57, has also served as the executive vice president of the newspaper publisher’s print products and services group.


    U.S. seen raising debt supply, mulling new maturities: TD

    New York: The U.S. Treasury Department is expected to increase the amount of debt it would sell at its May refunding in an effort to raise more cash to make up for a growing budget deficit, TD Securities strategists said on Thursday. 

    The Treasury may ponder whether to roll out new debt maturities to fund its operations and obligations. It may offer “relatively soon” a two-month bill issue, and could discuss the possibility of a one-year floating-rate note and might reopen a discussion about a 20-year bond, TD Securities’ senior U.S. rates strategist Gennadiy Goldberg and head of global rates strategist Priya Misra wrote in a research note.


    Moody's says U.S. trade policy could hurt economic outlook

    Bengaluru: Ratings agency Moody’s on Thursday said current U.S. trade policy could pose a downside risk to the economic growth of the country. 

    Moody’s on Wednesday maintained the United States’ top-notch “Aaa” credit rating, saying the country’s “exceptional” economic strength would counterbalance lower fiscal strength.


    Germany, France sign documents on joint weapons developments

    Berlin: German and French officials on Thursday signed four documents that they said underscored their determination to work together to jointly develop new weapons systems, including a maritime airborne warfare aircraft and a new fighter jet. 

    German Defense Minister Ursula von der Leyen and her French counterpart Florence Parly both described the move as historic. Von der Leyen underscored that other European countries could still join the project to develop a new combat aircraft.


    Russia says hopes politicians in Armenia can solve problems via dialogue: RIA

    Moscow: The Russian Foreign Ministry said on Thursday that Moscow hoped that Armenia’s ruling party and the opposition could hold talks about their differences, the RIA news agency reported. 

    Armenia, a close Russian ally, is in the middle of a political crisis after two weeks of anti-government protests and the resignation of Serzh Sarksyan as prime minister on Monday. “We hope ... that all political forces will show a responsibility and readiness for constructive dialogue,” Foreign Ministry Spokeswoman Maria Zakharova told reporters, according to RIA.


    White House adviser Kudlow says has high hopes for China trade talks: CNBC

    Washington: White House economic adviser Larry Kudlow on Thursday said he expected upcoming trade talks with China to be positive, adding that he would join U.S. Treasury Secretary Mnuchin’s delegation to Beijing expected in coming days. 

    Kudlow, in a CNBC interview, also said the Trump administration wants concessions from Europe over automobiles as it considers whether to grant the EU an exemption from announced steel and aluminum tariffs ahead of a May 1 deadline.


    Italy's Enel raises takeover bid for Brazil's Eletropaulo to $1.54 billion

    Sao Paulo: Brazil power company Eletropaulo Metropolitana said in a securities filing that Italy’s Enel has raised its takeover bid for the company to 32.20 reais per share. 

    The bid values Eletropaulo at 5.39 billion reais (1.1 billion pounds) and tops an offer by Neoenergia SA, controlled by Spain’s Iberdrola SA on Wedsnesday for the Brazilian company at 32.10 reais per share.


    Siemens names Barbara Humpton as new US CEO

    Zurich: Siemens (SIEGn.DE) has named Barbara Humpton as its chief executive officer in the United States, effective June 1. 

    Humpton, who was previously head of Siemens Government Technologies in the United States, will be responsible for the German company’s largest market where it generated sales of 16.98 billion euros ($20.71 billion) in 2017. The 57-year-old will take over from Lisa Davis, Siemens’s regional head for the Americas. Davis had been doing the job on an interim basis after Judy Marks left Siemens last October to take over at United Technology Corp’s (UTX.N) lift maker Otis.


    WDM witnesses trade worth Rs 1,669.59 cr on NSE

    Mumbai: Wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 1,669.59 crore in 39 trades.

    Top securities (nn-repo) traded at the WDM: The 91-days Treasury bills (issue No:260718), traded at Rs 275.00 crore at weighted yield of 6.19 per cent, an NSE  release said.


    German watchdog warns about emails pushing ASMALLWORLD stock

    Zurich: German financial watchdog BaFin warned investors on Thursday about emails recommending the purchase of shares in Swiss social network operator ASMALLWORLD, saying they may contain misleading information or conceal conflicts of interests.

    BaFin has started an investigation into suspicion of market manipulation of the shares, which are listed in Germany as well as Switzerland. “At the Frankfurt am Main trading venue (including Xetra), price determination was suspended until further notice with effect from 3 April 2018,” it said. Shares in Switzerland, which made their debut in March, were last down 19.7 percent at 17.75 Swiss francs.


    Nasdaq up 1% as tech earnings impress, yields pull back

    New York: Wall Street stocks opened higher on Thursday as U.S. bond yields pulled back from the 3 percent level, and a 9 percent jump in Facebook’s shares after strong results helped the Nasdaq rise more than 1 percent.

    The Dow Jones Industrial Average rose 44.89 points, or 0.19 percent, at the open to 24,128.72. The S&P 500 opened higher by 12.25 points, or 0.46 percent, at 2,651.65. The Nasdaq Composite gained 76.75 points, or 1.10 percent, to 7,080.49 at the opening bell.



    Buck stops with Zuckerberg in Facebook data scandal: CTO

    London: The buck stops with Facebook chief executive Mark Zuckerberg when it comes to the fallout from a recent data scandal that has impacted millions of users, the firm’s chief technology officer told UK lawmakers.

    “The buck stops with Mark,” Mike Schroepfer told the Digital, Culture, Media and Sport Committee, adding “I don’t know” when asked whether Zuckerberg would answer the lawmakers’ questions. Committee chairman Damian Collins said he would renew his request for Zuckerberg to give evidence to Britain’s parliament.


    US dollar ends cheaper against rupee

    Mumbai: The US dollar ended cheaper against the rupee at Rs 66.75/76 per dollar and the pound sterling also finished lower at Rs 93.24/26 per pound 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 66.75/76 US Dollar Rs.66.8299 Pound Sterling 93.24/26 EURO Rs.81.3788 Euro 81.32/34 Japanese yen (100) 61.18/20


    Russia, Iran, Turkey foreign ministers to meet in Moscow: Agencies

    Moscow: Russian Foreign Minister Sergei Lavrov will meet with his Turkish and Iranian counterparts in Moscow on Saturday to discuss Syria and the Iran nuclear deal, news agencies cited Russian foreign ministry spokeswoman Maria Zakharova as saying.

    “Naturally, there will be an exchange of views on current regional and international issues, including the increasingly acute situation around the implementation of the Joint Comprehensive Plan of Action on the Iran nuclear program,” Interfax news agency cited Zakharova as saying.


    Iran will not accept any amendment to nuclear deal: senior official

    Ankara: Iran will not accept any change to a nuclear deal with six major powers as Western signatories of the accord prepare a package that seeks to persuade U.S. President Donald Trump to save the agreement, a top advisor to Iran’s supreme leader said on Thursday.

    “Any change or amendment to the current deal will not be accepted by Iran .... If Trump exits the deal , Iran will surely pull out of it ... Iran will not accept a nuclear deal with no benefits for us,” said Ali Akbar Velayati, a senior advisor to Iran’s highest authority Ayatollah Ali Khamenei.


    Deutsche Bank fired 300 U.S.-based investment bankers on Wednesday: Source

    Frankfurt: Deutsche Bank (DBKGn.DE) fired 300 U.S.-based investment bankers on Wednesday as part of a broader overhaul of the global unit, a person with knowledge of the matter said on Thursday. 

    The bank will lay off another 100 U.S. bankers by the end of the week, said the person, who was speaking on condition of anonymity. The Financial Times was the first to report the development.


    Armenian foreign minister meets Russian counterpart for talks: Russia

    Moscow: Russian Foreign Minister Sergei Lavrov held talks in Moscow on Thursday with his Armenian counterpart Eduard Nalbandian, Russian Foreign Ministry Spokeswoman Maria Zakharova told reporters.

    Armenia is a close Russian ally and a political crisis there has seen tens of thousands of people take to the streets in anti-government protests in the last two weeks forcing the resignation of Serzh Sarksyan as prime minister on Monday.


    Nigeria's Senate summons president to testify on communal killings

    Abuja: Nigeria’s Senate on Thursday summoned President Muhammadu Buhari to testify about his administration’s response to a spate of communal killings in central states.

    On Wednesday, lawmakers from the lower house of parliament also invited Buhari to discuss the clashes between semi-nomadic herdsmen and settled farmers in central states, in which hundreds of people have died this year. The violence has raised questions about the government’s ability to maintain security in the country, putting pressure on Buhari less than a year before an election he is set to contest.


    Axis Bank posts surprise fourth-quarter loss

    Bengaluru: Axis Bank Ltd, India’s third-biggest private sector lender by assets, reported a surprise fourth-quarter loss, plagued by a rise in provisions for bad loans. 

    Net loss was 21.89 billion rupees ($327.94 million) for the three months ended March 31, compared with a profit of 12.25 billion rupees a year ago, the Mumbai-based bank said. Analysts had on average expected a profit of 5.14 billion rupees, according to Thomson Reuters data. Gross bad loans as a percentage of total loans rose to 6.77 percent at end-March, compared with 5.28 percent in the preceding quarter and 5.04 percent a year ago.


    Trump says hands-off approach to Justice Dept could change: Fox News interview

    Washington: President Donald Trump said on Thursday that the hands-off approach he has taken to the U.S. Justice Department given the probe into possible collusion between his campaign and Russia could change.

    “Because of the fact that they have this witch hunt going on with people in the Justice Department that shouldn’t be there, they have a witch hunt against the president of the United States going on, I’ve taken the position - and I don’t have to take this position and maybe I’ll change - that I will not be involved with the Justice Department,” Trump said in an interview with Fox News Channel.


    GM agrees to provide $3.6 billion funding to South Korean unit: South Korea

    Seoul: General Motors (GM.N) has agreed to provide $3.6 billion in fresh funding to its troubled South Korean unit, higher than its previously proposed $2.3 billion as part of a preliminary deal, South Korea said on Thursday.

    State-funded Korea Development Bank also said the U.S. automaker agreed to swap all of the debt owed by its South Korean unit to the headquarters into equity. The KDB, which owns a 17 percent stake in GM Korea, also plans to invest a total of $750 billion in the unit.


    England's FA set to sell Wembley Stadium to U.S. billionaire: The Sun

    London: England’s Football Association is set to sell Wembley Stadium, the home of the national soccer team, to U.S. billionaire Shahid Khan, owner of the Jacksonville Jaguars American football team, in a deal worth up to 1 billion pounds, The Sun newspaper said. 

    Under the plan, the FA would keep Wembley as the main venue for major matches, including England internationals and the FA Cup Final, but the national soccer team could play elsewhere in October and November due to clashes with the U.S. National Football League season, The Sun said. A spokesman for the FA said: “We can confirm that The FA has received an offer to buy Wembley Stadium.”


    Facebook CTO says decisions on political ads are not to do with money

    London: Political adverts are not an important revenue stream for Facebook so decisions on the issue are not about money, the company’s chief technology officer said on Thursday. 

    “This is not an issue of revenue for us,” Mike Schroepfer told the British parliament’s media committee. “Political advertising is a very small, low single-digit percentage of our overall advertising, so the decisions here have nothing to do with money or revenue.”


    Bayer, Monsanto deal on track for US approval by end of May: Source

    Washington: German drug and crop chemical maker Bayer AG’s bid to buy seed and chemical company Monsanto Co is on track to win U.S. antitrust approval by the end of May, unless there is a last-minute complication, a source familiar with the matter said on Thursday. 

    The transaction, if it closes as seems likely, will create a company commanding more than a quarter of the combined world market for seeds and pesticides in the fast-consolidating farm supplies industry.


    White House doctor Ronny Jackson withdraws from VA nomination

    Washington: U.S. President Donald Trump’s physician Ronny Jackson withdrew on Thursday from the nomination to head the Department of Veterans Affairs after allegations about misconduct mounted and a Senate panel postponed his confirmation hearing. 

    “While I will forever be grateful for the trust and confidence President Trump has placed in me by giving me this opportunity, I am regretfully withdrawing my nomination to be Secretary for the Department of Veterans Affairs,” Jackson said in a statement. The Senate Committee on Veterans’ Affairs was investigating allegations that Jackson, who has been physician to three presidents, had overseen a hostile work environment as White House physician, drank on the job and allowed the overprescribing of drugs.


    Auto bosses personally responsible for diesel fixes: German minister

    Berlin: German Transport Minister Andreas Scheuer said the bosses of auto makers bore personal responsibility for making sure diesel cars with high emissions had received appropriate software updates by the year’s end.

    “My position is that the obligation applies to the automobile bosses,” Scheuer told news magazine Der Spiegel. “The updates must be complete by the end of 2018. That is the only way we can end the diesel discussion, stop the devaluation of vehicles and get sales figures to start rising again.”


    China's Premier Li says open to negotiating trade with US

    Beijing: China is open to negotiating with the United States on trade and both countries should manage their conflicts through dialogue, Premier Li Keqiang was quoted as saying by state media on Thursday.

    Li made the remarks at a meeting with U.S. Secretary of Transportation Elaine Zhao, according to China Central Television.


    Ten aid workers missing in South: UN official

    Juba: Ten aid workers have gone missing in South Sudan’s Yei town in unclear circumstances, the U.N. Humanitarian Coordinator for South Sudan said on Thursday.

    Alain Noudehou said in a statement the convoy of a mix of U.N. and other aid workers was heading to Tore from Yei, in Central Equatoria region, early on Wednesday and that their whereabouts and well-being was unknown. “We are deeply concerned about the whereabouts of these humanitarian workers and are urgently seeking information about their well-being,” he said.


    Union for LATAM Airlines says to unilaterally end strike

    Santiago: The union of cabin workers for LAN Express, a subsidiary of the Chile-based LATAM Airlines LTM.SN group, said on Thursday it would unilaterally end a more than two-week strike that had led to the cancellation of 2,000 flights.

    The 1,000-member Cabin Crew Union of LAN Express, which had negotiated for more than two months with the airline, the region´s largest carrier, said early Thursday morning in a statement it would explain its rationale in a press conference later today.  LATAM did not immediately respond to requests for comment.


    ConocoPhillips quarterly profit jumps 52 percent

    Houston: U.S. oil producer ConocoPhillips said on Thursday its first-quarter profit jumped 52 percent due to rising crude prices CLc1 and cost cuts.

    The company posted earnings of $888 million, or 75 cents per share, compared to $586 million, or 47 cents per share, in the year-ago quarter. Production fell 23 percent to 1.2 million barrels of oil equivalent per day.


    Facebook CTO says sorry journalists feel firm is trying to suppress the truth

    Facebook did not intend its behaviour towards the media to be interpreted as trying to stop the truth about a data scandal from coming out, the company’s chief technology officer said on Thursday.

    Asked by a lawmaker on a British parliamentary committee whether Facebook would apologise for its “bullying” behaviour towards the press, Mike Schroepfer said: “I am sorry that journalists feel that we are trying to prevent them from getting the truth out.“That is not the intent, so I’m sorry,” he added.


    Hershey's quarterly sales beat estimates

    Hershey Co reported better-than-expected quarterly sales on Thursday, helped by strong sales of its chocolates including Kisses and Reese’s Peanut Butter Cups in North America.

    Sales rose 4.9 percent to $1.97 billion (1.4 billion pounds), beating the average analyst estimate of $1.94 billion, according to Thomson Reuters I/B/E/S. Net income attributable to Hershey rose to $350.2 million, or $1.65 per share, in the first quarter ended April 1, from $125 million, or 58 cents per share, a year earlier.



    GM quarterly profit falls but beats Wall St estimates

    Detroit: General Motors Co on Thursday reported a lower first-quarter net profit as it began the changeover to a redesigned family of high-margin pickup trucks that resulted in lower production, but came in above Wall Street expectations.

    The company reported quarterly net income of $1.05 billion or $1.43 per share, a drop of nearly 60 percent from $2.61 billion or $1.75 per share a year earlier. Analysts had on average expected earnings per share of $1.24.



    RWE boss says Innogy break up deal best option for group

    Essen, Germany: Breaking up its Innogy (IGY.DE) unit is the best strategic option for parent RWE (RWEG.DE), the German utility’s chief executive told shareholders on Thursday in a bid to win their support for the landmark transaction with rival E.ON (EONGn.DE).

    RWE and E.ON last month unveiled plans to break up and divide the assets of renewables, networks and retail unit Innogy, in which RWE holds a 76.8 percent stake following an equity carve-out in 2016. “Divesting the whole package is the best option for RWE,” RWE CEO Rolf Martin Schmitz said at the group’s annual general meeting.


    EU's Juncker says Turkey must release two Greek soldiers

    Athens: Turkey must release two Greek soldiers detained on Turkish territory in March, EU Commission President Jean Claude Juncker said on Thursday during a visit to Athens.

    Juncker also urged Athens and Skopje to settle a decades-old row over Macedonia’s name.  “I want to highlight the urgency in solving this matter,” Juncker told Greek lawmakers after meeting Prime Minister Alexis Tsipras.


    May has full confidence in her minister over Windrush scandal: Spokesman

    London: British Prime Minister Theresa May has confidence in her interior minister Amber Rudd over the labelling of Caribbean immigrants who have lived legally in Britain for decades as illegal immigrants, May’s spokesman said on Thursday. 

    Asked if May had full confidence in Home Secretary Rudd after Windrush, the prime minister’s spokesman told reporters: “Yes.” “The Home Secretary is working hard in order to address the concerns that have been raised in relation to Windrush and to ensure they are addressed and put right,” he added.


    Fire hits UBS HQ building in central Zurich, no one hurt

    Zurich: A fire broke out on Thursday at UBS’s headquarters, under renovation in downtown Zurich, prompting an evacuation but no injuries, authorities said. 

    Zurich rescue crews said seven people were examined by medics but did not need hospital treatment after the blaze broke out on the top floor of the building on Zurich’s ritzy Bahnhofstrasse. “Firefighters are extinguishing the fire and ensuring it does not spread,” an emergency services spokeswoman said. Several fire trucks and ambulances responded to the scene. Authorities advised residents to avoid the area.


    Greece wont need precautionary credit line, EU's Juncker says

    Athens: European Commission President Jean-Claude Juncker said on Thursday he anticipated Greece could emerge from its bailout later this year without any precautionary credit line set aside for the country. 

    Juncker, who was visiting Athens, also said that the achievements of Greece, which implemented broad reforms in return for bailout funds, were “excellent”. “We want to apply every effort to ensure that the exit of Greece from the bailout is a clean one. And that there will not be any precautionary line,” Juncker said in comments translated into Greek after meeting Greek Prime Minister Alexis Tsipras.


    RBI sets rupee reference rate at 66.8299 against US dollar

    Mumbai: The Reserve Bank of India on Thursday fixed the reference rate of the rupee at 66.8299 against the US dollar and 81.3788 for the euro.

    The corresponding rates were 66.6983 and 81.4253, as on yesterday. The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 93.1676 and 61.12 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.


    EU moves to regulate tech giants' business practices

    Brussels: Tech giants like Google (GOOGL.O), Apple (AAPL.O) and Amazon (AMZN.O) will for the first time face rules regulating their commercial relations with smaller businesses under a law proposed by the European Union on Thursday.

    The new rules will specifically target app stores, search engines, e-commerce sites and hotel booking websites like Expedia (EXPE.O), requiring them to be more transparent about how they rank search results and why they delist some services. The proposal would also give companies the right to collectively sue online platforms if they do not respect the new rules on non-discrimination and transparency.


    Armenian parliament to elect new PM on May 1: Parliament website

    Yerevan: The Armenian parliament will elect the country’s new prime minister on May 1, according to a statement posted on the parliament’s website on Thursday. 

    Armenia, which has been gripped by a political crisis for two weeks, is then expected to hold new parliamentary elections.  Serzh Sarksyan quit as prime minister on Monday. “Armenia is starting a new chapter in its history,” Armenian President Armen Sarkissian said in a statement.


    Germany says not making itself more dependent on Russia with new pipeline

    Berlin: Germany is not making itself more dependent on Russia by agreeing to the new Nord Stream 2 gas pipeline running under the Baltic Sea, a senior German government official said on Thursday. 

    “Our analysis is ... that does not make us more dependent on Russia,” he said before Chancellor Angela Merkel meets U.S. President Donald Trump in Washington on Friday.  “Russia is a very reliable supplier.”


    Israel will hit Tehran if Iran attacks Tel Aviv: Minister

    Dubai: Israel would retaliate if there was an Iranian attack on Tel Aviv by striking Tehran, Israel’s defence minister said in remarks published on Thursday, as the arch-foes faced off over Syria. 

    “Israel doesn’t want war ... but if Iran attacks Tel Aviv, we will hit Tehran,” Avigdor Lieberman told the Arabic-language, Saudi-owned news website Elaph, which is based in London.


    BoE's Brazier says corporate debt bears close scrutiny

    London: Developments in the corporate debt market need careful scrutiny to check whether banks are resilient to any price adjustments, a senior Bank of England official said on Thursday. 

    Melville “It’s reassuring that easy conditions in markets have not led the corporate sector to take on an unusually high level of leverage,” Alex Brazier, BoE executive director for financial stability strategy, told a funds conference. Corporate debt in Britain is around its long-term average level as a multiple of earnings, he said. “Nevertheless, developments in corporate debt bear close scrutiny because we cannot take for granted that it will stay this way,” Brazier added.


    South Korea to inject $750 million into GM's South Korean unit: Yonhap

    Seoul: State-run Korea Development Bank plans to inject $750 million into General Motors Co’s (GM.N) South Korean unit, Yonhap news agency reported on Thursday. 

    The amount would be higher than a previously planned 500 billion won ($463 million), Yonhap said. KDB declined to comment when contacted by Reuters. GM owns 77 percent of GM Korea, while KDB holds 17 percent. GM’s main Chinese partner, SAIC Motor Corp Ltd (600104.SS), controls the remaining 6 percent.


    Macron's Iran plan would add elements to nuclear deal: German official

    Berlin: Proposals presented by French President Emmanuel Macron on Iran’s nuclear deal are based on the existing international agreement but would add some new elements, a senior German official said on Thursday. 

    Speaking before Chancellor Angela Merkel heads to Washington for talks with U.S. President Donald Trump who has said he is not happy with the pact and may pull out of it, the official said:  “The premise of Macron’s proposal is that the agreement remains in its existing form and additional elements come on top.” The official added: “In our view this agreement should be maintained.”


    India will network with Asia's major oil buyers to negotiate with sellers: Pradhan

    New Delhi: India will work to create a network with other major oil buyers in Asia, such as China, South Korea and Japan, to negotiate better terms with sellers, the country’s Oil Minister Dharmendra Pradhan said in New Delhi on Thursday. 

    “I see bigger co-operation between four bigger economies of Asia... India will try to create a network between these four economies,” he said.  “All the four major Asian economies should come together. And India will try to create a network for that within the four countries,” he said, referring to a need to have a greater say in importing crude oil from OPEC nations.


    Gauge of long-term euro zone inflation hits eight-week high ahead of ECB meet

    London:  A key market gauge of long-term inflation expectations in the euro zone rose to its highest level in 8 weeks on Thursday, ahead of a European Central Bank meeting. 

    The five-year, five-year, breakeven forward rate — a measure closely tracked by the ECB— rose to 1.718 percentEUIL5YF5Y=R , after having hit a low of 1.67 earlier this month. It remains below the ECB’s near 2 percent inflation target. Rising oil and commodity prices have lifted market inflation expectations in recent weeks, with the latest move higher in the five-year, five-year forward coming as the ECB meets on Thursday to discuss monetary policy.


    Germany sees U.S. trade tariffs coming into force on May 1

    Berlin: Germany expects U.S. tariffs on steel imports to take effect from May 1, when a temporary exemption expires, a senior German official said on Thursday before Chancellor Angela Merkel flies to Washington for talks with U.S. President Donald Trump. 

    “May 1 is very close now. From today’s point of view, they will probably come,” the official said, adding that Germany still aimed to achieve a long-term delay for the introduction of tariffs.


    Iran's Khamenei urges Muslim nations to unite against U.S.: State TV

    Ankara: Iran’s supreme leader called on Muslim nations to unite against the United States, state television reported on Thursday, saying Tehran would never yield to its arch foe’s “bullying”.

    “The Iranian nation has successfully resisted bullying attempts by America and other arrogant powers and we will continue to resist... All Muslim nations should stand united against America and other enemies,” Ayatollah Ali Khamenei said.


    China says opposes countries imposing their own laws on others

    Beijing: China opposes the use of a country’s domestic laws to control others, a foreign ministry spokeswoman said on Thursday, when asked if Chinese tech company Huawei had violated US sanctions related to Iran.

    Hua Chunying made the comment at a daily briefing, while also urging the United States not to do anything else that harmed the openness of international trade. US prosecutors in New York have been investigating whether Huawei violated U.S. sanctions in relation to Iran, according to sources familiar with the situation.


    Nokia CEO says ZTE US export ban could help it longer-term

    Helsinki/London: A US ban on exports to China’s ZTE over alleged Iran sanctions violations could play to the long-term advantage of rival network equipment supplier Nokia, the Finnish company’s chief executive said on Thursday.

    “It is too early to tell what the impact might be from ZTE,” Rajeev Suri said following Nokia’s quarterly report regarding ZTE’s standoff with US authorities. “Longer term there might be opportunities particularly in the areas of mobile ... and optics,” he said, referring to big business segments in which both compete, namely wireless network infrastructure and fixed-line optical gear to haul data traffic.


    Foodgrain prices rule 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 6,800, Urad Dal Rs 6,700, Moong Dal Rs 7,000, Gram Dal Rs 4,650, Sugar Rs 3,050, Wheat Rs 2,600, Maida (90 kg) Rs 2,400 and Sooji (90 kg) Rs 3,000. 


    Roche lifts 2018 revenue outlook as new drug sales accelerate

    Zurich: Roche (ROG.S) raised its 2018 sales outlook on Thursday after getting a lift in the first three months of the year from newer drugs including Ocrevus, its soon-to-be blockbuster multiple sclerosis medicine.

    Roche, the world’s biggest cancer drugs maker, now predicts low-single-digit sales growth, after previously warning revenue could be flat. First-quarter sales rose 6 percent at constant exchange rates to 13.6 billion Swiss francs (9.92 billion pounds), compared to the average 13.3 billion franc analyst estimate in a Reuters poll.


    China first-quarter state-owned firms' profits up 16.7 percent year-on-year: state media

    Beijing: China state-owned firms’ profits rose 16.7 percent in the first three months of 2018 to 711.04 billion yuan (80.62 billion pounds), compared with the same period a year earlier, the state-owned Securities Times reported on Thursday.


    Philips Lighting first-quarter core earnings miss expectations

    Amsterdam: Philips Lighting, the world’s largest lighting maker, on Thursday reported lower-than-expected first quarter core earnings of 106 million euros ($129 million), on falling sales and margins.

    Analysts polled for Reuters had seen adjusted earnings before interest, taxes, and amortisation (EBITA) of 129 million euros, up from 127 million euros in the first quarter of 2017.


    Deutsche Bank announces investment bank cuts after sharp profit drop

    Frankfurt: Deutsche Bank on Thursday announced cuts to its investment bank after posting a 79 percent drop in net profit in the first quarter.

    Deutsche Banks said it will scale back its bond and equities trading activities, including cuts to its business with hedge funds. The bulk of the cuts will focus on the United States and Asia.


    China will crack down on money-laundering: central bank

    Beijing: China’s central bank said on Thursday it will effectively crack down on money-laundering and related crimes to safeguard national security and social stability.

    China will also step up and improve money-laundering supervision, the People’s Bank of China said on its website.


    Japan PM Abe: not considering calling snap election

    Tokyo: Japanese Prime Minister Shinzo Abe said on Thursday that he was “not considering at all” calling a general election now, while pledging to do the utmost to clarify facts over scandals including document alterations related to a controversial sale of public land.

    “What is required now is to discuss policy and carry out what we promised last year,” Abe told the lower house of parliament.


    Thirteen children killed when school bus and train collide in Uttar Pradesh

    Mumbai: Thirteen children were killed on Thursday when a school van collided with a train at an unmanned railway crossing in Uttar Pradesh, a police official said.  Eight children were injured and taken hospital, said the official, adding there were 22 children in the vehicle. 

    The accident took place early in the morning when the children were on their way to school. The van collided with the Siwan-Gorakhpur Passenger Train, but the cause of accident is not yet known, the police official said.



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