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Aircel moves SC to make Airtel clear dues

Alleges that the co withholding Rs453 Cr of bank guarantees paid on its behalf

Bank guarantees have lapsed and Aircel wants Airtel to pay the money

Alleged that Airtel is trying to usurp the sum

Aircel says without the money it may get liquidated

ET reports


Bain joins KKR in race for Max Healthcare stake

PE firms look to buy 47% stake from Life Healthcare for $450-540 Mn

ET reports


To decide on buy back of shares on Aug. 20


Co planning $400 Mn stake sale is speculative in nature

Jet Auditor BSR may quit if issues are not resolved is factually incorrect

Have been pro-actively working on multiple revenue enhancements

Evaluating various funding options to meet liquidity requirements on priority

Relationship with Etihad Airways very strong

No delays in discharging any loan obligations to any of the lenders

Default status in tabular statement only due to technical errors, rectified now

Clarifies that reports of stake sale are purely speculative

Also Clarifies that rumors of auditor quitting if issues not solved are factually incorrect

Seeks lenders help in bid to avoid default

Airline wants waiver of loan covenant on existing debt facility of $185mn

Co has to repay or refinance at least $500mn of existing debt to avoid default

Told lenders it won’t be able to meet min $50mn profit condition for FY19

Consortium of lenders yet to decide on Jet’s request

Airline’s total debt was Rs 9430 Cr as on 31st March 18

Mint reports


Have noticed a difference in your responses dated August 9 & 10

Clarify whether mgmt extension from audit committee as per Aug 10 response

Or did Audit Committee not recommend results to board as per Aug 9 response?

In Aug 10 response, details of "Certain Matters Not Closed" not provided

Provide exact reasons for which audit committee has not approved results

Again ask you to give us date when board meet to consider results will be held


    37,852.00 207.10   (0.55 %)

    11,435.10 79.35   (0.70 %)
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WPI Inflation at 5.09% vs 5.77%

News In Brief


    All markets will remain closed tomorrow for "Independence Day"

    Mumbai: All major markets, including the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE) Forex, Money, Bullion, Oils & Oilseeds will remain closed tomorrow, August 15, on account of "Independence Day".


    Home Depot's second quarter comparable sales beat estimates

    New York: Home Depot Inc’s (HD.N) second-quarter comparable-store sales beat Wall Street forecasts on Tuesday, boosted by a rebound in demand for seasonal merchandise. 

    The home improvement retailer said its net earnings rose to $3.5 billion or $3.05 per share in the three months ended July 29, from $2.7 billion or $2.25 per share a year earlier. Sales at Home Depot stores open for more than a year climbed 8 percent, beating analysts’ average estimate of a 6.65 percent rise, according to Thomson Reuters I/B/E/S.


    Kremlin says nothing good will come from proposed new U.S. sanctions

    Moscow: The Kremlin said on Tuesday that a new U.S. bill on sanctions against Moscow does not bode well for Russia’s relations with the United States. 

    The U.S. Congress published on Tuesday the text of a bipartisan bill that among other things includes restrictions on investment in new Russian sovereign debt and bans several state-run Russian banks from operating in the United States. “We maintain our stance on these restrictive measures. This does not bode well for the bilateral relations,” Kremlin spokesman Dmitry Peskov said during a conference call.


    China condemns press group for HK independence activist speech

    Beijing: The Hong Kong office of China’s foreign ministry condemned Hong Kong’s Foreign Correspondents’ Club on Tuesday for allowing a speech by a Hong Kong independence activist, saying the reporters’ group was not outside the law. 

    The club should be very clear that freedom of the press cannot be abused, the office said in a statement on its website.


    Turkey hopes to find solution on Syria's Idlib with Russia

    Ankara: Turkish Foreign Minister Mevlut Cavusoglu said on Tuesday that he hoped to find a solution over Syria’s Idlib region during a meeting with his Russian counterpart Sergei Lavrov. 

    Cavusoglu made the comment during a joint news conference in Ankara. The Idlib region in northern Syria is the largest remaining Syrian rebel-held enclave. President Bashar al-Assad, who is backed by Moscow, has said his forces will recapture the region where Turkey has set up a dozen military observation posts.


    SC asks Centre what action it has taken in cases of abuse of 1,575 children living in shelter homes

    New Delhi: SC asks Centre what action it has taken in cases of abuse of 1,575 children living in shelter homes across the country.


    Russia's Lavrov says conditions exist for Syria refugee return

    Ankara: Russian Foreign Minister Sergei Lavrov said on Tuesday Moscow was surprised at the West’s position on Syrian refugees and the conditions were there for them to start returning home. 

    Lavrov was speaking after talks with his Turkish counterpart Mevlut Cavusoglu.


    Italy motorway bridge collapses near Genoa, so far no victims reported

    Rome: A motorway bridge collapsed on Tuesday near the northern Italian port city of Genoa, local police and fire brigade officials said, adding that no dead or injured had so far been reported. 

    Italian television showed images of the collapsed bridge, which was built on the A10 toll motorway in the 1960s. Restructuring work on the bridge was carried out in 2016.


    Russia says dollar's days numbered as global trade currency

    Ankara: Russia has been discussing for some time the possibility of using national currencies to settle bilateral trade deals with Turkey, China and Iran, Russian Foreign Minister Sergei Lavrov said on a visit to the Turkish capital.

    Lavrov, speaking at a news conference with his Turkish counterpart, said over time the role of the U.S. dollar as the currency of global trade will decline. He did not though make any commitments for Russia to drop the dollar in trade with Turkey, whose lira currency has plummeted.


    UK emergency response committee to meet after Westminster incident

    London: The British government will hold a meeting of its COBRA emergency response committee at 1300 GMT to discuss an incident in which a man drove a car into security barriers outside parliament and injured at least two people on Tuesday, officials said.

    London’s Metropolitan Police said the incident was being treated as terrorism. The driver of the car, a man in his late 20s, was arrested at the scene.




    Russia's Lavrov, in Turkey, calls U.S. sanctions policy illegitimate

    Ankara: Russia’s foreign minister, Sergei Lavrov, said on Tuesday that new U.S. sanctions against Ankara and Moscow were an illegitimate policy and a way for the United States to obtain an unfair competitive advantage in global trade.

    Lavrov was speaking at a joint press conference with his Turkish counterpart Mevlut Cavusoglu in Ankara.


    Quercus to cease Iran activity, including 445.8 million pounds solar plant

    Oslo: British renewable energy investor Quercus will cease all activities in Iran, including a 500 million euro (445.8 million pounds) solar power project, due to recently imposed U.S. sanctions on the country, the firm told Reuters on Tuesday. 

    “Following the U.S. sanctions on Iran, we have decided to cease all activities in the country, including our 600 MW project. We will continue to monitor the situation closely,” Quercus chief executive Diego Biasi told Reuters in an email.


    Woman Vaishno Devi pilgrim dies in J-K's Reasi

    Jammu: A 65-year-old woman died apparently due to cardiac arrest after paying obeisance at the Vaishno Devi shrine in Reasi district of Jammu and Kashmir, police said today.

    Matia, a resident of Uttar Pradesh, collapsed near Panchi view point while returning from the cave shrine last evening, a police official said. He said the body was handed over to the pilgrim's legal heirs after completion of legal and medical formalities.


    2 people electrocuted in J-K

    Jammu: Two people were electrocuted and two others sustained burn injuries while repairing a water pump in Samba district of Jammu and Kashmir, police said today.   

    The deceased were identified as Bushan Kumar (32) and Gurbinder (30), they said. The incident took place last evening when Bushan Kumar was repairing a water pump inside a well. When he did not return till late, Gurbinder, Ashwani and Deshraj rushed to his rescue, but they too fell unconscious, the police added.


    Delhi court summons Naveen Jindal, others as accused in money laundering case

    New Delhi: The Delhi court on Tuesday summoned Naveen Jindal, others as accused in money laundering case related to coal scam.


    FBIL sets rupee reference rate at 69.7696 against dollar

    Mumbai: The Financial Benchmarks india private limited (FBIL) today fixed the reference rate of the rupee at 69.7696 against the US dollar and 79.6997 for the euro. The corresponding rates were 69.4685 and 79.1876, yesterday.

    According to an FBIL statement, the exchange rates for the pound and the yen against the rupee were 89.2311 and 62.90 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.


    Praveen Kumar Singh takes over as Director (commercial) of PFC

    New Delhi: State-owned Power Finance Corporation (PFC)today said its Executive Director (Projects) Praveen Kumar Singh will take over the role of Director (Commercial) on August 10, 2018.

    Singh has worked in various units of Projects Division in PFC for over 24 years, a PFC statement said. Earlier, he had also worked with BHEL and CII for over 9 years. Singh did his B Tech (Electrical Engineering) from IIT-BHU and M Tech in Energy & Environment Management from IIT Delhi. Singh has been representing PFC in various committees of the central government. He also served as the nominee director on the board of several private power companies.


    Government officer shot dead in Patna

    Patna: Unidentified assailants on Tuesday forced their way into a senior government officer's residence here and shot him dead, police said. 

    Rajiv Kumar, Under Secretary in the Planning Department, succumbed to his injuries in a hospital, the police said.  The officer's wife told the police that a group of five armed youths forcibly entered their official house in the high security zone in the state capital. Kumar was shot when he resisted them, she said.


    May: My thoughts are with those injured in Westminster incident

    London: British Prime Minister Theresa May said her thoughts were with those injured in an incident outside parliament on Tuesday after two people were taken to hospital when a car crashed into security barriers.

    Neither of those hurt were believed to have suffered serious injuries. Parliament is in recess and May is currently on holiday outside of the UK.  “My thoughts are with those injured in the incident in Westminster and my thanks to the emergency services for their immediate and courageous response,” May said on Twitter.


    SpiceJet posts first-quarter loss

    Low-cost carrier SpiceJet Ltd reported a loss for the first quarter on Tuesday, impacted by higher expenses and foreign exchanges losses. 

    The airline's standalone net loss, which excludes results of units SpiceJet Merchandise and SpiceJet Technic, was 380.6 million rupees ($5.44 million) in the quarter ended June 30. The company had posted a profit of 1.75 billion rupees a year earlier. Total expenses in the quarter rose 31.2 percent to 22.45 billion rupees. SpiceJet also accounted for 510 million rupees as forex losses due to the depreciation of the rupee. Total income from operations in the first quarter rose 19.6 percent to 22.36 billion rupees.


    Saudi Arabia has freed three Iranian fishermen detained last year: IRNA

    London: Saudi Arabia has freed three Iranian fishermen detained by the kingdom’s coastguard last year, Iran’s state news agency IRNA quoted an Iranian official as saying on Tuesday. 

    Ardeshir Yarahmadi, the head of the fisheries department of Iran’s Bushehr province, said the three Iranian fishermen, arrested in June 2017 in Saudi waters, had been released this week after foreign ministry negotiations with Riyadh. He did not specify the exact date of their release.


    Counter-terrorism police leading investigation into incident at UK parliament

    London: London’s police said their counter-terrorism unit was leading the investigation into an incident outside Britain’s parliament building on Tuesday where a car collided with security barriers. 

    “While we are keeping an open mind, the Met’s Counter-Terrorism Command is leading the investigation into the Westminster incident,” London’s Metropolitan police said on Twitter.


    Erdogan says Turkey will boycott U.S. electronic products

    Istanbul: President Tayyip Erdogan said on Tuesday Turkey would boycott electronic products from the United States, which has imposed sanctions and raised tariffs against Ankara in a dispute about the detention of a U.S. evangelical pastor. 

    Erdogan said Turkey has been taking necessary measures regarding the economy, amid a slide in the lira currency exacerbated by the dispute with Washington, but it was important to keep a firm political stance. Switching to foreign currency would mean giving in to the enemy, Erdogan said.


    Ugandan drugmaker Cipla prices IPO at 256.5 shillings per share

    Kampala: Uganda’s Cipla Quality Chemical Industries has priced its initial public offering at 256.5 shillings ($0.0688) per share, the company said on Tuesday.

    The drugmaker is selling 657,179,319 shares - representing an 18 percent stake in the company - to raise an expected 168.6 billion shillings.


    Moscow ready to discuss its newest strategic weapons with U.S.: RIA

    Moscow: Russian Deputy Foreign Minister Sergei Ryabkov said on Tuesday Moscow was ready to discuss its newest strategic weapons with the United States even though they were not part of the INF arms control treaty, Russian state news agency RIA reported. 

    The arms control agreement, known as the Intermediate-Range Nuclear Forces Treaty, was signed in the late 1980s between the Soviet Union and the United States and Soviet Union.  Days after a meeting between Russian President Vladimir Putin and U.S. President Donald Trump in Helsinki last month Russia showed off ‘super weapons’ — a new generation of nuclear and conventional missiles.  Ryabkov also said that the United States had violated another bilateral arms agreement — the Strategic Arms Reduction Treaty — by modernising its weapons, TASS reported.


    India's July palm oil imports drop 33 percent as costs rise: Trade body

    Mumbai: India’s palm oil imports slumped 33 percent in July from a year earlier to 550,180 tonnes as higher duties and a depreciating rupee made imports more expensive, a leading trade body said on Tuesday.

    Soyoil imports fell by a quarter to 352,325 tonnes, the Solvent Extractors’ Association of India (SEA) said in a statement.  India is the world’s biggest importer of edible oils. Its total vegetable oil imports dropped 27 percent to 1.12 million tonnes in July, it said.


    IDBI Bank reports seventh straight quarterly loss

    IDBI Bank Ltd posted its seventh straight quarterly loss on Tuesday as mounting bad loans continued to weigh on the state-run lender. 

    Net loss was 24.10 billion rupees ($344.77 million) for the three months ended June 30, compared with a loss of 8.53 billion rupees a year earlier, the Mumbai-based bank said here  Gross bad loans as a percentage of total loans was 30.78 percent at the end of June, compared with 27.95 percent a quarter earlier, and 24.11 percent a year earlier.


    U.S. pastor in Turkey appeals for release, lifting of travel ban: Lawyer

    Istanbul: An American Christian pastor standing trial in Turkey on terrorism charges has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday.

    The appeal document seen by Reuters said the court should halt any unlawful political interventions and lift judicial control provisions imposed on Andrew Brunson.


    German growth outlook clouded despite improved investor morale: ZEW

    Berlin: The growth outlook for the German economy has become more clouded due to trade-related uncertainties, the ZEW research institute said on Tuesday after its survey showed German investor morale improved more than expected in August. 

    “The recent agreement in the trade dispute between the EU and the United States has led to a considerable rise in expectations for Germany and also, to a lesser degree, for the Eurozone,” ZEW President researcher Achim Wambach said.  “However, the economic outlook for Germany is now significantly less favorable than it was six months ago,” Wambach added.


    German investor morale improves more than expected

    Berlin: The mood among German investors improved more than expected in August, a survey showed on Tuesday, as a U.S.-EU trade deal helped to dispel concerns about an escalating tariffs dispute. 

    The ZEW research institute said its monthly survey showed economic sentiment among investors improved to -13.7 from -24.7 from in July. This compared with the Reuters consensus forecast for a reading of -20.7. A separate gauge measuring investors’ assessment of the economy’s current conditions edged up to 72.6 from 72.4 in the previous month. The Reuters consensus forecast was for a reading of 72.3.


    Congo starts using experimental mAB114 Ebola treatment

    Goma, Democratic Republic of Congo: Democratic Republic of Congo has started using the experimental mAb114 Ebola treatment on patients in the east of the country, the health ministry said, the first time it has been deployed against an active outbreak. 

    The treatment was developed in the United States using the antibodies of the survivor of an Ebola outbreak in the western Congolese city of Kikwit in 1995 and was 100 percent effective when tested on monkeys.


    Sun Pharma quarterly profit beats estimates

    India’s largest drugmaker Sun Pharmaceutical Industries Ltd posted a first-quarter profit on Tuesday, beating street estimates. 

    Net profit came in at 9.83 billion rupees ($140.6 million) for the three months ended June 30, compared with a loss of 4.25 billion rupees a year earlier, the company said here. In the year-ago quarter, Sun Pharma incurred costs of 9.51 billion rupees related to settlements in a U.S. antitrust case over sleep disorder drug Modafinil. Analysts on average expected a net profit of 8.97 billion rupees. Total revenue from operations rose about 16 percent to 72.24 billion rupees.


    Singapore says it has 1MDB-linked jet but no Malaysian request for its return

    Singapore: Singapore police said on Tuesday an aircraft linked to an investigation into a multi-billion scandal at Malaysian state fund 1MDB is parked at the city-state’s Seletar Airport. 

    Singapore authorities had not previously confirmed that the $35-million private jet, which Malaysian Prime Minister Mahathir Mohamad has said he is seeking to repossess, was in the city. The aircraft is believed to be owned by fugitive financier Low Taek Jho. Singapore police said they had not received any formal request from Malaysian authorities for the return of the aircraft.


    Trade risks for German economy remain high: Ministry

    Berlin: Germany’s economic upswing is set to continue due to vibrant domestic demand and higher investment but the trade dispute with the United States is clouding the growth outlook, the Economy Ministry said on Tuesday. 

    “The German upswing remains robust despite trade-related uncertainties,” the ministry said in its monthly report. “But above all risks from the external economic environment remain high. This can also be seen in the Ifo business sentiment survey,” it added. Data released earlier on Tuesday showed the German economy picked up more steam than expected in the second quarter, driven by higher household and state spending.


    Chhattisgarh Governor Balramji Dass Tandon dies

    New Delhi: Chhattisgarh Governor Balramji Dass Tandon dies, says an official.


    U.S. warns on Russia's new space weapons

    Geneva: The United States voiced deep concern on Tuesday about Russia’s pursuit of weapons including a mobile laser system to destroy satellites in space, as well as its putting into orbit of a new “space apparatus inspector”. 

    Yleem D.S. Poblete, U.S. Assistant Secretary of State for Arms Control, Verification and Compliance, was addressing the U.N.’s Conference on Disarmament in Geneva which has been discussing a new treaty to prevent an arms race in outer space. “To the United States this is yet further proof that the Russian actions do not match their words,” she told the forum. Russia’s pursuit of counterspace capabilities “is disturbing given the recent pattern of Russian malign behavior,” she added.


    Bomb kills two in crowded Baghdad market: Police

    Baghdad: At least two people were killed and six wounded when a bomb went off at a crowded market in Baghdad on Tuesday, police said. 

    There was no immediate claim of responsibility for the bombing in the Sadr City district, a stronghold of nationalist Shi’ite cleric Moqtada al-Sadr whose bloc won a parliamentary election in May. Iraq declared victory over Islamic State in December but security officials say the hardline militant group is likely to wage an insurgency after its self-proclaimed caliphate collapsed and the militants were dislodged from all the territory they held in the country.


    5 killed in Pakistan court firing

    Islamabad: At least five people were killed and three injured in a firing inside a tribal court in Pakistan's Khyber Pakhtunkhwa district on Tuesday. 

    The incident took place in Battagram district after a fight between two groups, one of whom opened fire, reports Xinhua news agency. The assailants fled the scene. 


    Saudi Arabia has freed three Iranian fishermen detained last year: IRNA

    London: Saudi Arabia has freed three Iranian fishermen detained by the kingdom’s coastguard last year, Iran’s state news agency IRNA quoted an Iranian official as saying on Tuesday.

    Ardeshir Yarahmadi, the head of the fisheries department of Iran’s Bushehr province, said the three Iranian fishermen, arrested in June 2017 in Saudi waters, had been released this week after foreign ministry negotiations with Riyadh. He did not specify the exact date of their release.


    Poland to hold first round of regional elections on Oct 21: Government document

    Warsaw: Poland will hold local elections on Oct. 21 with a second round on Nov. 4, according to a document published on Tuesday on the website of the Journal of Laws.

    The vote could give the Law and Justice (PiS) party, which rules nationally and enjoys strong public support but is in a minority in most regional administrations, a stronger foothold in local govt. That would the socially conservative but economically left-leaning party more say in how public funds are spent ahead of next year’s general election. According to the latest poll by IBRiS pollster, PiS could secure a majority in 12 out of Poland’s 16 regional legislatures.


    Jet Airways has not yet asked the bank for funds: SBI chairman

    New Delhi: Beleaguered carrier Jet Airways Ltd has not yet approached State Bank of India (SBI) for any funds, the chairman of the country’s top bank said on Tuesday, according to television channel CNBC-TV18.

    Jet, India’s biggest full-service carrier, told staff earlier this month it was running out of money, a source had told Reuters, but it has denied this and said it is confident of cutting costs and keeping its planes flying.  Shares in Jet, India’s biggest full-service carrier, hit a three-year low on Friday after it deferred its earnings report due the previous day.  SBI chairman Rajnish Kumar said Jet’s account with the bank is ‘standard’, according to CNBC-TV18.


    Moscow regrets that U.S. is suspending Open Skies treaty: RIA

    Moscow: Russian Deputy Foreign Minister Sergei Ryabkov said on Tuesday Moscow regrets that the United States is suspending funding of the Open Skies treaty, Russian state news agency RIA reported. 

    Russian news site RBC earlier reported that Donald Trump had ordered that funding be stopped for the treaty, which opens the skies of the United States and Russia to mutual military survey flights.


    Two people injured in incident outside UK parliament: Ambulance service

    London: Two people sustained injuries and were taken to hospital after a car collided with security barriers outside London’s parliament building on Tuesday, but their condition is not believed to be serious, the London Ambulance Service said. 

    “We sent a number of resources to the scene including three ambulance crews, responders in cars and an incident response officer,” it said on Twitter.


    No life-threatening injuries in UK parliament crash: Police

    London: None of the pedestrians injured when a car collided with security barriers outside Britain’s parliament on Tuesday is believed to be in a life-threatening condition, police said.

    Earlier police said a number of people had been hurt in the incident.


    Keventers appoints Tarun Bhasin as CEO

    New Delhi: Milkshakes brand Keventers today announced the appointment of Tarun Bhasin as its chief executive officer.

    Prior to joining Keventers, Tarun was associated with Jubiliant Food works for over 22 years where he occupied several key leadership roles including President and CBO of Dunkin Donuts and President and COO of Domino pizza, India as well as VP, Operations, Dominos. "Delivering on both commercial and operational targets in sync with the overall organisational business objectives, Tarun will further advance focus on accelerating the development of business to drive maximum potential in a rapidly changing world of work," Keventers said. At present, Keventers has over 270 outlets across the country.


    Madras High Court transfers to CBI probe into police firing in Tuticorin

    Chennai: The Madras High Court on Tuesday transferred to CBI probe into police firing in Tuticorin during anti-Sterlite protests that left 13 dead.


    Westminster Tube station closed after car crashes outside parliament

    London: Westminster Underground station was closed on Tuesday morning after a car collided with security barriers outside London’s parliament building nearby, police said.

    The man who drove the vehicle was detained at the scene after the crash, which caused injuries to a number of pedestrians.


    Musk says working with Silver Lake, Goldman on proposal to take Tesla private

    Tesla Inc Chief Executive Officer Elon Musk said on Monday he was working with Silver Lake Partners and Goldman Sachs Group Inc for financial advice on his proposal to take the electric car company private.

    “I’m excited to work with Silver Lake and Goldman Sachs as financial advisors, plus Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson as legal advisors, on the proposal to take Tesla private,” Musk said in a tweet.



    Pedestrians injured after car hits barriers at UK parliament, man arrested

    London: A man was arrested after a car collided with security barriers outside London’s parliament building and a number of pedestrians were injured, police said on Tuesday.

    “The male driver of the car was detained by officers at the scene. A number of pedestrians have been injured. Officers remain at the scene. We will issue further info when we have it,” London’s police force said in a statement on Twitter.  Footage on social media showed heavily-armed police response units arriving at the scene, with the area outside the parliament building in central London cordoned off.


    Man arrested after car hits barriers outside Britain's parliament: PA

    London: A man has been arrested after a car smashed into barriers outside London’s parliament building on Tuesday, Britain’s Press Association reported on Tuesday. 

    Footage on social media showed heavily-armed police response units arriving at the scene, with the area outside the parliament building in central London sealed off.


    Bain Capital offers to take insurer esure private in $1.55 billion deal

    Insurer esure Group Plc (ESUR.L) has agreed to be bought out by Bain Capital Private Equity at a 1.21 billion pound valuation, the company said on Tuesday.

    Bain Capital offered 280 pence per share offer and the company said its independent directors consider the offer fair and reasonable.The company also reported a 20 percent drop in fist-half pre-tax profit, hurt by claims related to a spell of extreme winter weather in the country earlier this year.

    India's WPI eases to 5.09% in July

    New Delhi: India's annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a rise of 5.77 per cent in June, official data showed here on Tuesday. 

    The data on wholesale price index (WPI) furnished by the Ministry of Commerce and Industry showed that the rate of inflation had risen 1.88 per cent during the corresponding month in 2017.


    John Menzies says half-year profit rises 15.4 percent

    John Menzies Plc’s (MNZS.L) half-year profit rose 15.4 percent, as the logistics provider benefited from higher cargo volumes and new contracts in its aviation business.  The company said on Tuesday that underlying profit before tax rose to 28.5 million pounds from 24.7 million pounds a year earlier.

    UK’s competition regulator said in a separate statement that it was referring Menzies’ purchase of Airline Services for an in-depth merger investigation.


    Rupee fall due to external factors: economic affairs secretary

    New Delhi: The fall in the rupee was due to external factors and there was no need to worry at this stage, a senior finance ministry official told television channels on Tuesday.

    The external factors were expected to ease, Subhash Chander Garg, economic affairs secretary at the ministry of finance, told reporters.  The rupee hit an all-time low of 70.1 per dollar earlier on Tuesday, as concerns about Turkey’s economic woes persisted.


    Turkish business lobbies says tighter monetary policy needed to stabilise lira

    Istanbul: Turkey’s business lobbies said on Tuesday that tighter monetary policy is needed to stabilise the lira and U.S.-Turkish disputes should be solved through diplomacy.

    In a joint statement, TUSIAD and TOBB Union of Chambers and Commodity Exchanges said a concrete roadmap should be prepared to lower inflation permanently.


    Taiwan's Hon Hai shares fall 1.9 percent after second quarter results miss estimates

    Taipei: Taiwan’s Hon Hai Precision Industry shares fell 1.9 percent on Tuesday morning after its second quarter results missed analyst estimates.

    Taiwan’s Foxconn <2317.TW,> the world’s top contract electronics maker and an Apple supplier, posted lower than expected quarterly net profit on Monday and extended a decline in profit to a second quarter in a row.  For the quarter ended June, Foxconn reported a net profit of T$17.49 billion ($567.25 million), versus T$17.9 billion a year ago. This was below a mean estimate of T$21.936 billion ($711.45 million) from nine analysts polled by Thomson Reuters I/B/E/S. It did not elaborate on its earnings.


    Escondida union and BHP agree to extend labor talks, avert strike: Union

    Lima: The union at the world’s largest copper mine, BHP’s Escondida deposit in Chile, agreed to extend government-mediated talks with company management late on Monday, suspending its plans for a potential strike.

    The union said it had managed to get past key sticking points in negotiations with BHP for a new labor contract, but added in a statement that there were still important points to be resolved.  Workers had approved a stoppage starting on Tuesday if the Anglo-Australian company did not improve its offer for a new contract after five days of negotiations led by the government.


    Rupee breaches 70 per dollar mark as Turkey concerns persist

    Mumbai: The rupee erased early gains to hit an all-time low of 70.1 per dollar on Tuesday, as concerns about Turkey’s economic woes persisted.

    The rupee was last at 69.99 to the dollar, compared with its previous close of 69.95 per dollar.  The 10-year benchmark bond yield inched up to 7.82 percent after staying muted in early trade.


    China infrastructure investment to pick up in second half: Statistics bureau

    Beijing: China’s infrastructure investment is expected to pick up in the second half of the year due to policy support, the country’s statistics bureau said on Tuesday, after official data showed infrastructure spending slowed in the first seven months.

    China’s economic growth is still within a reasonable range, the bureau’s spokeswoman Liu Aihua told reporters.  Growth in infrastructure spending, a powerful economic driver last year, slowed to 5.7 percent in January-to-July, from an increase of 7.3 percent in the first six months.


    U.S.'s Pompeo, Saudi crown prince discuss Syria, Iraq, Afghanistan, Yemen

    Washington: U.S. Secretary of State Mike Pompeo spoke with Saudi Crown Prince Mohammed bin Salman by phone on Monday to discuss the situations in Syria, Iraq, Afghanistan and Yemen, the U.S. State Department said in a statement.

    It said Pompeo thanked the crown prince “for Saudi Arabia’s support for northeast Syria’s urgent stabilization needs” and Riyadh’s “engagement with the Iraqi government.”  They also “discussed their support for a ceasefire in Afghanistan over the coming Eid, and peace in Afghanistan more broadly. They also reviewed the UN Special Envoy’s work to resolve the conflict in Yemen and other topics of mutual interest,” the statement said.


    China appoints Zhu Hexin as vice governor of central ba

    Beijing: China’s human resources ministry said on Tuesday that Zhu Hexin has been appointed as the vice governor of the People’s Bank of China (PBOC).

    Zhu, who was the vice governor of Sichuan province, has previously worked for Bank of Communications (601328.SS) and Bank of China (601988.SS).


    Turkish lira weakens slightly to 6.92 against dollar

    Istanbul: The Turkish lira weakened slightly to 6.92 against the dollar on Tuesday morning, having pulled back from a record low of 7.24 a day earlier after the central bank pledged to provide liquidity.

    The lira TRYTOM=D3, which closed at 6.9 on Monday, has lost 45 percent of its value against the dollar this year, hit by worries over President Tayyip Erdogan's calls for lower interest rates and worsening ties with the United States.



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