Business

Siemens Healthineers expands into cancer care with $16.4 billion deal for Varian

Posted on Sun, 2 Aug 2020 05:12:07 +0530 - business

German health group Siemens Healthineers said on Sunday it was buying U.S cancer treatment device maker Varian Medical Systems Inc for $16.4 billion, giving it a foothold in the oncology sector.

Covid-19 Impact: RBI's MPC Meets Next Week amid Urgency to Revive Growth

Posted on Sun, 2 Aug 2020 04:59:00 +0530 - business

The MPC, headed by RBI Governor, is scheduled to meet for three days beginning August 4 and announce its decision on August 6.

West Bengal Takes Rs 1,022 Crore Loan from Centre to Iron Out Discom Liquidity Stress

Posted on Sun, 2 Aug 2020 04:17:02 +0530 - business

The West Bengal State Electricity Distribution Co Ltd (WBSEDCL) has been facing financial woes with minuscule collections in April and May resulting in an over Rs 2,000-crore shortfall.

Iran's Stock Market Surges Past Key Level to Record High, as Analysts Warn of Bubble

Posted on Sun, 2 Aug 2020 03:09:30 +0530 - business

The Tehran Stock Exchange’s benchmark TEDPIX index gained 46,844 points in early trading, the official IRNA news agency said, up 2.4%.

Hong Kong's Mom-and-Pop Investors Squeeze Funds as IPOs Sizzle

Posted on Sun, 2 Aug 2020 03:11:51 +0530 - business

Record participation by retail investors in a recent Hong Kong initial public offering and sky-high demand in some other IPOs has forced big investors to hold onto newly listed shares.

Six of 10 Most Valued Companies Lose Rs 1.38 Lakh Crore in Market Valuation

Posted on Sun, 2 Aug 2020 11:07:00 +0530 - business

In contrast, the market valuation of Tata Consultancy Services (TCS) jumped Rs 47,054.91 crore to Rs 8,56,463.05 crore..

Jet Fuel Demand Outlook Sours After Fleeting Market Optimism

Posted on Sun, 2 Aug 2020 10:50:07 +0530 - business

For a faint moment, energy traders had an inkling that demand for jet fuel, the worsthit product in fuel markets due to the coronavirus pandemic, might stage a bit of a rebound.

LATAM Airlines to Fire 'At Least' 2,700 Workers in Brazil Due to Covid-19 Pandemic

Posted on Sun, 2 Aug 2020 03:08:02 +0530 - business

LATAM Airlines will fire "at least" 2,700 workers in Brazil, including pilots, its Brazilian arm said on Saturday, as the bankrupt carrier struggles to cut costs and cope with an industry collapse due to the COVID19 pandemic.

HSBC's Andre Brandao picked to head Banco do Brasil - source

Posted on Sun, 2 Aug 2020 08:16:09 +0530 - business

Brazil has chosen Andre Brandao, head of global banking and markets for the Americas at HSBC in the country, as the new chief executive of statecontrolled lender Banco do Brasil SA, a government source said on Saturday.

Exclusive: Eastman Kodak Top Executive Got Trump Deal Windfall On an 'Understanding'

Posted on Sun, 2 Aug 2020 03:13:08 +0530 - business

One day later, the administration of President Donald Trump announced a $765 million financing deal with Eastman Kodak, and in the days that followed the stock soared, making those additional options now held by executive chairman Jim Continenza worth tens of millions.

Two thirds of UK firms 'fully operational' after COVID, survey says

Posted on Sun, 2 Aug 2020 07:54:09 +0530 - business

Two thirds of British businesses say they are now "fully operational" after the coronavirus lockdown, up from half in June, according to a survey on Sunday.

Former Pemex boss facing corruption trial leaves hospital

Posted on Sun, 2 Aug 2020 07:41:27 +0530 - business

Former Petroleos Mexicanos Chief Executive Emilio Lozoya has left hospital, where he was taken suffering from health problems upon his arrival back in Mexico two weeks ago to face corruption charges, government officials said on Saturday.

Siemens Healthineers in advanced talks to buy Varian for $15 billion - Bloomberg News

Posted on Sun, 2 Aug 2020 07:34:07 +0530 - business

German group Siemens Healthineers AG is in advanced talks to purchase Varian Medical Systems Inc, a maker of devices and software for treating cancer, in a deal that will value the medical device maker at about $15 billion (11.5 billion pounds), Bloomberg News reported late on Saturday.

British trade minister to meet top U.S. officials next week, USTR says

Posted on Sun, 2 Aug 2020 07:30:07 +0530 - business

British Trade Minister Liz Truss will meet top U.S. officials in Washington in coming days to assess progress on reaching a free trade agreement between the two countries, a spokesman for the U.S. Trade Representative's Office said on Saturday.

Ensured LPG Supply to Customers amid Covid-19, Floods in Assam, Says BPCL

Posted on Sat, 1 Aug 2020 11:26:20 +0530 - business

LPG cylinders are being sent to the flood-affected people by using boats, while delivery men have been maintaining social distancing norms to curb the spread of the coronavirus disease, he said.

Ex RBI Deputy Governor Says Need to Focus on Inflation Over Growth at Next Policy Review Meet

Posted on Sat, 1 Aug 2020 11:20:23 +0530 - business

While many analysts are expecting a rate cut of 0.25 per cent to accommodate for growth, some have opined that the price rise situation may result in the RBI going for a pause.

HSBC's Andre Brandao picked to head Banco do Brasil: reports

Posted on Sat, 1 Aug 2020 11:02:07 +0530 - business

Brazil's government has chosen Andre Brandao, head of global banking and markets for the Americas at HSBC in the country, as the new chief executive of statecontrolled lender Banco do Brasil SA, local media reports said on Saturday.

LATAM Airlines set to fire at least 2,700 workers in Brazil: reports

Posted on Sat, 1 Aug 2020 08:18:09 +0530 - business

LATAM Airlines is poised to fire at least 2,700 workers in Brazil, including pilots, starting with a voluntary redundancy process slated to commence next week, O Globo and O Estado de S. Paulo newspapers reported on Saturday.

Listed Entities Get 3 Years to Meet Criteria of Minimum 25% Public Shareholding

Posted on Sat, 1 Aug 2020 07:42:06 +0530 - business

Once a company is listed, its promoters are required to bring down their shareholding down to 75 per cent within the stipulated minimum shareholding period so as to meet minimum public float of 25 per cent.

Govt Widens Ambit of Rs 3 Lakh Crore MSME Credit Guarantee Scheme

Posted on Sat, 1 Aug 2020 06:52:45 +0530 - business

The tweaking of the Emergency Credit Line Guarantee Scheme (ECLGS)was done based on demand from trade bodies and in line with new MSME definition approved by the Union Cabinet in June.

Chilean regulators scrap lithium miner SQM's environmental plan

Posted on Sat, 1 Aug 2020 06:42:07 +0530 - business

Chilean regulators have rejected lithium producer SQM's $25 million environmental compliance plan for the Atacama salt flat, requesting the miner to start again from scratch, a filing showed.

GST Collections Drop to Rs 87,422 Crore in July

Posted on Sat, 1 Aug 2020 04:50:31 +0530 - business

The ministry further said although the June collections were higher than that in July, however, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19.

GST Council to Discuss Attorney General's Opinion On Compensation, Says FM Sitharaman

Posted on Sat, 1 Aug 2020 04:24:49 +0530 - business

The finance minister was responding to a question on apprehensions raised by certain states about the reported AG opinion on GST compensation.

Govt to Come out with Strategic Sectors List Soon, Says Finance Minister Nirmala Sitharaman

Posted on Sat, 1 Aug 2020 03:53:33 +0530 - business

As part of the 'Aatmanirbhar Bharat Abhiyan' package, the finance minister in May had announced that there will be a maximum of four public sector companies in strategic sectors, and state-owned firms in other segments will eventually be privatised.

Global investors drive record inflows into Chinese bonds in July

Posted on Sat, 1 Aug 2020 11:42:09 +0530 - business

Foreign investors made record net purchases of Chinese bonds traded through the country's Bond Connect programme in July, boosted by record yield premiums over U.S. debt.

Chile's Pinera Offers New Stimulus Spending Amid Pandemic, Warns Against Populism

Posted on Sat, 1 Aug 2020 03:37:20 +0530 - business

In an address to lawmakers, Pinera said public investment in 2020-2022 will reach $34 billion, of which $4.5 billion had not previously been announced. The center-right leader warned against populist solutions to Chile’s economic woes, which include huge inequalities and a recession worsened by the impact of COVID-19.

Gaursons Chairman's Son Held for Cheating Bank of Baroda, Syndicate Bank of Rs 80 Crore: CBI

Posted on Sat, 1 Aug 2020 05:13:44 +0530 - business

The Bank of Baroda has alleged in a complaint that Rs 80 crore was disbursed by the banks, but the project was left in the lurch in its initial stages, the officials said.

Chevron posts $8.3 billion loss on writedowns, job cuts

Posted on Sat, 1 Aug 2020 09:50:09 +0530 - business

Chevron Corp on Friday reported an $8.3 billion quarterly loss, its largest in at least three decades, and joined rival oil producers in writing down billions of dollars in assets due to plunging demand for fuel.

Preparing for Ahead: Sanofi in Talks With EU for Supply of 300 Million Doses of Experimental Covid-19 Vaccine

Posted on Sat, 1 Aug 2020 09:46:06 +0530 - business

Armed with an emergency fund of more than 2 billion euros (£1.80 billion), the European Commission wants to strike deals with up to six drugmakers for their vaccines for their 450 million citizens against the coronavirus that has killed 674,000 people worldwide.

Wall Street Weekahead: After Monster Rally, Investors Cautious as US Recovery Wobbles

Posted on Sat, 1 Aug 2020 03:34:08 +0530 - business

Most money managers are wary of cutting equity exposure too drastically in a market that has rallied more than 40% since late March and stands near all-time highs despite widespread economic devastation and a global coronavirus pandemic.

More Than Half of Roughly 9 Million Furloughed UK Staff Back at Work, Think Tank Estimates

Posted on Sat, 1 Aug 2020 03:27:48 +0530 - business

Britain’s finance ministry has said furlough payments totalling 32 billion pounds ($42 billion) so far have been made in respect of a cumulative 9.5 million jobs, but does not publish figures on the current number of furloughed workers.

Trump says will ban TikTok amid pressure on Chinese owner to sell

Posted on Sat, 1 Aug 2020 08:50:07 +0530 - business

President Donald Trump said on Friday he would sign an executive order as soon as Saturday to ban TikTok in the United States, ratcheting up the pressure on the popular shortvideo app's Chinese owner to sell it.

Mines Auction: Centre to Change 5 Coal Blocks in Chhattisgarh With 3 Other Mines in State

Posted on Sat, 1 Aug 2020 12:08:36 +0530 - business

Presently, nine mines have been put up for commercial mines auction in Chhattisgarh. Joshi, who is on a visit to Chhattisgarh, also met Chief Minister Bhupesh Baghel.

Need to Divest Stakes in Public Sector Banks in Graceful Manner, Says RBI Ex-Deputy Governor Viral Acharya

Posted on Fri, 31 Jul 2020 11:13:26 +0530 - business

Divestment beyond majority stake is the first step because it will help relax the fiscal constraint in terms of dependence of public sector banks on the government for capital, he said.

Wall Street weighed down by fiscal aid uncertainty as tech boost fades

Posted on Fri, 31 Jul 2020 10:58:29 +0530 - business

U.S. stocks fell on Friday as uncertainty over the government's next coronavirus aid exacerbated economic worries related to the pandemic, countering early euphoria from stunning quarterly results by Apple, Amazon.com and Facebook.

India Not Close to Situation for Debt Monetisation, Says Former RBI Chief Subbarao

Posted on Fri, 31 Jul 2020 10:39:53 +0530 - business

The case for direct financing is made on the argument that government borrowing this year has ballooned way beyond normal, Subbaro said.

EU poised to secure Sanofi deal for coronavirus vaccine

Posted on Fri, 31 Jul 2020 10:36:22 +0530 - business

The European Union's executive on Friday wrapped up preliminary talks with French drugmaker Sanofi aimed at securing its COVID19 vaccine for the 27country EU bloc, the latest deal with vaccine producers.

U.S. crude output in May plummets by a record 2 million bpd

Posted on Fri, 31 Jul 2020 10:18:10 +0530 - business

U.S. crude oil production plummeted in May, falling a record 2 million barrels per day to 10 million bpd, the U.S. Energy Information Administration said in a monthly report Friday.

UK hedge fund manager Odey charged with assaulting a woman

Posted on Fri, 31 Jul 2020 10:14:22 +0530 - business

Crispin Odey, one of Britain's highestprofile hedge fund managers and political donors, has been charged with sexually assaulting a woman, prosecutors said on Friday.

Caterpillar offers cautious outlook after punishing quarter; shares drop

Posted on Fri, 31 Jul 2020 10:14:09 +0530 - business

Caterpillar Inc on Friday predicted no improvement in equipment sales, an outlook that sent its shares down after secondquarter earnings sank during a crippling recession sparked by the coronavirus pandemic, which made customers wary of big purchases.

Chinese discounts hit record as pandemic hammers physical demand

Posted on Fri, 31 Jul 2020 10:02:07 +0530 - business

Chinese gold dealers were forced to offer the steepestever discounts this week as physical demand plunged, while the Indian market flipped to a premium again.

U.S. imposes sanctions on Chinese company over abuse of Uighurs

Posted on Fri, 31 Jul 2020 09:40:07 +0530 - business

The United States on Friday imposed sanctions on a powerful Chinese company in the Xinjiang province and two officials for what it said were human rights abuses against Uighurs and other ethnic minorities.

U.S. consumer spending presses ahead; declining income poses challenge

Posted on Fri, 31 Jul 2020 09:32:08 +0530 - business

U.S. consumer spending increased for a second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID19 cases and the end of expanded unemployment benefits.

Euro zone inflation unexpectedly ticks up amid record GDP slump

Posted on Fri, 31 Jul 2020 09:18:09 +0530 - business

The euro zone's economy recorded its deepest contraction on record in the second quarter, preliminary estimates showed on Friday, while the bloc's inflation unexpectedly ticked up in July.

Merck to move COVID-19 treatment into large trials, sees sales recovering this year

Posted on Fri, 31 Jul 2020 09:12:07 +0530 - business

Merck & Co on Friday said it plans to advance an antiviral treatment for COVID19 into large studies in the coming weeks, and it forecast a more limited hit to fullyear sales and profit from coronavirus lockdowns than it previously expected.

Gold set for best month in four years; silver eyes record monthly gain

Posted on Fri, 31 Jul 2020 08:54:10 +0530 - business

Gold rose on Friday, trading near its all time peak, as a sliding dollar and dire economic numbers from far and wide sparked a rush to safety in bullion, which is on course for its biggest monthly gain in over four years.

Alstom gains EU okay to acquire Bombardier's rail business

Posted on Fri, 31 Jul 2020 08:12:07 +0530 - business

France's Alstom SA clinched EU antitrust approval on Friday to acquire Canadian rival Bombardier Inc's rail business in a deal that will elevate it to the world's secondlargest rail maker after China's CRRC Corp .

S&P 500, Dow slide as pandemic nerves offset tech euphoria

Posted on Fri, 31 Jul 2020 08:06:09 +0530 - business

The S&P 500 and Dow gave up early gains on Friday as concerns about the economic damage from the COVID19 pandemic replaced early euphoria from stunning quarterly earnings reports by Apple, Amazon.com and Facebook.

OPEC July oil output surges as Gulf voluntary cuts end - survey

Posted on Fri, 31 Jul 2020 08:04:08 +0530 - business

OPEC oil output has risen by over 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPECled deal, and other members made limited progress on compliance.

Yes Bank Scam: Special CBI Court Rejects Bail Pleas of Wadhawan Brothers

Posted on Fri, 31 Jul 2020 08:02:53 +0530 - business

Kapil and Dheeraj Wadhawan, promoters of Dewan Housing Finance Ltd (DHFL) and RKW Developers respectively, were arrested in April by the CBI in connection with the scam.

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