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LATEST BUSINESS, FINANCE AND MARKET NEWS

  • U.S. crude hits three-month low; API reports smaller crude draw

    U.S. crude hits three-month low; API reports smaller crude draw

    U.S. crude prices fell on Tuesday, hitting three-month lows, on renewed worries of a glut while Brent settled higher due to its better fundamentals versus U.S. crude. Trade group American Petroleum Institute (API) said after the market's settlement that U.S. crude stockpiles fell by 827,000 … More »

    Reuters - 12 minutes ago
  • Twitter reports slowest quarterly revenue growth since IPO

    Twitter reports slowest quarterly revenue growth since IPO

    SAN FRANCISCO/BENGALURU (Reuters) - Twitter Inc (TWTR.N) reported its slowest growth in quarterly revenue since going public in 2013 and frustrated investors yet again with a disappointing outlook for the current quarter. The microblogging service operator's shares fell 10 percent in extended … More »

    Reuters - 14 minutes ago
  • Apple sells more iPhones than expected in third quarter

    Apple sells more iPhones than expected in third quarter

    The world's most valuable publicly traded company said it sold 40.4 million iPhones in the third quarter, down 15 percent from the year-ago quarter but slightly more than the average analyst forecast of 40.02 million, according to research firm FactSet StreetAccount. IPhone sales dropped for the … More »

    Reuters - 15 minutes ago
  • Wall Street mixed, Apple impresses and Twitter disappoints

    Wall Street mixed, Apple impresses and Twitter disappoints

    Choppy stock trading followed a recent rally to consecutive record highs on the S&P 500 that has stretched price-to-earnings multiples to levels that some investors say presumes that companies will beat second-quarter estimates. Five of the 10 major S&P sectors rose, while a 1.49 percent drop in … More »

    Reuters - 58 minutes ago
  • Yen jumps before Bank of Japan meeting, oil mixed

    Yen jumps before Bank of Japan meeting, oil mixed

    A buoyant yen and U.S. oil prices at three-month lows kept stock markets on the defensive on Tuesday as investors awaited central bank meetings this week that will unveil new stimulus in Japan and may provide clues on U.S. interest rates. The yen hit two-week highs against the euro and more than … More »

    Reuters - 1 hour 16 minutes ago
  • World Bank raises 2016 oil price forecast on supply outages, robust demand

    The World Bank raised its crude oil forecast for 2016 to $43 a barrel on Tuesday, from $41 a barrel, citing supply outages and robust demand in the second quarter. Disruptions in oil supply during the second quarter, including from militant attacks in Nigeria and wildfires in Canada, helped oil … More »

    Reuters - 4 hours ago
  • Odisha approves three projects of Rs 874 crore investment

    Bhubaneswar, July 26 (IANS) The Odisha government on Tuesday accorded in-principle approval to three projects entailing a total investment of Rs 874 crore. The nod came at the State Level Single Window ... … More »

    IANS - 4 hours ago
  • Verizon posts subscriber gain shortfall, says Yahoo to fuel media push

    Verizon posts subscriber gain shortfall, says Yahoo to fuel media push

    Shares of the No. 1 U.S. wireless company, which had risen about 21 percent this year, fell 2 percent shortly after midday. Verizon is focused on combining the media and advertising technology assets of Yahoo and AOL, which it acquired last year, Chief Financial Officer Fran Shammo said in an … More »

    Reuters - 4 hours ago
  • Goldman is sued in U.S. over merger linked to Malaysia's 1MDB

    Goldman Sachs Group Inc was sued on Tuesday by a major shareholder of a Malaysian bank it once advised, and which accused the Wall Street bank of fraudulently shortchanging it in a merger to curry favor with that country's prime minister. In a complaint filed with the New York State Supreme Court … More »

    Reuters - 4 hours ago
  • Commuters suffer as autos, taxis strike against app-based cabs

    New Delhi, July 26 (IANS) Thousands of Delhi commuters had a harrowing time on Tuesday as around one lakh drivers of auto-rickshaws and taxis went on an indefinite strike. The Delhi government termed the strike a "sponsored hooliganism" by the Bharatiya Janata Party. The protesters said the … More »

    IANS - 5 hours ago
  • Regulating air fares will violate law: Minister

    New Delhi, July 26 (IANS) The government on Tuesday said that any attempts to regulate air fares of India-based passenger carriers on international routes will violate law. According to Minister of State for Civil Aviation Jayant Sinha, the government's intervention to reduce air fares will be … More »

    IANS - 6 hours ago
  • Arun Jaitley meets state ministers to rescue stalled GST reform

    Finance Minister Arun Jaitley met his state counterparts on Tuesday to forge a political consensus on a much-awaited sales tax reform that is held up in parliament, but made little progress in breaking the impasse. The proposed tax reform, the biggest since India's independence from Britain in … More »

    Reuters - 6 hours ago
  • June air passenger traffic up 21%

    New Delhi, July 26 (IANS) Domestic air passenger traffic rose 20.81 per cent in June to 79.75 lakh from 66.01 lakh registered during the corresponding month of last year, official data showed on Tuesday. ... … More »

    IANS - 6 hours ago
  • Railways to add 30,000 bio toilets this year: Minister

    New Delhi, July 26 (IANS) Indian Railways on Tuesday said it plans to add 30,000 bio toilets on its trains during this year. According to Railways Minister Suresh Prabhakar Prabhu, Indian Railways have so far provided more than 40,000 bio toilets and plans to add 30,000 during the current year. … More »

    IANS - 6 hours ago
  • Gold climbs as dollar retreats ahead of Fed meeting

    Gold climbs as dollar retreats ahead of Fed meeting

    Gold rose on Tuesday as the dollar fell, but remained hemmed into a range ahead of a two-day Federal Reserve policy meeting this week, which will be closely watched for clues on the outlook for U.S. interest rates. Spot gold was up 0.4 percent at $1,320.46 an ounce at 1402 GMT, while U.S. gold … More »

    Reuters - 7 hours ago
  • Special Report: In Venezuela's murky oil industry, the deal that went too far

    CARACAS/BOGOTA (Reuters) - Even for Venezuela's notoriously opaque economy, it was a sweetheart deal that went too far. Last August, state oil company Petroleos de Venezuela SA issued one of its largest tenders in recent years: a multi-billion dollar project in the Orinoco Belt, the world's … More »

    Reuters - 7 hours ago
  • Teva, Mylan eye Pfizer's Brazil venture, sources say

    Teva Pharmaceutical Industries Ltd and Mylan NV have shown preliminary interest in a Brazilian generic drugmaking joint-venture in which Pfizer Inc has a 40 percent stake, two people familiar with the process said. India's Sun Pharmaceutical Industries Ltd and three buyout firms are also eyeing … More »

    Reuters - 8 hours ago
  • Treat HFCs on par with private banks: Assocham to Sebi

    New Delhi, July 26 (IANS) Apex industry body Assocham has asked market regulator SEBI to treat housing finance companies (HFCs) on par with the private banks and public financial institutions (PFIs). Assocham (Associated Chambers of Commerce and Industry of India) said in a statement on Tuesday … More »

    IANS - 8 hours ago
  • Profit booking, key events plunge equity markets

    Mumbai, July 26 (IANS) Profit booking, caution ahead of key global and domestic events and negative international indices plunged the Indian equity markets on Tuesday. Despite value buying at lower levels ... … More »

    IANS - 8 hours ago
  • ASUS ZenFone 3 Deluxe gets new Snapdragon 821 processor

    New Delhi, July 26 (IANS) Taiwan-based technology major ASUS on Tuesday announced that it has introduced the new Snapdragon 821 SoC in its ZenFone 3 Deluxe smartphone -- making it the world's first smartphone ... … More »

    IANS - 9 hours ago
  • Protect independence of central banks: Rajan

    Mumbai, July 26 (IANS) Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday said that governments must protect the independence of their central banks for a stable sustainable growth. "It is important that governments around the world look beyond sometimes uninformed and motivated public … More »

    IANS - 9 hours ago
  • Dell expands 2-in-1 portfolio with three laptops

    New Delhi, July 26 (IANS) Computer electronics major Dell India on Tuesday expanded its 2-in-1 range of devices with the launch of new Inspiron 3000 (11-inch) and 5000 series (13-inch and 15-inch) 2-in-1 laptops with better design and improved performance. The Inspiron 11 3000 range starts from Rs … More »

    IANS - 9 hours ago
  • Blackberry offers secured apps via Microsoft's Azure platform

    New Delhi, July 26 (IANS) BlackBerry on Tuesday announced that more of its secure enterprise mobility solutions will utilise the open, flexible, enterprise-grade cloud computing platform Microsoft Azure ... … More »

    IANS - 9 hours ago
  • Myntra buys fashion e-store Jabong for $70 million

    Bengaluru, July 26 (IANS) Leading e-tailer Flipkart-owned Myntra on Tuesday announced acquiring e-store Jabong from its London-based owners Global Fashion Group (GFG) for $70 million (Rs 471 crore) to consolidate its position in the fashion and lifestyle segment both operate in. Though Flipkart … More »

    IANS - 9 hours ago
  • Raghuram Rajan defends inflation record, urges independence

    Raghuram Rajan defends inflation record, urges independence

    The Reserve Bank of India's outgoing governor, Raghuram Rajan, on Tuesday staunchly defended his record in curbing inflation and cleaning up bad debt at banks, and he called on the government to protect the central bank's independence. The comments mark Rajan's latest response to his critics after … More »

    Reuters - 10 hours ago
  • British oil major BP pursues new projects despite profit miss

    Tuesday's results missed expectations, with analysts surprised by higher corporate charges, including administrative costs relating to Gulf of Mexico oil spill liabilities, and a lower contribution from BP's stake in Russian oil producer Rosneft. Rivals Shell, Statoil, Total and Eni also report … More »

    Reuters - 10 hours ago
  • Maruti Suzuki's Q1 net profit up 23%

    New Delhi, July 26 (IANS) Passenger car maker Maruti Suzuki on Tuesday reported a rise of 23 per cent in its net profit for the first quarter (Q1) of 2016-17. The company's net profit stood at Rs 1,486.2 crore for the quarter ended June 30, 2016 - up from Rs 1,208.1 crore in the corresponding … More »

    IANS - 10 hours ago
  • India needs to be careful with inflation targeting - former RBI chief Subbarao

    India should avoid fixating on an inflation target given the need to ensure economic growth and financial stability, former central bank governor Duvvuri Subbarao warned on Tuesday. Inflation targeting, unveiled in January 2014, is a key legacy of Reserve Bank of India Governor Raghuram Rajan, who … More »

    Reuters - 11 hours ago
  • Sensex ends lower ahead of meet on GST bill

    Sensex ends lower ahead of meet on GST bill

    Indian shares ended lower on Tuesday after the broader NSE Nifty hit a one-year high as investors booked profits ahead of a state ministers' meeting to discuss the Goods and Services Tax bill. The Nifty ... … More »

    Reuters - 11 hours ago
  • Factbox: Potential successors to RBI chief Rajan

    Two government sources with direct knowledge of the matter said Kaushik Basu, who is stepping down as the World Bank's chief economist, had made it onto a shortlist of candidates to take over when Rajan's term expires on Sept. 4. Kaushik Basu, 64, is retiring as the World Bank's chief economist, … More »

    Reuters - 11 hours ago
  • New RBI chief unlikely before August meeting, Basu in frame, sources say

    The government has scaled back the urgency of its search for a new central bank governor, sources said, with a replacement to Raghuram Rajan now likely to be named only after he chairs his final policy meeting next month. Two government sources with direct knowledge of the matter also said Kaushik … More »

    Reuters - 11 hours ago
  • ZTE launches two new smartphones in Delhi

    New Delhi, July 26 (IANS) Chinese telecommunication company ZTE launched two new smartphones -- an affordable Blade V6 and premium Axon Mini that will be available at Hotspots stores in Delhi from Tuesday. ... … More »

    IANS - 11 hours ago
  • Maruti Suzuki Q1 profit up 23 pct, beats estimates

    Maruti Suzuki Q1 profit up 23 pct, beats estimates

    Maruti Suzuki India Ltd, India's top-selling car maker, posted on Tuesday a forecast-beating 23 percent rise in first-quarter net profit, as higher sales offset the adverse impact of an unfavourable foreign exchange rate. Maruti, which is controlled by Suzuki Motor Corp through the Japanese … More »

    Reuters - 11 hours ago
  • Airtel's Wynk Music crosses 25 million downloads

    New Delhi, July 26 (IANS) Wynk Music, a music app from Airtel, on Tuesday announced that it has crossed 25 million downloads on Google Play Store and Apple Store combined since its launch in September last year. Given the importance of music in our lives, we believe we have only scratched the … More »

    IANS - 11 hours ago
  • Dr Reddy's Labs Q1 profit slumps 75 percent, misses estimates

    Dr Reddy's Laboratories Ltd, India's second-largest drugmaker, said its quarterly profit slumped 75 percent, hurt by fierce competition in its largest market, the United States. Net profit for the April-June quarter fell to 1.54 billion rupees ($22.89 million) from 6.26 billion rupees the previous … More »

    Reuters - 12 hours ago
  • Profit booking, key meetings subdue equity markets

    Mumbai, July 26 (IANS) Profit booking, along with caution ahead of two major meetings and negative global indices, subdued the Indian equity markets on Tuesday. However, lower level value buying aided the key indices to trade marginally in the green during the mid-afternoon trade session. The … More »

    IANS - 12 hours ago
  • Sony Xperia XA Ultra launched in India at Rs 29,990

    New Delhi, July 26 (IANS) Expanding the successful Xperia X and Xperia XA family, Sony India on Tuesday launched Xperia XA Ultra smartphone at Rs 29,990 which will be available at Sony Centres and electronic ... … More »

    IANS - 12 hours ago
  • Singapore June factory output bit weaker than expected

    Singapore's industrial production in June fell slightly more than expected from a year earlier, as sharp falls in marine and offshore engineering output and pharmaceuticals production offset a jump in electronics output. Manufacturing output fell 0.3 percent from a year earlier in June, data from … More »

    Reuters - 12 hours ago
  • Flipkart buys Jabong for $70 million

    Flipkart buys Jabong for $70 million

    India's biggest e-commerce firm Flipkart is buying domestic online fashion retailer Jabong from Global Fashion Group for $70 million in cash, the latest consolidation move in the country's e-commerce sector as competition intensifies. Flipkart unit Myntra, India's largest online fashion retailer … More »

    Reuters - 12 hours ago
  • Singapore tightens conditions for hiring foreign professionals

    Singapore will raise the salary criteria for foreign managers and specialists that companies can hire starting next year, a move that may add to the competitive challenges faced by local firms amid slowing economic growth. The qualifying monthly salary for employment passes (EP) will be raised by … More »

    Reuters - 12 hours ago
  • BenQ unveils Rs 17,500 eye care monitor in India

    New Delhi, July 26 (IANS) Taipei-based technology major BenQ on Tuesday launched a new eye care monitor in India which is equipped with Low Blue Light Plus and Brightness Intelligence technology that allow ... … More »

    IANS - 13 hours ago
  • Gold market surplus shrinks as fund inflows offset weak Asian buying - GFMS

    A surge in Western gold investment helped offset sliding Asian demand in the second quarter, GFMS analysts at Thomson Reuters said on Tuesday, as they hiked their gold price forecast for the year in response to jitters over the economic outlook. In the Q2 update of its Gold Survey 2016, GFMS said … More »

    Reuters - 13 hours ago
  • Skullcandy launches wireless Ink'd headphones in India

    New Delhi, July 26 (IANS) US-based Skullcandy on Tuesday launched its Bluetooth-enabled wireless headphones for a superior audio quality at Rs 3,999 in India. "Ink'd Wireless" which is a Bluetooth ... … More »

    IANS - 13 hours ago
  • Hyundai slides to 10th straight profit drop, sees tougher U.S. market ahead

    South Korean automaker Hyundai Motor slipped to its 10th straight profit drop in the second quarter and warned of a tough second half in store as it soaks up stiff competition and shrinking demand for its mainstay sedans in the United States. The world's fifth-biggest automaker, together with … More »

    Reuters - 14 hours ago
  • Myntra acquires fashion e-store Jabong

    Bengaluru, July 26 (IANS) Leading e-tailer Flipkart's fashion and lifestyle products' subsidiary Myntra on Tuesday announced its acquisition of e-store Jabong from the London-based online Global Fashion ... … More »

    IANS - 14 hours ago
  • Verizon sale leaves Yahoo investors betting on a stub

    Yahoo Inc shareholders may be left betting on how quickly, if at all, the former web pioneer can cash in on its multi-billion dollar stakes in two Asian peers after Monday's deal to sell its core internet assets to Verizon Communications Inc. Most of Yahoo's $36.4 billion market value is derived … More »

    Reuters - 15 hours ago
  • GST expectations buoy equity markets

    Mumbai, July 26 (IANS) Expectations of a major economic legislation getting parliament's approval buoyed the Indian equity markets on Tuesday. The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched up by 5.35 points or 0.06 per cent to 8,641 points. The barometer 30-scrip sensitive … More »

    IANS - 17 hours ago
  • Verizon to buy Yahoo's core business for $4.8 billion in digital ad push

    NEW YORK/SAN FRANCISCO (Reuters) - Verizon Communications Inc said on Monday it would buy Yahoo Inc's core internet properties for $4.83 billion in cash, marking the end of the line for a storied Web pioneer and setting the stage for a big new internet push by the telecom giant. Verizon (VZ.N) … More »

    Reuters - 20 hours ago
  • SoftBank shares up after Sprint says to be cash-flow positive next year

    Shares of SoftBank Group Corp climbed in early trade on Tuesday after its unit Sprint Corp reported better-than-expected first-quarter revenue and said it expected to be cash-flow positive next fiscal ... … More »

    Reuters - 21 hours ago
  • Verizon to buy Yahoo's core business for $4.8 bln in digital ad push

    Verizon to buy Yahoo's core business for $4.8 bln in digital ad push

    NEW YORK/SAN FRANCISCO (Reuters) - Verizon Communications Inc said on Monday it would buy Yahoo Inc's core internet properties for $4.83 billion in cash, marking the end of the line for a storied Web pioneer and setting the stage for a big new internet push by the telecom giant. Verizon (VZ.N) … More »

    Reuters - 21 hours ago

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