Wednesday, March 3

Month: April 2019

Global stocks edge up as S&P 500 erases early losses; euro firms

Global stocks edge up as S&P 500 erases early losses; euro firms

business
NEW YORK (Reuters) - Global equity markets edged higher on Tuesday as the Dow and S&P 500 indexes erased early lows caused by weak Chinese business surveys and a tumble in shares of Google parent Alphabet, while the euro strengthened on the heels of data that showed euro zone growth topped expectations. A trader works on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermidShares of Alphabet dropped 7.8%, making it the biggest drag on both the S&P 500 and Nasdaq indexes a day after both hit record highs, as the company reported its slowest revenue growth in three years. Fellow heavyweight Apple is scheduled to report results after the market close on Tuesday. Equity markets started the day on shaky footing after surveys on Chi...
Bharti AXA General to sell two-wheeler policies via WhatsApp

Bharti AXA General to sell two-wheeler policies via WhatsApp

Finance
NEW DELHI: Bharti AXA General Insurance Tuesday said it will sell policies through social media messaging platform WhatsApp and has tied up with web aggregator Wishfin Insurance for speedy delivery of two-wheeler cover. Bharti AXA General Insurance, a joint venture between Bharti Enterprises and global insurance firm AXA, will sell the policies on the website of Wishfin's insurance arm Wishpolicy. "Wishfin has launched 'Buy Two-Wheeler Insurance on WhatsApp' through web aggregator Wishfin Insurance, which is available on (Wishpolicy's) site, provided by Bharti AXA General Insurance," the company said in a release Tuesday. This is an instant and additional customer service option for the policyholders, apart from the company's multiple channels, including its vast network of branches, robu...
Why Americans are worried about money

Why Americans are worried about money

investment
Do money woes leave you sleepless at night? Turns out you're not alone.Nearly one in five respondents said they worry they can't pay for everyday expenses, according to a new CNBC and Acorns Invest In You Savings Survey.Other top concerns include being able to save enough for retirement and pay off debt. Watch this video to learn more about what's haunting America when it comes to money.More from Invest in You:Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
Why Airbus isn’t pouncing on Boeing’s 737 MAX turmoil

Why Airbus isn’t pouncing on Boeing’s 737 MAX turmoil

business
PARIS (Reuters) - When Boeing launched its 737 MAX jetliner in response to Airbus’s record-selling A320neo, a wave of poker-faced satisfaction spread through Airbus headquarters in France. FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse, France, March 20, 2019. REUTERS/Regis DuvignauIts reasons for cheering Boeing’s decision to make a similar jet, based on a similar strategy of engine efficiencies, partly explain why Airbus is wary of exploiting Boeing’s misery over the global grounding of the MAX today, industry sources say. Airbus has joined major airlines in expressing confidence that Boeing will emerge soon from a crisis caused by two fatal crashes. In the first place, that is because both giants share a stake in preserving public trust and ra
New age technology-led NBFC InCred raises Rs 600 crore

New age technology-led NBFC InCred raises Rs 600 crore

Finance
New age technology-led NBFC InCred has raised Rs 600 crore from a group of global investors in a move that will raise its equity capital. Led by Dutch development finance institution FMO, the funding round raised Rs 600 crore for InCred and witnessed the participation of US-based asset manager Moore Capital, India/Latin America-focused PE fund Elevar, and Alpha Capital (an early-stage investor of InCred), the company said in a release on Monday. The latest funding round will increase the total equity capital of the company to over 1,000 crore. The non-banking finance company plans to use this capital to boost its balance sheet lending while investing further in technology initiatives to strengthen its analytics and risk management capabilities. InCred already has a strong business footpri...
Indebted Chinese seek wisdom of credit card ‘goddesses’ as retail lending surges

Indebted Chinese seek wisdom of credit card ‘goddesses’ as retail lending surges

business
SINGAPORE/SHANGHAI (Reuters) - In a ballroom at the Vienna International Hotel in Shanghai, Mei Liangming was giving a lecture on the ins and outs of getting credit cards, rolling over debts with multiple cards, and cleaning up one’s bad credit history. FILE PHOTO: Office workers walk past an advertisement for a credit card in the centre of Shanghai, China August 10, 2009. REUTERS/Nir Elias“When you’ve nothing left to pledge as collateral and banks no longer wish to lend any money to you, your credit cards are your life raft,” Mei, a financial consultant from Shenzhen Shandao Management Consulting, told a 100-strong audience. Such lectures are gaining popularity in China among desperate borrowers as a slowing economy hurts the ability of some to pay their dues. Credit-starved small bu
Guggenheim’s Scott Minerd says the Fed’s next move will be a hike

Guggenheim’s Scott Minerd says the Fed’s next move will be a hike

investment
Scott Minerd, Guggenheim PartnersScott Mlyn | CNBC The Federal Reserve's next move on monetary policy will be a rate hike as the U.S. economy remains strong and an overseas rebound may be at hand, according to Guggenheim Partners' chief investment officer. "Some believe we may have seen the Federal Reserve's last rate hike in this cycle, and that the next step from here will be a cut in rates," said Scott Minerd in a note to clients released Monday afternoon. "I believe that view is plainly wrong."Minerd, whose firm manages $265 billion in assets, said the U.S. economy is doing "just fine" while China's economic growth is back on track with both fiscal and monetary stimulus in place. Improving Chinese growth will also benefit Japan given their "close trading ties," he said. In Europe, th...
U.S. consumer spending posts biggest increase since 2009

U.S. consumer spending posts biggest increase since 2009

business
WASHINGTON (Reuters) - U.S. consumer spending increased by the most in more than 9-1/2 years in March, but price pressures remained muted, with a key inflation measure posting its smallest annual gain in 14 months. FILE PHOTO: People are seen with shopping bags in Times Square in New York City, U.S., November 23, 2018. REUTERS/Brendan McDermid/File PhotoThe surge in consumer spending reported by the Commerce Department on Monday sets a stronger base for growth in consumption heading into the second quarter after it slowed sharply in the first three months of the year. Tame inflation, however, supports the Federal Reserve’s recent decision to suspend further interest rate increases this year. Fed officials are scheduled to meet on Tuesday and Wednesday to assess the economy and deliberate
Visa committed to RBI’s new data localisation rules: President Ryan McInerney

Visa committed to RBI’s new data localisation rules: President Ryan McInerney

Finance
As India embarked on a journey towards digitisation of payments, mobile wallets and Unified Payments Interface might have hogged the limelight, but the good old plastic card continues to be one of the most formidable payment instruments in the country. Visa, which is one of the largest card schemes globally, has been bringing in innovation to help India in its cashless journey. In an interaction with ET, its global President Ryan McInerney speaks about how Visa is not only adhering to the data localisation diktat of the Reserve Bank of India, but is also building products for global markets in Bengaluru. To support its ambitious plans for India, Visa has scaled up its staff strength to more than 1,300 now from less than 50 in 2015. Besides its own corporate plans, McInerney is also excit...
Exclusive: Anadarko to pursue deal talks with Occidental Petroleum – sources

Exclusive: Anadarko to pursue deal talks with Occidental Petroleum – sources

business
FILE PHOTO: The unstaffed lobby of the North Dakota regional headquarters of oil producer Occidental Petroleum Corp is seen in Dickinson, North Dakota in this October 14, 2015. REUTERS/Ernest Scheyder(Reuters) - Anadarko Petroleum Corp, the U.S. oil and gas exploration and production company that agreed this month to sell itself to Chevron Corp for $33 billion, decided on Sunday to begin negotiations to sell itself to Occidental Petroleum Corp instead, according to people familiar with the matter. Anadarko’s board of directors has decided that Occidental’s $38 billion cash-and-stock bid could lead to a deal that would be superior to the one it has with Chevron, the sources said. Anadarko will now kick off negotiations with Occidental to see if it can finalize a deal, the sources added. T