Friday, May 14

Month: December 2019

Wall St. dips as year-end record rally cools off

Wall St. dips as year-end record rally cools off

business
(Reuters) - Wall Street dipped in thin trading on the last day of the decade as a year-end rally powered by optimism around trade and a brightening global outlook fizzled out, though the S&P 500 was still on course for its best year since 2013. FILE PHOTO: Traders work on the floor at the opening bell of the New York Stock Exchange (NYSE) in New York, U.S., December 27, 2019. REUTERS/Bryan R SmithThe Dow Jones was on track for its second straight day of declines, shrugging off President Donald Trump’s tweet that a Phase 1 U.S-China trade deal would be signed on Jan. 15 at the White House, and that he would later travel to Beijing to begin negotiations on the next phase. “We had this huge rally since the time we heard that they were going to sign a deal, the question was just when ...
Axis Bank appoints Amit Talgeri as Chief Risk Officer

Axis Bank appoints Amit Talgeri as Chief Risk Officer

Finance
NEW DELHI: Axis Bank on Tuesday appointed Amit Talgeri as the Chief Risk Officer (CRO) of the bank for three years, from January 1, 2020. "Cyril Anand, the incumbent CRO will retire from the services of the bank, with effect from close of business hours of December 31, 2019," Axis Bank said in a statement. Additionally, Naveen Tahilyani has been appointed as Group Executive -- Head Banking Operations and Transformation -- with effective from January 6. Tahilyani will take charge of the position to lead operations, technology, strategy and analytics from January 6, 2020, it said. Both, Tahilyani and Talgeri will report to Managing Director and CEO of the bank Amitabh Chaudhry, the company said. "We are confident that with these appointments, the bank will further consolidate its leadership...
How energy storage could revolutionize industries in the next 10 years

How energy storage could revolutionize industries in the next 10 years

investment
What a difference a decade can make. In 2010, batteries powered our phones and computers. By the end of the decade, they are starting to power our cars and houses too.Over the last ten years, a surge in lithium-ion battery production drove down prices to the point that — for the first time in history — electric vehicles became commercially viable from the standpoint of both cost and performance. The next step, and what will define the next decade, is utility-scale storage.As the immediacy of the climate crisis becomes ever more apparent, batteries hold the key to transitioning to a renewable-fueled world. Solar and wind are playing a greater role in power generation, but without effective energy storage techniques, natural gas and coal are needed for times when the sun isn't shining or th
From opioid deaths to student debt: A view of the 2010s economy in charts

From opioid deaths to student debt: A view of the 2010s economy in charts

business
(Reuters) - The 2010s saw the U.S. economy achieve its longest-ever expansion, with notable milestones such as 110 months of uninterrupted job gains and an unemployment rate near a half-century low becoming easy bragging points for politicians and economists alike. FILE PHOTO: The skyline of lower Manhattan is seen before sunrise in New York City, U.S., July 17, 2019. REUTERS/Brendan McDermidYet the obvious data points don’t capture a number of the socio-economic developments - from a soaring number of opioid overdose deaths to record levels of student debt to what and where today’s jobs are. These developments are subtle but they are profoundly shaping the economy and the discourse about it, as the ‘20s come into view. GRAPHIC: A workforce scarred - here OPIOIDS AND THE WORK FORCE The n
Ford says Mustang Mach-E reservations full

Ford says Mustang Mach-E reservations full

business
FILE PHOTO: Ford Motor Co. shows the all-new electric Mustang Mach-E vehicle for a photo shoot at a studio in Warren, Michigan, U.S. October 29, 2019. Picture taken October 29, 2019. REUTERS/Rebecca Cook(Reuters) - Ford Motor Co (F.N) said on Monday reservations for the first edition of its electric sport utility vehicle, Mustang Mach-E, are full. The No. 2 U.S. automaker unveiled the electric Mustang crossover on Nov. 17, and began taking reservations with a refundable deposit of $500. More than 80% of U.S. customers are reserving Mach-E with an extended range battery, while about 55% opted for an all-wheel drive, Ford said. (ford.to/2u0BMOJ) More than 25% of the reservations are from California, with nearly 30% of U.S. customers choosing Mach-E GT, the company said. The Mach-E has b...
DHFL: Resolution professional discusses plan with lenders

DHFL: Resolution professional discusses plan with lenders

Finance
MUMBAI: The Reserve Bank-appointed administrator Monday met committee of creditors (CoC) of Dewan Housing Finance (DHFL) and discussed about the resolution plan for the crippled lender and the Rs 87,905.6 crore worth of claims received from banks, employees and bond holders, sources said. The administrator, R Subramaniakumar, met the committee of creditors for the first meeting after the stressed financier was admitted for insolvency proceedings on December 2. "This was the first meeting of CoC. The RP (administrator) discussed about the resolution plan and the way forward," a banker who attended the meeting said. All creditors of the company including banks, bond holders, insurance and mutual fund companies attended the meeting. "The CoC also discussed about the claims which have been su...
Techs and banks are Asia’s most loved stocks in 2019

Techs and banks are Asia’s most loved stocks in 2019

investment
Logo and mascot 'Ali cattle' at the headquarters of Alibaba Group in Hangzhou.Zhang Peng | LightRocket | Getty ImagesTechnology and bank stocks in Asia dominated the top picks for analysts in 2019, as shares in the region made strong gains this year.Mainland Chinese stocks also rallied this year, with the Shanghai composite soaring nearly 22% higher than the start of the year, while the Shenzhen component skyrocketed by about 43%. The Shenzhen composite also followed the trend, rising some 35%.Hong Kong's Hang Seng index, meanwhile, is set to end 2019 higher than the start of the year — about 12% higher, going by last Friday's close.MSCI's broadest index of Asia Pacific shares outside Japan hit a year-high earlier in December. The valuations of Asian stocks, meanwhile, climbed to a new tw
Oil steady on upbeat data, Middle East unrest

Oil steady on upbeat data, Middle East unrest

business
LONDON (Reuters) - Oil prices held on to three-month highs on Monday, underpinned by optimism over an expected China-U.S. trade deal and upbeat industrial data, while traders kept a close watch on the Middle East following U.S. air strikes in Iraq and Syria. FILE PHOTO: An oil pump is seen just after sunset outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian HartmannBrent crude futures LCOc1 were up 0.18% at $68.28 a barrel, up 12 cents. The international benchmark has risen around 27% in 2019. West Texas Intermediate (WTI) crude futures CLc1 rose one cent to $61.73 a barrel by 0940 GMT. The U.S. benchmark is up about 36% so far this year. “(Trading) has been relatively flat due to lack of market participants in the holiday season,” said market analyst Marga
Close to half of claims under IBC were settled in FY19: RBI

Close to half of claims under IBC were settled in FY19: RBI

Finance
MUMBAI: Around half of the claims under the Insolvency and Bankruptcy Code (IBC) were settled in 2018-19, the latest RBI report showed, helping banks recover stressed assets more quickly. As a percentage of claims, banks recovered on average 42.5% of the amount filed through the IBC in the financial year 2018-19, against 14.5% through the Sarfaesi resolution mechanism, 3.5% through Debt Recovery Tribunals and 5.3% through Lok Adalats, it said. Against Rs 1.66 lakh crore claims involved under IBC, the recovery was Rs 70,819 crore. Through the Sarfaesi mechanism, it stood at Rs 41,876 crore. Recoveries through DRTs and Lok Adalats were Rs 10,575 crore and Rs 2,816 crore, respectively. “The stipulated timeframe for resolution of stressed assets under IBC is significantly lesser than for othe
China commerce ministry says it has proactively dealt with U.S. trade frictions

China commerce ministry says it has proactively dealt with U.S. trade frictions

business
FILE PHOTO: Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. REUTERS/Aly SongBEIJING (Reuters) - China’s Commerce Ministry has “proactively dealt with” trade frictions with the United States this year, it said on Sunday after an annual work conference. The ministry has implemented the decisions of the central government and “resolutely safeguarded the interests of the country and the people”, it said in a statement on its website. The United States and China cooled their trade war this month, announcing a “Phase one” agreement that would reduce some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods.