Saturday, March 6

Month: January 2020

Global shares slump on China virus economic concerns, gold gains

Global shares slump on China virus economic concerns, gold gains

business
NEW YORK (Reuters) - Global equity markets headed toward their first monthly loss since August on Friday as growing concerns about the economic impact of the coronavirus outbreak in China sapped risk appetite and lifted the safe-haven Japanese yen and Swiss franc. FILE PHOTO: Trader Gregory Rowe works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 28, 2020. REUTERS/Bryan R SmithGold headed to its best month in five, while yields on U.S. and euro zone government debt fell to three-month lows as the United States, Japan and other countries tightened travel curbs to China, where the death toll from the virus rose to 213. Crude prices fell, with Brent poised for its biggest monthly decline since November 2018, as supply chains disruptions and travel curbs look t...
Kobe Bryant could have become better at investing, says 76ers co-owner

Kobe Bryant could have become better at investing, says 76ers co-owner

investment
Kobe Bryant, the investor, could have one day found more success than Kobe Bryant, the basketball player, billionaire entrepreneur and Philadelphia 76ers partner Michael Rubin told CNBC on Friday."What made him successful on the court, that absolutely working harder than anybody else, is the same thing I saw from him in business," said Rubin, executive chairman of sports merchandise company Fanatics. Rubin, a partner in the NBA's 76ers and the NHL's New Jersey Devils, said he started to get to know Bryant around 2013, at which point the two developed a relationship around investing.Bryant, who died Sunday in a helicopter crash near Los Angeles, would according to Rubin call him "before a game, after a game." Rubin said Bryant had "so many questions about how to do things in business.""I s
Oil rises as WHO declares emergency but opposes travel ban

Oil rises as WHO declares emergency but opposes travel ban

business
LONDON (Reuters) - Oil prices rose on Friday but were still set for a fourth consecutive weekly loss, as markets attempted to assess the economic damage of the new coronavirus that has spread from China to around 20 countries, killing more than 200 people. FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica LutzBrent crude LCOc1 was up 27 cents at $58.56 a barrel by 1050 GMT but still down 3.5% on the week. U.S. West Texas Intermediate (WTI) CLc1 rose by 23 cents to $52.37 a barrel, but remained down 3.4% on the week. Both benchmarks rose by more than $1 earlier in the session. The WHO said late Thursday that the coronavirus outbreak was a global emergency, but calmed the markets by opposing travel restrictions. It said Chinese acti...
PMC Bank: Bank deposit cover may be doubled to Rs 2 lakh

PMC Bank: Bank deposit cover may be doubled to Rs 2 lakh

Finance
Mumbai: The government is discussing a proposal to double the insurance cover on bank deposits to Rs 2 lakh and an announcement to this effect may be made in the February 1 budget, said several people with knowledge of the matter. The move comes after the government and the Reserve Bank of India (RBI) faced flak over their handling of the closure of Punjab & Maharashtra Co-operative Bank (PMC), which downed shutters in September last year, leaving thousands of depositors high and dry. The government is expected to bring about these changes through an enabling amendment that would increase the deposit cover in the future without tinkering with the Deposit Insurance & Credit Guarantee Corporation (DICGC) Act. “Looking at the aftermath of the PMC Bank crisis, doubling of the deposit
Amazon holiday sales jump as one-day shipping pays dividends, stock up 13%

Amazon holiday sales jump as one-day shipping pays dividends, stock up 13%

business
(Reuters) - Amazon.com Inc (AMZN.O) on Thursday posted holiday quarter results well above expectations as the expansion of its one-day shipping program came under budget and membership in its Prime loyalty club notched a 50% rise in two years. FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, August 8, 2018. REUTERS/Pascal Rossignol/File PhotoShares soared as much as 13% in after-hours trade, putting the online retailer back in the $1 trillion market capitalization club. If the share gain holds on Friday, it will be the biggest daily jump for Amazon since October 2017. Amazon also forecast operating income of up to $4.2 billion in the current quarter, down from $4.4 billion the year prior. Still, that appeared to assuage investor concerns about Amazo...
Tesla shorts lose more than $1.5 billion as stock surges on earnings

Tesla shorts lose more than $1.5 billion as stock surges on earnings

investment
Investors betting against Elon Musk's electric-auto maker Tesla collectively lost more than $1.5 billion on Thursday as the company's stock rocketed higher after its better-than-expected earnings report.Tesla finished Thursday's session up 10.3% at $640.81 per share, meaning short sellers betting against the stock lost in excess of $1.5 billion in mark-to-market losses on the day, according to data firm S3 Analytics.In fact, Tesla short sellers are now down more than $5.2 billion this year in mark-to-market losses after losing $2.89 billion in 2019, S3 said. Since the stock's low of $178.97 on June 3, 2019, Tesla short sellers have covered 19.11 million shares, worth $11.1 billion, and are down $12.43 billion in mark-to-market losses, according to S3's Ihor Dusaniwsky."Shorts were trample...
BoM, SBI only PSBs rated ‘good’ in digital transactions in December: Government data

BoM, SBI only PSBs rated ‘good’ in digital transactions in December: Government data

Finance
Mumbai: Bank of Maharashtra and State Bank of India are the only two state-run banks that showed 'good' performance in terms of digital transactions in December with a score of 77 and 68 respectively, government data showed. The score for an individual bank is given by the Ministry of Electronics and Information Technology (MeitY) on various parameters such as percentage of digital transactions, merchant deployment achieved, system resilience and average percentage of technical decline for UPI or AePS transactions, among others. For digital transactions, the government has given a target of 4,000 crore digital transactions for the current fiscal. Banks' performance on various parameters, including digital transactions, is tracked on a monthly basis. During April to December, Bank of Mahar...
Wall St. opens lower as China epidemic raises growth concerns

Wall St. opens lower as China epidemic raises growth concerns

business
FILE PHOTO: A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 24, 2020. REUTERS/Lucas Jackson(Reuters) - U.S. stock indexes opened lower on Thursday as the coronavirus epidemic fanned concerns of a slowdown in China’s economy, while a mixed batch of earnings from technology firms also weighed on sentiment. The Dow Jones Industrial Average .DJI fell 94.29 points, or 0.33%, at the open to 28,640.16. The S&P 500 .SPX opened lower by 16.95 points, or 0.52%, at 3,256.45. The Nasdaq Composite .IXIC dropped 64.02 points, or 0.69%, to 9,211.15 at the opening bell. Reporting by Sruthi Shankar in Bengaluru; Editing by Amy Caren DanielOur Standards:The Thomson Reuters Trust Principles.
DHFL: DHFL siphoned off Rs 13K cr through 1 lakh fake borrowers: ED

DHFL: DHFL siphoned off Rs 13K cr through 1 lakh fake borrowers: ED

Finance
MUMBAI: The Enforcement Directorate (ED) has told a dedicated court dealing with money laundering offences that Rs 12,773 crore was allegedly siphoned off over the past decade from DHFL through about one lakh fictitious borrowers which were created to route the money into about 80 shell companies. The agency, probing arrested promoter of the embattled home financier Kapil Wadhawan, told a Prevention of Money laundering Act (PMLA) court that the Wadhawans had allegedly used a part of these funds to pay the late drug lord Iqbal Memon, alias Iqbal Mirchi. The agency arrested Kapil Wadhawan on Monday. His brother, Dheeraj, is out on bail. “Wadhawan, through five shell companies, purchased three properties at Worli from Iqbal Mirchi. The value of these properties, as per book accounts, was sho
Warren Buffett’s Berkshire Hathaway to sell newspaper business for $140 million

Warren Buffett’s Berkshire Hathaway to sell newspaper business for $140 million

investment
Warren Buffett's Berkshire Hathaway is leaving the newspaper business and selling its operations to publisher Lee Enterprises for $140 million in cash.The deal includes Berkshire Hathaway Media Group and The Buffalo News, a paper covering western New York and owned as a separate entity by Berkshire.Lee said the purchase of Berkshire's newspaper assets will "add significant size and scale" to its operations, lift its portfolio of daily newspapers to 81 from 50 and nearly double its audience.In a statement released with Lee's announcement, Buffett said: "My partner Charlie Munger and I have known and admired the Lee organization for over 40 years. They have delivered exceptional performance managing BH Media's newspapers and continue to outpace the industry in digital market share and reven...