Fuel prices are displayed at an Exxon Mobil Corp. gas station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020.Andrew Harrer | Bloomberg | Getty ImagesCompany: Exxon Mobil Corp. (XOM)Business: Engaged in the exploration, production, transportation and sale of crude oil and natural gas, and the manufacture, transportation and sale of petroleum products. Exxon also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and a range of specialty products. The company's segments include upstream, downstream, chemical, and corporate and financing. The upstream segment operates to explore for and produce crude oil and natural gas. The downstream operates to manufacture and sell petroleum products. The chemical segment o
Last August, Anitha (name changed to protect identity) needed some money urgently. The lockdown was a challenging period for the Hyderabad-based media professional, especially on the financial front. Even as she approached formal lenders for a personal loan, some doomscrolling on her smartphone resulted in a blaze of advertisements with a sole promise — that of an instant loan. “They looked like a saviour to me at that stage of my life,” she says over the phone. “I immediately took one of these loans.” The process was simple and quick. All she had to do was scan her Aadhaar card and PAN number and click a selfie and upload these on the app. “There was no OTP-based authentication or even a requirement for an esignature. They don’t even have a signature of the account holder,” she says. Lit
MUMBAI: The Reserve Bank of India (RBI) Friday signalled its intent to haul slumping overnight rates closer to the relevant benchmark when it accepted Rs. 2 lakh crore in reverse repo bids at 11 basis points higher than the reference gauge. The cut-off yield, above which banks cannot claim a rate for parking excess cash, was at 3.55 percent. That was higher than the average market expectations, dealers said. The acceptance of bids well above the policy rate shows that it would step in to absorb excess liquidity whenever the market rates fall too low. RBI Friday conducted a 14-day variable reverse repo auction to suck out excess cash from the banking system that has a surplus of Rs 5.6 lakh crore. “The auction results indicate gradual removal of surplus liquidity and hardening of short-te
After years in development, Jeff Bezos' private space company Blue Origin aims to carry its first passengers on a ride to the edge of space in a few months.Blue Origin on Thursday completed the fourteenth test flight of its New Shepard rocket booster and capsule. Called NS-14, the successful test flight featured the debut of a new booster and an upgraded capsule.Beyond the upgrades, CNBC has learned that NS-14 also marked one of the last remaining steps before Blue Origin flies its first crew to space.The flight was the first of two "stable configuration" test flights, people familiar with Blue Origin's plans told CNBC. Stable configuration means that the company plans to avoid making major changes between this flight and the next.Additionally, those people said that Blue Origin aims to l
DHFL D-Day: Ajay Piramal wins race to acquire Dewan Housing Finance Ltd - The Economic Times Video | ET NowET Now | 15 Jan 2021, 10:40 PM ISTBillionaire Ajay Piramal won the most contested bankruptcy bid for Dewan Housing Finance Ltd., trumping distressed fund Oaktree Capital and Adani Capital as creditors overwhelmingly voted for the drug-maker turned real estate and mortgage lender.405viewsOaktree emerges highest bidder for DHFL; Kapil Wadhawan offers fresh proposal to repay 100% within 8 yrsViews: 1085DHFL suitors get time till Dec 13 to submit bidsViews: 2864Tatas plan to take head on Reliance Jio and SBI, to setup retail payments networkViews: 3925RBI fast-tracks DHFL resolution, appoints advisory committee to assist administratorViews: 2208Uday Kotak gets one-year extension on IL&am...
Jamie Dimon, CEO of JP Morgan Chase, appears on CNBC's Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020.Adam Galica | CNBCJPMorgan Chase on Friday beat analysts' estimates for fourth-quarter profit on record trading results and a boost from releasing money previously set aside for loan losses.The bank posted earnings of $3.79 a share, exceeding the $2.62 per share estimate of analysts surveyed by Refinitiv. It would have beaten estimates even without the 72 cent per share boost from credit-reserve releases. The firm generated $30.16 billion in revenue, exceeding the $28.7 billion estimate.JPMorgan shares slipped 1.6% in Friday's premarket after the earnings report.JPMorgan CEO Jamie Dimon cited the two major developments that happened in late 2020 – new
(This story originally appeared in on Jan 15, 2021)Mumbai: Public sector banks, led by SBI, are understood to be in favour of the resolution plan submitted by Piramal Group for troubled housing finance company DHFL. PSU lenders hold a significant portion of the debt and are likely to determine the direction of voting by financial creditors, which concludes on January 15. Although there are five eligible bids that creditors are voting on, the bid for DHFL has turned out to be a two-horse race between the Piramal Group and Oaktree Capital. The two have raised a lot of heat and dust with claims and counterclaims. According to sources, lenders are taking a decision based on the amount of upfront cash offered, the net present value of future payments, and the business plan. One of the factors...
Mykola Tys/ | LightRocket | Getty ImagesGrayscale saw its assets under management skyrocket as Wall Street used it as a proxy to invest in bitcoin.The New York-based investment firm kicked off last year with $2 billion in assets and ended with more than $20.2 billion. That 900% increase was driven by demand from institutional investors such as hedge funds, endowments and pension funds, the company said in a quarterly report Thursday.Grayscale's Bitcoin Trust became a popular, publicly traded way for investors to get exposure to cryptocurrency without owning the coins themselves. The investment product ballooned from $1.8 billion to $17.5 billion in assets year over year."We saw a meaningful acceleration of institutional participation," Michael Sonnenshein, who recently took over as CEO of...
MUMBAI: India’s insurance regulator IRDAI has set up an advisory committee composing some of the country's foremost medical practitioners and researchers to improve the quality of product and coverage of the health insurance in the country. “Health Insurance in India has grown significantly in recent years and is expected to continue in the coming years,” the regulator said in an order released on Wednesday. The move comes at a time when the government is mulling ways to improve penetration of health insurance in India, which at less than 4% of the GDP is below par compared to most advanced and emerging economies. “IRDAI has taken various steps to ensure orderly growth, improving efficiencies of health insurance system and protect the interests of the policyholders. In this background, i
The first AR1 rocket engineAerojet RocketdyneAerojet Rocketdyne finished building the first in its next-generation AR1 engine series, despite lacking both a customer and plans to test-fire it for about two years.The AR1 rocket engine is located at the company's facility at NASA's Stennis Space Center in Mississippi – and its completion comes as an additional piece that Lockheed Martin would get when its planned $4.6 billion acquisition of Aerojet Rocketdyne closes in the second half of this year.While Aerojet Rocketdyne has finished building the engine, it will be a couple of years before any possible testing begins."Aerojet Rocketdyne could be in a position to hot fire the AR1 engine in late 2022," the company said in a statement to CNBC on Tuesday.The company does not yet have a custome