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: Zee Entertainment to merge with Sony Pictures #FinanceIndia #StockMarketNEWS #Business Its nearest rival would be now Star and Disney in the Indian market New Delhi: India’s largest publicly-traded
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Zee Entertainment to merge with Sony Pictures #FinanceIndia #StockMarketNEWS #Business
Its nearest rival would be now Star and Disney in the Indian market
New Delhi: India’s largest publicly-traded television network Zee Entertainment Enterprises will merge with Sony Pictures Network India (SPNI), capping days of high drama during which the firm’s shareholders sought removal of key officials.
Sony, which will invest US$ 1. 575 billion, will hold 52. 93 per cent stake in the merged entity and Zee the remaining 47. 07, Zee Entertainment Enterprises (ZEEL) said in a statement.
In recent days, Zee has seen its top investor seek a management reshuffle, including the exit of chief executive Punit Goenka. A majority of the merged company’s board would be nominated by Sony, while Goenka would lead it, according to the terms of the deal.
Invesco Developing Markets Fund and OFI Global China Fund LLC, which together hold about 17. 9 per cent stake in Zee, had sought an extraordinary general meeting of shareholders last week to oust Goenka along with two board members.
The move was seen as an attempt to end the sway of founder Subhash Chandra’s family over the company founded in 1992.
While the deal may take some pressure off Zee, it will help expand Sony’s media business in India.
In an exchange filing, Zee said it has entered into a non-binding term sheet with SPNI to bring together their linear networks, digital assets, production operations and programme libraries.
The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India) making it the largest entertainment network in India.
Its nearest rival would be now Star and Disney in the Indian market.
“The merger of ZEEL and SPNI would bring together two leading Indian media network businesses, benefitting consumers throughout India across content genres, from film to sports. The combined company is expected to benefit all stakeholders given strong synergies between ZEEL and SPNI,� said SPNI in a statement.
While in a separate statement ZEEL said, its board in a meeting held on Tuesday unanimously provided an in-principle approval for the merger between SPNI and the company.
“The board concluded that the merger will be in the best interest of all the shareholders and stakeholders. The merger is in line with ZEEL’s strategy of achieving higher growth and profitability as a leading media and entertainment company across South Asia,� it said.
According to ZEEL, “With this corporate development, the merged entity will result into an accelerated growth and a significant opportunity to create tremendous value for all its stakeholders.
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: Manipal Hospitals, Goa conducts know dementia, know alzheimer event #FinanceIndia #StockMarketNEWS #Business PANAJI: Manipal Hospitals, Goa conducted an event to create awareness and educate people
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Manipal Hospitals, Goa conducts know dementia, know alzheimer event #FinanceIndia #StockMarketNEWS #Business
PANAJI: Manipal Hospitals, Goa conducted an event to create awareness and educate people of Alzheimer’s disease on the occasion of World Alzheimer’s Day. The event, with the theme Know Dementia, Know Alzheimer, was presided over by Dr Safal Shetty, Associate Consultant, Neurology and his team. The event included keynote sessions around the precautions, care, and treatment that people suffering with Alzheimer’s should be aware of. Speaking at the event, Dr Safal Shetty said, “Senior citizens have rich experience of life from which we younger generations can learn and their words of wisdom are priceless. It is important to keep preventive diseases in check and also to manage them properly, so that catastrophic events such as cardiac arrest and stroke can be avoided. Any minor change in their routine should be carefully looked at. It can be as simple as eating slowly, or walking slower than usual. The underlying reasons for these minor changes could be multifactorial, requiring full assessment, so life can be made easier for them.� Manipal Hospitals will be providing a specialized healthcare package, Young @ 60, for senior citizens and a special health camp to check BP, Sugar, and ECG. NT
The post Manipal Hospitals, Goa conducts know dementia, know alzheimer event appeared first on The Navhind Times.
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: Chinese companies have not invested in highway projects in recent times: Gadkari #FinanceIndia #StockMarketNEWS #Business PTI New Delhi Union Minister Nitin Gadkari has said that Chinese companies
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Chinese companies have not invested in highway projects in recent times: Gadkari #FinanceIndia #StockMarketNEWS #Business
PTI
New Delhi
Union Minister Nitin Gadkari has said that Chinese companies have not made investments in highway projects in India in recent times.
Amid the border standoff with China, Gadkari, in July 2020, had said that India will not allow Chinese companies to participate in highway projects, including those through joint ventures.
On whether Chinese companies have invested in India’s highway projects in the recent times, Gadkari replied in the negative. However, he did not elaborate on the issue.
Union Road Transport and Highways Minister Gadkari also said that India will have to increase its exports and reduceimports.
To another question on US-based electric car major Tesla’s demand of reduction in import duties on electric vehicles (EVs) in India, Gadkari said, “The decision on giving any tax concession to Tesla will be taken by the finance ministry.�
In a letter to the road ministry, the US firm had stated that the effective import tariff of 110 per cent on vehicles with customs value above USD 40,000 is “prohibitive� to zero-emission vehicles.
It has requested the government to standardise the tariff on electric cars to 40 per cent irrespective of the customs value, and withdraw the social welfare surcharge of 10 per cent on electric cars.
Gadkari said that the government is looking for prospects about green hydrogen as a potential transport fuel.
“To make ‘India of the future’, we will have to increase our exports and reduce imports,� he asserted.
The post Chinese companies have not invested in highway projects in recent times: Gadkari appeared first on The Navhind Times.
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: ‘Kharif foodgrain output estimated at 150.50 million tonne’ #FinanceIndia #StockMarketNEWS #Business PTI New Delhi India’s foodgrain production is likely to touch record 150. 50 million
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‘Kharif foodgrain output estimated at 150.50 million tonne’ #FinanceIndia #StockMarketNEWS #Business
PTI
New Delhi
India’s foodgrain production is likely to touch record 150. 50 million tonne in the ongoing kharif season on better rice output amid good monsoon, the agriculture ministry said on Tuesday.
In the kharif season of 2020-21 crop year (July-June), the foodgrain output comprising rice, pulses and coarse cereals stood at a record 149. 56 million tonne.
Record production is pegged in rice, sugarcane and cotton. However, production of coarse cereals and oilseeds is estimated to be lower marginally during the kharif season of this year.
Sowing of kharif (summer) crops like paddy begins with the onset of the Southwest monsoon from June, while harvesting in most of the parts commences from October.
Releasing the first advance foodgrain production estimate for the ongoing kharif season, Agriculture Minister Narendra Singh Tomar said: “A record foodgrain production is estimated at 150. 50 million tonne in kharif season. �
Bumper crop is being achieved on account of tireless hard work of farmers and scientists besides farmer-friendly government policies, he said.
As per the data, pulses production is likely to increase to 9. 45 million tonne in 2021-22 kharif season from 8. 69 million tonne achieved in the previous year.
Production of tur, the main kharif pulse, is estimated to increase marginally to 4. 43 million tonne from 4. 28 million tonne. However, production of coarse cereals is estimated to decline to 34 million tonne from 36. 46 million tonne.
Among coarse cereals, maize output is estimated to fall to 21. 24 million tonne in 2021-22 kharif season from 21. 44 million tonne in the previous year.
Similarly, production of oilseeds is projected to be lower at 23. 39 million tonne from 24. 03 million tonne.
Among oilseeds, production of groundnut is pegged marginally lower at 8. 25 million tonne as against 8. 55 million tonne, while that of soyabean at 12. 72 million tonne as against 12. 89 million tonne.
In case of cash crops, sugarcane production is pegged at record 419. 25 million tonne during 2021-22 kharif season compared with 399. 25 million tonne in the previous year.
Cotton production is also likely to be a record at 36. 22 million bales (of 170 kg each) as compared with 35. 38 million bales in the previous year.
Jute and mesta production is pegged slightly higher at 9.
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: Rajasthan govt to distribute free sanitary napkins from Nov 19 #FinanceIndia #StockMarketNEWS #Business PTI Jaipur The Rajasthan government will start an ambitious scheme to provide free sanitary
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Rajasthan govt to distribute free sanitary napkins from Nov 19 #FinanceIndia #StockMarketNEWS #Business
PTI
Jaipur
The Rajasthan government will start an ambitious scheme to provide free sanitary napkins to all women who need it in the state from November 19, the birth anniversary of former PM Indira Gandhi.
Chief Minister Ashok Gehlot has approved a proposal of Rs 200 crore for the Udan scheme. Under the initiative, free sanitary napkins will be given through schools, colleges and anganwadis in a phased manner, a statement said.
Special awareness campaigns focusing on women’s health will be run through women self-help groups, social and non-government organisations.
The Department of Women and Child Development will be the nodal agency for the scheme announced by Chief Minister Gehlot in the state budget for the current fiscal.
The state government has launched the scheme to make all women of the state aware of personal hygiene and to prevent various diseases, the statement said.
The statement added that the scheme will be implemented in collaboration with the Departments of Medical and Health, School and College Education, Technical and Higher Education, Tribal Area Development and the Panchayati Raj and Rural Development. For effective implementation, two brand ambassadors will be made at the state level and one each at the district level.
Voluntary organisations and brand ambassadors associated with the scheme will be rewarded for commendable work.
Napkins will be made by Rajasthan Health Services Corporation Limited (RMSCL).
The post Rajasthan govt to distribute free sanitary napkins from Nov 19 appeared first on The Navhind Times.
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: Digital India to empower all citizens to expand Digital Economy, create jobs: MoS MeitY #FinanceIndia #StockMarketNEWS Digital India to empower all citizens to expand Digital Economy, create jobs:
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Digital India to empower all citizens to expand Digital Economy, create jobs: MoS MeitY #FinanceIndia #StockMarketNEWS
Digital India to empower all citizens to expand Digital Economy, create jobs: MoS MeitY New Delhi, Sept 23 (KNN) PM Modi’s Government aims to connect all Indians with open, safe, trusted and accountable internet with the objective to expand digital economy to generate employment.
Addressing a workshop titled ‘Connecting all Indians’ organized by Ministry of Electronics and Information Technology (MeitY), the Minister of State Rajeev Chandrasekhar said “It is Prime Minister’s vision through Digital India to empower all citizens with the power of Internet and to simultaneously expand the Digital economy and jobs.”
The workshop invited both public and private stakeholders including the largest internet service providers in the country – Jio, Airtel, officials from MeitY and the Department of Telecommunications, Ministry of Communications, to discuss a roadmap to accelerate internet access in currently underserved and uncovered villages and towns of the country.
Keeping in view, the vision of the Prime Minister, world’s largest fiber-based rural broadband connectivity project BharatNet was also reviewed during the workshop. The Workshop deliberated upon strategies to immediately cover left out geographies and regions/villages.
This strategy workshop offered an open platform for both the public and private stakeholders to share their views on achieving universal internet coverage.
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: RBI needs to be more consumer friendly: Montek #FinanceIndia #StockMarketNEWS RBI needs to be more consumer friendly: Montek New Delhi, Sept 22 (KNN) “The Reserve Bank of India needs to engage
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RBI needs to be more consumer friendly: Montek #FinanceIndia #StockMarketNEWS
RBI needs to be more consumer friendly: Montek New Delhi, Sept 22 (KNN) “The Reserve Bank of India needs to engage with consumers and clearly explain them rationale and impact of its regulations”, highlighted Montek Singh Ahluwalia, former Deputy Chair, Planning Commission of India during an online discussion convened by CUTS International on the issue of Evaluating Consumer Welfare in Digital Payments.
The discussion reviewed a recent RBI circular that prohibits the continuation of frictionless e-mandates from modes like debit cards from October 2021, if conditions mentioned therein are not complied with by industry stakeholders, particularly banks.
Aruna Sharma, former Secretary, The government of India, wondered whether RBI was worried about the convenience of consumers or banks. Its actions suggest that it is more concerned about the well-being of market players than consumers. She cautioned that such an approach may make consumers move away from the digital economy, towards a cash economy.
It was pointed out that RBIs actions of increasing friction in digital payments are likely to hit vulnerable consumers, including digital novices and those with disabilities. This is likely to exacerbate the digital divide and pose challenges to the Government’s vision of an equitable digital society.
Pradeep S Mehta, Secretary General, CUTS International, noted that RBIs actions have forced consumers to choose between convenience and security of digital payments, which should not be the case. Consumers should be free to choose the modes of making digital payments, the amount which they are comfortable in transacting without additional authentication, and whether to securely store card details with merchants or not.
Akash Karmakar, Partner, Panag and Babu, pointed out that the RBI has not prescribed any consequences for non-compliance by banks, who have little incentive to comply with conditions of the circular.
Bhargavi Zaveri, Doctoral Candidate, National University of Singapore, highlighted the importance of friction free digital interfaces and pointed out that friction can lead to consumers abandoning transactions mid-way.
Ashish Aggarwal, Vice President, Nasscom, suggested that the regulator could provide weekly updates in terms of compliance by banks with its circular, and should work more closely with stakeholders to ensure consumer welfare is not compromised.
Close to 100 stakeholders participated in the discussion, including representatives from government departments, policy influencers, regulators, think tanks, consumer groups, academia and media.
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: National single window system for investors & businesses launched #FinanceIndia #StockMarketNEWS National single window system for investors & businesses launched New Delhi, Sept 22 (KNN) Launch of
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National single window system for investors & businesses launched #FinanceIndia #StockMarketNEWS
National single window system for investors & businesses launched New Delhi, Sept 22 (KNN) Launch of National Single Window System (NSWS) is a giant leap towards making India Aatmanirbhar, Union Minister for Commerce & Industry, Textiles, Consumer Affairs & Public Distribution Piyush Goyal said while launching the facility on Wednesday.
The minister said, “in this 75 weeks of Azadi ka Amrit Mahotsav, we can share Azadi ka Amrit with Investors, Business owners (MSMEs) not only fr0m India but fr0m the world. ”
NSWS would usher in Azadi fr0m the legacy of running to government offices, i. e. ease of doing business & Ease of living Azadi fr0m paperwork, duplication & information asymmetry Azadi fr0m Windows within Window, he added.
The Minister said that PM Modi’s, decisive & bold leadership has enabled & encouraged India to dream bigger. His vision has become our mission for the progress of nation & prosperity for crores of citizens Need for a single interface between businesses & Govt at the national level has been felt for a long time.
Speaking on the occasion, he said that this single window portal will become a one-stop-shop for investors for approvals & clearances. The portal as of today hosts approvals across 18 Central Departments & 9 States, another 14 Central depts & 5 states will be added by Dec’21
The minister added that all solutions will be there for all at one click of the mouse through ‘End to End’ facilitation. This would bring Transparency, Accountability & Responsiveness in the ecosystem and all information will be available on a single dashboard. An applicant Dashboard would be there to apply, track & respond to queries.
Services include Know Your Approval (KYA), Common Registration & State registration Form, Document repository & E-Communication
The minister said “today India holds the attention of the world & the entire world is looking at India to rise & claim its rightful place as an economic powerhouse. GDP has grown at over 20% in Q1FY22, Exports jumped 45. 17% in Aug w. r. t. Aug 2020 Record FDI investment of . 72 bn in 2020, $ 22. 53 bn inflow in first 3 months of this FY ~2X w. r. t. Same period in 2020 Recently, India has jumped to 46th spot on GII, a jump of 35 places in last 6 years”.
He said that with a rapid recovery, we are back on track to become one of the fastest-growing large economies like the other transformative & nation-building initiatives launched in the last 7 years. NSWS will provide strength to other schemes e. g. Make in India, Startup India, PLI scheme etc.
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: South India may become a .5 Trillion Economy by 2025: VP #FinanceIndia #StockMarketNEWS South India may become a .5 Trillion Economy by 2025: VP New Delhi, Sept 23 (KNN) By keeping the focus on
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South India may become a .5 Trillion Economy by 2025: VP #FinanceIndia #StockMarketNEWS
South India may become a .5 Trillion Economy by 2025: VP New Delhi, Sept 23 (KNN) By keeping the focus on reforms, ‘Ease of Doing Business’ and adopting the best practices to attract investments, South India can achieve an aspirational target of becoming .5 Trillion Economy by 2025.
Speaking virtually at ‘Mystic South, Global Linkages Summit - Towards a .5 Trillion Economy by 2025’ organised by the Confederation of Indian Industry, Vice President, M Venkaiah Naidu called upon the industry to work with the Government on implementing various reforms with greater vigour and pave the way for sustained economic growth in the coming decade.
Stressing the need for India to leapfrog ahead to achieve the required employment and productivity growth, he said that global trends such as digitization and automation, urbanization, rising incomes, sustainability, health, and safety are assuming a new significance in the wake of the pandemic. “For India, these trends could catalyze growth and become the hallmarks of the post-pandemic economy”, he added.
The Vice President also called for creating global hubs in manufacturing, agricultural exports, digital services, next-generation financial products, high-efficiency logistics, power, sharing economy and modern retail.
Listing out the opportunities in the region, he said that South India combines manufacturing with services, culture with modern values and education with skills.
Pointing out that most of the Southern States rank amongst the top in terms of ‘Ease of Doing Business’ rankings, he cited entrepreneurship, skilled workforce, presence of reputed educational institutions, leading IT companies, modern medical infrastructure and excellent connectivity between important cities as some of the major advantages of the region.
While lauding the healthy competition among various States in the country to industrialize and attract investments, he stressed the need for bestowing special attention on agriculture. He said there was a need to adopt a ‘positive bias’ towards agriculture to sustain the growth rate.
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: FDI Inflows jump 62% during first four months of FY22, auto sector leads #FinanceIndia #StockMarketNEWS FDI Inflows jump 62% during first four months of FY22, auto sector leads New Delhi, Sept 23
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FDI Inflows jump 62% during first four months of FY22, auto sector leads #FinanceIndia #StockMarketNEWS
FDI Inflows jump 62% during first four months of FY22, auto sector leads New Delhi, Sept 23 (KNN) The Foreign Direct Investment (FDI) Inflows have grown 62% during the first four months of the current Financial Year over corresponding period last year.
Measures taken by the Government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country, the Ministry of Commerce & Industry said in a release.
According to the release, India has attracted total FDI inflow of US$ 27.37 billion during the first four months of F.Y. 2021-22 which is 62% higher as compared to the corresponding period of F.Y. 2020-21 (US$ 16.92 billion).
FDI equity inflow grew by 112% in the first four months of F.Y. 2021-22 (US$ 20.42 billion) compared to the year ago period (US$ 9.61 billion).
‘Automobile Industry’ has emerged as the top sector during the first four months of F.Y. 2021-22 with 23% share of the total FDI Equity inflow followed by Computer Software & Hardware (18%) and Services Sector (10%) respectively.
Under the sector `Automobile Industry’, majority of FDI Equity inflow (87%) was reported in the state of Karnataka during the first four months of the current financial year (2021-22).
Karnataka is the top recipient state during the F.Y. 2021-22 (upto July, 2021) with 45% share of the total FDI Equity inflows followed by Maharashtra (23%) and Delhi (12%).
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: ADB lowers India’s GDP growth projection for this fiscal to 10% #FinanceIndia #StockMarketNEWS #Business New Delhi: The Asian Development Bank (ADB) has lowered India’s growth projections for
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ADB lowers India’s GDP growth projection for this fiscal to 10% #FinanceIndia #StockMarketNEWS #Business
New Delhi: The Asian Development Bank (ADB) has lowered India’s growth projections for the current financial year by a percentage point to 10 per cent, mainly due to disruptions in economic activity caused by the second wave of the COVID-19 pandemic.
In April, ADB had projected a growth rate of 11 per cent in 2021-22 for India.
In its update of the Asian Development Outlook (ADO) released on Wednesday, the multilateral lending agency has also trimmed the growth forecast for Asia as a region from 7. 3 per cent to 7. 1 per cent for 2021, though it retained the growth projections for China at 8. 1 per cent.
“The growth forecast for India in fiscal year 2021 (ending March 2022) is revised down, as May’s spike in COVID-19 dented the recovery. The outbreak, however, dissipated faster than anticipated, resulting in several states easing lockdown measures and returning to more normal travel patterns,� said the ADO Update (ADOU) 2021.
The economy is expected to rebound strongly in the remaining three quarters of FY2021, and grow by 10 per cent in the full fiscal year, before moderating to 7. 5 per cent in FY2022 (fiscal ending March 2023), ADB said.
The Reserve Bank of India (RBI) also trimmed India’s economic growth projection by a similar margin to 9. 5 per cent in June this year.
The forecast, for the 12 months ending March 31, 2022, takes into account disruptions in economic activity caused by the second wave of coronavirus disease (COVID-19) pandemic, which adversely impacted services, domestic consumption, and the urban informal sector, ADB said.
Because consumption will recover only gradually, the government spending and exports will contribute more to FY2021 than they did in the previous fiscal, it said.
“The Indian economy is showing encouraging signs of recovery as the effects of the second wave dissipate. The government’s vaccination drive, its new fiscal stimulus package, and initiatives to free more resources for infrastructure development, along with measures to strengthen health-related interventions, are helping speed up recovery,� Takeo Konishi, ADB Country Director for India, said.
About South Asia, comprising Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, the update said the outlook varies across the subregion.
“The subregion is projected to expand more slowly this year than earlier projected, but faster next year. While India’s drives the forecast, growth rates will vary across economies. As well as for India, this Update revises down 2021’s forecasts for Bangladesh and Nepal, both grappling with another resurgence in COVID-19 cases.
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: Concern raised over 20% capacity utilisation norm for e-waste #FinanceIndia #StockMarketNEWS #Business Panaji: The recycling industry during the concluding session of the Recycling Business Summit
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Concern raised over 20% capacity utilisation norm for e-waste #FinanceIndia #StockMarketNEWS #Business
Panaji: The recycling industry during the concluding session of the Recycling Business Summit 2021 in the state, on Wednesday, expressed concern over the 20 per cent capacity utilisation norm for e-waste.
According to the industry, the norm is hampering e-waste recycling despite India being the 3rd largest e-waste generator in the world.
The industry also raised the issue of GST on e-waste, pointing out that GST on purchase of e- waste is five per cent, the GST on finished goods sold by the recyclers is 18 per cent. Hence, most kabadiwalas buy at five per cent and sell the finished goods for cash.
“Organised recyclers find it difficult to sell the downstream materials at a better rate, and it results in revenue loss to the exchequer due to the GST rate flaw,� said participants at the summit
A session on plastic recycling highlighted the proposed BIS standards being imposed on non-prime scrap material with effect from October 15 2021.
“Such imposition will have an adverse impact on 75,000 MT export of plastic market and 5000 MSME plastic recycling units which provide the huge employment to ragpickers and more women from the weaker section of the society,� said Prabhjot Sodhi, senior director, Centre for Environment Education.
Earlier, during the summit, the recycling industry decided to come together against the upcoming standardisation for scrap. The Recycling Business Summit 2021, was held by the Material Recycling Association of India (MRAI).
The post Concern raised over 20% capacity utilisation norm for e-waste appeared first on The Navhind Times.
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: Need higher investment in healthcare, infrastructure for sustainable growth: Das #FinanceIndia #StockMarketNEWS #Business New Delhi: Reserve Bank Governor Shaktikanta Das on Wednesday pitched for
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Need higher investment in healthcare, infrastructure for sustainable growth: Das #FinanceIndia #StockMarketNEWS #Business
New Delhi: Reserve Bank Governor Shaktikanta Das on Wednesday pitched for higher investment in infrastructure and reforms in labour and product markets to achieve sustainable growth post-pandemic.
Addressing AIMA National Management Convention, Das underlined the need for increased investment in healthcare education, digital and physical infrastructure to ensure sustainable growth and generate employment opportunities.
Noting that the pandemic has affected the poor and the vulnerable more in emerging and developing countries, Das said, “Our endeavour should be to ensure livable and sustainable growth in the post-pandemic future. Restoring the durability of private consumption, which has remained historically the mainstay of aggregate demand will be very crucial going forward�.
More importantly, sustainable growth should entail meeting on macro fundamentals via medium-term investments, sound financial systems and structural reforms, he said.
“Towards this objective, a big push to investment in healthcare, education, innovation, physical and digital infrastructure will be required. We should also continue with further reforms in labour too,� he said.
The post Need higher investment in healthcare, infrastructure for sustainable growth: Das appeared first on The Navhind Times.
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: Oil prices settle higher after EIA data show a decline in U.S. crude supplies #FinanceUSA #StockMarketNEWS Oil futures climbed on Wednesday, buoyed by a weekly decline in U.S. crude supplies, even
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Oil prices settle higher after EIA data show a decline in U.S. crude supplies #FinanceUSA #StockMarketNEWS
Oil futures climbed on Wednesday, buoyed by a weekly decline in U.S. crude supplies, even as gasoline stockpiles edged higher. While much of the data, like the rise in crude production, is "still reflective of temporary hurricane impacts, this week's [Energy Information Administration] report did offer a glimpse into what is likely to come in the weeks ahead" with the reported 1.5 million barrel drop in crude stocks at the Cushing, Okla., storage hub, said Troy Vincent, market analyst at DTN. West Texas Intermediate crude for November delivery rose .74, or 2.5%, to settle at .23 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since Thursday, FactSet data show.
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: Aecom board approves increase in share buyback authorization to billion #FinanceUSA #StockMarketNEWS Infrastructure consulting firm Aecom said Thursday its board has approved an increase in its
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Aecom board approves increase in share buyback authorization to billion #FinanceUSA #StockMarketNEWS
Infrastructure consulting firm Aecom said Thursday its board has approved an increase in its share buyback authorization to billion. The Los Angeles-based company said it has repurchased almost billion of stock since last September. It has reduced outstanding shares by 12% in the period. Shares were not active premarket, but have gained 26% in the year to date, while the S&P 500 has gained 17%.
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: Cresco paying million for Pennsylvania cannabis dispensaries #FinanceUSA #StockMarketNEWS Cresco Labs Inc. said Thursday it'll pay million in cash and stock for Bay LLC, which operates under
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Cresco paying million for Pennsylvania cannabis dispensaries #FinanceUSA #StockMarketNEWS
Cresco Labs Inc. said Thursday it'll pay million in cash and stock for Bay LLC, which operates under the name Cure Penn, in a move by the cannabis company to grow its presence in Pennsylvania. The purchase includes three operating Cure Penn dispensaries in Lancaster, Phoenixville, and Philadelphia. The locations will complement the four existing Cresco Labs dispensaries tin the state that operate under the name Sunnyside. Cresco Labs c-founder and CEO Charlie Bachtell said the deal will increase the Chicago company's profitability in the state. Cresco Labs shares are down 12.3% year-to-date, compared to a rise of 5.4% by the Cannabis ETF and an advance of 17% by the S&P 500 .
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: Salesforce stock rallies after full-year revenue outlook nudged higher, upbeat 2023 guidance initiated #FinanceUSA #StockMarketNEWS Shares of Salesforce.com Inc. rose 1.1% in premarket trading Thursday,
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Salesforce stock rallies after full-year revenue outlook nudged higher, upbeat 2023 guidance initiated #FinanceUSA #StockMarketNEWS
Shares of Salesforce.com Inc. rose 1.1% in premarket trading Thursday, after the customer relationship management software company nudged up its fiscal 2022 revenue outlook and provided 2023 guidance that was above expectations. The company, which is hosting its annual investor day on Thursday, said it now expects 2022 revenue of .25 billion to .35 billion, compared with the guidance range provided last month of .2 billion to .3 billion. For 2023, the company expects revenue of .65 billion to .80 billion, above the current FactSet consensus of .52 billion. The stock has rallied 16.5% year to date through Wednesday, while the Dow Jones Industrial Average , of which Salesforce is a component, gained 11.9%.
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: Dollar spikes against Turkish lira after surprise rate cut #FinanceUSA #StockMarketNEWS The dollar spiked against the Turkish lira as the Central Bank of the Republic of Turkey made a surprise decision
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Dollar spikes against Turkish lira after surprise rate cut #FinanceUSA #StockMarketNEWS
The dollar spiked against the Turkish lira as the Central Bank of the Republic of Turkey made a surprise decision to cut interest rates, lowering them to 18% from 19%. The central bank said the recent increase in inflation has been driven by transitory factors, while the decelerating impact of the monetary tightening on credit and domestic demand is being observed. "The tightness in monetary stance has started to have a higher than envisaged contractionary effect on commercial loans. In addition, macroprudential policy framework has been strengthened to curb personal loan growth," the central bank said. The dollar rose to 8.7709 lira from 8.6537 lira on Wednesday.
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: Brilliant Earth halves offering in IPO, which priced well below expected range #FinanceUSA #StockMarketNEWS Brilliant Earth Group Inc.'s stock is slated to start trading Thursday, as the California-based
@stockMarketNEWS 2 Days ago
Brilliant Earth halves offering in IPO, which priced well below expected range #FinanceUSA #StockMarketNEWS
Brilliant Earth Group Inc.'s stock is slated to start trading Thursday, as the California-based jewelry company's downsized initial public offering priced overnight at a share, well below the expected range of between and a share. The company raised 0 million as it sold 8.33 million shares in the IPO, half the previously expected offering of 16.67 million shares. The IPO pricing valued the company at about .1 billion. The stock is expected to begin trading on the Nasdaq some time after the opening bell, under the ticker symbol "BRLT." The company is going public along with several other companies, including Remitly Global Inc. , Sovos Brands Inc. , EngageSmart Inc. and Sterling Check Corp. . The Renaissance IPO ETF has gained 5.4% over the past three months while the S&P 500 has tacked on 3.6%.
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: Olive Garden parent beats earnings expectations, authorizes 0 million share buyback program #FinanceUSA #StockMarketNEWS Darden Restaurants Inc. stock rose 4.4% in Thursday premarket trading after
@stockMarketNEWS 2 Days ago
Olive Garden parent beats earnings expectations, authorizes 0 million share buyback program #FinanceUSA #StockMarketNEWS
Darden Restaurants Inc. stock rose 4.4% in Thursday premarket trading after the restaurant company reported fiscal first-quarter earnings that beat expectations and announced a new buyback program. Net income totaled 0.9 million, or .75 per share, up from .1 million, or 28 cents per share, last year. Sales totaled .306 billion, up from .527 billion last year. The FactSet consensus was for EPS of .64 and sales of .240 billion. Same-restaurant sales rose 47.5%, beating the FactSet consensus for 44.3% growth, with Olive Garden up 37.1%, Longhorn Steakhouse up 47% and fine dining up 84.6%. Other chains in the Darden lineup include Yard House, The Capital Grille and Seasons 52. Darden declared a dividend of .10 per share payable on November 1, 2021 to shareholders of record at the close of business on October 8, 2021. And the company has authorized a new 0 million share buyback program, bringing the total authorization to about billion. For fiscal 2022, Darden is guiding for sales of .4 billion to .6 billion, same-restaurant sales growth of 27% to 30% and EPS of .25 to .60. The FactSet consensus is for sales of .408 billion, same-restaurant sales growth of 30.2% and EPS of .43. Darden stock has run up 26.2% for the year to date while the S&P 500 index has gained 17% for the period.
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: Bank of England maintains bond purchase program in 7-2 vote #FinanceUSA #StockMarketNEWS The Bank of England on Thursday unanimously decided to keep interest rates at 0.1%, and its two newest members
@stockMarketNEWS 2 Days ago
Bank of England maintains bond purchase program in 7-2 vote #FinanceUSA #StockMarketNEWS
The Bank of England on Thursday unanimously decided to keep interest rates at 0.1%, and its two newest members were on the side of maintaining its bond purchase program in a 7-2 vote. Dave Ramsden and Michael Saunders voted to reduce the government bond purchase target to £840 billion from £875 billion, with Ramsden switching sides from his August decision. The outlook for the labor market, and hence underlying inflationary pressures, was particularly uncertain, and that some of this uncertainty should be resolved over coming months, the majority of Bank of England members said, according to the minutes. Monetary policy would at some point need to start to unwind some of its post-pandemic stimulus, the majority said, while Ramsden and Saunders argued asset purchases when CPI inflation was above 3% and the output gap was closed might cause medium-term inflation expectations to drift up further. The pound was trading at .3693 shortly after the decision, and the 2-year gilt inched up to 0.31%.
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: Valley National buying U.S. unit of Bank Leumi Le-Israel #FinanceUSA #StockMarketNEWS Valley National Bancorp said Thursday it agreed to pay .15 billion in cash and stock to buy Bank Leumi Le-Israel
@stockMarketNEWS 2 Days ago
Valley National buying U.S. unit of Bank Leumi Le-Israel #FinanceUSA #StockMarketNEWS
Valley National Bancorp said Thursday it agreed to pay .15 billion in cash and stock to buy Bank Leumi Le-Israel Corp., the U.S. unit of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA. The New York-based bank said the deal will broaden its technology and venture capital banking business, and create the 29th largest publicly traded U.S. bank by assets. As of June 30, Bank Leumi counted total assets of .4 billion, deposits of .1 billion, and gross loans of .4 billion. Valley National said the acquisition will add 7% to its 2023 earnings. Bank Leumi Le-Israel B.M. will own more than 14% of Valley's common stock when the deal closes. Valley National shares are up 23.8% so far this year, compared to a rise of 25.9% by the Financial Select SPDR Fund .
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: Rao's sauce parent Sovos to go public as IPO prices below expected range #FinanceUSA #StockMarketNEWS Sovos Brands Inc. is all set to go public Thursday, after the Colorado-based Rao's pizza sauce
@stockMarketNEWS 2 Days ago
Rao's sauce parent Sovos to go public as IPO prices below expected range #FinanceUSA #StockMarketNEWS
Sovos Brands Inc. is all set to go public Thursday, after the Colorado-based Rao's pizza sauce parent's initial public offering priced overnight at a share, which was below the expected range of between and a share. The company sold 23.33 million shares in the IPO, as expected, to raise 0.0 million. The IPO pricing values the company at about .17 billion. The stock is expected to begin trading on the Nasdaq some time after the opening bell under the ticker symbol "SOVO." The company is going public during a record year for IPOs, and at a time that the Renaissance IPO ETF has advanced 5.4% over the past three months to outperform the S&P 500's 3.6% gain.
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: Coronavirus tally: Global cases of COVID-19 top 230 million and FDA backs boosters for seniors and those at high risk #FinanceUSA #StockMarketNEWS The global tally for the coronavirus-borne illness
@stockMarketNEWS 2 Days ago
Coronavirus tally: Global cases of COVID-19 top 230 million and FDA backs boosters for seniors and those at high risk #FinanceUSA #StockMarketNEWS
The global tally for the coronavirus-borne illness climbed above 230 million on Thursday, while the death toll rose to 4.72 million, according to data aggregated by Johns Hopkins University. The U.S. continues to lead the world with a total of 42.5 million cases and 681,199 deaths. The U.S. is averaging more than 2,000 deaths a day, according to a New York Times tracker, the most since late February. The U.S. moved a step closer Wednesday to offering booster doses of Pfizer's COVID-19 vaccine to senior citizens and others at high risk from the virus as the Food and Drug Administration signed off on the targeted use of the extra shots, the Associated Press reported.
The FDA authorized booster doses for Americans who are 65 and older, younger adults with underlying health conditions and those in jobs that put them at high-risk for COVID-19. The CDC started a two-day meeting on Wednesday to make their own recommendations on who should get boosters.
India is second by cases after the U.S. at 33.6 million and has suffered 446,050 deaths. Brazil has second highest death toll at 592,316 and 21.3 million cases. In Europe, Russia has most fatalities at 197,834, followed by the U.K. at 135,961.
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: Remitly IPO prices above range at a share for a valuation of .9 billion #FinanceUSA #StockMarketNEWS Remitly Global Inc. , the financial-technology company that's looking to simplify the process
@stockMarketNEWS 2 Days ago
Remitly IPO prices above range at a share for a valuation of .9 billion #FinanceUSA #StockMarketNEWS
Remitly Global Inc. , the financial-technology company that's looking to simplify the process of sending remittances so that people can more easily, safely and cheaply send money back to their loved ones, said its initial public offering priced at a share, above its proposed price range of to . The company sold 7 million shares to raise 1 million at a valuation of .9 billion. Selling shareholders sold another 5.16 million shares. The stock will start trading on Nasdaq later Thursday under the ticker RELY. Goldman Sachs & Co. LLC and J.P. Morgan were lead underwriters.
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: Sterling Check to go public with .2 billion valuation as IPO priced above expected range #FinanceUSA #StockMarketNEWS Sterling Check Corp. is set to go public Thursday, as the New York-based background
@stockMarketNEWS 2 Days ago
Sterling Check to go public with .2 billion valuation as IPO priced above expected range #FinanceUSA #StockMarketNEWS
Sterling Check Corp. is set to go public Thursday, as the New York-based background and identity verification services company's initial public offering priced overnight at a share, above the expected range of between and a share. The company raised 9.5 million by selling 4.76 million shares in the IPO, while selling shareholders raised 9.1 million through the sale of 9.53 million shares. The IPO pricing values the company at about .16 billion. The stock is expected to begin trading Thursday on the Nasdaq under the ticker symbol "STER." The company is going public at a time that the Renaissance IPO ETF has gained 5.4% over the past three months while the S&P 500 has tacked on 3.6%.
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: Accenture tops profit expectations and give upbeat outlook, but revenue comes up shy #FinanceUSA #StockMarketNEWS Shares of Accenture PLC ticked up 0.1% in premarket trading Thursday, after the management
@stockMarketNEWS 2 Days ago
Accenture tops profit expectations and give upbeat outlook, but revenue comes up shy #FinanceUSA #StockMarketNEWS
Shares of Accenture PLC ticked up 0.1% in premarket trading Thursday, after the management consulting and outsourcing services company reported fiscal fourth-quarter profit that topped expectations while revenue came up a bit shy, but also provided an upbeat outlook. Net income for the quarter to Aug. 31 rose to .42 billion, or .20 a share, from .29 billion, or .99 a share, in the year-ago period. The FactSet consensus for earnings per share was .19. Revenue grew 23.8% to .419 billion, just below the FactSet consensus of .426 billion. New bookings increased 20% to .3 billion. Looking ahead, the company expects first-quarter revenue of .90 billion to .35 billion, above the FactSet consensus of .55 billion, and sees fiscal 2022 EPS of .90 to .18, compared with expectations of .87. The stock has run up 17.1% over the past three months through Wednesday, while the S&P 500 has gained 3.6%.
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: AstraZeneca, Imperial College to partner on RNA technology: report #FinanceUSA #StockMarketNEWS AstraZeneca has teamed up with a startup from Imperial College London to expand disease fighting beyond
@stockMarketNEWS 2 Days ago
AstraZeneca, Imperial College to partner on RNA technology: report #FinanceUSA #StockMarketNEWS
AstraZeneca has teamed up with a startup from Imperial College London to expand disease fighting beyond COVID-19 using next generation messenger RNA technology. That's according to the professor leading Imperial's research, Robin Shattock, who made the comments in an interview with Bloomberg that published on Thursday. The partnership between Imperial and AstraZeneca, will focus on cancers and infectious and respiratory diseases using an approach called self-amplifying RNA, which aims to create a strong and steady immune response with a smaller dose. The startup --- VaxEquity --- will get a "sizeable" investment from AstraZeneca, said Shattock.
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: EngageSmart IPO prices above range at a share to value company at .2 billion #FinanceUSA #StockMarketNEWS EngageSmart Inc.,a Massachusetts-based customer engagement and payments software company,
@stockMarketNEWS 2 Days ago
EngageSmart IPO prices above range at a share to value company at .2 billion #FinanceUSA #StockMarketNEWS
EngageSmart Inc.,a Massachusetts-based customer engagement and payments software company, said its initial public offering priced at a share, above its proposed price range of to . The company sold 14.5 million shares to raise .8 million at a valuation of .2 billion. The stock will start trading on the New York Stock Exchange later Wednesday, under the ticker symbol "ESMT." J.P. Morgan, Goldman Sachs, BofA Securities and Citigroup are the lead underwriters. The company going public at a time that the Renaissance IPO ETF has gained 7% in the year to date, while the S&P 500 has gained 17%.
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: Fed doubles daily counterparty limit for overnight reverse repos #FinanceUSA #StockMarketNEWS The New York Federal Reserve Bank on Wednesday said the Federal Open Market Committee directed its Open
@stockMarketNEWS 2 Days ago
Fed doubles daily counterparty limit for overnight reverse repos #FinanceUSA #StockMarketNEWS
The New York Federal Reserve Bank on Wednesday said the Federal Open Market Committee directed its Open Market Trading Desk to conduct overnight reverse repurchase agreements, or ON RRP, with a per-counterparty limit of 0 billion a day, effective Thursday. That's double the current limit of billion and was raised to help "ensure that the ON RRP facility continues to support effective policy implementation," the New York Fed said, in a statement.
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