August 9, 2019

US oil is likely to be China’s next target as trade war rages, energy analysts warn

An oil tanker sits beside transfer pipes at a terminal as it prepares to unload its cargo of fuel on July 4, 2018 in Zhoushan, China. VCG | Getty ImagesChina is expected to dramatically reduce its intake of U.S. crude imports over the coming weeks, energy analysts have warned, following the latest flare-up in trade war tensions between the world's two largest economies. The tit-for-tat tariff dispute between the U.S. and China has already sent oil prices plunging, in large part because of worries about a severe global economic slowdown and potentially even a U.S. recession. Wednesday's session saw crude drop at one stage to a seven-month low. President Donald Trump raised the stakes in his administration's protracted dispute with Beijing last week, threatening to impose new charges against the country from September 1. The U.S. has since accused China of being a currency manipulator, as the yuan sank to levels against the dollar not seen in more than a decade. VIDEO1:360..
August 9, 2019

Italy’s government on the brink of collapse as deputy leader calls for elections

ROME, ITALY - JULY 25: Vice Premier and Minister of the Interior Matteo Salvini holds a press conference on July 25, 2019 in Rome, Italy.Simona Granati - Corbis | Corbis News | Getty ImagesPolitical turmoil has returned to Rome with one of the country's deputy prime ministers calling for snap elections and declaring that the coalition government is unworkable. The coalition has been on a rocky path since it first came to power in June 2018. There has been clear confrontation between the two-party coalition — formed of the leftist, anti-establishment Five Star Movement (M5S) and the anti-immigration, populist Lega party. The most recent clash happened earlier this week, when parliament rejected a motion by M5S to block a high-speed rail link — and thus support Lega which is in favor of the project. "Let's quickly give the say back to the voters," Matteo Salvini, deputy prime minister and Lega leader, told the media Thursday evening. Salvini argued that the parliamentary vote ..
August 9, 2019

IEA cuts oil demand growth forecasts for this year and next amid trade war tensions

Oil field workers tend to a pump jack.Ken Cedeno | Corbis News | Getty ImagesThe International Energy Agency (IEA) cut its global oil demand growth forecasts for this year and next on Friday, citing fears of an economic downturn as the U.S.-China trade war casts a shadow over markets. The energy agency now expects oil demand growth to reach 1.1 million barrels per day (b/d) in 2019 and 1.3 million b/d in 2020. That constitutes a downward revision of 100,000 b/d for this year and 50,000 b/d for next year. In its closely-watched monthly oil report, the IEA said there was "growing evidence of an economic slowdown" with many large economies reporting weak gross domestic product (GDP) growth in the first half of the year. From January to May, oil demand rose by 520,000 b/d, marking the lowest rise in that period since the financial crisis in 2008. "The situation is becoming even more uncertain," the IEA said, before describing global oil demand growth in the first half of the year as "very..
August 8, 2019

Care downgrades Vodafone Idea credit rating

NEW DELHI: Credit rating agency Care has downgraded Vodafone Idea to Care A with negative outlook on account of weak financial performance. The development comes within two days of another rating agency Crisil downgraded credit value of Vodafone Idea. "The revision in ratings assigned to the bank facilities/instruments of Vodafone Idea Limited (VIL) is on account of further deterioration in the operational and financial performance of the company during first quarter of financial year 2020," Care said in a statement. The agency had earlier placed Vodafone Idea rating at Care A+ with negative outlook. Care, however, acknowledged that Vodafone Idea was able to realise significant quantum of operational synergies post-merger, which is much ahead than the expected timelines. "In the wake of prevalent high competition in Indian mobile telephone service industry thereby impacting the operating performance of the company will continue to remain as key monitorable," Care said. Credit rat..
August 8, 2019

Buffett’s Berkshire stung as Kraft Heinz bet drops to record low

By Katherine Chiglinsky The good news: Berkshire Hathaway Inc. finally has a handle on how Kraft Heinz Co.’s business is performing after months of silence. The bad news: a big writedown for Warren Buffett’s company may be coming. Kraft Heinz shares plunged to a record low after reporting that profit slipped 15% in the company’s home market. That leaves Berkshire’s 27% stake worth $8.5 billion, well below the $13.5 billion it has Kraft Heinz marked on its books. Buffett’s company has been burned by its Kraft Heinz bet as the packaged food giant reeled from a $15.4 billion writedown and a Securities and Exchange Commission subpoena announced in February. The billionaire investor, who teamed up with 3G Capital to form Kraft Heinz, said that month that he had no intention of selling any of Berkshire’s stake in the company but also didn’t expect to buy more because it wasn’t “worth as much.” Berkshire said in its earnings report Saturday that it decided not to take a writedown on its K..
August 8, 2019

Suzlon proposes $1.2 billion deal to settle stressed debt: Sources

By Suvashree Ghosh and P R Sanjai India’s troubled wind-turbine maker Suzlon Energy Ltd. offered to repay about 85 billion rupees ($1.2 billion) to lenders as part of a bad-debt-resolution plan, people with knowledge of the matter said. Creditors led by State Bank of India will have to take a haircut of as much as 44% on Suzlon’s debt if the offer is accepted, the people said, asking not to be named as the information is not public. The settlement plan backed by Vestas Wind Systems A/C is the only bid in front of lenders after Brookfield Asset Management Inc. dropped out of the race, one of the people said. The Pune-based manufacturer has been embattled after Prime Minister Narendra Modi’s government shifted to auctions in 2017 as the preferred method to install wind projects. That’s limited orders for domestic turbine manufacturers amid rising operational costs and stiffer competition from global players. “It is a tough situation for Suzlon with tight competition, amid rising oper..
August 8, 2019

Tata Chemicals Q1 profit up 19% at Rs 313 crore

New Delhi: Tata Chemicals on Thursday posted 19.47 per cent jump in consolidated net profit at Rs 312.59 crore for the first quarter of 2019-20 financial year on strong sales. The company's net profit stood at Rs 261.63 crore in the year-ago period. Tata Chemicals is a part of over USD 110 billion Tata Group. Net income of Tata Chemicals increased to Rs 2,984.79 crore during April-June 2019 from Rs 2,850.77 crore in the same quarter of the previous fiscal, it said in a regulatory filing. Expenses also rose to Rs 2,562.49 crore from Rs 2,477.28 crore in the said period. "The company has posted a healthy growth on a consolidated basis across all business segments," Tata Chemicals Managing Director R Mukundan said. He said the company will continue to be most cost-efficient in soda ash, bicarbonate and salt businesses. "Our investment in a bicarbonate unit in the UK using innovative carbon capture process and Mithapur plant(in Gujarat) expansion will provide significant thrust..
August 8, 2019

Infibeam Avenues net profit jumps 129%

Ahmedabad: Infibeam Avenues Ltd reported 129% growth in its consolidated Profit after Tax (net profit) to Rs 28.8 crore, attributing to strong transaction growth in the digital payments space. Infibeam Avenues, which was India’s first e-commerce entity to be listed has pivoted towards digital payment space in the last few years, mainly focusing on the backend of the digital payments after it acquired CC Avenues. Last year, it also divested its non-core businesses including online e-commerce market place, product retail, and platform solutions for SMEs, to focus on digital payments space. According to the company, the Q1 consolidated results may not be comparable as revenues & net profits in the prior quarter ended June 30, 2018, and financial year ended March 31, 2019, including the revenue & net profits of non-core business & subsidiaries, which is not reflected in the current Q1 FY20 quarter results. However, as per the required law, the company provided the consolidated financial..
August 8, 2019

‘Big Short’ investor Steve Eisman says Zillow has one of the ‘most flawed’ business models he’s seen

Investor Steve Eisman is predicting bad things ahead for anyone betting on online real estate site Zillow, which has been trying to expand its operations but faces a stiff challenge. The managing director and senior portfolio manager at Neuberger Berman has been shorting Zillow for some time, and explained to CNBC in an interview Thursday that the company's plans to grow its business are fraught with peril. "I would say Zillow has one of the most flawed business models I've seen in a very, very long time," he said during a "Power Lunch" appearance. CNBC has reached out to Zillow for comment. Shares tumbled more than 14% in afternoon trading and but have surged 32% year to date. At 22.1% of shares outstanding, the company is one of the most-shorted on the market. Eisman is know, among other things, for betting against the subprime mortgage industry whose collapse helped trigger the financial crisis. He shorted financial instruments known as collateralized debt obligations th..

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