August 5, 2019

Indian Hotels reports Rs 5 crore profit for June quarter

New Delhi : Indian Hotels Company (IHCL) reported a profit after tax of Rs 4.98 crore in its consolidated financial results for the quarter ended June 30 this year, compared to a profit of Rs 9.10 crore in the corresponding period of the previous fiscal. The company said the financial results reported were in line with the new accounting lease standards (Ind AS 116) effective April 1 2019. IHCL reported revenue from operations of Rs 1020 crore for the quarter under review, up from Rs 979 crore in the corresponding period of the previous fiscal. Puneet Chhatwal, managing director and CEO of IHCL, said despite the macro-economic headwinds, the company has stayed on track in delivering its promise as outlined in its Aspiration 2022 strategy. "The company reported a topline growth of 6% and an EBITDA growth of 32% . Margin expansion stood at 304 bps. Both the absolute EBITDA of Rs 166 crores as well as the EBITDA margin of 15.68% are the highest for quarter one for the last 10 years (on..
August 5, 2019

Fed to develop real-time payments system for launch in 2023 or 2024

The U.S. Federal Reserve announced on Monday it planned to develop its own round-the-clock real-time payments and settlement service, with an expected launch in 2023 or 2024. In a statement, the U.S. central bank said it was seeking public comment on the project, saying near-instantaneous transfer of funds 24 hours a day could yield economic benefits for individuals and businesses. The new service, dubbed FedNow, would operate alongside a private real-time payments system established by a group of large banks in 2017. It is likely to be met with praise from smaller banks who had called for the Fed to build such a system, but criticism from larger banks that have already built their own private infrastructure. Fed Governor Lael Brainard said the Fed-run service would provide necessary competition, help ensure banks of all sizes have access to instant payment services, and improve the overall safety of the financial system. "The U.S. real-time retail payment infrastructure stands to gai..
August 5, 2019

Global markets are in panic mode — sparking a wave of investment into gold, bonds and currencies

At times of market turbulence, investors tend to flee to assets expected to either retain or increase in value — such as gold, the Japanese yen and government bonds.Drew Angerer | Getty ImagesGlobal growth worries and an intensifying trade war between the world's two largest economies sparked a stampede into perceived 'safe-haven' assets on Monday. Gold prices jumped more than 1% to hit their highest level in over six years on Monday, while the Japanese yen and core government bonds also rallied. It comes at a time of heightened volatility in financial markets, with the pan-European Stoxx 600 falling almost 2%. That's on top of the 2.5% it lost on Friday — its worst day so far in 2019. The panic is seen spreading across to Wall Street too, with the Dow Jones Industrial Average expected to fall more than 380 points lower at the open. Meanwhile, China let the yuan breach the key 7-per-dollar level for the first time in more than a decade on Monday. It appeared to ..
August 4, 2019

HSBC reportedly plans to cut jobs after CEO John Flint’s departure

John Flint, chief executive officer of HSBC Holdings, at the World Economic Forum (WEF) in Davos, Switzerland on Jan. 24, 2019.Jason Alden | Bloomberg | Getty ImagesHSBC, Europe's largest bank by assets, is planning to cut thousands of jobs after the surprise announcement of Chief Executive Officer John Flint's departure, the Wall Street Journal reported on Monday. The job cuts will be targeted at senior roles and is expected shave up to 4% of the bank's wage costs, HSBC Group Chief Financial Officer Ewen Stevenson told the Journal in an interview. The cuts would come from a combination of layoffs and attrition. "Up to 2% of the bank's 237,685 employees could lose their jobs," the Journal reported on Monday, after HSBC said Flint will step down as CEO on Monday, after 18 months on the job. In a statement, HSBC Chairman Mark Tucker said of Flint's exit: "In the increasingly complex and challenging global environment in which the Bank operates, the Board believ..
August 4, 2019

Trade setup: Nifty should see a pullback, but don’t mistake it for a relief rally

In a very volatile session on Friday, the headline Nifty index opened lower, breached few more important levels but recovered over 140 points from the lows to end the day with modest gains. Bearish sentiment continued to grip the markets as the Nifty completed its rounding top formation and momentarily breached the bottoms only to recover later. While continuing to be oversold on the short-term charts, Nifty ended the day with minor gains of 17.35 points, or 0.16 per cent. The index now trades below all its moving averages, and the setup remains predominantly bearish. However, given the oversold nature of the market on the daily chart, continuation of the pullback that started on Friday cannot be ruled out. We expect a flat to modestly positive start to Monday’s trade, and it remains to be seen if Nifty manages to convert its recovery into a relief rally. On Monday, Nifty is likely to face resistance at 11,050 and 11,120 levels while support should come in at 10,959 and 11,850 level..
August 4, 2019

JM Financial arm to raise up to Rs 500 crore

NEW DELHI: JM Financial said its subsidiary JM Financial Products will raise up to Rs 500 crore by issuing bonds. JM Financial Products (JMFPL) has filed the Tranche II prospectus for its non-convertible debentures (NCDs), with the Registrar of Companies, BSE and Sebi, JM Financial said in a filing. "The said Tranche II prospectus is dated July 31, 2019 and pertains to the public issue of secured NCDs with a base issue size of Rs 100 crore with an option to retain oversubscription up to Rs 400 crore aggregating up to Rs 500 crore, which is within the shelf limit," JM Financial said in the filing.
August 4, 2019

RBI may go for 25 bps rate cut on Wednesday for 4th time in row

NEW DELHI: The Reserve Bank is expected to cut the policy rate by 25 basis points, for the fourth time in a row, on Wednesday to give a boost to the economy at a time when key indicators point towards a slowdown, opined experts. The industry also expects the six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das to take steps to improve liquidity situation and also ensure transmission of rate (repo) cuts to borrowers by the banks. The Monetary Policy Committee (MPC) will meet during August 5 to 7, 2019 for the Third Bi-monthly Monetary Policy Statement for 2019-20. Managing director and CEO of Union Bank of India Rajkiran Rai G said that the MPC is likely to cut rate by 25 basis points. "At this point of time we need growth impetus. I am sure they will reduce rates," he said. Industry body CII in a statement said the central bank started its interest rate easing cycle in February 2019, taking cognizance of the headwinds to growth and inflation reading re..
August 4, 2019

Tweet Buster: Save the Bull campaign on D-Street & how good companies fight slowdown

NEW DELHI: It was another week of bear hammering for the domestic stock market, characterised by across-the-board selling. There was no respite from selling by FPIs as signs of economic slowdown became more acute than ever. Amid all this, the market continued its downward journey. So what do D-Street honchos make of the current market behaviour? Commenting on the market's poor performance, Dalal Street veteran Vijay Kedia said the current scenario calls for #SaveTheBull campaign. India is now home to 2967 tigers, 33% more from the last count of 2226. -----------------------------------------… https://t.co/KNxAKRoxxI — Vijay Kedia (@VijayKedia1) 1564405039000 Independent market expert Sandip Sabharwal says in the first two days of August FPIs have sold half a billion dollar worth of stocks and as the selloff intensified, the government kept mum on economic issues. Foreign Portfolio Investors sold Rs 2900 Cr today. First 2 days of August $ 0.5 i.e. half a billion already ..
August 4, 2019

Rates markets ripe for shakeup as five Asian central banks meet

By Stephen Spratt This week looms as a key one for Asian financial markets with no less than five central banks set to hand down decisions that may set the tone for the rest of the year. Markets are predicting policy makers in India, the Philippines and New Zealand will all cut interest rates to shore up faltering growth, while those in Australia will pause after back-to-back moves, and Thailand looks set to avoid lowering borrowing costs at all. Here’s a roundup of what rates markets are pricing in for each of the central banks reporting this week and some possible trades suggested by their diverging outlooks: The Reserve Bank of Australia is first up on Tuesday, with markets expecting it to stay on hold after cutting rates in June and July to a record 1 per cent. The next reduction is currently priced for December, with a further one expected in mid-2020. There’s a growing perception the RBA may be unwilling to lower its benchmark below 0.5 per cent, suggesting there is a possi..

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