August 2, 2019

High time 60% tax on risk capital brought down: Kotak

Mumbai: Amid the growing worries over higher taxes that have roiled the markets, banker Uday Kotak Friday called for a relook at the levy on risk capital saying as much as a whopping 60 percent of one's income is taken away by government. In comments that come amid many industry stalwarts like engineering giant L&T's AM Naik speaking out publicly about the gloomy economic scenario, Kotak urged the policymakers to "dramatically flood" the market with liquidity to prop growth up. Kotak, the managing director Kotak Mahindra Bank, also called for "steroids" for the auto industry to push up sagging sales, which is very essential for propping up growth. "I frankly believe that we need to relook at the whole taxation system for risk capital," Kotak said, speaking at an event organised by the CFA Institute. An majority of companies pay 35.8 percent in corporate tax,another 21 percent in dividend distribution tax (effective rate) and an additional 10 percent if the dividend is ove..
August 2, 2019

‘Tariff man is back,’ major Wall Street strategists declare as trade ceasefire ends

Wall Street strategists are preparing for what they call "a major escalation" in the wake of President Donald Trump's announcement that a new tariff would go into effect on September 1st. As recently as this week the two sides were meeting in Shanghai but that wasn't enough to stop the President from firing off a series of tweets to say that the U.S would be imposing a 10% tariff on $300 billion worth of Chinese goods. "Tariff man is back," a Raymond James analyst wrote. "The return of these increased tariffs is clearly unwelcome news, especially for consumer staples and tech companies that had hoped they avoided these additional tariffs," the Raymond James report said. After speaking to clients, the firm said it's skeptical that the White House will move forward with anything that will actually damage the U.S. economy. "Market sentiment, based upon extensive conversations and meetings with clients, is that Trump may rattle the cage on these trade fights, but will not..
August 2, 2019

Mizuho calls this company ‘the Apple of oil,’ sees 40% gain

After shakey earnings for oil producer EOG Resources, the company's stock is well-positioned to outperform, according to Mizuho Securities. The firm maintained its buy rating and $122 price target on EOG Resources, which would be a 42% upside for the stock.
August 2, 2019

EU nominates Kristalina Georgieva as the next IMF chief

Kristalina Georgieva, chief executive officer of The World Bank Group.Getty Images | Peter Foley | BloombergThe European Union has nominated Kristalina Georgieva to lead the International Monetary Fund (IMF), ending weeks of impasse among 28 countries. Georgieva, from Bulgaria, is currently serving as chief executive of the World Bank. Last month, Christine Lagarde resigned as the managing director of IMF to take on a new role as the next head of the European Central Bank (ECB). European officials found themselves in a standoff and decided to take a vote in order to nominate the most-favored candidate. The candidates in the running also included: Jeroen Dijsselbloem, former Dutch finance minister and president of the Eurogroup (which brings together the 19-euro zone finance ministers).Nadia Calvino, the Spanish finance minister.Olli Rehn, central bank governor of Finland and former European commissioner for the euro.IMF member countries can make nominations until September 6. After tha..
August 2, 2019

Warren Buffett and Bill Murray hung out together and told jokes this week

Two American icons hung out in an Omaha, Nebraska ice cream shop and dished out some cheer. Billionaire investor Warren Buffett sat down for ice cream with actor and comedian Bill Murray at Ted and Wally's downtown shop on Thursday, the Omaha World-Herald reported. The pair gave hugs to a local who noticed their conversation, the newspaper said, but added that they did not attract a crowd and were deep in conversation. Buffett, known for his boyish sense of humor, shared jokes with Murray. When the Omaha World-Herald asked Murray what had brought him to Omaha, he answered "Alaska Airlines" — eliciting a chuckle from Buffett. It was not clear what brought one of the world's richest men and one of the country's most famous comedians together. Shares of Buffett's Berkshire Hathaway got caught in a global sell-off in stocks this week, down more than 4%. But the decline was likely not phasing the "Oracle of Omaha" during his chat with Murray because of his belief in pati..
August 2, 2019

RBS second-quarter profit beats estimates; warns of tough economic outlook

VIDEO3:3303:33RBS CFO: Seeing a bit of pressure on income and marginsSquawk Box EuropeThe Royal Bank of Scotland (RBS) reported a net second-quarter profit of £1.3 billion ($1.57 billion) on Friday, beating the £1 billion forecast from Reuters. The figure is also a 1286% jump from the bank's 2018 second-quarter profits, while the bank's reported operating profit of £2.69 billion is its highest in a decade. The British lender reported net profit attributable to shareholders of just £96 million for the same quarter last year, paying its first dividend in a decade shortly after agreeing a £3.6 billion fine to the U.S. Department of Justice (DOJ) over its selling of toxic mortgages in the run-up to the 2008 financial crisis. The bank also announced a £1.7 billion ($2.06 billion) dividend, funded primarily by the sale of its stake in the Saudi Alawwal Bank, but warned a tough economic environment will weigh on its profitability over the next 18 months. RBS CFO Katie Murray told CN..
August 2, 2019

Saudi Arabia backs $550 million investment in health start-up Babylon, valuing it at $2 billion

Babylon has attracted criticism from health professionals over a claim that its AI can diagnose medical conditions as accurately as doctors.
August 2, 2019

Amazon announces new renewable energy projects in the US and Ireland

Amazon is one of many big businesses turning to renewable sources of energy such as solar and wind.
August 1, 2019

Can retail investors light up Diwali for NBFCs?

More than half a dozen non-banking finance companies including Tata Capital Financial Services, Rural Electrification Corp, Aditya Birla Finance (ABFL), Tata Housing Finance, Mahindra Finance, IIFL Finance and JM Financial are preparing to raise as much as Rs 25,000 crore from retail bond sales. They could well be preparing for a spurt in festive season demand for loans after a damp first half of the year. “For the need of diversification on its liability pool, companies are reaching out to retail & high networth individual (HNI) investors,” said Ajay Manglunia, MD and head- institutional fixed income, JM Financial. “This could well be a year of record public issuances with a lot of them, especially non-banking companies, lining up.” “With festivals kicking in, some NBFCS would be preparing for loan demand in coming months,” he said. Tata Capital Financial Services is aiming to raise Rs 3,000-4,000 crore while Tata Housing Finance is likely to tap retail money to raise up to Rs 5,0..

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