July 31, 2019

US Fed lowers interest rates for first time since 2008, signals more cuts

WASHINGTON: The Federal Reserve cut interest rates on Wednesday for the first time since 2008, citing concerns about the global economy and muted U.S. inflation, and signaled a readiness to lower borrowing costs further if needed. Financial markets had widely expected the quarter-percentage-point rate cut, which lowered the U.S. central bank's benchmark overnight lending rate to a target range of 2.00% to 2.25%. In a statement at the end of its latest two-day policy meeting, the Fed said it had decided to cut rates "in light of the implications of global developments for the economic outlook as well as muted inflation pressures." The Fed said it will "continue to monitor" how incoming information will affect the economy, adding that it "will act as appropriate to sustain" a record-long U.S. economic expansion. The decision drew dissents from Boston Fed President Eric Rosengren and Kansas City Fed President Esther George who argued for leaving rates unchanged. Both have raised..
July 31, 2019

IEX Q1 profit down 5.5% at Rs 40 crore

New Delhi: Indian Energy Exchange on Wednesday reported a 5.5 per cent decline in net profit to Rs 39.58 crore for the quarter ended June 30, 2019, mainly due to lower revenues. The company's net profit stood at Rs 41.89 crore in the quarter ended June 30, 2018, it said in a BSE filing. According to the statement, Indian Energy Exchange's (IEX) total income fell to Rs 69.66 crore in April-June quarter from Rs 74.18 crore a year ago. IEX is a registered power exchange and the same constitutes a single operating segment. The financial results for June quarter were approved by the board of directors of the company in a meeting held on Wednesday.
July 31, 2019

Trent Q1 profit at Rs 36 crore

New Delhi: Tata group retail firm Trent Ltd on Wednesday reported a consolidated net profit of Rs 36.32 crore for the first quarter ended June 2019. The company had posted a net profit of Rs 35.90 crore in the April-June period a year ago, Trent said in a BSE filing. Total income during the quarter under review stood at Rs 823.90 crore. It was Rs 622.75 crore in the corresponding quarter last fiscal. Meanwhile, the company said its "operating results are primarily not comparable" on account of adoption of new accounting standard. Its total expenses were at Rs 753.99 crore. Shares of Trent Ltd on Wednesday settled at Rs 397.30 on BSE, down 0.82 per cent.
July 31, 2019

Jagran Prakashan Q1 profit down 26% at Rs 66 crore

New Delhi: Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, Wednesday reported a 25.58 per cent decline in consolidated profit after tax to Rs 65.75 crore for the first quarter ended June, 2019. The company had posted a profit after tax of Rs 88.35 crore during the April-June quarter a year ago, Jagran Prakashan Ltd (JPL) said in a BSE filing. Its revenue from operations fell 3.15 per cent to Rs 588.28 crore during the quarter under review as against Rs 607.46 crore in the corresponding quarter a year ago. "Economic headwinds continued causing increased stress on consumption and in consequence on advertising spend by the advertisers," JPL Chairman and Managing Director Mahendra Mohan Gupta said. He further said: "Auto industry, being one of the largest advertisers, recorded the highest degrowth in their sales since 1995. Similarly, revenues from election were also far below the expectations and could not compensate the loss of revenue from auto sector and gover..
July 31, 2019

Ashok Leyland Q1 profit plunges 44% to Rs 247 crore

New Delhi: Commercial vehicle major Ashok Leyland posted a 44 per cent dip in consolidated profit at Rs 247 crore in the first quarter of current fiscal. The company had posted a profit of Rs 443.32 crore in April-June quarter a year ago. The company's consolidated revenue from operations declined 8 per cent during the quarter under review to Rs 6,612.42 crore from Rs 7,193.79 crore in the corresponding quarter of 2018-19. "With signs of slower demand, we are closely watching the developments in the industry. We continue to take cost out and drive productivity and growth initiatives," Ashok Leyland Whole Time Director and Chief Financial Officer Gopal Mahadevan said in a statement. Ashok Leyland has published the consolidated quarterly results for the first time in this quarter, the company said. "While the industry has witnessed a decline in volume of 17 per cent, Ashok Leyland's market share has grown by 4 per cent. Our EBITDA at 9.4 per cent despite decline in revenue..
July 31, 2019

Leon Cooperman: Trump pulling market gains forward by trying to boost stocks before election

President Donald Trump is trying to boost stock market gains as he seeks reelection in 2020, legendary investor Leon Cooperman told CNBC on Wednesday. "The president is very intent on getting the stock market up," said Cooperman, who runs Omega Advisors. "My guess is we're doing a lot of things that are pulling demand forward." Earlier this year, the billionaire closed Omega to outside investors. Trump has been calling on the Federal Reserve to cut interest rates while repeatedly criticizing central bank Chairman Jerome Powell for raising rates four times last year. The president had also reportedly looked into ways to weaken the dollar as a way to boost the economy before next year's election. However, on Friday, top Trump economic advisor Larry Kudlow and two senior administration officials confirmed that the president decided not to intervene in currency markets. The Fed is widely expected to announce Wednesday afternoon that it's cutting rates. Cooperman spoke to CN..
July 31, 2019

Credit Suisse second-quarter net profit jumps 45%, beating expectations

VIDEO4:5104:51Our outlook is mixed, Credit Suisse CEO saysSquawk Box EuropeCredit Suisse reported a net income of937 million Swiss francs ($945 million) for the second quarter of this year, beating analyst expectations. Analysts polled by Reuters expected a net profit of 720.3 million Swiss francs ($726.13 million) for the second-quarter of 2019. The Swiss bank had reported a net profit of 647 million Swiss francs for the same period a year ago. Here are some of the key highlights for the quarter: Pre-tax income hit 1.3 billion Swiss francs vs 1.1 billion Swiss francs a year agoReturn on tangible equity stood at 9.7% vs 6.9% a year agoCET1 ratio reached 12.5% vs 12.8% a year agoThe Swiss-lender surprised analysts on Wednesday by achieving a return on tangible equity (ROTE) of nearly 10% ahead of expectations. ROTE measures the bank's ability to deal with potential losses. The higher the ROTE, the more sound the bank is considered to be. The bank achieved this number for the first ..
July 31, 2019

UK start-up Babylon Health to reportedly receive investment from Saudi wealth fund

Babylon Health home screenSource: Babylon HealthSaudi Arabia's sovereign wealth fund is reportedly planning to invest in U.K. start-up Babylon Health, in a deal that would put give the company "unicorn" status. The Financial Times reported on Tuesday that people with direct knowledge of the plans said Saudi investors were in advanced talks with Babylon, with the investment expected to push the company's value over the $1 billion mark – a key figure in order to qualify as a unicorn. The exact amount of the investment was unclear, sources told the FT, but it was thought to be in the region of $100 million to $500 million. The investment could be announced as soon as this week, the FT reported. It would be the first time Saudi's sovereign wealth fund has invested in a U.K. tech start-up. Babylon, which was founded in 2013 by entrepreneur Ali Parsa, is an app that allows users to video call medical practitioners for remote appointments around the clock. The app also incorpor..
July 31, 2019

Major UK food retailer trials app-based technology that could make checkouts redundant

The system will be available in stores in England, Wales and Scotland.

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