July 31, 2019

Former Audi boss charged in the VW diesel scandal that won’t die

Audi Chairman, Rupert Stadler, gazing ahead at the International Motor Show (IAA) in Frankfurt am Main, Germany, 14 September 2017.Arne Dedert | dpa | picture alliance | Getty ImagesNearly four years after the automaker admitted cheating on diesel emissions tests, and after Volkswagen has now spent more than 30 billion euros on fines, settlements and other costs, its diesel emissions scandal continues to take a toll. Prosecutors in Germany on Wednesday charged four former employees, including one-time Audi Chief Executive Rupert Stadler, for their role in the scandal. The 56-year-old Stadler, once seen as a rising star at the Volkswagen, faces allegations that include fraud for helping conceal the fact that VW had rigged its diesel engines to illegally pass emissions tests. Others caught up in the scandal include former Volkswagen CEO Martin Winterkorn who was charged in April for his alleged role in the cover-up. What some have dubbed "Dieselgate" could yet stretch on as prosecutors i..
July 31, 2019

Henry Newman: the new UK Government has only a few Brexit options on the table

Henry Newman: the new UK Government has only a few Brexit options on the tableOpen Europe's Henry Newman gave evidence to the House of Lords EU select committee on 23 July about the status of Brexit negotiations. Below is a brief summary of the session. The post Henry Newman: the new UK Government has only a few Brexit options on the table appeared first on Open Europe.
July 30, 2019

Trump’s warnings to China weigh on stocks, sterling falls

NEW YORK: A gauge of global stock markets edged lower after a warning from U.S. President Donald Trump to China as bilateral trade talks began on Tuesday, while concerns over a no-deal Brexit dragged on sterling for a fourth day. Trump warned China against waiting out his first term in office before finalizing a trade deal, saying if he wins re-election in the November 2020 presidential contest, the outcome could be no agreement or a worse one. Investors have already been bracing for the Federal Reserve's impending policy announcement on Wednesday, in which the central bank is widely expected to cut U.S. rates by at least a quarter of a percentage point, its first reduction since the financial crisis. "The real conundrum is if, in fact, the Fed cuts rates because they are seeing a global economic slowdown and no real inflation, then the administration becomes emboldened to fight this battle longer," said Art Hogan, chief market strategist at National Securities in New York. "I..
July 30, 2019

Trump urges Fed to make large rate cut as policymakers meet

WASHINGTON: U.S. President Donald Trump on Tuesday called on the Federal Reserve to make a large interest rate cut, saying he was disappointed in the U.S. central bank and that it had put him at a disadvantage by not acting sooner. "I would like to see a large cut and I'd like to see immediately the quantitative tightening stop," Trump told reporters outside the White House. "I'm very disappointed in the Fed. I think they acted too quickly by far, and I think I've been proven right ... The Fed is often wrong," Trump added. Trump made the comments as the Fed began its two-day policy meeting. Fed Chairman Jerome Powell signaled earlier this month that the central bank would ease monetary policy as the U.S. economy faces headwinds from weak global growth, trade tensions and Britain's possible disorderly departure from the European Union.
July 30, 2019

Sell? buy? buy then sell? Fed’s many outcomes stalk EM investors

By Aline Oyamada After months of feverish economic analysis and nuanced scrutiny of every Federal Reserve utterance, the U.S. is finally on the brink of its first rate cut since the financial crisis. Emerging market investors are bracing for the impact. While the market has fully priced in a quarter-point reduction, analyst estimates range from a 50-basis-point reduction to no change. Policy makers announce their decision at 2 p.m. Wednesday. Many investors are optimistic lower borrowing costs will boost appetite for riskier assets, while others are concerned the Fed won’t meet the market’s very dovish expectations. Even if developing-nation assets initially rally, some analysts say this may not last long as the weak economic growth that is underlying the monetary easing come to the forefront. Here are three ways leading investors are looking to play the various outcomes of tomorrow’s meeting. Disappointment Chris Diaz, a money manager at Janus Capital Management LLC in Denver, is..
July 30, 2019

PNB Housing Finance looks to raise Rs 2,000 crore

PNB Housing Finance is looking to raise tier 1 capital up to Rs 2,000 crore to grow business and keep a healthy capital adequacy ratio, amid a challenging business environment with several non-bank lenders facing a credit crisis. The board of the company, which is 33 per cent owned by Punjab National Bank, has approved the plan to raise equity capital via preferential issue of shares or qualified institutions placement or rights issue, the company announced on Tuesday. "The objective of raising capital is to support business growth, maintain a comfortable capital adequacy ratio and have a lower gearing," the company said in regulatory filing to stock exchanges. “Amidst the macro economic challenges, the company continue to register growth across business and financial vectors. In the current environment, we are cautious on lending to corporate houses and focusing more on retail business, cost efficiencies, maintaining adequate liquidity, diversified borrowing and healthy asset quali..
July 30, 2019

Shriram City Union Finance Q1 net jumps 10% YoY to Rs 260 crore

Shriram City Union Finance reported a 10 per cent rise in June quuarter profit at Rs 260 crore as against Rs 236.43 crore in the corresponding quarter of the previous year. Consolidated income during the said quarter rose to Rs 1,572.88 crore from Rs 1,475.45 crore in the same period last year. Assets under Management (AUM) grew 4.50 per cent year-on-year to Rs. ­­­­30352 crore. “Our asset quality continues to improve. The company is also comfortably placed with regard to liquidity, and continues to successfully explore sources of funds which are of longer tenors than in the past,” said Y.S. Chakravarty, MD & CEO, Shriram City Union Finance. The company disbursed loans worth Rs. 6275 crore in the quarter and the credit costs for the quarter have reduced by 15 per cent compared with last year. “The rate cuts by RBI so far have not translated in the rate cuts by banks, thus I hope the upcoming MPC report will push the banks to lower their lending rates,” said Chakravarty.
July 30, 2019

Small energy stock rips higher after investor Mario Gabelli says he is following it

Shares of RPC, Inc., a small oil and gas company based in Atlanta, jumped following positive comments from billionaire investor Mario Gabelli. "I've been following it for 50 years," Gabelli told CNBC's "Halftime Report " of the stock, which closed Monday at $5.54 a share. "If you look at the wiggles, it's been $25 three or four times. They are in total control. There is no debt. They are a pressure-pumping, infrastructure supplier." RPC shares traded more than 11% higher to around $6.16 after Gabelli's comments. However, the stock is down around 50% over the past four years and has lost more than 37% in 2019. "Short-term, things are terrible," he said. But "somewhere in the next three years, if oil stays at $60 in West Texas, you are going to have a stock that's $15-$20. You just sit there and buy it while everybody else is puking it out." Gabelli is a value investor, meaning he tries to find stocks the market has undervalued and are poised to return to their..
July 30, 2019

BP second-quarter profits beat expectations despite lower oil prices

A BP company logo is displayed on a fuel pump on the forecourt of a gas station operated by BP Plc in London, U.K.Chris Ratcliffe | Bloomberg | Getty ImagesEnergy giant BP reported better-than-expected second-quarter net profits on Tuesday, saying it is "right on target" at the midpoint of its five-year plan. U.K.-based BP posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.8 billion, versus $2.5 billion expected in a Reuters poll. That compared with a profit of $2.8 billion over the same period a year earlier and $2.4 billion in the first three months of 2019. "I think the numbers are good. This is about the 10th quarter in a row now they have been above our expectations," Bob Dudley, chief executive of BP, told CNBC's "Squawk Box Europe" on Tuesday. "It is a good quarter — a strong quarter," he added. VIDEO2:4902:49A Corbyn government that fulfills its pledges would be 'quite alarming,' BP CEO saysSquawk Box EuropeBP said t..

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