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☆ Air India to spend over $400 mln to refurbish cabin interiors
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 8 (Reuters) - Air India would spend more than $400 million to refurbish the interiors of its entire wide-body fleet to attract more flyers after the carrier was taken over by Indian conglomerate Tata Group at the start of this year, it said on Thursday. The refurbishment will involve introduction of a premium economy cabin, it said in a statement, adding that the first aircraft with refurbished interiors will enter service in mid-2024. "Air India has committed to attain the highest standards of product and service befitting of a world class airline. We know that, at present, the cabin product on our 40 legacy widebody aircraft falls short of this standard," the company said. Once known for its lavishly decorated planes and stellar service, state-owned Air India was swept into a downward spiral due to mounting debt and ballooning losses.

☆ Turkey's MNG Airlines to go public on NYSE
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - Turkey's MNG Airlines will list on the New York Stock Exchange through a merger with Golden Falcon Acquisition Corp (GFX.N), a special purpose acquisition company (SPAC), the Turkish cargo carrier said on Wednesday. The merger has a pro-forma enterprise value of $676 million, and has been approved by the boards of both the companies, MNG said in a statement. Golden Acquisition Corp, which went public in 2020, is headed by Chief Executive Officer Makram Azar, a former Barclays banker, and counts Xavier Rolet, a former London Stock Exchange CEO, as an independent director. Istanbul-based MNG Airlines started operations in 1996, and serves corporate customers across 41 countries with more than 3,500 flights per year. Reporting by Rahat Sandhu in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India asks Google to stop displaying online betting ads - Mint
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 7 (Reuters) - India has asked Google not to display surrogate ads of overseas betting companies, Mint newspaper reported on Wednesday, citing a person aware of the development in the ministry of information and broadcasting. The letter sent last week to Alphabet Inc's Google India (GOOGL.O) asked the company to immediately drop all advertising, direct or surrogate, from betting platforms like Fairplay, PariMatch, Betway in search results and YouTube, the report said. “After our last advisory on 3 October, TV channels and OTT (Over-the-top) players stopped showing surrogate ads of online betting firms, but it was brought to our notice that many such ads are running on YouTube and Google. We have asked Google to stop this immediately," said a senior ministry official to Mint. read moreReporting by Meenakshi Maidas in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Australia sues AmEx on alleged breach of credit card distribution laws
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - The Australian securities regulator on Tuesday took the local unit of American Express Co (AmEx) (AXP.N) to court alleging two of its credit cards co-branded with retailer David Jones were issued and distributed without ensuring customers understood them. The Australian Securities & Investments Commission(ASIC) alleged in a lawsuit that AmEx knew some customers would be confused whether they had applied for a loyalty card or a credit card, and that it failed to limit distribution to customers looking for a card that earns points and other benefits. The card payment service provider was aware of the high cancellation rates among customers who apply for credit cards at David Jones outlets, compared with their online counterparts, ASIC said in a statement. AmEx and South Africa's Woolworths Holdings (WHLJ.J), which owns the department store chain, did not immediately respond to Reuters' request for comment. Reporting by Sameer Manekar and Himanshi Akhand in Bengaluru; Editing by Shounak Dasgupta, Uttaresh.V and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Rupee likely to fall after robust U.S. data sparks rate hike fears
▼ + stars: | 2022-12-06 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 6 (Reuters) - The Indian rupee is expected to open lower versus the dollar on Tuesday after better-than-expected U.S. data rekindled worries on how high the Federal Reserve will hike rates. The rupee is projected to open at around 81.90 per U.S. dollar, weaker than the 81.79 closing in the previous session. The rupee has in the last two sessions declined despite a host of positive cues. The rise in Treasury yields and expectations that the Reserve Bank of India will deliver a smaller rate hike on Wednesday may push rupee forward premiums to new multi-year lows. The RBI will raise interest rates by a smaller 35 basis points to 6.25% in December, according to economists polled by Reuters.

☆ UK new car sales up more than 20% in November - SMMT
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: 1 min

Dec 5 (Reuters) - British new car registrations rose for the fourth consecutive month in November, with a more than 20% jump, according to preliminary industry data released on Monday. The Society of Motor Manufacturers and Traders (SMMT) said plug-ins accounted for more than one in four new registrations in November. The SMMT will provide the final figures for the month at 0900 GMT. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India tax panel may not reach consensus on taxing online gaming - source
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

The panel has for weeks been deliberating how it should tax online gaming companies -- and whether federal tax should be imposed on only the profits of firms or on the value of the entire pool of money collected from participants. The panel is unlikely to reach a consensus this month, the official told reporters in New Delhi. Real-money online games have become hugely popular in India, prompting foreign investors like Tiger Global and Sequoia Capital to back local gaming startups Dream11 and Mobile Premier League, popular for their fantasy cricket games. India is also separately working on federal regulations for the gaming sector that research firm Redseeer estimates will be worth $7 billion by 2026, dominated by real-money games. A separate government panel tasked with rationalisation of GST rates is also discussing the 18% tax levied on health insurance, amid calls seeking a lower rate, said the official.

☆ Florida mulls U-turn on move to strip Disney theme-parks of self-governing status - FT
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

The new law would also mean that Disney would have to pay more taxes, state governor Ron DeSantis had said in April when he signed the bill. read moreThe state lawmakers are working on a compromise that would allow Disney to keep the arrangement largely in place with a few modifications, the FT reported. The bill signed in spring this year by governor Ron DeSantis eliminates special governing jurisdiction that allowed the company to operate Walt Disney World Resort as its own city. The bill to strip Disney of its self-governing authority was signed soon after and was seen as an attack on the company for its political stance. Representatives for Disney and Florida governor Ron DeSantis did not immediately respond to a Reuters request for comment.

☆ J.P.Morgan cuts 2023 S&P 500 earnings forecast by 9%
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - J.P.Morgan on Thursday cut its 2023 earnings forecast for S&P 500 (.SPX) companies, citing weaker demand and pricing power, margin compression, and limited buy-backs. JPM strategists now estimate S&P 500 earnings per share for next year to be $205, down 9% from an earlier forecast of $225. They also flagged that the S&P 500 index could "re-test" this year's low of 3,491.58 in the first six months of 2023, as the U.S. Federal Reserve's monetary policy tightening weakens fundamentals. "This sell-off combined with disinflation, rising unemployment, and declining corporate sentiment should be enough for the Fed to start signaling a pivot, subsequently driving an asset recovery," they said, adding that the index could claw back up to 4,200 by year-end, to reflect a near 3% upside from current levels. Reporting by Subhadeep Chakravarty and Siddarth S; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

The private lender raised 150 billion rupees ($1.85 billion) through 10-year Tier-II bonds at an annual coupon of 7.86%, for which it had received bids worth 240.80 billion rupees, according to merchant bankers. A large state-run insurance company and a big provident fund house invested an aggregate of 90 billion rupees in this issue, merchant bankers said. HDFC Bank completes its debt sale a day ahead of State Bank of India's bond issue. HDFC Bank is set to be merged with parent Housing Development Finance Corp (HDFC.NS) in the coming months, and both entities have been on a fundraising spree this financial year. While HDFC Bank has raised 30 billion rupees, excluding the latest issue, HDFC has raised around 550 billion rupees through bond issuance.

☆ Indian shares set to rise after Powell hints at slower hikes
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 1 (Reuters) - Indian shares are set to open higher on Thursday, tracking the sharp uptick in global equities after Federal Reserve Chair Jerome Powell hinted at slowing the pace of interest rate hikes "as soon as December." India's NSE stock futures listed on the Singapore exchange were up 0.40% at 18,991.50 as of 07:30 a.m IST. Data on Wednesday showed the Indian economy logged 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter. Foreign institutional investors bought net of 90.10 billion Indian rupees ($1.11 billion) equities on Wednesday, while domestic investors sold 40.56 billion rupees worth of shares, as per provisional NSE data. Stocks To Watch:** Apollo Hospitals (APLH.NS): Company approved issue of non-convertible debentures worth 1.05 billion rupees.

☆ UK's FTSE 100 rises ahead of key Federal Reserve speech
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.3%, FTSE 250 adds 0.3%Nov 30 (Reuters) - The FTSE 100 rose on Wednesday, helped by consumer discretionary and energy stocks, though investors were cautious ahead of U.S. Federal Reserve Chair's speech later in the day. The blue-chip FTSE 100 (.FTSE) gained 0.3% by 0821 GMT and was on track for its best month in two years. Consumer discretionary shares like Flutter Entertainment (FLTRF.L) gained 2.1% after JP Morgan raised the company's price target. Energy stocks (.FTNMX601010) took an early lead, gaining 0.2% as crude oil prices climbed on falling U.S. crude inventories and a weaker greenback. Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Australia court dismisses customer fees lawsuit against CBA
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - The Australian Federal Court has dismissed proceedings initiated by the country's securities regulator against top lender Commonwealth Bank of Australia (CBA.AX) over alleged incorrect charging of monthly fees to customers, the regulator said on Tuesday. The court, however, found that the bank had not breached its general obligation to ensure that financial services were provided efficiently. CBA in a statement acknowledged the court order as well as "errors" in charging monthly account fees to some customers. "We confirm that CBA has completed the customer remediation program in relation to the issues in the proceedings," the bank said. In September, another ASIC proceeding against CBA over allegations of improperly collecting commissions was dismissed by the federal court, dealing a blow to consumer advocates seeking tougher regulations.

☆ S&P Global lowers 2023 growth forecast for emerging markets
▼ + stars: | 2022-11-29 | by ( Clyde Russell | ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - S&P Global Ratings lowered its 2023 growth forecast for emerging economies on Tuesday, citing persistent pressures from the Russia-Ukraine conflict, a lingering COVID-19 pandemic and tight monetary policy conditions. The ratings agency now projects real gross domestic product growth of 3.8% next year, down from its previous forecast of a 4.1% expansion. "The downward revision to growth comes from all EMs (emerging markets) excluding China and Saudi Arabia, with most economies poised to expand below their longer-run trend rates," it said, adding that forecasts for 2024 and 2025 remain broadly unchanged, averaging at 4.3%. "But the deceleration in inflation--coupled with a worsening growth outlook--could bring policy easing onto the agenda in several EMs, especially in Latin America, by the middle of next year," S&P said. Reporting by Susan Mathew in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ AstraZeneca boosts cancer portfolio with $320 mln Neogene deal
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - AstraZeneca (AZN.L) will acquire biotechnology company Neogene Therapeutics for up to $320 million, the London-listed drugmaker said on Tuesday, seeking to build its pipeline of cell-based cancer treatments. Though AstraZeneca's oncology portfolio accounted for more than a third of the company's revenue last year, it does not have an approved cell-based cancer therapy and is behind rivals such as Novartis (NOVN.S) and Gilead (GILD.O). Neogene's approach goes one step further in that its experimental T-cell receptor therapies seek to target DNA mutations specific to tumours, not only certain proteins on the surface of cancer cells. Linnemann founded Neogene in the Netherlands in 2018 along with the Netherlands Cancer Institute's Ton Schumacher. AstraZeneca will make an initial payment of $200 million to Neogene, with a further $120 million dependent on the company meeting certain targets.

☆ Indian shares set to open lower after Wall Street slide
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 29 (Reuters) - Indian stocks were on Tuesday set to ease from all-time highs hit in the previous session, following an overnight slide in Wall Street on worries about China's COVID-19 management and as oil prices pared losses. U.S. crude rose 1.3% to $77.24 per barrel, while Brent crude trimmed losses to close above $83 per barrel. Foreign institutional investors bought net of 9.36 billion rupees ($114.65 million) equities on Monday, while domestic investors purchased 879.3 million rupees ($10.66 million) worth of shares, as per provisional NSE data. Stocks To Watch:** NDTV (NDTV.NS): NDTV said an entity backed by its founders had issued shares to a unit of Adani Group. ($1 = 81.6400 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Adani to raise $2.45 bln in India's biggest follow-on share sale
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 25 (Reuters) - Adani Enterprises (ADEL.NS), the flagship company of ports-to-energy conglomerate Adani Group, said it would raise 200 billion Indian rupees ($2.45 billion) in India's largest follow-on public offering of new shares. The share offering would increase the company's public float from the current 27.4% level. "Adani needs capital at the holding company level. read moreThe company plans to file a draft prospectus before Dec. 31 and raise the funds before March 31, but it will depend on market conditions, the person added. The previous largest FPO was a 150 billion-rupee share sale in 2020 by Yes Bank (YESB.NS).

☆ Commodity stocks support FTSE 100 ahead of PMI data
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Energy, miners lead gainsJohnson Matthey down on lower profitsFTSE 100 up 0.4%, FTSE 250 off 0.3%Nov 23 (Reuters) - Commodity-linked stocks lifted the FTSE 100 on Wednesday, as investors awaited UK's business activity data and the U.S. Federal Reserve's meeting minutes that could offer clues on the pace of monetary policy tightening. The blue-chip FTSE 100 (.FTSE) rose 0.4%, touching a fresh two-month high. Energy stocks climbed (.FTNMX601010) 1.5% as crude oil prices inched higher on data showing a larger-than-expected U.S. crude drawdown. Asian and European markets were steady as investors looked to the release of the Fed's November meeting minutes amid hopes that the central bank will shift to smaller interest rate hikes. The domestically focused FTSE 250 midcaps (.FTMC) lost 0.3%, with Johnson Matthey (JMAT.L) shedding 7.2% after the chemicals maker reported a slightly lower half-yearly profit.

☆ GSK to stop selling blood cancer drug Blenrep in United States
▼ + stars: | 2022-11-22 | by ( Pushkala Aripaka | ) www.reuters.com time to read: +2 min

GSK said access to Blenrep in other countries where it is marketed is unaffected, including across the European Union. The company is still discussing the latest clinical data with EU health authorities, a GSK official said. The drug was given speedy approval by the FDA in 2020 and approved for patients with relapsed or refractory multiple myeloma who received at least four previous therapies. Last year the drug achieved 89 million pounds ($105 million) in global sales, about two thirds of which was from the United States. Blenrep belongs to a category of treatments called antibody drug conjugates, which are engineered antibodies that bind to tumour cells and then release cell-killing chemicals.

☆ Indian shares edge up on UltraTech Cement boost
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 22 (Reuters) - Indian equity benchmarks edged higher on Tuesday, after declining for three straight sessions, buoyed by gains in top cement producer UltraTech Cement (ULTC.NS). The benchmark S&P BSE Sensex (.BSESN) rose 0.11% to 61,212.36, while the NSE Nifty 50 index (.NSEI) gained 0.08% to 18,175.10. UltraTech Cement (ULTC.NS) led gains on the Nifty, rising as much a 2.4% to a near three-week high, while its parent Grasim Industries (GRAS.NS) advanced 2.1%. Indian markets are likely to be range-bound and not follow global cues ahead of state elections due in December, said AK Prabhakar, Head of Research, IDBI Capital. Foreign institutional investors sold 15.94 billion Indian rupees ($195.11 million) worth of equities on Monday, while domestic investors bought 12.63 billion rupees ($154.59 million) of shares, per provisional NSE data.

☆ FTSE 100 slides as weaker commodity prices weigh
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 down 0.3%, FTSE 250 off 0.3%Nov 21 (Reuters) - The FTSE 100 slipped on Monday, dragged by weakness in commodity-linked stocks, as COVID-19 curbs in top metals consumer China and a stronger dollar weighed on the global mood. The blue-chip FTSE 100 (.FTSE) fell 0.3%, after notching its strongest close in over two months on Friday. UK's energy sector (.FTNMX601010) slipped 0.6% on the back of falling oil prices , as a slew of COVID-related curbs in China sparked demand fears. Meanwhile, industrial metal miners (.FTNMX551020) shed 1.8% as worries about slowing demand from the world's second largest economy hit metal prices including those of copper. Energy and materials stocks combined weigh more than 25% on the FTSE 100.

☆ INDIA RUPEE Rupee drops as COVID woes keep Chinese yuan pinned
▼ + stars: | 2022-11-21 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

MUMBAI, Nov 21 (Reuters) - The Indian rupee declined against a steady U.S. dollar on Monday, tracking the Chinese yuan's plunge on stringent COVID curbs in the country. The rupee eased to 81.8850 per dollar by 0441 GMT, as against its previous close of 81.6850. The onshore yuan slipped 0.6%, prompting a 0.2% to 1% decline in Asian currencies, while the rupee held up relatively better than its peers. Regional stocks were also lower as Chinese equities (.SSEC) and Hong Kong shares (.HSI) dropped 0.8% and 2%, respectively. The dollar and U.S. yields have stabilised over the past week as Fed officials made hawkish remarks.

☆ Binance to relaunch bid to buy bankrupt Voyager Digital - Coindesk
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Crypto exchange Binance's U.S. unit is relaunching its bid to buy bankrupt crypto lender Voyager Digital, Coindesk reported on Thursday, citing a person familiar with the matter. The report comes after Voyager called off FTX's bid to acquire the company following its collapse. In September, the Wall Street Journal had reported that Binance and FTX came up with the leading bids to buy Voyager's assets. FTX had won Voyager's assets in a $1.42-billion bid at an auction thereafter. The collapse of FTX, which reverberated across the crypto world, sending bitcoin and other digital assets plummeting, impacted nearly one million customers and several investors as they faced billions of dollars in losses.

☆ Fairfax mulls India's Bangalore airport IPO at $3.7 Billion value- Bloomberg News
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - The Indian arm of Canadian investment company Fairfax Financial Holdings Ltd (FFH.TO) is weighing an initial public offering for India's Bangalore International Airport that could value the asset at about 300 billion Indian rupees ($3.7 billion), Bloomberg News reported on Thursday, citing sources. Fairfax India (FIHu.TO) holds a majority stake in the owner of Bengaluru's Kempegowda International Airport. It is working with an adviser on the potential listing that could take place as soon as next year, the report added. Reporting by Shivani Tanna in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares down on concerns over Fed's rate posture
▼ + stars: | 2022-11-17 | by ( Praveen Paramasivam | ) www.reuters.com time to read: +2 min

BENGALURU, Nov 17 (Reuters) - Indian shares slipped on Thursday, mirroring the weakness in Asian peers, amid growing signs that the Federal Reserve might not temper its aggressive monetary policy anytime soon. Meanwhile, Asia-Pacific shares ex-Japan (.MIAPJ0000PUS) slid a steeper 1.47%, with analysts pinning the smaller drop in local equities to India's fiscal health and economic growth prospects. San Francisco Fed President Mary Daly even said a pause was off the table. The Fed's stance could trigger "bouts of volatility," said Prashanth Tapse, vice president of research at Mehta Equities. "Traders are not uncomfortable with the high valuation of Indian markets, hence periodic profit-taking will continue."

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