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☆ India's Nifty scales new peak; Sensex inches towards record high
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Sept 12 (Reuters) - Indian shares opened higher on Tuesday, with the benchmark Nifty 50 hitting a record high for the second consecutive session, ahead of retail inflation data for August. The Nifty 50 (.NSEI) index was up 0.45% at 20,079.50 by 9:16 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.44% to 67,443.08. While the Nifty hit fresh all-time high on Tuesday, the Sensex is about 0.5% shy of the record high hit on July 20. Reporting by Bharath Rajeswaran and Archishma Iyer in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Archishma Iyer, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ TikTok launches online shopping in the US
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

U.S. flag and TikTok logo are seen in this illustration taken, June 2, 2023. TikTok is bringing online shopping through a series of features on its main app and is hoping to replicate the success of Asian platforms Shein and PDD Holdings' (PDD.O) Temu. New features include a shop tab, where businesses can display their products with logistics and payments solutions powered by TikTok. The social media firm said it also integrated its shopping service with various third-party platforms like Shopify (SHOP.TO), Salesforce (CRM.N), and Zendesk, among others. Reporting by Yuvraj Malik in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, TikTok, ByteDance, Yuvraj Malik, Dhanya Ann Thoppil Organizations: REUTERS, PDD Holdings, Thomson Locations: United States, U.S, Thailand, Vietnam, Malaysia, Philippines, Singapore, United Kingdom, Bengaluru

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end. UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details. The facility, announced in June, has been activated by large banks, including State Bank of India, the country's largest lender. Top private lender HDFC Bank is working with a technology firm IDEMIA to build a version of offline CBDC transactions for feature phones, according to two people aware of the plans.

Persons: Danish Siddiqui, Sharat Chandra, Akhil Handa, Handa, Jaspreet Kalra, Siddhi Nayak, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Danish, Rights, Reserve Bank of India, UPI, State Bank of India, India Blockchain, HDFC Bank, Bank of Baroda, Thomson Locations: Mumbai, India, Rights MUMBAI, Siddhi

☆ Faraday Future alleges "coordinated effort" to undermine valuation
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The interior of Faraday Future's luxury electric car FF91 is seen at the company's headquarters in Gardena, California, U.S. November 21, 2019. REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsCompanies Faraday Future Intelligent Electric Inc FollowSept 7 (Reuters) - Faraday Future Intelligent Electric (FFIE.O) on Thursday said it has recently observed a series of "suspicious activities" which the electric-vehicle startup believes suggested a "coordinated effort" to undermine its valuation. Faraday did not immediately respond to a Reuters' query seeking details on the claim. It also faced delivery delays with its FF 91 2.0 Futurist Alliance vehicle, the first of which it delivered in August. Reporting by Mrinmay Dey in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Faraday, Lucy Nicholson, Mrinmay Dey, Dhanya Ann Thoppil Organizations: REUTERS, Reuters, EV, FF, Futurist Alliance, Thomson Locations: Gardena , California, U.S, Los Angeles, Bengaluru

☆ India central-bank chief urges fintech firms to form a self-regulatory body
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Reserve Bank of India (RBI) Governor Shaktikanta Das speaks during a press conference after a G20 Finance Ministers' and Central Bank governors' meeting at Gandhinagar, India, July 18, 2023. "I would like to use this opportunity to urge and encourage the fintechs to establish a self-regulatory organisation or SRO themselves. From the Reserve Bank, we are willing to engage with you," Das said while delivering the keynote address at the Global FinTech Fest 2023 (GFF). The other advantage is that all the aspects of regulation will not be burdened on the Reserve Bank." Reporting by Siddhi Nayak and Swati Bhat; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Shaktikanta Das, Amit Dave, Das, T, Rabi Sankar, Siddhi Nayak, Swati Bhat, Dhanya Ann Thoppil Organizations: Bank of India, Ministers, Central Bank governors, REUTERS, Rights, Financial, Reserve Bank of India, Reserve Bank, Global, Siddhi, Thomson Locations: Gandhinagar, India, Rights MUMBAI

☆ Wagamama owner Restaurant Group projects higher annual profit
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

A sign of Wagamama restaurant is seen in London, Britain, October 5, 2020. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsSept 6 (Reuters) - Restaurant Group (RTN.L),the owner of Wagamama and Brunning & Price restaurants, said on Wednesday it expects annual profit to be higher after posting an increase in first-half earnings helped by more people dining at its joints. The group, which did not mention a range for its profit expectations for the year, said cost outlook for the medium term continued to improve. Analysts, on average, expected core profit to be about 77.5 million pounds for the year, according to company compiled consensus. Restaurant Group reported a 15% rise in adjusted core profit to 36.3 million pounds ($45.7 million) for the half-year ended July 2.

Persons: Hannah McKay, Radhika Anilkumar, Dhanya Ann Thoppil Organizations: REUTERS, Price, Restaurant Group, Thomson Locations: London, Britain, Bengaluru

☆ Disney urges Spectrum users to switch to Hulu live plan
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 4 (Reuters) - Walt Disney (DIS.N) urged customers of Charter Communications' Spectrum cable service to consider switching to a live television option from Hulu as the media companies remain at odds over a new distribution deal. With no deal in place, Disney suggested that Spectrum customers sign up for Hulu + Live TV, a streaming service that offers ESPN, ABC, Disney+ and dozens of other cable channels. "Despite the ongoing dispute, consumers have many other choices—such as Hulu + Live TV—that allow them to enjoy the great programming for which Disney Entertainment is known," the company said in a statement. Disney pulled its channels off Charter's Spectrum cable service last week in the middle of U.S. Open tennis coverage and other live sporting events including college football. Charter has about 14.7 million subscribers to its Spectrum TV service in markets including New York and Los Angeles.

Persons: Brendan McDermid, Walt Disney, Disney, “, ” Disney, Christopher Winfrey, Winfrey, Granth Vanaik, Lisa Richwine, Dhanya Ann Thoppil, Stephen Coates Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Charter Communications, Hulu, ABC, ESPN, Disney, Disney Entertainment, U.S, Spectrum TV, Thomson Locations: New York, U.S, Hulu, Los Angeles, Bengaluru

☆ Alibaba's cloud division eyes state firms for up to $3 bln fundraising- Bloomberg News
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 4 (Reuters) - Alibaba Group Holding Ltd's (9988.HK) cloud division is weighing raising funds via a private round from Chinese state-owned enterprises ahead of the business' market debut in Hong Kong, Bloomberg News reported on Monday. The tech giant is working with advisers on a potential fundraise by its Cloud Intelligence unit that could mop up about 10-20 billion yuan ($1.38-$2.75 billion), the report said, citing people with knowledge of the matter. Earlier this year, Alibaba announced plans to restructure into six units following a two-year regulatory crackdown on China's tech sector. It approved a full spinoff of the Cloud Intelligence Group via a stock dividend distribution to shareholders, aiming to complete the public listing within the next 12 months.

Persons: Dado Ruvic, Alibaba, Shivani Tanna, Dhanya Ann Thoppil Organizations: REUTERS, Bloomberg, Cloud Intelligence, Cloud Intelligence Group, Ant, Thomson Locations: HK, Hong Kong, Alibaba, Bengaluru

[1/2] Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. With Mukesh Ambani in his late 60s, "the time is probably right ... "This is also an attempt by Mukesh Ambani to ensure the next generation of Ambani siblings stay close to one another and do not have any discord." He is already the chairman of Reliance Jio Infocomm Limited, the telecom arm of Reliance. Akash's twin sister Isha is driving the expansion of Reliance Retail into new categories and geographies, and is already a director on the boards of the retail unit, Reliance Retail Ventures, which houses the conglomerate's bets in India's brick-and-mortar and e-commerce industries.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Isha, Akash, Ambani, Anant, Arun Dasmahapatra, Dhirubhai Ambani, Mukesh, Anil, Nita, Munsif Vengattil, Aditya Kalra, Tom Hogue, Mark Potter Organizations: Reliance Industries, REUTERS, India's Reliance Industries Ltd, Monday, Reliance, Brown University, Meta, Infocomm, Reliance Retail, Reliance Retail Ventures, Qatar Investment Authority, Investors, giga, Thomson Locations: Mumbai, India, BENGALURU, Jio, Bengaluru

☆ Australia's Appen slumps to over 7-year low on weak half-yearly results
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

Aug 28 (Reuters) - Shares of Australian artificial intelligence training provider Appen Ltd (APX.AX) on Monday hit their lowest level in more than seven years after reporting a significantly wider half-yearly loss on weak demand. The shares tanked as much as 28%, logging its sharpest losses since May 10. They pared some of the early losses and was down 27.2% at A$1.630 as of 0216 GMT. It also projected its annualised operating cost base on a run-rate basis to be lower than $113 million for fiscal 2023. Reporting by Navya Mittal and Poonam Behura; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Navya Mittal, Poonam, Dhanya Ann Thoppil Organizations: Appen, Thomson

☆ India's Skyroot expects to double rocket launches amid Chandrayaan-3's success
▼ + stars: | 2023-08-28 | by ( Rishika Sadam | ) www.reuters.com time to read: +2 min

Skyroot Aerospace's logo is seen in this picture illustration taken November 26, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHYDERABAD, Aug 28 (Reuters) - Skyroot Aerospace, which launched India's first private rocket in 2022, aims to double its planned launches starting next year on a likely boost to the country's fledgling private space sector from the success of the Chandrayaan-3 moon mission. The company conducted India's first private rocket launch looking to cut satellite launch costs in an industry fast getting crowded as various firms build out networks to deliver broadband services, which need small satellite launches. Chandana said the company plans to ramp up its 280-member workforce by 20% in the next two years to support the expected increase in launches. So, the next large fundraising round, the Series C round, will probably be in 2024 end," Chandana said.

Persons: Dado Ruvic, Pawan Kumar Chandana, Chandana, GIC, Rishika Sadam, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: REUTERS, Rights, Skyroot Aerospace, Reuters, Indian Space Research, Thomson Locations: Hyderabad, India

☆ European shares rise as fresh Chinese measures lift mood, tech stocks rally
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured as the German index celebrates its 35th birthday at the stock exchange in Frankfurt, Germany, August 15, 2023. By 0710 GMT, the pan-European STOXX 600 (.STOXX) added 0.7% after posting its first weekly gain in four. Technology stocks (.SX8P) advanced 1.5%, their first climb in three sessions, tracking an overnight rally on Wall Street. Meanwhile, interest rate expectations in the euro zone remained tepid following the European Central Bank President Christine Lagarde's speech late on Friday at the Jackson Hole symposium. Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Hermes, Christine Lagarde's, Shashwat Chauhan, Dhanya Ann Thoppil Organizations: REUTERS, Staff, Beijing, Technology, European Central Bank, Thomson Locations: Frankfurt, Germany, China, United Kingdom, Bengaluru

☆ Indian EV cell maker Log9 flags production hit on delayed visas to Chinese experts
▼ + stars: | 2023-08-28 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

"If the Chinese engineers don't arrive on time, then our cell line production will get impacted," Log9's co-founder and director, Pankaj Sharma, told Reuters. A delay of about four months in the issue of visas would hamper the speed at which its factory reaches peak production levels, Sharma said. Log9's Bengaluru factory, its only manufacturing unit currently, has an annual installed capacity of 250 MWh of battery production. Log9 has sold over 1,000 battery units so far in 2023 after clocking sales of 4,000 units last year, according to Sharma, who declined to disclose the production figures. The company will begin the next funding round by the end of this year or early next year, Sharma said.

Persons: Pankaj Sharma, Sharma, Amara Raja, Rama Venkat, Dhanya Skariachan, Eileen Soreng Organizations: Reuters, Maersk, Blue Dart Express, Quantum Energy, Hala, Malaysia's Petronas, Thomson Locations: BENGALURU, Bengaluru, New Delhi, China, India

REUTERS/Brendan McDermid/File Photo/File Photo Acquire Licensing RightsAug 25 (Reuters) - AstraZeneca (AZN.L) said on Friday it has sued the U.S. government to block parts of a program that gives the Medicare health insurance plan the power to negotiate lower drug prices. The program faces at least seven other court challenges, including from leading industry group PhRMA and drugmakers Johnson & Johnson (JNJ.N), Merck & Co (MRK.N), Bristol Myers Squibb (BMY.N) and privately-held Boehringer Ingelheim. The drug price negotiation program is part of President Joe Biden's signature Inflation Reduction Act (IRA). ‍AstraZeneca said the program would deter continued development of treatments such as its cancer drug Lynparza and rare blood disorder drug Soliris, which carry orphan drug status for multiple conditions. An HHS spokesperson said in a statement that the agency "will vigorously defend the President's drug price negotiation law, which is already helping to lower healthcare costs for seniors and people with disabilities."

Persons: Brendan McDermid, drugmakers Johnson, Johnson, Joe Biden's, AstraZeneca, Bhanvi, Dhanya Ann Thoppil, Shilpi Majumdar Organizations: AstraZeneca, New York Stock Exchange, REUTERS, U.S, Merck & Co, Bristol Myers Squibb, U.S . Department of Health, Human Services, Thomson Locations: British, Delaware, United States, U.S, Bengaluru

FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange, U.S., April 8, 2019. The drug price negotiation program is part of President Joe Biden's signature Inflation Reduction Act (IRA). The program faces several other court challenges, including from leading industry groups and other drug companies. ‍AstraZeneca said it was filing a legal challenge in a bid to "protect timely access to medicines for orphan indications" in the United States. Reporting by Bhanvi Satija in Bengaluru; Editing by Dhanya Ann Thoppil and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Joe Biden's, AstraZeneca, Bhanvi, Dhanya Ann Thoppil, Shilpi Majumdar Organizations: AstraZeneca, New York Stock Exchange, REUTERS, drugmaker AstraZeneca, Thomson Locations: United States, Bengaluru

☆ Australia's ANZ Group and Suncorp seek review of $3.2 bln deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo Acquire Licensing RightsAug 25 (Reuters) - ANZ Group (ANZ.AX) and Suncorp Group (SUN.AX) said on Friday that they have filed separate applications to seek a tribunal review after Australia's competition regulator recently blocked ANZ's $3.2 billion buyout of Suncorp's banking arm. read moreBoth companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions. ACCC acknowledged the companies' move, but declined to comment further. Reporting by John Biju in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Steven Saphore, John Biju, Dhanya Ann Thoppil Organizations: New Zealand Banking Group, ANZ, REUTERS, Suncorp Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, ACCC, Thomson Locations: Australia, Sydney, Bengaluru

☆ Australia's ANZ Group and Suncorp seek review of $3.2 billion deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

☆ Rupee caught between further rise in US yields, yuan recovery
▼ + stars: | 2023-08-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsMUMBAI, Aug 22 (Reuters) - The Indian rupee is likely to open little changed on Tuesday on the back of a recovery in the Chinese yuan and other Asian currencies despite a further rise in U.S. yields. Asian currencies managed a recovery on Tuesday, despite the U.S. Treasury yields. The offshore yuan was back below 7.30 to the dollar on bets of tightening up of offshore yuan liquidity. China's major state-owned banks were seen actively mopping up the offshore yuan on Monday.

Persons: Francis Mascarenhas, Jerome Powell's, Powell, Nimesh Vora, Dhanya Ann Thoppil Organizations: REUTERS, Rights, Reserve Bank of, Treasury, Federal Reserve, ING Bank, ING, U.S, Brent, Thomson Locations: Mumbai, India, Reserve Bank of India

☆ Citigroup mulls plan to split its largest division - source
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The bank is unlikely to replace Ybarra, the head of its Institutional Clients Group (ICG), the source said on Monday. The plans are still being considered and have not been finalized, the source said. The ICG unit provides financial services to institutional investors and governments. Its shares fell 0.6% alongside a broader decline in the S&P bank index, which dropped 0.5% in Monday trading.

Persons: Chris Helgren, Paco Ybarra, Jane Fraser, Scott Siefers, Piper Sandler, Ybarra, Tatiana Bautzer, Saeed Azhar, Lavanya, Dhanya Ann Thoppil, Hugh Lawson, Mark Potter Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Ybarra, Group, ICG, Financial Times, Reuters, Thomson Locations: Toronto , Ontario, Canada, New York, Bengaluru

☆ China's Honor stages India return with local manufacturing plans in early 2024
▼ + stars: | 2023-08-21 | by ( Indranil Sarkar | ) www.reuters.com time to read: +2 min

REUTERS/Nacho Doce/File Photo Acquire Licensing RightsBENGALURU, Aug 21 (Reuters) - Chinese smartphone brand Honor will relaunch in India through a licensing deal with a local company and is aiming to start domestic manufacturing by early next year, its country head told Reuters. Honor had stopped selling its smartphones in India and reportedly retreated last year amid limited marketing budget and less prudent portfolio management. It will launch three variants of Honor phones in India, with the mid-ranged Number series expected by September. The company, wholly owned by local shareholders, will make, sell and service Honor-branded smartphones in India. Honor Tech aims to capture a 5% share of India's smartphone market by sales volumes in 2024, with a revenue of at least 100 billion rupees ($1.20 billion), Sheth said.

Persons: Magic, Nacho, Neil Shah, Madhav Sheth, Realme, Sheth, Indranil Sarkar, Dhanya Skariachan, Dhanya Ann Thoppil Organizations: Congress, REUTERS, Rights, Reuters, Huawei Technologies, Counterpoint Research, Tech, Samsung Electronics, Vivo, Thomson Locations: Barcelona, Spain, India, Bengaluru

☆ Citi mulls plan to split Institutional Clients Group in overhaul- FT
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The plan envisages splitting the bank's Institutional Clients Group (ICG) into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said, citing people familiar with the proposal. The Institutional Clients Group which provides financial services to institutional investors and governments is one of the biggest divisions of the bank. The new segments will be run by their current heads, who would report directly to Fraser, the newspaper said. Reporting by Lavanya Ahire in Bengaluru; Editing by Nivedita Bhattacharjee and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Jane Fraser, Fraser, Paco Ybarra, Lavanya, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Financial Times, Group, ICG, Reuters, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

☆ DP Eurasia to file for bankruptcy of Russian Domino's Pizza franchisee
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Aug 21 (Reuters) - DP Eurasia (DPEU.L) will file for bankruptcy for its Russian business and exit the country, the operator of the Domino's Pizza brand in Russia, Turkey, Azerbaijan and Georgia said on Monday. In December, the company said it was considering options for its Russian operations, including a divestment, like other Western firms which have exited Moscow following its invasion of Ukraine. Some have managed to negotiate swift exits, often selling at huge discounts or handing the keys to local management. The pace of exits has now slowed substantially but the rules are even harder to navigate for those remaining. DP Russia, the third-largest pizza delivery company in the country, operated about 142 stores.

Persons: Eva Mathews, Dhanya Ann Thoppil, Savio D'Souza Organizations: DP Eurasia, Eurasia, DP Eurasia's Turkish, DP Russia, Thomson Locations: Russia, Turkey, Azerbaijan, Georgia, Moscow, Ukraine, Bengaluru

☆ Rupee likely to decline on yuan-led weakness in Asia fx
▼ + stars: | 2023-08-21 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 21 (Reuters) - The Indian rupee is expected to drop at the opening on Monday, tracking losses in Asian peers and on persisting worries over U.S. yields. Non-deliverable forwards indicate rupee will open at around 83.18-83.20 to the U.S. dollar, compared with 83.1025 in the previous session. The offshore Chinese yuan dropped to near 7.32 to the dollar on Monday despite a smaller-than-expected interest rate cut. More than 90% of the economists had predicted a 15 bps rate cut. Investors expect Chair Jerome Powell to give clarity on the interest rate path.

Persons: Fed's, Jerome Powell, Powell, Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S ., Reserve Bank of India, Reuters, Federal Reserve, ANZ, Brent, Thomson Locations: MUMBAI, Mumbai, China

☆ India cenbank issues guidelines to regulate penal charges by banks
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. Penalty, if charged, should be treated as "penal charges" and not be levied as "penal interest" on the existing rate charged on loan, the Reserve Bank of India (RBI) said in a notification. The RBI also asked the banks to formulate a board-approved policy on penal charges or similar levies on loans. Further, the quantum of penal charges should be "reasonable" and "not discriminatory" within a particular loan or product category, the bank said. It also sought the lenders to disclose the quantum and reason for penal charges.

Persons: Francis Mascarenhas, Siddhi Nayak, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Siddhi, Thomson Locations: Mumbai, India

☆ Paytm CEO Sharma to buy stake worth $628 mln in co from Antfin Holding
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Paytm founder and CEO Vijay Shekhar Sharma delivers a speech during his company's IPO listing ceremony at the Bombay Stock Exchange (BSE) in Mumbai, India, November 18, 2021. Sharma's stake purchase from Antfin (Netherlands) Holding B.V. is valued at $628 million, as per Paytm's last closing price of 796.6 rupees a share. Sharma's stake in the digital payments firm will increase to 19.42%, while Antfin's shareholding will reduce to 13.5%. The company added that there would be no change in the management or control of Paytm, with Sharma and the existing board continuing in their roles. Reporting by Varun Vyas in Bengaluru; Editing by Dhanya Ann Thoppil and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Vijay Shekhar Sharma, Niharika Kulkarni, Sharma, Varun Vyas, Dhanya Ann Thoppil, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Thomson Locations: Mumbai, India, BENGALURU, Antfin, Netherlands, Bengaluru

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