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☆ India's ITC to demerge hotel business into separate company; shares fall
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, July 24 (Reuters) - India's ITC Ltd (ITC.NS) said it would spin off its hotel business, separating it from its cigarettes and food units, sending shares 4% lower on Monday. Shares of ITC hit a record high earlier in the day before falling as much as 4.3% after the demerger was announced. Indian hotels have turned into a hot sector as pandemic-led disruptions eased, with operators enjoying higher rates and occupancy. The Indian hospitality industry is expected to witness rapid growth going forward, ITC said. The hotel business accounted for nearly 4% of ITC's total revenue from services and sales and contributed over 2% of its annual profit, according to its latest annual report.

Persons: Varun Vyas, Sohini Goswami Organizations: India's ITC, ITC Hotels, ITC, Tata, Indian Hotels, Taj Hotels, Marriott Hotels, Oberoi, Thomson Locations: BENGALURU, Bengaluru

☆ India forex reserves top $600 billion, rise to near 15-month high
▼ + stars: | 2023-07-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

They rose by $12.74 billion from the week earlier - the biggest gain in four months - having risen by a total of $3.08 billion in the prior two weeks. "A major portion of the week-on-week jump in forex reserves is driven by revaluation gains due to dollar weakness and reduction in U.S. Treasury yields," said Gaura Sen Gupta, India economist at IDFC FIRST Bank. The current level of forex reserves, along with the RBI's forward foreign exchange book of $19.3 billion, is enough to cover over 11 months of imports, Reuters' calculations showed. In the week for which the forex reserves data pertains, the rupee had logged its best week in four. Foreign Exchange Reserves (in million U.S. dollars)Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx)Reporting by Siddhi Nayak; Editing by Sohini Goswami and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Gaura Sen Gupta, Sen Gupta, Siddhi Nayak, Sohini Goswami, Nivedita Organizations: Treasury, IDFC FIRST Bank, Reuters, Reserve Bank of India's, National Securities Depository Limited, Foreign Exchange, Siddhi, Thomson Locations: MUMBAI, U.S, India

☆ India's Infosys shares slide after cutting full-year growth outlook
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 21 (Reuters) - Shares of Infosys (INFY.NS), India's second-largest software exporter, fell as much as 9% on Friday, after the company halved its full-year revenue growth outlook and posted a weaker-than-expected first-quarter profit. The company cut its revenue guidance to 1%-3.5% on a constant currency basis from the previous 4%-7%. Infosys Chief Executive Salil Parekh attributed the guidance cut to delays in decision-making by clients. Last week, market leader Tata Consultancy Services (TCS.NS) warned of an uncertain demand environment, while smaller peers HCLTech (HCLT.NS) and Wipro (WIPR.NS) reported and projected muted growth. ($1 = 82.0440 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Salil Parekh, Varun Vyas, Sohini Goswami Organizations: Infosys, Tata Consultancy Services, Wipro, Thomson Locations: BENGALURU, Bengaluru

☆ Cathay Pacific expects up to $576 mln first-half profit as demand jumps
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

Cathay Pacific booked record losses in the last three years as it parked much of its fleet during the pandemic amid COVID-related flight cancellations and drastic headcount cuts. As a result, its passenger load factor was 87.2% for the first half, compared with 59.2% last year. "Turning to July and August, on the travel side the outlook is encouraging," Cathay Pacific said. For fiscal 2023, Cathay Pacific is expected to log profit of HK$3.92 billion, according to a Refinitiv estimate, a huge swing from a HK$7.16 billion loss last year. ($1 = 7.8146 Hong Kong dollars)Reporting by Sameer Manekar in Bengaluru, additional reporting by Donny Kwok in Hong Kong; Editing by Sohini Goswami, Nivedita Bhattacharjee, Tom Hogue and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Hong, Sameer Manekar, Donny Kwok, Sohini Goswami, Nivedita Bhattacharjee, Tom Hogue, Jan Harvey Organizations: Cathay Pacific Airways, HK, Cathay Pacific, Cathay, Hong Kong, Association, Airlines, Hong Kong's, Thomson Locations: North America, Australasia, Hong Kong, Air China, Cathay Pacific, Bengaluru

☆ Amazon gets labor board complaint on failure to bargain with NY union
▼ + stars: | 2023-07-13 | by ( Chandni Shah | ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Amazon.com (AMZN.O) was hit with a complaint on Wednesday for refusing to bargain with a New York workers' union, a spokesperson for the National Labor Relations Board (NLRB) said. Workers at the facility, located in the New York City borough of Staten Island, voted to join the Amazon Labor Union (ALU) last year, a first for the company in the United States. However, the e-commerce giant has challenged the results before the labor board, delaying any discussions with the union until the matter is resolved. The company's challenge has already been struck down once by the labor board in January. Amazon has faced dozens of complaints from workers and the ALU as the union attempts to organize warehouses across the country.

Persons: Chris Smalls, Shubham Kalia, Nivedita Bhattacharjee, Sohini Organizations: National Labor Relations Board, NLRB, Workers, New, Amazon Labor Union, Thomson Locations: New York, New York City, Staten Island, United States

☆ Gold near one-month high on hopes of Fed nearing end of rate hikes
▼ + stars: | 2023-07-13 | by ( Arundhati Sarkar | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% to $1,959.79 per ounce by 0241 GMT, hitting its highest since June 16. Therefore, a lot of focus remains on the central bank's next rate-setting meeting, which could dictate near-term gold prices, said Brian Lan of Singapore dealer GoldSilver Central. Recent hawkish comments from policymakers have weighed on gold, with bullion down more than $100 since its May highs. Among other precious metals, spot silver rose 0.3% to $24.2163 per ounce and palladium advanced 0.7% to $1,292.19. Reporting by Arundhati Sarkar in Bengaluru; Editing by Rashmi Aich and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Silver, Brian Lan, Lan, Price, Arundhati Sarkar, Rashmi Aich, Sohini Organizations: Federal Reserve, GoldSilver, Thomson Locations: Brian Lan of Singapore, Bengaluru

The pan-European STOXX 600 index (.STOXX) closed 1.5% higher, extending gains to the fourth straight day. U.S. consumer prices advanced 3.0% in June - their smallest year-on-year increase since March 2021 - after 4% growth in May. Gains in the lenders lifted UK's FTSE 100 index (.FTSE) by 1.8%, leading gains among European peers and pushing the European banks index (.SX7P) up 1.9%. European shares have performed better than UK stocks so far this year, amid economic resilience and signs of cooling inflation in the euro zone, with focus now shifting to the upcoming earnings season. Data showed Spanish national consumer prices rose 1.9% in the 12 months through June, down from a 3.2% rise in the period through May.

Persons: Daniel Casali, Evelyn, Jefferies, Vincent Chaigneau, Matteo Allievi, Shreyashi Sanyal, Sohini Goswami, Nick Zieminski Organizations: U.S, Jefferies, Federal, Evelyn Partners, Lloyds, Barclays, HSBC, Bank of England, Miners, ASM International, Infineon, Generali Investments, Air France, KLM, Deutsche Bank, Thales, Cobham Aerospace Communications, Spanish, Thomson Locations: United States, U.S, Gdansk, Amruta, Bangalore

☆ European shares gain ahead of key US inflation data
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - European shares edged higher on Wednesday in the run-up to the release of key U.S. inflation data which will determine whether the Federal Reserve is nearing the end of its monetary policy tightening. The pan-European STOXX 600 index (.STOXX) was up 0.3% by 7:07 GMT. The U.S. data, scheduled to be released at 1230 GMT, is expected to show the consumer price (CPI) index moderated to 3.1% year-on-year in June after May's 4% rise. A sharp slowdown in inflation could fuel bets that the Fed might end its market-punishing rate hikes after July. Reporting by Matteo Allievi in Gdansk and Amruta Khandekar in Bangalore; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Jefferies, Matteo Allievi, Sohini Goswami Organizations: Federal Reserve, May's, Technology, ASML, Infineon, Thomson Locations: U.S, Gdansk, Amruta, Bangalore

☆ India cenbank calls on more lenders to offer digital rupee - sources
▼ + stars: | 2023-07-12 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

Nearly two dozen central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey, published on Monday. The RBI aims to reach a target of one million CBDC transactions per day by the end of this year, RBI deputy governor T Rabi Sankar said on Tuesday. There were 1.3 million customers and 0.3 million merchants, who used CBDC as of June 2023, he said. "We are in the advanced stage of submitting a CBDC pilot request to the RBI. The central bank has also asked smaller banks to seek feedback from those currently conducting the pilots, the bankers said.

Persons: T Rabi Sankar, Siddhi Nayak, Sohini Goswami Organizations: Reserve Bank of India, Reuters, Bank for International Settlements, State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank, Siddhi, Thomson Locations: MUMBAI, Bank, BOB.NS

SummaryCompanies Dollar down 0.3%, at lowest since May 11Inflation data expected at 1230 GMTJuly 12 (Reuters) - Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve's rate-hike policy path. Making gold cheaper for holders of other currencies, the dollar index (.DXY) fell 0.3% to its lowest level since May 11. "There has been some renewed confidence in gold prices lately, given the broad expectations for the upcoming U.S. CPI to reflect further moderation in pricing pressures," said Yeap Jun Rong, market strategist at IG. Economists polled by Reuters expect June core inflation rate to have dropped to 5% from 5.3%, still significantly above the Fed's 2% target. In the wider base metals market, prices rose, supported by a weaker dollar, although a gloomy demand outlook loomed over the market.

Persons: Jun Rong, Barot, Seher, Sherry Jacob, Phillips, Sohini Organizations: Treasury, CPI, IG, Reuters, Metals, Thomson Locations: Bengaluru

☆ India's Adani mulls bidding for Anil Ambani's bankrupt coal plants, Bloomberg reports
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Indian billionaire Gautam Adani is considering a bid for the bankrupt coal-fired power plants belonging to industrialist Anil Ambani, Bloomberg News reported on Tuesday, citing people familiar with the matter. Ambani's Reliance Power Ltd (RPOL.NS) will also likely make an offer to win back control of the firm, the report added. Last week, Adani Green Energy Ltd (ADNA.NS) approved raising 123 billion rupees ($1.49 billion), while two other Adani group companies - Adani Transmission (ADAI.NS) and Adani Enterprises (ADEL.NS) - had in May outlined plans to raise funds totalling $2.57 billion. Adani's bids are aimed at strengthening the company's growing portfolio of coal power projects, the report said. Adani Enterprises or Reliance Power did not immediately respond to a Reuters' request for comment.

Persons: Gautam Adani, Anil Ambani, Ambani, Adani, Jose Joseph, Kashish Tandon, Sohini Goswami Organizations: Bloomberg, Vidarbha Industries Power Ltd, Ambani's Reliance Power, Green Energy Ltd, Adani Enterprises, Hindenburg Research, Reliance, Thomson Locations: Vidarbha, Nagpur, Maharashtra, Bengaluru

☆ India’s stock market is hitting record highs. Here’s why
▼ + stars: | 2023-06-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

London CNN —India’s stock market is booming as investors take a chance on one of the few bright spots in a fragile global economy. The country’s stocks are so hot that India is now home to the world’s fourth most valuable equity market, behind only the United States, China and Japan. The total value of Indian equities has hit $3.5 trillion, greater than the value of Europe’s two biggest stock markets, in the UK and France, according to data from Refinitiv. Bright prospectsThe surge in Indian equities is a reflection of the strength and potential of the country’s economy, according to economists and fund managers. “The Indian equity market is the classic example of ‘expensive for a reason’,” he said.

Persons: ” Sher Mehta, ” Mehta, Sohini Kar, India Ashish Vaishnav, Pieter Elbers, Narendra Modi, Joe Biden, Apple, Lorenzo La, ”, Posta, La Posta, Gautam Adani Organizations: London CNN, United Kingdom’s FTSE, CAC, Virtuoso Economics, CNN, Monetary Fund, India, London School of Economics, Airbus, ”, Apple, Momentum Global Investment Management Locations: India, United States, China, Japan, Russia, Europe, France, Refinitiv, Mumbai, Washington, Germany

MUMBAI, June 27 (Reuters) - Goswami Infratech, a Shapoorji Pallonji group entity, closed India's largest debt issue from a low-rated company on Tuesday, signalling growing interest in high-yielding debt from local and global private credit funds, bankers and fund managers said. Goswami Infratech accepted bids worth 143 billion rupees ($1.74 billion), including from Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners and Cerberus Capital Management, the bankers said. "We are seeing money coming in from global asset managers, international development financial institutions and large pension funds in Indian private credit funds," said Vineet Sukumar, founder of Vivriti Asset Management, which also manages a private credit fund. Two recent changes in regulation have also provided a boost to private credit funds. The tweaks have led to more funds from high net worth individuals and family offices flowing into private credit funds, while elevated yields are further leading to attractive investment opportunities.

Persons: Goswami Infratech, Davidson Kempner, Sukumar, Ajay Manglunia, Saurabh Jhalaria, Karthik Athreya, Sundaram, Dharamraj Dhutia, Bhakti, Sohini Goswami Organizations: Edelweiss, Fund, Ares Capital Management, Varde Partners, Cerberus Capital Management, Deutsche Bank, Standard Chartered Bank, Ares, Vivriti Asset Management, JM Financial, EY, Asset Management, Thomson Locations: MUMBAI, India

☆ India's Infosys signs $454-mln deal with Danske Bank
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 26 (Reuters) - Infosys (INFY.NS), India's No.2 IT services provider, signed a $454-million contract with Denmark's Danske Bank on Monday, at a time when the broader sector is struggling with a slowdown in an uncertain global economy. The IT company will help digitize the lender's core business and add more cloud and data facilities to it, including Infosys acquiring Danske Bank's IT centre in India, it said in a regulatory filing. The contract is for five years, with an option to renew for one more year for a maximum of three times. Bengaluru-based Infosys' contract comes days after Mumbai-based bigger rival TCS signed a deal worth 840 million pounds with British pension scheme Nest, for an starting tenure of 10 years. "Despite a strengthened order pipeline, the effects of this deal might be offset by macro factors such as inflation and increased labour costs," Akshara Bassi, an analyst at Counterpoint Research, said on the Danske Bank deal.

Persons: Akshara Bassi, Navamya Ganesh Acharya, Varun, Sohini Goswami, Nivedita Organizations: Infosys, Denmark's Danske Bank, Danske Bank's, TCS, Counterpoint Research, Danske Bank, Varun Vyas, Thomson Locations: BENGALURU, India, Bengaluru, Mumbai

The continent-wide STOXX 600 index (.STOXX) closed 0.5% lower, extending declines to the third consecutive session. Real estate stocks (.SX86P) fell 1.6%, leading sectoral losses. Shares of Kojamo (KOJAMO.HE) slid 5.4% after Barclays double-downgraded the Finnish residential real estate company's stock. Shares of European post and logistics companies slid after U.S. rival FedEx (FDX.N) reported lower quarterly profits on Tuesday. The STOXX 600 index (.STOXX) is on track for gains of 1.2% in June, losing some momentum from the first quarter of the year amid a high-interest rate environment, investor preference shifting away from value-oriented stocks and lacklustre China recovery.

Persons: Fed's Powell, BoE, Jerome Powell, Powell, Anna Titareva, Shreyashi Sanyal, Siddarth, Sohini Goswami, Eileen Soreng Organizations: Tech, Federal, Bank of, Bank, UBS, Central Banks ', Barclays, FedEx, Deutsche Post, Thomson Locations: BoE Real, Britain, China, United States, Bengaluru

☆ European shares fall on real estate drag, UK stocks slide after CPI data
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - European shares opened lower on Wednesday after the real estate sector led declines against rising euro zone bond yields, while data affirming stubborn inflation in Britain weighed down London stocks. The continent-wide STOXX 600 index (.STOXX) dipped 0.1% by 0716 GMT. The exporter-heavy FTSE 100 index (.FTSE) fell 0.4%, tracking a jump in the pound following the UK inflation data. British consumer price index defied expectations of slowing and held at 8.7% in May. The data came a day before the Bank of England is forecast to raise interest rates for the 13th time in a row.

Persons: Jerome Powell's, Shreyashi Sanyal, Sohini Goswami Organizations: Bank of England, Investors, Federal, Thomson Locations: Britain, London, British, Bengaluru

☆ UK housebuilder Berkeley flags demand woes despite annual profit jump
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Berkeley Group Holdings (BKGH.L) on Wednesday posted a near-10% jump in annual profit even as the British high-end homebuilder warned of demand concerns and tough market conditions due to elevated levels of interest rates. Berkeleys' update comes at a time strengthening prospects of further Bank of England interest rate hikes have stymied hopes of a strong recovery in the UK housing sector as lenders withdraw or reprice mortgage offerings. CEO Robert Perrins said business continued to see good levels of enquiries, but flagged concerns about the trajectory of interest rate rises. Operating across London, Birmingham and the South of England, Berkeley reported a pre-tax profit for the year ended April 30 of 604 million pounds ($772.5 million), compared with 551.5 million pounds reported a year earlier. The homebuilder had forecast a pre-tax profit of about 600 million pounds.

Persons: homebuilder, Moody's, Robert Perrins, Aby Jose Koilparambil, Suban Abdulla, Sherry Jacob, Phillips, Sohini Organizations: Berkeley Group Holdings, Bank of, Thomson Locations: Bank of England, Berkeley, London, Birmingham, England, Bengaluru

The continent-wide European STOXX 600 (.STOXX) index rose 0.5%. The index gained 1.5% in the policy-packed week, its best performance in over two months. China-focused luxury stocks such as LVMH (LVMH.PA) and Richemont (CFR.S) gained nearly 3% each, boosting the broader STOXX 600. Defensive shares such as healthcare (.SXDP) gained 0.9%, and utilities (.SX6P) climbed 1.3% to a four-week peak. The STOXX 600 broke away from a restrictive 1% trading range that was seen for much of the past two weeks, as investors gradually start putting behind major central bank events.

Persons: Travis Perkins, DAX, Germany's DAX, Danni Hewson, AJ Bell, Hewson, Shreyashi Sanyal, Siddarth, Sohini Goswami, Sherry Jacob, Phillips Organizations: European Central Bank, U.S, U.S . Federal, Bank of Japan, Bank of, Britain's, Rheinmetall, Apollo Global Management, Claure Group, Thomson Locations: China, U.S ., Stockholm, Millicom, Bengaluru

As widely expected, the BOJ maintained its -0.1% short-term interest rate target and a 0% cap on the 10-year bond yield set under its yield curve control (YCC) policy. The yen fell broadly following the decision and hit a fresh 15-year low of 154.70 per euro and was set for the biggest weekly decline against the single currency in three years. Reuters GraphicsFED FACES GRIM DATAThe ECB's monetary policy decision came a day after the U.S. Federal Reserve left interest rates unchanged, snapping a string of 10 consecutive rate hikes. Production at U.S. factories almost stalled in May as manufacturing struggled under the weight of higher interest rates, while U.S. import prices similarly fell last month. Against a basket of currencies , the dollar index edged up 0.03% to 102.17, after slipping to a one-month low on Thursday.

Persons: we're, Kazuo Ueda, Hirofumi Suzuki, Goldman Sachs, Christine Lagarde, Shaun Osborne, Joice Alves, Rae Wee, Philippa Fletcher, Sohini Organizations: LONDON, Bank of Japan, European, Bank's, U.S, ECB, Sterling, Bank of England, Reuters Graphics, U.S . Federal Reserve, Fed, Labor Department, Scotiabank, Thomson Locations: SINGAPORE, United States, Europe, Toronto, London, Singapore

☆ European shares edge higher at open, defensive healthcare stocks up
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

June 16 (Reuters) - European shares opened higher on Friday as gains were led by defensive healthcare stocks at the end of a week dominated by major central bank policy decisions. The continent-wide European STOXX 600 (.STOXX) index rose 0.2% at 0717 GMT, with the healthcare index (.SXDP) up 0.5%. The STOXX 600 had ended Thursday lower after the European Central Bank (ECB) raised borrowing costs and signalled more policy tightening in its fight against sticky inflation, a day after the U.S. Federal Reserve's hawkish pause. Shares of Britain's biggest supplier of building materials Travis Perkins (TPK.L) slid 7.4% to the bottom of the STOXX 600 after it warned profit would be hit by difficulties in the country's housing market. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Travis Perkins, Shreyashi Sanyal, Sohini Goswami Organizations: European Central Bank, U.S, U.S . Federal, Bank of Japan, Britain's, Thomson Locations: U.S ., Bengaluru

☆ Dollar ekes out gain after Fed hike hint; yen slips
▼ + stars: | 2023-06-15 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The Fed's policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot, showed policymakers expect two more increases by the end of 2023. The euro was last flat versus the dollar at $1.0841 after touching a four-week high of $1.0865 on Wednesday. "Dollar-yen is at year highs and markets are increasingly beginning to talk about whether a further rise could trigger the BoJ to verbally and also effectually intervene in the FX market," Lomholt added. Japan's top government spokesperson said on Thursday that volatile currency market moves were undesirable and the authorities would take "appropriate" action as needed. The kiwi dollar sank 0.6% to $0.6172 after data showed New Zealand's economy slipped into a technical recession in the first quarter, putting further rate hikes in doubt.

Persons: Jerome Powell, Fed, Mohit Kumar, Kristoffer Kjær Lomholt, Lomholt, Sim Moh Siong, Samuel Indyk, Rocky Swift, Edmund Klamann, Sohini Goswami, Shweta Agarwal Organizations: U.S, Federal Reserve, European Central Bank, Jefferies, Bank of Japan, Money, ECB, Danske Bank, The Bank of, FX, People's Bank of China, Singapore, Thomson Locations: The Bank of Japan

☆ Japan's Nikkei closes at 33-year high; firm Wall Street lifts appetite
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

The Nikkei index (.N225) jumped 2.2% to end at 32,217.43, its highest close since July 1990 and posted its biggest daily gain since Jan. 18. "The market was supported by the gains in the U.S. market on Friday. That helped keep the money flowing into risk assets in Japan," said Shigetoshi Kamada, general manager at the research department at Tachibana Securities. Hence, when U.S. shares rise, there is no reason for not buying Japanese stocks, Kamada added. All but one of the Tokyo Stock Exchange's 33-sector sub-indexes rose, with machineries (.IMCHN.T) rising 3.12% to lead the gains.

Persons: Shigetoshi Kamada, Kamada, Fanuc, Junko Fujita, Janane Venkatraman, Sohini Organizations: Nikkei, Bank of Japan, Tachibana Securities, The Bank of, Reserve, Tokyo, Screen Holdings, Tokyo Stock, Utilities, Tokyo Electric Power Holdings, Thomson Locations: TOKYO, U.S, Japan, The Bank of Japan, Washington, Philadelphia

NEW DELHI/BENGALURU, June 2 (Reuters) - The India and South Asia head of Amazon.com Inc's (AMZN.O) cloud division, Puneet Chandok, has resigned with effect from August 31, the company said on Friday. Chandok had taken the helm of Amazon Web Services in June 2019. Vaishali Kasture, currently head of enterprise for mid-market and global businesses at AWS India and South Asia, would take on the role of interim leader of commercial business for the unit, Amazon India said. The news came over two weeks after Amazon's cloud computing unit revealed plans to invest 1.06 trillion rupees ($12.87 billion) in India by 2030, doubling down on its past investments to cater to the growing demand for such services in Asia's No. The interim provides an opportunity for other cloud companies such as Azure and Google Cloud Platform, along with homegrown players, to make aggressive bids for accounts, said Akshara Bassi, an analyst at Counterpoint Research.

Persons: Inc's, Puneet Chandok, Chandok, Vaishali Kasture, Akshara Bassi, Munsif Vengattil, Aditya Kalra, Varun, Savio D'Souza, Dhanya Ann Thoppil, Sohini Organizations: NEW, Amazon Web Services, India, Amazon, Counterpoint Research, Varun Vyas, Thomson Locations: NEW DELHI, BENGALURU, India, South Asia, Amazon India, Asia's, New Delhi, Bengaluru

☆ Risks on Indian rupee seen on the downside in wake of yuan's plunge
▼ + stars: | 2023-05-31 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 31 (Reuters) - The bias on the Indian rupee is seen on the downside in Wednesday's trading session after the Chinese yuan dropped to a fresh six-month low to the U.S. dollar. Non-deliverable forwards indicate the rupee will open slightly weaker than 82.71 in the previous session. "Looking at the yuan, you would have to say a move higher (on USD/INR) is more likely," a spot trader said. Data showed that China's factory activity contracted faster than expected in May on weakening demand, pushing Asian shares and U.S. equity futures lower. 29** NSDL data shows foreign investors sold a net $43.7mln worth of Indian bonds on May.

Persons: Joe Biden, Kevin McCarthy, Nimesh Vora, Sohini Goswami Organizations: U.S ., U.S . Federal Reserve, ANZ, Brent, Thomson Locations: MUMBAI, Hong Kong, China, .

☆ Indian shares open flat as US debt deal spurs optimism
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, May 30 (Reuters) - Indian shares opened little changed on Tuesday after rising to a five-month high on Monday amid improved global cues after U.S. lawmakers reached a tentative debt ceiling deal over the weekend. The blue-chip Nifty 50 (.NSEI) index was up 0.06% at 18,609.35 as of 9:18 a.m. IST, while the benchmark S&P BSE Sensex (.BSESN) gained 0.02% to 62,861.10. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

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