DIRS.INFO The most relevant business & tech news

☆ Indian rupee to nudge higher at open, avoiding losses in Asian peers
▼ + stars: | 2023-06-21 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, June 21 (Reuters) - The Indian rupee is likely to open slightly higher to the U.S. dollar on Wednesday, shrugging off a decline in other Asian currencies. Non-deliverable forwards (NDF) indicate the rupee will open at 82.06-82.08, up slightly from 82.1175 in the previous session. The USD/INR NDF has not reacted to another round of losses for the Chinese yuan and the move higher on USD/Asia overall, a forex trader at a private bank said. The offshore Chinese yuan dropped below 7.20 to the dollar, the lowest since November 2022. The offshore Chinese yuan has lost 1% this month to add to the 3% decline in May.

Persons: shrugging, Jerome Powell's, Powell, Nimesh Vora, Sonia Cheema Organizations: U.S, NDF, Korean, U.S . Federal, ANZ, Brent, Thomson Locations: MUMBAI, Asia, U.S

☆ London stocks open lower as inflation data deepens rate hike concerns
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

Pressured by a firm sterling , the export-oriented FTSE 100 (.FTSE) was down 0.5% at 0710 GMT. The FTSE 250 (.FTMC) mid-cap index shed 0.7%. After data showed consumer inflation was unchanged at 8.7% in May, contrary to expectations of a slight fall, traders ramped up their bets of a 50 basis point (bps) BoE rate hike on Thursday from the 25 bps hike anticipated earlier. In a testimony later in the day, Powell is poised to be questioned on the future of rate hikes by the world's most influential central bank. Reporting by Ankika Biswas in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, BoE, Powell, homebuilder, Ankika Biswas, Sonia Cheema Organizations: Bank of England, Federal, FTSE, Berkeley Group Holdings, Thomson Locations: Bengaluru

☆ Indian shares open lower ahead of Powell testimony
▼ + stars: | 2023-06-20 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: 1 min

BENGALURU, June 20 (Reuters) - India's Nifty 50 and Sensex stock indexes opened lower on Tuesday, tracking Asian peers, as caution prevailed across global equities a day ahead of U.S. Federal Reserve Chair Jerome Powell's congressional testimony. The blue-chip Nifty (.NSEI) index fell 0.10% to 18,739.10 as of 9:16 a.m. IST, while the benchmark S&P BSE Sensex (.BSESN) lost 0.07% to 63,123.17. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome, Bharath Rajeswaran, Sonia Cheema Organizations: U.S . Federal, BSE, Thomson Locations: BENGALURU, U.S, Bengaluru

☆ Indian rupee adds to opening losses; traders indicate possible outflow, yuan
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, June 20 (Reuters) - The Indian rupee declined on Tuesday, weighed by likely dollar outflows and a weaker Chinese currency, traders said. The rupee was quoted at 8.1425 to the dollar by 11:06 a.m. IST, compared with 81.9350 in the previous session. "The price action since the open suggests that there is definitely an outflow," a spot trader at a public sector bank said. The offshore Chinese yuan dropped below 7.18 to the dollar, pulling most other Asian currencies lower. The dollar index managed to push higher to 102.62 on the back of the weaker offshore yuan.

Persons: Jerome Powell's, Nimesh Vora, Sonia Cheema Organizations: U.S, Federal, Thomson Locations: MUMBAI, China

☆ India's TCS, Transamerica end $2 bln contract due to macro environment
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 16 (Reuters) - Indian information technology (IT) company Tata Consultancy Services (TCS.NS) said on Friday it has mutually agreed with insurance provider Transamerica to end a $2 billion contract, citing reasons including a challenging macro environment. The 10-year contract, signed in early 2018, involved TCS working with U.S.-based Transameria to enable the digitization of more than 10 million policies into a single integrated platform. Administration of those policies, including life insurance and retirement and investment solutions, will be moved to a new servicing model, which will take about 30 months, TCS said. "It's more of a sentimental negative rather than a big impact on the financials of TCS," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services. "We don't see a big impact because of this.

Persons: Siddhartha Khemka, Khemka, Navamya Ganesh, Rashmi Aich, Sonia Cheema Organizations: Tata Consultancy Services, U.S, Administration, TCS, Motilal Oswal Financial Services, Indian, Thomson Locations: BENGALURU, United States, Europe, Bengaluru

☆ Indian rupee likely higher, awaits Fed rate decision
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, June 14 (Reuters) - The Indian rupee is expected to open higher on Wednesday after U.S. inflation data reaffirmed views that the Federal Reserve will likely keep interest rates unchanged in June. Non-deliverable forwards indicate the rupee will open at around 82.22-82.24 to the U.S. dollar, compared with 82.3675 in the previous session. Data earlier this month offered a mixed picture of the U.S. labor market, while some Fed officials have called for a pause. Post the CPI data, the odds of a Fed rate hike in June have fallen to 8% from 25% on Tuesday. "We think it will be a hawkish pause as the Fed emphasizes that the hiking cycle might not be done.

Persons: Sonia Cheema Organizations: Federal Reserve, U.S ., CPI, DBS, Nasdaq, Brent, Sethuraman NR, Thomson Locations: BENGALURU, Asia, Bengaluru

TOKYO, June 13 - Japan's benchmark Nikkei gauge surged on Tuesday, closing over 33,000 for the first time in 33 years, led by technology shares on expectations of a flood of investment in chip-related companies. The Nikkei (.N225) climbed for a third-straight session, adding 1.8% to 33,018.65, closing above the key psychological level for the first time since July 1990. Global shares climbed on Monday ahead of closely watched U.S. inflation data on and policy decisions from the Federal Reserve, Bank of Japan, and other central banks. Toyota's EV strategy "was well received by the market, and also last night the U.S. market was strong, so we have a strong market today," said Daiwa Securities strategist Kenji Abe. The auto sector (.TEWP.T) rose 3.4% to become the best performer among the Tokyo Stock Exchange's 33 industry sub-indexes.

Persons: Kenji Abe, Drugmaker Eisai, Rocky Swift, Sonia Cheema Organizations: Nikkei, SoftBank Group Corp, Intel Corp, Advantest Corp, Toyota Motor Corp, Global, Federal Reserve, Bank of Japan, Daiwa, Tokyo Stock, Thomson Locations: TOKYO, U.S

☆ TikTok seeks up to $20 bln in e-commerce business this year - Bloomberg News
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - ByteDance-owned TikTok hopes to more than quadruple the size of its worldwide e-commerce operations to as much as $20 billion in merchandise sales this year, relying on growth in Southeast Asia, Bloomberg News reported on Wednesday, citing people familiar with the matter. TikTok's e-commerce platform lets customers purchase goods through links on the app during live broadcasts. The company is also working to expand its sales in the US and Europe, the report said. Financial Times had last year reported that TikTok is due to enter a partnership with Los Angeles-based TalkShopLive to launch its live shopping platform in North America by outsourcing its operations. Reporting by Anirudh Saligrama in Bengaluru; Editing by Subhranshu Sahu and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: TikTok, TikTok's, Anirudh, Subhranshu Sahu, Sonia Cheema Organizations: Bloomberg, Financial Times, Los, Thomson Locations: Southeast Asia, Indonesia, China, Europe, Los Angeles, North America, Bengaluru

☆ Spanish stocks outperform as Inditex jumps
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Spanish stocks rose on Wednesday after Zara-owner Inditex's strong quarterly showing, while its European peers lagged as luxury companies and miners dipped after weak China trade data. The pan-European STOXX 600 index (.STOXX) edged 0.2% lower, while Spain's IBEX 35 index (.IBEX) gained 0.6%, as of 0712 GMT. Inditex (ITX.MC) rose nearly 4% after it said sales of its spring-summer collection jumped by 16% over the past month. European retailers (.SXRP) jumped 2.2%, leading sectoral gains, while miners (.SXPP) shed 0.7%. Worries also remained of further interest rate hikes by major central banks, including the European Central Bank and U.S. Federal Reserve next week, in the face of slowing economic growth.

Persons: Shreyashi Sanyal, Sonia Cheema Organizations: European Central Bank, U.S . Federal Reserve, Thomson Locations: Zara, China, Bengaluru

☆ About 80% of Indians choose to deposit withdrawn 2000-rupee notes, boost bank deposits - bankers
▼ + stars: | 2023-06-07 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, June 7 (Reuters) - About three-fourths of Indians are choosing to deposit the recently withdrawn 2000-rupee notes into bank accounts so far rather than exchanging them for smaller denominations, with the trend likely to boost bank deposits, bankers said. In May, the Reserve Bank of India (RBI) said it would withdraw these high-value notes from circulation and permitted their exchange or deposit until Sept. 30. When announced, the value of these notes in circulation was 3.6 trillion rupees ($43.61 billion), the RBI said. Though the total quantum of notes deposited or exchanged so far is not available, six public and private sector bankers Reuters spoke to said over 80% of the notes received by them have been deposited into accounts. The initial assumption is the overall bank deposit base would increase by at least 1.5 trillion rupees, with SBI contributing 22%-25%, the SBI official said.

Persons: Virat Diwanji, Gaura Sen Gupta, Dipanwita Mazumdar, Siddhi Nayak, Swati Bhat, Sonia Cheema Organizations: Reserve Bank of India, Reuters, State Bank of India, Bank of Baroda, Union Bank of India, Bank of India, Kotak Mahindra Bank, IDFC FIRST Bank, SBI, Siddhi, Thomson Locations: MUMBAI, BOB.NS, India

☆ Indian shares open higher ahead of RBI rate decision
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, June 7 (Reuters) - Indian shares opened higher on Wednesday, tracking global peers, ahead of the Reserve Bank of India's monetary policy decision and on hopes of an interest rate pause by other major central banks. The blue-chip Nifty 50 (.NSEI) index was up 0.36% at 18,665.60 as of 9:15 a.m. IST, while the benchmark S&P BSE Sensex (.BSESN) rose 0.20% to 62,917.39. ($1 = 82.5316 Indian Rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bharath Rajeswaran, Sonia Cheema Organizations: Reserve Bank, BSE, Thomson Locations: BENGALURU, Bengaluru

☆ Indian rupee posts biggest single-day gain in two months on strong growth data
▼ + stars: | 2023-06-01 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

MUMBAI, June 1 (Reuters) - The Indian rupee saw its best single-day gain in two months on Thursday, and also rose to a two-week high during the session, following strong domestic growth data, which prompted traders to square off long dollar positions. On Thursday, the rupee rose 0.38%, to mark its best day since April 5. Consistent flows into equities coupled with strong economic data is supporting the rupee, said Dilip Parmar, a research analyst at HDFC Securities. Adding to strong growth numbers, India's factory output expanded at the quickest pace since October 2020 in May, thanks to strong demand and output, a private survey showed. The string of positives for the rupee has prompted USD/INR long positions to lose patience, a sales person at a private bank said.

Persons: Dilip Parmar, Parmar, Sonia Cheema Organizations: U.S ., HDFC Securities, . Federal Reserve, Fed, Sethuraman NR, Thomson Locations: MUMBAI, Mumbai

☆ Xiaomi partners with Dixon Technologies to make mobile phones in India
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 31 (Reuters) - Contract manufacturer Dixon Technologies (India) Ltd (DIXO.NS) on Wednesday said it is partnering with Xiaomi Corp's (1810.HK) Indian arm to make and export phones for the Chinese firm. The news, which boosted Dixon's shares by 4%, comes after Xiaomi India revealed plans to start making wireless audio products in the country by partnering with electronics manufacturer Optiemus. India has been encouraging global companies to invest more in local manufacturing as a part of its efforts to become a powerhouse in the global electronics supply chain. Earlier in March, Xiaomi India President Muralikrishnan B. told Reuters that the company will open more stores beyond its current network of 20,000 retail partners and boost local procurement of mobile phone parts, in an effort to reduce costs. Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Savio D'Souza and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Xiaomi Corp's, Muralikrishnan, Navamya Ganesh, Savio D'Souza, Sonia Cheema Organizations: Dixon Technologies, Optiemus, Reuters, Thomson Locations: BENGALURU, India, HK, Bengaluru

☆ South African rand hits new low amid dollar strength, poor outlook
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, May 30 (Reuters) - The South African rand hit a record low on Tuesday on the back of a strengthening dollar and souring local investor sentiment that has seen massive capital outflows from the country. At 1518 GMT, the rand traded at 19.690 against the dollar , about 0.09% weaker than its previous close. Greg Davies, head of wealth at asset manager Cratos Capital, said South Africa was now a less desirable investment destination for international investors due to the local power crisis. "We've had poor results coming from Tiger Brands and Pepkor; two companies closely followed by foreigners," said Casparus Treurnicht, analyst and portfolio manager at Gryphon Asset Management. Tiger Brands shares crashed by more than 16%, while major retailer Pepkor (PPHJ.J) lost over a tenth of its market value.

Persons: Warren Venketas, Greg Davies, We've, Casparus Treurnicht, Alexander Winning, Tannur Anders, Rachel Savage, Sonia Cheema, Alison Williams Organizations: greenback, Cratos, Johannesburg Stock Exchange, Tiger Brands, Gryphon Asset Management, Thomson Locations: JOHANNESBURG, South Africa, Johannesburg

☆ 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.

The forecast is 22% higher than the S$8.19 billion annual net profit it achieved in 2022. Its ROE was 15% last year, while its CET1 ratio was 14.6%, according to its 2022 annual report. DBS said faster growth in capital-light high-ROE businesses such as wealth management, global transaction services and treasury market sales will help it achieves its goals. DBS aims to be among the top 10 private sector banks in India, projecting net profit to triple to around S$375 million by 2026, according to the slides. ($1 = 1.3245 Singapore dollars)Reporting by Navya Mittal in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ India's note withdrawal to improve liquidity, ease short-term rates - analysts
▼ + stars: | 2023-05-22 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, May 22(Reuters) - The Indian central bank's decision to withdraw its highest denomination currency note from circulation is likely to improve banking system liquidity, bringing down recently elevated short term rates, analysts and bankers said. Kotak Institutional Equities estimates that liquidity could improve by around 1 trillion rupees, depending on the behaviour of depositors, while QuantEco Research pegs the potential liquidity impact at 400 billion rupees to 1.1 trillion rupees. ICICI Securities Primary Dealership estimates the liquidity surplus could increase to 1.5-2 trillion rupees. India's banking system liquidity surplus has averaged above 600 billion rupees in May. About 2.5-3 trillion rupees of banking sector liquidity leaks out as currency in circulation each year, wrote Pranjul Bhandari, chief India economist at HSBC.

☆ Blackstone, Thomson Reuters consortium sells $3.4 bln LSEG shares at discount
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - An investor consortium including U.S. buyout firm Blackstone (BX.N) and Thomson Reuters (TRI.TO) sold 33 million shares in the London Stock Exchange Group (LSEG.L) worth about 2.7 billion pounds ($3.41 billion), a bookrunner said on Wednesday. The placing of shares, which was upsized from 28 million, was at a price of 8,050 pence per share, a discount of about 5% to LSEG's last closing price. Shares in LSEG fell as much as 5.1% at 8038 pence in early trading. The stock sale follows an earlier sale of more than $2 billion shares in March by Blackstone and Thomson Reuters, which became LSEG shareholders when they sold financial data firm Refinitiv to the bourse operator in 2021. ($1 = 0.7923 pounds)Reporting by Yadarisa Shabong in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone, Thomson Reuters consortium sells $3.4 bln LSEG shares in upsized offering
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

☆ Indian rupee to resume decline as yuan slides to 7/dollar
▼ + stars: | 2023-05-17 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 17 (Reuters) - The Indian rupee is expected to decline on Wednesday after the Chinese yuan dropped to its lowest level this year to the U.S. dollar. Non-deliverable forwards indicate that the rupee will open at around 82.28-82.30 to the U.S. dollar, compared with 82.2050 in the previous session. The offshore yuan, bogged down by the resurgent dollar, dropped below 7 to the dollar for the first time this year. U.S. retail sales rose 0.4% month-on-month in April, with control retail sales up by a robust 0.7%. 15** NSDL data shows foreign investors sold a net $43.2mln worth of Indian bonds on May.

☆ FTSE 100 edges up as consumer stocks offset Vodafone slump
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.2%, FTSE 250 adds 0.1%May 16 (Reuters) - UK's main stock index edged up on Tuesday as weakness in the sterling supported some internationally-focused consumer firms, although Vodafone slumped after it forecast a big drop in fresh cash flow. The telecom giant's stock (VOD.L) fell 4% to become the top decliner on the FTSE 100 (.FTSE) after the company announced job cuts and forecast a 1.5 billion euro ($1.65 billion) decline in free cash flow this year. However, the blue-chip FTSE 100 rose 0.2% and the mid-cap FTSE 250 (.FTMC) added 0.1%. The currency's weakness lifted shares of dollar earners like Unilever Plc (ULVR.L) and British American Tobacco Plc (BATS.L). Industrial metals miners (.FTNMX551020) slipped 0.2%, tracking easing copper prices on investor worries of patchy economic recovery in top consumer China.

☆ Indian rupee to see more losses on dollar spike and higher U.S. yields
▼ + stars: | 2023-05-15 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 15 (Reuters) - The Indian rupee is expected to weaken on Monday, adding to last week's losses, tracking a rally on the dollar index and higher U.S. yields on worries surrounding U.S. inflation. The dollar index climbed 0.6% on Friday to reach its highest level in a month and the two-year U.S. yield was back to nearly 4%. Renewed worries over the inflation outlook in the U.S. pushed yields higher and supported demand for the dollar. "Their assessments of whether recent labour market and inflation data support pausing in June or not will be scrutinised," ANZ said in a note. India's inflation data was "supportive" of the rupee in the medium term, the trader said.

☆ Australia's Allkem, Livent to merge into $10.6 bln lithium giant
▼ + stars: | 2023-05-10 | by ( Harish Sridharan | ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Lithium producer Allkem Ltd (AKE.AX) has agreed to merge with U.S.-based Livent Corp (LTHM.N) to create one of the world's most valuable producers of the key raw materials used in electric-vehicle batteries. The all-stock deal will create a $10.6 billion entity, the fifth-largest in the world after Albemarle Corp (ALB.N), Sociedad Quimica y Minera de Chile S.A. (SQMA.SN), Ganfeng Lithium Group (002460.SZ) and Tianqi Lithium Corp (002466.SZ). ASX-listed Allkem produces lithium carbonate from its Sal de Vida facility in Argentina, which is near Livent's Hombre Mureto lithium project. Livent, based in Philadelphia, supplies lithium products to multiple U.S. automakers, including General Motors Co (GM.N), Tesla Inc (TSLA.O) and BMW (BMWG.DE). Under the deal, Allkem shareholders will get one share in the combined entity for each of their shares and the company will ultimately own 56% of the new firm.

☆ Allkem to merge with US lithium producer Livent Corp in $10 bln deal - report
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

May 10 (Reuters) - Australian lithium miner Allkem Ltd (AKE.AX) has inked a $10 billion merger agreement with U.S.-based chemical manufacturing firm Livent Corp (LTHM.N), the Australian Financial Review reported on Wednesday. The deal is anticipated to be announced overnight in the U.S., the report said. Reporting by Rishav Chatterjee in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Uber launches UK flight ticket bookings - FT
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] A banner announcing Uber Technologies Inc. hangs above the floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, U.S., May 10, 2019. REUTERS/Andrew Kelly/File PhotoMay 10 (Reuters) - Uber Technologies Inc (UBER.N) has launched international and domestic flight bookings on its UK app, the Financial Times reported on Wednesday. The move is "the latest and most ambitious step" in the company's strategy to expand its core ride-booking business, Uber’s UK General Manager Andrew Brem told FT. The San Francisco-based company, which already offers train and coach ticket bookings in the UK, has begun rolling out the new feature for its UK customers and plans to expand in the coming weeks, the report said. Uber has partnered with travel booking company Hopper to sell flights and will take a small commission from each sale, the report said.

Search resuls for: "Sonia Cheema"

25 mentions found