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☆ India's INOX Leisure loss halves as box office income picks up
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - INOX Leisure Ltd (INOL.NS), India's No.2 multiplex cinema operator, on Wednesday said its second-quarter loss more than halved, as box office and food and beverage revenues inched closer to pre-pandemic levels. This has helped offset some pressure from a lacklustre slate of releases with the likes of "Raksha Bandhan" and "Laal Singh Chaddha" flopping at the box office. Still, net box office revenue of 2.09 billion was far higher than 270 million rupees in the pandemic-hit quarter a year ago, while food & beverage revenue jumped to 1.10 billion rupees from 150 million rupees. Box office revenue was 3.11 billion rupees in the corresponding pre-pandemic quarter, while food and beverage revenue was 1.41 billion rupees. The jump in box office and food sales helped overall revenue from operations surge eight-fold to 3.74 billion rupees and offset a 155.1% jump in total expenses.

☆ Facebook said an Indian publication, The Wire, used faked documents in an investigation. Now the publication is taking the stories down. Here's a timeline of the escalating conflict.
▼ + stars: | 2022-10-18 | by ( Kali Hays | ) www.businessinsider.com time to read: +16 min

Facebook claims a series of reports by an Indian news site, The Wire, were based on faked documents. On Tuesday, an expert The Wire used in a story denied publicly that he commented in any way to the publication. Stone responded on Twitter saying, "as it's been clear from the outset @thewire_in's stories are based on fabrications." Varadarajan wrote on Twitter that the email account The Wire uses, a protonmail.com address, had been "hacked via the hacking of a MacBook." Kumar of The Wire deactivated his Twitter account.

Oct 17 (Reuters) - Bank of America Corp (BAC.N) on Monday reported a smaller-than-expected 9% drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. BofA holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. "Consumers remain resilient," Bank of America Chief Executive Officer Brian Moynihan told analysts on a conference call. The bank, however, added $378 million to its loan-loss reserves as it braces for a weakening economy. Citigroup Inc (C.N) wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

Register now for FREE unlimited access to Reuters.com Register"This is a direct result of higher interest rates offered by the banks looking very attractive compared to other risk assets. Bank of NY Mellon Corp (BK.N) also benefited from higher rates, sending its shares up 6.1%. Overall, higher rates boosted interest incomes for lenders in the third quarter but turbulent markets choked off dealmaking and banks set aside more funds to brace for an economic slowdown. read moreThe S&P 500 banks index (.SPXBK) was up 3.8%. All the 11 S&P 500 sector indexes were higher with technology (.SPLRCT), communication services (.SPLRCL) and consumer discretionary (.SPLRCD) leading with near 3% gains each.

☆ Wall Street surges as market seeks bottoming signs
▼ + stars: | 2022-10-17 | by ( Reuters Staff | ) www.reuters.com time to read: +6 min

FILE PHOTO: Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. That seems to be the daily MO for the market.”PHIL BLANCATO CEO OF CEO OF LADENBURG THALMANN ASSET MANAGEMENT“This is the turnaround week every single year. If you look for the single best turnaround week for the year, it’s always the second week of October. The fourth quarter is on average the best quarter every single year and on average the turnaround week happens the second week of October. You’re seeing earnings hold on so far.

☆ Wall Street set to open higher as BofA rises on earnings beat
▼ + stars: | 2022-10-17 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

Bank of America Corp (BAC.N) rose 2.8% in premarket trading as the lender benefited from higher net interest income in its third quarter, even though it added $378 million to its loan-loss reserves. Register now for FREE unlimited access to Reuters.com Register"This is a direct result of higher interest rates offered by the banks looking very attractive compared to other risk assets. Bank of NY Mellon Corp (BK.N) also benefited from higher rates, sending its shares up 4.7%. Overall, higher rates boosted interest incomes for lenders in the third quarter but turbulent markets choked off dealmaking and banks set aside more funds to brace for an economic slowdown. Tesla Inc (TSLA.O), Netflix (NFLX.O) and Johnson & Johnson (JNJ.N) are also expected to report results later in the week.

Bank of America holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. Its net interest income jumped 24% in the third quarter. JPMorgan Chase & Co (JPM.N) Citigroup Inc (C.N), and Wells Fargo & Co (WFC.N) also saw their net interest income rise in the same period. read moreThe bank's leveraged loan losses were lower in the third quarter than in the second, Borthwick said. Peer Citi also wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

A 20-ounce packet of Sara Lee Classic White Sandwich bread goes for $2.50 at Kroger, compared to $2.24 at Walmart. Nearly two-thirds of Kroger's 2,700 stores are unionized, like a "majority" of Albertsons stores, the United Food and Commercial Workers Union says on its website. Grocery stores such as Kroger, Albertsons, in contrast, are often forced to rely on coupons or buy-one-get-one-free promotions funded by companies like P&G and Conagra in order to compete. Euromonitor data shows that 25.2% of all dollars spent on groceries in the United States last year went to Walmart, while Kroger got 8.1% and Albertson's 4.8%. Walmart shoppers have a median income of $73,000.

A 20-ounce packet of Sara Lee Classic White Sandwich bread goes for $2.50 at Kroger, compared to $2.24 at Walmart. Nearly two-thirds of Kroger's 2,700 stores are unionized, like a "majority" of Albertsons stores, the United Food and Commercial Workers Union says on its website. Grocery stores such as Kroger, Albertsons, in contrast, are often forced to rely on coupons or buy-one-get-one-free promotions funded by companies like P&G and Conagra in order to compete. Euromonitor data shows that 25.2% of all dollars spent on groceries in the United States last year went to Walmart, while Kroger got 8.1% and Albertsons 4.8%. Walmart shoppers have a median income of $73,000.

☆ Aldi's U.S. sales rise as shoppers seek cheaper groceries
▼ + stars: | 2022-09-21 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

REUTERS/Peter Nicholls/File PhotoSept 21 (Reuters) - Aldi's U.S. arm said on Wednesday that same-store sales in the country rose in the double digits over the last 12 months as rampant inflation pushed consumers to find cheaper deals on groceries. The German-owned discount supermarket chain's U.S. stores sales growth over the past year was driven by 1 million new customers, Scott Patton, Aldi's vice president of National Buying, told a media event. Aldi has seenan increase in middle- and high-income shoppers as well, said Patton, referring to households making $50k-100k per year as middle income. Register now for FREE unlimited access to Reuters.com RegisterDiscount stores such as Aldi and Dollar General Corp tend to perform well during economic turmoils as cash-strapped consumers seek cheaper alternatives. Dollar General lifted its annual comparable sales forecast last month, encouraged by consumers flocking to its stores for everything from groceries to household supplies.

☆ Walmart plans cautious holiday hiring amid slowing U.S. economy
▼ + stars: | 2022-09-21 | by ( Siddharth Cavale | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, Sept 21 (Reuters) - Walmart Inc (WMT.N) sounded a cautious note about holiday retail sales on Wednesday, planning to hire fewer workers than last year as it prepares for the critical season in the midst of a slowing economy. Amazon.com (AMZN.O) , Target , Macy's (M.N), Kohl's have not yet announced their holiday hiring plans. Holiday retail sales are expected to rise between 4% and 6% year over year from November to January for total sales of about $1.45 trillion to $1.47 trillion, according to Deloitte's annual holiday retail forecast released on Sept 13. Holiday shopping is also expected to start earlier than ever this year as "stretched wallets create urgency," Salesforce said in its report. Macy's CEO Jeff Gennette echoed those comments, saying he expects holiday shopping to start in October.

☆ India's young investors prefer crypto to gold and 'boring' stocks
▼ + stars: | 2022-03-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +8 min

New Delhi CNN Business —Indian businesswoman Swati Daga first bought bitcoin in 2017, when the cryptocurrency was trading well under $3,000. “I find stock markets boring,” she told CNN Business, adding that she enjoys the “thrill” and “recklessness” that comes with investing in volatile currencies. The growth is driven by younger investors — mostly under the age of 35 — and many of them are coming from smaller cities and towns, founders of two of India’s biggest crypto exchanges told CNN Business. WazirX also has over 10 million users, and called 2021 a “phenomenal year” for crypto trading in India. On-again, off-again relationshipThe excitement over crypto is rising in India despite the country’s on-again, off-again relationship with digital currencies.

☆ Mii de indieni, “vaccinați” cu apă salină împotriva COVID-19. Escrocii au obţinut 28.000 de dolari de pe urma victimelor
▼ + stars: | 2021-07-06 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

Mii de oameni au fost victimele unei grupări infracţionale care vindea vaccinuri false împotriva COVID-19 în India, informează Mediafax. „Taberele false de vaccinare foloseau apă salină în loc de serul împotriva COVID-19”, a spus Thakur. Aşa numitele „tabere de vaccinare” au început să apară între sfârşitul lunii mai şi începutul lunii iunie, potrivit CNN - News 18. Siddharth Chandrashekhar, avocat în Mumbai, a intentat un proces de interes public pe 24 iunie, moment în care procurorul a confirmat deja peste 2.000 de victime ale escrocilor. Acuzaţiile sunt „cu adevărat şocante”, a declarat Înalta Curte din Bombay în dosar, îndemnând autorităţile de stat şi locale să ia măsuri „pentru ca indivizii nevinovaţi să nu fie înşelaţi în viitor”.

Persons: Autorităţile, Siddharth Organizations: Mediafax, CNN Locations: India, Mumbai, Maharashtra, Bombay

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