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☆ For the first time in a long time, CFOs can say no to some tech spending
▼ + stars: | 2023-01-19 | by ( Kaitlin Balasaygun | ) www.cnbc.com time to read: +2 min

To many executives, including Wall Street bank chiefs, even the ones who say a recession is in the cards, it isn't looking like a Fed-induced disaster scenario. In one particular way, the positioning this year is giving CFOs an even bigger role than they've had over the past decade of economic growth. "[Companies] are not imaging a draconian outcome for their own spending, their own budgets, and in that context," Arora told CNBC's Sara Eisen at Davos 2023. For many years in this hyper-growth environment, people were spending quickly to drive growth and CFOs were having to call them and say 'why are you spending so much money?' The Citi CIO Survey released on January 12, forecasts a slower growth rate for tech spending — well below the Covid peak and below the historical average, and down from Citi's last forecast in the Fall — but still representing a modest rate of growth.

☆ It's important to look at overall macro sentiment, says Palo Alto Networks' Nikesh Arora
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's important to look at overall macro sentiment, says Palo Alto Networks' Nikesh AroraChairman and CEO of Palo Alto Networks Nikesh Arora joins Sara Eisen at Davos 2023 to discuss the future of the company.

☆ Back to the Roots co-CEOs on the company's partnerships with Target and Fortnite
▼ + stars: | 2023-01-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBack to the Roots co-CEOs on the company's partnerships with Target and FortniteCramer spoke with Back to the Roots co-CEOs Nikhil Arora & Alejandro Velez.

☆ A new test for autism hopes to help doctors diagnose before symptoms show
▼ + stars: | 2023-01-05 | by ( Evan Bush | Evan Bush Is A Science Reporter For Nbc News. He Can Be Reached At Evan.Bush Nbcuni.Com. | ) www.nbcnews.com time to read: +8 min

Researchers have discovered myriad risk factors associated with autism, including infections during pregnancy, air pollution and maternal stress. “We can detect the clear rhythm of autism with just about one centimeter of hair,” Arora said. Autism diagnosis timingArora and his team hope their technology could help young children, even newborns, receive early interventions for autism sooner than they can now. “We want to enable early intervention.”There is not yet a biological test for autism spectrum disorder. Perhaps eventually, that information could open up new pathways for the development of drugs or therapies for autism, he said.

☆ Jim Cramer: My worldview for the first half of 2023 and the stocks that will win
▼ + stars: | 2023-01-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +27 min

Our stock market comes out of 2022 better than any other. The profitless companies today — like the dot-com stocks in 2000 — almost all disappointed and will continue to disappoint in 2023. I had thought these people would come back to work when they realized that savings from the stock market and Social Security aren't enough of a safety net. Money will be exiting the stock market all year into the safer and somewhat greener pastures. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ India's current account gap widens to 9-year high
▼ + stars: | 2022-12-29 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 29 (Reuters) - India's current account deficit widened in the July-September quarter as high commodity prices and a weak rupee increased the country's trade gap, data from the Reserve Bank of India (RBI) showed on Thursday. In absolute terms, the current account deficit (CAD) (INCURA=ECI) was $36.40 billion in the second quarter of fiscal year 2022/23, its highest in more than a decade. The median forecast of 18 economists in a Dec. 5-14 Reuters poll was for a $35.5 billion CAD in the July-September quarter. The RBI said services exports reported growth of 30.2% on a year-on-year (y-o-y) basis, driven by exports of software, business and travel services, while net services receipts increased sequentially and y-o-y. "Slowing global growth entails both merchandise as well as services exports will remain muted," she said.

☆ Fed rate hike pushes small business loan interest over 10% for first time in nearly a generation
▼ + stars: | 2022-12-14 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +8 min

Many business owners have never seen double-digits," said Rohit Arora, co-founder and CEO of small business lending platform Biz2Credit. Almost a quarter of small business owners said they are paying a higher rate on their most recent loan, and the highest since 2008. The latest CNBC Fed Survey shows the market forecasting a peak Fed rate around 5% in March 2023 and the rate being held there for nine months. "Talking to small business owners looking for financing, it's starting to slow things down," Hurn said. Small business loan approval percentages at big banks dropped in November to the second lowest total in 2022 (14.6%), according to the latest Biz2Credit Small Business Lending Index released this week; and also dropped at small banks (21.1%).

☆ India's c.bank set to raise rates; outlook on growth, inflation in focus
▼ + stars: | 2022-12-07 | by ( Swati Bhat | ) www.reuters.com time to read: +3 min

Reuters Graphics Reuters GraphicsThe central bank's outlook, which will accompany the rates decision, will be an important pointer to future policy moves, economists said. Global crude oil prices have been falling in recent months but has yet to be reflected in domestic prices. Sabnavis, who does not see the RBI reducing its inflation forecast, pointed out that though global oil prices have come down, the government has not relaxed duties or taxes. "Hence, the consumer is still paying the same price and has not derived any benefit from declining oil prices." Lower oil prices may also be countered by higher than expected food prices.

☆ India cenbank hikes key policy rate by 35 basis points
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +7 min

However, the pace of rate hikes is reducing from 50 bps to 35 bps, in line with expected global hikes." The market needs to keep a close watch on global rate hikes and sticky core inflation." "We expect RBI to go for another 25 bps hike in its next policy, with the terminal rate at 6.5%. ANUJ PURI, CHAIRMAN, ANAROCK GROUP, MUMBAI"The 35 bps rate hike by the RBI - the fifth consecutive rate hike this year - comes as no surprise. We see a possibility of another 25 bps rate hike before a prolonged pause."

☆ India's finished steel imports from Russia hit 4-year high in April-October
▼ + stars: | 2022-11-29 | by ( Neha Arora | ) www.reuters.com time to read: +1 min

NEW DELHI, Nov 29 (Reuters) - India's finished steel imports from Russia during April-October rose to their highest in at least four years, government data compiled by Reuters showed, underscoring Moscow's bid to divert shipments in the wake of Western sanctions. Russia accounted for just about 5% of India's total steel imports but was among the top five exporters. India's total steel imports between April and October stood at 3.2 million tonnes, up 14.5% from a year earlier. JSW Steel Ltd (JSTL.NS), India's largest steelmaker by capacity, said six to seven distressed Russian steel shipments arrived during the current fiscal year. Indian steelmakers have so far imported record 5-6 million tonnes of Russian coking coal in 2022/23, compared with less than 2 million tonnes last year.

☆ FTX owned an $11.5 million stake in a tiny rural bank in Washington state with just 3 employees, bankruptcy hearing shows
▼ + stars: | 2022-11-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Farmington State Bank had 3 staff and was the 26th-smallest bank in America out of a total 4,800. Then FTX bought an $11.5 million stake in the bank, it has emerged during FTX's bankruptcy case. That stake was more than twice the bank's previous net worth. With a net worth of $5.7 million, FTX's stake was worth more than double the bank's value. Questions are being asked over how FTX got federal approval to buy its stake in Farmington.

☆ Cloud financing lender Efficient Capital Labs raises $3.5 million from 645 Ventures to connect India-based startups to US lenders and expand operations to other countries
▼ + stars: | 2022-11-21 | by ( Emilia David | ) www.businessinsider.com time to read: +4 min

Efficient Capital Labs lends capital from US firms to software companies in India. 645 Ventures led its seed round, and it got $100 million debt from Community Investment Management. Kaustav Das, a cofounder of the cloud financing platform Efficient Capital Labs, wanted to start a company that played to his knowledge of the field. ECL raised $3.5 million in a seed round led by 645 Ventures in April and closed a $100 million debt facility from Community Investment Management this month. Capchase took in $400 million in additional debt financing in June.

☆ Palo Alto Networks CEO: Cost-cutting customers are coming to us in tough economy
▼ + stars: | 2022-11-18 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

Palo Alto Networks is seeing tailwinds from customers looking to slash costs in the worsening economy, CEO Nikesh Arora said Thursday. The cybersecurity company, whose stock is in the Bullpen for Cramer's Charitable Trust, reported better-than-expected fiscal first-quarter revenue and per-share earnings Thursday after the bell. Shares of Palo Alto Networks were up nearly 7% in extended trading after dipping initially on the report's release. In Friday's trading, the stock shot up more than 7%. Calling companies' prioritization of streamlining cash outflows a "magic bullet" for Palo Alto Networks, Arora also emphasized that customers are becoming more discerning with their spending.

☆ India scraps export tax on low-grade iron ore, some steel intermediates
▼ + stars: | 2022-11-18 | by ( Neha Arora | Megan Rowling | ) www.reuters.com time to read: +2 min

NEW DELHI, Nov 19 (Reuters) - India scrapped export taxes on low-grade iron ore and on some intermediate steel products beginning Saturday, after months of complaints from miners and steel makers about loss of foreign sales opportunities. The government also reversed a May rise in export tax on iron ore concentrates other than roasted iron pyrites. The additional taxation imposed in May was intended to boost domestic supply of iron ore, a raw ingredient for making steel, and thereby hold down inflation. Major steel makers have urged the government to unwind the additional export taxation, saying it added to their problem of weakening international demand. Indian producers of low-grade ore depend largely on foreign markets, because most major domestic steel producers use high-grade iron ore.

☆ Sam Bankman-Fried was once caught playing the video game 'League of Legends' during a pitch meeting for FTX
▼ + stars: | 2022-11-10 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried was once caught playing 'League of Legends' at a meeting with Sequoia investors. Now, Bankman-Fried is reportedly telling investors FTX needs a $8 billion to avoid bankruptcy. "And it turns out that that f-cker was playing 'League of Legends,' through the entire meeting." Arora said Bankman-Fried was "absolutely fantastic" while answering questions from the Sequoia partners during a Zoom meeting when FTX was raising its Series B. The Zoom chat among the Sequoia partners was full of praise and excitement for Bankman-Fried, according to the article.

☆ India's SBI sees loan growth staying strong after record profit
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +2 min

The bank reported a 74% surge in quarterly net profit on Saturday, driven by higher loan growth and improving asset quality. Net profit rose to a record 132.64 billion Indian rupees ($1.62 billion) in June-September, beating analysts' forecast of 105.30 billion rupees, according to Refinitiv IBES data. Net interest income, the difference between interest earned and paid out, rose 13% to 351.82 billion rupees. "We should have credit growth of 14-16% in the current financial year," Chairman Dinesh Kumar Khara said in a press briefing. Total provisions declined to 30.39 billion rupees in June-September from 43.92 billion rupees the previous quarter.

☆ Holding on to your best people can be a mistake, says manufacturing CEO
▼ + stars: | 2022-11-04 | by ( Cristy Garratt | Victor Loh | ) www.cnbc.com time to read: +1 min

As a manager, it can be tempting to do everything within your power to hold on to your best people. But that kind of thinking can ultimately backfire on you as a leader, explained Dharmesh Arora, regional CEO for Asia Pacific at German manufacturer Schaeffler. Arora learned this lesson the hard way during his first managerial stint as a supply chain manager at General Motors. Within three years, he helped me fix some of the perennial demand management and supply chain challenges we had in our systems," Arora recalled. "We as managers, as leaders, are to empower and enable the best in our team members," Arora said.

☆ India's October iron ore exports 'nearly zero' - mining body official
▼ + stars: | 2022-11-03 | by ( Neha Arora | ) www.reuters.com time to read: +2 min

He said Beijing's strict COVID-19 curbs would also impact India's iron ore shipments. China's steel production could fall in winter, dampening the demand for iron ore, Sharma said. Low-grade ores comprised 92% of India's total iron ore exports. India's iron ore exports during the first five months of the current fiscal year that began in April totalled 6.97 million tonnes, a three-year low, data compiled by FIMI showed. Local iron ore prices in India have dropped, partly due to lower demand, said a spokesperson for state-run miner NMDC Ltd.

☆ EXCLUSIVE KKR raises $6 bln for biggest Asia infrastructure fund -sources
▼ + stars: | 2022-10-28 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

HOTBED FOR DEALSLike the debut infrastructure fund that made more than a dozen investments, KKR's latest one will target renewables, telecom towers, power, utilities and transportation infrastructure, among others, the sources said. This year alone, funds backed by the likes of KKR, Macquarie, infrastructure investors DigitalBridge (DBRG.N) and Stonepeak have struck deals for tens of thousands of telecom towers in the Philippines. Earlier this month, a top executive at Permodalan Nasional Bhd, Malaysia's largest asset manager, told Reuters that it plans to add infrastructure assets into its portfolio from 2023. Last year, 19 Asia Pacific-focused infrastructure funds raised a total of $10.3 billion, Preqin data showed. Last month, Neil Arora, a veteran infrastructure dealmaker from Macquarie, joined KKR as the head of its energy transition team for Asia Pacific.

☆ Commodity stocks, Natwest drag FTSE 100 lower
▼ + stars: | 2022-10-28 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 down 0.7%, FTSE 250 off 1.2%Natwest falls to bottom of FTSE 100Glencore cuts core earnings guidanceOct 28 (Reuters) - UK's FTSE 100 fell on Friday, as commodity-linked stocks dropped on worries about widening COVID-19 curbs in China, while Natwest slumped after reporting a flat third-quarter profit. The exporter-heavy FTSE 100 (.FTSE) fell 0.7%, with mining (.FTNMX551020) and energy (.FTNMX601010) stocks shedding 2.8% and 0.7%, respectively, as oil and metal prices slid after top consumer China expanded COVID-19 restrictions. "I'm not surprised because the government here is desperate to find sources of revenue," said Stuart Cole, head macro economist at Equiti Capital. "Investors are now concerned about the government taxing the significant sources of revenue that banks and energy companies have been earning." Shares of NatWest (NWG.L) dropped 7.8% to the bottom of FTSE 100 after the company reported a flat quarterly profit, blaming bad loan charges from a worsening economic outlook and the cost of exiting its Irish business.

☆ INDIA STOCKS Indian shares may open higher, tracking Asia
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 27 (Reuters) - Indian shares are poised to open higher on Thursday, tracking strength in Asian markets in the backdrop of growing expectation the U.S. Federal Reserve may tone down its aggressive stance on rate hikes. India's NSE stock futures, listed on the Singapore exchange , were 0.55% higher as of 0159 GMT, while the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), climbed 1.74%. India is the world's third-largest importer and consumer of oil, and a rise in crude prices have a direct impact on inflation. Foreign institutional investors sold a net 2.47 billion Indian rupees ($30.12 million) worth of equities on Tuesday, while domestic investors bought net 8.73 billion rupees worth of shares, as per provisional data available with the National Stock Exchange. ($1 = 82.0040 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Neha AroraOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares may open lower, tracking Asia
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Oct 25 (Reuters) - Indian shares are poised to edge lower at open on Tuesday, tracking weakness in Asian markets, with limited downside seen on the back of expectation the Federal Reserve may slow its pace of rate hikes. However, in the one-hour of trade, shares of Yes Bank Ltd (YESB.NS), ICICI BANK (ICBK.NS) and Hindustan Unilever Ltd (HLL.NS) fell between 2.8% and 3.9%. In addition, foreign institutional investors sold a net 1.54 billion Indian rupees ($18.61 million) worth of equities on Monday, while domestic investors bought net 801.2 million rupees worth of shares, as per provisional data available with the National Stock Exchange. ** Kotak Mahindra Bank (KTKM.NS) on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth. ** Yes Bank (YESB.NS)said on Saturday its profit fell in the July-September quarter as it set aside more provisions for bad loans recorded in previous quarters.

☆ India's Nocil expects stronger sales as buyers pursue China Plus One
▼ + stars: | 2022-10-19 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - India's largest rubber chemicals maker Nocil Ltd (NOCI.NS) is expecting higher sales volumes in the next couple of years, as firms globally push for diversified supplies beyond top producer China that is battling supply constraints. Part of an over 100-year old Arvind Mafatlal Group (AMG), the Mumbai-based Nocil produces antidegradants, antioxidants, accelerators that are used by the tyre industry and other rubber processing companies. Register now for FREE unlimited access to Reuters.com Register"What China Plus has done for us globally is, it has broadened the discussions with customers to increase our volume share," Mafatlal said. "Even pre-pandemic we were reliable suppliers in the export markets of Europe, Americas, Southeast Asia and Japan, which constitutes a major share of tyre makers in the world outside of China," Mafatlal said. Nocil is also eyeing strong demand from the domestic markets, where China has a strong footing, with the government encouraging its 'Make in India' programme that is aimed at boosting local manufacturing.

☆ India's UltraTech Cement misses Q2 profit estimates as expenses rise, demand weakens
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - India's top cement maker UltraTech Cement (ULTC.NS) on Wednesday reported a bigger-than-expected drop in September-quarter profit, dented by higher power and fuel costs as well as lower demand. Consolidated net profit for the quarter was at 7.56 billion Indian rupees ($91.77 million), down over 42% on year. Analysts, on average, had expected the company to report a profit of 8.58 billion rupees for the latest quarter, according to IBES data from Refinitiv. Consolidated net sales in the September-quarter rose about 16% to 135.96 billion rupees from a year ago. read moreCompetition in domestic cement industry got heated after UltraTech Cement in June charted out a plan to increase its annual capacity to 159.25 million tonnes per annum to stave off competition from the sector's newest entrant Adani Group.

☆ India cenbank may need to resume bond buying to manage liquidity deficit -BofA
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

India's banking system liquidity was already at a deficit of 100 billion Indian rupees ($1.21 billion) by this week, with more tax payment related outflows likely. The RBI would need to decide how to maintain money market rates close to policy rates, BofA strategists said. Buying bonds in the open market "would help achieve more than one objective" by injecting liquidity and averting a larger sell-off in bond markets, they added. Like most central banks globally, the RBI had conducted open market operations during the COVID-19 pandemic and stopped in October last year. "The decision on appropriate liquidity surplus or deficit in the system would depend on a few factors, including the monetary policy stance, need to support further credit growth, banking system liquidity skew and currency stability," they said.

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