Today's top business news: Apple joins the Fido Alliance; Mobile World Conference 2020 canceled; Satya Nadella visits India and more

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Segway-like vehicles were also used by the police to keep an eye on the large crowd on Marina Beach.

4:50 p.m.

Apple joins the Fido Alliance and is committed to removing passwords

Today's top business news: Apple joins the Fido Alliance; Mobile World Conference 2020 canceled; Satya Nadella visits India and more

Apple has signed up as a board member of the Fido Alliance, an organization that works to ensure that passwords are no longer required.

The FIDO (Fast Identity Online) alliance was founded in July 2012 to address the lack of interoperability between strong authentication technologies and to address the problems users face when creating and storing multiple usernames and passwords.

4:25 pm

Indian stocks are falling due to inflation, concerns about industrial production

A view of the BSE building in Mumbai. file

A view of the BSE building in Mumbai. file

| Photo Credit:
PTI

Indian stocks made gains for two days and ended lower on Thursday due to growth concerns after data showed a surprising decline in industrial production for December and inflation in January to a six-year high.

Annual retail inflation in Asia's third largest economy rose to 7.59% in January, while industrial production fell 0.3% in December after rising for the first time in three months in November.

4:00 p.m.

Pernod Ricard lowers annual earnings growth forecast due to the China virus

China is Pernod's second largest market after the United States and accounts for around 10% of sales. The company relies on China's growing middle class and younger generation to further increase sales.

China is Pernod's second largest market after the United States and accounts for around 10% of sales. The company relies on China's growing middle class and younger generation to further increase sales.

| Photo Credit:
Reuters

The second largest spirits group in the world is now aiming for an organic profit increase of between 2% and 4% by June 30, 2019. This represents growth of 5 to 7% compared to an earlier forecast.

Loss of sales in China, which consumes 26% of the world's volume of alcoholic beverages, according to the rating agency Moody & # 39; s, and in the Asian retail travel market, Pernod's sales could increase by 2% in 2020 and profit from recurring activities by 3% reduce.

3:30 PM

Hong Kong property developers cut retail rents in the fight against viruses in February

The image is used for illustration purposes only.

The image is used for illustration purposes only.

Sun Hung Kai Properties, the city's largest property developer by value, who owns large shopping malls with international fashion brands from Coach to Zara, said Wednesday that he would cut rent by 30% to 50% for most of his tenants in February.

Regardless, Sun Hung Kai Properties said that home sales and hotel occupancy rates were affected by the epidemic.

Hong Kong's economy contracted for the first time in a decade in 2019 and was the worst yet to come. An end to the protests in the city ruled by China and the virus outbreak on mainland China is not in sight.

3:00 p.m.

Satya Nadella visits India later this month: Sources

Satya Nadella is also likely to meet senior Indian industry leaders during his visit, the sources said

Satya Nadella is also likely to meet senior Indian industry leaders during his visit, the sources said

| Photo Credit:
REUTERS

Satya Nadella, chief executive officer of Microsoft Corp., plans to visit India later this month. Several sources who are familiar with the plans have shared this Reuters, a test for the Indian-born head who recently criticized Indian immigration policy.

Nadella plans to be in India between February 24th and 26th and is likely to visit New Delhi, Bengaluru Technology Center, and Mumbai, the financial capital, two people who are familiar with the plans.

2.30

Mobile World Congress 2020 canceled

Today's top business news: Apple joins the Fido Alliance; Mobile World Conference 2020 canceled; Satya Nadella visits India and more

The global association of the telecommunications industry, GSM Association, announced on Thursday that it has decided to cancel the 2020 edition of the sector's largest Mobile World Congress due to health security concerns surrounding the outbreak of a novel corona virus.

The industry association has been organizing the event annually in Barcelona, ​​Spain since 2006, where governments, ministers, policy makers, operators and industry leaders across the ecosystem discuss developments in the technology sector with telecommunications as a common theme.

14:00 clock

Tesla applies for approval to build longer range models 3 in China

File photo of the Telsa company logo

File photo of the Telsa company logo

| Photo Credit:
AP

Tesla Inc is asking Chinese regulators for approval to offer a new Model 3 variant made in China, according to a government document. Reuters reported.

Like the current China-made Model 3 with a standard range of over 400 kilometers, it would be a rear-wheel-drive vehicle, the source said, who was not authorized to speak about the matter and refused to be identified.

1.30 p.m.

China arrests former chairman of the China Development Bank

The chairman of the firmer China Development Bank, Hu Huaibang, was arrested for allegedly serious violations of the discipline, the state-run broadcaster CCTV reported on Thursday.

Hu had been with Policy Bank since 2013 and was also the senior official of the ruling Communist Party at the bank.

He resigned last September on charges of corruption and has been under investigation by the country's transplant agency since late July. Hu was expelled from the Communist Party in January for serious violations of discipline. Reuters

1:15 p.m.

License fees included in the Mining Act to limit the growth potential of the iron ore industry: Fitch

Although the MMDR law will support the growth of iron ore production, the license fees contained in the law will limit the general growth potential of the sector, said Fitch Solutions.

The government last month enacted an amendment to the 1957 MMDR Act and the 2015 CMSP (Coal Mines (Special Provisions)) Act, which aims, among other things, to simplify business processes.

Although the MMDR Mines and Minerals Act (development and regulation) will support the growth of ore production, the license fees contained in the act will limit the general growth potential of the sector, Fitch Solutions said in a statement.

“As part of the Indian Union's 2016 budget, export tariffs for iron ore lumps and fines below 58 percent Fe were reduced from 30 percent to 10 percent and 10 percent, respectively. This reduction was aimed at boosting supplies from the western state of Goa, where the Supreme Court lifted an earlier ban on iron ore mining, ”said the rating agency.

However, the Apex court's decision to void all iron ore permits in Goa in February 2018 will mean that production from that state is likely to decrease rather than increase, it said.

“As a result, we are forecasting an increase in iron ore production in India from 219 million tonnes (million tonnes) in 2020 to 243 million tonnes in 2029. This corresponds to an average annual growth of 0.6% in the period 2020-2029 Growth in the period 2010-2019 is above the value of 1.9% year-on-year, ”it says. PTI

1:00 PM

The Chinese province of Hubei is not asking companies to start work again until February 21

The Chinese province of Hubei, the epicenter of the country's coronavirus outbreak, said on Thursday it would extend a work stoppage and urged all companies not to reopen before the end of February 20.

The local government made the announcement in a statement on its website. Reuters

12:45 p.m.

Tunnel work worth over 1 billion rupees is expected to be carried out over the next five years: Gadkari

Union Minister Nitin Gadkari said that over the next five years, work on tunnels in strategic locations worth over 1 billion rupees will be carried out to ensure all-weather connectivity.

The minister also said that competent players, small or large, must be given opportunities and that parameters such as technical and financial qualifications for bidders should be relaxed.

“Tunnels in the country, especially in the strategic locations, have to offer all-weather connectivity. Over the next five years, we will be working on tunnels worth over 1 billion rupees, ”said the Minister of Roads and Motorways.

Gadkari said this after speaking during a workshop from Assocham and the National Highways and Infrastructure Development Corporation Ltd. had a round table discussion with senior officials, stakeholders and industry players.

He said the need for the hour was to cut costs and improve quality, adding that departments cannot work in silos and must work extensively. PTI

12:30 PM

Credit Suisse achieved the best profit since 2010 with Thiam Swan Song

Credit Suisse recorded a bittersweet swan song for outgoing CEO Tidjane Thiam on Thursday that net income increased 69%.

Thiam quit after a bank spy scandal sparked a boardroom revolt and will officially leave on Friday. He will be replaced by company veteran Thomas Gottstein.

Gottstein said the group continued to commit to its strategy and previously announced goals.

Net income rose to CHF 3.419 billion ($ 3.50 billion). After a consensus of 13 analysts put together by the bank, analysts had expected on average that Credit Suisse would generate CHF 3.5 billion.

Thiam spent much of his four and a half years at Credit Suisse to put the lender on a more stable footing – lower costs and end riskier and more capital intensive investment banking activities.

However, his legacy is determined by the espionage controversy, in which Credit Suisse, one of the best-known names in European banking, admits having sniffed out two former executives. The bank blamed espionage for a rogue operation carried out by one of Thiam's closest lieutenants. Credit Suisse and Thiam said the CEO knew nothing about the activities.

Despite the restructuring undertaken by Thiam, Credit Suisse is facing a difficult operating environment in which more competitors are focusing on asset management, extremely low interest rates and the threat of passive investments. Reuters

12:15 p.m.

Mahindra EPC Irrigation shares will be listed on the NSE on Friday

Mahindra EPC Irrigation announced Thursday that the National Stock Exchange has approved its share listing application.

The company has applied for shares to be listed on the NSE.

"We would like to inform you that the National Stock Exchange of India Limited (NSE) has approved our listing request and the date of listing of our shares will be February 14, 2020," the company said in a report to BSE.

Trading in shares on NSE could follow soon after, the announcement says.

On the BSE, the shares were traded in the morning at Rs 153.00 each, an increase of 4.01 percent over the previous close. PTI

12:00

Yes Bank delays quarterly results; Shares amid new fundraising talks

Worried Indian lender Yes Bank Ltd said that he would delay the publication of his earnings by at least a month from October to December and talk to potential investors about a cash infusion, which saw his shares gain nearly 6% on Thursday.

Yes Bank announced in a late Wednesday application for approval that it had received non-binding expressions of interest from JC Flowers, Tilden Park Capital Management, OHA (UK) and Silver Point Capital.

"Given that the current capital raising process has received the full attention of the bank, it would like to inform the stock exchanges that it will publish its unaudited financial results for the quarter and nine-month period ending December 31, 2019 on or before March 14, 2020. The bank said in the file.

The delay in profits comes from the fact that the bank is repelling criticism of its corporate governance, which was voiced by a former member of the board. It is also facing an increase in bad debt and has been trying to raise $ 2 billion in fresh capital for two quarters.

Yes Bank, whose shares have plunged more than 85% in the past 10 months, has recently appointed global investment bank Cantor Fitzgerald, led by former Deutsche Bank CEO Anshu Jain, to step up its capital raising efforts.

Last month, Yes Bank declined a $ 1.2 billion investment offer from Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings – an offer that many analysts voiced. Reuters

11:45

Yuan falls like a ton of stones after virus deaths drop

China's yuan weakened against the dollar on Thursday after a daily record-breaking death rate in central Hubei province, the epicenter of the coronavirus outbreak, fueled concerns about the threat of a global pandemic.

The death toll increased by 242 to 1,310 in the province by Wednesday, the province's health officials said on its website, triggering a sell-off of the offshore yuan to a low of 6.9910 before onshore trading began. Both markets later made up some losses after the authorities made it clear that the jump was due to a new diagnostic method.

"The headline of the Hubei corona virus update initially hit a ton of rock as it is one of the biggest fears in the market," said Stephen Innes, chief market strategist at AxiCorp. At noon, the onshore spot yuan changed hands at 6.9804, around 86 pips lower than at the end of the last session.

Several traders said the number of newly confirmed cases and deaths exceeded market expectations as many investors felt the situation was beginning to stabilize. Reuters

11:30 AM

Gold gains as an increase in virus cases reduce the risk

Gold rose on Thursday as an increase in the number of new coronavirus cases in China wiped out hope of the epidemic slowdown and drove investors to safe havens.

Spot gold rose 0.4% to $ 1,571.70 an ounce from 0312 GMT. US gold futures rose 0.2% to $ 1,574.90.

"The unfortunate increase in the number of cases in Hubei Province, which is Ground Zero … has influenced risk sentiment," said John Sharma, economist at the National Australia Bank.

Hubei reported 242 new deaths and confirmed 14,840 new cases on Wednesday. This is a dramatic increase from 2,015 new cases the day before China started using a new clinical diagnostic method.

The fastest rise in daily deaths since the outbreak weighed on Asian stocks, but raised the safe haven yen from a three-week low against the US dollar.

However, the rise in gold was slow as the US dollar was close to a more than four-month high in the last session, which was scaled against its main competitors.

“It's more about limiting gold gain than having a huge negative impact. With a higher dollar index, the scope for a significantly higher gold price is limited, ”said Sharma of NAB.

With global economic growth slowing, government bond yields slowing, and monetary easing around the world, investors are now looking for information on the economic impact of the coronavirus epidemic. Reuters

11:15 a.m.

Fed chairman Powell: "No reason" rising wages, employment growth cannot continue

Federal Reserve chairman Jerome Powell reiterated his confidence in the US economic outlook on Wednesday, despite saying that he "soon" expected some resistance from China's new coronavirus epidemic, pointing to the threat of income inequality and a growing one Government debt.

"There is no reason why the current situation of low unemployment, rising wages and high job creation – there is no reason why this cannot go on," Powell told the Senate Banking Committee on its second day in Congress.

The record-breaking economic expansion in the United States is now in its eleventh year. Wages in the United States are currently increasing by approximately 3% per year, the unemployment rate is 3.6%, and employment growth has more than kept pace with the increase in the workforce.

"There is nothing in this economy that is out of balance or out of balance," said Powell.

His comments underscored the central bank's view that its current short-term borrowing cost target range of 1.5% to 1.75% is the right framework to keep expansion on track. Reuters

11:00 O'CLOCK

China's central bank sells 30 billion yuan in offshore banknotes

The Chinese central bank announced on Thursday that it had issued 30 billion yuan ($ 4.30 billion) of offshore bills in Hong Kong.

The People's Bank of China set a three-month tranche of 20 billion yuan at a coupon of 2.55% and sold another 10 billion yuan of one-year coupons at 2.60%, the Hong Kong Monetary Authority said in a statement on February 13.

The offshore yuan was 0.11% weaker at 6.9834 per dollar at 0453 GMT. Reuters

10:45

Interest in private jets is increasing as the corona virus keeps airlines away from China

A decline in flights from China and Hong Kong due to the corona virus increases demand for private jets as wealthy passengers attempt to get out, executives say, but travel bans and nervous crew members have prevented this from leading to more business.

The SARS CoV-2 Coronavirus outbreak, which killed more than 1,300 people in China, has caused premium Asian airlines such as Cathay Pacific Airways Ltd and Singapore Airlines Ltd in Hong Kong to drastically cut their flight schedules.

UK-based consulting firm Ascend by Cirium announced that the number of flights to, from and within China decreased 34% from January 23 to February 11.

These cuts have caused stranded passengers to rely on government-led evacuations. For those who can afford it, there are private jet charters that carry smaller groups and promise a lower risk of exposure to the virus.

Stringent quarantine requirements, travel bans for Chinese citizens, and crew safety concerns have left only a limited pool of private jet operators willing to fly to China compared to the situation during the Severe Acute Respiratory Syndrome (SARS) epidemic in 2003, according to the operators.

"While we received an increase in requests, there were no more flights," said Patrick Gallagher, president of sales and marketing for NetJets at Berkshire Hathaway Inc. Reuters

10:30 am

Japan's House of Commons approves reflationist Adachi to join BOJ board

The Japanese House of Commons on Thursday approved Seiji Adachi, an economist known to advocate massive monetary stimulus, to join the central bank's nine-member Policy Board, paving the way for parliamentary approval of the government candidate.

Adachi, a 54-year-old economist at Marusan Securities, would replace Yutaka Harada, a reflationist-minded board member whose five-year term expires on March 25.

Adachi's addition is unlikely to affect the balance of the board, divided between those who see room for additional easing and others who are concerned about the cost of an extended low interest rate policy, such as a blow to bank profits.

The nomination, which must be approved by both chambers, is expected to sail through the House of Lords on Friday, as the government coalition has a solid majority in both chambers of parliament.

Adachi's policy meeting debut takes place from April 27-28, when the Bank of Japan publishes a quarterly report on its long-term economic and price forecasts.

Adachi is close to Koichi Hamada, an economic advisor to Prime Minister Shinzo Abe, who supported the aggressive incentive from BOJ governor Haruhiko Kuroda in 2013 to combat deflation.

As part of a policy known as interest rate control, the BOJ now expects short-term interest rates of -0.1% and a yield on 10-year government bonds of around 0%. It also buys government bonds and risky assets, such as exchange-traded funds, to get the economy going again.

Many market participants expect the BOJ to stick to monetary policy for the foreseeable future to support a fragile economy. Reuters

10:15 am

The rupee slipped 9 pa to 71.42 against the US dollar in early trading

The rupee opened weakly, dropping 9 pairs against the US dollar against the US dollar to 71.42 on Thursday after weak macroeconomic data disappointed market participants.

Forex traders said disappointing macro numbers weighed on local unity.

Government data on Wednesday showed that industrial production fell 0.3 percent in December, while retail inflation rose to a 68-month high of 7.59 percent in January due to high food prices.

The rupee opened weakly on the interbank currency market at 71.35 and then fell further to 71.42, a decrease of 9 paise from the previous closing price.

The rupee had leveled off at 71.33 against the US dollar on Wednesday.

Market participants also said that factors such as the weak opening of domestic stocks and rising crude oil prices weighed on local unity, while the weakening of the US currency somewhat supported local unity.

Brent crude futures, the global oil benchmark, rose 0.14 percent to USD 55.87 a barrel.

Foreign institutional investors (FIIs) remained net buyers in the capital markets as they bought stocks worth 48.81 billion rupees on Wednesday, according to preliminary information.

The domestic stock exchanges were opened cautiously on Thursday. The Sensex reference indices were at 144.79 points at 41.421.19 and Nifty was at 32.40 points at 12.168.80.

The dollar index, which measures the strength of the greenback versus a basket of six currencies, fell 0.04 percent to 99.01.

The yield on 10-year government bonds in morning trading was 6.46 percent. PTI

10:00 A.M

Sensex, Nifty is in the red with dark macro data

The stock benchmarks Sensex and Nifty slipped into negative territory on Thursday's opening trades, which was weighed down by disappointing macro data.

The Sensex BSE meter was up 51.28 points or 0.12 percent at 41,514.62 in early trading; while the NSE Nifty barometer fell 16.55 points or 0.14 percent to 12,184.65.

Both key indices were down mainly due to increasing sales of financial and auto stocks.

Government data on Wednesday weighed on market sentiment, showing that industrial production shrank 0.3 percent in December, while retail inflation rose to a 68-month high of 7.59 percent in January due to high food prices.

Before the release of IIP and inflation data, the Sensex had calculated 349.76 points or 0.85 percent higher at 41,565.90; and the Nifty had gained 93.30 points, or 0.77 percent, to stand at 12,201.20 on Wednesday.

Preliminary data showed that foreign institutional investors bought net stocks worth rupees 48.81 billion on Wednesday.

The Indian rupee traded 8 paise on Thursday at 71.41 against the US dollar.

Meanwhile, Asian stocks were trading mixed as concerns about the corona virus continued to affect investor sentiment worldwide.

The number of deaths and new cases due to the outbreak of the Chinese coronavirus increased on Thursday with over 200 further deaths and thousands of new patients. PTI

9:45 o clock

OPEC interrupts the forecast of global growth in oil demand for the corona virus

The OPEC oil cartel cut its forecast for global oil demand growth this year by nearly a fifth due to the effects of the coronavirus outbreak in China.

In its monthly report on the world oil market, OPEC now expects global oil demand to grow by 0.99 million barrels a day (mbd) this year compared to 1.22 mbd last month.

"The outbreak of the coronavirus in China in the first half of 2020 is the main factor in this downward correction," said OPEC. Continue reading

9:30 AM

Leap into new coronavirus cases hinders stock rally

Asian equity markets fluctuated on Thursday, while safe havens such as yen, gold and bonds rose as the number of new coronavirus cases and deaths jumped at the epicenter of the outbreak.

The Chinese province of Hubei, where the virus is thought to have originated, reported 242 new deaths, doubled the number of victims the previous day and confirmed 14,840 new cases on February 12.

The increase in the number of cases associated with the introduction of a new infection counting method by officials has increased seven-fold over the previous day.

It was not immediately clear how the new methods affected the results and why the death toll soared, but it seemed to destroy hope that the spread of the virus could slow down.

The E-Mini S & P 500 futures fell from positive to 0.3%. The Dow Jones futures fell by the same margin, suggesting a pause in Wall Street's strong rally.

Ten-year US government bonds fell 3 basis points to 1.607%, the yen rose above $ 110 per dollar and a rally in Asian currencies against the dollar was stopped.

MSCI's broadest Asia-Pacific equity index outside of Japan was stable in morning trading, but the news detracted from the week's momentum in equity markets.

"The slowdown (in some cases) has been the main driver of the rally in assets at risk," said Michael McCarthy, chief strategist at CMC Markets in Sydney.

"A lot of people decided we might have seen a high point … reversing the seemingly good news is enough to get people to look for the exits."

The Japanese Nikkei remained unchanged, while the Australian ASX / S & P 200 index fell from a record high. The Shanghai Composite and Hong Kong's Hang Seng fluctuated unchanged on both sides.

Gold rose 0.3% to $ 1,570.12 an ounce. Reuters