PremiumUS Wall Street extended losses Wednesday and Asian stocks dropped on Thursday morning as a hawkish tone from central banks resonated across markets. Asian markets were trading lower in the morning session.
3M Co. plans to eliminate jobs as part of a broader cost-cutting drive in response to the slowing economy, according to internal communications.
The move comes just days after 3M suffered a setback over a key legal strategy designed to mitigate mounting liabilities and as it faces an array of other challenges, ranging from inflationary woes to sluggish growth.
Michael Vale, head of 3M’s safety and industrial division, disclosed the planned cuts in a message to employees of the unit. “The business can’t avoid this tough necessity," he said in the communication, which was reviewed by Bloomberg News. (Bloomberg)
In a bid to ensure energy security for the country, the Centre on Wednesday said that it is in the process of increasing coal production to 1.23 Billion Tonne (BT) by FY 2024-25. To achieve this ambitious goal, Coal India Ltd (CIL) has adopted an integrated planning approach by strengthening evacuation infrastructure for one billion tonne production and seamless transportation of dry fuel. (Full Report)
AJR Infra & Tolling and OCR Iron & Steel stocks will be in focus as they declare their June quarterly report today. (Full Story)
Tokyo stocks opened lower Thursday extending US losses, with fears growing among investors that there will be no respite from Federal Reserve rate hikes aimed at tamping down inflation.
The benchmark Nikkei 225 index was down 1.04%, or 291.67 points, at 27,799.86 in early trade, while the broader Topix index slipped 0.80%, or 15.76 points, to 1,947.40.
Concern about further widening of US and Japanese rate policy saw the yen depreciate again against the greenback, hitting a fresh 24-year low. (AFP)
Share allotment of the public issue worth ₹562.10 crore can be announced soon as tentative DreamFolks IPO allotment date is 1st September 2022. So, share allotment of the public offer can be announced any time today. So, those who have applied for the public offer are advised to check DreamFolks IPO allotment status online by logging in at the BSE website — bseindia.com or at the website of the official registrar of the IPO. The official registrar of DreamFolks IPO is Link Intime India Private Ltd and its official website is linkintime.co.in. (Full Story)
Online food delivery platform Zomato has decided to narrow its focus on three key areas of food ordering and delivery; supplies to restaurants through 'Hyperpure' and quick commerce, company Chairman Kaushik Dutta said on Tuesday.
In his address to shareholders at the company's annual general meeting, Dutta said the move was part of strategy to focus "only on areas that have the potential to become meaningfully large businesses ten years from now".
In FY22, he said Zomato was able to achieve strong top line growth while keeping its "adjusted EBITDA burn under control", despite multiple challenges such as disruptions due to Covid-19 pandemic, macro-economic uncertainty, rising inflation, fuel prices, among others. (PTI)
Yes Bank Ltd’s year-long campaign to oust chairman Jawahar Goel from the board of Dish TV India Ltd paid off after the Subhash Chandra family member agreed to step down as a director at the company’s annual general meeting on 26 September.
This decision by Goel, the younger brother of Essel Group founder Subhash Chandra, made at least one proxy advisory firm argue that the end game has begun in the protracted battle.
On Wednesday, Dish TV told the exchanges that Goel, a non-retiring director, will not seek re-appointment as a director at the AGM later this month. In a separate notice, the satellite TV provider also said that the board had agreed to induct Sunil Kumar Gupta, Uday Kumar Varma and Haripriya Padmanabhan as directors after the information and broadcasting ministry approves their candidature. (Full Report)
Low-cost carrier SpiceJet on Wednesday said the company's Chief Financial Officer Sanjeev Taneja had resigned amid widening losses and an increase in in-flight incidents. The airline recorded a net loss of ₹789 crore for the first quarter ending 30 June, as compared with a loss of ₹729 crore in the year-ago period, as the carrier's business was severely impacted by record high fuel prices and a depreciating Rupee. (Full Report)
The unemployment rate in India for people aged 15 years and above in urban areas declined to 7.6 per cent during April-June 2022 from 12.6 per cent a year ago, the National Statistical Office (NSO) said on 31 August.
In April-June 2021, the joblessness was high in the country mainly due to the staggering impact of Covid-related restrictions. (Full Report)
Singapore-based fashion e-commerce startup Zilingo allegedly tried to dispatch “millions" of substandard Chinese KN95 masks during the covid pandemic in 2020 to India by faking third-party inspection certificates, two senior officials of the health ministry said on Tuesday.
The discrepancies were spotted by the health ministry’s central procurement agency, HLL Lifecare. (Full Story)
The union government has increased the windfall tax on the sale of locally produced crude oil to ₹13,300 per tonne. The special additional excise duty on the export of diesel has been increased from ₹6 to ₹12 per litre. (Full Report)
The Indian economy expanded 13.5% in the June quarter, the fastest in a year, led by a revival of consumption, recovery of the services sector, and the low base of last year, official data showed.
However, elevated global energy and commodity prices led by the supply chain disruption caused by the Russia-Ukraine war weighed on manufacturing activity during the quarter.
Economists believe the rising interest rates led by monetary policy tightening and normalizing base may pose a challenge for additional investments in the manufacturing sector, and high inflation will keep corporate margins under pressure. This may hurt the economic growth outlook. (Full Report)
U.S. stocks ended the month with their fourth straight daily decline on Wednesday, cementing the weakest August performance in seven years as worries about aggressive interest rate hikes from the Federal Reserve persisted.
Adding to the pressure were declines in the technology sector, and more specifically chipmakers, after soft forecasts from Seagate and HP Inc.
The three main indexes suffered their biggest monthly percentage declines in August since 2015. After hitting a four-month high in mid-August, the S&P 500 has stumbled in recent weeks, dropping more than 8% through Wednesday's close and falling through several closely watched technical support levels. (Reuters)
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