Business news live | Chinese Yuan hits 5-month high; dollar near 16-month peak

Business news live | Chinese Yuan hits 5-month high; dollar near 16-month peak
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2:40 P.M.

Asian countries on strong economic growth: GAR Corp

Global companies are eager to work in countries like India and Asian countries are going to see an increase in office space demand on the back of strong economic growth, said Abhinav Reddy, managing director of GAR Corp, a Hyderabad-based real esate company.

More and more companies are looking to work in India, especially in the digitalisation space, he said in an international conference in Singapore on Monday.

2:34 P.M.

India received record FDI in last seven years: Goyal

India attracted “record” foreign direct investments in the last seven years and the trend is expected to continue in the coming years on account of major structural reforms being undertaken by the government, Commerce and Industry Minister Piyush Goyal said on Tuesday.

He also said that India is focusing on integrating its quality standards with the world and the nation needs to let go of the mindset of a particular product being for the domestic market and others for the export market.

2:13 P.M.

Kotak Mahindra Bank, PVR launch co-branded debit card

Kotak Mahindra Bank and multiplex chain operator PVR on Tuesday launched a co-branded debit card, claiming to be the first ones to offer such a product in the movie and entertainment genre.

Customers will earn reward points on all spends on the debit cards, including 10 reward points for every ₹100 spent at PVR Cinemas and 0.50 reward points for every ₹100 spent on all other transactions, with one reward point equivalent to ₹1.

“We cater to about 100 million people coming into the cinemas. Our core audience is between 14 and say about 35 (years of age) and a debit proposition would work brilliantly because a lot of people, consumers in India do not qualify for a credit card,” said PVR CEO Gautam Dutta.

2:04 P.M.

World’s largest spirits maker Diageo forecasts 5%-7% sales growth for fiscal 2023-25

Diageo expects organic sales growth to be between 5% and 7% for fiscal 2023-2025, compared with the 4% to 6% growth during 2017-2019.

The Johnnie Walker whisky maker, expects organic net sales growth of at least 16% in the first half of fiscal 2022.

1:53 P.M.

Kia plans to expand product range in India; to drive in new model next year

Automaker Kia India is looking to strengthen its product portfolio as it gears up to introduce a new model in the country in the first quarter of next year. The company, which currently sells three products in India, Seltos, Sonet and Carnival, is all set to unveil its fourth model.

“We are happy to announce that Kia India will introduce its new product ‘KY’ in Q1 of 2022,” said Tae-Jin Park, Kia India MD and CEO.

1:02 P.M.

Vodafone raises free cash flow guidance

Vodafone raised its forecast for this year’s free cash flow to at least 5.3 billion euros from at least 5.2 billion after it reported 6.5% growth in adjusted core earnings in its first half.

The British company raised the floor of its full-year earnings guidance to 15.2 billion from 15.0 billion euros, with the top remaining at 15.4 billion.

12:53 P.M.

Chinese Yuan hits 5-month high; dollar near 16-month peak

The yuan touched a five-month peak in Asia as traders welcomed dialogue between the U.S.-China talks, while the dollar held near a 16-month high against the euro ahead of U.S. retail sales data that could give signs of any impact inflation has had on consumer spending.

12:44 P.M.

Real estate firm Macrotech raises $541 million

Indian real estate firm Macrotech Developers, formerly known as Lodha Developers, has raised ₹40.28 billion ($540.71 million) through issue of 34 million shares via a qualified institutional placement.

The company set a floor price for the issue at ₹1,184.70 per share, a 7.8% discount to its closing price on Monday. Since listing, shares have rallied over 188%.

12:16 P.M.

Bitcoin drops more than 4%

Bitcoin dropped over 4% to $60,350 as it extended a decline through a week that also included an upgrade to its blockchain.

The world’s biggest cryptocurrency’s value has more than doubled since June. It hit an all-time high following the launch of the first U.S. bitcoin futures exchange-traded fund.

Ether, the second-biggest cryptocurrency by market value, was down 4.5% at $4,355.4.

11:58 A.M.

Saudi sovereign wealth fund nearly triples U.S. stock holdings

Saudi Arabia’s sovereign wealth fund has almost tripled its holdings of U.S.-listed stocks to $43.45 billion in the third quarter from nearly $16 billion in the previous quarter.

The Public Investment Fund, which manages $430 billion in assets, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil. It added shares of Alibaba Group, Walmart, Pinterest, among others in the quarter.

11:40 A.M.

Goods trade slowing due to supply issues, cooler demand: WTO

Following its sharp rebound from the initial shock of the COVID-19 pandemic, global merchandise trade is slowing, with production and supply disruptions in critical sectors dampening growth alongside cooling import demand, the World Trade Organization said.

The WTO noted its goods trade barometer dropped to 99.5 points, close to the baseline of 100, in November following a record reading of 110.4 in August.

“Cooling import demand could help ease port congestion, but backlogs and delays are unlikely to be eliminated as long as container throughput remains at or near record levels,” the WTO said.

11:15 A.M.

Evergrande effect | Shares of Kaisa unit plunge

Shares of Kaisa Prosperity, a property services unit of Chinese developer Kaisa Group, plunged 10% as trading resumed a day after the company said its parent’s liquidity issues would not impact operations.

Kaisa Group has the most offshore debt of any Chinese developer after China Evergrande Group. Kaisa Group’s trading remains suspended.

11:05 A.M.

Oil prices bounce back

Oil prices bounced back after dropping earlier in the session as worries over tight inventories underpinned prices. Brent futures gained 0.74%, to $82.66 a barrel, while U.S. WTI crude climbed 0.67%, to $81.42 a barrel.

10:40 A.M.

Rupee slips against U.S. dollar

The Indian rupee depreciated against the U.S. dollar. The domestic unit opened on a weak note at 74.49, then lost further ground and touched 74.53 against the greenback in initial deals, registering a decline of 7 paise from the last close. The Indian currency was weighed down by a lacklustre trend in the domestic equity market and firm American dollar.

9:25 A.M.

Markets update

Indian indices opened flat amid mixed global cues. The Sensex opened at 60,755.38 up 36.67 points after ending marginally higher in the previous session. Similarly, the Nifty opened at 18,127.05, up 17.6 points.

Major Asian share indices edged higher as relief in China’s property sector supported investor sentiment. Chinese blue chips rose 0.4% and Hong Kong’s Hang Seng added 0.7%.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.27% to a 2-1/2 week high. Japan’s Nikkei gained 0.22% and Topix added 0.38% in the morning trade. South Korea’s Kospi rose 0.12%.

In U.S., the Dow Jones Industrial Average fell 12.86 points, or 0.04%, to 36,087.45, the S&P 500 lost 0.05 point, or flat, to 4,682.80 and the Nasdaq Composite dropped 7.11 points, or 0.04%, to 15,853.85.

 

—-  Edited by John Xavier

 

(With inputs from Reuters, PTI and other news agencies.)



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