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Brent crude hits four-year low, global stocks rise
Microsoft drops Nokia brand from Lumia; eyes low-cost mkt
Mehrishi is new Finance Secretary
Difficult to do biz in India: Vodafone
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SAT clubs KP Singh’s plea with DLF case
P&SB posts Q2 profit of
Rs 112 cr
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Brent crude hits four-year low, global stocks rise
London, November 11 The gains in Tokyo stocks helped push the yen lower versus the dollar. The greenback hit a seven-year high against the Japanese currency as it recovered from losses chalked up after Friday’s below-forecast US payrolls data. Oil prices fell further, with Brent crude dropping to a four-year low below $82 a barrel. European shares were also boosted by positive updates from companies including Germany’s Henkel and Hochtief. The pan-European FTSEurofirst 300 index rose 0.4%. “So far German results have been slightly better than expected,” said Gregor Kuhn, an analyst at IG, who thought the strong corporate numbers would support the DAX index for the remainder of the year. “Expectations had been downgraded before the reporting season and Russia was one of the reasons. The other one was economic weakness in the euro zone, but I think that is priced in by now.” The Nikkei share average rose 2.1% to its highest close since October 2007 on speculation that Prime Minister Shinzo Abe might postpone a sales tax increase planned for next October and call a snap election. Japanese growth
“You just can’t come up with a scenario of a victory by the opposition. So this means Abe will have four more years to go,” said Norihiro Fujito, senior strategist at Mitsubishi UFJ Morgan Stanley Securities. Wall Street was led higher by transportation and healthcare shares. Lower oil prices helped airlines and some consumer firms. Both the Dow Jones industrial average and the S&P 500 saw record high closes. While Friday’s US jobs data missed high expectations and pushed the dollar down, analysts said it underscored the economy’s resilience in the face of slowing global demand. Brent crude oil fell almost 1% to a four-year low below $82 a barrel. It has lost nearly 30% since June, partly due to rising production, especially in the US. — Reuters Japanese stocks at 7-year high
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Microsoft drops Nokia brand from Lumia; eyes low-cost mkt
The first phone launched by Microsoft with its own brand name has been priced at 110 euro (about Rs 8,400). Incidentally, much before being taken over, Nokia had partnered with Microsoft in 2011 to launch its Lumia range of smartphones based on latter’s Windows Phone operating system. Nokia had lost a considerable part of its market share to Samsung and Apple as it struggled to position itself among the fast changing needs of consumers. Affordable smartphones (sub-Rs 10,000 category) from the stables of Asian handset makers like Huawei, ZTE, Micromax and Karbonn have been driving the growth in emerging markets of Asia and Africa. According to research firm Gartner, Microsoft (with mostly Lumia devices) had a 3.2% share of the smartphone sales in 2013, up from 2.5% in 2012. Android and iOS (Apple devices), on the other hand, had shares of 78.4% and 15.6%. Featuring the Microsoft logo, the Lumia 535 has a 5-inch display, 1.2GHz quadcore processor and 1GB RAM. Along with 8 GB internal storage and 15 GB of free OneDrive storage, the device supports expansion up to 128 GB through microSD cards. It has a 5 MP front and 5 MP rear camera and 1,905 mAh battery. “The Lumia 535 3G Single SIM and Lumia 535 3G Dual SIM will be available in selected markets in November. Pricing for Lumia 535 and Lumia 535 Dual SIM will vary by market and operator, but is estimated to be around EUR 110 before taxes and subsidies,” Microsoft said. Both the devices will come loaded with Windows Phone 8.1 operating system and the Lumia Denim update right out of the box, it added. — PTI Unveils new device
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Mehrishi is new Finance Secretary
New Delhi, November 11 The Appointments Committee of Cabinet today approved that Mehrishi, a 1978-batch IAS officer of Rajasthan cadre be designated as Finance Secretary, said an order issued by the Department of Personnel and Training. He was last month appointed Secretary in Department of Economic Affairs in place of his batchmate Arvind Mayaram, who was first shifted to Tourism and then to Minority Affairs Ministry. Mehrishi is the senior most secretary among the four others who head Departments of Expenditure, Revenue, Financial Services and Disinvestment under the Finance Ministry.As per norms, the senior most secretary in the Finance Ministry is appointed as the Finance Secretary.
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Difficult to do biz in India: Vodafone
New Delhi, November 11 "Its not nice to say, but it is reality. It is not like we said 'its difficult to do business in India', it is objectively difficult to do business in India..," Vodafone India managing director and CEO Marten Pieters said when asked if conditions have improved for doing business. "Coming to the telecom industry, we have not seen much change so far but we are hopeful that change will happen," he added. He cited the latest World Bank report wherein India has dropped by two places as compared to last year in the ease of doing business. Citing the example of 3G intra-circle roaming (ICR) pacts among operators, Pieters said the government should have ended the matter when telecom tribunal TDSAT allowed them to continue with the arrangements, but the government decided to do otherwise. — PTI
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SAT clubs KP Singh’s plea with DLF case
Mumbai, November 11 DLF chairman KP Singh, his son and vice-chairman Rajiv Singh, younger daughter and whole-time director at DLF Pia Singh, company directors TC Goyal and Ramesh Sanka had earlier moved the tribunal challenging the October 10 SEBI ban on them. DLF had sought permission to redeem money locked in MFs after being slapped with the three-year ban by SEBI. — PTI
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P&SB posts Q2 profit of
Rs 112 cr
New Delhi, November 11 The stock jumped more than 15% in trade following the declaration of the results. The bank has posted a 161.14% growth in second quarter of current year in comparison to the corresponding period of last year. In comparison to the first quarter of the current financial year, the bank has reduced the cost of deposits from 8.23% to 8.16% and the net interest margin improved from 1.7% to 2%. The return on assets improved from 0.09% to 0.49% and return on equity improved from 2.15% to 10.14%. The net worth stands at Rs 4853.28 crore as against Rs 4201.85 crore in the first quarter of this year. The gross NPAs of the bank reduced from 5.22% in the first quarter to 5.08%.
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New York, November 11