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ICICI Lombard sells 17.7 Lk shares or 0.84% equity at Rs 270/sh


In pact with Reliance Nippon to sell Mutual Fund products

Nextgen Vakrangee Kendras to offer mutual fund distribution on pan India basis


Plans to sell part of se Asia biz as part of strategy to exit non scalable biz

To sell Singapore & Thailand units valuing them at $ 500Mn

Singapore & Thailand biz contributes 16% to revenues & 2% to EBITDA

To turn focus to domestic market



Avendus cap-KKR emerge as frontrunner to acquire IDFC MF

Offer of Rs 3,000-4,000 Cr made by FIN services firm



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News In Brief


    BlackRock quarterly profit rises 25.6 percent

    BlackRock Inc (BLK.N), the world’s biggest asset manager, reported a 25.6 percent jump in quarterly profit on Monday, helped by higher investment advisory fees.

    Net income attributable to the company rose to $1.07 billion in the second quarter ended June 30, from $854 million a year earlier.On a per share basis, BlackRock earned $6.62, compared with $5.20 a year earlier.


    Biggest Polish bank's second quarter profit up year-on-year: Agency

    Warsaw: Poland’s largest lender PKO BP (PKO.WA) improved its second-quarter net profit from 857 million zlotys ($233 mln) a year earlier, Chief Executive Officer Zbigniew Jagiello was quoted as saying by state news agency PAP on Monday.

    Jagiello also said the bank was on track to achieve 3.5 billion zlotys in net profit in the whole 2018, PAP said.


    Qatar Airways orders flight simulators from CAE, expands pilot training

    Farnborough, England: Qatar Airways on Monday agreed to order flight simulators from aviation training firm CAE, a CAE executive said ahead of a signing ceremony at Farnborough Airshow. 

    The flight training simulators will be used on Boeing Co (BA.N) 777X widebodies and single-aisle 737 MAX airplanes.


    There will be no second Brexit referendum, says May's spokesman

    London: There will be no second referendum on Brexit, a spokesman for Britain’s Theresa May said on Monday, repeating the prime minister’s belief that her plan for leaving the European Union was the only way to get a deal that meets the government’s aims.

    “The British public have voted to leave the European Union. There is not going to be a second referendum ... under any circumstances,” the spokesman told reporters.


    Qatar Airways finalizes order for five Boeing 777 freighters

    Farnborough, England: Qatar Airways has finalized an order to buy five 777 freighters from U.S. planemaker Boeing (BA.N), the two companies said on Monday. 

    The deal, announced at the Farnborough Airshow, is worth around $1.7 billion at list prices. It was previously announced as a commitment to purchase in April.


    FBIL sets rupee reference rate at 68.5877 against dollar

    Mumbai: The Financial Benchmarks india private limited (FBIL) today fixed the reference rate of the rupee at 68.5877 against the US dollar and 80.2526 for the euro.

    The corresponding rates were 68.4094 and 79.7617, as on July 13, 2018. According to an FBIL statement, the exchange rates for the pound and the yen against the rupee were 90.8481 and 61.02 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.


    Putin lands in Helsinki later than expected for summit with Trump

    Helsinki: Russian President Vladimir Putin’s plane landed in the Finnish capital Helsinki on Monday about a half hour behind schedule for his summit meeting with U.S. President Donald Trump.


    Hindustan Unilever (HUL) Q1 net profit rises 19.1% to Rs 1,529 crore

    New Delhi: Hindustan Unilever (HUL) Q1 net profit rises 19.1% to Rs 1,529 crore; total income up 3% at Rs 9,622 crore. 


    Golden Falcon confirms order for 25 A320neos for Wataniya

    Farnborough, England: Golden Falcon Aviation has confirmed an order for 25 Airbus (AIR.PA) A320neo jets for Kuwait’s Wataniya Airways worth around $2.8 billion at list prices, Golden Falcon said on Monday.

    Golden Falcon is the exclusive aircraft provider for Wataniya.The deal, announced at the Farnborough Airshow, follows an earlier memorandum of understanding announced at last year’s Dubai Airshow.


    China, EU exchange market access offers for investment treaty talks

    Beijing: China and the European Union on Monday exchanged market access offers for a bilateral investment agreement currently under negotiation, with both sides calling the proposed treaty a top priority in relations.

    The two sides made the announcement in a joint statement issued during an annual China-EU leaders meeting in Beijing.  The EU also took note of China’s recent commitments to improve market access and intellectual property rights, the statement said.


    Iraq's Umm Qasr port expected to be fully operational on Monday or Tuesday-officials

    Basra, Iraq: Iraq’s Umm Qasr commodities port is expected to be fully operational on Monday or Tuesday, three port officials said, after it was shut down by protests sweeping southern cities. 

    The officials said all employees needed to return and the internet needed to be restored at the facility, which receives grain, vegetable oils, sugar and equipment for energy companies.


    EU immigration to Britain falls to five-year low: ONS

    London: The number of European Union immigrants to Britain fell to a five-year low last year, as fewer people came without a firm job offer during the first full calendar year since June 2016’s Brexit vote, official data showed on Monday. 

    Overall net immigration of people of all nationalities to Britain rose to 282,000 in 2017 from 249,000 in 2016, though this is well below the multi-year high of 332,000 recorded in 2015, Britain’s Office for National Statistics said. But net immigration of EU citizens dropped to 101,000 last year from 133,000 in 2016. “The estimated number of EU citizens coming to the UK ‘looking for work’ continued to decrease over the last year and the number coming to the UK for a definite job has remained stable,” the ONS said.


    Russia may borrow $1 billion from BRICS development bank: Minister

    Moscow: Russia is in talks with the New Development Bank, set up by the BRICS group of major emerging economies, on raising four loans worth more than $1 billion, Deputy Finance Minister Sergey Storchak told reporters in Moscow on Monday. 

    He said that if Russia raises loans from foreign development banks it may cut its OFZ treasury bonds programme in 2019. Russia is a part of the BRICS group, which also includes China, Brazil, India and South Africa.


    Salvini criticises euro but says Italy not planning to leave

    Moscow: Italian deputy prime minister Matteo Salvini on Monday criticised the euro but said Italy had no plans to leave the single currency. 

    “Leaving the euro is not in the programme of this government,” Salvini, who is also interior minister and leader of the right-wing League, said at a news conference in Moscow. He reiterated his frequent criticism of the single currency, calling it “an experiment that began badly.”


    Deutsche Bank says expects second quarter profit above expectations

    Frankfurt: Deutsche Bank (DBKGn.DE) expects to report second-quarter pretax profit of about 700 million euros (£617 million) and net income of approximately 400 million euros, it said on Monday.

    “The results are considerably above the average consensus estimate,” Germany’s flagship lender said in a statement. It added that it expects group revenues to be around 6.6 billion euros.  Deutsche Bank had been expected to publish its results on July 25.


    ECB seeks new head for bank supervisory arm

    Frankfurt: The European Central Bank published a job vacancy on Monday, seeking a new head for its bank supervisory arm from January after the term of current Chair Daniele Nouy expires. 

    “The ECB is seeking a suitable candidate of recognised standing and experience in banking and financial matters for the position of the Chair of the Supervisory Board from 1 January 2019,” the bank said. The ECB supervises 118 of the euro zone’s biggest lenders with around 21 trillion euros in assets. The ECB will draw up a shortlist of candidates from the applicants and will make a final proposal to the EU Council in the autumn after consultation with Parliament and the Council.


    Germany: We can no longer fully rely on US White House

    Berlin: Germany’s foreign minister said on Monday Europe could not rely on Donald Trump and needed to close ranks after the U.S. president called the European Union a “foe” with regard to trade.

    “We can no longer completely rely on the White House,” Heiko Maas told the Funke newspaper group. “To maintain our partnership with the USA we must readjust it. The first clear consequence can only be that we need to align ourselves even more closely in Europe.”  He added: “Europe must not let itself be divided however sharp the verbal attacks and absurd the tweets may be.”


    Taiwan's Starlux in preliminary deal for 17 Airbus A350 jets

    Farnborough: Taiwanese start-up StarLux Airlines said on Monday it had signed a memorandum of understanding to buy 17 wide-body planes from European planemaker Airbus (AIR.PA). 

    The deal, announced at the Farnborough Airshow, covers 12 Airbus A350-1000 and five A350-900 jets, which in total would be worth around $6 billion at list prices. Reuters reported on Sunday that Starlux was poised to agree a deal for Airbus wide-body planes.


    Russia ready to discuss meddling allegations: RIA

    Moscow: Russia is ready to discuss with the United States allegations it interfered in U.S. elections, something it denies, RIA news agency reported on Monday ahead of a summit between the countries’ presidents. 

    “We are ready to discuss, ready to undertake mutual obligations of non-intervention into internal matters,” RIA quoted a Russian source as saying. The source also said Moscow was proposing to the United States a resumption of dialogue on strategic stability and would like to address questions related to arms control, Syria and Iran during the meeting between Vladimir Putin and Donald Trump.


    LIC board okays raising stake in IDBI Bank: Government official

    New Delhi: The Life Insurance Corporation of India’s board has approved raising its stake in state-run IDBI Bank to 51 percent, Economic Affairs Secretary Subhash Chandra Garg told reporters on Monday. 

    Garg, who is on the board of LIC, said the additional stake buy would be most likely through a preferential shares issue, enabling injection of funds to IDBI Bank. Garg also said if required LIC will make an open offer. LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent.


    French anti-trust authority to probe supermarket purchasing alliances

    Paris: France’s antitrust authority said on Monday it will investigate the potential impact of several purchasing alliances recently sealed by French and European supermarket retailers.

    The probes cover purchasing alliances between France’s Auchan [AUCH.UL], Casino (CASP.PA), Germany’s Metro and France’s Schiever on the one hand, and one between Carrefour (CARR.PA) and Systeme U.  The probe on that last alliance was also widened to include the tie-up between Carrefour and Tesco (TSCO.L).  The probes will assess “the competitive impact of these purchasing alliances on the markets concerned for suppliers and for consumers,” the statement said.


    Boeing, Jackson Square reach firm agreement for 30 737 MAX eight aircraft

    Farnbough, England: Boeing Co (BA.N) and U.S. aircraft leasing firm Jackson Square Aviation said on Monday they had reached a firm agreement over the purchase of 30 737 MAX 8 aircraft.


    Russia's Gazprombank may provide financing for Megafon's delisting

    Moscow: Russia’s Gazprombank may provide financing to Megafon (MFON.MM) to help the country’s No.2 mobile phone operator delist from the London Stock Exchange (LSE), Gevork Vermishyan, Megafon’s executive director, told reporters.  

    On Monday, Megafon announced a tender offer to buy up to 128,950,036 of the issued and outstanding ordinary shares and GDRs, or 20.8 percent of the company’s issued and outstanding equity, for a total of $1.26 billion as a part of its delisting plan.


    Reports of Kurdish militia withdrawal from Manbij 'exaggerated': Anadolu citing sources

    Istanbul: Reports that Syrian Kurdish YPG fighters have withdrawn from Syria’s Manbij region are exaggerated, state news agency Anadolu said on Monday, citing sources from Turkey’s foreign ministry.

    The last YPG fighters left the northern Syrian town of Manbij on Sunday, the militia controlling the town said, after Turkey and the United States reached a deal last month over the Manbij after months of disagreement.  Under that deal, the YPG would withdraw from Manbij and Turkish and U.S. forces would jointly maintain security and stability around the town.


    China files complaint to WTO against U.S. proposed tariff on Chinese goods

    Beijing: China’s commerce ministry said on Monday it had filed a complaint to the World Trade Organization (WTO) regarding Washington’s proposed tariff list on $200 billion (£151 billion) worth of Chinese goods on July 16.

    The Ministry of Commerce said last week China would immediately file a complaint to the WTO against U.S. unilateralism, following the U.S.’ threat to slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.



    Oil ministry supports petcoke import ban: government lawyer tells Supreme Court

    New Delhi: India’s oil ministry is in favour of a ban on the import of petroleum coke, the government’s lawyer told the Supreme Court on Monday. 

    An oil refinery by-product, petroleum coke, or petcoke, is used as a fuel because of its higher energy content than coal, but it releases larger amounts of carbon dioxide and sulphur dioxide, which can cause lung disease and acid rain.


    China to expand list of countries to pay tariffs on sugar imports from August 1

    Beijing: China’s Commerce Ministry said on Monday it will expand the list of countries which must pay extra tariffs on sugar imports starting from Aug. 1, just over a year after introducing hefty penalties on top growers including Brazil and Thailand. 

    In May last year, the government hit major exporting nations with penalties on sugar imports after years of lobbying from domestic mills, but exempted 190 smaller producing countries and regions, mostly in Southeast Asia and South America, like El Salvador and the Philippines.


    Britain to unveil model of new fighter jet, earmark funds: Source

    Farnborough, England: Britain’s Defence Minister Gavin Williamson will unveil a model of the country’s proposed new fighter jet at the Farnborough International Airshow and earmark 2 billion pounds in funding for the project, a source said on Monday.

     The aircraft, which will eventually replace the Typhoon fighter jet, will be developed and built by partners BAE Systems, Rolls-Royce and Leonardo, the source said.

    Megafon to delist from London after buying shares from minority holders

    Moscow: Megafon (MFON.MM), Russia’s No.2 mobile phone operator, said on Monday it intends to begin the process of cancelling its Global Depositary Receipts (GDRs) listing in London shortly after completion of a tender offer announced also on Monday.

    As part of the tender offer, Megafon’s subsidiary will purchase up to 128,950,036 of the issued and outstanding ordinary shares and GDRs, representing 20.8 percent of the company’s issued and outstanding shares, for $9.75 for each ordinary share and for each GDR.


    Eritrea reopens embassy in Addis Ababa in fresh sign of thaw with Ethiopia

    Addis Ababa: Ethiopia’s Prime Minister Abiy Ahmed and Eritrea’s President Isaias Afwerki arrived at a ceremony on Monday to re-open Eritrea’s embassy in the Ethiopian capital, a Reuters witness said.

    One week ago the leaders of the Horn of Africa nations declared their “state of war” over after two decades. They have since moved quickly to cement a rapprochement. Isaias spent the weekend in Ethiopia.


    India's wholesale inflation stood at 5.77% in June

    New Delhi: Wholesale price-indexed (WPI) inflation in India during June stood at 5.77 per cent compared to 4.43 per cent in the previous month, official data showed here on Monday. 

    According to the Commerce Ministry data, the WPI inflation in June 2017 was at 0.90 per cent.

    (IANS ) 

    India's June vegoil imports down 22.4 percent on year: Trade body

    New Delhi: India’s vegetable oil imports fell 22.4 percent to 1.04 million tonnes in June against the same month a year earlier, a leading trade body said on Monday.

    Imports during the first eight months of the current year beginning November fell to 9.65 million tonnes against 9.87 million tonnes a year earlier, the Solvent Extractors Association of India said in a statement.


    Trump says U.S.-Russia ties have 'never been worse'

    Moscow: U.S. President Donald Trump said on Twitter on Monday that U.S.-Russian ties have never been worse.

    “Our relationship with Russia has NEVER been worse thanks to many years of U.S. foolishness and stupidity and now, the Rigged Witch Hunt!,” he said shortly before he is scheduled to meet Russian President Vladimir Putin in Helsinki.


    Mantis Vision raises $55 million in round led by Luenmei, Samsung

    Jerusalem: Israeli high-tech firm Mantis Vision, which provides 3D content capture and sharing technologies, said on Monday it raised $55 million in a round led by China-based Luenmei Quantum Co and Samsung Catalyst Fund. 

    The Israeli firm and Luenmei also formed a joint venture to strengthen Mantis Vision’s growth in China.  Mantis Vision said its technology can be used in a variety of applications, including 3D smartphone cameras and professional 3D scanners.  The company said it has now raised a total of $83 million and expects to double its workforce by the end of 2020 with an additional 140 employees.


    Boeing kickstarts air show with order for jets worth $4.7 billion

    Boeing Co (BA.N) said on Monday it won an order for 14 777 Freighters for a value of $4.7 billion (3.5 billion pounds), firing the opening salvo against rival Airbus SE (AIR.PA) in a contest for business on day one of the Farnborough Airshow.

    The U.S planemaker said logistics group DHL placed the order and acquired purchase rights for 7 additional freighters.


    Trump says Obama did nothing about Russian election meddling

    Moscow: U.S. President Donald Trump said in a Twitter post on Monday his predecessor, Barack Obama, paid little attention to FBI allegations of Russian election meddling and they were only taken seriously after he was elected.

    “President Obama thought that Crooked Hillary was going to win the election, so when he was informed by the FBI about Russian Meddling, he said it couldn’t happen, was no big deal, & did NOTHING about it. When I won it became a big deal and the Rigged Witch Hunt headed by Strzok!” Trump wrote on Twitter.  Trump was referring to Hillary Clinton, his Democratic rival in the 2016 presidential election, and Peter Strzok, an FBI agent who criticised Trump during the campaign.


    Trump says NATO summit was 'truly great'

    Moscow: U.S. President Donald Trump said in a Twitter post on Monday the NATO summit he attended last week had been a success and was inaccurately reported by much of the media.

    “Received many calls from leaders of NATO countries thanking me for helping to bring them together and to get them focused on financial obligations, both present & future. We had a truly great Summit that was inaccurately covered by much of the media. NATO is now strong & rich!” Trump tweeted.


    EU's Tusk calls on China, U.S., Russia not to start trade wars

    Beijing: European Council President Donald Tusk said on Monday China, the United States and Russia had a duty not to start trade wars and called on the three countries to reform the World Trade Organization.

    He said there was still time to prevent conflict and chaos. Tusk and European Commission President Jean-Claude Juncker are in Beijing to meet Chinese Premier Li Keqiang for an annual China-EU leaders dialogue.


    Trade frictions with U.S. to have little impact on China's consumer prices: Chinese official

    Beijing: Trade frictions with the United States will have a limited impact on China’s consumer prices, and consumer spending is expected to remain steady in the second half of the year, a spokesman from the National Bureau of Statistics said on Monday. 

    There will be no change to the steady, improving trend in China’s economy, statistics bureau spokesman Mao Shengyong told reporters following the release of second quarter GDP data showed growth slowed to 6.7 percent year-on-year.


    Kremlin takes Trump to task over his gas pipeline comments: RIA

    Moscow: U.S. President Donald Trump’s criticism of Russia’s Nord Stream-2 gas pipeline to Europe is an egregious example of unscrupulous competition and it worries Moscow, Kremlin spokesman Dmitry Peskov was quoted as saying on Monday.

    Speaking shortly before Trump and Russian President Vladimir Putin sit down together for a summit in the Finnish capital, Peskov also said discussions between the two on Syria would be difficult because of the U.S. stance on Iran, Russia’s ally and a major player in the Syrian conflict.  Russia’s RIA news agency quoted Peskov as saying he hoped the Helsinki talks would represent some kind of step away from the current crisis in U.S.-Russian relations.




    China wants to seek more balanced trade with EU

    Beijing: China’s Premier Li Keqiang said on Monday the country wants to seek more balanced trade with the European Union.

    China needs to advance investment treaty negotiations with the EU and both should share the objective of concluding agreements at an early date, Premier Li said when meeting with European Council President Donald Tusk and European Commission President Jean-Claude Juncker in Beijing.


    Singapore June private home sales fall 20.2 percent on year

    Singapore: Sales of private homes by developers in Singapore fell 20.2 percent in June from a year earlier, government data showed on Monday.

    Data compiled by the Urban Redevelopment Authority showed developers sold 654 units last month, compared with 820 units in the same month a year earlier.  The level of sales rose fell from the revised 1,122 units sold in the previous month.



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