Tag Archives: hit

Get ready! India’s own GPS set to hit the market early next year

PM Modi watching the 2016 launch of IRNSS-1G, the seventh satellite in a series which ensured the completion of Indian Regional Navigation Satellite System. (Picture source: http://www.narendramodi.in) Less HIGHLIGHTS Top Isro official says NavIC is more accurate than US system. NavIC (‘Navigation with Indian Constellation’ whose Hindi meaning is ‘sailor’ or ‘navigator’) is the name given by PM Modi. NavIC ... Read More »

Thousands of car finance payments could be hit by economic downturn, analysts warn

Thousands of drivers would be unable to keep up their car payments in the event of an economic downturn, analysts have warned, prompting concerns about a mis-selling scandal. With nearly 90 per cent of new cars sold using finance deals, the majority of which means the owner effectively leases their vehicle for three or four years instead of buying outright, ... Read More »

Euro skids, shares hit after Italy votes ‘no’ on reform

The euro fell to a 20-month low on Monday and investors fled riskier assets after Italian Prime Minister Matteo Renzi said he would resign following a stinging defeat on constitutional reform that could destabilize the country’s shaky banking system. Renzi’s defeat deals a body blow to a European Union already reeling under anti-establishment anger that led to the shock exit ... Read More »

RBS’s worst-case legal bill could hit $27 billion

Royal Bank of Scotland may have to pay out as much as $27 billion (21.74 billion pounds), roughly the market value of the bank, in misconduct fines and lawsuits over the next few years, lawyers and analysts said. That bill represents the upper end of estimates to settle a range of claims related to RBS’s alleged misconduct before and during ... Read More »

Scunthorpe sale costs hit Tata Steel

Costs related to the sale of its Scunthorpe operations pushed Tata Steel into the red for its first quarter. The Indian company lost 32.9bn rupees (£370m) when it sold its European long products division, based in North Lincolnshire, to Greybull Capital in April for a nominal sum. Tata Steel made a net loss of 31.8bn rupees (£358m) for the three ... Read More »

Southern Rail owner profits hit £100m one day after £20m government ‘bailout’

The company which jointly operates the troubled Southern railfranchise, has seen full-year profits soar 27 per cent to almost £100 million, just one day after the Government handed Southern a £20 million “bailout” package. On Thursday transport secretary Chris Grayling said the funds would help Southern “get to grips” with the delays and disruption which have caused months of misery for commuters. Go-Ahead ... Read More »

InterGlobe Aviation shares shed 11% to hit one-month low post June quarter earnings

Shares of InterGlobe Aviation tanked over 11 per cent to hit their one-month low after the company, which owns budget carrier IndiGo, reported around 7.4 per cent decline in net profit at Rs 591.77 crore in the June quarter. The company had posted a net profit of Rs 638.89 crore in the same period last fiscal year. Reacting to the ... Read More »

European shares hit two-week lows, yen rises as Japan backs stimulus

European stocks fell to two-week lows on Tuesday, dragged down by banks, while the yen rose against the dollar and government bonds sold off after Japan’s cabinet approved a fiscal stimulus package to revive the flagging economy. Oil fell again, with U.S. crude dipping below $40 a barrel as a supply glut weighed on prices. The pan-European STOXX 600 index ... Read More »

‘India telcos’ mobile data revenue may hit Rs. 95.5K crores in 5yrs’

Indian telecom operators are expected to rake in Rs. 95,500 crore in revenues from mobile data services over the next five years, says a report by ICRA. Mobile data revenues are expected to grow at a compounded annual growth rate (CAGR) of 21 per cent by financial year 2021 and are expected to contribute 34 per cent to the total ... Read More »

Second bank hit by ‘sophisticated’ malware attack, says Swift

Swift, the global financial messaging network that banks use to move billions of dollars every day, warned on Thursday of a second malware attack similar to the one that led to February’s $81 million cyberheist at the Bangladesh central bank. The second case targeted a commercial bank, Swift spokeswoman Natasha de Teran said, without naming it. It was not immediately ... Read More »