Barclays first-quarter profit falls 33 percent as investment banking slowdown bites

Barclays (BARC.L) reported a worse than expected 33 percent slump in pretax profits for the first three months of the year, as the lender followed its U.S. peers in reporting falling investment banking revenues in a weak global market environment. Barclays said first quarter pretax profits fell to 793 million pounds ($1.15 billion), just below the average forecast of 846 ... Read More »

Adidas raises 2016 guidance after first-quarter earnings jump

German sporting goods group Adidas (ADSGn.DE) hiked its guidance for 2016 sales and earnings a second time as it reported a 38 percent jump in quarterly underlying profit, citing strong brand momentum. Adidas said on Wednesday it now expected its 2016 currency-adjusted sales to grow by about 15 percent, compared with a previous forecast for a rise of 10 to ... Read More »

UK govt willing to buy 25% in Tata Steel plants

The UK government on Thursday announced it is willing to acquire 25 per cent stake in Tata Steel’s UK operations to help potential buyers eyeing ownership of the Indian steel firm ‘s loss-making plants. The money “worth hundreds of millions of pounds” is being put up jointly by the UK and Welsh governments and will be made available to potential ... Read More »

IMF urges more spending to boost growth

The International Monetary Fund’s steering committee has urged member countries to boost “growth-friendly” spending to help deal with slowing global growth. The IMF managing director, Christine Lagarde, said that calmer markets since February had reduced the stress level at the IMF and World Bank spring meetings, but the outlook was still fraught with downside risks from weak demand, a potential ... Read More »

Business Secretary attends steel crisis talks in Brussels

The Business Secretary is to join ministers from around the world at a meeting to discuss a global glut of steel that has pushed British production to the brink of collapse.  Sajid Javid will hold talks in Brussels with counterparts from China and India and 27 other nations to “seek solutions to the overcapacity crisis”. Tata Steel, the Indian-owned conglomerate, ... Read More »

Botched Doha deal undermines OPEC credibility, oil prices tumble

Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Tensions between Saudi Arabia and Iran were blamed for the failure, which revived industry fears that major government-controlled producers will increase their battle ... Read More »

Japan earthquake: Toyota, Sony and Honda suspend production

A number of Japanese manufacturers have suspended operations after two powerful earthquakes hit Kumamoto in south-western Japan. Electronics giant Sony, as well as automakers Honda and Toyota cited damage at their plants. The quakes killed at least 41 people and have caused severe destruction to buildings and infrastructure. The suspensions in Kumamoto, a manufacturing hub, could cause supply chain disruptions. ... Read More »

Hinkley Point: French government ‘completely committed’ to plant

The French government is “completely committed” to constructing the Hinkley Point nuclear power plant, the French economy minister has told the BBC. Emmanuel Macron told the Andrew Marr Show the £18bn project in Somerset was “very important” for France and EDF, which is 85% owned by the French state. Mr Macron said work still needed to be finalised but he ... Read More »

Petrol price cut by 74 paisa, diesel by Rs 1.30 a litre

Petrol price was on Friday cut by Rs 0.74 per litre and diesel by Rs 1.30, reversing the 2-month trend of rising rates. Petrol in Delhi will cost Rs 61.13 per litre from midnight as against Rs 61.87 currently, said Indian Oil Corp (IOC), the nation’s largest fuel retailer. Similarly, a litre of diesel will cost Rs 48.01 compared to ... Read More »

Forget Free Basics, Facebook unveils plans to connect developing nations

After India said ‘no’ to Free Basics and opted for net neutrality recently, the social networking giant Facebook has unveiled two new initiatives to improve internet services for the rural population in the developing countries, including India. Announced at its two-day annual F8 conference in San Francisco, US, this week, the Antenna Radio Integration for Efficiency in Spectrum (ARIES) system ... Read More »