Lower costs, exchange rate boosts Brazil's Ambev net profit in Q3 as sales dip
Brazilian brewer Ambev reported a 19.3% increase in net profit, driven by lower aluminum prices and favorable exchange rates. However, total net revenue in Q3 fell short of analysts' expectations. Sales were lower in South Latin America and Canada, but continued to grow in Brazil, led by premium beer brands such as Corona and Stella Artois. Earnings before interest, tax, depreciation, and amortization (EBITDA) also grew significantly. Ambev forecasts that its fourth-quarter EBITDA will surpass the growth achieved in 2022.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ftRX2x5
Ahold Delhaize has announced its acquisition of Romanian grocery retailer Profi for 1.3 billion euros, doubling its operations in Romania. The deal will be financed entirely through debt and is expected to close in 2024. Ahold Delhaize already owns the Mega Image supermarket chain in Romania, and the acquisition of Profi will provide a strong fit and complementary customer proposition.
Hi-Tech Pipes reported a consolidated net profit of Rs 10.53 crore in the September quarter, a more than two-fold increase from the same period last year. The company's total income also rose, reaching Rs 746.73 crore. The increase in profit and income can be attributed to higher sales volumes and demand for steel tubes and value-added products. Hi-Tech Pipes' Managing Director, Ajay Kumar Bansal, stated that the company's greenfield facility in Gujarat is expected to begin commercial production in the third quarter of FY24.
Trade and economy officials from the G-7 countries have pledged to work together to ensure smooth supply chains for essentials like energy and food. The nations promised to maintain a free and fair trading system based on the rule of law and enhance economic resilience and security. The participants also discussed tackling climate change, strengthening food security, promoting digital trade, and sustainable development. China's export curbs and Japan's seafood bans were also topics of discussion. Bilateral agreements were made between Britain and Japan, as well as Japan and the EU.
The Federation of All India Farmer Associations (FAIFA) has called on the Indian government to end the high taxation regime, which is negatively impacting tobacco growers. FAIFA argues that stringent regulations, low production, and lack of export incentives are harming tobacco growers across the country. The organization has organized rallies and awareness meetings to highlight the issue. FAIFA also criticized foreign NGOs for spreading false propaganda against the tobacco industry and urged the government to involve tobacco growers in policy-making decisions. The organization emphasized the economic and social benefits provided by the tobacco sector, which employs over 45.7 million people. Additionally, FAIFA expressed concerns about the upcoming World Health Organization convention on tobacco.
Diversified natural resources firm Vedanta Ltd on Saturday said its ranking has improved remarkably in S&P Global's 2023 corporate sustainability assessment. S&P Global's Corporate Sustainability Assessment (CSA) is an evaluation of the company's sustainability performance, it added.
Think tank CUTS International has urged the Indian government and regulatory bodies to take immediate action against unethical practices in the e-commerce sector. The report suggests that offering discounts on inflated prices deceives consumers and creates a false perception of savings. Instead of banning flash sales, the report recommends strengthening consumer protection measures and ensuring a level playing field for all market participants. The report also emphasizes the need for clear definitions and guidelines to differentiate between 'deep discounting' and 'predatory pricing'. Additionally, it suggests that e-commerce platforms should refrain from self-preferencing and offer content in regional languages.
State-owned telecom company BSNL is set to launch its 4G service in a phased manner, beginning in Punjab in December at a small scale and then roll it out across the country by June next year, Chairman and Managing Director P K Purwar said on Saturday. The company plans to have a nationwide 4G rollout completed by June 2024 and subsequently transition to 5G services. BSNL has secured contracts with IT companies TCS and ITI worth approximately Rs 19,000 crore for the deployment of its upgradable 4G network.
Huawei Technologies reported a slight increase in revenue for the first three quarters of 2023, with growth in its digital power and cloud businesses, as well as its vehicle components unit, contributing to the uptick. The company's revenue reached 456.6 billion yuan ($62.4 billion), up 2.4% from the previous year. Profit also rose by 177.8% to 73.05 billion yuan. The increase in profit was attributed to the sale of Huawei's Honor smartphone unit in November 2020 and improvements in management and sales strategies. Huawei's smartphone sales saw a surge in the third quarter due to the release of the Mate 60 series, marking a comeback for the company.
Maruti Suzuki, the country's top carmaker, reported a higher quarterly profit of 37.17 billion rupees ($446.64 million) due to strong demand for SUVs and lower input costs. Analysts expected a profit of 30.08 billion rupees. The company's revenue increased by 25% to 355.35 billion rupees, driven by strong sales of utility vehicles, which accounted for 32% of quarterly volumes. The company's shares rose 2.7% after the results were announced.
TajSATS, India's largest inflight caterer, has signed a concession agreement to develop an in-flight kitchen facility at the upcoming Noida International Airport. The state-of-the-art kitchen will cover 40,000 square feet and have the capacity to serve over 15,000 meals a day. TajSATS will also provide catering services to the airport lounges and food and beverage outlets. This facility will be TajSATS' second in the Delhi NCR region and will contribute to the company's strong presence in the area. Noida International Airport aims to provide a modern culinary experience for its customers.
Most markets rose Wednesday after China unveiled plans for $137 billion in extra debt to boost infrastructure spending, while oil extended losses on hopes that Israel will scale back its plans for a Gaza ground invasion. After another painful start to the week, Hong Kong led gains Wednesday after China approved a plan to issue 1 trillion yuan ($137 billion) in sovereign bonds to be distributed to local governments to support national disaster prevention and recovery.
Mitsubishi Motors will cease production of its cars at its joint venture in China and transfer its stake to its Chinese partner, Guangzhou Automobile Group (GAC), as part of efforts to reduce costs in the competitive Chinese auto market. The Japanese automaker will also invest up to €200 million ($214 million) in Renault's new electric vehicle unit to strengthen its presence in Europe and other markets. The move follows a restructuring of the alliance between Mitsubishi's partners, Renault and Nissan Motor.
Spotify has reported a rise in both monthly active users and premium subscribers. The company's operating income for the third quarter was 32 million euros, its first quarterly profit since 2021. Spotify has been controlling costs after investing heavily in its podcast business, including layoffs. The company expects to reach 601 million monthly listeners by the final quarter of 2023 and is on track to achieve 1 billion users and $100 billion in revenue annually by 2030.
Oil prices remained stable on Tuesday after economic data from Germany, the euro zone, and Britain suggested a bearish outlook for oil demand. Euro zone business activity worsened this month, indicating a possible recession. German readings also indicated a recession, while Britain's businesses reported declining activity. Oil prices fell on Monday due to efforts to contain the conflict between Israel and Hamas. Crude stockpiles in the US were expected to have increased last week.
The Walmart group e-commerce firm posted a consolidated loss of Rs 3,371.2 crore in the financial year (FY) 2022. On a standalone basis, Flipkart's net loss or loss carried to the balance sheet widened to Rs 4,839.3 crore. "Net loss for the financial year ending as on 31st March 2023 was Rs 48,393 million as against that of previous year ending as on 31st March 2022 of Rs 33,624 million witnessed an increase of 44 per cent in the net loss," Flipkart's financial report said.
The Sharjah Chamber of Commerce and Industry (SCCI) has seen a significant increase in new memberships, with 4,981 new companies joining in the third quarter of this year. The total number of active members now stands at 45,373, with export and re-export values reaching AED17 billion. The SCCI has been focused on sustainable economic development in Sharjah and aims to boost the business sector, develop and diversify exports, attract investments, and manage strategic partnerships.
Argentines will vote in a general election on Sunday amid the country's worst economic crisis in two decades. The far-right libertarian candidate Javier Milei is in pole position to win, promising to bring about radical change in the economy and politics. However, centrist Peronist Economy Minister Sergio Massa and conservative Patricia Bullrich are also strong contenders. The election outcome will have significant implications for Argentina's markets, trade relationships, and political trajectory.
Air India Express, the low-cost subsidiary of Air India, plans to focus on routes that cater to price-sensitive customers and leisure travelers. The airline aims to consolidate its presence on existing routes rather than expanding throughout the country. Air India Express is in the process of merging with AirAsia India and recently unveiled its new brand identity. The subsidiary will operate on routes where Air India does not fly, creating a rationalized network. Air India Express also benefits from its codeshare agreement with Air India, allowing it to serve connecting passengers.
The 14-month-old Akasa Air, which already operates more than 750 weekly flights across 16 domestic destinations, including Mumbai, Ahmedabad, Bengaluru and Delhi, is looking at "gathering a little more history" before launching an initial public offering (IPO), its chief executive officer Vinay Dube said. The airline plans to start international services by the end of this fiscal and has placed a firm order for 76 Boeing 737 MAX aeroplanes, all of which will join its fleet by mid-2027.
Sri Lanka plans to use the second tranche of the IMF bailout deal to settle arrears with multilateral creditors and accelerate the debt restructuring process. The country is set to receive $330 million upon approval of the Staff-Level Agreement by the IMF Executive Board. This agreement will allow other financial institutions such as the World Bank and Asian Development Bank to make remaining payments, expediting the debt restructuring efforts. The IMF had approved a $2.9 billion extended arrangement in March to support Sri Lanka's economic policies and reforms.
Kotak Mahindra Bank received approval from the Reserve Bank of India (RBI) for the appointment of Ashok Vaswani as the bank's Managing Director and Chief Executive Officer (MD & CEO) for a three-year term. Vaswani, who previously worked at Barclays, will succeed Uday Kotak, who resigned as MD of the bank. Commenting on the appointment, Vaswani said, "We will ensure that Kotak Mahindra Bank plays a meaningful role in India's journey to being one of the top 3 economies in the world in the next 5 years."
Private lender ICICI Bank reported a 35.8% increase in net profit for the July-September quarter on Saturday.Standalone net profit rose to a record Rs 102.61 billion ($1.23 billion) in the second financial quarter, from Rs 75.58 billion in the same period a year earlier.That was sharply higher than analysts' forecast of Rs 96.26 billion, according to LSEG data. Net interest income - the difference between interest earned and paid - rose 23.8% to 183.08 billion rupees.
The 8th World Investment Forum, organized by UNCTAD, concluded in Abu Dhabi with a call for public and private investors to play a key role in reshaping the world economy. The forum highlighted the opportunities presented by the energy transition, transformation of the agrifood and health sectors, and sustainable development. It also addressed the downturn in foreign direct investment and the need for funding solutions for countries facing debt distress. The next World Investment Forum will take place in 2025.
Atul Q2 earnings: The poor performance of the chemical producer highlights the challenges faced by the sector. Chemical prices have tumbled in the international market, hurting margins and profitability
US President Joe Biden will meet with European Council President Charles Michel and European Commission chief Ursula von der Leyen to discuss the Israel-Hamas war and show support for Ukraine. Trade disputes between the US and EU are also on the agenda, with negotiations underway to avoid the US reimposing import tariffs on EU steel and aluminum. A deal to lessen the impact of the US Inflation Reduction Act on electric vehicles is also elusive.
Indian shares fell on Thursday, driven by global stock selloffs due to tensions in the Middle East. However, gains in key Nifty 50 constituents limited the losses. The NSE Nifty 50 index settled 0.24% lower, while the S&P BSE Sensex fell 0.38%. Metals and high-weightage banks were among the top losers, while the auto and consumer indices saw gains. Rising US Treasury yields and foreign portfolio investor (FPI) selling were also concerns. Wipro and Ultratech Cement were among the top losers and gainers, respectively.
HUL Q2 earnings: The FMCG major reported a 3.53 percent increase in revenue at Rs 15,027 from Rs 14,514 crore in the year-ago period
The Tata Group is considering injecting $1 billion of fresh capital into its super app venture to enhance its digital business. This funding will be in addition to the $2 billion already invested earlier this year. Tata Digital Pvt. is expected to receive the additional funding next year. The conglomerate has urged its digital unit to improve the app's operations and user-friendliness. Tata Group has also suggested exploring funding from global sovereign and financial investors.
Renew, a green energy company, has announced that it has reached a milestone of impacting one million lives through its corporate social responsibility initiatives. These initiatives focus on areas such as climate education, school electrification, women in energy, and water conservation. The programs are aligned with the UN Sustainable Development Goals and have covered 10 states in India. Renew's clean energy portfolio currently stands at 13.7 GW.
GAIL and RCF will put in 17.3 billion rupees, while Coal India will invest 13.64 billion rupees in Talcher Fertilizers to maintain their current stakeholding, adjusted for an increase in project costs, said the sources, who are not authorised to speak to the media.
In a post on X, Goyal said, "Hey! We had absolutely nothing to do with this. We don#39;t endorse helmet-less biking. Also, we don#39;t have a #39;Indore Marketing Head#39;."
Majority of the new hotels will be incorporated under OYO#39;s premium brands such as Palette, Townhouse, Townhouse Oak, and Collection O, the company said in a statement.
Skipper Ltd has bagged fresh orders worth Rs 588 crore in the domestic and international markets. While its T&D (transmission and distribution) business has bagged contracts worth Rs 468 crore in India, the company has received another Rs 120-crore T&D orders in the international markets, Skipper said in a statement.
Oil prices declined in early Asia trade on Monday as investors awaited the possibility of the Israel-Hamas conflict involving other countries, which could further increase prices and impact the global economy. Brent futures fell 0.4% to $90.53 per barrel, while US West Texas Intermediate (WTI) crude dropped 0.4% to $87.32 a barrel.
The US government is set to implement new rules to prevent American chipmakers from selling products to China that bypass government restrictions on exports. The move comes as part of the Biden administration's efforts to block the export of AI chips. While chips for consumer products will be exempt, the restrictions could complicate diplomatic relations between the US and China.
The Hurun India rich list of 2023 includes 84 startup founders with a total wealth of Rs 4,23,600 crore. The average age of these founders is 41, and they represent the impact of the startup revolution in India. Radha Vembu of Zoho and Nikhil Kamath of Zerodha are among the prominent founders on the list. However, Byju Raveendran, the founder of Byju's, did not make the list due to valuation markdowns.
The Indian government is considering a review of the minimum export price of basmati rice amid concerns from the industry that high prices are affecting outward shipments. Rice exporters are requesting that the minimum price be lowered to around $850 per tonne. The government's current minimum export price is $1,200 per tonne, implemented to prevent the illegal export of non-basmati rice disguised as premium basmati rice.
Finance Minister Nirmala Sitharaman on Saturday expressed concern over slowdown in global growth, even though she said that India continues to be the fastest growing large economy with growth at 7.8 per cent during the first quarter of 2023-24. She pointed out at the escalating global debt vulnerabilities and the importance of Global Sovereign Debt Roundtable to foster cooperation on debt issues and reforms in IMF policy to engage with members in debt distress.
Pummelled by debt, poverty and natural disasters, African nations heard many pledges of support but saw little action at the first IMF-World Bank talks to be held on their soil since 1973. The myriad troubles facing the continent were front and centre at the week-long talks in Marrakesh, Morocco, which began Monday and end Sunday.
Chinese drone maker EHang has received safety approval certification from China's aviation authority for its unmanned passenger copters. The certification, known as 'type certification,' was granted for EHang's 216-S model, which can carry two passengers at speeds of 130 km/h for a range of 30 km. However, the company still needs an operation permit before commercial activities can commence.
Bank lockers are intended solely for legitimate purposes, such as safeguarding valuables like jewelry and documents. Storing cash or currency in these lockers is not permitted
The retail inflation for September dipped to 5.02% from 6.83% in July owing to further easing of prices of vegetables, data released by government showed.With this, the inflation has now again come within the Reserve Bank of India's comfort zone threshold of 6% after two straight months of breaching it. In July, the inflation had skyrocketed after a sharp prices in prices of food, especially tomatoes, across the country.
Finance Minister Nirmala Sitharaman met with Brazil's Minister of Economy Fernando Haddad and UK Chancellor of Exchequer Jeremy Hunt to discuss various issues of mutual interest. These discussions took place during the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) and the IMF-WB annual meetings in Morocco.
Delta Air Lines reported stronger-than-expected quarterly profit due to strong international travel, but lowered its full-year outlook because of higher fuel costs. Delta CEO Ed Bastian stated that the demand for Delta's products remains high and that their domestic business is strong. The company's adjusted earnings for the third quarter were $2.03 per share, surpassing analysts' expectations. However, a rise in fuel costs is impacting the company's profits. Delta now expects adjusted earnings of $6 to $6.25 per share for the year, compared to the previous estimate of $6 to $7 per share.
Armenia urged the United Nations top court on Thursday to impose new interim orders on Azerbaijan to prevent what the leader of Armenia's legal team called "ethnic cleansing" of the Nagorno-Karabakh region by Azerbaijan from becoming irreversible.
The loan will be in the form of a revenue bond, with investors to be paid out of ticket sales from ten AirAsia flight routes, the people said, declining to be identified because the matter is private. A representative of the company declined to comment.
World Bank President Ajay Banga has outlined steps to make the agency more focused on output and expand its capital base. These measures would allow the World Bank to provide an additional $150 billion in support over 10 years. The World Bank will also seek shareholder approval to expand its mandate to include combating climate change and addressing other public goods.
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