By Abhirup Roy and Aditya Kalra MUMBAI (Reuters) – India’s biggest retailer Reliance will acquire dozens of small grocery and non-food brands as it targets building its own $6.5 billion consumer goods business to challenge foreign giants like Unilever, two sources familiar with the plan told Reuters. Reliance, run by Indian billionaire Mukesh Ambani, plans…
BEIJING (Reuters) -Chinese financial authorities on Sunday allowed a further cut in mortgage loan interest rates for some home buyers, in another push to prop up its property market and revive a flagging engine of the world’s second-largest economy. For purchases of first homes, commercial banks can reduce the lower limit of interest rates on…
DUBAI (Reuters) – State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net income, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable companies, reported a net income of $39.5 billion for the quarter to…
(Reuters) – UniCredit SpA and Citigroup are exploring asset swaps with Russian financial institutions as western banks trying to avoid heavy writedowns as they exit Russia, the Financial Times said on Sunday. UniCredit has received several offers from Russian financial institutions to buy its local subsidiary since its chief executive, Andrea Orcel, said in March…
BEIJING (Reuters) – The International Monetary Fund said on Saturday it has increased the weighting of the dollar and Chinese yuan in its review of the currencies that make up the valuation of its Special Drawing Rights (SDR), an international reserve asset. The review is the first since the yuan, also known as the renminbi,…
(Reuters) – Elon Musk on Saturday tweeted that Twitter’s legal team accused him of violating a nondisclosure agreement by revealing that the sample size for the social media platform’s checks on automated users was 100. “Twitter legal just called to complain that I violated their NDA by revealing the bot check sample size is 100!,”…
(Reuters) – Goldman Sachs Group Inc will allow its partners and managing directors to take as much time off as they want under a new “flexible vacation” scheme to promote “rest and recharge,” The Telegraph reported on Saturday, citing an internal memo. The Wall Street bank memo said that, as of May 1, there will…
SAN FRANCISCO (AP) — A toxic cesspool. A lifeline. A finger on the world’s pulse. Twitter is all these things and more to its over 229 million users around the world — politicians, journalists, activists, celebrities, weirdos and normies, cat and dog lovers and just about anyone else with an internet connection. For Elon Musk,…
CARACAS, Venezuela (AP) — Venezuela’s government is seeking private investors to pump funds into vital but crippled state-run companies, decades after seizing them in the name of socialism. The government on Monday intends to offer 5% to 10% stakes in companies ranging from telephone and internet service providers to a petrochemical producer. In another country,…
By Mohammad Yunus Yawar KABUL (Reuters) – Afghanistan faces a budget deficit of 44 billion Afghanis ($501 million) this financial year, the country’s Taliban authorities said on Saturday without clarifying how the gap between expected revenues and planned spending will be met. Announcing the first annual national budget since the Taliban took over the war-torn…
