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The Financial Express

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Adani group shares rally after $113bn market wipeout

Adani group shares rally after $113bn market wipeout

FE ONLINE DESK 2023-02-07 14:08:37

Adani group shares surged on Tuesday, a day after it moved to prepay some loans, in a relief rally for the Indian conglomerate that lost more than $113 billion in market value in two weeks since...

Taiwan exports seen contracting for fifth straight month in Jan

Taiwan exports seen contracting for fifth straight month in Jan

-- 2023-02-06 20:01:41

Taiwan's exports in January likely fell for the fifth month in a row amid fears of a global recession, uncertainties due to the war in Ukraine, and the Covid situation in China impacting tech demand,...

India's Adani shares see extended sell-off as credit warnings kick in

India's Adani shares see extended sell-off as credit warnings kick in

FE ONLINE DESK 2023-02-06 11:37:58

The sell-off in India's Adani Group's seven listed companies, where more than $110 billion in market value has already evaporated, continued on Monday as a U...

Sri Lanka says it completes pre-requisites to unlock $2.9b IMF bailout

Sri Lanka says it completes pre-requisites to unlock $2.9b IMF bailout

-- 2023-02-04 20:01:39

Sri Lanka is successfully completing pre-requisites to unlock a $2.9 billion bailout from the International Monetary Fund (IMF) and expects consent from the global lender without delay, President Rani...

Pakistan’s forex reserves fall by $592 million

Pakistan’s forex reserves fall by $592 million

-- 2023-02-03 21:14:20

The State Bank of Pakistan (SBP) said its foreign exchange reserves had decreased by 592 million US dollars. During the week ending on Jan. 27, the total foreign exchange reserves of the Pakistani ce...

European Union to impose fresh sanctions on Russia by Feb. 24

European Union to impose fresh sanctions on Russia by Feb. 24

-- 2023-02-03 21:06:39

Visiting European Commission President Ursula von der Leyen has said that the European Union (EU) will impose new sanctions on Russia by Feb. 24, the first anniversary of the Russia-Ukraine conflict....

World food prices decline for 10th month running in January

World food prices decline for 10th month running in January

-- 2023-02-03 17:06:10

World food prices fell in January for a 10th consecutive month, and are now down some 18 per cent from a record high hit last March following Russia's invasion of Ukraine, the United Nations food ag...

India's Adani shares nosedive

India's Adani shares nosedive

-- 2023-02-03 14:51:24

Shares of India's Adani Group companies fell sharply on Friday as ripples from a market rout disrupted parliament for a second day, fanning fears of systemic risk after a critical research report by a...

Apple forecasts another drop in revenue

Apple forecasts another drop in revenue

-- 2023-02-03 11:48:20

Apple on Thursday forecast that revenue would fall for a second quarter in a row but that iPhone sales were likely to improve as production had returned to normal in China after Covid-related shutdown...

EU launches new reference price for LNG

EU launches new reference price for LNG

-- 2023-02-02 20:58:38

European Union regulators have launched a new reference price for liquefied natural gas (LNG), as part of plans to cap benchmark gas prices if they surge like they did last year after Russia curbed su...

MetLife profit falls 33pc

MetLife profit falls 33pc

-- 2023-02-02 12:51:17

MetLife reported a 33 per cent drop in fourth-quarter adjusted profit on Wednesday as a global market rout hurt the US insurer's investment returns, reports Reuters. Lower private equity returns...

FedEx to cut senior jobs as part of larger staff reduction

FedEx to cut senior jobs as part of larger staff reduction

-- 2023-02-02 10:57:11

FedEx Corp on Wednesday said it would cut its officer and director ranks by more than 10 per cent as part of a broad cost-reduction effort that has reduced staffing at the delivery giant by 12,00...

Thai economy may grow 4.0pc this year on tourism

Thai economy may grow 4.0pc this year on tourism

-- 2023-02-01 17:39:47

Thailand's economy could grow as much as 4.0 per cent this year, which would be the fastest rate in five years, bolstered by a rebound in the tourism sector and increased domestic consumption, a deput...

Intel cuts employee, executive pay

Intel cuts employee, executive pay

-- 2023-02-01 13:23:46

Intel said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals an...

South Korea slides toward recession as Jan exports plunge

South Korea slides toward recession as Jan exports plunge

Reuters 2023-02-01 12:46:08

South Korea's economy inched toward its first recession in three years as data on Wednesday showed its January trade deficit soared to a record thanks to a plunge in exports caused by a combination of...

Adani Group stocks rout deepens to $72b

Adani Group stocks rout deepens to $72b

-- 2023-02-01 11:56:49

Most Adani Group stocks dropped on Wednesday, extending losses to $72 billion after a short-seller report criticised the conglomerate and despite the group completing a closely watched share sale a da...

India sees GDP growth slowing on global weakness

India sees GDP growth slowing on global weakness

-- 2023-01-31 17:26:00

India on Tuesday forecast its economy would grow 6.0 per cent to 6.8 per cent in the coming financial year, slower than the projected pace for 2022/23 because of likely damage to exports from a global...

India's Adani Enterprises enters final day of crucial $2.5bn share sale

India's Adani Enterprises enters final day of crucial $2.5bn share sale

FE ONLINE DESK 2023-01-31 12:09:07

India's Adani Enterprises climbed 2 per cent in early trade on Tuesday, the last day for its $2.5 billion secondary share sale, with all eyes on whether the company can secure enough backin...

China foreign minister seeks stronger economic ties with Saudi Arabia

China foreign minister seeks stronger economic ties with Saudi Arabia

FE ONLINE DESK 2023-01-31 10:43:04

China's new foreign minister Qin Gang wants to build stronger ties with Saudi Arabia and set up a China-Gulf free trade zone "as soon as possible", according to a ministry statement published la...

Adani Group plans independent audit of group companies

Adani Group plans independent audit of group companies

FE ONLINE DESK 2023-01-31 10:20:30

India's Adani Group is planning to hire one of the "big six" accounting firms to assess its corporate governance and audit practices following allegations of fraud by short-selling firm Hindenburg, Re...

Beijing accuses Washington of abusing export controls

Beijing accuses Washington of abusing export controls

-- 2023-01-30 19:59:57

China’s government on Monday criticised US controls on technology exports as a trade violation, after Japan and the Netherlands agreed to join Washington in limiting Beijing’s access to ma...

India's Adani Group CFO says stocks rout similar to colonial-era massacre

India's Adani Group CFO says stocks rout similar to colonial-era massacre

FE ONLINE DESK 2023-01-30 15:00:06

India's Adani Group has said a US short-seller's report on the business house was a "calculated attack" on the country and its institutions while a senior executive has compared a rout of its st...

Adani group's market loss swells to $65b

Adani group's market loss swells to $65b

-- 2023-01-30 13:10:48

Most Adani group shares extended their sharp falls to Monday as a detailed rebuttal of a US short-seller's criticisms by the Indian conglomerate failed to pacify investors whose market losses ha...

Adani hits back at Hindenburg, says it made all disclosures

Adani hits back at Hindenburg, says it made all disclosures

-- 2023-01-30 10:06:33

India's Adani Group issued a detailed response on Sunday to a Hindenburg Research report that sparked a $48 billion rout in its stocks, saying it complies with all local laws and had made necess...

Sri Lanka economy could shrink by -3.5pc to -4.0pc: Wickremesinghe

Sri Lanka economy could shrink by -3.5pc to -4.0pc: Wickremesinghe

-- 2023-01-28 20:11:16

Sri Lanka's economy could contract by -3.5 or -4.0% in 2023 after shrinking -11% last year, President Ranil Wickremesinghe said on Saturday. "From 2024, we will take this economy to positive growth....

Intel's 'historic collapse' erases $8b from market value

Intel's 'historic collapse' erases $8b from market value

-- 2023-01-28 13:00:01

Intel saw about $8 billion wiped off its market value on Friday after the US chipmaker stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal-computer marke...

Pakistani rupee fall slows as PM Sharif hopes for IMF funds

Pakistani rupee fall slows as PM Sharif hopes for IMF funds

-- 2023-01-27 22:14:04

The Pakistani rupee's two-day decline slowed on Friday on news that an IMF team was visiting Islamabad next week to discuss unlocking a suspended bailout package, though the currency still closed at a...

Pakistan’s forex reserves fall by $923 million

Pakistan’s forex reserves fall by $923 million

-- 2023-01-27 16:24:41

The State Bank of Pakistan (SBP) said its foreign exchange reserves had decreased by 923 million US dollars last week. During the week ending on Jan. 20, the total foreign exchange reserves of the Pa...

Visa revenue growth slows more

Visa revenue growth slows more

-- 2023-01-27 13:05:18

Visa's revenue growth continued to wind back to pre-pandemic levels in the first quarter as the post-lockdown travel craze ebbed and consumer spending slowed in a tough economy. The world's largest p...

Pakistani rupee's fall slows as hopes rise for IMF money

Pakistani rupee's fall slows as hopes rise for IMF money

FE ONLINE DESK 2023-01-27 13:03:39

The Pakistani rupee showed signs of steadying on Friday after steep decline over the previous two days, with hopes raised by an International Monetary Fund team visiting Islamabad in coming days...