Citi Financial News

This is a true story – I won’t say which bank it happened at, but I saw it with my own eyes.

Subscribe to enjoy similar stories. FEW PLACES on Earth are more familiar with the deadly consequences of extreme heat than countries in Africa. Heat kills crops, spoils food and medicines, and makes it impossible to work, study or sleep.

Zomato while Citi has upgraded Ramco Cement to buy. Meanwhile, Macquarie has initiated coverage on Swiggy and NTPC with an underperform and an outperform rating respectively.

FSN E-Commerce Ventures, which operates Nykaa will be in focus today as the company reported strong numbers in the second quarter ended September 2024. Nykaa reported 66% growth in its consolidated net profit at Rs 13 crore in the second quarter. It was Rs 7.8 crore in the last quarter.

Otis India aims to support this need and urbanisation of India in a way that is smart, sustainable and scalable, says Sebi Joseph, President of Otis India, in an interaction with ET Digital. He adds that Otis also understands the challenges associated with respect to tier-2 and tier-3 cities and creates tailored solutions at scale to meet customer expectations. Edited excerpts: The Economic Times (ET): How is India placed in terms of manufacturing, installation and servicing of elevators and escalators? How have things changed over the years? Sebi Joseph (SJ): It is an exciting time for the elevator and escalator industry in India.

Canada Post workers might soon be putting down their mailbags and grabbing picket signs. The employees of the Crown corporation, represented by the Canadian Union of Postal Workers (CUPW), have been in contract talks since November 2023 — but a deal still appears to be out of reach. This week, CUPW issued a 72-hour strike notice, putting Canadians on edge just as the holiday mailing rush kicks in, and leaving them wondering: will my packages arrive on time?

Coppola’s latest venture has drawn attention for its grand narrative, which mirrors the decline of the Roman Empire through an alternate reality version of modern-day New York City, dubbed “New Rome.” The film stars Adam Driver as Cesar Catilina, a once-renowned leader battling personal and societal turmoil in a city on the brink, as mentioned in a report by Decider.

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The city of Florence is taking new measures to crack down on overtourism

Waymo on Tuesday opened its robotaxi service to anyone who wants a ride around Los Angeles, marking another milestone in the evolution of self-driving car technology since the company began as a secret project at Google 15 years ago

Britannia Industries executive vice-chairman and managing director Varun Berry said metropolitan cities dragged the overall fast-moving consumer goods (FMCG) market in the previous quarter amid surging housing costs and lower wage growth. Consumers in metro cities contribute about a third to the urban market for the FMCG sector, but they accounted for 2.4 times to the slowdown, said India's biggest biscuit maker by value.

Nykaa, on Tuesday reported a 24% year-on-year increase in operating revenue for the second quarter at Rs 1,875 crore. Consolidated net profit for the Mumbai-based company rose 66% to Rs 13 crore in the quarter ended September 30. Gross merchandise value (GMV) rose 24% to Rs 3,652 crore. Within this, the beauty vertical posted a 29% increase in GMV to Rs 2,783 crore, driven by a 31% rise in new customer acquisition.

Europe's main index plunged 2% to a near three-month low on Tuesday, as concerns over the fate of U.S.-China relations cast a shadow over stocks with significant exposure to the world's No. 2 economy, while some downbeat earnings also weighed. The STOXX 600 also notched its steepest one-day decline since early August after Monday's 1% jump.

A former Hong Kong reporter of The Wall Street Journal says she'll sue the publication for sacking her because she joined a trade union

Subscribe to enjoy similar stories. Devyani International Ltd continues to battle weak consumption demand, especially in urban areas. This has hurt the quick-service restaurant operator’s same-store sales performance for many quarters now.

Subscribe to enjoy similar stories. The man charged with reviving Citigroup’s reputation as an investment bank is setting his sights on the buyout kings. Vis Raghavan, Citi’s new banking head, wants his dealmakers to advise on and finance more private-equity deals, bringing in more fees to a group that has punched below its weight for more than a decade.

Amit Syngle, MD & CEO, Asian Paints, says the company faced pressure in the overall product mix and sales. All the metro towns and the bigger cities did not do well and even the B2B market, where Asian Paints accounted for 15-20%, did not go the way we anticipated. Industrials was the only segment where they did well. Coming to price hike, Syngle says that given the inflation in the first quarter, they took a price increase in terms of passing it on to the market. They also saw a lot of volatility in terms of the crude prices. The entire paint industry has taken a price increase and the full realisation of the price increase will happen in Q3. In Q2, your peers had managed to report a volume growth between 4% and 9%. But your numbers were clearly a bit of a miss. In fact, the volumes declined by half a percent. What led to this divergence because we usually do not see Asian Paints performing so badly versus its peers. What led to that? Amit Syngle: As we look at the last quarter, we have just touched our base in terms of the volume terms and the value has also been negative. July was good for us but then all the rainfalls and floods that came in August, were not very well distributed across the country. So, we saw a muted demand coming in both August and September and given that the seasonal component in overall our sales is very high, we saw that in all the seasonal markets, and faced pressure in our overall product mix and the overall sale.

China is planning to cut taxes for home purchases as the government dials up fiscal support to revive a moribund housing market, according to people familiar with the matter. Regulators are working on a proposal that would allow mega cities including Shanghai and Beijing to cut the deed tax for buyers to as low as 1% from a current level of as much as 3%, the people said, requesting not to be identified because the matter is private. City governments have leeway to tweak the rules, the people added. The plan, hinted at on Friday by Finance Minister Lan Fo’an, underscores Beijing’s increased willingness to use fiscal tools to shore up the sluggish economy along with monetary easing. Lan pledged to carry out “more forceful” fiscal policies next year after unveiling a 10 trillion yuan ($1.4 trillion) debt swap for local governments, signaling bolder steps could come after US President-elect Donald Trump takes office.

e-commerce, logistics and the delivery sector, demand for gig workers rose to its highest in six years to over 1.2 million gig roles posted during the 2024 festive season, a report by recruitment service provider Avsar found. In 2024 the demand for gig workers surged by 10% compared to 2023 according to the Gig Workers Report. “This festive season, we’re seeing more than just a spike in gig roles–it’s a transformation in how people and companies are approaching work,” said Navneet Singh, founder of Avsar.

Subscribe to enjoy similar stories. Walk into the All Sages Bookstore in north-western Beijing, and you enter a different world. Not here the collections of speeches by China’s leader, Xi Jinping, that greet visitors to state-owned bookshops—rows of covers with the same face, the same beneficent smile.

Chennai’s district collector, Rashmi Siddharth Zagade, has declared a school holiday for Tuesday, as per a TOI report. The India Meteorological Department (IMD) has issued a yellow alert across multiple districts, with alerts set for 12 districts on November 12, 17 districts on November 13, 27 districts on November 14, and 25 districts on November 15. Read more: Chennai to see heavy rain for next few days, IMD issues alerts for multiple districts across Tamil Nadu; Full forecast here