COST Financial News

Oil prices edged higher on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and a cold blast in the U.S. disrupted some oil production. Brent crude futures gained 28 cents to $78.16 a barrel by 0004 GMT, and U.S.

LTIMindtree: India’s sixth largest IT services company reported robust earnings for the December quarter, with 17% year-n-year rise in consolidated net profit to ₹1,169 crore. Revenue from operations rose around 5% to ₹9,016 crore. However, operating margin dropped below its full-year guidance of 17-18% in Q3FY24, as higher than expected furloughs and less working days dented profitability.

₹5,000 crore, two people directly familiar with the development said. Shriram Housing Finance is a midsize housing finance company with assets of over ₹10,000 crore. The sale is part of the Chennai-headquartered conglomerate’s plan to redesign its growth strategy.

The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest move by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those liv...

MEXICO CITY (Reuters) -Mexico's Grupo Financiero Banorte reported on Wednesday a 13% increase in its net profit for the final three months of last year, driven by loan growth and lower costs, and predicted its revenue would grow around 10% in 2024.

By Daniel Wiessner

By Megan Davies

Quiver Quantitative — Charles Schwab (NYSE:SCHW), a prominent player in brokerage and banking, faced a challenging year marked by declining profits, assets, and deposits, reflecting the broader impact of the Federal Reserve's interest rate hikes on the financial industry. The firm's net new assets dropped significantly in the fourth quarter, falling 48% to $66.3 billion, while net income almost halved. Furthermore, a notable decline in bank deposits and total retail brokerage accounts falling short of analyst expectations added to the firm's woes. These setbacks initially led to a sharp drop in Schwab's share prices, though they slightly recovered later in the trading day.

The Consumer Financial Protection Bureau has proposed new rules that would lower overdraft fees, with President Joe Biden calling the charges “exploitative.”

European Central Bank head Christine Lagarde says cutting interest rates too soon could threaten Europe’s progress in battling the inflation that has ravaged the economy

Americans stepped up their spending at retailers in December, closing out the holiday shopping season and the year on an upbeat tone and signaling that people remain confident enough to keep spending freely

₹272 crore for provident fund and gratuity to the workers. Mehta said not paying these dues puts the resolution plan in breach of the provisions of the Insolvency and Bankruptcy Code (IBC). As the NCLT order has reached its finality, the resolution plan is deemed to be in violation of the IBC and is liable to be set aside.

shipping companies to notify authorities about any vessels with Indian seafarers taking the troubled Red Sea route and will also ensure easier flow of credit to exporters in view of delays and increase in cargo transport costs. New Delhi is also in talks with Iranian authorities to find a diplomatic solution, officials said. A high-level inter-ministerial group chaired by the commerce secretary Sunil Barthwal, which has officials from ministries of external affairs, defence, shipping ministry and finance, met Wednesday to take stock of the situation and undertake measures to shield domestic industry and ships from the crisis. «MEA is negotiating diplomatically with affected countries to find a credible solution soon,» a government official privy to the deliberations told ET. Another official noted that security protocols had been put in place to secure the troubled route with international collaboration. The official said shipping companies have been directed to notify authorities before they venture towards Europe via the troubled Red Sea route. These protocols have been put in place to ensure safety of Indian seafarers irrespective of the flag on the vessel they are on. At the IMG meeting, defence ministry official said surveillance had been intensified in the Arabian Sea and more mechanisms had been put in place. «Since the route is jointly secured by Western nations and India, the shipping companies now need to take a call on how much movement they want to undertake on the Red sea,» the official said on condition of anonymity, while adding that even if shipping companies do not notify, the government was closely monitoring all activity on the route. Focus on credit support The centre wants to ensure

By Allan Lanthier

By John Kruzel and Andrew Chung

MUMBAI : Non-bank lender IIFL Finance Wednesday reported a 29% growth in net profit to ₹545 crore for the December quarter on higher loan sales and resultant interest income, cushioning the impact of higher regulatory charges. Overall loan growth jumped 34% to ₹77,444 crore, led by its key products like gold and home loans, which grew 35% and 25% to ₹24,692 crore and ₹25,519 crore, respectively. Microfinance grew higher at 54% to ₹12,090 crore, digital loans soared 96% to ₹3,905 crore, and loans against property jumped 27% to ₹7,862 crore, the company said in a statement.

₹1,447.98 crore for the December quarter, up 35% from ₹1,072.67 crore a year ago on the back of softening raw material prices and growth in luxury products. Revenue during the quarter rose by 5.4% to ₹9,074.9 crore primarily due to double-digit growth in the industrial business along with the extended festive season. “Growth was supported by the extended festive season, though we saw some moderation in demand in the latter part of the quarter.

Investing.com — Charles Schwab (NYSE:SCHW) has reported a 22% dip in net profit in 2023, as the financial services group said it dealt with «challenges» posed by a tighter interest rate environment.

Redfin CEO Glenn Kelman analyzes the state of the housing market after mortgage rates surged past 7% on 'Cavuto: Coast to Coast.'

(Reuters) — Charles Schwab (NYSE:SCHW)'s fourth-quarter profit fell 47% as bigger interest payments on its client deposits and debt dented gains from a jump in asset management fees, the brokerage reported on Wednesday.

Instacart (CART) was lifted to Outperform from Peer Perform at Wolfe Research Wednesday with a new price target of $35 per share.