Manufacturing Financial News

The United States is hosting the annual Asia-Pacific Economic Cooperation conference this week for the first time since 2011

By Roselle Chen

(Reuters) — Catalent (NYSE:CTLT) will delay its quarterly filing with the U.S. securities regulator due to a goodwill impairment charge of about $700 million related to acquisitions in the company's consumer health and biomodalities unit, the company said late Monday.

Narendra Modi-led government was considering tax cuts on the import of completely built units of electric vehicles for up to five years. The policy would also allow international car manufacturers – such as Tesla – to import battery-powered vehicles on concessional duty rates if they commit to eventually building them in India. The report however indicated that a final decision was yet to be taken on the contours of the policy.

Apple Inc supplier Foxconn to log a surprise profit of 11 percent in the third quarter. This came as a surprise as the Taiwanese phone manufacturer was anticipating a fall in revenue during the July-September period.

inflation in primary food articles along with a sharp turnaround in crude petroleum and natural gas to deflation. Wholesale price index has remained in deflation for seven consecutive months; however, experts indicate that a rise in domestic food prices may lead to a reversal in WPI towards inflation in November. “Looking ahead, while global commodity prices, including crude oil continued to soften in the ongoing month, the uptrend in domestic prices of most food items as well as an unfavourable base is projected to lead to a turnaround in the WPI to a marginal 0.1% inflation in November 2023 (+6.1% in November 2022), after a gap of seven months,” said Aditi Nayar, chief economist, Icra. Icra expects WPI inflation to remain below 3% for the remaining months of FY24 if commodity prices continue to remain at benign levels. “The deflationary trend in WPI could end in the coming months with the support of favourable base fading away gradually and expectation of subdued commodity prices amid global demand weakness. However, for the full year, we expect WPI inflation to average below 1%,” said Rajani Sinha, chief economist, CareEdge. Experts point out that even with WPI rising, price pressures are likely to stay contained with both retail and wholesale inflation staying within manageable levels. “Strong economic growth, coupled with resilient demand, should keep some pressure on inflation, but we see scope for headline inflation, both CPI and WPI, to remain manageable, with some near-term upside risks emanating from volatile vegetable price,” said Rahul Bajoria, MD and head of EM Asia (ex-China) economics, Barclays. India’s retail inflation declined below 5% for the first time in four months in October.

Amid the violent challenges to the world system in Ukraine and the Middle East, it’s easy to overlook the corroding economic pillars of international order. Under President Biden, American economic policy is morphing into a toxic combination of protectionism and green activism guaranteed to slow growth and create global friction. That matters.

Mint reported. By evening, though, the city was once again blanketed by a thick layer of smog and the AQI back at "severe" after an unprecedented and widespread bursting of firecrackers in violation of a Supreme Court ban. In the end, the Delhi government’s 'Diya Jalao, Patakhe Nahi' campaign proved ineffective in curbing pollution.

Also Read: Mahindra & Mahindra Q2 FY24 results: profit falls by 15.33% YOY Anand Mahindra replied to a user named PJ who shared a picture of his colleague who looked like him. Sharing the picture, the user wrote, “@anandmahindra You too can get shocked after seeing this person. My colleague from Pune, lookalike Anand Mahindra." Also Read: What is regenerative agriculture? All you need to know as Anand Mahindra proposes way 'to heal Delhi's pollution' Many users on X joined the bandwagon and noticed the uncanny resemblance, commenting that he looked like Anand Mahindra's identical twin.

private capex is concentrated only in a few industries and is yet to get more broad-based, economists said. Fixed asset investment grew faster in the construction and consumer-facing sectors like retail, finance, and consumer durables than the average growth registered across 1,420 industries, showed an ET analysis of data compiled by Bank of Baroda. Auto, power, and telecom were laggards, according to Bank of Baroda data, growing slower than the 7.1% growth registered across enterprises in the first half of FY23. “It can be concluded that investment activity is not yet broad-based. It is in limited pockets.

Madhya Pradesh assembly elections scheduled on November 17, and said it is an indication that the BJP's victory is assured in these polls. Modi said he has seen «unprecedented trust and affection» for BJP among the people of Madhya Pradesh, and added that the Congress has accepted defeat ahead of elections. «Tomorrow is Janjatiya Gaurav Diwas, I will go to Jharkhand to pay respect to (tribal icon) Bhagwan Birsa Munda.

By Sam Nussey and Kaori Kaneko

Modi on Tuesday said he has seen «unprecedented trust and affection» for BJP among people of Madhya Pradesh, where assembly elections are scheduled on November 17. Addressing a public rally at Betul, Modi also said Congress has accepted defeat ahead of elections. «Congress knows that its fake promises won't work in front of Modi's guarantees,» the PM said.

Katherine Tai and discussed ways to further boost trade and investments between the two countries. Goyal is in the US for a four-day visit. He reached San Francisco on November 13.

Piyush Goyal on Tuesday visited Elon Musk's Tesla manufacturing facility in Fremont, California, where he heaped praise on the electric vehicle company and highlighted India's role in contributing to Tesla's remarkable journey. The Union Minister is currently on a four-day visit to the US, which began on 13 November, to attend the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting and the Asia-Pacific Economic Cooperation (APEC) Summit. Goyal wrote about his visit to Tesla's Fremont factory on X, noting that the "state-of-the-art" manufacturing facility also employs many talented Indian engineers and financial professionals.

Piyush Goyal has visited the manufacturing facility of US-based electric vehicle major Tesla at Fremont, California and said that the company would be doubling its auto components imports from India. The minister is in the US on a four-day visit. The world's largest electric car producer Tesla Inc's chief Elon Musk met Prime Minister Narendra Modi in June in New York and after the meeting Musk had said that he planned to visit India in 2024.

Deepak Shenoy, Founder, Capital Mind, says: Next year will continue to be a year for a lot of primary manufacturing businesses. And in some sectors, there will be extraordinarily large profits, including defence and railways. But in the banking sector, we are going to see some profit pool expansion because this year has been one of margin contraction. Also we should see some reasonable profit growth in auto. ” Shenoy also says he is very biased in favour of Reliance as the House is long Reliance and think it is going to be a lot more valuable in the future. “We just have to wait. I do not mind waiting a long time. We do not generally pick a stock only for a year, but in a situation that can last 5 or 10 years, we are comfortable holding until the situation reveals itself.” We have addressed this time and again as to how the grand old blue chips, the likes of HDFC Bank, Reliance have completely eluded the market. You have been quite bullish on Reliance. Where do you see a big trigger coming in from Reliance or do you think Reliance is going to be one of those stories which is consolidated up until now but if the market moves up, it is going to move Reliance along with it instead of being the other way around? Yes, it is interesting that you say that it is one of our largest positions.

Fedbank Financial Services, Epack Durables and Suraj Estate Developers have received market regulator Securities and Exchange Board of India's (Sebi) approval to go ahead with their proposed initial public offerings (IPO). The regulator issued its final observations on the draft papers filed by the companies earlier this month. When a company receives a final observation from Sebi, it's a signal from the regulator to go ahead with the IPO process. Fedbank Financial Services' IPO consists of a fresh issue of ₹750 crore and an offer for sale of 70.3 million shares.

1962 Ferrari 250 GTO sports car sold for $51.7 million in New York on Monday, making it the second most expensive car ever sold at auction, Sotheby's said. The bright red roadster had been the property of an American collector for the past 38 years, and its auction price was surpassed only by that of a Mercedes 300 SLR Uhlenhaut Coupe that went for 135 million euros in 2022, the auction house said. That would be $144 million at today's exchange rate. The 250 GTO went on sale Monday evening after a few minutes of bidding in the auction room, but at a price lower than the more than $60 million expected by RM Sotheby's, the luxury car subsidiary of the auction house. Sotheby's did not identify the winning bidder. Dating from 1962, this legendary Scuderia sports car — chassis 3765, four-liter engine developing 390 horsepower — had finished second in a 1,000 km endurance race on the German Nurburgring circuit, as well as in the legendary 24 Hours of Le Mans, where the team had to withdraw due to engine failure, according to RM Sotheby's. After several years of competition on the Italian mainland and in Sicily, the car was sold and exported to the US in the late 1960s. Restored and modified, the 250 GTO changed American owners several times before ending up in the hands of an Ohio «dedicated collector» in 1985, who sold it on Monday. «This stunning GTO offers its next caretaker further touring and vintage racing enjoyment, or display at major concours d'elegance and marque gatherings worldwide,» Sotheby's said. The Mercedes 300 SLR Uhlenhaut Coupe that fetched 135 million euros in 2022 was one of only two examples of the sport car.

Income Tax (I-T) Department is investigating the Indian units of Apple, Google and Amazon over possible non-payment of tax. In connection with a probe that began in 2021, the authorities have sought detailed explanations from the tech behemoths on their transfer pricing (TP) practices, according to people aware of the matter. The department is eyeing a tax demand of over Rs 5,000 crore and has rejected many of the justifications provided by these companies, the people said.

Canadian companies are painting a stark picture of a consumer who’s pulling back on spending, as rising debt payments and inflation force households to change their behaviour.