Reuters Financial News

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

By Alex Lawler

By Bansari Mayur Kamdar

By Yantoultra Ngui

Sugar stocks jumped over 13% on the NSE on Thursday on the likelihood of a 14% fall in sugar output in Maharashtra in the 2023-24 crop year.Dalmia Sugar was the top gainer, while Dhampur Sugar, Avadh Sugar & Energy, Balrampur Chini Mills, Rana Sugar, Shree Renuka Sugars, The Ugar Sugar, Dwarikesh Sugar, Eid Parry and Triveni Engineering & Industries rallied 6-12%. Sugar stocks have been gaining lately on concerns over production in the wake of weak monsoon in the growing areas. Maharashtra, which is among India's top-producing states, has been at the receiving end of the monsoon witnessing the driest August in more than a century, according to industry insiders and government officials as reported by Reuters. «Sugar mills are worried that production could fall sharply in the new season because of drought.

By Nerijus Adomaitis and Victoria Klesty

PARIS (Reuters) — Belgium's junior minister for the digital economy said he would ask the telecoms regulator to analyse potential health risks linked to Apple (NASDAQ:AAPL)'s iPhone 12 after France ordered a halt to sales citing breaches of radiation exposure limits.

By Echo Wang and Anirban Sen

By Kevin Buckland

Reliance Industries: Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion. The discussions of India's largest retailer with investors are part of an internal target to raise $3.5 billion which the company wants to close by the end of this month, according to a report by news agency Reuters. Out of that, QIA last month announced a $1 billion investment and KKR & Co this week $250 million.

dollar hovered above a three-month low to the euro on Thursday as attention turned to the European Central Bank's rate-setting meeting later in the day, after U.S. inflation data failed to alter views for a Federal Reserve pause next week. The yen pulled away from near a 10-month trough to the dollar as a decline in long-term Treasury yields removed some support for the U.S.

By Kantaro Komiya

Oil prices edged higher on Thursday, after dipping slightly in the previous session, as markets refocused on expectations of tight crude supply for the rest of 2023. International benchmark Brent futures climbed 17 cents to $92.05 a barrel at 12:02 GMT, while U.S. West Texas Intermediate crude (WTI) rose 19 cents to $88.71. Saudi Arabia and Russia's extension of oil output cuts to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it largely stuck by its estimates for demand growth this year and next. The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024. Both benchmarks climbed to 10-month highs on Wednesday before data showed a surprise build in U.S.

Indian stock market is expected to open higher on Thursday following positive global cues. Gains in Asian markets after the US stock indices closed mixed overnight, may support domestic equities. On Wednesday, the domestic equity indices ended higher due to upbeat macroeconomic data amid global signals being subdued.

Deloitte is planning to cut more than 800 jobs in the United Kingdom, a source told Reuters on Wednesday. The company is proposing some targeted restructuring that would result in the reduction of 3% of its workforce of 27,000 in the UK, a person familiar with the matter told Reuters. The move comes as Deloitte, one of the «Big Four» accounting firms, plans to focus on cost-cutting due to the slowdown in the second half of the current financial year as clients are being more cautious in their spending, the person said. A number of businesses have reduced their workforce in recent times anticipating a likely economic slowdown later in the year. In April, the Financial Times reported that Deloitte would slash around 1,200 jobs or 1.5% of its U.S. workforce.

Google parent company Alphabet announced Wednesday that it is laying off employees from its global recruiting team as the tech giant continues to slow hiring, the Reuters reported. The decision to let go of a few hundred of positions is not part of a wide-scale layoff and will retain a significant majority of the team for hiring critical roles, the report said.

By Divya Rajagopal

By Jeff Mason and Jarrett Renshaw

(Reuters) — Goldman Sachs Asset Management has appointed Anupam Damani and Lindsay (NYSE:LNN) Rosner as managing directors to its fixed income and liquidity solutions business, a memo seen by Reuters showed on Wednesday.

The CEO of Binance’s U.S. affiliate is leaving the crypto trading platform amid another round of job cuts

By Amanda Cooper