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IT giant Tata Consultancy Services (TCS) and government-owned telco Bharat Sanchar Nigam Ltd (BSNL) are in the final stage of closing an estimated Rs 16,000 crore ($2 billion) 4G network launch deal, The Economic Times reported on September 30. Citing people with knowledge of the development, the report said that the two companies have bridged their differences over pricing and other commercial terms. The deal paves the way for the Tata group–led consortium to emerge as India’s first indigenous telecom network solutions provider. Tejas Networks, a unit of Tata Sons, is expected to locally manufacture the network equipment for BSNL. BSNL’s 4G services are expected to be rolled out across 100,000 towers or sites, the report added. Close In late July, the Union Cabinet approved a Rs 1.64 lakh crore revival package for BSNL, which includes cash support of Rs 43,964 crore and non-cash support of Rs 1.20 lakh crore. The package has three main elements - improving … [Read more...] about TCS, BSNL in final stage of closing Rs 16,000 crore 4G launch deal

Representative image The rupee extended its initial gains and settled 37 paise higher at 81.36 against US dollar on Friday, after the Reserve Bank of India raised the benchmark lending rate by 50 basis points. At the interbank forex market, the local unit opened at 81.60 against the greenback. It witnessed an intraday high of 81.17 and a low of 81.69 during the session. It finally ended at 81.36, up 37 paise from its previous close. On Thursday, the rupee recovered from record lows to settle 20 paise higher at 81.73 against the dollar. The Reserve Bank of India (RBI) on Friday raised the benchmark lending rate by 50 basis points, the fourth straight increase since May, as it extended its battle to tame stubbornly high inflation. The Monetary Policy Committee (MPC), comprising three members from the RBI and three external experts, raised the key lending rate or the repo rate to 5.90 per cent -- the highest since April 2019 -- with five out of the six members voting in … [Read more...] about Rupee rises 37 paise to close at 81.36 against US dollar as RBI raises rates by 50 bps

Share to Twitter Share to Linkedin Original supermodel Naomi Campbell closed the Messika high jewelry show at Paris Fashion Week . She showcased the hero set from the house’s Beyond The Light collection — the Akh-Ba-Ka — its choker totalling 71.5 carats. Former Messika campaign star Gigi Hadid sat front row — for the record, current face of the brand is Kendall Jenner — and the runway line up featured Victoria’s Secret Angels Taylor Hill, Toni Garrn and Cindy Bruna plus male model and dancer Alton Mason who walked the Balmain runway the previous evening. The 29 looks from the Messika Beyond The Light High Jewelry collection which premiered during Paris Haute Couture Week in July were styled with adidas sportswear, swimwear and streetwear silhouettes. The oft midriff baring outfits gave ample opportunity to showcase Messika ’s thoroughly contemporary take on high jewelry with its diamond festooned belly chains — also worn front row by Gigi … [Read more...] about Naomi Campbell Closed The Messika High Jewelry Show At PFW While Gigi Hadid Watched Front Row

- A + A (Sept 30): Micron Technology Inc and Kioxia Holdings Corp, two of the world’s top memory chipmakers, are slashing production to cope with a steep plunge in demand. Micron, the largest US maker of memory chips, reported downbeat earnings on Thursday and forecast quarterly sales that were nearly US$2 billion below Wall Street estimates. Japan’s Kioxia, which supplies much of the world’s NAND storage for smartphones and servers, followed that on Friday by announcing that it’s reducing new production and will have its overall output 30% lower by December. Global chipmakers had been riding high during the pandemic, when the work-from-home trend fuelled demand for computers and other consumer technology. But inflation and recession fears — plus a return to the office — have put a damper on purchases. That’s left memory customers sitting on stockpiles of unused chips. “Hard times are ahead for the industry, except for a few,” said Kazunori Ito, an analyst with … [Read more...] about ‘Hard times’ as big memory makers cut output on supply glut

- A + A LONDON (Sept 30): The crisis of confidence in UK assets is running so deep that the country is close to losing its crown of Europe's biggest equity market. This year's decline in London stocks has reduced the combined market capitalisation of companies with a primary UK listing to within touching distance of its nearest challenger, Paris. At the equivalent of US$2.5 trillion (RM11.57 trillion), the gap between them is only US$156 billion, close to the lowest on record, according to an index compiled by Bloomberg . The differential between the UK and French markets has been gradually eroding since Britons voted to leave the European Union in 2016. But the unprecedented market turmoil unleashed in the past week by Prime Minister Liz Truss' unfunded tax cuts has dealt a crucial blow, damaging economic confidence, and sending the pound to a record low. "London's crown as the top European trading centre was already losing its shine even before this latest … [Read more...] about London’s European stock market crown under threat from Paris

- A + A JAKARTA (Sept 30): Malaysian palm oil futures climbed for a second day on Friday, tracking gains in soyoil and crude oil prices, but the contract fell for a fifth straight month on concerns about oversupply and weakening demand. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed 2.27% higher at RM3,418 (US$737.43) per tonne. It has lost 8.5% this week, hitting its lowest in over 1-1/2 years earlier this week, after a leading analyst warned of an impending slump in prices amid global market turmoil. The benchmark declined about 17.5% this month, its biggest monthly drop since June. “Soybean oil and crude oil moved higher, so crude palm oil also (moved higher),” a Kuala Lumpur-based trader said. Soyoil prices on the Chicago Board of Trade were little changed during Asia hours, after rising 2.75 overnight. Dalian’s most-active soyoil contract rose 0.75%, while its palm oil contract gained 0.91%. Oil … [Read more...] about Palm logs fifth monthly drop on oversupply concerns

- A + A KUALA LUMPUR (Sept 30): Permodalan Nasional Bhd has announced a record low income distribution of 3.75 sen per unit for its fixed price unit trust fund Amanah Saham Malaysia 3 (ASM3), for the financial year ending Sept 30, 2022 (FY22). This compares with the four sen distribution declared for the fund in the previous two years by Amanah Saham Nasional Bhd, the unit trust management subsidiary of PNB. The highest income distribution for the fund since its launch in 2009 was 6.70% for 2013. ASM3, previously known as Amanah Saham 1Malaysia (AS1M), declared a total income distribution payout of RM573.66 million for FY22, benefitting 551,685 unitholders owning 15.30 billion units, PNB said in a statement on Friday (Sept 30). “Overall, the fund recorded RM757.81 million total gross income and RM575.87 million of net realised income, amid recessionary concerns and global supply chain disruption affecting the global markets. “The income distribution of ASM3 … [Read more...] about Record low income distribution of 3.75 sen per unit declared for ASM3

- A + A (Sept 30): Palm oil headed for its biggest quarterly plunge since 2008, as rising inventories in the world’s top growers and mounting concerns of a global economic recession outweighed recent robust exports. Benchmark futures in Malaysia, which set the tone for global palm oil prices, have plummeted 31% in the July-September quarter, amid forecasts for surging supplies in Indonesia and Malaysia. That could provide some relief to consumers across the globe from high food inflation, as the tropical oil is found in many grocery items from chocolates to pastries and ice creams. Growing worries about an economic slowdown slashing edible oil demand have further hammered palm, the world’s most-consumed cooking oil. Although exports from Malaysia surged almost 19% in the first 25 days of September from a month earlier, demand from top importer India could taper off in the coming weeks, as the festival season will end in late October with Diwali, the Hindu festival of … [Read more...] about Palm oil set for worst quarter in 14 years on bulging reserves

- A + A KUALA LUMPUR (Sept 30): Bursa Malaysia ended the last trading day of the third quarter of the year on a slight dip, after roller-coaster trading all day long. At 5pm on Friday (Sept 30), the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.87 points or 0.21% to settle at 1,394.63, from Thursday’s close of 1,397.50. The benchmark index opened 2.21 points easier at 1,395.29 and subsequently moved between 1,390.41 and 1,402.23 throughout the day. On the broader market, decliners outpaced gainers 462 to 358, while 408 counters were unchanged, 1,155 untraded, and 37 others suspended. Total turnover decreased to 2.08 billion units worth RM1.91 billion, from 2.28 billion units worth RM1.86 billion on Thursday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the near term market sentiment remains jittery due to uncertain regional and global performance. “However, we believe bargain hunting may prevail going forward, as the … [Read more...] about Bursa Malaysia dips slightly on last trading day of third quarter, with key index down

- A + A KUALA LUMPUR (Sept 30): Two MISC Bhd subsidiaries have inked 10-year ship lease agreements for two newly-built liquefied natural gas (LNG) carriers with ExxonMobil Corp’s wholly-owned unit SeaRiver Maritime LLC. The agreements, or time charter parties, were inked by MISC units Polaris LNG Three Pte Ltd (Polaris 3) and Polaris LNG Four Pte Ltd (Polaris 4). Charters for the vessels will commence in 2026, MISC said in a filing. “These LNG carriers will be equipped with eco efficient technologies such as X-DF 2.1 engines with Intelligent Control by Exhaust Recycling (iCER) System and Air Lubrication System, which will contribute to the reduction of greenhouse gas (GHG) emissions,” MISC said. The petroleum and gas products shipping group has signed an agreement with a shipbuilder for the construction of the LNG in South Korea for delivery in the first quarter of 2023. Meanwhile, Eaglestar Shipmanagement Gas (S) Pte Ltd will be appointed to provide project … [Read more...] about MISC signs 10-year LNG ship lease agreements with ExxonMobil unit