Adar Poonawalla's SII to invest over $300 million in UK
World

Adar Poonawalla's SII to invest over $300 million in UK

The Serum Institute of India has been at the forefront of producing the lower-cost AstraZeneca coronavirus shot

RBI imposes Rs 3 crore penalty on ICICI Bank, cites violations over transfer of securities
Business

RBI imposes Rs 3 crore penalty on ICICI Bank, cites violations over transfer of securities

The fine has been imposed for contravention of directions in the Master Circular on 'Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks'

Exclusive: Tesla, under scrutiny in China, steps up engagement with regulators - sources
Business

Exclusive: Tesla, under scrutiny in China, steps up engagement with regulators - sources

By Yilei Sun and Tony Munroe BEIJING (Reuters) - Electric vehicle maker Tesla Inc, facing scrutiny in China over safety and customer service complaints, is boosting its engagement with mainland regulators and beefing up its government relations team, industry sources said.

Broker Robinhood upbraids Buffett over casino comparison
Business

Broker Robinhood upbraids Buffett over casino comparison

By John McCrank and Shubham Kalia (Reuters) -Robinhood Financial on Monday struck back against comments by Warren Buffett that likened the retail brokerage to a casino that encourages millions of inexperienced day traders to place short-term stock market bets. At Berkshire Hathaway Inc's annual meeting on Saturday, Buffett said Robinhood has attracted, "maybe set out to attract," large numbers of people who just gamble on short-term price movements

Robinhood hits back at Buffett for retail trading comments
Business

Robinhood hits back at Buffett for retail trading comments

(Reuters) - Retail-focused brokerage Robinhood Financial has hit back against comments by Warren Buffett who on Saturday likened the millions of inexperienced day traders who entered the stock market in the past year to gamblers. Speaking at Berkshire Hathaway Inc's annual meeting, Buffett said Robinhood has attracted, "maybe set out to attract," a large number of people who are just gambling on short-term price movements.

Global stocks rally as investors eye economic rebound, gold gains
Business

Global stocks rally as investors eye economic rebound, gold gains

By Herbert Lash and Tommy Wilkes NEW YORK/LONDON (Reuters) - Gold prices rose and a gauge of global equity markets on Monday was not far from a record as investors remain bullish about the economic recovery ahead of U.S. data that is expected to underline the strength of the rebound

EBay says open to accepting to cryptocurrencies in future, exploring NFTs
Business

EBay says open to accepting to cryptocurrencies in future, exploring NFTs

By Uday Sampath Kumar and Akanksha Rana (Reuters) - EBay Inc is open to the possibility of accepting crytpocurrency as a form of payment in the future and is looking at ways to get non-fungible tokens (NFTs) on its platform, the company said on Monday. A growing number of companies have begun to accept virtual currencies as a form of payment, taking an asset class that had been shunned by major financial institutions a few years ago, a step closer to becoming mainstream.

S&P 500, Dow start month on strong footing, growth stocks lag
Business

S&P 500, Dow start month on strong footing, growth stocks lag

By Shreyashi Sanyal and Sruthi Shankar (Reuters) - The S&P 500 and the Dow indexes rose on Monday as a largely upbeat earnings season strengthened expectations of sustained profit growth, while the Nasdaq came under pressure from declines in some high-flying growth stocks. With more than half of S&P 500 companies having reported so far, profits are now seen rising 46% in the first quarter, compared with forecasts of 24% growth at the start of April, according to IBES data from Refinitiv.

Verizon to offload Yahoo, AOL for $5 billion
Business

Verizon to offload Yahoo, AOL for $5 billion

By Eva Mathews (Reuters) - Verizon Communications Inc is getting rid of its media businesses that include iconic brands Yahoo and AOL for $5 billion, ending an expensive and unsuccessful run in the media and advertising world. Despite spending more than a decade and billions of dollars building a stable of internet brands, the New York-based telecom company has struggled to make headway in a highly competitive internet advertising space dominated by Facebook Inc and Google. Having written $4.6 billion off the value of the businesses in 2018, Verizon will get just $4.25 billion in cash from private equity firm Apollo Global, along with preferred interests of $750 million and a 10% stake in the unit - about half of what it had paid for the businesses.

Gold rises over 1% as retreat in dollar, yields boost allure
Business

Gold rises over 1% as retreat in dollar, yields boost allure

By Sumita Layek (Reuters) - Gold prices jumped more than 1% on Monday, with the rally spilling over into other precious metals as well, driven by a retreat in the dollar and U.S. Treasury yields.

Oil rises over 1% as demand hopes bolster sentiment
Business

Oil rises over 1% as demand hopes bolster sentiment

By Stephanie Kelly NEW YORK (Reuters) - Oil rose more than 1% on Monday as Chinese economic figures and U.S. vaccination rate pointed to a strong rebound in demand in the world's two largest economies

Supply constraints slow U.S. factory activity in April
Business

Supply constraints slow U.S. factory activity in April

By Lucia Mutikani WASHINGTON (Reuters) - U.S. manufacturing activity grew at a slower pace in April, restrained by shortages of inputs as rising vaccinations against COVID-19 and massive fiscal stimulus unleashed pent-up demand. The survey from the Institute for Supply Management (ISM) on Monday showed record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products across industries

Estee Lauder sales hit by lackluster demand for makeup, shares drop
Business

Estee Lauder sales hit by lackluster demand for makeup, shares drop

By Aditi Sebastian (Reuters) - Estee Lauder Cos Inc missed analysts' estimates for quarterly sales on Monday, as weak demand for its luxury foundations and lipsticks offset growth at the cosmetics maker's skincare brands, with people continuing to work from home. The company's shares, which touched a record high last week, fell nearly 7%. Sales of cosmetics and makeup products have taken a hit during the COVID-19 pandemic as shoppers stay at home, pressuring Estee Lauder's M.A.C and Bobbi Brown brands

Warren Buffett says Greg Abel is his likely successor at Berkshire Hathaway - CNBC
Business

Warren Buffett says Greg Abel is his likely successor at Berkshire Hathaway - CNBC

By Jonathan Stempel (Reuters) - Warren Buffett ended years of speculation about succession at Berkshire Hathaway Inc by saying Greg Abel, who oversees its non-insurance businesses, would become chief executive officer if he were no longer in charge. "The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning," Buffett told CNBC, the station said on Monday. Buffett, 90, has never publicly signaled any plan to step down

India's factory orders, production rise at slowest rates in eight months in April: PMI
Business

India's factory orders, production rise at slowest rates in eight months in April: PMI

The Purchasing Managers’ Index survey, however, noted that while output and sales increased at slowest rates since August due to the COVID-19 crisis, there was a faster upturn in international orders

T Rabi Sankar named as new RBI deputy governor; career Central banker set to suceed BP Kanungo
Business

T Rabi Sankar named as new RBI deputy governor; career Central banker set to suceed BP Kanungo

Sankar, a career Central banker, has worked in various positions at the Reserve Bank of India. He has a Master of Philosophy in Economics from the Jawaharlal Nehru University

Market Roundup: Sensex down 63 points, Nifty ends at 14,634; today’s top gainers and losers
Business

Market Roundup: Sensex down 63 points, Nifty ends at 14,634; today’s top gainers and losers

Market benchmark Sensex staged a smart recovery from the day's low to end with marginal losses on Monday amid a negative trend in global equities

KPN rejects takeover bids from EQT-Stonepeak consortium and KKR
Business

KPN rejects takeover bids from EQT-Stonepeak consortium and KKR

(Reuters) -KPN NV has rejected unsolicited takeover offers from a private equity consortium comprising EQT AB and Stonepeak Infrastructure Partners and another from U.S. investment firm KKR, the Dutch telecommunications company said on Sunday.

U.S. State Department OKs potential sale of P-8 surveillance planes to India -Pentagon
Business

U.S. State Department OKs potential sale of P-8 surveillance planes to India -Pentagon

By Mike Stone WASHINGTON (Reuters) - The U.S. State Department has approved the potential sale of six Boeing-made P-8I patrol aircraft and related equipment to India for an estimated cost of $2.42 billion, the Pentagon said on Friday

India's Serum Institute plans to start vaccine production outside India - The Times
Business

India's Serum Institute plans to start vaccine production outside India - The Times

(Reuters) - The Serum Institute of India, which manufactures the AstraZeneca COVID-19 vaccine, is planning to start vaccine production in other countries as it struggles to meet supply commitments, its chief executive officer told The Times.