World

NEW DELHI :India's effort to break Amazon Inc and Walmart Inc's dominance of its e-commerce sector, by establishing its own open network, has begun lining up banks and other key players needed to move it forward, sources familiar with the matter said. Some of India's biggest banks are in discussions about setting up "buyer platforms" to let their customers place orders for goods and services over the Open Network for Digital Commerce (ONDC), which the Indian government soft-launched in April, the sources told Reuters. The success of the network, which would promise equal access to all online sellers and buyers regardless of their size, is a priority for Prime Minister Narendra Modi, who faces pressure from small businesses to act against the outsized influence of Amazon and Walmart's Fli...

BEIJING: China's services activity contracted for a third straight month in May, pointing to a slow recovery ahead despite the easing of some COVID-19 lockdowns in Shanghai and neighbouring cities, a private business survey showed on Monday (Jun 6). The Caixin services purchasing managers' index (PMI) rose to 41.4 in May from 36.2 in April, edging up slightly as authorities began to roll back some of the strict restrictions that have paralysed the financial city of Shanghai and roiled global supply chains. However, the reading remained well below the 50-point mark that separates growth from contraction on a monthly basis. Analysts say weakness in the services sector, which accounts for about 60 per cent of China's economy and half of urban jobs, is likely to persist under the government...

:Oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports. Trading activity was muted due to a public holiday in the United States. The Brent crude futures contract for July, which will expire on Tuesday, settled up $2.24, or 1.9 per cent, at $121.67 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up $1.99, or 1.7 per cent, to $117.06 a barrel at 18.03 GMT, extending solid gains made last week. "One reason being cited for this is the imminent lifting of coronavirus restrictions in Shanghai, which is sparking hopes that oil demand will pick up again in China," analysts at Commerzbank said in a note ...

(Inpex corrects quote to read 'reports of Shell's withdrawal' (not 'withdrawal'), paragraph 10) By Yuka Obayashi TOKYO : Japan's biggest oil and gas explorer Inpex Corp raised its net profit forecast for 2022 by 20 per cent to a record 300 billion yen ($2.3 billion) thanks to higher-than-expected oil prices and a lower yen against the U.S. dollar. Its annual net profit prediction was raised from its February estimate of 250 billion yen as the company revised its assumption of an average Brent oil price to $85 a barrel from $75 a barrel and the yen's rate against the dollar to 120 yen from 110 yen. "Higher sales of oil and liquefied natural gas (LNG) amid soaring oil prices as well as the yen's drop contributed to stronger profit outlook," Managing Executive Director Daisuke Yamada told...

(Click here to subscribe to the Delivering Alpha newsletter.) With $1.5 trillion in assets, Franklin Templeton is among America's top 10 asset managers, and growing. Over the last few years, the firm has acquired asset manager Legg Mason, custom index provider O'Shaughnessy Asset Management, and secondary private equity investor Lexington Partners, among others. President and CEO Jenny Johnson says it doesn't end there. She's focused on bolt-on acquisitions in technology and alternatives to fill product gaps in Franklin Templeton's business. Johnson sat down with CNBC's Delivering Alpha newsletter in an exclusive interview where she also discussed the firm's active management strategy and made the case for implementing blockchain technology. (The below has been edited for length and cla...

mdphoto16 | E+ | Getty Images It's a scary time for new retirees. Stocks have plunged this year. Bonds, which traditionally serve as a ballast when stocks falter, have also been pummeled. Both trends are worrisome for seniors who rely on investments for their retirement income. High inflation also means retirees need to draw more income to afford the same items and make ends meet. "That's a pretty bad combination that's relatively rare," David Blanchett, head of retirement research at PGIM, the investment management arm of Prudential Financial, said of this three-pronged challenge. More from Personal Finance: Tax breaks aren't prime reason for high-net-worth philanthropy Only 18% plan to increase stock investments this year Buyers are making concessions to nab a home "2022 has been a d...

HONG KONG : JD Technology, the fintech arm of Chinese e-commerce company JD.Com, has been forced to delay an up to $2 billion Hong Kong IPO because domestic regulatory approval for the listing has not been forthcoming, said four people with knowledge of the matter. The financial technology, cloud and artificial intelligence arm of JD.Com applied to the China Securities Regulatory Commission (CSRC) in late January seeking an offshore listing, according to the regulator's website. The company was hoping to lodge its first filings with the Hong Kong Stock Exchange by the end of March, followed by the launch of the initial public offering (IPO) later this year, said three of the sources. It appointed banks for the listing, according to sources. However, it has not yet managed to secure appr...

WASHINGTON: President Joe Biden held a rare White House meeting with the head of the Federal Reserve, Jerome Powell, on Tuesday (May 31) to discuss soaring inflation and White House attempts to tame the politically damaging price surge ahead of midterm elections. "I am meeting today to discuss my top priority: that is addressing inflation in order to transition from historic recovery to a steady growth," Biden said. Also joined in the Oval Office by Treasury Secretary Janet Yellen, Biden stressed to reporters that while the Fed has a "laser focus" on inflation, he does not intend to infringe on the central bank's traditional independence. "It starts with a simple proposition: respect the Fed, respect the Fed's independence," he said. The White House said that the first Biden-Powell mee...

NEW YORK :Oil prices climbed about 3 per cent to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine. Traders also noted oil prices followed a rise in equities and some weakening of the U.S. dollar against a basket of currencies, which makes oil cheaper when purchased in other currencies. [.N] Brent futures rose $3.37, or 3.0 per cent, to settle at $117.40 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.76, or 3.4 per cent, to settle at $114.09. After rising for six days in a row, Brent closed at its highest since March 25. WTI settled at its highest since May 16. "Crude prices rose as a tight oil market was go...

LONDON: A familiar England batting collapse left the hosts 16 runs behind New Zealand as wickets tumbled on a frantic first day of the opening test at Lord's on Thursday. England made an excellent start to their new era under captain Ben Stokes and coach Brendon McCullum by dismissing New Zealand for 132 inside two sessions. But their dismal batting continued as they lost seven wickets for 41 runs to limp to the close at 116 for seven after New Zealand seamers Tim Southee, Trent Boult and Kyle Jamieson picked up two wickets each. England openers Alex Lees and Zak Crawley shared a solid partnership of 59 before Crawley was caught behind off Jamieson for 43. Jamieson removed Ollie Pope for seven in his first innings at No. 3 and Colin De Grandhomme dismissed Joe Root for 11 when the form...