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Gold prices inch up from one-week low
Gold prices inched up on Wednesday from a one-week low with the dollar holding steady, but speculation that President Donald Trump might pick a policy hawk to lead the US Federal Reserve weighed on the metal. Spot gold XAU= was up 0.1 percent to $1,286.10 an ounce at 0053 GMT. It hit a one-week low of $1,281.31 in the previous session. US gold futures GCcv1 for December delivery rose 0.2 percent at $1,288.3 per ounce.
Axis Bank under-reported Rs 4,867 crore NPAs, finds RBI
This is the second consecutive year when the bank was pulled up for under-reporting its NPAs. Consequently, the BB and below-rated portfolio were reduced from Rs 19,460 crore to Rs 15,820 crore. Of this, Rs 5,000 crore is retail and SME and Rs 22,000 crore is corporate slippages. The net interest income (NII) remained almost flat at Rs 4,540 crore as against Rs 4,514 crore in the second quarter of the last financial year.
Coal-starved power plants may dim Diwali sparkle
Power plants with almost 30 gigawatt (gw) or 29,142 megawatt (mw) installed capacity are either in super critical or critical condition, while 625 mw is out of the grid. In fact, units of two thermal plants - Surat (Gujarat) and Durgapur Steel Thermal Power Station are out of the grid because of the same supply issue. In order to beat the demand-supply gap, Maharashtra government has been purchasing power from central power grid on a short-term basis.
Nissan used uncertified inspectors even after misconduct found: sources
Nissan Motor Co (7201.T) had conducted uncertified vehicle checks as recently as last week even after revealing the widespread misconduct at its domestic factories, two sources with direct knowledge of the matter said on Wednesday. The sources, who asked not to be named because they were not authorised to speak to media, said an internal investigation had found the latest misconduct at affiliate Nissan Shatai Co's (7222.T) Shonan factory, where uncertified technicians had been involved in inspections until Oct 11.
Shell opens first fast electric vehicle charging at UK petrol stations
L) has launched a fast-charging service for electric vehicles at three Shell service stations near London and in northern England, the company said on Wednesday. The launch comes a week after Shell announced the acquisition of NewMotion, one of Europe's largest electric- vehicle charging networks. Shell believes electric vehicles will form a material part of the transport network going forward, Jane Lindsay-Green, Shell UK future fuels manager, told reporters.
GM's Ammann says company moving 'really quickly' on autonomous cars
GM's acquisition earlier this month of LIDAR technology company Strobe may have been the final missing piece, GM President Dan Ammann told Reuters. More acquisitions are unlikely, as Ammann said GM's autonomous business is, for the moment, complete. Investors have responded by pushing GM's stock to $45 a share recently, up 29 percent from the beginning of the year. As to when GM's autonomous cars will be ready for prime time, Ammann was elusive.
Asia shares sit on gains, await word from China's Xi
Asian shares consolidated recent gains and currencies kept to tight ranges on Wednesday as investors waited to see what policies might emerge from China's Communist Party conference. Markets are keen for any direction on economic and financial market reform, though history suggests these events can be light on detail. Recent economic data from the Asian giant has been generally upbeat, fuelling a tide of optimism about global growth that has benefited shares across the region.
IBM beats revenue estimates; hints at sales growth
International Business Machines Corp's (IBM.N) shift to newer businesses such as cloud and security services helped it beat analysts' quarterly revenue estimates, and the technology major hinted at sales growth after nearly six years of declines. IBM said it expected revenue to grow $2.8 billion to $2.9 billion in fourth quarter from the third quarter. This implies fourth-quarter revenue in the range of $22 billion to $22.1 billion, a year-on-year growth of about 1.4 percent at the high end.
UK firms freeze marketing spend as economic uncertainty rises: survey
British companies froze their marketing budgets during the third quarter amid rising uncertainties about the economy as the UK looks to exit the European Union, a survey showed on Wednesday. The IPA Bellwether report showed that near 70 percent of its survey panel recorded no change in marketing budget since the second quarter. Rising inflation - driven largely by the pound's fall since last year's vote to leave the European Union - has squeezed household incomes, causing broader economic growth to slow.
Japan Inc wants Abe election win, but smaller majority
Many companies in the survey expressed concern that a big election win would encourage Abe to invest his energy in a long-held ambition to revise Japan's pacifist constitution, at the expense of economic policy. Forecasts published last week predicted Abe's coalition would win around 300 seats, close to the two-thirds super-majority it held before he called the election. Along with like-minded parties, the LDP bloc also has a majority in the upper house, which would be needed to revise the constitution.
Boeing says Bombardier CSeries jets may face hefty duties despite Airbus deal
TO) CSeries jets could still be hit with high US import duties, even if they are assembled in Alabama through an industry-changing deal with Airbus (AIR.PA). Bombardier and Airbus could argue they are importing parts, like the wing from Northern Ireland, to be assembled in the United States. Locked in a separate 13-year trade dispute with Airbus, Boeing on Monday called it a questionable deal between two of its subsidized competitors.
Dow pierces 23,000 but ends below milestone
The Dow Jones Industrial Average briefly broke above the 23,000-point mark for the first time on Tuesday, driven by strong earnings from UnitedHealth and Johnson & Johnson, but finished the session just below that milestone. The Dow may in the near term have a difficult time sustaining a move above 23,000, said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.
Allergan ruling casts doubt on tribal patent strategy
The federal judge, William Bryson, expressed concerns about the legitimacy of the tribal transfer, calling it a ploy by Allergan to rent the tribe's sovereign immunity. Legal experts said the rebuke from a prominent judge will make other patent owners reluctant to copy Allergan's manoeuvre. Allergan said it wanted to avoid defending the patent in both federal court and before PTAB.
Dow pierces 23,000 but finishes below milestone
The Dow Jones Industrial Average briefly broke above the 23,000-point mark for the first time on Tuesday, driven by strong earnings from UnitedHealth and Johnson & Johnson, but finished the session just below that milestone. The Dow may in the near term have a difficult time sustaining a move above 23,000, said Robert Pavlik, chief market strategist at Boston Private Wealth in New York. Shares of Anthem (ANTM.N) were up 1.9 percent, while shares of Tenet Healthcare (THC.N) were up 5.3 percent.
Flipkart may relaunch loyalty programme to take on Amazon Prime
India's largest online retail firm Flipkart Ltd plans to relaunch a loyalty programme to compete with Amazon Prime that has become a key differentiator for the American internet giant, three people familiar with the matter said. A few years ago, Flipkart had launched a loyalty programme called Flipkart First, but the company lost focus in making it work.
Amazon Studios chief resigns after harassment reports
Amazon Studios (AMZN.O) chief Roy Price has resigned, a company spokeswoman said on Tuesday, following reports that he harassed a producer and ignored an actress' allegation of sexual assault by disgraced producer Harvey Weinstein. Albert Cheng, the studio's chief operating officer, remains interim head of the division, the spokeswoman said. Price had gone on a leave of absence last week.
IBM's revenue beats estimates on cloud, security services
International Business Machines Corp (IBM.N) handily beat analysts' quarterly revenue estimates on Tuesday as the technology company's shift to cloud and security services gains traction. Revenue from these businesses, which IBM calls its strategic imperatives, climbed 11 percent to $8.8 billion in the third quarter ended Sept. Total revenue fell marginally to $19.15 billion from $19.23 billion a year earlier, marking the smallest quarterly decline since the third quarter of 2016. Analysts on average had expected revenue of $18.60 billion, according to Thomson Reuters I/B/E/S.
Wipro CEO Abidali Neemuchwala: The pace of turnaround, from our perspective, is neither slow nor fast
Abidali Neemuchwala, since taking over as chief executive officer (CEO) of Wipro Ltd on 1 February last year, has completed six full quarters. Look, we did well on our revenue guidance, five of the six business units are looking good, and operating margin also saw improvement. Now on the question of turnaround, from our perspective, the pace of turnaround is not slow or fast. All this growth is organic, which we can certainly say is much higher than last year.
Firms' failure to respond may put hydro project clearances at risk
The other two companies, which are handling the remaining two projects, did not respond to the queries. The DPR of third hydro project Luhri-1 was received by the CEA in January this year and it has already received 17 out of 178 clearances. Subansiri Middle and Attunli projects are being developed by Kamala Hydro Electric Power Company Ltd (KHEPCL) and Attunli Hydro Electric Power Company Ltd (AHEPCL), respectively.

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