Tiger Airways Seeks Alliances to Boost Overseas Revenue

Tiger Airways Holdings Ltd. (TGR), a low-cost carrier partly owned by Singapore Airlines Ltd. (SIA), said it’s seeking to forge alliances with other airlines to boost overseas revenue after losses widened.

The carrier plans to focus initially on filling its planes with passengers, and then on improving yields through partnerships to raise earnings, Chief Executive Officer Lee Lik Hsin told reporters in a conference call in Singapore yesterday.

“We want to try to increase the overseas revenue contribution to our revenue base,” said Lee, who became CEO in May. “We need to market ourselves more like a network carrier rather than a point-to-point carrier. In order to grow and grow profitably, we need to expand beyond that.”

Tiger Air has grounded planes, canceled aircraft orders and exited overseas joint ventures as part of a restructuring after posting three straight annual losses. The efforts are symptomatic of the challenges budget airlines face in Southeast Asia, where competition among half a dozen carriers has pushed fares down.

Tiger Air’s loss widened to S$65.2 million ($53 million) in the quarter ended June from S$32.8 million a year earlier because of costs incurred from closing its Indonesia venture and Australia operations.

Shares of Tiger Air fell as much as 5.6 percent, the biggest intraday decline since June 23, to 42 Singapore cents and traded at 43 cents as of 9:34 a.m. in the city. The stock has fallen 16 percent this year, compared with a 5.7 percent climb in Singapore’s benchmark Straits Times Index.

Independent Agency finalized to look into issue of continuity of blocks of gas reservoirs

In May, 2014, ONGC filed an extra-ordinary writ petition in Delhi high court against Union of India, DGH and RIL. The Minister of State (I/C) in the Ministry of Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that ONGC, in July 2013 has stated that the wells drilled in blocks KG-DWN-98/3 by RIL in the vicinity / on boundary of ONGC’s nomination Godavari PML and NELP-I Block KG-DWN-98/2 may be draining gas from ONGC’s gas reservoirs. These ONGC’s blocks, viz-a-viz, PML (Godavari PML – Nomination Blocks) and KG-DWN-98/2 (NELP-I Block) are located in deep water, and contiguous to RIL operated block KG-DWN-98/3. Both ONGC and RIL have made hydrocarbon discoveries in their respective blocks. While RIL is producing gas from its block since 2009, ONGC is yet to start production from its block. ONGC wrote a letter to DGH in July 2013 that E&P data of KG-DWN-98/3 may be provided to ONGC for analyzing field continuity of the pools. Several meetings and dialogues between ONGC and RIL were held to resolve the dispute regarding continuity of reservoirs. DGH asked RIL to share its E&P data with ONGC which was provided by RIL to ONGC. Similarly, ONGC also shared its technical data with RIL. In May, 2014, ONGC filed an extra-ordinary writ petition in Delhi high court against Union of India, DGH and RIL with a request to appoint an independent agency to establish the continuity of reservoirs between KG-DWN-98/2 block operated by ONGC and KG-DWN-98/3 block operated by RIL and to estimate the volume of gas and also for working out gas balancing between the above reservoirs if found to have continuity. Subsequently, ONGC and RIL, under the supervision of DGH, has finalized an independent agency to establish if the reservoirs between KG-DWN-98/2 block operated by ONGC and KG-DWN-98/3 block operated by RIL have continuity. Letter of award has been issued to the independent third party on 03.07.2014.

DHFL Q1 net profit up 22%

Profit before tax rose 40 % to Rs 222.46 crore for the quarter ended June 30, 2014

DHFL, India’s second largest private sector housing finance Company, today announced its results for the first quarter ended June 30, 2014. Performance Details for the first quarter ended June 30, 2014 as compared to the corresponding period of the previous year: Net profit increased 22 % to Rs 147.15 crore for the quarter ended June 30, 2014 as against  Rs 120.30 crore in the corresponding quarter of the previous year. Profit before tax rose 40 % to Rs 222.46 crore for the quarter ended June 30, 2014 as against Rs 159.03 crore in the corresponding quarter of the previous year. Loan book outstanding grew 22 % to Rs 42,789.70 crore during the first quarter ended June 30, 2014 as against Rs 35,127.30 crore in the corresponding quarter of the previous year. Loan disbursements and sanctions were  Rs 4,349.08 crore and 5,912.97 crore, respectively for the first quarter ended June 30, 2014. Total Income was up 29 % to Rs 1,426.65 crore during the first quarter ended June 30, 2014 as against  Rs 1,107.37 crore in the corresponding quarter previous year. Gross NPA stood at 0.79 % and Net NPA was NIL Net Interest Margin stood at 2.78 %

Europe Stocks Rise on Economy as Metals Advance on China

European stocks rose on stronger manufacturing while the ruble weakened for the first time in three days on the threat of more sanctions. Hong Kong stocks, the yuan and industrial metals gained on China factory orders.

The Stoxx Europe 600 Index climbed 0.4 percent by 10:06 a.m. in London. Futures on the Standard & Poor’s 500 Index advanced 0.2 percent. The ruble weakened 0.4 percent. The Hang Seng Index rose 0.7 percent to the highest close since April 2011, while the yuan increased 0.1 percent and copper rallied 1.3 percent. Gold declined 0.6 percent. New Zealand’s dollar tumbled the most in 10 months as the nation’s central bank said the currency’s strength is unjustified. German bonds declined.

Reports showed euro-area manufacturing and services grew this month while Chinese factory activity rose to an 18-month high in July. U.S. new home sales probably fell in June after rising the most in 22 years in May, economists said before data from the Commerce Department today. General Motors Corp., Amazon.com Inc. and Starbucks Corp. are due to report earnings.

“The better data out of China and Europe has added more to the pro-risk mood,” said Alvin T. Tan, the director of foreign exchange strategies at Societe Generale SA in London. “The U.S. earnings season by and large has come out better than expected so that’s why the stock market keeps pushing to new highs.”

The Stoxx 600 advanced after adding 1.5 percent in the past two days, ending at a one-week high. The gauge closed 2 percent away from its six-year high on June 10.

Nokia Q2 profit up 20 per cent to $285 million

Telecommunications and wireless equipment maker Nokia Corp. says second-quarter profit rose 20 per cent to 213 million euros ($285 million) on the back of improved profitability of its key networks unit.

Net sales in the April to June period fell to 2.9 billion euros from 3.2 billion euros in the same period last year. Net profit was 177 million euros a year earlier.

CEO Rajeev Suri said Thursday the result shows the strength of the company today'' as the Finnish firm restructures after selling its mobile phone unit to Microsoft.

He gave an upbeat outlook for the core networks unit which accounts for around 90 per cent of Nokia's revenue. Suri said the unit's full-year 2014 operating margin was expected to be near the long-term target of 5-10 per cent.

Idea Cellular allots 5.18cr equity shares to Axiata Investments

Idea Cellular Ltd has informed BSE that the Securities Allotment Committee of the Board of Directors of the Company has, at its meeting held on July 24, 2014, issued and allotted 51,838,540 Equity Shares of face value of Rs. 10/- each to Axiata Investments 2 (India) Limited at an issue price of Rs. 144.68 per Equity Share, including a premium of Rs. 134.68 per Equity Share, aggregating approximately to Rs. 750 crore, on a preferential basis, under the SEBI Regulations and Section 42 of the Companies Act, 2013 and the rules made thereunder.The Shareholders of the Company had approved the allotment vide special resolution passed at the Extra-ordinary General Meeting held on July 10, 2014.Further the Company has informed that, post the said allotment, the paid-up equity share capital of the Company stands increased to Rs. 35,958,984,180 comprising of 3,595,898,418 equity shares of Rs. 10/- each, fully paid-up.

Blue Dart Express net profit at Rs34.16 crores

Net Sales/Income from operations for the quarter ended June 30, 2014 stood at Rs.526.94 crores.

Blue Dart Express Limited, South Asia's premier express air and integrated transportation, distribution and logistics company, today declared its financial results for the quarter ended June 30, 2014, at its Board Meeting held in Mumbai. The company posted Rs. 34.16 crores profit after tax for the quarter ended June 30, 2014. Net Sales/Income from operations for the quarter ended June 30, 2014 stood atRs. 526.94 crores. Anil Khanna, Managing Director, Blue Dart Express Limited said, “Since inception, Blue Dart has focussed on being a customer centric brand. We are committed to serve Blue Dart country and sustain our leadership position in the air and ground express segments through the widest range of innovative products and services, dedicated air and ground infrastructure, superior technology and passionate people force.” He further added, “Blue Dart continues to be one of the most admired and awarded companies in India. Recently Blue Dart was voted amongst Top 50 ‘India’s Best Companies to Work For 2014’ by the Great Place to Work® Institute, India for the fifth consecutive year and was also voted a Superbrand for the seventh year in a row. Blue Dart was also felicitated with the Best in Class Corporate Social Responsibility Practice Award at the Responsible Business Awards 2014 and Award for Excellence in Training & Development at the National Award for Excellence in Training & Development.”

Brent steady above $108, supported by China factory activity

 Brent crude was steady above $108 a barrel on Thursday, holding on to the previous day's gains, after a surprisingly strong reading on Chinese manufacturing bolstered hopes for higher demand in the world's second-biggest oil consumer. 

China's factory sector expanded at its fastest pace in 18 months in July, as a raft of government stimulus measures kicked in, a preliminary HSBC survey showed on Thursday. 
Brent crude for September delivery traded up 10 cents at $108.13 a barrel by 0321 GMT, after closing 70 cents higher. US crude for September delivery was down 2 cents at $103.10. The contract had settled 73 cents higher on Wednesday. 


Prices pushed higher on Wednesday after US government data showed crude stocks fell more than expected by 4 million barrels last week. Analysts had expected a decrease of just 2.8 million barrels. 
However, a build of 5 million barrels in combined inventories of gasoline and distillates raised questions about demand. 

Japanese and South Korean oil refiners have purchased the first condensate cargoes to be exported from the United States since the easing of a 40-year ban on US oil exports, industry sources familiar with the matter said on Thursday. 
Amid booming shale oil production, the United States recently softened a total ban on oil exports in place since the Arab oil embargo of the 1970s. 

US crude's discount to Brent dropped as low as $4.51 on Wednesday, near a three-month low, as high domestic refinery utilization rates signalled strong near-term demand for crude oil and low inventories at the Cushing, Oklahoma, delivery hub. 

The spread had widened to $4.91 a barrel by the end of the day as traders covered short positions ahead of the close, and was $5.05 a barrel on Thursday. 

Facebook Q2 revenue increases 61 per cent, stock hits record high

Facebook Inc's fast-growing mobile advertising business helped drive a 61 percent increase in revenue during the second quarter, beating Wall Street's financial targets and sending shares to a record-high in after-hours trading on Wednesday. 

The world's No.1 Internet social network said on Wednesday that it saw increased interest from both advertisers and from users during the second quarter, while the company's profit margins expanded. 

Facebook now counts 1.5 million advertising customers and the company's ad business saw strong growth across all of its geographic regions, Chief Operating Officer Sheryl Sandberg told Reuters in an interview on Wednesday. 

Facebook's operating margin expanded to 48 percent of revenue in the second quarter, up from 31 percent in the year-ago period. Overall revenue of $2.91 billion beat the average expectation of $2.81 billion, according to analysts polled by Thomson Reuters I/B/E/S. 

Facebook executives stressed on a conference call that the company planned to invest aggressively in new projects, such as the Oculus virtual reality headset business that Facebook recently acquired for $2 billion. 

And executives reiterated past comments that nascent advertising efforts in video and in the Instagram photo-sharing app would not contribute significantly to the top line in the near term. 

Indian rupee opens slightly higher at 60 per dollar

In the absence of any major triggers and with RBI absorbing FII inflows, the rupee is expected to trade in a narrow range of 60-60.25/dollar today, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee opened marginally higher on Thursday at 60 per dollar versus 60.09 Wednesday. The dollar rises to eight month highs versus the euro as worries over tougher sanctions on Russia and their potential impact on euro zone weighed on euro. Mohan Shenoi of Kotak Mahindra Bank said, “In the absence of any major triggers and with RBI absorbing FII inflows, the rupee is expected to trade in a narrow range of 60-60.25/dollar today.”

Gold falls below $1,300 as equities gain; physical buying picks up

Gold broke below the key psychological level of $1,300 an ounce on Thursday as safe-haven demand for the metal eased due to rising Asian equities and strong Chinese manufacturing data.

Physical demand in the region, however, increased slightly on the lower prices, with premiums in the biggest bullion consumer China edging up on buying interest.

Spot gold fell 0.6 per cent to $1,296.50 an ounce by 0319 GMT, after dipping 0.2 per cent in the previous session. US gold slid about $7 to $1,297.80.

Asian stock markets edged broadly higher on Thursday as China's factory activity expanded at its fastest pace in 18 months in July, bolstering hopes for recovery in the world's second-biggest economy. 

Gold had recently seen support build around the $1,300 level on deepening violence in the Middle East and Ukraine that burnished its safe-haven appeal. The metal is seen as an alternative investment to riskier assets such as equities during times of uncartainties.

Bullion could still see some safe-haven bids as Gaza fighting raged on Wednesday, displacing thousands more Palestinians in the battered territory as US Secretary of State John Kerry said efforts to secure a truce between Israel and Hamas had made some progress. 

European Stocks Rise on Euro-Area Manufacturing, Services

European stocks advanced, reversing earlier losses, as data showed euro-area manufacturing and services are accelerating this month and as investors weighed earnings from Nokia Oyj to BASF SE. U.S. stock-index futures and Asian shares were little changed.

Nokia Oyj jumped to a three-year high after it posted second-quarter earnings that topped estimates. Roche Holding AG rose 1.2 percent after confirming its full-year forecast. Danske Bank A/S rallied to a six-year high after raising its annual earnings projection. BASF SE fell 3.5 percent as earnings trailed analysts’ predictions.

The Stoxx Europe 600 Index climbed 0.2 percent to 343.59 at 9:33 a.m. in London. The equity gauge has added 1.2 percent so far this week as concern over the crisis in Ukraine eased. Standard & Poor’s 500 Index futures gains 0.1 percent today, while the MSCI Asia Pacific Index added less than 0.1 percent.

Euro-area manufacturing and services activity strengthened in July in a sign that a recovery in the 18-nation region is gathering pace. A combined purchasing managers index for both industries jumped to 54 this month from 52.8 in June, matching a three-year high reached in April, Markit Economics said. Economists in a Bloomberg survey had predicted an unchanged reading of 52.8. Numbers above 50 indicate expansion.

A manufacturing gauge in China rose to an 18-month high in July, adding to signs the economy will meet its 2014 growth target of about 7.5 percent. A preliminary PMI from HSBC Holdings Plc and Markit Economics came in at 52, compared with the median estimate of 51.