ADB RETAINS INDIA FISCAL 2019 GROWTH FORECAST AT 7.3%
NEW DELHI: The Asian Development Bank on Wednesday retained India’s economic growth forecast at 7.3% for the current fiscal and 7.6% for 2019-20, despite downside risks posed by stress in the non-banking sector, limited fiscal space as well as escalating trade tensions. India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output. The country’s gross domestic product growth moderated to 7.1% in second quarter of 2018-19 from 8.2% in the first quarter, averaging 7.6% growth in the first half, the ADB said in its a supplement report to ‘Asian Development Outlook (ADO) 2018 Update’.
Airline revenues may jump 10% to $35.5 bn in 2019
LONDON/GENEVA: Airline earnings are set to return to growth in 2019 after stuttering this year, boosted by lower jet-fuel costs and expanding economies, the International Air Transport Association (IATA) said. Industry-wide net income should jump 10 % to $35.5 billion, with North America accounting for almost half of the total and Europe held back by fuel-hedging positions that will delay gains, according to the trade group. All regions apart from Africa should show positive figures. The upbeat outlook assumes an average oil price of $65 a barrel, versus $73 this year, as well as global economic growth of 3.1%. That should produce an average net profit for airlines of $7.75 per departing passenger, up 30 cents, though IATA cautioned that trade wars and Brexit could curb gains.
Mutual funds log ₹1.4 lakh crore inflows in November
NEW DELHI: Investors pumped in over ₹1.4 lakh crore into various mutual fund schemes in November, with liquid schemes accounting for most of the inflows. With the latest inflow, the total infusion in mutual fund (MF) schemes reached about ₹2.23 crore in the first eight months (April-november) of the current fiscal, latest data with the Association of Mutual Funds in India (Amfi) showed. “We appreciate the maturity shown by retail investors in staying invested in the markets, in spite of the volatility over the last few months,” Amfi chief executive NS Venkatesh said.
Uber selects Morgan Stanley to lead 2019 IPO
SAN FRANCISCO: Uber Technologies Inc. has selected Morgan Stanley to lead its public offering next year, according to two people familiar with the matter, meaning the investment bank will reap a larger share of the fees associated with a listing valuing the company at as much as $120 billion. It’s another big win for Morgan Stanley banker Michael Grimes, who has become the go-to adviser for many of Silicon Valley’s largest IPOS. Goldman Sachs Group is also expected to play a role in shepherding Uber through the IPO process, according to the people, who asked not to be identified because the decision hasn’t been made public. Morgan Stanley declined to comment.
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