Reliance stake sale
MUMBAI: India’s Reliance Industries Ltd plans to sell a 3.1 per cent stake, worth $32 million at the current market price, in unit Network18 Media & Investments Ltd to comply with rules mandating public ownership in listed firms. Reliance said in a statement on Monday that the selldown of 32.5 million shares on Wednesday would help it meet the minimum 25 per cent public ownership rule. Conglomerate Reliance, controlled by billionaire Mukesh Ambani, last year bought a majority stake in the media group that runs business news channels, a news portal and other news and e-commerce websites. At the stock’s Monday close, the stake is valued at INR 2.03 billion ($32 million). A unit of Reliance, which owns the stake, will sell it through stock exchanges.
Turkish GDP growth
ISTANBUL: The Turkish economy is expected to expand between two and 2.5 per cent this year, falling far short of a government target of four per cent, after a June election failed to produce a single-party government, government officials said. The heightened political uncertainty, including the possibility Turkey will fail to form a coalition government and instead hold a snap election, is suppressing investment, the economy officials told Reuters on condition of anonymity. The eurozone crisis, as well as violence across Turkey’s borders in Syria and Iraq, were also hampering investment, they said. Domestic consumption has been restrained due to politics, as Turkey held three elections — regional, presidential and parliamentary — since March 2014.
US service sector
WASHINGTON: The US economy’s service sector grew a bit faster in June but the pace remained below average for the past year, the Institute for Supply Management (ISM) reported Monday. The ISM purchasing managers index rose to 56 from 55.7 in May, helped by modest gains in business activity and new orders and a rise in order backlogs. But hiring and export order growth slowed. Fifteen of 18 industry sectors reported growth.
German orders dip
BERLIN: German factory orders dipped in May as orders from other countries in the eurozone slipped back following a large gain the previous month. The Economy Ministry said Monday that orders in Europe’s biggest economy were down 0.2 per cent compared with the previous month. In April, orders rose 2.2 per cent — a figure that was revised up sharply from the initial reading of 1.4 per cent because of late reporting. The ministry said bulk orders were below average in May.