U.S. Private Sector Job Growth Slows More Than Expected In October

Vellayan Subbiah appointed new chairman of Chola

M.M. Murugappan to step down as chairman and director of Cholamandalam Investment and Finance Co. Ltd. as he is retiring

Cholamandalam Investment and Finance Co. Ltd. (Chola), a Murugappa group firm, has named Vellayan Subbiah as the chairman in the place of M.M. Murugappan, who will step down on Wednesday upon reaching the retirement age.

On November 11, the board appointed Vellayan Subbiah as an additional director of the company.

Mr. Subbiah was the Managing Director of the company from August 19, 2010 to August 18, 2017. He is the MD of Tube Investments of India Ltd (TII) since August 2018. He is on the board of various companies, including Shanthi Gears Ltd.

Mr. Murugappan will step down as chairman and as a director of the company on the closing business hours of Wednesday as he turns 65 on Thursday. He wishes to pursue philanthropy and other interests as mentioned by him in his letter to the Board, the company said in a regulatory filing.

Incorporated in 1978, Chola is the financial services arm of the Murugappa Group. It commenced business as an equipment financing company and has today emerged as a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking and a variety of other financial services to customers.

Japan's Prime Minister Suga speaks with Biden, confirms importance of Japan-U.S. ties

  • Japanese Prime Minister Yoshihide Suga said on Thursday he spoke with U.S. President-elect Joe Biden by telephone and confirmed the importance of bilateral ties, as well as a "free and open Indo-Pacific" region.
  • Speaking to reporters at the prime minister's official residence shortly after the call, Suga also said the two leaders agreed to meet in person as soon as possible.

Japanese Prime Minister Yoshihide Suga said on Thursday he spoke with U.S. President-elect Joe Biden by telephone and confirmed the importance of bilateral ties, as well as a "free and open Indo-Pacific" region.

Speaking to reporters at the prime minister's official residence shortly after the call, Suga also said the two leaders agreed to meet in person as soon as possible.

"President-elect Biden said that he looks forward to strengthening the U.S.-Japan alliance and working together on achieving a free and open Indo-Pacific," Suga said to reporters, in separate comments made at the Prime Minister's Office.

China's growing military and economic assertiveness in the region serves as a backdrop for Japan's hopes to see Biden's presidency restore a strong U.S.-Japan alliance.

Suga also said he plans on working with Biden on preventing the spread of the novel coronavirus and battling climate change.

Fielmann Q3 Profit, Sales Rise; Backs FY20 Outlook – Quick Facts

German optics firm Fielmann AG (FLMNF.PK) reported Thursday that its third-quarter net income attributable to shareholders increased 4.8 percent to 55.31 million euros from previous year’s 52.79 million euros. Earnings per share stood at 0.66 euro, up from 0.63 euro last year.

The pre-tax profit increased 3.7 percent to 81.4 million euros from 78.5 million euros a year ago.

Total consolidated sales grew 6.1 percent to 424.05 million euros from 399.69 million euros last year. Consolidated sales rose 5.2 percent to 421.0 million euros from last year’s 400.1 million euros. External sales grew 4 percent to 481.6 million euros.

The number of units sold in the third quarter of 2020 stood at 1.98 million pairs of glasses, down from last year’s 2.06 million pairs.

Fielmann recorded a swift economic recovery since May, that accelerated from July to September.

Looking ahead for fiscal 2020, the company continues to expect earnings before taxes of more than 140 million euros, compared to last year’s 253.81 million euros; external sales of more than 1.6 billion euros, compared to previous year’s 1.76 billion euros; and net group sales of more than 1.4 billion euros, compared to previous year’s 1.52 billion euros.

Despite the strong measures taken by various Governments to contain the second wave of the pandemic, Fielmann said it remains confident to emerge from the crisis in a position of strength.

The company is also confident to enter at least one new market within the next 9 months.

Govt announces tax relief on sale of housing units

Finance Minister Nirmala Sitharaman on Thursday announced relaxations in income tax rules to allow sale of primary residential units of up to ₹2 crore value below the circle rate.

Till now, only 10% difference between the circle rate and the agreement value was allowed.

To boost residential real estate sector, she said the differential has now been increased to 20% for period up to June 30, 2021 for only primary sale of residential units of value up to ₹2 crore.

“This measure will reduce harships faced by both home-buyers and developers and help in clearing the unsold inventory,” she said.

U.S. Private Sector Job Growth Slows More Than Expected In October

Private sector employment in the U.S. increased by much less than expected in the month of October, according to a report released by payroll processor ADP on Wednesday.

ADP said private sector employment rose by 365,000 jobs in October after spiking by an upwardly revised 753,000 jobs in September.

Economists had expected private sector employment to surge by 650,000 jobs compared to the jump of 749,000 jobs originally reported for the previous month.

“The labor market continues to add jobs, yet at a slower pace,” said Ahu Yildirmaz, vice president and cohead of the ADP Research Institute. “Although the pace is slower, we’ve seen employment gains across all industries and sizes.”

The report said employment in the service-providing sector spiked by 348,000 jobs, while employment in the goods-producing sector edged up by 17,000.

Employment at mid-sized businesses climbed by 135,000 jobs, and employment at large and small businesses increased by 116,000 jobs and 114,000 jobs, respectively.

On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of October.

Employment is expected to increase by about 600,000 jobs in October after climbing by 661,000 jobs in September. The unemployment rate is expected to edge down to 7.7 percent from 7.9 percent.