Page 1192 - Business Finance
Bank of India's Q3 net loss widens to Rs 4,738 cr
State-owned lender Bank of India's net loss widened during the quarter ended December 31, 2018 due to higher provisioning for non-performing assets (NPAs).
Goyal tells banks to increase lending to MSMEs
Reviewing the performance of public sector banks (PSBs) and assuring them of full government support, Finance Minister Piyush Goyal on Monday asked the PSBs to increase their lending to the micro, small and medium enterprises (MSMEs).
Wall Street rattled by Caterpillar, Nvidia warnings
(Reuters) - U.S. stocks slumped on Monday, as warnings from Caterpillar Inc and Nvidia Corp added to concerns about a slowing Chinese economy and tariffs taking a toll on corporate profits.
Shares of PG&E jump on report of investor group offer
(Reuters) - Shares of power producer PG&E Corp jumped on Monday after a Bloomberg News report said an investor group had offered the company a $4 billion alternative plan that would avoid bankruptcy, according to a CNBC report https://www.cnbc.com/2019/01/28/pge-shares-rise-15percent-following-report-of-4-billion-plan-to-avert-bankruptcy-stock-halted.html on Monday.
Saudi Arabia hopes to lure over USD 425 bn in investments
Saudi Arabia on Monday launched an ambitious programme which it hopes will attract USD 427 billion in investments in the industrial and logistics sectors, as the OPEC kingpin bids to reduce dependence on oil. To kickstart the 12-year programme, the Gulf state announced the signing of 37 agreements worth USD 55 billion with foreign and local investors at a ceremony attended by Crown Prince Mohammed bin Salman. The programme is part of the kingdom's 2030 Vision, the brainchild of Prince Mohammed, that aims to diversify its economy which has been heavily dependent on oil prices. Energy Minister Khalid al-Falih, speaking at a hotel in Riyadh, said the investments would be made in the fields of industry, mining, energy and logistics. The aim is to create 1.6 million new jobs, boost non-oil exports by USD 267 billion a year and add as much as USD 320 billion to gross domestic product, almost 40 per cent of last year's GDP, he said. Among the agreements announced, two memoranda of ...
Saudi Arabia's PIF slashes exposure to Tesla: FT
(Reuters) - Saudi Arabia's Public Investment Fund (PIF) has slashed its exposure to Tesla Inc, the Financial Times reported on Monday, citing people with direct knowledge of the matter, sending the electric car maker's shares down 2 percent.
French Development Agency to extend loan of 245 m euro for Pune Metro project
Government of India's Department of Economic Affairs (DEA) and the French Development Agency (AFD) on Monday signed a Credit Facility Framework agreement for extending bilateral funding to the tune of 245m Euros to fund Maharashtra Metro's Pune Metro Project.Maharashtra Metro Rail Corporation Limited (MAHA-METRO) an equal partnership joint venture of GoI and Government of Maharashtra is currently executing the Pune Metro Project. The estimated total cost of the project is INR 11,420 crores of which the loan component is INR 5831.5 crores. The loan component is to be funded by European Investment Bank EIB and AFD.The current credit facility signed between DEA and AFD France would be to extend bilateral funding to the tune of approximately 245 million Euros to fund the Pune Metro Project. For Maharashtra Metro, Pune Metro is the second Metro project after Nagpur Metro to be financed by AFD France under the Indo French partnership for clean, socially inclusive and climate-friendly ...
Centre assures full support to PSBs to improve delivery services to farmers
Pushing for financial inclusion, the Central government on Monday assured public sector banks (PSBs) its full support in their objective to improve delivery services to the farmers.After a meeting with top executives of public sector banks, Finance Minister Piyush Goyal said that ways to make banking operations more efficient and profitable, recovery of money by the banks and measures to promote finances for housing were among various issues discussed.On the back of recapitalisation of PSBs by over Rs 2.6 lakh crore and recovery of over Rs 2.8 lakh crore including record recovery of over Rs 1 lakh crore in the first three quarters of the current financial year, as clean-up began in 2015, and comprehensive reforms for better underwriting of loans, PSBs committed to significantly step up the level of domestic credit growth from 9.1 per cent year-on-year at the end the second quarter of the current financial year.The review meeting of PSBs was also attended by Secretary, Department of ...
Venezuela devalues currency to align it with black market: Official
Venezuela devalued its currency by almost 35 per cent on Monday to bring it into line with the exchange rate of the dollar on the black market. The exchange rate is now fixed at 3,200 bolivars to the dollar, almost matching the 3,118.62 offered on the dolartoday.com site that acts as the reference for the black market.
Chalet Hotels allots equity shares worth Rs 492.35 cr to anchor investors
IPO-bound Chalet Hotels -- which owns, develops and manages high-end hotels in major metro cities -- has allotted 1,75,84,071 equity shares in the upper band of Rs 280 per unit, aggregating to Rs 492.35 crore, as part of the anchor investor allotment. Among 27 anchor investors, SBI Small Cap Fund has been allotted 17,85,729 equity shares, while Fidelity Funds - India Focus Fund and Goldman Sachs India have been allotted 14,28,615 equity shares each. Others are HDFC Small Cap Fund and HDFC Standard Life Insurance Company, which are allotted 12,14,336 shares each. DB international (Asia) is allotted 11,90,439 equity shares, among others. Chalet Hotels Friday announced a Rs 1,600-crore initial public offering which includes issue of fresh equity and also sale by promoters. The issue will open on January 29 and close 31st of this month.
Piramal Enterprises' Q3 net profit up 23%
Diversified conglomerate Piramal Enterprises Ltd (PEL) on Monday reported a rise of 23 per cent in its consolidated net profit during the third quarter of 2018-19.
Tata Power Q3 net drops 67% on higher fuel, finance costs
Tata Power on Monday reported 67.42 per cent plunge in consolidated net profit for the third quarter ending in December at Rs 204.61 crore mainly caused by lower profits from its coal business and higher losses due to fuel under-recovery from its Mundra plant.
Aramco's rating ambitions face Saudi economic curb
DUBAI (Reuters) - Saudi Aramco is pushing for a top credit rating ahead of its first international bond sale, but Saudi Arabia's sluggish economy may curb the state-owned oil firm's ambitions.
French Development Agency, DEA sign credit facility framework agreement for Pune Metro
The Department of Economic Affairs and the French Development Agency on Monday signed a credit facility framework agreement for extending bilateral funding to the tune of Euro 245 million towards the Pune Metro Project. Maharashtra Metro Rail Corporation Limited (MAHA-METRO), a 50:50 joint venture between the Indian government and the Maharashtra government, is currently executing the Pune Metro Project. The estimated project cost is Rs 11,420 crore, of which the loan component is Rs 5,831.5 crore. The loan component is to be funded by the European Investment Bank and the AFD. The current credit facility signing between DEA and AFD France would be to extend bilateral funding to the tune of Euro 245 million to fund the Pune Metro Project, a statement issued from the French side said.
UK retailer Tesco restructuring threatens 9,000 jobs
Up to 9,000 jobs are at risk as part of a restructuring programme announced by British supermarket giant Tesco on Monday. "Overall, we estimate that up to 9,000 Tesco colleague roles could be impacted, however, our expectation is that up to half of these colleagues could be redeployed to other customer-facing roles," the supermarket said in a statement. The retailer, which employs around 300,000 workers in Britain, told staff on Monday of the changes being made as part of the longer term "turnaround" launched four years ago. "In our four years of turnaround we've made good progress, but the market is challenging and we need to continually adapt to remain competitive," said Britain and Ireland CEO Jason Tarry. "This will impact some of our colleagues and our commitment is to minimise this as much as possible and support our colleagues throughout." The latest job plans concern the supermarket's fish, meat and deli counters in its British stores. "We expect that around 90 stores will ...
Sebi slaps over Rs 13-crore fine on five promoters, PACs of Gujarat Arth
Markets Regulator Sebi Monday slapped a total fine of over Rs 13 crore on five entities belonging to promoters and persons acting in concert (PAC) of Gujarat Arth Ltd for manipulative trading and violating insider trading provisions. In an order, the regulator imposed a fine of Rs 2.53 crore each on the five entities -- Shiv Kumar Agarwal, Rosydevi Agarwal Madhudevi Agarwal, Roselabs Ltd and Pawankumar Agarwal. Besides, an additional penalty of Rs 7.73 lakh, 12.38 lakh and 15 lakh was imposed on Shiv Kumar, Roselabs and Pawankumar, respectively. In 2014, the regulator had levied penalty on the entities which they had challenged in the Securities Appellate Tribunal (SAT). The tribunal setting aside the Sebi order had directed the regulator to pass a fresh order on merits. In a fresh order, the regulator said entities had issued misleading corporate announcements in 2003 and 2004, like the acquisition of business of Poonam Industries, preferential issues, among others, which however did
Tesco cost cuts put 9,000 UK jobs at risk
LONDON (Reuters) - Tesco, Britain's biggest retailer, could axe 9,000 jobs in its UK stores and head office with its latest move to simplify operations and achieve targeted cost savings.
FAME II to be soon rolled out on consortia-based approach: Official
The government will soon roll out the second phase of the FAME India scheme on a consortia-based approach, a senior official said Monday. "We are now soon going to launch the second phase of (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles), this is a consortia approach that we are putting along with the Department of Heavy Industries and Department of Science and Technology," said Arbinda Mitra, scientific secretary, Office of the Principal Scientific Advisor to the Government of India, at an Assocham event. Mitra also informed that in the FAME II mission, the government as of now is going to allocate Rs 350 crore to have a concerted investment in research and innovation. He said the government was totally cognisant of the fact no industry has the capability or also the intent to put in the risk capital required to make this happen. "Therefore, the government is also thinking of creating a risk-capital that can go along with this and working on a consortia mode .
Gold steadies above $1,300; eyes on Fed meet, trade talks
(Reuters) - Gold was little changed on Monday, holding near the $1,300 mark as investors awaited further developments on the U.S.-China trade dispute and the Federal Reserve's interest rate trajectory.
NSDC inks pact with Renault-Nissan Alliance to upskill workforce
Renault-Nissan Alliance India has signed an agreement with the National Skill Development Corporation (NSDC) to train its workforce in the Alliance plant in Chennai for future technologies. "Through this partnership, NSDC will assist the Renault-Nissan workforce develop competency standards in emerging automotive manufacturing technologies," a release said. According to the statement, Renault-Nissan Alliance will customise an engagement and skilling action plan along with NSDC's network for programme design, development and employment sustainability from the demand side. The Alliance will provide support through on-site labs, training, mentorship, internship and/or participation of expert domains. It will also lead and conduct seminars, workshops, and technical task forces, among others, to identify and propagate industry-relevant technology, knowledge and skill to support the National Skill Development Mission. The first year of partnership aims to get 10 per cent of employees ...