Page 1016 - Business Finance
Venezuela planning to remove US officials from state-run oil company
Venezuela's state-run oil company Petroleos de Venezuela (PDVSA) on Saturday announced that it is planning to confiscate American officials, members of the board of directors at the company's subsidiary located in the United States, Citgo Petroleum Corp, sources confirmed Al Jazeera.The decision by PDVSA came after Citgo reported of facing financial problems and plunging exports following the imposition of tough sanctions on the oil company by the Donald Trump-led US government, on Friday.The sanctions were imposed so that the Maduro government in Venezuela may not get access to the revenues and profits garnered by the oil company, the Washington Post reported.The sanctions, however, has pushed many in the South American nation further on the verge of a humanitarian crisis.Venezuela's oil exports to the US, the biggest source of profit for the Maduro regime, fall by 40 per cent last week as assets were frozen and tankers filled with crude oil from Venezuela remained stranded on the ...
Gadkari sees red as MOIL MD skips mining conclave
Union minister Nitin Gadkari was peeved about the absence of the Managing Director of Manganese Ore India Ltd. (MOIL) at a mining-related conclave here on Saturday, saying he needs to be "put in his place". The MD of MOIL, a public sector company, did not come to 'Min-Con' organised by Maharashtra State Mining Corporation and Vidarbha Economic Development Council despite an invite, the minister noted in his speech at the event. Talking about huge potential in the manganese ore-based industry, he said, "Manganese Ore India MD has not come here. He is a very big man, he does not come when we invite, he does not come even otherwise." "He is big shot, his status is higher than that of President," Gadkari said in a sarcastic tone. "Unko theek karna padega ek baar acche se (he needs to be put in his place once)," the Union minister added. In his speech, Gadkari stressed that ecological balance must be kept in mind while thinking about how to increase the growth rate and boost job ...
Ocado denies robots moving when firefighters tackled warehouse blaze
LONDON (Reuters) - British online supermarket Ocado denied robots were moving around its flagship complex at Andover in southern England when firefighters tackled a blaze on Tuesday that wiped 1 billion pounds ($1.3 billion) off the group's stock market value.
India accords highest priority to partnership with Bangladesh: Swaraj
India remains ready to provide maximum possible support to Dhaka since a prosperous and progressive Bangladesh is in India's national interest, External Affairs Minister Sushma Swaraj has said. In her opening statement at the 5th India-Bangladesh Joint Consultative Committee (JCC) meeting held on Friday, Swaraj said the two sides should continue to deepen partnership in defence and security, including increasing cooperation against terrorist groups. Swaraj held the JCC meeting with her Bangladeshi counterpart A K Abdul Momen. She said India accords highest priority to its partnership with Bangladesh. "I want to reiterate that India stands in full support of Prime Minister Sheikh Hasina's developmental agenda. We remain ready to provide maximum possible support since a prosperous, secure and progressive Bangladesh is in India's direct national interest," she said. "This is why our government was able to settle long standing bilateral issues including on our land boundary. This is also .
Rahul Gandhi appoints Sachin Rao as AICC in-charge of 'training' and 'Sandesh'
Congress President Rahul Gandhi appointed Sachin Rao as the All India Congress Committee (AICC) in-charge of "training" and "Sandesh". Among other works, Sandesh department of the Congress takes out a magazine detailing party work. According to the party's website, Rao is a "strategic advisor to Rahul Gandhi's team". He manages the Youth Congress and organisational set-ups at National Students Union of India (NSUI), the student wing of the party, the website states. "Rahul Gandhi has approved the proposal for the appointment of Sachin Rao as AICC in-charge of training and Sandesh," according to a press statement. The Congress website states that Rao is an MBA in corporate strategy and international business from Michigan Business School. Gandhi has also "approved the proposal of reinstating Shanthaveera Naik as the Chairman of Karnataka PCC Unorganised Workers Congress in place of Byappanahalli D Ramesh," according to another press statement.
Thyrocare net slides to Rs 20.15 cr in Q3
Thyrocare Technologies Saturday said its consolidated net profit slipped slightly to Rs 20.15 crore in the third quarter ended December 31. The company's consolidated net profit stood at Rs 21.47 crore in the same quarter last fiscal, it said in a BSE statement. According to the statement, the company's total income rose to Rs 99.63 crore in the quarter up from Rs 87.54 crore a year ago.
Haldiram brings French bakery Brioche Doree to India
French Bakery Brioche Doree on Saturday launched its first store in India in partnership with HR Bakers, promoted by Haldiram Managing Director (MD) Ashish Agarwal. The store is in Connaught Place, here.
Rallis India appoints Sanjiv Lal as MD, CEO
Crop solution company Rallis India Saturday said it has appointed Sanjiv Lal as its managing director and CEO. The Board of Directors at its meeting unanimously approved the appointment of Lal for a period of five years from April 1, 2019 to March 31, 2024, subject to the approval of the shareholders, company said in a release here. R Mukundan, currently the Managing Director and CEO will relinquish his role on March 31, while continuing as non-executive director on the Board. Lal is currently the Chief Operating Officer (India Chemicals Business) at Tata Chemicals, the parent entity, with over 35 years of experience across Hindustan Lever and Tata Chemicals. "I am pleased to welcome Lal to the Rallis family. Lal brings with him a depth of manufacturing and operational experience, business expertise and knowledge of process chemistry - all of which would be hugely useful in Rallis' future journey," Bhaskar Bhat, Chairman of Rallis said.
Pakistan PM Imran Khan to meet IMF chief Lagarde for talks on bailout
ISLAMABAD (Reuters) - Pakistani Prime Minister Imran Khan will meet International Monetary Fund (IMF) chief Christine Lagarde in Dubai on Sunday for talks on issues which have held up bailout negotiations, a Pakistani minister said on Saturday.
NTPC seeks shareholders' nod for bonus issue
State-owned power giant NTPC has sought shareholders' nod for issuance of bonus shares to raise up to Rs 1,649.09 crore. "(Consent of members sought to capitalise a sum not exceeding Rs 1,649.09 crore out of the general reserves for allotment of new equity shares of Rs 10 each as fully paid-up bonus shares...in the proportion of 1 (one) new equity share for every 5 (five) existing equity shares held by the members," a BSE statement said. The voting by members will be done from February 10 to March 11. The Department of Investment and Public Asset Management (DIPAM) had issued guidelines on capital restructuring of central public sector enterprises (CPSEs) in May 2016 providing a comprehensive approach for efficient management of its investment in CPSEs. Considering the guidelines, the board of directors in its meeting held on January 30 recommended the issue of bonus shares, the company said. The company's board recommended the resolution as set out in the notice for approval of the ..
Need to ensure that concept of development is people& nature
:Vice President M Venkaiah Naidu Saturday stressed the need to ensure that the concept of development, which is now associated with factors like GDP and human development, be "people-centric and nature-centric." "The concept of development is associated with many words like GDP, consumption, human development, income levels, poverty reduction, social development, free markets and westernisation. Development is the new identity of any nation in the 21st century. While it is for experts and developmental economists to decide and define what constitutes real development, on my part, I feel that any development should be people-centric and nature-centric," the Vice President said. He was speaking at an 'International Conference on Development Discourse' organised by the Research for Resurgence Foundation (RFRF) and others. While development broadly encompasses improving incomes and living conditions, the focus should be on achieving the Sustainable Development Goals the ...
Reliance Group companies take legal action to protect stakeholders
Anil Ambani-led Reliance Group companies on Saturday said they will take all appropriate legal steps against L&T Finance to protect and enhance the value of their respective stakeholders.
TN budget 'comprehensive and balanced' say trade bodies
: Trade bodies - Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (FICCI)- have termed the Tamil Nadu budget presented by deputy Chief Minister O Panneerselvam Friday a 'comprehensive and balanced budget benefiting all stakeholders.' The budget 2019 is a 'pragmatic' and an 'inclusive' one aimed at achieving 8 per cent economic growth, chairman of CII southern region R Dinesh said in a press release here. The CII-Tamil Nadu congratulates the Deputy Chief Minister for presenting such a budget, the release said. The allocation of Rs 28,757 crore for education, Rs 18,274 crore for rural development and Rs 10,550 crore for agriculture was in the right direction as it would supplement the growth of the economy and job creation, the release quoted Dinesh as saying. Chairman of CII-Tamil Nadu state council M Ponnuswami said in the release that the proposal on the Centre of Excellence would promote skill development and create ...
Netherlands reports dozens Brexit-related company moves from UK
More than 40 companies last year moved, or said they would move, their operations from Britain to the Netherlands in response to Brexit uncertainties, Dutch authorities reported on Saturday. The combined moves of 42 companies will translate into the shift of just under 2,000 jobs and of 291 million euros (USD 330 million) in investments, the Dutch agency for foreign investment said in a statement. Most of the companies are British, but some are from Asia or the US. The Dutch government welcomed the figures, with Economy Minister Eric Wiebes saying that "due to the growing international uncertainty surrounding Brexit and changing global trade policies, the importance of a good Dutch business climate for all of us is continually increasing". The list includes Japanese investment bank Norinchukin, media company TVT Media, financial services providers MarketAxess and Azimo, and maritime insurer UK P&I, the agency said. Some of the companies were also looking at moving some operations .
Odisha's fiscal performance registers growth in FY'19 last
Odisha's budget utilisation by end of January for the current fiscal has grown around 19 per cent over the corresponding period of last fiscal with an actual spending of Rs 7,9058 crore, state Finance Secretary A K Meena has said. The expenditure in the social sector has been around Rs 36,021 crore registering over 30 per cent growth over the expenditure up to January during the last fiscal, he said after an all secretaries meeting chaired by chief secretary A P Padhi here on Friday. The projects under social sector are executed and monitored through the departments of panchayati raj and drinking water, women & child development, school and mass education, ST, SC development, health & family welfare, higher education, skill development and technical education, social security and empowerment of persons with disability. The total expenditure in the infrastructure sector has touched Rs 12,633 crore marking a growth of around 6 per cent over the corresponding ...
Rs 44,387 crore populist budget in Himachal
Himachal Pradesh Chief Minister Jai Ram Thakur presented a Rs 44,387 crore populist budget for 2019-20 here on Saturday.
CSL Group to triple revenue, seeks strategic partnership
: Consolidated Shipping Line (CSL Group), a leading third-party logistics operator with an exposure to the Indian defence sector, has projected tripling of its revenue from the current Rs 70 crore by 2021. CSL is also seeking a strategic partnership involving an investment of up to Rs 60 crore through equity placement, a CSL press release said. The group has drawn up plans to boost its market share in defence projects by five times, upgrade infrastructure and technology and improve profitability by optimizing costs. With the strategic partnership, CSL said it aims to leverage its existing platform to bid for larger project contracts that are five times the size of its current contracts. High value government/PSU contracts require larger reserves - of up to Rs 20 crore - and credit cycles of up to 6 months, but they generate higher margins of up to 30 per cent. "India spends 13-17 per cent of its GDP on logistics, nearly double the ratio in developed countries. CSL has ...
Amber Enterprises India standalone net profit rises 3400.00% in the December 2018 quarter
Sales rise 14.88% to Rs 388.76 crore
Biopac India Corporation reports standalone net loss of Rs 7.01 crore in the December 2018 quarter
Sales decline 67.62% to Rs 4.08 crore
NHPC standalone net profit declines 73.52% in the December 2018 quarter
Sales rise 4.90% to Rs 1571.37 crore