Page 1027 - Business Finance
UKIBC signs pact with West Bengal govt
The UK India Business Council (UKIBC) on Friday signed a Memorandum of Understanding (MoU) with the West Bengal government to enhance its commitment to deliver UK business, investment and economic growth in the state. The MoU was signed at the Bengal Global Business Summit-2019 by UKIBC Group Chief Executive Richard Heald and West Bengal Industrial Development Corporation (WBIDC) Managing Director Vandana Yadav. Bruce Bucknell, British Deputy High Commissioner in Kolkata said, "In signing an MoU, I am delighted that UKIBC has recognised the growth potential in the East and North East of India. Bengal means business. So does Britain". He said the pact will step up UK's commitment to facilitate trade and investment through collaboration, sharing information, promoting ease of doing business and making easy investor interactions. The UK is an official partner of the summit and this year brought its biggest delegation ever, showcasing UK businesses ready to invest and grow .
Wall Street down for third day on lingering trade worries
(Reuters) - U.S. stocks fell for the third straight day on Friday, as skepticism over the United States and China reaching a trade deal before a looming deadline added to concerns over slowing global growth.
Barclays to shift some credit and equity derivatives sales jobs to Paris: sources
LONDON (Reuters) - Barclays is shifting some jobs in its London-based credit and equity derivatives sales teams to Paris as it reorganises its operations ahead of Brexit, two sources familiar with the matter said.
Global stocks head for weekly loss while dollar firms again
NEW YORK (Reuters) - World stocks fell for a third straight day on Friday on pessimism about global economic growth and trade tensions, and were set for their first weekly drop this year, while the U.S. dollar was on track for its biggest weekly gain since August.
German banks manoeuvre in Washington to temper Russia sanction risk
FRANKFURT (Reuters) - German banks are seeking to blunt any fresh U.S. sanctions against Russia so they can continue existing business with Russian clients, according to an internal briefing paper prepared by a financial industry lobby group.
Bharti Airtel's focus on high paying customers, deleveraging key to stabilise rating: S&P
Telecom operator Bharti Airtel's measures to potentially lower debt levels with a focus on high paying customers and reduction in capital spending may help the company improve cash flows over 12 months, S&P Global Ratings said Friday. The company's plan around deleveraging with a sizable debt reduction over the next three months would be key to stabilising the rating at the current level, S&P said in its report which did not include any rating action. Earlier this week, Moody's Investor service for the first time lowered the credit rating of Bharti Airtel to Ba1 from Baa3. Credit ratings reflect a company's calibre to repay debt and raise funds. S&P said higher capital spending and depreciation of the Indian rupee partly offset the benefits of a recent USD 1.5 billion equity infusion in Bharti Airtel's African operations and further additional equity of USD 200 million infusion through a minority stake sale in its African operations, which should further help ...
Exclusive: Russia's Sechin raises pressure on Putin to end OPEC deal
MOSCOW (Reuters) - Igor Sechin, head of Russian oil giant Rosneft and one of Vladimir Putin's closest allies, has written to the Russian president saying Moscow's deal with OPEC to cut oil output is a strategic threat and plays into the hands of the United States.
ArcelorMittal's S African subsidiary registers 1st profit in nearly decade
Steel giant ArcelorMittal's South African subsidiary AMSA has registered its first profit in nearly a decade, largely due to cost-cutting measures, higher international steel prices and higher sales volumes. ArcelorMittal SA (AMSA), which was born out of ArcelorMittal Chairman and CEO Lakshmi N Mittal's buyout of state steel manufacturer Iscor nearly two decades ago after the steel magnate first rescued it from total collapse, last made a profit eight years ago. In the past, AMSA faced several years of crises during which it even faced possible closure without government intervention on tariffs. Results showed that AMSA made a net profit of 1.3 billion rand (over USD 90 million) from a loss of 5 billion rand a year earlier, largely due to to cost-cutting measures, higher international steel prices and higher sales volumes. Embattled by falling global demand for steel, low infrastructure development in South Africa and cheaper Chinese imports, AMSA saw its share price take a 98 per ...
Automakers recall 1.7 million cars with fatal airbags
Subaru, Tesla, BMW, Volkswagen, Daimler Vans, Mercedes and Ferrari are recalling about 1.7 million vehicles to replace potentially deadly air bag inflators made by Takata Corp of Japan. The inflators can hurl shrapnel into drivers and passengers. At least 23 people have died from the problem worldwide and hundreds more were injured. The moves, announced Friday by the US government, are part of the largest series of automotive recalls in US history. About 10 million inflators are being recalled in the US this year, with as many as 70 million to be recalled by the time the whole mess ends late next year. Takata used the chemical ammonium nitrate to create a small explosion to inflate the air bags. But the chemical can deteriorate over time due to high humidity and cycles from hot temperatures to cold. The most dangerous inflators are in areas of the South along the Gulf of Mexico that have high humidity. The recalls, which began in 2001, are being phased in over time and managed by the .
Airtel Kenya to merge with Telkom Kenya
Airtel Kenya, a subsidiary of Bharti Airtel, on Friday announced its merger with Telkom Kenya and said the merged entity will operate as Airtel-Telkom.
No roar, Modi's farm income scheme a whimper that won't lure voters: Chidambaram
As BJP toms toms the budget's direct income support scheme for farmers, former Finance Minister P. Chidambaram calls it a "whimper" instead of being a trump card that leaves out an overwhelming majority of the poor and benefits only the land-owner class.
UCO Bank Q3 net loss at Rs 998cr, pins hopes on turnaround
State-owned UCO Bank Friday reported a marginal drop in net loss at Rs 998.74 crore for the third quarter ended December 31, 2018, as bad loans and provisions ballooned. The bank had posted a net loss of Rs 1,016.43 crore in the same quarter of the previous fiscal. Despite the poor show, UCO bank is hoping to be back in black by the third quarter of 2019-20 and the journey of the turnaround could be visible as early as the March quarter of the current fiscal, the bank's managing director & CEO A K Goel said. Total income of the bank also came down to Rs 3,585.56 crore during October-December period of 2018-19, as against Rs 3,721.93 crore in same quarter of 2017-18, the bank said in a regulatory filing. "We are the only bank now doing business for Iran that allows rupee denominated settlement and we are doing good business. The benefits of the same can be seen from Q4 of FY'19," Goel said. The Kolkata-headquartered lender witnessed worsening asset quality as the ...
Ghosn ready to repay cost of Versailles wedding: lawyer
Detained former Renault boss Carlos Ghosn is ready to repay a 50,000-euro (USD 57,000) bill for his wedding party at the Palace of Versailles which was waived under a sponsorship deal with the French car group, his lawyer said Friday. Renault said Thursday that it would report the incident to prosecutors after learning that the famed chateau on the outskirts of Paris had waived its usual rental fee under a sponsorship deal signed in 2016. Ghosn's lawyer in France, Jean-Yves Le Borgne, told AFP that the executive "stands ready" to repay the money, adding that his client was "not aware he owed it because he had not been billed". "He thought it was free," Le Borgne added. The waived bill could amount to the misuse of company resources, as well as tax evasion, if the benefit-in-kind was not declared to French authorities. Ghosn's tenure as CEO has come under the microscope since his arrest last November in Japan on charges he under-reported millions of dollars in pay as head of Nissan, ...
Liverpool post ?106 million world record net profit
Liverpool posted a world record-breaking ?106 million ($137 million) net profit last year even after spending ?190 million on new players, according to financial results announced on Friday. The club's profit before tax was ?125 million -- up from ?40 million -- with the club benefiting from increased revenue both on and off the pitch from a run to the Champions League final in Kiev, where they were beaten by Real Madrid. Turnover increased by ?90 million to ?455 million in the 12 months to May 31 last year, with media revenue, commercial revenue and matchday revenue all up. The previous record was set by Leicester (?80 million after tax) in 2016/2017, the season after they won the Premier League, when they reached the Champions League quarter-finals. Liverpool still trail the two Manchester clubs in revenue terms. United declared their results for the 12 months to the end of last June in September, with revenues of ?590 million. Jurgen Klopp's side are level on points with Manchester
Wall Street falls as trade worries persist
(Reuters) - Technology shares pulled Wall Street lower on Friday, as skepticism over the United States and China reaching a trade deal before a looming deadline added to investor nerves over slowing global growth.
Tata Steel clocks profit of Rs 1,753 crore on a turnover of Rs 41,220 crore in Q3 FY19
Tata Steel's consolidated revenues increased by 23 per cent to Rs 41,220 crore in the quarter ending December 2018, marking an increase of 23 per cent in the same quarter of previous year, the company said in a statement on Friday.The consolidated profit after tax rose 54 per cent to Rs 1,753 crore as compared to Rs 1,136 crore in the same period.While overall steel production grew 11 per cent to 7.23 million tonne, India's steel production surged 34 per cent to 4.38 million tonnes."The market environment for the industry was challenging during the quarter with softening of steel prices," said the company's Executive Director Koushik Chatterjee."However, Tata Steel Group generated operating cash flows of Rs 4,150 crore. The liquidity position remains strong at Rs 19,320 crore," he said.The group is among the top global steel companies with an annual crude capacity of 33 million tonnes.CEO and Managing Director T V Narendran said the group is committed to growing its India footprint ...
Puravankara Q3 profit up 6 pc at Rs 27 cr
Bengaluru-based realty firm Puravankara Ltd Friday reported a 6 per cent increase in consolidated net profit at Rs 27.18 crore for the third quarter of this fiscal. Its net profit stood at Rs 25.64 crore in the year-ago period, the company said in a regulatory filing. Total income rose 24 per cent to Rs 565.66 crore during October-December 2018 from Rs 454.90 crore in the corresponding period of the previous year. The company's MD Ashish R Puravankara said: "The company continues to deliver a steady performance, with a strong focus on execution, sales and collections across both ongoing and ready-to-move-in projects. Regular sales acceleration from the bucket of ready stock are up yet again, and this inventory is lower for the fifth quarter running." "Following the successful launches over the last few quarters, with new launch sales of over 1,615 homes and 1.35 million sq ft, we are excited not only about the 5 new immediate launches (2.2 million sq ft) to be opened for booking ...
PFS Q3 net profit surges 32 pc to Rs 42 cr
Non-banking finance company PTC India Financial Services Friday reported 32 per cent rise in net profit to Rs 41.73 crore for the third quarter ended December 31. The company's net profit stood at Rs 31.67 crore in the corresponding October-December quarter of 2017-18. Total revenue for the third quarter this fiscal stood at Rs 336.31 crore, up by 13 per cent from Rs 298.53 crore in the year-ago period, PFS said in a release. Return on net worth improved to 8.13 per cent in Q3 FY 2019 in comparison to 5.60 per cent in Q3 FY 2018. Similarly return on assets has been improved to 0.32 in Q3 FY 2019 in comparison to 0.29 in Q3 FY 2018, it said. PFS said additional loans of Rs 1,316 crore were sanctioned, while Rs 697 crore disbursed during the quarter. The asset quality improved as gross non-performing assets (NPAs) reduced to 6.85 per cent from 6.95 per cent in second quarter of this fiscal. Net NPA reduced to 3.29 per cent from 3.47 per cent in Q2 FY 2019. The company said it has ...
SFIO probe now looks at role of HDFC in IL&FS mess
The Serious Fraud Investigation Office's (SFIO) ongoing probe into the alleged diversion of funds and mismanagement in Infrastructure Leasing and Financial Services (IL&FS) is now looking into the role of HDFC Ltd in providing 'accommodative lending' to the group's Employee Welfare Trust (EWT) that was already running high on debt.
RBI slaps Rs 3.5-cr fine on Corp Bank, Allahabad Bank for flouting norms
The Reserve Bank has imposed a cumulative penalty of Rs 3.5 crore on state-owned lenders Corporation Bank and Allahabad Bank for violation of various norms. "This is to inform that Reserve Bank of India...has imposed an aggregate penalty of Rs 20 million on our bank due to some lapses in monitoring of end use of funds and exchange of information with other banks in respect of one borrower along with some other banks," Corporation Bank said in a regulatory filing Friday. The bank has already taken necessary preventive measures to avoid such recurrence, it added. Allahabad Bank said the RBI has imposed a penalty of Rs 1.5 crore for not monitoring end use of funds, among other violations. "We have to inform you that the Reserve Bank of India...has imposed a penalty of Rs 1.5 crore on the bank for not monitoring the end use of funds, delay in classification and reporting of fraud and non-adherence with RBI guidelines during restructuring of accounts in respect of one of its borrowers," ...