Page 110 - Business Finance
Commerce Minister to participate in G20 Ministerial meeting
Union Minister Piyush Goyal will lead the Indian delegation for the two-day 'G20 Ministerial meeting on Trade and Digital Economy' from June 8 in Tsukuba city, Japan.
Cheaper rates of credit for exporters soon: Minister
Union Minister Piyush Goyal on Thursday said that the issue of easier availability of credit at cheaper rates to exporters will be resolved expeditiously.
Sawant hails removal of fund transfer charges via RTGS, NEFT
Goa Chief Minister Pramod Sawant Thursday welcomed the Reserve Bank of Indias(RBI) decision to remove charges on fund transfers through RTGS and NEFT routes, saying it would help the Digital India mission. Sawant took to Twitter to appreciate the decision which he termed as pro-people. "Yet another pro people move by Modi Sarkar. #DigitalIndia mission of PM Shri @narendramodi ji will get a major boost with removal of charges on NEFT and RTGS transactions, the chief minister tweeted. The Reserve Bank Thursday announced it was waiving charges applied on bank transfers carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). The RBI asked banks to pass on this benefit to customers.
Mumbai BJP youth wing chief declared wilful defaulter by BoB
BJP leader Mohit Kamboj has been declared a 'wilful defaulter' by the state-run Bank of Baroda. Kamboj, chief of Mumbai unit of Bhartiya Janata Yuva Morcha who was in news earlier this year when he replaced his last name with 'Bhartiya', disputed the bank's action, saying he had paid his dues as a personal guarantor for a loan. In an advertisement Wednesday, the bank published Kamboj's photograph, using his new name, Mohit Bhartiya, and said it has declared him a wilful defaulter with regard to borrowings by a firm called Avyan Ornaments. It had initiated proceedings to declare Kamboj and one Jitendra Kapoor as wilful defaulters as per the RBI's norms, the bank said. As per the RBI's instructions, it was now informing the wider public about Kamboj and Kapoor being wilful defaulters, it added. The account in question is managed by the bank's zonal stressed-assets recovery branch in South Mumbai. In a letter circulating widely, the 35-year-old Kamboj claimed he was not a ...
Toyota launches premium hatchback Glanza
Automobile manufacturer Toyota Kirloskar Motor (TKM) on Thursday launched premium hatchback Toyota Glanza, which is based on Maruti Suzuki's Baleno.
US economy reigns supreme but IMF warns of growing risks
The US economy is expanding faster than any other advanced nation, and in weeks will hit a historic milestone, but the International Monetary Fund and many economists are warning of building signs of trouble. President Donald Trump's multi-front trade wars, especially with economic power China and the coming conflict with Mexico, threaten to stifle growth in those countries and have dire consequences for the global economy. For now, US data is showing little impact on the overall economy but global financial markets have been shaken by the trade conflict and the US Federal Reserve this week opened the door to cutting interest rates to salvage growth. The IMF upgraded its forecast for US growth this year to 2.6 per cent, three tenths higher than it predicted in April, while growth in 2020 is seen slowing to just under two per cent. The US Commerce Department reported Thursday that the trade deficit fell in April -- good news for Trump who has made that a key focus of his ...
Sebi orders attachment of bank, demat accounts of 8 entities
Markets regulator Sebi Thursday ordered the attachment of bank and demat accounts as well as mutual fund folios of eight entities to recover total dues amounting to Rs 1.64 crore. The entities include Ingenious Finance & Investment, Chamundeshwari Mercantile, Anjaneya Holdings Pvt Ltd, Harvic Management Services, Prashant Kamble, Divyesh Harish Surana, Jayesh Himatlal Mehta and Shivcharan S Kashyap. The attachment orders have come after the entities failed to pay the initial penalties slapped on them by the Securities and Exchange Board of India (Sebi) for violating securities market regulations. The pending dues include initial fines and interest on them. In attachment notices, Sebi has directed the banks to attach all accounts including lockers held by the entities. The depositories NSDL and CDSL have been asked to attach their demat accounts, while mutual fund houses have been ordered to attach folios. Sebi has been given powers to attach properties and bank accounts, among ...
Cong accuses NDA govt of deliberate incapacitation of MTNL, BSNL
The Congress Thursday accused the BJP-led NDA government of systematic neglect and deliberate incapacitation of state-owned MTNL and BSNL, alleging its policies have led to complete financial chaos in the public sector undertakings. Congress spokesperson Pawan Khera asked why the government is blocking the allocation of 4G spectrum to BSNL and MTNL while private players are launching 5G service. Addressing a press conference, he said the future of 1,74,312 employees of BSNL and 45,000 employees of MTNL is in grave danger. "This is deliberate bleeding and enfeebling of a government PSU by not allowing competing with private players in a highly expanding market, with rapidly developing technologies," he alleged. The BJP government needs to focus on some critical public sector undertakings (PSUs). There has been a systematic neglect and deliberate incapacitation in state-owned MTNL and BSNL. The BJP government's policy has resulted in complete financial chaos, Khera said. He said the ...
Industry, exporters should not depend on subsidies; work on improving competitiveness: Goyal
Commerce and Industry Minister Piyush Goyal Thursday said that industry and exporters should not depend on government subsidies and instead focus on becoming more competitive. He said this while addressing members of the Board of Trade and the Council of Trade Development and Promotion. At the meeting, it was decided to take certain measures to promote exports, reduce import dependence and boost manufacturing. After the over nine-hour long meeting, Goyal told reporters that participants were in tune with the government's thinking that they should work on increasing competitiveness instead of depending upon small subsidies. "I found great acceptance of the government's thinking that we should move towards free trade and look how we can move out of the mindset of small subsidies," he said. "My own experience in the last five years is that wherever we have done away with subsidies, industry and business have progressed, grown and prospered," Goyal said. It was discussed that to make ...
RBI rate cut to make loans affordable to MSMEs, exporters: Goyal
The repo rate cut by the RBI will help boost India's economy by making loans affordable to MSMEs, exporters and home buyers, Commerce and Industry Minister Piyush Goyal said Thursday. He said that removal of charges on NEFT and RTGS transactions will bring great relief to the people and will help in promoting Digital India initiative. "Repo rate cut by @RBI will boost India's economy by making loans affordable to MSMEs, exporters & home buyers," he said in a tweet. The Reserve Bank of India cut the repo -- short term lending rate at which it gives loan to banks -- third time in a row to 5.75 per cent in its second bi-monthly policy decision, adopting an accommodative stance. IT veteran Nandan Nilekani, who headed the RBI Committee on digital payments, said the apex bank's decision on review of charges for payment systems, and constitution of a committee to review the ATM interchange fee structure would help increase digital transactions.
Low-cost carriers IndiGo, SpiceJet and GoAir to report record profits in 2019-20: CAPA
The three leading Indian low-cost carriers (LCCs) -- IndiGo, SpiceJet and GoAir -- are each expected to report record profits in 2019-20, airline consultancy firm CAPA said in a report on Thursday. Moreover, the domestic capacity, which has been lost as a result of Jet Airways' closure in April, should be restored by the end of September, it said. It added that the growth in domestic capacity would then resume in the second half of 2019-20. "The three leading Indian LCCs - IndiGo, SpiceJet and GoAir - are each expected to report record profitability in FY2020," the Centre for Asia Pacific Aviation (CAPA) said in its report 'CAPA India Quarterly Market Insights'. "IndiGo alone could be on track to report a profit of USD 400-500 million. Meanwhile the combined fleet size of Indian LCCs is expected to cross 500 aircraft this year," CAPA added. Overall, the domestic traffic growth will be "muted", with full-year traffic growth expected to be below five per cent year-on-year, it said. CAPA
Cyient picks up stake in Israel-based Cylus
: Cyient Limited, a city-based IT firm, Thursday announced a corporate venture investment in Cylus, an Israel-based cybersecurity solutions provider for the rail industry. The company did not disclose the amount it invested in Cylus. According to a press release from Cyient, the investment is in line with the companys focus on developing smarter and safer mobility solutions for the rail industry and brings together the companys leadership position in engineering solutions for rail and focus on digitalisation, with the Israeli firms cybersecurity solutions developed specifically for the rail industry. The move enables Cyient and Cylus to expand their industry-specific cybersecurity value proposition, jointly address market needs, and accelerate the development of cutting-edge cybersecurity solutions for rail,the release said. Cylus is the developer of CylusOne, a cybersecurity software product, designed for mainline and urban rail systems. The solution detects cyber ...
Oyo partners with Airtel for booking via mobile app
Hospitality firm Oyo Hotels & Homes and telecom operator Bharti Airtel Thursday announced their partnership around accommodation booking through mobile app. "With Oyo Store, we are taking a step forward in this direction, by expanding our reach to the millions of Airtel Customers and offering them a seamlessly integrated booking experience," Burhanuddin Pithawala, Vice President, Conversions, Oyo Hotels & Homes said in a statement. Under the arrangement, Airtel customers will be able to book hotels and home stays available on Oyo from Airtel Thanks mobile application. Customers opting for accommodation booking through the app can make online payments via Airtel Payments Bank. "India is getting more mobile every day and we are delighted to partner with Oyo. This partnership will be part of the growing list of exciting digital services and offers, including insurance and content, all delivered digitally through AirtelThanks app," Varun Das, Vice President - Product, Bharti ...
CCI asks Schneider to reserve a part of L&T's capacity for third party firms
The competition commission Thursday asked Schneider, which acquired electrical and automation business of L&T for Rs 14,000 crore, to reserve a part of the latter's installed capacity to offer white labelling services to third party companies. The fair trade regulator also asked the acquirer to provide third party firm technology access of white-labelled products for the next five years. In April this year, the regulator had tweeted said it "approves acquisition of electrical and automation business of L&T by Schneider and MacRitchie, subject to compliance of certain modifications". "In order to eliminate the competition concerns, the Commission has ordered the Acquirers to reserve a part of L&T's installed capacity to offer white labelling services to third party competitors. "This facility would be available in respect of five high market share LV (low voltage ) switchgears, which are generally used together in LV panels," the CCI said in a statement. Under the white ...
Vodafone Idea, Microsoft partner for cloud services
Telecom operator Vodafone Idea and software major Microsoft Thursday announced partnership for cloud services. "We are happy to partner with Microsoft to support our customer as they move towards a cloud-centric approach to their businesses. Cloud adoption is a 'when' and not an 'if'," Vodafone Idea Chief Enterprise Business Officer Nick Gliddon said in a statement. "It is integral to growing the business economically with speed and efficiency. However, robust network connectivity will always be required to get the best out of cloud," he added. The partnership will allow customers to connect to their applications on Microsoft Azure through a private connection.
Azim Premji to retire; son Rishad to take over reins of Wipro
Tech magnate and Wipro Ltd founder Azim Premji, who turned a small maker of vegetable oil into a USD 8.5 billion software behemoth, will retire as the company head by July-end and hand over reins of the firm to his son, Rishad. Premji, who turns 74 next month, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years, Wipro said in a statement. Rishad Azim Hasham Premji is Wipro's Chief Strategy Officer since May 2015 and has been on the company board since 2018. A BA in Economics from Wesleyan University in US and an MBA degree holder from Harvard Business School, he is also Chairman of National Association of Software and Services Companies (NASSCOM). Azim Premji, who gave up studies at Stanford in 1966 to look after the family's cooking oil business when his father died, will continue to serve on the board as a non-executive director for five years till July 2024. He has also been conferred the title of ...
Nirmala appreciates suggestions on budget, says officials will collate them
Finance Minister Nirmala Sitharaman Thursday appreciated the suggestions given by various stakeholders for the forthcoming budget and said that ministry officials will take note of them. Sitharaman, who is the first full-time woman finance minister, will be presenting the budget for 2019-20 on July 5. "Grateful for every thought/idea that's being shared by scholars, economists and enthusiasts through print, electronic, and on social media. I read many of them; also, my team carefully collates them for me. Value every bit. Thanks. Please keep them coming," the minister tweeted. As Modi 2.0 government gets down to prepare its first budget, North Block, which houses the finance ministry here, will be in 'quarantine' or out of bounds for visitors and media from Monday. Sitharaman's budget team comprises Minister of State for Finance Anurag Singh Thakur and Chief Economic Advisor Krishnamurthy Subramanian. The official team is led by Finance Secretary Subhash Chandra Garg, Expenditure ...
Hong Kong Stocks end edge higher
Local market received a boost from gains in the Wall Street overnight on growing hopes that the Federal Reserve will lower interest rates this year to reignite an economy wounded by trade battles. Powell said the central bank will keep an eye on current developments in the economy, and would do what it must to sustain the expansion. The Dow Jones Industrial Average rose 207.39 points to 25,539.57, while the S&P 500 advanced 0.8% to 2,826.15. The Nasdaq Composite closed 0.6% higher at 7,575.48.
Middle East, China drive India's export growth: Maersk India
Indian exports grew 6 per cent in the first quarter of this year driven by higher shipments to the Middle East and China, while imports logged a marginal decline during the period, logistics company AP Moller Maersk said Thursday. Exports were driven largely by the east and west of India with commodities including plastic, rubber, textile, vehicles and vegetables as the key drivers, integrated logistics company Maersk said. "India's containerised exports to the world witnessed a stable growth of 6 per cent in the first quarter of 2019 propelled by robust performances in refrigerated cargo, engineering and pharmaceuticals sectors, while imports declined slightly in the same quarter registering a market growth of -2.2 per cent in Q1," the company said in a statement. The Middle East and China have driven India's export growth, it said. The import demand was buoyed by pharmaceuticals, metal, appliances and kitchenware, paper, chemicals and fruit and nuts, mainly from northern Europe, ...
China Stocks fall to near four-month lows
Trump and his Chinese counterpart Xi Jinping are expected to make another attempt to find common ground and a potential solution to the trade war when they meet at the G20 summit in Japan later this month. Some US lawmakers are trying to pass legislation that would make it harder for Chinese students and scholars to work in the United States, citing security concerns as the trade war rages.