Page 113 - Business Finance
Goyal to lead Indian delegation for G20 meet on trade in Japan
Commerce Minister Piyush Goyal will discuss the global trade scenario, WTO matters and digital trade during a two-day G20 ministerial meeting beginning Saturday in Tsukuba city, Japan, an official release said. Goyal, who is leading the Indian delegation on trade and digital economy, will also hold dialogue with other participating trade ministers on current international trade and investments, said the release of the commerce ministry. "The G20 Trade Ministers deliberations will form part of the G20 Summit Leaders agenda in the formal discussions and will also be a part of the Summit Declaration," it added. Ever since G20 was formed India has been actively participating in the meetings. Although there are no binding commitments in G20, it sets the agenda for multilateral trade relations. The G20 members represent two-thirds of the world's population and 85 per cent of its economy. G20 is made up of 19 countries and the European Union (EU). The 19 countries are -- Argentina, ...
Azim Premji to retire on July 30, Rishad to succeed
Wipro founder, Chairman and Managing Director Azim H. Premji will retire on July 30 and his eldest son and Chief Strategy Officer Rishad A. Premji will succeed him as the Executive Chairman on July 31, said the global software major said here on Thursday.
COAI urges govt to clear the air on Huawei telecom gear
Industry body COAI has urged the government to clarify its stance on the use of Huawei equipment in telecom infrastructure, particularly for futuristic 5G networks, at the earliest to enable operators to take a long-term view in investment decisions. Cellular Operators' Association of India (COAI) Director General, Rajan Mathews told PTI that it is for the government to decide on whether Huawei telecom gear will be allowed in 5G networks, but an early decision on the matter would help operators make investment decisions. "The industry is saying, it is really up to the government to decide on Huawei ... all we are saying is let us know earlier rather than later because we have to make decisions on 4G ... operators are buying 4G equipment that future proof, in terms of forward compatibility for 5G...any sudden change of rules midway, will mean financial loss to us...," Mathews said. Last month, the Trump administration had placed Huawei and its affiliates on blacklist, a move that ...
Repo rate cut to boost housing demand if banks pass on benefit to customers: Realtors
Real estate industry Thursday said the RBI's decision to cut repo rate would help in revival of housing segment, provided banks pass on the benefit to home buyers. The RBI lowered the benchmark lending rate by 25 basis points to a nearly nine-year low of 5.75 per cent. Commenting on the policy, CREDAI President Satish Magar said the rate cut augurs well for the Indian real estate industry and would have a significantly positive impact on industry's revival as well. He expected that the benefits of lower repo rate would be duly passed on to the borrowers. CREDAI Chairman Jaxay Shah said: "Repo rate cut is just what the industry is looking forward to accelerate investments...the next step is to ensure that the banks and financial institutions pass on the benefits of lower rates of interest to borrowers". NAREDCO President Niranjan Hiranandani said the rate cut would "provide momentum to the market, but more needs to be done to address the issue of liquidity". "We are happy with the rate
GE lost billions by 'misjudging' renewables: report
Investors in General Electric, once one of the world's most valuable companies, lost tens of billions of dollars after the Paris climate deal as it failed to adapt to the pace of the green energy transition, new analysis showed Thursday. A report by the Institute for Energy Economics and Financial Analysis (IEEFA) said GE had lost a "simply staggering" USD 193 billion (172 billion euros) in just three years to 2018 -- amounting to almost three quarters of its market capitalisation. The Cleveland-based research group said GE and its principal shareholders misjudged the falling price of renewables as the world transitions to cleaner energy and suffered from a collapse of the gas turbine and thermal power construction markets. "GE assumed wrongly that demand for natural gas and coal would continue to track global economic growth," they said, accusing GE of "an epic failure of corporate governance." The 2015 Paris accord enjoins nations to work towards limiting global temperature rises to
Pass on benefits of repo rate cut to borrowing units: TEA
With RBI's decision to reduce repo rate by 25 basis points from 6 per cent to 5.75 per cent, Tirupur Exporters Association (TEA) Thursday appealed to all banks to pass on the cut in the rate to borrowing units in the knitwear garments export sector. The repo rate cut is desperately required for the knitwear garment exporting units, particularly MSME exporting units which have been suffering further to macroeconomic changes, the TEA said. Hailing the reduction, TEA president Raja M Shanmugham said in a statement that the monetary policy committee decision to change the monetary policy stance from neutral to accommodative gives confidence that there would not be any interest hike in the near future. The monetary policy statement pointed out that transmission of the cumulative reduction of 0.5 per cent in the policy repo rate in February and April 2019 was 0.21 per cent to the weighted average lending rate (WALR) on fresh rupee loans, he said in the statement. The policy ..
Nifty June futures below 12,000
Turnover spurts
Sensex crashes 554 pts as RBI rate cut fails to calm NBFC jitters
The BSE Sensex plunged 554 points Thursday, pressured by losses in banking, energy and capital goods stocks, after the RBI delivered a rate cut on expected lines but failed to assuage investor concerns regarding the NBFC sector. The 30-share Sensex cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72, while the broader NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75. Slashing benchmark lending rate for the third time this year, the central bank cut the repo rate by 0.25 per cent to 5.75 per cent -- the lowest in nine years -- and changed its monetary policy stance from 'neutral' to 'accommodative'. However, the RBI lowered the economic growth forecast for the current fiscal to 7 per cent due to slowdown in domestic activities and escalation in global trade war. RBI Governor Shaktikanta Das also said the central bank is closely monitoring the developments in the NBFC sector and will ensure that financial stability is maintained. However, traders said ..
RBI to rationalise norms covering money market products
The Reserve Bank Thursday said it will rationalise existing regulations covering different money market products with a view to improve transparency and safety of money markets. A well-functioning money market is a crucial link in the chain of monetary policy transmission, apart from being a basic necessity for pricing and liquidity in other financial markets, the RBI said. The central bank has issued regulations over time covering different money market products call money, repo, commercial paper, certificates of deposit and other debt instruments with original maturity of less than one year. "With the objective of bringing consistency across products in terms of issuers, investors and other participants, it is proposed to rationalise existing regulations covering different money market products," it said. The RBI made the observations in a statement on developmental and regulatory policies issued after the Monetary Policy Committee meeting here. The directions would improve ...
RBI panel to review liquidity management framework
To review the liquidity management framework, the Reserve Bank of India (RBI) will set up an internal working group, which will suggest measures to simplify the current framework, last reviewed in 2014. The group is expected to submit the report by mid-July.
'PUBG Mobile, Game For Peace revenue over $4.8 mn a day'
China's Internet powerhouse Tencent's revenue from PUBG Mobile and its new version, Game For Peace, crossed $4.8 million a day in May, becoming the worlds top grossing mobile app, according to a new report from mobile app intelligence firm Sensor Tower.
ELGi launches upgraded encapsulated screw air-compressors
City-based ELGi Equipments, one of the world's leading air-compressor manufacturers, Thursday showcased an upgraded range of encapsulated (ENCAP/EN) screw air-compressors with variable frequency drives (VFD) and heat recovery systems. As part of the exhibits during the five-day INTEC, an international trade fair, which began here, ELGi also displayed its range of EG Series screw air-compressors and direct drive piston compressors. "Energy accounts for almost 7580 per cent of the life cycle cost of an air-compressor and across the world, businessmen are increasingly faced with not just the rising costs of fuel, but global concerns over environment and air quality," the company managing director Dr Jairam Varadaraj told reporters on the sidelines of the launch. "At ELGi, weve made a commitment to every customer across the globe - our compressors offer maximum energy efficiency and sustainable advantages from a total cost of ownership perspective," he said. The sales teams
RBI could have done more to overcome liquidity challenges, say experts
Industry leaders said on Thursday that while Reserve Bank of India's decision to cut repo rate by 25 basis points rate cut was on expected lines, concerns over economic growth and liquidity challenges continue to linger."Reviving business confidence, consumer confidence and triggering animal spirits in the economy is the need of the hour," said FICCI President Sandip Somany. "Given that real interest rates in India are amongst the highest in the world, there is room for further reduction in repo rate."While RBI should continue the accommodative stance in coming months, said Somany, the new government should present a progressive Union Budget that will help revive consumption and encourage greater private investments.Ramesh Nair, CEO and Country Head of JLL India, said economic growth has slowed down to a 20-quarter low of 5.8 per cent during the last quarter of 2018-19. The consumption also has remained weak due to the ongoing liquidity crisis in spite of controlled inflation under 4 .
Quick Wrap: Nifty PSU Bank Index falls 4.90%, NIFTY Tumbles 1.48%
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China says list of 'unreliable' foreign firms coming soon
China's Commerce Ministry will release a list of "unreliable" foreign companies in the near future, a spokesman said Thursday, without giving a specific date. The decision to create the list, announced last week, is widely seen as a response to a US decision to put Huawei Technologies on a blacklist for alleged theft of intellectual property and evasion of Iran sanctions. Chinese Commerce Ministry spokesman Gao Feng told reporters at a weekly briefing that the process of drawing up the list was underway. He said no particular company or industry is being targeted. "Companies that abide by Chinese laws and contractual spirit totally needn't worry," he said. The US Department of Commerce has issued an order that U.S. companies will have to seek government approval for sales to Huawei once its own list takes effect after a 90-day grace period. China hasn't said what action it would take against the entities included on its list. Gao said China does not want a trade war but is not afraid
Moradabad handicraft traders tense as US ends GSP trade privileges
Handicraft traders of Moradabad are tensed after US President Donald Trump terminated India's preferential trade system, under the Generalized System of Preferences (GSP) on Wednesday.Speaking to ANI, trader Sharad Bansal of Bansal Impex said: "Earlier almost all the products which were being exported from India to the US used to be duty-free. But now that the GSP has expired, almost 5-12 per cent duty would be levied on Indian imports. This would affect our sector badly and we would be needing help from the government to take control of the situation."Another trader Ravi Arora, chairman of Ravi Handicrafts, said that he is hopeful that things will fall back into place after an initial phase of uncertainty. "Termination of GSP will only have a temporary effect on the Indian handicraft sector. The US wants its economy to grow better and faster hence they terminated the GSP and imposed a duty on Indian imports. It will affect the entire handicraft trade of our country especially ...
Sensex crashes over 500 points on 'low' rate cut
Disappointment over a less-than-expected lending rate cut by the Reserve Bank of India (RBI) dragged the S&P BSE Sensex more than 500 points lower on Thursday.
NCDRC directs Unitech to refund over Rs 53 lakh to 2 home buyers
The National Consumer Disputes Redressal Commission has asked real estate giant Unitech to refund over Rs 53 lakh to two home buyers for failing to hand over the possession of an apartment. The apex consumer commission asked the company to refund within three months Rs 53,73,561 and give a compensation of simple interest at 10 per cent per annum to Gurgaon residents Abhishek and Mani Agarwal for a delay of over seven years in handing over the possession of the apartment. "Refund the entire principal amount of Rs 53,73,561 to the complainants along with compensation in the form of simple interest at 10 per cent per annum with effect from the date of each payment till the date of full refund," Presiding Member of the Commission Justice V K Jain said. The Commission also asked the firm to pay Rs 25,000 as litigation cost to the home buyers. The Agarwals had booked a residential apartment with Unitech Reliable Projects Limited in a project namely 'Capella' in Uniworld City, which was to ..
IOC, HPCL to contest over Rs 4,000-cr tax demand on sale of ethanol blended petrol
Oil refiners Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) Thursday said they will contest tax authorities demand for over Rs 4,000 crore in excise duty on ethanol used for doping petrol, saying the sugarcane extract for mixing in fuel is exempt from tax. The Director-General of GST in Pune has slapped IOC, the country's biggest oil firm, with a tax demand of Rs 4,002 crore for alleged non-payment of excise duty on ethanol mixed in petrol. HPCL has been asked to pay over Rs 346 crore. In a regulatory filing, IOC said it is a responsible corporate and law abiding entity, which is one of the largest contributors to the national exchequer in the form of duties and taxes. During 2018-19, it paid Rs 1.93 lakh crore to the exchequer in the form of duties and taxes. "IOC denies the allegation in the show cause cum demand notice of Director General-GST in view of the prevalent provisions of the law, which states that a person who has collected any amount representing duty of ..
EEPC airs concerns over high domestic steel price
At a time when domestic steel sector was facing slackening demand, engineering exporters' body EEPC India Thursday raised its concerns about the high domestic steel price compared to the international price saying, it was leading to a non-competitive scenario in downstream engineering exports. In a statement after a review meeting with the Union commerce and Industry minister Piyush Goyal, the EEPC said that high prices of domestic steel, a crucial raw material, as compared to international market, has resulted in non-competitiveness of Indian downstream engineering exports. "It is critical that our exporters get steel at international prices and we request the government to address this issue at the earliest. "If we get steel at global prices, our exports will have tremendous buoyancy and we will be able to weather the protectionism with full force," EEPC India Vice chairman Arun Garodia said in the backdrop of the withdrawal of US preferential duty treatment. The ...