Page 1170 - Business Finance
French economy ended 2018 on a firmer footing than feared
PARIS (Reuters) - The French economy finished 2018 on a firmer footing than expected even after violent "yellow vest" protests that hit retailers especially, but growth still fell short of the government's target for the full year.
Chinese-led AIIB plans to launch local currency loans in India
Chinese-led Asian Infrastructure Investment Bank (AIIB) might launch local currency financing in some Asian countries, including its top borrower India, later this year.
French growth slows as 'yellow vest' protests take toll
French economic growth slumped in 2018 as consumer spending tapered off toward the end of the year, the victim of violent anti-government protests that kept many shoppers at home ahead of the holidays, statistics office INSEE said Wednesday. GDP expanded by just 1.5 per cent last year after the 2.3 per cent growth chalked up in the 2017 after Emmanuel Macron swept into the presidency with his pledge to revive the French economy through pro-business reforms. The 2018 outcome fell short of the government's growth target of 1.7 per cent and economists warn of gathering risks that could jeopardise a recovery in 2019. INSEE said consumer spending was stagnant in the fourth quarter after edging up 0.4 per cent in the previous three months, as the "yellow vest" protests over high fuel taxes and low living standards sparked widespread disruption. Dozens of shops were ransacked and cars burned in Paris and other cities during the weekly Saturday protests that erupted in mid-November. Road ...
Foxconn to set up industrial Artificial Intelligence R&D
: Foxconn Industrial Internet Co. Ltd, a subsidiary of Taiwan-based Foxconn Technology Group, will be setting up an Advanced Industrial Artificial Intelligence Research and Development Centre here, an official release said Wednesday. "This research and development platform would provide technological services and smart manufacturing solutions to Foxconn Group with a vision to integrate and incorporate cloud computing, mobile devices, IoT, big data, AI, network transmission, and automated robotics with 8K+5G," it said. Foxconn shall set up the research initiative in collaboration with the academic and industrial ecosystem in India with Hyderabad as its base, the release added. The Electronics Wing of ITE&C Department of Telangana is committed to developing, sustaining and maintaining the state as a forerunner in the field of Information Technology and Electronics, it said. The agreement to set up the centre was signed by Michael Yang, Director of Business Development,
NeoGrowth, Paisabazaar.com strengthen their collaboration for SME loans
With this alliance, NeoGrowth and Paisabazaar.com have increased their POS-based loan business by 100 per cent during Oct-Dec 2018 period over the previous quarter
European stocks nearing 'point of maximum pain' - BlackRock
LONDON (Reuters) - European equities may be close to a bottom as bearish investors price in a sharp economic slowdown and a flurry of political risks such as Brexit, asset manager BlackRock said in a note on Wednesday.
OnePlus best-selling, Samsung led premium segment in 2018
Samsung led the premium smartphone segment in India in 2018 with a 34 per cent share, followed closely by OnePlus at 33 per cent which was the best-selling device of the year, Counterpoint Research said on Wednesday.
Massive drop in IOC's net profit due to sliding global crude oil prices
Public sector Indian Oil Corporation on Wednesday reported massive dip its net profit during third quarter of current fiscal as a result of a sharp plunge in global crude prices.IOC was forced to take a price cut in October as the government wanted to cushion the impact of high crude oil prices on consumers.The move hurt the company's margin and its net profit came down to Rs 717 crore during the October to December 2018 quarter compared to Rs 7,883 crore during the same period in the previous year.The average gross refining margin declined to 5.83 dollars per barrel from 8.28 dollars per barrel, the company said in filings to the stock exchanges.IOC's gross revenue went up to Rs 160,137 crore during Q3 FY18 from Rs 130,875 crore during Q3 FY17..
Bajaj Auto profit jumps 16% to Rs 1,102 crore
Bajaj Auto Limited on Wednesday reported profit after tax of Rs 1,102 crore during October to December 2018, up 16 per cent from Rs 952 crore in the same period of the previous year.The sales volume rose to 12.5 lakh from 10 lakh in Q3 of FY18, marking a growth of 26 per cent.The net turnover moved up 19 per cent to Rs 7,879 crore in Q3 FY19 from Rs 6,596 crore in Q3 FY18, the company said in filings to the stock exchanges.Mr Rajiv Bajaj, Managing Director of Bajaj Auto, said: "Our international performance is validation of our strategy of focus and differentiation. Our unwavering commitment towards building the best motorcycles in the world through design, technology, quality and customer satisfaction have made us a truly global brand."Bajaj brand is not only The World's Favourite Indian, but also perhaps the most illustrious ambassador for Make in India initiative of the Indian government, he said.
Amazon India's Chandramouli Godhandaraman joins hiver as head of engineering
Bengaluru-based SaaS platform Hiver, an email collaboration tool for teams, announced the appointment of Chandramouli Godhandaraman as its Head of Engineering. In this role, he will be responsible for driving the company's technology strategy and building Hiver's next generation suite of products. He joins Hiver from Amazon India.Chandra will work closely with Founders Nitesh Nandy and Niraj Ranjan Rout in building up and scaling the company's fast-growing technology team. He brings over 14 years of in-depth domain knowledge and technical proficiency to Hiver.Most recently, Chandra was a lead Program Manager for Amazon Prime India. His accomplishments include managing Amazon Prime's technical direction and spearheading major releases in areas such as Prime Monthly subscription and enabling Standing Instructions setup for Prime Annual subscription.Prior to Amazon, he has worked on key product solutions with leading tech companies such as Hewlett Packard Enterprise and Amdocs, among ...
Kamal Nath alleges Rs 2,000 crore farmer loan scam by previous BJP govt, promises strict action
Madhya Pradesh Chief Minister Kamal Nath on Wednesday alleged a Rs 2,000 crore farmers' loan scam during the previous 15-year-old BJP rule and vowed strict action against those involved in falsifying the list of beneficiaries.Kamal Nath today met some farmers who never took loan, but their names figured as beneficiaries. The list also included the names of farmers whose loans had been waived."This is a big scam, it is expected to be of more than Rs. 2,000 crore. We will take strict action," the Chief Minister said.Congress leader Shobha Oza said, "A Rs 2,000 crore loan scam happened during the 15-year rule of BJP and the Kamal Nath government will take the issue to its logical conclusion. No one will be spared."Last week, a farmer in Madhya Pradesh's Sagar district died due to cardiac arrest after getting to know that he had a huge amount of loan on him whereas he had not taken it as claimed by the family.The deceased identified as Mukundi Adivasi, a resident of village Sardai ...
Germany's Osram buys UK's Ring Automotive to reach end consumers
FRANKFURT (Reuters) - German lighting group Osram has bought Britain's Ring Automotive to gain access to the consumer market for auto accessories.
Pakistan says curbing power sector debt, seeks energy investors
ISLAMABAD (Reuters) - Pakistan expects debt being built up within its troubled power sector to level off this year and start falling, its power minister told Reuters, outlining measures to shore up confidence and attract foreign investors.
Punjab seeks debt relief package to revive fiscal health
The Punjab government Wednesday sought a special debt relief package from the 15th Finance Commission to revive the state's fiscal health. It also sought a one-time package to pay entire debt of the state's distressed farmers. At a meeting of the 15th Finance Commission here, led by its Chairman N K Singh, Chief Minister Amarinder Singh also raised concerns over the loss of revenue to the state after the GST rollout. He also said the compensation for the loss from the Centre would also end from July 1, 2022, resulting in a drastic fall in revenue in the range of Rs 10,000-12,000 crore per annum. In view of this, the chief minister (CM) urged the Commission "to recommend a graded compensation tapering formula to the Centre for states like Punjab, beyond June 30, 2022, so that they do not fall off the cliff", according to an official release. Underlined the need for a special package for Punjab, he highlighted the state-specific issues such as the highest Scheduled Caste population in .
Oil prices steady, torn between Venezuela sanctions and gloomy economy
LONDON (Reuters) - Oil prices held steady on Wednesday, boosted by concerns about supply disruptions following U.S. sanctions on Venezuela's oil industry but pegged back by a bleak outlook for the global economy.
Goa GSDP rises 12.14% during 2017-18: Economic Survey
The Gross State Domestic Product (GSDP) of Goa showed a 12.14 percent growth during 2017-18 when compared to the previous fiscal, according to the Economic Survey report tabled Wednesday in the State Legislative Assembly. The report stated that the GSDP, at current prices for the year 2017-18 was estimated at Rs 70,267 crore as against Rs 62,660 crore in the year 2016-17, thereby registering a growth of 12.14 percent. The quick estimates for the year 2017-18 revealed that primary sector accounts for 9.95 percent, secondary sector 53.23 percent and tertiary sector 36.82 percent, it said. The report noted that the contribution of primary sector witnessed a decline from 9.86 percent in 2013-14 to 7.72 percent in 2015-16 and thereafter registered an upward trend of 9.95 percent in 2017-18.
Odisha rolls out Handicrafts Policy 2019
The Odisha government has rolled out its Handicrafts Policy 2019 for creating a vibrant and sustainable handicraft sector in the state. The objective of the policy is to empower handicraft artisans and make them lead partners in the development, chief secretary A P Padhi said. A proposal in this regard was approved at a Cabinet meeting, chaired by chief minister Naveen Patnaik, on Tuesday. The policy aspires to focus on the handicraft sector in the state renowned for its craftsmanship, leverage the unique selling proposition of the skilled workforce and help enhance Odisha's share of exports of handicraft goods. "It recognises that without the artisans, there can be no handicrafts. The policy provides centre stage to the artisans and his masterpieces," Padhi said. The policy will enable easy availability of raw materials, continuous design support for development of market and utility products, collaborative effort for attractive, safe and eco-friendly packaging for ...
Gold crosses Rs 34,000-mark, gains Rs 320
Extending its upward trend, gold prices Wednesday rose by Rs 320 and crossed the Rs 34,000 mark per 10 gram at the bullion market here mirroring firm trend overseas, according to All India Sarafa Association. The yellow metal rose by Rs 320 to Rs 34,070 per 10 gram. Following gold, silver too rose by Rs 330 to Rs 41,330 per kg on increased offtake by industrial units and coin makers. Traders said, with uncertainty looming over the trade-talks outcome between US-China amid launching of criminal proceedings against the Chinese telecom giant Huawei by Washington, investors resorted to safe haven buying, which pushed up gold prices. Globally, gold rose to USD 1,314.76 an ounce and silver traded higher at USD 15.96 an ounce in New York. In previous two days, gold prices rose by Rs 450. In the national capital, gold of 99.9 per cent and 99.5 per cent purities climbed Rs 320 each to Rs 34,070 and Rs 33,920 per 10 gram, respectively. Similarly, sovereign gold advanced by Rs 200 to Rs 25,900 ..
Coriander dips 0.19 pc on subdued demand
Coriander prices fell 0.19 per cent to Rs 6,676 per quintal at the futures market Wednesday, as participants cut down positions amid muted domestic and export demand against ample stocks position. Besides, rising arrivals from major producing regions and profit-booking at higher levels weighed on the sentiment. At the National Commodity and Derivatives Exchange, coriander prices for delivery in April declined by Rs 13, or 0.19 per cent, to Rs 6,676 per quintal with an open interest of 2,950 lots. On similar lines, coriander for May delivery was trading down by Rs 66, or 1 per cent, at Rs 6,531. The open interest of the contract stood at 2,420 lots. Analysts attributed the fall in coriander futures to subdued demand at the physical market against adequate stocks position on increased supplies from producing regions.
Board of Multipurpose Trading & Agencies approves change in company secretary and compliance officer
At meeting held on 30 January 2019