Page 1194 - Business Finance
Toyosu market in Tokyo introduces to famous Tuna fish auction
The Toyosu market, a gateway to the food market located in the Japanese capital, not only attracts lots of tourists from across the world for its famous Tuna fish auction but is also famed for its observation deck which offers visitors a glimpse into the energetic trading by merchants.The sound of the bell, in the early morning, declares the start of the auction. Since the Toyosu market separated from Tsukiji market in October last year, it has seen the constant upsurge in activities.In the "Fisheries Wholesale Market Building" of the market, domestic and foreign fisheries are gathered and traded.Inside the Toyosu market, there is a special public observation course with glass windows where people can observe merchants trading.In January this year, the new tuna auction observation deck was opened for visitors for the first time.The observation glass deck is intended for control food hygiene management unlike previous open Tsukiji market. Still, visitors can hear the sound of bell and .
Naidu to launch trial run of Kia Motors first car in India
South Korean automobile giant Kia Motors has set a record by commencing trial production in a record time of one year.Andhra Pradesh Chief Minister N Chandrababu Naidu will launch the trial run of first car in India on Tuesday along with Kia's Managing Director Shim in the presence of South Korea Ambassador to India Shin Bongkil.The Kia greenfield car manufacturing plant will have investment of over Rs 12,900 crore. Along with Auto Anciallaries of South Korea, this is one of the largest foreign direct investment.The plant will have initial installed capacity of 3 lakh vehicles per annum which may be further increased to 4 lakh vehicles. Nearly 90 per cent of production will be for domestic sales and 10 per cent for exports.Kia will generate employment for 4,000 permanent employees and 7,000 temporary employees.The company will collaborate with the Andhra Pradesh government for developing an ecosystem for electric vehicles.Andhra Pradesh is one of the first few states to pro-actively ..
Canara Bank reports 152% jump Q3 profit
Public sector Canara Bank on Monday reported net profit of Rs 318 crore for the Q3 financial year 2018-19, up 152 per cent from Rs 126 crore in the year-on period.The gross profit stood at Rs 2,357 crore compared to Rs 2,831 crore in Q3 FY18. Net interest income increased by 3.7 per cent to Rs 3,814 crore from Rs 3,679 crore.Aided by healthy growth in interest on advances and interest on investments, net interest income was up by 14.45 per cent year-on-year at Rs 3,366 crore.The share of non-interest income in total income stood at 11.97 per cent.
Sebi imposes Rs 3.40-crore fine on Exelon Infrastructure, 27 entities
Markets regulator Sebi Monday slapped a fine of Rs 3.40 crore on Exelon Infrastructure and 27 other entities, including promoters and directors, for indulging in fraudulent trading and violating insider trading norms. Of the total penalty, the firm has been fined Rs 1.19 crore and the 27 entities have been penalised in the range of Rs 1 lakh to Rs 25 lakh. The order follows the regulator's investigation from December 2010 to January 2012 observing abnormal price movement in the scrip created by positive corporate announcement by the firm. Sebi found that the company's announcement to raise Rs 200 crore through global depository receipts (GDR), public issue and preferential issue as well as its plans to enter into power sector led to increase in the share price. These announcements were made without any intention of implementing them, it added. Besides, the BSE was not informed about the non-implementation of these corporate announcements. In case of 27 entities, the regulator said the
Restructuring threatens 9,000 jobs at UK supermarket Tesco
Up to 9,000 jobs are at risk as part of a restructuring programme announced by British supermarket giant Tesco on Monday. "Overall, we estimate that up to 9,000 Tesco colleague roles could be impacted, however, our expectation is that up to half of these colleagues could be redeployed to other customer-facing roles," the supermarket said in a statement.
Vedanta to invest Rs 8,500 cr in South Africa for mining biz expansion
Vedanta Resources Ltd Monday announced a fresh investment of Rs 8,500 crore to expand its mining and allied operations in South Africa and has committed to invest another Rs 60,000 crore in India in the next three years. "Vedanta Resources Ltd...whose chairman Anil Agarwal, was part of the...South Africa President Cyril Ramaphosa's high-powered delegation for India's 70th Republic Day celebrations, has announced a fresh investment of Rs 8,500 crore ($1.2 billion)...in the land of Nelson Mandela," the company said in a statement. "On the home front, Vedanta has so far invested Rs 2.34 lakh crore (US$33 billion) and has committed to invest another Rs 60,000 crore (US$8 billion) in the next three years," the company said. The South African President acknowledged Vedanta's contribution in South Africa's growth journey. Noting Vedanta Resources' investment of USD 1.6 billion in the Gamsberg Zinc mine in the Northern Cape province, Ramaphosa said this investment by the mining major has ...
ECB's Draghi warns that uncertainty is weighing on sentiment
FRANKFURT (Reuters) - The euro zone economy has performed worse than expected in recent months and global uncertainty is weighing on economic sentiment, European Central Bank President Mario Draghi said on Monday, repeating the bank's recent warnings about growth.
Kirloskar Electric gets shareholder nod to sell Rs 300-cr non-core assets
Kirloskar Electric Company has got shareholders' approval to sell non-core assets, including properties situated in Bengaluru, Coimbatore, Hubbale, Hyderabad, Pune and Mysore worth up to Rs 300 crore. The shareholders also approved with requisite majority the proposal of related-party transaction for selling non-core assets and properties situated in Bengaluru, Coimbatore, Hubbale, Hyderabad, Pune and Mysore, according to a BSE filing. According to the proposal, the board of directors had identified non-core assets and other vacant lands which have no value to operation of the company, worth up to Rs 300 crore for liquidation.
Several mining leases will lapse in 2020: Minister
Leases of a very large number of mines will lapse in 2020 and the Union Ministry for Steel is figuring out ways to work around the phenomenon, which could potentially lead to a drop in steel production in India, Union Minister of Steel Chaudhary Birender Singh said on Monday.
AJL 'clandestinely' transferred majority shares to Young Indian: Centre
The Central government on Monday told the Delhi High Court that Associated Journals Ltd (AJL), which publishes National Herald newspaper, has "clandestinely" transferred its majority shares to Young Indian in which Congress President Rahul Gandhi and his mother Sonia Gandhi are shareholders.
Three Jawa dealerships opened in Hyderabad
: Mahindra group promoted Classic Legends Pvt Ltd, which is marketing the Jawa motorcycles, Monday opened three dealerships across the city ahead of deliveries in March. Jawa has received good response through online bookings, Anupam Thareja, co-founder of Classic Legends said in a press release and added that deliveries would begin from March. "The brand is aggressively moving ahead with its target of opening over 100 dealerships and the launch of the three new outlets in Hyderabad takes the total count to 26 new dealerships across India," he said. Other Jawa dealerships are spread across Delhi-NCR, Pune, Bengaluru, Nashik and Dehradun and Chennai and the company has plans to launch 100 dealerships by next month.
FDI grew 18% in FY18 to Rs 28.25 lakh crore: RBI data
Foreign direct investment (FDI) during the previous fiscal grew 18 per cent to Rs 28.25 lakh crore, data from the Reserve Bank of India (RBI) showed Monday. FDI increased by Rs 4,33,300 crore, including revaluation of past investments, during 2017-18 to reach Rs 28,24,600 crore in March 2018 at market value, according to RBI data on 'Census on Foreign Liabilities and Assets of Indian Direct Investment Companies, 2017-18'. The RBI said as many as 23,065 companies responded to the latest round of the census, of which, 20,732 firms had FDI or ODI in their balance sheet in March 2018. Overseas direct investment (ODI) by Indian companies increased by 5 per cent to Rs 5.28 lakh crore. "FDI companies witnessed a substantial increase in other investment liabilities, largely due to the increase in trade credit," the RBI said. The census showed that Mauritius continued to be the largest source of FDI in India (19.7 per cent) followed by the US, the UK, Singapore and Japan. In case of overseas ..
Wall Street drops at open on weak Caterpillar, Nvidia forecasts
(Reuters) - U.S. stocks fell at open on Monday, as disappointing forecasts from Caterpillar and chipmaker Nvidia set a dour note for an earnings-heavy week that also includes a Federal Reserve meeting and a fresh round of U.S.-China trade talks.
Gold firm near seven-month peak on U.S. rate pause hopes
(Reuters) - Gold prices held steady on Monday, near a seven-month peak scaled in previous session, on hopes the U.S. Federal Reserve will keep interest rates unchanged during its two-day policy meeting later in the week.
Odisha govt approves mechanism to strengthen industry care
Odisha government has approved a mechanism to strengthen industry care initiative to address the issues faced by investors, officials said Monday. Chief secretary A P Padhi has sent a letter in this regard to all departmental secretaries on Monday, they said. Industries Department had launched a district-wise formal engagement initiative named Industry Care last month to raise awareness about business reforms and institutional mechanisms among industries and address their issues on a high priority basis. The engagement was also aimed at facilitating the expansion of new units coming up in the state. Two meetings have been organised under this initiative with Angul and Khurda based industries so far, they said, "Encouraged by the positive response from large industries to the first two meetings held under Industry Care initiative, the state government has institutionalised the facilitation and aftercare mechanism to ensure faster resolution of issues faced by both MSME ...
Persistent Systems Q3 net profit at Rs 91.7 cr, announces Rs 225-cr buyback
IT firm Persistent Systems Monday reported a marginal rise in its consolidated net profit to Rs 91.71 crore during the December 2018 quarter as against Rs 91.67 crore in the year-ago period. Besides, the Board also approved a buyback offer of up to Rs 225 crore at a share price of up to Rs 750 apiece, it said in a regulatory filing. Persistent saw its revenue from operations growing 9.1 per cent to Rs 864.2 crore in the quarter, compared with Rs 791.9 crore in the third quarter of FY18. "Our teams continue to leverage our Software 4.0 offering for incremental and iterative development...Businesses continue to march on their journey to become software driven which is helping us win customers," Persistent Systems Chairman and Managing Director Anand Deshpande said. The Board has also declared an interim dividend of Rs 8 per share for 2018-19. On the buyback, the company said it would buy back shares at a price not exceeding Rs 750 per share for an aggregate amount of up to Rs 225 crore .
Caterpillar fourth quarter profit misses estimate, shares drop six percent
(Reuters) - Caterpillar Inc on Monday reported quarterly profit that widely missed Wall Street estimates, hurt by softening demand in China, a strong dollar, and higher manufacturing and freight costs, sending shares tumbling 6 percent.
Lulu Group's hospitality investment arm enters Swiss market
Twenty14 Holdings (T14H), the hospitality investment arm of Abu Dhabi-based Lulu Group International, has signed a contract with Swiss real estate developer Necron AG for the upcoming Intercity Hotel Zurich Airport in Rumlang, Switzerland.
Record foodgrain production, procurement in 2018-19: Paswan
Buoyed by an above normal monsoon, India is estimated to achieve record foodgrain production and procurement in fiscal 2018-19, Union Minister for Consumer Affairs, Food and Public Distribution Ram Vilas Paswan said on Monday.
Board of Sylph Education Solutions appoints director
At meeting held on 28 January 2019