Page 1226 - Business Finance
Decks cleared for first bio-fuel aircraft flight on R-Day
After months of ground and flight trials, a premier military certification agency has cleared the indigenously produced bio-fuel for use in the military aircraft, the Defence Ministry said on Thursday.
Finance minister Goyal to meet heads of PSU banks on Monday
Finance Minister Piyush Goyal will meet the heads of public sector banks next week to discuss a host of issues including credit offtake and bad loan position of lenders, according to sources. Goyal, who has been given an additional charge of the finance ministry on Wednesday in the absence of Arun Jaitley, is scheduled to meet chiefs of the state-owned banks on Monday to review financial performance of the banks. Among the key issues, the meeting will take up the matter of credit flow to MSMEs, agriculture and retail sectors. Besides, sources said, the meeting will also review financial performance of the banks for the nine months ended December 2018. Non-performing assets (NPAs) would also come up for deliberation, they added. Public sector banks (PSBs) have seen decline in bad loans by over Rs 23,000 crore from a peak of Rs 9.62 lakh crore in March 2018 due to various initiatives taken by the government. At the same time, PSBs have also made a record in recovery of Rs 60,726 crore ..
Pfizer Q3 net profit at Rs 131.94 crore
Drug firm Pfizer on Thursday reported a standalone net profit of Rs 131.94 crore for the third quarter ended December 2018. It had reported a net profit of Rs 87.24 crore in the October-December quarter of the last financial year, Pfizer said in a BSE filing. Pfizer's total income was Rs 578.14 crore during the quarter under review. It was Rs 488.62 crore in the corresponding quarter a year ago. Meanwhile, the company said that its result was not comparable as sales for the nine months ended December 2017 include excise duty up to June 30, 2017. Pfizer's total expenses stood at Rs 377.52 crore. Shares of Pfizer Ltd on Thursday settled at Rs 2,681.50 on BSE, up 0.62 per cent from their previous close.
Quess Corp Q3 net profit up 7% at Rs 65 crore
Business services provider Quess Corp Thursday said its consolidated net profit increased 7 per cent to Rs 65 crore in the December 2018 quarter. The company had posted a net profit of Rs 61 crore in the October-December 2017 quarter, Quess said in a statement. Its revenue grew 37 per cent to Rs 2,172 crore in the quarter under review from Rs 1,584 crore in the third quarter of FY2017-18, it added. "The strong revenue and EBITDA growth in excess of 30 per cent year-on-year during the quarter is a testament to our dual emphasis on execution led growth supported by balance sheet management," Quess Corp Chairman and MD Ajit Isaac said. He added that the company remains optimistic about the contribution of its People Services and Facility Management business that have shown healthy sequential margin expansions of 16 basis points and 8 basis points, respectively. "We believe we are well positioned to continue our journey of strong organic growth to deliver long term value to our ...
ECB's Draghi warns of weaker growth ahead
FRANKFURT (Reuters) - European Central Bank President Mario Draghi acknowledged on Thursday that economic growth in the euro zone was likely to be weaker than earlier expected due to the fall-out from factors ranging from China's slowdown to Brexit
DIPP invited views for better implementation of procedure for startups to seek angel tax exemption
The Department of Industrial Policy and Promotion (DIPP) Thursday sought views from stakeholders for better implementation of the recently announced procedure for startups to seek angel tax exemption. On January 16, the government eased the procedure for seeking income tax exemption by startups on investments from angel funds and prescribed a 45-day deadline for a decision on such applications. "The department has issued a notification for exemption on angel tax. Suggestions are invited for better implementation of the recently announced angel tax exemption framework," DIPP said in a tweet. The move comes against the backdrop of various startup founders claiming that they have received notices under Section 56(2) (viib) of the Income Tax Act from the I-T department to pay taxes on angel funds raised by them. Entrepreneurs have raised concerns over these tax notices. The new procedure says that to seek the exemption, a startup will apply, with all the documents, to the DIPP. The ...
India's exports up 32 pc to China, 12 pc to US during June-Nov 2018: FIEO
The tariff war between the US and China is benefitting India as its exports to the neighbouring country have increased by about 32 per cent to USD 8.46 billion during the June-November 2018 period, exporters body FIEO said Thursday. Exports to China had stood at USD 6.37 billion in June-November 2017. In June and September 2018, the US announced high customs duties on several Chinese goods. In retaliation, China also raised levies on American goods. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta also said that during the period, India's exports to the US grew by 12 per cent. "Exports to China jumped from USD 6.37 billion in June-November 2017 to USD 8.46 billion in June-November 2018," Gupta said in a statement. He said commodities that have exhibited high growth during the period to China include petroleum products, chemicals, cotton yarn, plastic raw material, and marine products. "While tariff war is not good for the global trade, the same has come as
CBI books Kochhar duo, Videocon MD Venugopal Dhoot
The CBI on Thursday registered booked former MD and CEO of ICICI Bank Chanda Kochhar, her businessman husband Deepak Kochhar and Videocon MD Venugopal Dhoot in a case of alleged irregularities in the sanctioning of loans by the ICICI bank.Kochhar had quit the ICICI on October 4 last year in the wake of allegations that she had favoured Videocon in the lending processes because the consumer electronics company's founders had invested in a company founded by her husband Deepak Kochhar.The CBI filed cases against the three along with some others after conducting raids at four premises in Maharashtra, the investigating agency said.The preliminary enquiry allegedly showed that from June 2009 to October 2011, ICICI Bank had sanctioned 6 high-value loans to various Videocon Group companies, CBI sources said.Chanda Kochhar had taken over the post of the Managing Director of the ICICI Bank on May 1, 2009. The companies M/S Nupower Renewables Limited (NRL) and M/S Supreme Energy Private Limited
Hedge fund prepares proxy fight to oust embattled PG&E's board
(Reuters) - PG&E Corp shareholder BlueMountain Capital Management LLC said on Thursday it is preparing a challenge to the embattled utility owner's board, arguing its plan to file for bankruptcy in the wake of catastrophic wildfires in California is harming investors.
CBI files case against former ICICI Bank chief Chanda Kochhar
MUMBAI (Reuters) - India's federal investigating agency has filed a case of criminal conspiracy and fraud against the former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar, a statement from the Central Bureau of Investigation (CBI) showed on Thursday.
Prince Charles' charity stops accepting Huawei donations
A charity founded by Britain's Prince Charles said Thursday it's not accepting any more donations from Huawei, the latest setback for the Chinese telecom giant as it battles allegations it's a cybersecurity risk. Huawei, the world's biggest producer of telecom network gear, is facing increasing scrutiny in Europe over concerns about its technology. Huawei has been expected to play a key role in the development of next-generation mobile networks in Europe, the company's biggest market outside China, but some countries are starting to rethink its involvement. "At present, we are not accepting new donations from Huawei in light of public concerns," the Prince's Trust said in a statement. The trust, which was established in 1976 to help disadvantaged young people, said any future donations will be reviewed by its ethical fundraising committee. Huawei is listed as one of the trust's "patrons" and a technology sector partner on its website. The trust said it received 490,000 pounds (USD ...
Commerce & Industry Min agin extending Feb 1 deadline for e-tailers
The commerce and industry ministry is not in favour of extending the deadline of February 1 for implementing the revised guidelines for e-commerce companies having foreign direct investment, sources said. Both Amazon and Walmart-owned Flipkart have sought an extension of the February 1 deadline for complying with the revised norms, stating that they need more time to understand the details of the framework. While Amazon has asked for time until June 1 this year, Flipkart has asked for six months. On December 26, 2018, the government tightened norms for e-commerce firms and barred online retailers like Flipkart and Amazon from selling products of the companies in which they have stakes. The government also prohibited e-commerce companies from entering into an agreement for exclusive sale of products. As per the revised guidelines, a vendor cannot procure more than 25 per cent of products from group companies of the same marketplace where they intend to sell them. "The ministry has ...
Walmart, Amazon seek extension of Jan 31 deadline on e-commerce compliance, panic as government silent (IANS Special)
There is trouble in paradise. The government's drastic intervention in e-commerce at the behest of vested domestic interests and the powerful traders lobby has created consternation in the bulge bracket world of e-commerce in India.
S&P, Dow dip on Commerce chief Ross's trade comment; chips buoy Nasdaq
(Reuters) - The S&P 500 and the Dow Jones Industrial Average dipped on Thursday after U.S. Commerce Secretary Wilbur Ross said the United States and China were a long way from resolving their trade dispute, while a rally in chipmakers lifted the Nasdaq.
Activist Elliott has doubts about Thyssenkrupp split: source
FRANKFURT (Reuters) - Activist fund Elliott raised doubts about Thyssenkrupp's plan to split in two in a letter to the conglomerate's chief executive last month, a person familiar with the matter told Reuters.
CBI hot on Chanda Kochhar trail
On Thursday, India's premier anti-corruption agency CBI registered a case against the then MD and CEO of ICICI Bank, the once high-profile Chanda Kochhar, two Managing Directors of separate private companies, four Mumbai-based private companies and other unknown private persons and unknown public servants under section 120-B (conspiracy) read with section 420 (cheating) of IPC read with Section 7, Section 13(2) (criminal misconduct) read with 13(1)(d) (pecuniary advantage) of the Prevention of Corruption Act.
PSU bankers raise questions about delay in RBI action against former ICICI Bank chief Kochhar
A section of public sector bankers Thursday raised questions about the RBI seeking powers to regulate state-owned banks saying it apparently failed to act against officials in the ICICI Bank-Videocon matter despite claiming to have enough powers to deal with private sector lenders. Against the backdrop of CBI Thursday naming former ICICI Bank chief Chanda Kochhar and others in the alleged quid pro quo in extending Rs 3,250-crore loan to Videocon Group, some public sector bankers wondered whether the central bank was treating issues at state-owned and private lenders in a different way. On condition of anonymity, the bankers also claimed that while the RBI has been acting very promptly in penalising top officials of public sector banks even for procedural lapses, it appears that the relatively strong case regarding Kochhar was not dealt with appropriately. In the case of Punjab National Bank regarding the over Rs 14,000-crore scam by Nirav Modi, the lender's managing director and two ..
Former ICICI bank CEO Chanda Kochhar, husband booked by CBI for corruption
Former CEO of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar have been booked by the CBI for alleged cheating and corruption in clearing six loans worth Rs 1,875 crore to the Videocon group during her tenure, officials said Thursday. After registering an FIR Wednesday night, the Central Bureau of Investigation teams swooped down at four locations - offices of Videocon in Mumbai and Aurangabad, Nupower Renewables and Supreme Energy in Nariman point in Mumbai. The searches at the locations are underway, the officials said. Managing Director of Videocon group Venugopal Dhoot, his companies Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited (VIL), a company, Supreme Energy, founded by him and a company controlled by Deepak Kochhar, Nupower Renewables have also been made accused in the CBI FIR, they said. The agency has levelled Indian Penal Code sections related to criminal conspiracy, cheating and provisions of the Prevention of Corruption Act on all .
India's exports up 32 pc to China during June-Nov 2018: FIEO
The tariff war between the US and China is benefitting India as its exports to the neighbouring country have increased by about 32 per cent during the June-November 2018 period to USD 8.46 billion, apex exporters body FIEO said Thursday. Exports to China had stood at USD 6.37 billion in June-November 2017. In June and September 2018, the US announced high customs duties on several Chinese goods. In retaliation, China also raised levies on American goods. "US-China tariff war is benefiting India. Exports to China jumped from USD 6.37 billion in June-November 2017 to USD 8.46 billion in June-November 2018," Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said in a statement. He said commodities that have exhibited high growth during the period to China include petroleum products, chemicals, cotton yarn, plastic raw material, and marine products. Growth in exports to China is beneficial for India as it has huge trade deficit with the neighbouring ...
No reason to consider extension of Feb 1 deadline for new broadcasting framework: Trai
Telecom regulator Trai Thursday ruled out an extension of February 1 deadline for migration to the new regime for broadcasting and cable services and said it had assurances from service providers that work related to seeking consumer's choice of channels "is in full swing". "It has also been brought to the attention of the authority that certain rumours and misleading information is still being circulated contending that further extension of the time period for obtaining consumer choices is under consideration. The authority reiterates that there is no reason to consider any extension in view of the significant momentum in obtaining the choices and the assurances of all the service providers," Trai said in a statement. Outlining a host of initiatives being taken by stakeholders and the regulator itself to ensure a smooth migration to the new regime within the stipulated timelines, Trai said the work related to obtaining the choice of consumers has been progressing "quite well" and ...