Page 1228 - Business Finance
Japan to provide USD 2.5 bn for Bangladesh's first underground railroad
Japan will provide USD 2.5 billion to Bangladesh to build the country's first underground railroad project, a media report said Thursday. A stretch of 26.6-km rail line will be constructed in Dhaka in two phases under the Mass Rapid Transit (MRT) project, the bdnews24.com reported. "The design of the underground rail is being prepared and the tender process of the project will be finalised by end of the year," Project Director Md Saidul Haque was quoted as saying. "Japan has agreed to finance the project which is a big one," he added. According to the contract, Bangladesh will get USD 2.5 billion which will be spent on five projects including the MRT-1 airport route. This financial assistance of Japan will be more than those it gave in previous fiscal years. The interest rate will be 0.95 per cent and the loan has to be repaid within 30 years, the report said.
Sterlite Tech Q3 net profit up 62% to Rs 146 crore
Optical fibre maker Sterlite Tech Thursday reported around 62 per cent jump in consolidated net profit to Rs 145.6 crore in the December 2018 quarter, on account of robust services solutions business. The company had registered a profit of Rs 90.09 crore in the corresponding quarter of 2017-18. Total income jumped around 60 per cent to Rs 1,345.3 crore, compared with Rs 841.91 crore a year ago. "We have been operating at 100 per cent capacity of optical fibre and optical fibre cable. Our new facilities are on track that will further expand our supplies. Our new services business contributed significantly in the current fiscal and contribution also came in from Metallurgica Bresciana which we have recently acquired," Sterlite Tech Chief Financial Officer Anupam Jindal told PTI. Sterlite Tech has already invested around Rs 1,200 crore for expansion of optical fibre capacity to 50 route kilometer (Rkm) from 22 million Rkm. Further, the company is investing Rs 320 crore to expand optical .
Renault names Bollore CEO, Senard chairman: statement
French carmaker Renault said Thursday that it had named Thierry Bollore as its new chief executive and Jean-Dominique Senard as board chairman, replacing former boss Carlos Ghosn following his arrest in Japan for alleged financial misconduct. Senard, currently the CEO of tyre giant Michelin, will represent Renault in its powerful alliance with Japanese carmakers Nissan and Mitsubishi, Renault added in a statement following a board meeting. Bollore, the chief operating officer who had been Ghosn's heir apparent as CEO, has been running the company in the wake of Ghosn's sensational arrest in November. He will be tasked with coordinating Renault's side of "the alliance's activities in the operational field" under Senard's authority, the statement said. "The board expresses its confidence in the new leadership and wishes it every success in its mission," the statement said. Ghosn, who remains behind bars in Japan, resigned as Renault CEO and chairman late Wednesday. He had already been ..
HP bets big on automotive, healthcare verticals for strengthening 3D printer biz in India
Tech giant HP is betting on verticals like automotive, defence and healthcare for driving adoption of 3D printers in the Indian market. The company had introduced 3D printers in India last year, and has seen an uptake in demand from consumers and partner networks, HP Inc India Managing Director Sumeer Chandra said. 3D printing refers to creation of a three-dimensional object in which layers of materials are formed with computers controlling the process. "HP's key focus sectors to drive greater adoption of 3D printing in India include automotive, defence, healthcare, education and research, and fashion and jewellery. We will continue to focus on these areas," he added. Chandra said the company is also working with micro, small and medium enterprises to deploy HP's 3D technology at various manufacturing clusters to ensure faster adoption of the 3D printing technology. HP has now expanded portfolio in India with the introduction of its new 'Jet Fusion 300/500' series that will enable ...
American Airlines quarterly profit beats on higher fares
(Reuters) - American Airlines reported better-than-expected quarterly profit on Thursday and forecast 2019 earnings above Wall Street estimates as the No.1 U.S. airline benefits from higher fares and healthy passenger demand, sending its shares up nearly 6 percent.
Airbus CEO warns of 'harmful decisions' for UK jobs in a no-deal Brexit
PARIS (Reuters) - Airbus warned on Thursday it could shift future wing-building out of Britain in the absence of a smooth exit from the European Union, predicting "potentially very harmful decisions" for its British operations in the event of a 'no-deal' Brexit.
Schwing Stetter plans to invest Rs 350 crore in Tamil Nadu
: Schwing Stetter India, a 100 per cent subsidiary of German concrete machinery manufacturer SCHWING GmBH, has proposed to set up a new manufacturing plant in Cheyyar in Tiruvannamalai district of Tamil Nadu, with an investment of Rs 350 crore over a period of four years. The company Thursday signed a memorandum of understanding with its subsidiary during the second edition of the Global Investors Meet underway here. The plant would create 200 new jobs, a press release from the company said. "Schwing Stetter has committed itself to an immediate investment of Rs 237 crore in new plant in Cheyyar on SIPCOT (State Industries Promotion Corporation of Tamil Nadu) land and will be scaling up the investments to Rs 350 crore over a period of four years," the release said. The facility to be spread across 53 acres would be used for producing truck-mounted concrete boom pumps, self-loading mixers, among others, it said. The unit marks the commitment of the German company to the ...
Oil falls in about-face as Venezuela-driven bounce fades
LONDON (Reuters) - Oil fell on Thursday as concern over the global economy reasserted itself, reversing earlier price gains made on the potential for U.S. sanctions on Venezuela.
Global Markets: Gloomy data pushes euro lower but will Draghi worry?
LONDON (Reuters) - The euro retreated while stocks and bonds rallied on Thursday, as painful data from France and only modestly better readings from Germany set the tone for the European Central Bank's first meeting of the year.
Gold firm as growth concerns, U.S. govt shutdown drag dollar
(Reuters) - Gold held steady on Thursday, supported by a softer dollar due to concerns the prolonged U.S. government shutdown will limit economic growth even as concerns of slowing global growth grew.
Hyundai Electronics enters India with consumer durables
South Korea-based Hyundai Electronics has ventured into the Indian consumer durables market with electronic products and home appliances.
RPower net down 32.5 pc to Rs 189 cr in Dec quarter
Reliance Power Thursday reported a 32.47 per cent decline in consolidated net profit to Rs 189.30 crore in the December 2018 quarter, mainly on account of lower revenues. Its consolidated net profit was Rs 280.34 crore in the corresponding quarter of the previous year, according to a BSE filing. The company's total income in the quarter fell to Rs 2,151.39 crore, compared with Rs 2,589.28 in the year-ago period. Its consolidated net profit in April-December 2018 period also dipped to Rs 679.55 crore from Rs 784.34 crore in corresponding period of 2017-18. Total income in the nine-month period came down to Rs 6,898.97 crore from Rs 7,718.53 in the previous fiscal. The Reliance Group company had reported a consolidated net profit of Rs 103 crore in 2017-18 recording total income of Rs 10,118.09 crore in the fiscal. During the December 2018 quarter, the firm's 3,960-MW Sasan project in Madhya Pradesh operated at a plant load factor or capacity utilisation of 97 per cent. Sasan coal ...
Royal Enfield commits investment of additional Rs 500 cr in Tamil Nadu by 2021
Royal Enfield will invest an additional Rs 500 crore by 2021 to expand its three manufacturing facilities in Tamil Nadu under a pact with the state government to receive fiscal and monetary incentives. According to the memorandum of understanding (MoU) inked between the two parties, the state government will extend fiscal and monetary incentives to the company, subject to it investing Rs 1,500 crore over a period of five years beginning May 2016, Royal Enfield, two-wheeler arm of Eicher Motors, said in a regulatory filing. Out of Rs 1,500 crore, Royal Enfield has already invested over Rs 1,000 crore. The company is planning to put in the rest of the capital towards capacity expansion at its three existing manufacturing facilities in and around Chennai at Thiruvottiyur, Oragadam and Vallam Vadagal that are producing motorcycles for India and international markets. The company is also planning to invest for setting up the technology centre along the Old Mahabalipuram Road (OMR) in ...
Yes Bank names Deutsche Bank's Ravneet Gill as CEO after RBI spat
(Reuters) - Yes Bank has hired the head of Deutsche Bank India Ravneet Gill as its new chief executive after the Reserve Bank of India demanded Rana Kapoor was replaced, lifting its shares.
CBI books Dhoot, Chanda Kochhar; conducts raids in Videocon-ICICI Bank Rs 1,730-cr loan case (Third Lead)
In a significant development, the CBI on Thursday lodged an FIR against former ICICI Bank chief Chanda Kochhar, her husband Deepak Kochhar and industrialist V.N. Dhoot besides four companies, and raided four locations in Maharashtra in connection with a Rs 3,250-crore loan involving the Videocon Group and the ICICI Bank, informed sources said here.
Hatsun Agro 3qtr net rises 23.7 per cent at Rs 18.52 cr
Dairy products maker Hatsun Agro Ltd has clocked a 23.7 per cent rise in its third quarter net at Rs 18.52 crore, the city-based firm said Thursday. Hatsun Agro Products Ltd registered net profits at Rs 14.97 crore during corresponding quarter of previous year. In a filing to the BSE, the company said, the profits for the nine month period grew by 7.11 per cent, to Rs 94.64 crore from Rs 88.35 crore registered year ago period. Total income for the October-December 2018 quarter grew to Rs 1,156.06 crore from Rs 1,014.13 crore registered year ago. For the nine month April-December 2018 period, total income surged to Rs 3,580.05 crore from Rs 3,244.40 crore registered same period of last year. Shares of the company ended at Rs 706.55 crore upby 1.22 per cent over previous close in BSE.
Microsoft welcomes regulation on facial recognition technology: Nadella
DAVOS, Switzerland (Reuters) - Microsoft Chief Executive Satya Nadella said on Thursday that with the growth of facial recognition technology, he would "welcome regulation that will help the marketplace not be a race to the bottom."
Ahmedabad Municipal Corp lists bonds on NSE
Ahmedabad Municipal Corporation listed its bonds on the debt securities platform of the National Stock Exchange (NSE) Thursday. The civic governing body of Ahmedabad issued bonds aggregating Rs 100 crore with a greenshoe option of the same amount on January 11 and received a record subscription of Rs 1,085 crore from 19 institutions. Proceeds of the issue will be utilised towards the central government scheme, Amrut, which focuses on development of urban infrastructure. "AMC has ambitious plans for the city and fund raising through bonds is a welcome mode," Ahmedabad Municipal Commissioner Vijay Nehra said in a statement. "Ahmedabad has significant projects lined up for future and is looking forward to more such fund raising bond issue going forward," Ahmedabad Mayor Bijal Patel said. Ravi Varanasi, chief business development officer at NSE said the exchange has emerged as a platform of choice for price discovery and listing of debt securities. "We are happy to provide a platform ...
ECB keeps policy unchanged but may acknowledge weak growth
FRANKFURT (Reuters) - The European Central Bank left its policy stance unchanged as expected on Thursday, keeping a rate hike later this year on the table even as the euro zone economy suffers its biggest slowdown in half a decade.
France seeks support for minimum corporate tax at world level
DAVOS, Switzerland (Reuters) - France called on Thursday for a new global system of taxation, including a tax on digital giants, as governments look to prevent companies from shopping around for tax havens.