Page 1233 - Business Finance
Fix your roofs as sun still shining: Lagarde on global economic prospects
In a strong message to the world economies, IMF chief Christine Lagarde said on Thursday they should fix the roofs when sun was still shining. Explaining the recent lowering of IMF growth forecast for the global economy, she said the forecast for two major economies have not been revised as yet. "Sun is still shining, so please fix the roofs. This is the message we are giving with our modest downward revision to global economic growth," Lagarde said here at a session of the World Economic Forum. "We have not revised our forecast for US and China as they have take certain steps that would keep them growing," the IMF Managing Director said. While noting that there are some major risks that could precipitate, Lagarde said if Chinese economy slows down a bit, that would be fine but if they fall faster then that could be a problem. On Monday, the International Monetary Fund (IMF) cut its global growth projections for 2019 and 2020 to 3.5 per cent and 3.6 per cent respectively, citing ...
WTO chief pitches for global multilateral agreement on e-commerce
The multilateral trading systems and the WTO are headed for the "dark ages" unless they urgently evolve to respond to a fast-changing world, the global trade organisation's chief Roberto Azevedo warned Thursday. Speaking here at the World Economic Forum Annual Meeting, he also said the world needs a global multilateral agreement for e-commerce. The world leaders have been debating the changing global order and the emerging threats to international trade systems amid a growing clamour in several countries for inward-looking policies. The IMF has also said the ongoing trade war between the US and China is hurting global growth. Besides, China's economy grew at its slowest pace since 1990 in the last quarter of 2018. At a session on where global trade was headed, Cecilia Malmstrom, Commissioner for Trade at the European Commission, said there are two major trends. Firstly -- risks like increased protectionism, trade wars and countries acting on their own are undermining the global ...
Can bring in EVs into India quickly if policy framework is clear: Kia
South Korean auto maker Kia Motors has the ability to drive in electric vehicles into the Indian market "very quickly" provided there is some clarity on the policy framework, a senior company official said. The company, which is preparing to launch its first model in India by middle of this year, currently sells a range of electric, hybrid and other environmental friendly vehicles across the globe. Kia Motors India, a subsidiary of Kia Motors, is in the final stages of commissioning the manufacturing facility at Anantapur in Andhra Pradesh with an annual installed production capacity of over 3 lakh vehicles. "We are fully equipped to bring electric vehicles to India. We have developed all kinds of technology from a hybrid, mild hybrid, plug-in hybrid, electric, fuel cell. Needless to say that none other brand is prepared for EVs like we are with our specialised technology," Kia Motors India Head of Marketing and Sales Manohar Bhat told PTI. So, as soon as the Indian policy framework ..
Ghosn resigns as Renault President
Carlos Ghosn, the ousted Nissan Motor chairman who is currently in a Tokyo jail for alleged financial misconduct, on Thursday resigned as President and CEO of Renault, hours before the company was slated to dismiss him.
Orient Green Power Q3 loss widens to Rs 65.74 crore
Orient Green Power Thursday reported widening of its consolidated net loss by over 28 per cent to Rs 65.74 crore in the December 2018 quarter. The company's net loss was Rs 51.07 crore in the third quarter of 2017-18, it said in a BSE filing. Total income came down to Rs 33.62 crore from Rs 58.25 crore a year ago. For the nine-month period ending December, consolidated net loss came in at Rs 33.23 crore as against a net profit of Rs 1.51 crore in April-December 2017. During the first nine months of this fiscal, total income fell to Rs 282.79 crore from Rs 354.45 crore in corresponding period a year earlier. The company had reported a consolidated net loss of Rs 71.42 crore in 2017-18.
Carlos Ghosn resigns from top job at Renault
Carlos Ghosn has resigned as the chairman and CEO of French carmaker Renault, France's Economy Minister Bruno Le Maire has said, NHK reported.Ghosn, who is in jail in Tokyo, resigned on Wednesday night.The French government is Renault's top shareholder.The automaker's board is to meet on Thursday to name Ghosn's successor.Ghosn has been detained in Tokyo since November 19. He has been indicted on charges of aggravated breach of trust and underreporting his remuneration for Japanese carmaker Nissan Motor.Ghosn has denied the charges.
India's growth to accerate from 7.4% to 7.6% in FY20: UN
With robust private consumption and 7.4 per cent GDP growth rate in the current fiscal, the Indian economy is expected to accelerate at a rate of 7.6 per cent in 2019-20, according to a report by the United Nations."Economic growth continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms," said the report titled United Nations' World Economic Situation and Prospects (WESP) 2019.It added that a more robust and sustained recovery of private investment remains a crucial challenge to uplifting medium-term growth.This is in reference to sustained slowdown in domestic private investment owing to various factors such as the massive accumulated non-performing assets (NPAs or bad loans) of banks, highly leveraged corporates and a general credit crunch.The WESP report said global economy will continue to grow at a steady pace of around 3 per cent in 2019 and 2020. However, a worrisome combination of development challenges ...
Yes Bank names Deutsche Bank's Gill as CEO to replace Kapoor
(Reuters) - India's Yes Bank said it won central bank approval to appoint Deutsche Bank India head Ravneet Singh Gill as the successor to controversial incumbent chief executive Rana Kapoor, sending the private sector lender's shares up sharply.
Indo-Russian collaboration in AI, IoT to take-off in 2019: Zyfra CEO
Indo-Russia joint projects in the field of artificial intelligence (AI) and the Internet of Things (IoT) are expected to take-off this year according to the Finnish-Russian digital solutions provider Zyfra which has joined hands with Indian companies to provide IoT and AI-based solutions for the industrial sector.
Deutsche Banks gets queries from U.S. House panels on its Trump ties
FRANKFURT (Reuters) - Deutsche Bank said on Thursday that it had received an inquiry from two important committees of the U.S. House of Representatives on the lender's ties to U.S. President Donald Trump.
Global Markets: Gloomy data shoves euro lower ahead of ECB meeting
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.
Karnataka eyes farmlands to set up industries: CM
To be a premier investment destination, the Karnataka government began identifying farmlands in rural areas to set up industrial units, Chief Minister H.D. Kumaraswamy said on Thursday.
PVR Q3 net profit at Rs 55.38 crore
Multiplex chain operator PVR Thursday reported a consolidated net profit of Rs 55.38 crore for the third quarter ended December 2018. The company had reported a net profit of Rs 29.16 crore for the October-December quarter of the previous fiscal. PVR's total income during the period stood at Rs 857.37 crore. It was Rs 560.46 crore in the year-ago period, PVR said in a BSE filing. Meanwhile, the company said the results for the quarters were not comparable due to acquisition of Chennai-based chain SPI Cinemas. PVR's total expenses were Rs 768.11 crore during the quarter. It has added 123 screens during the current financial year so far and now operates a network of 748 screens spread over 161 properties in 64 cities, according to the company. Shares of PVR Ltd were trading at Rs 1,603.75 apiece on the BSE, down 0.23 per cent from the previous close.
Nifty, Sensex rise on Yes Bank surge
(Reuters) - Indian shares closed slightly higher on Thursday, helped by gains in Yes Bank Ltd after the lender said it got the central bank's approval to name Ravneet Singh Gill as its new chief executive officer.
Yes Bank names Deustche Bank's Gill as CEO to replace Kapoor
(Reuters) - India's Yes Bank said it won central bank approval to appoint Deutsche Bank India head Ravneet Singh Gill as the successor to controversial incumbent chief executive Rana Kapoor, sending the private sector lender's shares up sharply.
Davos: UK finance minister Hammond pulls out of event at Davos - FT
LONDON (Reuters) - British finance minister Philip Hammond has pulled out of an event at the World Economic Forum in Davos, Switzerland, the Financial Times reported on Thursday.
IMF's Lagarde: China-U.S. trade tension a major risk to global growth
DAVOS, Switzerland (Reuters) - International Monetary Fund Managing Director Christine Lagarde on Thursday reiterated that the major risk facing the global economy was the trade tension between China and the United States.
Sensex ends 87 pts up; RIL, Yes Bank lead recovery
Domestic equity market Thursday witnessed moderate recovery after choppy trade as both Sensex and Nifty reversed their two-day losing spell on the back of gains in heavyweights RIL, ITC and Yes Bank. During the session, the BSE benchmark Sensex swung over 260 points both ways on alternate bouts of buying and selling by participants. A significant gain in shares of Reliance Industries, Yes Bank, ITC, TCS and SBI, which rallied up to 8.39 per cent, largely boosted both the key indices. The 30-share BSE Sensex, after opening higher at 36,146.55 points, gave up all gains and slipped into the negative terrain to crack below the 36,000-mark, and touched a low of 35,996.68. However, on emergence of buying in late afternoon trade, it staged a comeback to close the day 86.63 points, or 0.24 per cent, higher at 36,195.10 after scaling a high of 36,258.28. The gauge had lost over 470 points in the previous two sessions. Similarly, the 50-share NSE Nifty closed higher by 18.30 points, or 0.17 ...
Yes Bank net profit falls 7 pc to Rs 1,002 cr in Dec quarter
Yes Bank Thursday reported a 6.96 per cent fall in net profit to Rs 1,001.85 crore in the quarter ended December 2018. Its net profit was Rs 1,076.87 crore in the corresponding quarter of 2017-18. The bank on Thursday also named Ravneet Singh Gill, currently heading Deutsche Bank India, as the managing director and chief executive officer to succeed Rana Kapoor, whose term ends on January 31. The private sector lender said net provisions stood at Rs 550.2 crore on account of Rs 570.8 crore of accelerated provisioning on exposure to a "stressed infrastructure conglomerate", according to a stock exchange filing. The bank, however, did not name the conglomerate. According to the filing, the bank's net interest income grew 41.2 per cent year-on-year (y-o-y) to Rs 2,666.4 crore. Its advances grew 42.2 per cent y-o-y to Rs 2,43,885 crore. Yes Bank's gross non-performing asset (NPA) increased to 2.1 per cent of the total advances in the quarter, compared with 1.72 per cent in the year-ago ...
Ravneet Singh Gill to be Yes Bank MD, CEO
Deutsche Bank India CEO Ravneet Singh Gill has been named the new MD and CEO of Yes Bank with effect from March 1.