Page 1261 - Business Finance
Switzerland an open economy and welcomes free trade: President Maurer
Swiss President Ueli Maurer on Tuesday called for an open discussion among world leaders to tackle issues related to the global economy and asserted that Switzerland is an open economy that welcomes free trade. The World Economic Forum (WEF) has been one of the most important organisations we have and the Swiss government is proud of being the host country and helping the world leaders connect and network with each other, Maurer said. Many people have been worried about the developments on the global stage, he noted. Saying he would paraphrase what Albert Einstein said, Maurer asserted those who are not doing anything have no right to disturb those who are trying to fix certain things. He also said dialogue should always be preferred over monologue and asserted Switzerland is an open economy which welcomes free trade as also open dialogue. "We are looking forward to freedom among equals during discussions at the World Economic Forum," he added.
Tata Power wins two awards at 58th Association of Business Communications Annual Awards
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Expect further reforms in Agriculture Sector, rationalization of Direct Taxes and measures for Employment Creation: PHD Chamber
The last five budgets of the present Government have focused on each and every segment of the economy and the intent of the Government has been to do welfare for every citizen of India. Going ahead, we look forward to continuation of the dynamic reforms in the forthcoming budget also, said Mr Rajeev Talwar.
Exporters may get incentives based on R&D, specific clusters under new FTP
Exporters are likely to get incentives based on parameters like research and development, product-specific clusters and production pattern under a five-year foreign trade policy (FTP) to be released later this year, an official said. The commerce ministry is working on recasting the existing export incentive schemes in line with the global trade norms of the World Trade Organisation (WTO). "We are recasting our export incentive schemes. In the new FTP, they would be in compliance with the global trade rules. The new incentives could focus on R&D activities, production parameters, product-specific clusters. Rebate can also be given on state levies," the official added. The last FTP was released in 2015 for five years. It provided guidelines for enhancing exports with an overall objective of pushing economic growth and job creation. Under an FTP, the government announces incentives for exporters. Currently, duty benefits are provided under merchandise export from India scheme (MEIS)
Oil drops more than 1 percent as China slowdown bites
LONDON (Reuters) - Oil prices fell more than 1 percent on Tuesday on signs that an economic slowdown in China was spreading, stoking concerns about global growth and fuel demand.
Sensex snaps 5-day winning streak on weak global cues, profit-booking
The domestic equity market took a breather Tuesday after a five-day rising spree as investors booked profits in metal, financials and auto counters, amid weak cues from international markets after IMF lowered its global growth projections for 2019 and 2020. The 30-share BSE Sensex dropped 134.32 points to end at 36,444.64, while the broader NSE Nifty finished 39.10 points lower at 10,922.75. Participants were seen taking money off the table after the recent rally, even as the wider sentiment remained positive, underpinned by better-than-expected Q3 earnings by several bluechips. The BSE Sensex, after resuming higher at 36,649.92, advanced to 36,650.47 on buying by domestic institutional investors (DIIs) as well as retail participants. However, market quickly slipped into the negative zone as investors chose lock in gains in recent outperformers, dragging down the key benchmark to a low of 36,282.93 before ending at 36,444.64 down 134.32 points, or 0.37 per cent. The gauge had rallied .
Asian Paints slips after declaring Q3 result
Asian Paints fell 0.75% to Rs 1,410 at 15:18 IST on BSE after the company declared Q3 result during market hours today, 22 January 2019.
Atishay standalone net profit rises 21.57% in the December 2018 quarter
Sales decline 1.77% to Rs 5.54 crore
Gallantt Ispat standalone net profit rises 46.25% in the December 2018 quarter
Sales rise 146.86% to Rs 343.01 crore
Housing & Urban Development Corporation standalone net profit rises 26.90% in the December 2018 quarter
Sales rise 21.88% to Rs 1310.53 crore
Union Bank of India reports standalone net profit of Rs 153.21 crore in the December 2018 quarter
Total Operating Income rise 2.63% to Rs 8477.53 crore
Hindustan Zinc standalone net profit declines 3.79% in the December 2018 quarter
Sales decline 6.45% to Rs 5540.00 crore
Automotive Stampings & Assemblies reports standalone net loss of Rs 5.69 crore in the December 2018 quarter
Sales rise 10.04% to Rs 103.71 crore
GHCL standalone net profit rises 43.99% in the December 2018 quarter
Sales rise 21.19% to Rs 869.93 crore
Sasken Technologies consolidated net profit declines 11.29% in the December 2018 quarter
Sales decline 7.93% to Rs 121.41 crore
Union minister calls for expanding Indo-Oman cooperation to new areas
India and Oman should expand cooperation to new areas of mutual interest including space, cyber-security, renewable energy and food security to realise the full potential of bilateral trade which currently stands at USD 7 billion, Union minister C R Chaudhary said Tuesday. Observing that a lot of restrictions have been lifted to make doing business easy, the Minister of State for Commerce and Industry said 90 per cent of total foreign direct investment (FDI) into the country was now coming through the automatic route. "Considering the expanding economies of India and Oman there is scope for substantial increase in the bilateral flow of trade and investments and diversifying the trade basket," Chaudhary said while addressing a summit organised by industry body PHD Chamber of Commerce. He said Indian companies can also use the Duqm special economic zone in Oman as a hub and gateway to reach out to the rest of Middle East and African nations. "India needs to engage with Oman and take ...
Gatwick drone disruption cost easyJet nearly $20 mln
LONDON (Reuters) - EasyJet lost 15 million pounds ($19 million) during 36 hours of travel chaos sparked by drones flying into London's Gatwick Airport in December, the budget airline said on Tuesday, adding it should serve as a "wake-up call" to airports.
Commerce Min seeks stakeholders' views on report to revive SEZs
The commerce ministry Tuesday said it has sought stakeholders' views on a report submitted by a panel to revive special economic zones (SEZs). A committee headed by Bharat Forge Chairman Baba Kalyani on promoting SEZs submitted its recommendations in November 2018. The panel, which was appointed by the commerce ministry, has suggested continuation of tax incentives and an array of other measures to revamp SEZs. SEZs, which once contributed significantly in the country's exports, started losing sheen after the government decided to roll back tax incentives and imposed minimum alternate tax and dividend distribution tax. "The suggestions (of stakeholders) on the report are required to be sent latest by January 30," the ministry said in a statement. Other suggestions of the panel include renaming of SEZs to employment and economic enclaves (EECs), extension of sunset clause, incentives linked with investments, employment, technology and value addition, simplification of processes and tax
SREI Infrastructure Finance Ltd leads losers in 'A' group
Deepak Fertilizers & Petrochemicals Corp Ltd, Jindal Steel & Power Ltd, Vakrangee Ltd and IL&FS Transportation Networks Ltd are among the other losers in the BSE's 'A' group today, 22 January 2019.
TVS Motor logs Rs 178 cr PAT in Q3
Two- and three-wheeler maker TVS Motor Co on Tuesday said it closed the third quarter of the current fiscal with 15.5 per cent growth in its net profit at Rs 178.4 crore.