Page 1301 - Business Finance
MUFG establishes partnership with Indonesian Bank Danamon
Indonesia is an emerging economy. And to tap the market potential, Japan's Mitsubishi UFJ Financial Group (MUFG) has joined hands with Bank Danamon of Indonesia.The partnership enables harmonisation of both strong points to enrich both country's people.Deputy President of MUFG Eiichi Yoshikawa said, "Japan and Indonesia have enjoyed strong relationships for long time. Indonesia has large population and achieved big economic growth that is why partnership with Indonesia following other partnerships with countries such as Vietnam, Thailand and Philippines, will realise huge network businesses in ASEAN region.""Currently we are trading in Indonesia with 2,300 companies which represent about 90 per cent of Japanese companies in the country. And by providing local service by our partner Bank Danamon to those customers, I think further substantial business will be created. For example, adding joint venture between Indonesian and Japanese company will create new customer and expand ...
JCB issues credit card in Indonesia
The usage of credit card in Indonesia is still low. Only 17 million people were issued credit cards out of approximately 260 million people. However, the credit market is increasing due to young population and economic growth. Bank Mandiri, which is one of the largest banks in Indonesia, announced its partnership with JCB International Indonesia, on issuing JCB Precious credit card to target premium customer.President and COO OF JCB International Kimihisa Imada said "I am really happy to finally announce the launch of Mandiri JCB Precious card with one of the largest banks in Indonesia. With this new Mandiri JCB precious card, customer will be able to enjoy unique and rich service offered by Mandiri and JCB and I am sure that this new product will attract broad range of Mandiri customer. As you may already know JCB offers variety of privilege and discount both inside and outside of Indonesia".JCB is major global payment brand and leading payment card issuer and acquirer in Japan.This .
Palladium surges to new record on tight fundamentals; gold firm
BENGALURU (Reuters) - Palladium scaled a new peak on Thursday, driven by a deficit in the auto-catalyst metal and robust demand, while gold held firm on concerns surrounding a U.S. government logjam and Brexit.
Jet Airways shares bounce back; settle with over 5 pc gain
Shares of Jet Airways erased early losses and ended over 5 per cent higher Thursday after Chairman Naresh Goyal offered to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. The scrip bounced back and ended 5.09 per cent higher at Rs 284.80 on the BSE. During the day, the stock had plunged 5.31 per cent to Rs 256.60. At NSE, shares of the company soared 5.28 per cent to close at Rs 283.95. In terms of equity volume, 48.12 lakh shares of the company were traded on BSE and over 6 crore shares changed hands at NSE during the day. Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI. Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on ..
Air Arabia begins legal proceedings against Abraaj founder
DUBAI (Reuters) - Air Arabia said on Thursday it has begun legal proceedings against Abraaj founder Arif Naqvi in a court in Sharjah, the latest challenge for the founder of the collapsed private equity firm.
Parag Milk launches cow milk in NCR at Rs 120/litre; to airlift milk from dairy farm at Pune
Parag Milk Foods Ltd will supply 10,000 litres of premium fresh cow milk per day in the Delhi-NCR market directly to customers by airlifting the product from its dairy farm near Pune, a top company official said Thursday. Parag Milk, which posted Rs 1,950 crore turnover last fiscal, has three plants in Maharashtra, Andhra Pradesh and Haryana with a total processing capacity of 2.9 million litres per day. It sells milk and other dairy products under different brands including 'Gowardhan', 'Go', and 'Pride of Cows'. In April last year, Parag Milk acquired Danone's manufacturing facility in Sonepat to expand its footprint in the north and northeast India. In August, it commenced commercial operations of this plant and launched the pouched cow milk in Delhi-NCR. "We are now launching our premium milk brand 'Pride of Cows' in the Delhi-NCR market. We will sell this cow milk at Rs 120 per litre. Initially, we will supply 10,000 litres per day and in the next six months, this will increase ..
SocGen blames rocky markets for its profit warning
PARIS (Reuters) - French bank Societe Generale warned that volatile markets would hurt its fourth quarter profit, hitting its shares and other banks which have yet to report earnings.
Renault executives, French government officials to meet Nissan CEO: Nikkei
TOKYO/PARIS (Reuters) - Renault executives and French government officials were planning to meet Nissan CEO Hiroto Saikawa in Japan on Thursday, Japanese media said, as the automakers consider their partnership in the wake of alliance Chairman Carlos Ghosn's arrest.
Steel production rises 4.5%, consumption up 8.4% during April-Dec in FY19
India's finished steel production during April to December period of the current financial year (FY19) rose by 4.5 per cent to 97.358 million tonnes (mt) while the country's consumption grew by 8.4 per cent to 71.862 mt in the same period, a Steel Ministry's report said.
Lenders considering restructuring plan for Jet Airways: SBI
The State Bank of India (SBI) on Thursday said that lenders to the financially stressed Jet Airways are in talks for a restructuring plan to ensure long term viability of the airline.
Nifty January 2019 futures at small premium
Turnover in F&O segment surges
India can lead in 5G deployment but investments in fibre infrastructure key: TRAI Chief
India can be a frontrunner in deployment of 5G but a lot will hinge on bolstering investments in fibre infrastructure, which is currently inadequate and trailing countries like China, TRAI Chairman R S Sharma said Thursday. Sharma noted that there has been consolidation in the Indian telecom market leading to an optimal situation of one public sector and three private sector players, and added that the sector will see stability. "In 5G space, we can leapfrog inadequacies which we have in physical world, all of which can be overcome with use of information and communication technologies...There is a serious concern that while people are talking of 5G as a slogan but it won't happen unless we put a lot of investment in fibre. Without fibre, 5G will not happen," Sharma said. He was speaking at the India Digital Summit organised by Internet and Mobile Association of India (IAMAI). India has only 22 per cent of mobile towers connected on fibre, while 78 per cent are without fibre, on ...
Adani to foray into petrochemicals with Rs 16,000 cr plant in JV with BASF
Billionaire Gautam Adani-run Adani Group will partner German chemical giant BASF to foray into the petrochemicals sector with a Rs 16,000 crore factory at Mundra in Gujarat. Besides investing in the chemical factory, BASF will also invest in wind and solar power plant at the site to meet the electricity requirement of the unit, the two companies said in a statement. BASF will hold a majority controlling stake in the new venture. It will, however, hold a minority interest in the power venture. BASF SE and Adani Group signed a Memorandum of Understanding (MoU) on the eve of the Vibrant Gujarat Global Summit 2019 "to evaluate a major joint investment in the acrylics value chain", they said. This would be BASF's largest investment in India to date, it said without giving details. A feasibility study will be completed by the end of 2019. "According to the MoU, BASF and Adani want to establish a joint venture with an investment totaling about Euro 2 billion (about Rs 16,000 crore), in which
Oil slips as U.S. production rises and concern persists over trade
LONDON (Reuters) - Oil prices fell on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) amid worries about weakening demand, particularly in light of the trade dispute between the United States and China.
Employees in India may see double-digit salary growth this year: Report
Employees in India are likely to see a double-digit salary growth in 2019, but inflation may play a dampener capping the hike at 5 per cent, a report said Thursday. According to global consulting firm Korn Ferry, as a result of rapid economic growth, India continues to enjoy the highest overall salary increases and real-wage growth in Asia. Salaries in India are expected to increase 10 per cent in 2019 as compared to 9 per cent last year and inflation-adjusted real-wage hikes are likely to rise to 5 per cent from 4.7 per cent in 2018. "Consequent to rapid economic growth, India continues to enjoy the highest overall salary increases and real-wage growth in Asia," said Navnit Singh, Chairman & Regional Managing Director, Korn Ferry India. Singh further said companies should take a broader perspective to define their business strategy and cost drivers in view of increasing automation, use of new technology and the rising demand for skilled workers. "Compensation programmes need to ..
Larsen & Toubro Infotech acquires Ruletronics for $7.48 mn
Larsen & Toubro Infotech (LTI) Thursday said it has acquired Ruletronics for an enterprise value of USD 7.48 million (about Rs 53 crore). Ruletronics enables businesses to transform and evolve digitally by providing innovative business process management and customer relationship management solutions leveraging 'Pega' Platform. The enterprise value payable for the acquisition of 100 per cent share capital of Ruletronics is USD 7.48 million, including up-front consideration and earn-outs, LTI said in a BSE filing. "The acquisition will strengthen the company's rapidly growing digital business with a suite of capabilities in Pega implementation in establishing BPM roadmap and strategy, customer services, RPA and decisioning," it added. Ruletronics, whose current industry strength lies across insurance, banking, health care and retail segments, had reported revenue of USD 3.35 million in FY18. The closing of the transaction - paid in cash - is expected to get completed within eight ..
Quick Wrap: Nifty Media Index registers a drop of 2.08%
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CCI clears Visa's minority stake buy in Billdesk
The Competition Commission has cleared the US-based firm Visa's minority stake purchase in domestic payments processing company Billdesk. The US-based payment processing firm in November 2018 had said that it has picked up a minority stake in Billdesk which is operated by Mumbai-based IndiaIdeas.com Ltd. The amount for the deal was however not disclosed. In a tweet on Thursday, the Competiton Commission of India (CCI) said it "approves acquisition of shares by Visa in IndiaIdeas." The CCI also tweeted that it has approved acquisition of shares in Billdesk by Claymore Investments (Mauritius), a wholly-owned subsidiary of Temasek Holdings and the Netherland-based Springfield Investments International. In the case of Springfield, the CCI said it has approved acquisition of 3.28 per cent stake in Billdesk while Claymore, post acquisition, would hold less than 10 per cent stake in payments processing firm. Mergers and acquisitions beyond a certain threshold require approval of the CCI.
PM inaugurates global trade show at Vibrant Gujarat Summit
Prime Minister Narendra Modi Thursday inaugurated a global trade show in Gandhinagar, organised as part of the ninth edition of the Vibrant Gujarat Global Summit 2019. After inaugurating the trade show, Modi visited a few pavilions and saw some of the products kept on display. The Vibrant Gujarat Global Trade Show is being held on around two lakh sq mt area of an exhibition ground in the state capital. Around 25 industrial and business sectors are showcasing their products at the event. The trade show will continue till January 22 and will be open for general public on the last two days (January 21 and 22). For the first time, the government has organised buyer-seller and reserve buyer-seller meet as part of the trade show, where manufacturers, mainly from the MSME sector, are displaying their products. Around 1,500 overseas and domestic buyers are expected to visit the trade show, which aims to benefit MSMEs (micro, small & medium enterprises) from Gujarat. Sixteen .
Lenders to Jet discuss restructuring plan even as shareholders differ
BENGALURU/MUMBAI (Reuters) - State Bank of India (SBI) said on Thursday lenders to Jet Airways Ltd are considering a plan to resolve the airline's debt issues, amid a swirl of media reports indicating the carrier's main shareholders are yet to resolve differences.