Page 1311 - Business Finance
TRAI directs TataSky to file a status report over implementation of new tariff regime
The Telecom Regulatory Authority of India (TRAI) has asked direct-to-home operator TataSky to file a status report over implementation of new rule that allows viewers select and pay only for the channels they wished to view, citing large number of complaints from its consumers. The sectoral regulator also alleged that the DTH operator is misleading its consumers by informing subscribers that "TRAI has extended the date of implementation of new regulatory framework". In a letter to Tata Sky, TRAI said it has received a "a large number of complaints" from its subscribers that the company has "not made any provision in their system to obtain the choice of subscribers as per the new regulatory framework." Subscriber have "also pointed out that the customer care centre of Tata Sky as well as the (ticker' running on Tata Sky platform channels are misleading the subscribers by informing that the TRAI has extended the date of implementation of new regulatory framework", it added. "This ...
Chinese premier vows measures to support the economy
China will step in to support private businesses and cut taxes to boost the slowing economy, Premier Li Keqiang said Wednesday. Growth in the world's second largest economy is flagging, dragged down by the trade dispute with the US, and growth should slip to 6.2 percent this year according to the World Bank. The slowdown complicates Beijing's efforts to cut debt levels and transition away from an economic model based on exports, manufacturing and investment to one more reliant on domestic consumption. In a meeting with senior officials and leading businessmen including Alibaba's Jack Ma, Li outlined measures to fight the "downward pressure on the economy". "We need to further stimulate the vitality of the market," Li said, according to state news agency Xinhua. "This is an important support in the face of downward pressure and an important direction of reform," Li said. In recent years, China has moved in the opposite direction, with state-owned enterprises growing in importance and ..
IL&FS ex-dir seek clarification on asset freeze from NCLT
The former directors of the crippled IL&FS Group Wednesday approached the National Company Law Tribunal (NCLT) seeking clarification on bench's earlier order restraining them from disposing of or creating any third-party rights on their properties till January 16. Former directors of IL&FS, except S Rengarajan, the past managing director and chief executive of IL&FS Securities Services, Wednesday sought clarification from the two-member bench of judges VP Singh and Ravikumar Duraisamy on NCLT's earlier order of December 3, 2018. The order had restrained the former directors from mortgaging, or third-party interests or in any way alienating movable or immovable or jointly held properties. They were also restrained from dealing in securities in any companies till January 16. Rengarajan had moved the National Company Law Appellate Tribunal (NCLAT) against the December 3, 2018 order. NCLAT allowed him to withdraw Rs 2 lakh per month from any one of the bank ...
NABARD projects credit potential of Rs 1,936.4cr for Meghalaya
The National Bank for Agriculture and Rural Development (NABARD) has estimated a credit potential of Rs 1936.37 crore for Meghalaya under priority sector during 2019-20, officials said on Tuesday. The projected amount was disclosed by NABARD during the launch of the State Focus Paper (SPF), a credit planning exercise undertaken by the bank in close coordination with multiple stakeholders like the state government, banks, NGOs and farmer groups. The amount holds significance for Meghalaya, which has been a largely credit-deficient state with consistently low credit-deposit ratios in the range of 30-32 per cent, NABARD state-in-charge Y K Rao said. The SPF has estimated Rs 595.10 crore for crop loans, Rs 387.93 crore for term loans in agriculture, Rs 714.93 crore for the MSME sector and Rs 238.41 crore for other priority sectors like rural housing and education loans, he said. Chief Secretary Y Tsering exhorted the banking sector to rise up to the challenges and ensure ...
Goldman's revenue beat powered by M&A bankers, equity traders
(Reuters) - Goldman Sachs topped analysts' revenue estimates on Wednesday as strength in its equities desk and M&A advisory cushioned losses from bond trading, making it the only Wall Street bank so far to show growth in fourth-quarter trading revenue.
Goldman, BofA earnings boost to drive Wall Street higher at open
(Reuters) - Wall Street was set to extend gains on Wednesday, after hitting a four-week high in the previous session, as strong earnings from Goldman Sachs and Bank of America as well as a $22 billion deal in the fintech sector lifted sentiment.
BofA's loan growth powers better-than-expected profit
(Reuters) - Bank of America Corp's quarterly profit topped analyst estimates on Wednesday as its growing loan book helped it ride out year-end market volatility.
RBI slaps Rs 1-cr fine on Bank of Maharashtra
The Reserve Bank of India (RBI) Wednesday imposed a Rs 1-crore penalty on state-owned Bank of Maharashtra (BoM) for non-compliance of Know Your Customer guidelines and fraud-classification norms. This penalty has been imposed taking into account the failure of the bank to adhere to directions issued by the RBI, the central bank said in a statement. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," it said. Last year, the RBI had imposed a penalty of Rs 1 crore on BoM on account of delay on the part of the bank to detect and report fraud in an account.
RBI announces the New External Commercial Borrowings (ECB) Framework
List of eligible borrowers expanded, all entities eligible to receive FDI can borrow under the ECB framework
Global cues subdue equity indices, rupee continues to slide (Roundup)
Broadly negative global cues, especially owing to the political uncertainty in the UK on Brexit, along with a sustained weakness in the Indian currency, subdued the Indian equity market on Wednesday with both major indices -- Sensex and Nifty50 -- ending flat.
NABARD pegs Meghalaya's credit potential at Rs. 1936.37 crore for 2019-20
The National Bank for Agriculture and Rural Development (NABARD) has estimated a credit potential of Rs 1,936.37 crore for Meghalaya under priority sector lending for the year 2019-20, an official said on Wednesday.
Tata's Trent buys 1.5 lakh sq ft space in Lodha's project
In a major commercial deal, Tata Group's retail arm Trent has acquired five floors of office space in Lodha Group's commercial building Lodha Excelus New Cuffe Parade for a transaction value of Rs 300 crore. Of the 5 floors, the company, as the first and anchor client, has bought four floors on an outright basis, while one floor has been taken on a long-term lease and the deal is valued at about Rs 300 crore for a total 1.5 lakh sq ft leasable area, Lodha said in a statement issued Wednesday. "The transaction has been done at a value of around Rs 60 crore per floor, implying a deal value of Rs 300 crore, which makes the building worth Rs 1800 crore. We have just completed the first office building at this project with over 8 lakh sqft of leaseable area and we are starting work on the second office building of about 11 lakh sqft soon," Lodha group Regional CEO Shaishav Dharia said. He further said the company has a few projects under development which will be completed ...
GST panel to study uniform tax rate on lottery
A GST ministerial panel will suggest whether a uniform tax rate should be imposed on lotteries or the current differential tax rate system be continued, the Finance Ministry said Wednesday. Currently, a state-organised lottery attracts 12 per cent GST while a state-authorised lottery attracts 28 per cent tax. The GST Council has constituted an eight-member Group of Ministers under Maharashtra Finance Minister Sudhir Mungantiwar, the Finance Ministry said in a statement. As per the Terms of Reference (ToR) for the GoM, the panel will see whether the disparity in tax structure on lottery be continued or a uniform rate be prescribed for both. It would also suggest whether private persons authorised by the states are misusing the lower rate and getting enriched themselves at the cost of the state and suggest measures to curb it. The GoM would also examine issues related to enforcement including the legal frame work, so as to prevent evasion of tax on lottery and suggest appropriate tax ...
Sears chairman prevails in bankruptcy auction for retailer with $5.2 billion bid: sources
NEW YORK (Reuters) - Sears Holdings Corp Chairman Eddie Lampert prevailed in a bankruptcy auction for the U.S. department store chain with an improved takeover bid of roughly $5.2 billion, allowing the 126-year-old retailer to keep its doors open, people familiar with the matter said Wednesday.
Fiserv to buy First Data in $22 billion stock deal
(Reuters) - U.S. financial technology provider Fiserv Inc said on Wednesday it will buy payment processor First Data Corp in a $22 billion deal, making it one of the largest acquisitions in the financial technology sector.
Goldman Sachs reports higher trading revenue, shares jump
(Reuters) - Goldman Sachs topped analysts' revenue estimates on Wednesday as stronger equities trading revenue cushioned bond trading losses, making it the only Wall Street bank so far to show growth in fourth-quarter trading revenue.
PCBL to select site for south India plant by March, net profit up 92 pc in Q3
RP-Sanjiv Goenka Group's Phillips Carbon Black Ltd (PCBL) will freeze the location of its proposed Rs 600-crore Greenfield project in south India by March, an official said on Wednesday.
Barista in advanced talks with Swiggy, another player for food delivery
Coffee chain Barista is in advanced talks with two food delivery platforms, including Swiggy, to serve the online food market, a top company official said. Barista would sell its food items through the food delivery platforms which would be cooked at its facility and distributed by the online aggregators. "We are in advanced stage of talks with Swiggy and one more player for dark kitchens and hopefully, we would have announcements soon," Barista Chief Executive Officer Puneet Gulati told PTI. In October 2018, Barista's rival Cafe Coffee Day had made an announcement to join hands with Uber Eats to launch a virtual restaurant network. Under dark kitchen, companies share their resources and increase their capacity to serve the food delivery market. Barista would add around 40 more stores in the next three months taking its count to 250 by the end of this financial year, said Gulati. The company, which is eyeing a network of around 500 stores in the next two-three years, would expand in ..
Gold steady as firmer dollar counters political uncertainties
BENGALURU (Reuters) - Gold was steady on Wednesday as support for the metal stemming from uncertainty over Brexit and a partial U.S. government shutdown was countered by a firmer U.S. dollar.
Govt eases process to seek tax exemption on angel fund investments for startups
The government has 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, official sources said. 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. "Commerce and Industry Minister Suresh Prabhu has approved a notification pertaining to this clause to make allowances for angel investors. A formal notification to this effect would be issued soon by the DIPP," sources said. The new procedure says that to seek the exemption, a startup will apply, with all the documents, to the Department of Industrial Policy and Promotion (DIPP). The application of the recognised startup shall be moved by the department to the Central Board of Direct Taxes (CBDT) with ..