Page 1323 - Business Finance
VW, Ford announce alliance to build commercial vans, pickups
Volkswagen and Ford announced a new alliance on Tuesday to jointly develop commercial vans and pickups starting in 2022, in a bid to reduce costs in the increasingly competitive auto market. The announcement came after more than six months of talks between the automakers which also included discussions about cooperation on autonomous and electrification technologies for cars of the future. The American and German giants will join forces to develop commercial vans and medium-sized pickups as early as 2022. But the deal does not involve cross-ownership, according to a joint statement. The companies also will "investigate collaboration on autonomous vehicles, mobility services and electric vehicles and have started to explore those opportunities." VW CEO Herbert Diess said the alliance "will be a cornerstone for our drive to improve competitiveness." Under the alliance, to be governed by a joint committee headed by the chief executives of the two companies, Ford will engineer and build ..
Apple loses bid to undo $440 mln judgment in VirnetX patent case
(Reuters) - A U.S. appeals court on Tuesday upheld a judgment worth $440 million that was won by intellectual property licensing firm VirnetX Inc against Apple Inc in a patent infringement case.
Gujarat co may invest to support Reid & Taylor staff union
A Gujarat-based company has been proposed as a new investor to support the employees' association of the beleaguered Reid and Taylor after a Hong Kong group failed to honour its commitment for depositing its promised earnest deposit money before the National Company Law Tribunal (NCLT) here on Tuesday.
Netflix leads Wall Street higher; bank earnings disappoint
(Reuters) - U.S. stocks rose on Tuesday, as hopes of more stimulus for China's slowing economy and a jump in Netflix shares helped investors look past disappointing earnings from JPMorgan and Wells Fargo.
Allcargo Logistics signs warehousing deals with Flipkart, Decathlon
Allcargo Logistics and Industrial Parks Pvt Ltd (ALIPPL) Tuesday announced that it has entered into multi-location mega warehousing deals with Flipkart and Decathlon. "ALIPPL has entered into ...agreements with Walmart-owned Flipkart and French sporting goods retailer Decathlon SA," the company said in a statement. ALIPPL has leased two million sq feet of warehousing space to Flipkart in Patancheru, (Hyderabad), Malur (Bengaluru) and Farrukhnagar(NCR). This will help the e-commerce behemoth boost its storage competencies and improve distribution efficiencies. The Allcargo arm has leased one million sq feet of warehousing space to Decathlon in Malur at Bengaluru which is planned to be converted into a centralised warehousing hub. "ALIPPL team is extremely proud for having won the confidence of prestigious customers like Walmart and Decathlon.... The company is also aiming at providing integrated services to its customers to help them bolster their supply chain competencies," ALIPPL CEO
Indiabulls Life gets preliminary nod from Irdai
Indiabulls Life Insurance Company, a subsidiary of Indiabulls Integrated Services, Tuesday received preliminary approval from insurance regulator Irdai to foray into life insurance business. The company is in the process of putting in place the necessary systems and move ahead with the next step of filing its application for registration (R2) with Insurance Regulatory and Development Authority of India (Irdai) to undertake life insurance business in India, the company said in a regulatory filing.
Emirati business tycoon wants to buy Leela Hotels
Emirati business tycoon Rashid Al-Habtoor has evinced interest in acquiring the Leela Group of Hotels in India with an equity infusion of about USD 600 million (about Rs. 4,200 crore) and has made an offer in a letter to Finance Minister Arun Jaitley and the hotel.
India to provide special training to 62 Nepalese officials on public finance management
India will provide special training to 62 Nepalese officials on public finance management which includes e-payment system, accounting, internal audit and fiscal responsibility, Indian officials here said Tuesday. The training session is part of the Nepal-India Economic Cooperation Programme, the Indian Embassy said. The course on 'Global Perspectives on Public Financial Management' will be held in three batches with 20 Nepalese officials being trained in New Delhi from January 14, it said. The training will enhance the capabilities of these officials in global practices dealing with e-payment system, accounting and cash management, public borrowing system, accounting of foreign loans/grants and repayments, pension payment system, internal audit, fiscal responsibility and budget management, among others, it added.
Oil rises two percent on supply cuts but global slowdown looms
LONDON (Reuters) - Oil prices rose around 2 percent on Tuesday amid production cuts by OPEC and Russia as well as signs of lower U.S. oil stocks, but grim Chinese economic data raised fears for global growth.
IndiGrid Q3 FY19 revenue up 35% at Rs 171 crore
India Grid Trust (IndiGrid) Tuesday reported a nearly 35 per cent increase in revenue at Rs 171 crore for the December 31, 2018 quarter, mainly driven by acquisitions of transmission assets. The InvIT, promoted by Sterlite Power Grid Ventures, had reported revenues of Rs 126.7 crore in the corresponding quarter last fiscal, the firm said in a statement issued here. The Board of Sterlite Investment Managers acting as the investment manager of the trust has approved a distribution per unit of Rs 3 per unit for Q3 FY19. "lndiGrid delivered another strong quarterly performance and is on track to comfortably meet its FY19 distribution guidance. Since listing, we have distributed Rs 18.56 per unit totalling to Rs 5,25.5 crore of distribution. We are committed to provide stable yield to investors through quarterly distributions and growing it by acquiring more projects," IndiGrid chief executive Harsh Shah said. Currently, IndiGrid owns 16 independent revenue generating assets,
Exclusive: Sri Lanka says has $300 million loan offer from Bank of China, may increase to $1 billion
COLOMBO (Reuters) - Sri Lanka is considering an offer from Bank of China for a loan of $300 million, which could be raised to $1 billion, to help it meet repayments in coming months, junior finance minister Eran Wickramaratne told Reuters on Tuesday.
'H1-B visa rule favouring adv degree holders to impact IT cos'
A recent policy change favouring advanced degree holders for visas in US will lead to a hit on IT companies' profitability as the number of H1-B visas approved gets reduced, a report said. In December 2018, the United States Citizenship and Immigration Services (USCIS) proposed reversing the process for H1-B selection favouring advance degree holders. This is likely to lead to 10 per cent reduction in H1-B visa approvals for regular applicants, where the applicant is without an advance degree masters or higher from US universities, ratings agency Icra said. Increased onshore hiring associated with higher wage bill along with factors such as pricing pressure on commoditised services, wage inflation and lower revenue growth will negatively impact the margins going forward, it said. Even though the companies have other factors to restrict the impact, overall operating margins are still expected to decline from 22.1 per cent in FY18 to 20.8 per cent in FY21, it said. Under ..
Government forms GoM for GST issues in real estate
The Centre on Tuesday constituted a seven-member Group of Ministers (GoM) to look into Goods and Services Tax (GST)-related issues of the real estate sector.
S&P 500 opens flat as JPMorgan results weigh
(Reuters) - The S&P 500 opened little changed on Tuesday, as an early boost from hopes of more Chinese stimulus for the slowing economy faded following poor results from JPMorgan.
Netflix raises prices for U.S. subscribers: AP
(Reuters) - Netflix Inc is raising prices for its subscribers by 13 percent to 18 percent in the United States, its biggest increase since the company launched its streaming service 12 years ago, the Associated Press reported https://www.apnews.com/76214d0d5b1a4d0890a2d3040a3ddb33 on Tuesday.
CFM ARC shows interest to revive ailing Reid & Taylor
After SP Growth Partners (SPGP), an investor in bankrupt apparel brand Reid & Taylor, showed inability to cough up the earnest money deposit (EMD), a new investor CFM Asset Reconstruction Company approached the National Company Law Tribunal (NCLT) to invest in the company. SPGP director Pankaj Agarwal Tuesday informed the bench of the inability to pay the EMD before filing the resolution plan, and offered to bring in another investor CFM ARC, who would meet the required net worth to make a bid as a consortium. However, the court dismissed the application. CFM ARC CEO S V Shah appeared as a co-applicant of Hong Kong-based investor SPGP, along with the Employees Welfare Association of RTIL to revive RTIL. Shah informed the court that CFM ARC has over Rs 100 crore net worth and an asset under management (AUM) worth over Rs 1,200 crore. The court asked CFM ARC to file a separate application in this regard. The Mumbai NCLT bench headed by Bhaskara Pantula Mohan and V ...
India's trade deficit narrows, but flat exports a concern
NEW DELHI (Reuters) - India's trade deficit narrowed to $13.08 billion in December, the lowest in 10 months, on a fall in gold imports but exports remained flat, deepening concerns for Prime Minister Narendra Modi who wants to accelerate growth ahead of elections.
Finance Minister Arun Jaitley goes for 'medical check-up' in U.S.: sources
NEW DELHI (Reuters) - Finance Minister Arun Jaitley has left for the United States for a "regular medical check-up", following a kidney transplant last year, two people with direct knowledge of the matter told Reuters on Tuesday.
Adani Realty enters Pune mkt, eyes Rs 500 cr revenue from first luxury housing project
Adani Group's real estate arm Adani Realty has forayed into the Pune market with the launch of its luxury housing project and is expecting a revenue of Rs 500 crore over the next three years, a company official said. The company will develop 256 units in the project 'Atelier Greens' located at Koregaon Park. The starting price is around Rs 1.5 crore per unit. "This move marks the group's intent to keep expanding its footprint and we are delighted to take this step forward through our real estate arm - Adani Realty," Pranav Adani, Director - Adani Enterprises, said. Pune city promises immense opportunity in the real estate sector, being on the most attractive and top-performing markets in the country, he added. Adani Realty has developed projects in Mumbai, Gujarat and Delhi-NCR.
EEPC seeks relook at export strategy
Engineering exporters' apex body EEPC India Tuesday there was a need to rethink and redraw its export strategy as the the marginal growth in overall merchandise exports has become a matter of grave concerc. "Virtually no growth in overall merchandise exports and a sharp drop of more than three per cent in engineering goods' overseas shipments during December 2018 over the same month in 2017, is a matter of grave concern, signalling the trade tensions and the global slowdown have started biting the world trade," EEPC India chairman Ravi Sehgal said. He further said that the unfolding global situation comprises not only problems on account of trade tensions between China and the US but other issues like uncertainty over Brexit fall out in the European markets. "The situation certainly calls for a major rethink and redrawing of our export strategy, amongst exporters, government and the RBI as to how to plug the loose ends and reduce the cost of shipments along with easing ..