Page 1324 - Business Finance

Sri Lanka seeks to increase swap amount to $1 billion from RBI

NEW DELHI (Reuters) - Sri Lanka has begun talks with the Reserve Bank of India (RBI) to increase its swap amount to $1 billion, the acting finance minister said on Tuesday, as it struggles with the rising cost of its debt.

7-Member Group of Ministers (GoM) constituted for boosting the real estate sector under the GST regime

Gujarat deputy CM Nitin Patel appointed as convener of GoM

JPMorgan misses profit estimates as bond trading slumps

(Reuters) - JPMorgan Chase & Co reported a lower-than-expected quarterly profit as a slump in bond trading outweighed gains from higher interest rates and loan growth.

Wells Fargo revenue misses on weakness in consumer banking

(Reuters) - Wells Fargo & Co on Tuesday reported quarterly revenue that missed analysts' estimates, as revenue across all its banking units declined, especially at community banking, the unit at the centre of its 2016 sales scandal.

Volkswagen, Ford set alliance centered on vans, pickups

DETROIT (Reuters) - Volkswagen AG and Ford Motor Co on Tuesday set an alliance that combines forces on commercial vans and pickups and said they were exploring expanding into joint development of electric and self-driving technology, actions meant to save the automakers billions of dollars.

Global Markets: Stocks tripped by earnings angst, sterling huddled for Brexit vote

LONDON (Reuters) - Spluttering noises from Germany and an earnings miss from banking giant JP Morgan dragged back stocks on Tuesday, while Britain's pound hovered near a two-month high ahead of a crucial parliamentary vote on Brexit.

Rate cut hopes buoy equity market; IT stocks rise (Roundup)

Expectations of an interest rate cut in the monetary policy over cooling inflation combined with a rebound in Asian markets gave a push to the Indian equity market on Tuesday.

Single window portal of Goa IPB will boost employment:Parrikar

The single window portal of the Goa Investment Promotion and Facilitation Board (IPB) will boost the employment potential in Goa, a Goa chief minister Manohar Parrikar said Monday. State revenue minister Rohan Khaunte on Tuesday addressing a press conference along with state tourism minister Manohar Ajgaonkar, and said that the portal will help investors as well. "Through this portal, we have ensured that there is ease of doing business. It will be a single window to apply, seek all approvals," Khaunte said. The ITB will be interface to ensure that the proposals are followed up, he said adding that the applicant will be able to check the status of their file on a real time basis. "The portal will undergo more amendments in due course of time after going through feedback of the users," he said. Khaunte indicated they are considering revenue generation and employment opportunities while approving the proposals. The single window system is requirement of business reform ...

VW, Ford confirm alliance to build vans, commercial vehicles

Volkswagen and Ford announced Tuesday that the automakers had agreed to an alliance to jointly develop commercial vehicles and pickups starting in 2022 in a bid to reduce costs. The announcement came after more than six months of talks between the car giants which has also included discussions around autonomous and electrification technologies. The companies said they had agreed to "investigate collaboration on autonomous vehicles, mobility services and electric vehicles and have started to explore those opportunities." The deal reached between the American and German automakers to develop commercial vans and medium-sized pickups as early as 2022 does not involve cross-ownership, according to a joint statement.

Who should be India's PM, decisive or maverick leader, asks Jaitley

Highlighting the achievements of the Narendra Modi government, Finance Minister Arun Jaitley on Tuesday said Indians need a "decisive leadership" to help economic growth and not "an unworkable alliance with maverick leadership".

India's merchandise exports rise 0.3% in December 2018

Trade deficit narrows to 10-month low of US$ 13.08 billion in December 2018

Walmart walks away from CVS partnerships

(Reuters) - Walmart Inc has opted to end its involvement in the network of commercial and Medicaid pharmacies run by CVS Health Corp after the two companies failed to agree on pricing, CVS said.

Volkswagen to invest $800 million, build new electric vehicle in U.S.

DETROIT (Reuters) - Volkswagen AG said on Monday it was investing $800 million to build a new electric vehicle at its plant in Chattanooga, Tennessee, and scheduled a briefing with Ford Motor Co for Tuesday on their efforts to forge a global alliance.

Mumbai Metro saviour for commuters amid 8-day BEST strike

With the eight-day-long BEST bus strike creating chaos, the Reliance Infrastructure-promoted Mumbai Metro One Pvt. Ltd. (MMOPL) proved to be a saviour for commuters with a huge surge in ridership, an official said here on Tuesday.

Emirati business tycoon wants to buy Leela Hotel Group

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.

Wells Fargo quarterly revenue falls five percent

(Reuters) - Wells Fargo & Co on Tuesday said quarterly revenue fell 5 percent, hurt by lower revenue across all of its businesses, including community banking, the unit most closely tied to a 2016 sales scandal.

Syndicate Bank creates vertical to recover Rs 27,000cr NPAs

The Syndicate Bank has created a separate vertical comprising around 1,200 of its existing staffers to recover its non-performing assets (NPAs) amounting to around Rs 27,000 crore, said officials here on Tuesday. The 'Stressed Asset Management(SAM)' vertical would comprise legal as well as credit experts who would help branch managers to device plans to recover dues from NPAs , including large corporates, said executive director of the PSU bank, Ajay K Khurana. He told reporters that out of Rs 27,000 crore which have been declared as NPAs, the share of large corporates is around Rs 14,000 crore. "We had recently launched SAM vertical having a dedicated team of 1,200 of our employees, who will only focus on the recovery of our NPAs. Among these 1,200 staffers, around 100 have been given the task to deal only with NPAs of over Rs 5 crore," Khurana told reporters here. He added that the team members of SAM have been given training regarding the functioning of National ...

Defer implementation of revised FDI norms for e-commerce: IAMAI to govt

The Internet and Mobile Association of India (IAMAI) Tuesday urged the government to defer the implementation of revised norms for e-commerce companies having foreign investments, as few provisions are unclear and onerous. It said it would not be possible for online retailers to comply with the norm which is related to 25 per cent cap. According to the revised norms issued by the government last month, inventory of a vendor will be deemed to be controlled by an e-commerce marketplace entity if more than 25 per cent of purchases of such vendor are from a marketplace entity or its group companies. It is not possible for online marketplaces to track or monitor all sales from any vendor given a vendor is free to sell their products across multiple e-platforms and even offline, it said in a statement. "Moreover, a bigger concern is when one calculates this benchmark of 25 per cent sales. If platforms realise that this benchmark of 25 per cent has been crossed, they cannot recall or cancel .

White House says Ivanka Trump not under consideration for World Bank chief

The White House said on Monday that Ivanka Trump, advisor and daughter of President DonaldTrump, is not under consideration for the next president of the World Bank.US Treasury Secretary Steven Mnuchin and White House Acting Chief of Staff Mick Mulvaney have asked Ivanka Trump to "help manage the US nomination process as she has worked closely with the World Bank's leadership for the past two years," White House spokeswoman Jessica Ditto said in a statement.However, "reports that she is under consideration are false," Ditto said.The White House statement came after The Financial Times reported last week that Ivanka Trump had been floated as a possible candidate to head the World Bank.The report said other candidates under consideration include David Malpass, under-secretary for international affairs of the US Treasury Department; Nikki Haley, former U.S. ambassador to the United Nations; and Mark Green, head of the US Agency for International Development.The World Bank last week ...

December inflow in equity mutual fund schemes down 23%: Report

Net inflows into equity mutual fund schemes were down 23 per cent on a month-on-month (MoM) basis in December 2018 at Rs 67 billion (6,700 crore), a JM Financial research report said on Tuesday.