Page 1338 - Business Finance
Singapore's CapitaLand in $8 bn deal creating Asia property giant
Singapore's CapitaLand said Monday it has agreed to buy two real estate holding firms in a USD 8.1 billion deal that will create Asia's biggest property group with assets in dozens of countries. Under the agreement, CapitaLand will acquire two units from a subsidiary of state investment firm Temasek. If approved, the new entity will have assets under management of more than 116 billion Singapore dollars, including businesses, industrial parks, hotels, commercial, retail and residential properties in over 30 countries. The agreement is subject to approval by CapitaLand's independent shareholders at a meeting in the first half of this year, the group said in a statement. The company is buying the real estate units from Temasek subsidiary Ascendas-Singbridge Group, which develops towns, industrial parks, offices, hotels and warehouses across the world. The deal comes as new CapitaLand president and group chief executive Lee Chee Koon, who took over in September, seeks to steer the ...
Exclusive: India likely to overshoot fertiliser aid bill by $4.2 billion, banks may chip in - sources
NEW DELHI/MUMBAI (Reuters) - India is likely to overshoot its fertiliser subsidy bill for this financial year by 300 billion rupees ($4.2 billion), three sources with direct knowledge of the matter said, and the government could tap state banks to fund the extra spending.
GCR Declares India as Home-Market for GCR's Global Business Strategy
/ -- Rearticulates its brand value committed to digitally transform technology service industry in India Global Channel Resources (GCR), a leading global online B2B 'Partners Platform', renowned for its SaaS connected IoT and Networking Infrastructure Solutions, globally operating in 12 countries, today unveiled major transformations that have been brought into the company. - GCR Brand's website - New tagline; Transforming Business - The Digital Way - Partnership with over 200 partners to offer over 300 IoT and Networking Infrastructure solutions on its Partners Platform - India as its home-market for GCR's global business strategy (Logo: https://mma.prnewswire.com/media/727606/GCR_Logo.jpg ) GCR has undergone a complete makeover, the new brand identity indicates a higher level of clients/partners engagement and brand evolution that leverages GCR's expertise to address their business requirements and drive future. GCR brings world-class online and offline agile partnership-delivery ..
Hong Kong Stocks fall as China data sours
China's exports to the world fell 4.4% in December from a year earlier, the biggest monthly drop in two years, pointing to further weakening in the world's second-largest economy. Imports also unexpectedly contracted, falling 7.6%, the biggest decline since July 2016. China's global trade volume rose last year but its surplus with the world fell 16.2% to $351.76 billion in 2018, as imports rose 15.8% while exports gained 9.9%. Much of the optimism built up last week following a round of mid-level trade talks appears to have evaporated.
Quick Wrap: Nifty Infrastructure Index declines 1.42%
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WPI inflation at 8-month low of 3.80 pc in Dec, raises rate cut hopes
Softening prices of fuel and some food articles pulled WPI inflation to a 8-month low of 3.80 per cent in December raising hopes for a rate cut by the RBI. This is the second consecutive month of decline in Wholesale Price Index (WPI)-based inflation. The inflation was 4.64 per cent in November, 2018 and 5.54 per cent in October. In December 2017, WPI inflation stood at 3.58 per cent. According to the government data released Monday, deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November. Vegetables continued its deflationary trend for six months and was at 17.55 per cent in December, compared to 26.98 per cent in the previous month. Inflation in the 'fuel and power' basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November. This was on account of lowering of prices of petrol and diesel through December. Individually, in petrol and diesel inflation was 1.57 per cent and 8.61 per cent, respectively, and for ...
New car sales in Russia seen slowing in 2019: AEB
MOSCOW (Reuters) - Sales of new cars in Russia are expected to rise 3.6 percent this year to 1.87 million, marking a slowdown from last year's surge, the Association of European Businesses (AEB) lobby group said on Monday.
Sensex ends 157 points lower over fresh signs of global slowdown
Sensex and Nifty fell on Monday in line with Asian markets which responded on poor Chinese trade data and an extended partial US government shutdown, fuelling concerns of a global growth slowdown.
Intellect Design Arena unveils 'Capital Cube' to serve banks
: Financial technology services provider Intellect Design Arena has unveiled Capital Cube, an integrated treasury and asset liability management solutions to banks and other financial institutions. The solution helps banks to optimise liquidity and leverage risk in order to increase profitability, city-based Intellect Design Arena said Monday. Capital Cube provides real-time, integrated data and actionable treasury insights to power financial decision making, a company statement said. "Capital Cube, (is an) outcome of more than a decade's rich risk and treasury domain expertise...with this launch, we bring to the treasurer a comprehensive solution which leads to strategic management of the balance sheet...", Intellect Design Arena, treasury and capital markets, CEO, Janet Thomas said. The solution provides updated information on liquidity, funding and exposures, assuring solvency, protecting margins by accurate view of asset and liability positions and providing greater
PV sales dip in Dec, see fifth monthly decline since July
Domestic passenger vehicle sales declined in December 2018 for the fifth time in the past six months, as manufacturers reduced wholesale dispatches to dealers in order to cut inventory pile-up after a tepid festive season. According to the latest data released by the Society of Indian Automobile Manufacturers (Siam) on Monday, passenger vehicle (PV) sales in December stood at 2,38,692 units, marginally down from 2,39,723 units in December 2017. Similarly, domestic car sales declined 2.01 per cent to 1,55,159 units, compared with 1,58,338 in December 2017. PV sales declined by 3.43 per cent in November 2018. It rose 1.55 per cent in October, snapping three months of consecutive decline. In July, August and September, PV sales fell by 2.71 per cent, 2.46 per cent and 5.61 per cent, respectively. "As festive season selling did not happen this year (2018) around, stocks at dealer level went up considerably. It required a correction so automakers made adjustments in this regard during ...
Large deals push PE, VC investment up 35% to $ 35.1 bn in '18
Private equity (PE) and venture capital (VC) investments in the country grew 35 per cent to USD 35.1 billion in 2018 compared with USD 26.1 billion in 2017, according to a report. The increase in investments were driven by significant growth in large deals. PE/VC exits recorded USD 26 billion in value, almost equal to the value of exits in the previous three years combined. "2018 has been the best year for PE/VC investments and exits. As forecasted by us in the beginning of the year, both PE/VC investments as well as exits have touched a new record high in 2018," EY's partner and national leader (private equity services), Vivek Soni, said in a report. Though volatility in broader markets dampened pipe investments in the second half of 2018, this was more than adequately compensated by an uptick in buyout and start-up activity, he said. During 2018, 12 deals of value USD 500 million or greater, including eight USD 1 billion plus deals. In the year, deal volume increased ..
Sensex drops over 150 pts on weak macro cues
The BSE Sensex ended over 150 points lower Monday on heavy selloff by foreign investors after industrial output growth data dropped to a 17-month low. After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the broader NSE Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60. The fall was led by L&T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent. On the other hand, Yes Bank was the biggest gainer on Sensex, rallying up to 6.22 per cent, on reports that the lender had shortlisted its executive Rajat Monga and a CEO of a foreign bank to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor. Infosys was also among the top gainers, rising 2.58 per cent, after the company Friday said it will buyback shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of the ...
Ebixcash to acquire Essel Forex, Weizmann Forex for $57.35m
Ebixcash Monday said it will acquire Essel Forex and Weizmann Forex for USD 57.35 million to cement its position in the financial services distribution. Ebixcash World Money has entered into an agreement to acquire a controlling 74.84 per cent stake in India-based Weizmann Forex at an enterprise valuation of USD 65.94 million, an official statement said. Weizmann Forex is the second largest inward remittance provider besides being one of the four largest foreign exchange and outward remittance providers in India, it said. Ebixcash, a part of the Nasdaq-listed Ebix Inc, has also entered into an agreement to acquire 100 per cent assets of India-based Essel Forex for approximately USD 8 million, the statement said. The Essel acquisition will be funded using internal accruals and bank credit lines, it said. With the two acquisitions, Ebixcash stands as the largest distribution house in terms of network in financial services space covering more than 3,700 cities and more than
Sensex, Nifty end lower on China trade shock
(Reuters) - Indian shares settled lower on Monday mirroring losses across the globe after an unexpected contraction in Chinese exports raised fears of a sharper global slowdown, but the blow was cushioned by gains in Infosys Ltd.
Board of Kedia Construction Company approves sub-division of shares
At meeting held on 14 January 2019
Turmeric futures up 0.51% on spot demand
Turmeric prices rose by 0.51 per cent to Rs 6,638 per quintal in futures trade Monday as participants raised their positions driven by pick up in demand at the spot market. At the National Commodity and Derivatives Exchange, turmeric for April moved up by Rs 34, or 0.51 per cent, to Rs 6,638 per quintal with an open interest of 10,460 lots. Marketmen said speculative positions created by participants, driven by strong domestic as well as exports demand in the spot market, mainly attributed to the rise in turmeric prices.
Market drops on negative global stocks
Local stocks settled with modest losses on first trading day of the week tracking negative global stocks. The barometer index, the S&P BSE Sensex, lost 156.28 points or 0.43% at 35,853.56, as per the provisional closing data. The Nifty 50 index was down 57.35 points or 0.53% at 10,737.60, as per the provisional closing data. Telecom stocks fell. Sentiment was impacted by weak IIP data and negative global stocks.
Sachin Bansal invests Rs 150-cr in Ola
Flipkart co-founder Sachin Bansal has pumped in about Rs 150 crore in ride-hailing platform Ola, according to documents filed with the Corporate Affairs Ministry. "... 70,588 fully and compulsorily convertible, cumulative 'Series J' Preference Shares' having face value of Rs 10 having the rights, privileges and preferences... is hereby allotted at a subscription price of Rs 21,250," the documents showed. This translates into an investment of about Rs 150 crore by Bansal, who left Flipkart after the US retail giant Walmart picked up 77 per cent stake in the e-commerce company for USD 16 billion. The resolution was passed at a board meeting of ANI Technologies, the entity that runs Ola, on January 12, according to the documents. E-mails sent to Ola and Bansal did not elicit any response. According to sources, Bansal is pumping in Rs 650 crore in total and the Rs 150 crore funding is part of the total investment. The allotment of these shares to Bansal is part of Ola's plans to raise ...
China doubles foreign investment quota as it talks up market opening
SHANGHAI (Reuters) - China will double the quota for the country's foreign institutional investment programme, as Beijing talks up financial reforms amid stock market weakness and slowing economic growth.
Oil falls back to $60 on concerns about China slowdown
LONDON (Reuters) - Oil slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world's second-largest oil consumer, raising the prospect of a slowdown in fuel demand.