Page 1345 - Business Finance
Japanese, South Korean firms evince interest in Indian steel sector: Minister
Steel companies from South Korea and Japan have shown interest to invest in India for manufacturing value-added products, Steel Minister Chaudhary Birender Singh said. A source in the ministry said: "The steel ministry is already in talks with Posco and Hyundai Steel to explore possibilities of investing in India for producing value-added steel products." When asked if India has written or is in talks with some foreign companies such as Posco and Hyundai Steel to form joint ventures (JVs) with state-run companies Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL), Minister Singh gave an affirmative reply. "Yes. Whichever companies they are, they are from South Korea and Japan. They have shown their interests. In fact, they have also visited SAIL and RINL plants. We would certainly like if they come with transfer of technology through FDI for value-added products," he told PTI. Sources in the ministry said the ministry has held several rounds of meetings and ...
Govt may provide RoSL benefits to certain sectors under incentive package for exporters
The government may extend the Remission of State Levies (RoSL) to sectors including chemical and engineering as part of the proposed incentive package for exporters to boost the country's outbound shipments, an official said. Currently, RoSL, which is to offset indirect taxes levied by states such as stamp duty, petroleum tax, electricity duty and mandi tax that were embedded in exports, is provided to textiles exporters. The commerce ministry is working on an incentive package for labour-intensive sectors to promote shipments and address issues of exporters. It is holding meetings with the finance ministry on the matter. As part of the package, the ministry is proposing several steps such as funds for rebate of state levies, creating system for online refund of GST (goods and services tax) and expansion of Niryat Bandhu Scheme, the official said. Under this Scheme, mentoring is provided to the first-generation entrepreneurs. Recently, Commerce and Industry Minister Suresh Prabhu said
Cargo traffic at major ports up 3.77% to 519 MT during Apr-Dec 2018
The country's 12 major ports recorded a 3.77 per cent growth in cargo traffic during April-December 2018 at 518.64 million tonnes (MT), according to apex ports body IPA. The growth was recorded on account of higher handling of cargos such as coal, containers and finished fertilisers. The top-12 major ports under the control of the Centre had recorded 499.77 MT of cargo during the corresponding period of the previous fiscal, the Indian Ports Association (IPA) said. Nine major ports -- Kamrajar Port, Kolkata (including Haldia), Paradip, Visakhapatnam, Chennai, Cochin, New Mangalore, JNPT and Kandla -- registered positive growth in traffic during the period. The three ports recording negative growth were Marmugao, Mumbai and VO Chidambaranar. The highest growth was registered by Kamrajar Port, earlier known as Ennore Port (18.38 per cent), followed by Cochin Port (8.92 per cent), Kolkata Port (8.74 per cent), Paradip Port (8.11 per cent) and JNPT (7.39 per cent). The 12 major ports in ...
Zimbabwe plans new currency as dollar shortage bites: finance minister
HARARE (Reuters) - Zimbabwe will introduce a new currency in the next 12 months, the finance minister said, as a shortage of U.S. dollars has plunged the financial system into disarray and forced businesses to close.
IDFC Bank's name changed to IDFC First Bank
Lender IDFC Bank on Saturday said it will now be known as IDFC First Bank.
Three arrested for cheating banks with forged documents
Three men were arrested for allegedly cheating various banks by opening accounts using forged documents and later getting away after taking credit card and loans, police said Saturday. The accused were identified as Sarvan Kumar (27), a resident of Prahlad Vihar, Rohini, Manish Tiwari (30), a resident of Mohan Garden and Mohit Kumar (38), a resident of Baljeet Nagar, police said. Most of the loans were pre-approved, applied through online route, as according to the bank policies and RBI guidelines no KYC documents are demanded at the time of loan sanction. After obtaining the loan they fled, Rajiv Ranjan, Additional Commissioner of Police (Crime), said. The accused have cheated the Axis Bank, HDFC Bank, IndusInd Bank, SBI, RBL, ICICI Bank, Bank of Baroda and other banks, he added. Total 22 PAN cards, nine Aadhar cards, 21 voter cards, four driving licenses, 38 debit/credit cards, 15 mobile phones, multiple photographs and details of more than 100 bank accounts, one laptop and one ...
China to reduce restrictions on foreign investment: Xinhua
SHANGHAI (Reuters) - China will reduce restrictions on foreign investment and address difficulties facing foreign companies investing in the country, the commerce minister said, according to a report by the official Xinhua news agency on Saturday.
India is a bright spot in global economy: Vice President
Vice President M. Venkaiah Naidu on Saturday said a steady growth rate of almost 7 per cent coupled with a series of reforms made India the most favourite destination for investments in the world.
Coal output halted in MCL's Talcher coalfields, losses mount
Coal India's subsidiary Mahanadi Coalfields Limited (MCL) on Saturday said production and dispatches at its Talcher unit in Angul district of Odisha came to a "grinding halt" in the last few days due to a stir by local activists.
UAE energy minister says average oil price in 2018 was $70 a barrel
ABU DHABI (Reuters) - United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday the average oil price in 2018 was $70 a barrel.
Pakistan not going to IMF for now, says Finance Minister
The Pakistani government will not approach the International Monetary Fund (IMF) for a bailout package as of now and will instead explore alternative options to bring the cash-strapped country's economy back on track, Finance Minister Asad Umar said on Saturday.
Equity market dodges oil bullet, surges on trade talks (Market Review)
Despite a rise in global crude oil prices and heavy outflow of foreign funds, the Indian equity market logged gains during the week ended on Friday, partly owing to an ease in liquidity and hopes of the US-China trade war being resolved.
Raj HC stays allotment of 10k petrol pumps; issues notices to central, state govts & 3 oil companies
The Rajasthan High Court has stayed the allotment of 10,000 petrol pumps and issued notices to central and state governments, and three oil companies, seeking their reply in four weeks time. A division bench comprising Chief Justice Pradeep Nadrajog and Justice P S Bhati allowed a petition by one Birbal Ram, who had pointed out some lacunae in the process for allotment of petrol pumps in such a large number. Bharat Petroleum, Hindustan Petroleum and Indian Oil Corporation were issued notices along with the Centre and the state government. The companies had issued notification in newspapers on December 14 last year seeking applications for setting up 10,000 new petrol pumps across the state. The last date for the application was Saturday. Petitioner's counsel Kuldeep Mathur said the process of allotting new pumps required an assessment of the existing ones by the petroleum board. "The notification for new petrol pumps was rolled out without any such assessment which was illegal," he ...
IDFC Bank re-named IDFC First Bank
Private sector lender IDFC Bank said its name has been changed to IDFC First Bank Ltd with effect from Saturday. "...the name of the Bank has been changed from IDFC Bank Ltd to 'IDFC First Bank Limited' with effect from January 12, 2019 by virtue of 'Certificate of Incorporation pursuant to change of name' issued by the Registrar of Companies, Chennai," it said in a BSE filing. IDFC Bank and non-banking financial company Capital First had announced completion of their merger on December 18, creating a combined loan asset book of Rs 1.03 lakh crore for the merged entity. Following the merger, the board of IDFC Bank had approved the appointment of V Vaidyanathan, founder and chairman of Capital First Ltd, as managing director and chief executive officer of the merged entity. The combined entity will serve 7.2 million customers through 203 bank branches, 129 ATMs and 454 rural business correspondent centres.
OPEC is not the enemy of the U.S., UAE energy minister says
ABU DHABI (Reuters) - Oil producer group OPEC is not the enemy of the United States, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday in Abu Dhabi.
Nissan executive Munoz resigns after Ghosn's arrest
Nissan Chief Performance Officer Jose Munoz, who took a leave of absence a week ago, has resigned, the first high-profile departure at the Japanese automaker publicly acknowledged as related to the arrest of former Chairman Carlos Ghosn. Munoz said in a statement on LinkedIn Saturday he made the decision after serious thinking because the company was "involved in matters that have and will continue to divert its focus," referring to Ghosn's case. Munoz is among several executives media speculated might succeed Ghosn, who led Nissan for two decades. Nissan confirmed the resignation, effective immediately. There have been other recent departures from Nissan, but Nissan has denied they were related to Ghosn's case. Munoz, a Spaniard who oversaw Nissan's global strategies, worked for Nissan for 14 years. "I love the company, my talented co-workers and Nissan's industry-leading dealers," he said. Ghosn, arrested November 19, has been charged with breach of trust and falsifying financial ...
BLF tea fetches highest prices in Arunachal Pradesh in Dec
CTC teas produced by bought leaf factories (BLF) fetched the highest average price in a Arunachal Pradesh district at Rs 191 a kilo during December 2018, according to Tea Board data. Twa Board, however, did not disclose in which of the 16 Arunachal Pradesh districts the prices was highest. Assam's highest price was more than West Bengal at Rs 155.51 per kilo as against Rs 124 in the Darjeeling plains, the data showed. Highest prices in Tamil Nadu and Kerala were lower as compared to north Indian BLFs, it said. As per Indian Tea Association (ITA) estimates, the proportion of production by BLFs and small growers were in excess of 50 per cent which it felt would cause disruption in the market. In 2017 (Jan-Dec) small growers and BLFs produced 631 mkgs. almost half of total production of 1,348 mkgs. In November 2018, West Bengal's production was lower at 35.99 mkgs as against 37.08 mkgs in the same period of the previous year. Production during November also declined in south
Top Nissan executive Jose Munoz resigns
A top Nissan Motor Co. executive and ally of Carlos Ghosn has resigned, the company said, in a first shake-up at the Japanese auto maker since the arrest of the former Chairman.
Brahm Dutt named Yes Bank's non-executive part-time chairman
Private lender Yes Bank has appointed former bureaucrat Brahm Dutt as its non-executive part-time Chairman till July 4, 2020.
Sidhu eyes Rs 150 crore revenue from outdoor advertisement
Punjab minister Navjot Singh Sidhu Saturday said his department has set a target of Rs 150 crore annual revenue from outdoor advertisement in all urban local bodies. He also lashed out at the previous SAD-BJP regime, accusing it of indulging in "theft" and causing loss to the state exchequer. "The target of the income through outdoor advertisement has been fixed at Rs 150 crore in all the 167 urban local bodies (ULBs)," the minister told reporters here. The local government minister said his department has taken several steps in plugging leakage of revenue from advertisement which led to a significant jump in the income. "In Ludhiana city alone, the tender for outdoor advertisement has gone for Rs 28 crore, whereas during the Akali regime, the income from this city stood at a mere Rs 1.75 crore," he said. "The income of Rs 28 crore from Ludhiana is Rs 10 crore more than what Punjab used to earn annually from all 167 ULBs through advertisement under the previous regime. "You can well ..