Page 1544 - Business Finance
Trump again blasts Fed for 'even considering' rate hike
WASHINGTON (Reuters) - President Donald Trump early on Monday again criticized the Federal Reserve for its current series of interest-rate increases, days before the U.S. central bank is expected to push up interest rates again.
Hitachi to buy ABB's grid arm for around USD 6.4 bn
Swiss power major ABB Group said Monday Japan-based Hitachi will buy an 80.1 per cent stake in its power grids arm in a deal that values its grid business at USD 11 billion (Rs 78,763 crore). The deal is expected to complete by the first half of 2020, subject to regulatory approvals and fulfilment of closing conditions, ABB Group said in a statement. ABB will initially retain a 19.9 per cent equity stake in the joint venture, allowing a seamless transition, the group, which operates in India through a listed arm ABB India Ltd, said. The joint venture will be headquartered in Switzerland, with Hitachi retaining the management team, it added. The transaction agreement includes a pre-defined option for ABB to exit the retained 19.9 per cent share, exercisable three years after closing, at fair market value with floor price at 90 per cent of agreed enterprise value, it said. Hitachi in a release said that ABB will carve out its power grid business, for which Hitachi will buy an 80.1 per ..
5G ecosystem to be auction-ready by Aug 2019: Sundararajan
Telecom Secretary Aruna Sundararajan on Monday said procedures for the auction of 5G spectrum are likely to be completed by August 2019.
Google announces $1 bn sprawling campus in New York
Google on Monday announced to invest $ 1 billion to establish a new campus in New York City. The 1.7 million square-feet campus called Google Hudson Square will be the primary location for the company's New York-based Global Business Organisation.
Food processors' body GST relaxation on agri products processed at primary level
Ahead of the GST council meeting, the food processors' association AIFPA on Monday demanded tax on agri-produce processed at a primary level be exempted or lowered to encourage the sector and boost farmers' income. There are at least a dozen categories of products like pulp and concentrates, pickling, frozen foods and vegetables, as also dehydrated onion and garlic powder, that attracts GST of 12 to 18 per cent at present, All India Food Processors Association (AIFPA) President Subhod Jindal told reporters. He said the Goods and Services Tax (GST) rates on these categories should be exempted or brought down significantly. The GST council meeting is scheduled on December 22. "GST tax levels are still a problem. There was some relief as the tax rates were brought down in some products after the intervention by the food processing minister. There are a few more products on which taxes are required to be reduced to protect the industry," Jindal said. Stating that 80 per cent of the ...
Oil rallies but oversupply, economic growth weigh
LONDON (Reuters) - Oil prices rose on Monday after a key Middle East oil minister suggested the market was rebalancing, but investor sentiment remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.
Tsingtao, Yanjing named official beer sponsors of 2022 Winter Olympics
Tsingtao and Yanjing have been named the official beers of the 2022 Beijing Olympic and Paralympic Winter Games here on Monday.
Bank of Baroda to shut three African branches by June
State-owned Bank of Baroda will close down three overseas branches in Africa by June. The bank in a regulatory filing said that as per the government guidelines for rationalisation of overseas presence, increase in efficiency and profitability of the overseas offices, it will close down branches in Guyana, Trinidad and Tobago and Ghana by June 30, 2019. The three branches contribute less than a percentage each to the bank's consolidated business. Revenue from Ghana business stood at Rs 75.31 crore, Trinidad and Tobago Rs 23.90 crore and Guyana Rs 26.38 crore, the bank said without specifying the period during which the revenue was generated from these entities. Rationalisation of public sector bank (PSB) branches is part of the government's initiative, approved on November 2017 as clean and responsible banking initiative. As on January 31, 2018, PSBs had about 165 overseas branches, besides subsidiaries, joint ventures and representative offices. State Bank of India has the largest ...
AAI seeks bids for six airports, to finalise bidders on Feb 28
The Airports Authority of India (AAI) will choose the bidders to operate its aerodromes at Guwahati, Thiruvananthapuram, Lucknow and three other places on the basis of "per-passenger fee" and finalise the bids on February 28. As part of an open international competitive bidding process, the AAI has sought bidders for carrying out operations, management and development of the six airports. Last month, the government cleared a proposal for managing six AAI-run airports on public-private partnership basis. The airports are those at Guwahati, Thiruvananthapuram, Lucknow, Mangaluru, Ahmedabad and Jaipur. In similar but separate tender documents issued on December 14, the AAI has said the successful bidders would be decided on the basis of fee that would be charged from each domestic passenger. The deadline for submitting the bids is February 14 and the winning bidders would be finalised on February 28. "Bids are invited for the Project on the basis of the Per-Passenger Fee for domestic ...
Ibhaan to launch advanced security solutions for vehicle registration
Bengaluru-based company Ibhaan is set to launch its advanced security solutions for documents in view of the Union Road Transport Ministry mandating that all new vehicles be supplied by manufactures with high-security registration plates (HSRP) from April 2019, the company said on Monday.
NEC unveils state-of-the-art technology in India
NEC Technologies India Private Limited, together with NEC Corporation, hosted the sixth edition of NEC Innovative Solutions Fair 2018 in Mumbai, wherein the company exhibited NEC's state-of-the-art technology and solutions that help in co-creating the future.Giving an overview of NEC's portfolio of technology at the site, Takashi Niino, President and CEO of NEC, said: "I feel that the potential for co-creation between NEC and Indian companies is especially great due to a meeting of minds. Our two cultures are open to exploring advanced digital technologies without prejudice, hesitation or fear."Themed 'CurioCITY', the event showcased six display areas divided into thematic zones-- safer cities, smart transportation, digital governance, digital enterprises, smart connectivity, and skill creation. Participants found different kinds of future solutions at each booth and enjoyed first-hand experience modules and solution demonstration.Highlights of the event included NEC's world-leading ..
DSM Sinochem Pharmaceuticals announces new name - Centrient Pharmaceuticals
Effective December 10, 2018 Centrient Pharmaceuticals is the new name for DSM Sinochem Pharmaceuticals, the leading manufacturer of beta-lactam antibiotics and a provider of next-generation statins and anti-fungals.The new name has been chosen to reflect the company's key contribution to modern healthcare, and marks the next phase in its strategic evolution following a change of ownership to Bain Capital Private Equity.CEO Karl Rotthier states: "Our bold and creative new name and logo showcase our company as one which prides itself on being at the centre of modern healthcare, through our life-saving active pharmaceutical ingredients and finished dosage forms. We're building on a rich history that began 150 years ago as the 'Nederlandsche Gist- en Spiritusfabriek', then Gist Brocades and more recently DSM Sinochem Pharmaceuticals. Now as Centrient Pharmaceuticals, we have an amazing opportunity to build a strong and differentiated brand in the generic pharmaceutical industry."Rotthier .
Government total liabilities rises to Rs 82.03 lakh crore at end-September 2018
Govt issued dated securities of Rs 1.44 lakh crore in Q2FY19 against Rs 1.89 lakh crore in Q2FY18
SEZs generates exports of Rs 3.33 lakh crore and employment of 19.96 lakh persons
SEZs generates investment of Rs 492312 crore
Outcome of board meeting of Infibeam Avenues
Held on 17 December 2018
India making constant efforts to gain inroads into Chinese market: Prabhu
India is making constant efforts to gain market access in China for various commodities and an agreement was signed in November for the export of fish products, Commerce and Industry Minister Suresh Prabhu said Monday. The government has been consistently making efforts to obtain market access for various Indian agricultural products, animal feeds, oil seeds, milk and milk products, pharmaceutical products, IT and IT-enabled services, etc, in light of the potential of these products and services in the Chinese market, Prabhu said in a written reply in the Lok Sabha. He was responding to a question on commodities selected by the government to make inroads into the Chinese market. "In the last few years, various protocols have been signed to facilitate export of Indian rice, rapeseed meal and fishmeal-fish oil," he said. The minister said that a memorandum of understanding (MoU) was signed between India and China in May 2013 on cooperation related to import and export trade of fishery ..
Tata Motors up 4% on reports of job cut plans at JLR
Shares of Tata Motors Monday rose over 4 per cent on media reports that its luxury arm Jaguar Land Rover (JLR) plans to cut thousands of jobs as part of a 2.5 billion pounds turnround plan. On the BSE, the stock advanced 4.10 per cent to close at Rs 173.75. It had climbed 5.39 per cent to intra-day high of Rs 175.90. The scrip gained 4.52 per cent to settle at Rs 174.50 on the NSE. During the day, it was trading at a high of Rs 175.95, up 5.39 per cent. In terms of volume, more than 23 lakh units were traded on the BSE, while over 2.8 crore shares changed hands on the NSE. The company's stock has been rising since December 10 and has gained nearly 11 per cent during the past six trading sessions. According to a media report, Jaguar Land Rover will announce plans to cut thousands of jobs early in the new year, as part of a 2.5 billion pounds turnround plan to revive the fortunes of Britain's largest carmaker. JLR, which employs around 40,000 people in the UK, has been hit by sliding ...
Thyssenkrupp steel boss Goss to lead joint venture with Tata Steel
FRANKFURT/MUMBAI (Reuters) - Germany's Thyssenkrupp and India's Tata Steel on Monday named the top management of their planned European joint venture, ending months of uncertainty over who will join the entity's leadership.
Studds Accessories gets Sebi's go-ahead for IPO
Studds Accessories Ltd, manufacturer of helmets and two-wheeler accessories, has received markets regulator Sebi's approval to float an initial share sale. The company, which had filed its draft papers with the markets regulator in August seeking its clearance for the initial public offer (IPO), obtained Sebi's observations on December 14, latest data with the capital markets watchdog showed. Sebi's observations are necessary for any company to launch public issues like initial public offer, follow-on public offer and rights issue. Studds Accessories' IPO comprises fresh issuance of shares worth Rs 98 crore besides an offer for sale of 39.39 lakh equity shares by promoters Madhu Bhushan Khurana and Sidhartha Bhushan Khurana, and other existing shareholders, according to the draft papers. Proceeds of the issue will be used to part-finance the motorcycle helmet, two-wheeler accessories, bicycle helmet manufacturing facilities in Faridabad, and for general corporate purposes. The ...
No proposal for opening of industrial parks for rubber based units: Ministry of Commerce
Government has taken various measures to help rubber growers