Page 1545 - Business Finance
E-Commerce Market growing at a rate of about 17% in 2018-19
Indian e-commerce market reached US$ 38.5 billion in 2018-19
ASOS profit warning spreads Christmas retail gloom
LONDON (Reuters) - Online fashion group ASOS fuelled a Christmas crisis in Britain's retail industry with a profit warning highlighting a major downturn in trading last month, sending its shares 39 percent lower and unnerving rivals.
Corrected: Analysis - As bitcoin trading shifts shape, big money stays away
(Corrects spelling of first name to Erik (not Eric) in paragraph 21)
Sebi makes investing in MFs less pricey; puts cap on total expenses
In a major overhaul of the fee structure that mutual funds charge from investors, markets regulator Sebi has issued new norms to cap total expenses for investment in such funds at 2.25 per cent. Rationalising the total expense ratio (TER), the fee that mutual funds (MF) collect from investors every year to manage their money, Sebi said the new fee structure would come into force from April 1, 2019. The move comes after the board of Sebi cleared a proposal in this regard in September. The regulator has capped the maximum TER for closed-ended equity schemes at 1.25 per cent, and other than equity schemes at 1 per cent. The maximum TER for open-ended equity schemes will be 2.25 per cent, and 2 per cent for other open-ended schemes, the Securities and Exchange Board of India (Sebi) said in a notification dated December 13. TER is a percentage of a scheme's corpus that a MF house charges towards expenses, including administrative and management. The TER was introduced in 1996 and since ...
Fino Paytech invests in fintech startup CityCash
Fino Paytech, the promoter of Fino Payments Bank, Monday said it has invested in Mumbai-based CityCash, operated by Tap Smart Data Information Service. The company, however, did not disclose the financial details of the deal. The investment is in line with Fino's strategy of providing banking and payments solutions to emerging India, a statement said. The two companies will design an ecosystem, wherein Fino will be the issuance and settlement institution of the prepaid payment instrument. CityCash, on the other hand, will offer NFC-based (near field communication) cashless payments technology and micro-payment merchant acquisition, it added. Highlighting the opportunity in low-cost NFC-based payment solutions, Fino said customers can use Fino and CityCash co-branded card for retail micro-payments, apart from other transport payments such as for auto and cabs. It cited the example of the country's public transport system that clocks an annual turnover of about Rs 50,000 crore but 95 ...
Bandhan Bank continues to rally as RBI lifts curbs on branch expansion
Extending the winning streak to the fifth straight day, shares of Bandhan Bank Monday gained more than 7 per cent after the Reserve Bank of India allowed the private bank to open new branches. The stock of the Kolkata-based lender increased by 5.74 per cent to end at Rs 563.70 on BSE. During the day, it touched a high of Rs 573.40, up 7.55 per cent from the previous close. Similarly on NSE, the stock rose 7.12 per cent to close at Rs 571.80. The scrip soared 7.21 per cent in the intra-day trade to Rs 572.30. In volume terms, a total of 1.94 lakh shares were traded on the BSE, while over 19 lakh shares changed hands on the NSE. The bank's counter has rallied over 20 per cent since December 11. Market analysts said the rally in Bandhan Bank is mainly due to RBI lifting its restrictions on the bank's branch expansion plan. On Wednesday, the bank's CEO C S Ghosh had said the lender would add another 40 branches by December 31, thereby taking the total number of branches to 978. RBI had ...
Ten years on, Fed's long, strange, trip to zero redefined central banking
WASHINGTON (Reuters) - ZIRP. ZLB. ELB.
Madras High Court bans online sales of medicines
The Madras High Court on Monday banned the sale of medicines online till the central government notifies the regulations.
Malaysia files criminal charges against Goldman Sachs
Malaysia filed criminal charges against Goldman Sachs and two former executives on Monday for their role in the alleged multibillion-dollar ransacking of state investment fund 1MDB. Attorney General Tommy Thomas said the government is seeking several billion dollars in fines from Goldman Sachs for breaches of securities laws that involved it making false and misleading statements to investors. He said his office will seek prison sentences of up to 10 years for the former Goldman executives, Roger Ng Chong Hwa and Tim Leissner, who is married to model Kimora Lee Simmons. Malaysian and U.S. prosecutors allege that bond sales organized by Goldman Sachs for 1MDB provided one of the means for associates of former Malaysian Prime Minister Najib Razak to steal billions over several years from a fund that was ostensibly set up to accelerate Malaysia's economic development. The scandal, first reported by Sarawak Report and the Wall Street Journal, resulted in Najib and his ruling coalition ...
Niti pushes for methanol use as cooking fuel: Member
To promote clean energy, Niti Aayog is pushing for the use of methanol as cooking fuel in households as well as transport fuel, a member of the government think tank said Monday. The Aayog is in talks with the states of Uttar Pradesh and Assam over distribution of 20,000 and 50,000 gas stoves, respectively, powered by methanol, Niti Aayog Member V K Saraswat said. "We are also looking at the use of methanol as cooking fuel and have provided methanol cooking stoves to 500 households inside the Assam Petro Complex as a pilot project. "After Assam, we are working with the chief minister of Uttar Pradesh to cover areas in the eastern Uttar Pradesh and then will cover western region of Maharashtra, including Pune region," he told reporters here. A plant each would be set up in Bengaluru and Assam for manufacturing methanol cooking stoves based on a technology sourced from Sweden, he said. Large stoves for commercial use will be imported till technology is developed locally. Methanol is a .
Major ports in India adds capacity of 92.19 MTPA during 2017-18
Make in India initiative aims to create a conducive environment for investment, development of modern and efficient infrastructure
Google to spend $1 billion to establish new campus in New York
(Reuters) - Alphabet Inc's Google is investing over $1 billion to establish a new campus in New York, becoming the second major technology company after Amazon to pick America's financial capital to expand and create thousands of jobs.
Quick Wrap: Nifty Metal Index records a surge of 2.02%
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NMDC announces revision in iron ore prices
Effective 13 December 2018
Google parent co. Alphabet announces USD 1 bn NYC real-estate expansion
Google's parent company Alphabet said Monday it was investing over USD 1 billion in capital improvements to establish a new campus in New York City. In a blog post, Alphabet CFO Ruth Porat wrote that it is leasing a large office building in Manhattan's West Village neighbourhood, the centerpiece of a campus more than 1.7 million square-feet large. The expansion would make the company one of the city's largest commercial tenants, according to The Wall Street Journal.
Vedanta rises over 2% post NGT order on Tuticorin unit
Stocks of Vedanta Monday rose over 2 per cent after the NGT set aside the Tamil Nadu government order for closure of the company's copper plant at Tuticorin. On the BSE, the stocks after opening at Rs 214.25, higher 6.48 per cent from the previous close, finally settled at Rs 205.65, up 2.21 per cent. The stock advanced 1.88 per cent to close at Rs 205.40 on the NSE. Intra-day it was trading at Rs 213.30, an increase of 5.80 per cent. In terms of the equity volume, over 19 lakh shares were traded on the BSE, while over 2.7 crore units changed hands on the NSE. The NGT on Saturday, set aside the Tamil Nadu government order for closure of the copper unit at Tuticorin, which was at the centre of massive protests over alleged pollution, saying it was "non sustainable" and "unjustified". A bench headed by NGT Chairperson A K Goel asked the Tamil Nadu Pollution Control Board (TNPCB) to pass a fresh order for renewal of consent and authorisation to handle hazardous substances, subject to ...
GrabOn partners with PhonePe to bring cheer this Christmas
GrabOn, India's #1 coupons and deals company announces the second edition of the Christmas Carnival event, to be held from 17th to 21st December 2018. GrabOn is known for providing online shoppers with the best deals and discounts.This year's Christmas Carnival campaign sees GrabOn onboard big names such as PhonePe, Wittyfeed, Events High, Helo app(ByteDance) and many more.During the five-day event, users can participate in the Christmas Carnival, play simple games and take-home prizes from top brands. A special add on for users is exclusive cashback on Gift Card purchase through PhonePe.Ankit Gaur, Director - Online Business, PhonePe said, "We are happy to partner with GrabOn and offer shoppers on their platform the convenience of using PhonePe as a payment option. This partnership will allow shoppers to pay using UPI, Credit/Debit Card or Wallet for their purchases. We are also giving shoppers a special cashback adding to the Christmas festive fervour.""Most of the players in the ...
Nissan board fails to agree Ghosn replacement as chairman: statement
Nissan board members meeting Monday failed to agree a replacement for former chairman Carlos Ghosn, who is under arrest on allegations of financial misconduct, the firm said. "It was decided that the committee wishes to continue discussions, we accepted that," Nissan CEO Hiroto Saikawa said at a press conference after the board met in Tokyo. Media reports ahead of the meeting had suggested the firm would be unable to agree a replacement for Ghosn immediately, in part because of open discord with French automaker Renault. The two firms, along with Mitsubishi Motors, are part of a key auto alliance forged by Ghosn that has suffered growing public tensions since his arrest on November 19. Renault is now reportedly seeking more sway on the board of Nissan, which itself faces charges of allegedly submitting financial documents that understated Ghosn's pay. Saikawa declined to comment directly on the reports, which said Renault was urging Nissan to quickly organise a shareholders meeting ..
Hong Kong Stocks little changed
Chinese President Xi Jinping marks the 40th anniversary of Deng Xiaoping's opening of the nation's economy to the world with a keynote speech at a conference scheduled for Tuesday. Top leaders are also due to map out economic and reform plans for 2019 during an annual Central Economic Work Conference this week. It comes as Beijing's trade war with Washington spurs government advisors and think tanks to urge for urgent reforms in Asia's largest economy.
China Stocks mixed ahead of key events
Chinese President Xi Jinping marks the 40th anniversary of Deng Xiaoping's opening of the nation's economy to the world with a keynote speech at a conference scheduled for Tuesday. Top leaders are also due to map out economic and reform plans for 2019 during an annual Central Economic Work Conference this week. It comes as Beijing's trade war with Washington spurs government advisors and think tanks to urge for urgent reforms in Asia's largest economy.