Page 1552 - Business Finance
UAE president orders reshuffle of central bank's board of directors, governor to remain
DUBAI (Reuters) - The president of the United Arab Emirates has ordered a reshuffle of the central bank's board of directors, the state news agency said on Sunday.
Petrol prices remain unchanged on Sunday, diesel declines
Petrol prices across the four metropolitan cities remained unchanged on Sunday, while the cost of diesel continued to decline.
BEML pitches for indigenisation of six bullet train rakes
BEML Ltd, the country's largest railway coach maker, has pitched for indigenisation of at least six rakes of bullet train coaches in collaboration with its Japanese partner Hitachi. Japanese companies Hitachi and Kawasaki will bid to be the main contractor in the Japan government-assisted Ahmedabad-Mumbai bullet train project. "We have submitted our request for indigenisation of six bullet rakes (60 coaches)," BEML Chairman and Managing Director D K Hota told PTI. However, in joint negotiation meetings, Hitachi had indicated that if the project has to meet its rollout deadline of 2023, then indigenisation of not more than one bullet train rake could be possible. "We want more volume in the indigenisation process, which will be a win-win for the country and make our investments viable in the bullet train project," Hota said. The USD 15-billion project envisages 24 rakes comprising 240 coaches, which would run between Mumbai and Ahmedabad. BEML is keen on undertaking the ..
Executive's arrest, security worries stymie Huawei's reach
While a Huawei executive faces possible US charges over trade with Iran, the Chinese tech giant's ambition to be a leader in next-generation telecoms is colliding with security worries abroad. Australia and New Zealand have barred Huawei Technologies Ltd. as a supplier for fifth-generation networks. They joined the United States and Taiwan, which limit use of technology from the biggest global supplier of network switching gear. This week, Japan's cybersecurity agency said Huawei and other vendors deemed risky will be off-limits for government purchases. None has released evidence of wrongdoing by Huawei, which denies it is a risk and has operated a laboratory with Britain's government since 2010 to conduct security examinations of its products. But the accusations, amid rising tension over Chinese technology ambitions and spying, threaten its ability to compete in a sensitive field as carriers prepare to invest billions of dollars. "This is something that's definitely concerning ...
Experience economy will galvanise businesses to create brand-relevant experiences: experts
The rise of 'experience economy' will galvanise businesses to create authentic, brand-relevant experiences that customers can connect with and feel valued, experts at a conclave at IIM-Rohtak have said. The term 'experience economy' refers to the next economy following the agrarian economy, the industrial economy, and the most recent service economy. The institute Saturday organised the conclave on 'The Rise of Experience Economy'. Dheeraj Sharma, the director of IIM-Rohtak, illustrated the importance of experience economy, saying, "In order to create value for consumers, innovative products and services are not enough. Consumers are now seeking new experiences with each purchase." Influencers and leaders from various multinational corporations and media houses were among the participants, and they shared their ideas and thoughts at the event held on Saturday. Assistant Professor at IIM-Rohtak Koustab Ghosh said, "We have progressed from prospering in the era of Industry 4.0 to ...
Pricing policy that makes airlines lose too much money is a problem: IATA chief
Competitive air ticket prices are a strong stimulator for demand in India but a pricing policy that makes airlines lose too much money is a problem, according to IATA chief Alexandre de Juniac. India is the world's fastest growing domestic aviation market and has registered double-digit passenger growth for 50 straight months in October. However, the local carriers are grappling with financial headwinds due to multiple factors, including inability to raise fares amid intense competition and increased fuel prices. While noting that he is optimistic about Indian aviation market, de Juniac also flagged concerns about infrastructure, taxation structure and high costs. The International Airport Transport Association (IATA) is a grouping of around 290 airlines, including Air India, Jet Airways and Vistara. "In terms of working of the market, if you are forced to have a pricing policy that makes you lose too much money, then it is a problem at the end of the day...," de Juniac told PTI in an
Magicbricks looks to bring more property sellers online, expand reach
Realty portal Magicbricks Sunday said it will keep investing on bringing more property sellers online as it continues to add around 60,000 properties on its platform on a daily basis. The company, which has over 10 lakh property listings, also claimed to have increased its reach to over 16,000 localities across the country. "We've invested in product and technology bandwidth, as well as deployed significant manpower, to extensively source listings. The edge that we've built on the supply side is directly helping the business," Magicbricks CEO Sudhir Pai said in a statement. The company will continue to invest in educating and bringing various property sellers online and helping them sell or rent out their property, he said. Out of the 10 lakh active properties listed on its platform, 58 per cent are for sale and 42 per cent for rent. A total of 2.1 lakh listings are posted by individual property owners from across 700 towns and cities, the company said. It added that currently 76 per .
Yellow Tie Hospitality plans USD 30 mn investment to open over 300 outlets of its brands
Yellow Tie Hospitality, along with its franchise partners, plans to invest up to USD 30 million (around Rs 215 crore) in three years to open over 300 outlets of its restaurant brands in India and overseas. The company, which has a portfolio of about a dozen brands and 60 operational outlets, aims to be India's largest restaurant franchise company by 2025. "At Yellow Tie Hospitality, we invest in brands and then scale them up through franchise route. We want to aid the expansion of all the brands... total investments that will be made through franchisees in the next three years will be approximately USD 25 million in order to develop a back-end infrastructure and support system to be able to grow all the brands. "Yellow Tie Hospitality will be investing up to USD 5 million," Yellow Tie Hospitality Founder and CEO Karan Tanna told PTI. Yellow Tie Hospitality, with its franchise partners, plans to open over 300 outlets for its brands Genuine Broaster Chicken, Dhadoom, Just Falafel, ...
'Hot money' evaporates from Indian capital markets in 2018, outflow nears Rs 1 lakh cr
Foreign investors' portfolio investments have long been known as 'hot money' that comes in fast but can go out even faster and it is the outward journey that seems to be the underlying theme for the Indian capital markets as 2018 draws to a close, with net outflows nearing the Rs 1 lakh crore mark. This could make 2018 the worst year in terms of foreign portfolio investments in the Indian capital markets and follows a record net inflow of about Rs 2 lakh crore into equities and debt securities in 2017, as per data available with the depositories and exchanges. As of now, the foreign portfolio investors (FPIs) have made a net withdrawal of about Rs 87,000 crore from the Indian markets with about a fortnight of trading remaining. Analysts warn the trend may continue in the wake of negative sentiments about possible changes in the regulatory framework after the sudden exit of the RBI governor and the emerging political scenario. Marketmen feel FPIs have stamped their influence very ...
Miniso planning to source Indian products to Australia, US
Japanese retail brand Miniso plans to source India-made products for its stores in the US and Australia, said a top company official. Miniso India is also investing to set up its own warehouses in Delhi, Mumbai, Kolkata and Bengaluru to cater to its expanding network. "We are looking into getting more local purchase and we also want to sell Indian products to other countries," Miniso India Chief Business Development Officer Yang Liu told PTI. He further said:"We have built up a system. We do not only want to import here but also export from here to markets like Australia and the US." The initial line-up of products to be sourced from India include socks and snacks, he said. About the local purchase, Liu said by December 2019, around one third products at Miniso India would be sourced locally. As per FDI norms, it is mandatory to source 30 per cent goods from India in single brand retail trade. "The products which are selling are not only from China but some cosmetics are from South ..
SANY India to invest Rs 1,000-cr in Pune plant
Construction machinery maker SANY India will invest Rs 1,000 crore to ramp up production capacity at its Pune facility, a senior company official has said. SANY India is the Indian arm of Beijing-headquartered SANY Group. The company produces a range of construction equipment for earth moving, mining, roads and highways, hoisting solution (cranes) and concrete equipment at its only plant in Pune. "Our facility in Pune, Maharashtra is spread across 80 acre with a manufacturing capacity of 6,000 machines. With current space available at Pune we just need to expand our manufacturing. "SANY India will invest an amount of Rs 1,000 crore to scale up its construction machinery production capacity in India to 25,000 units," Deepak Garg, CEO, SANY Group, India and South Asia said. The investment will be done in a phased manner over next five years, he said. "The money will be spent on expansion of products like excavators, concrete equipment, cranes, road machinery, piling machinery etc," the .
Patent applications by female innovators to get faster clearance: Draft rules
A patent application filed by a female innovator will be examined expeditiously with a view to promoting women entrepreneurship in the country, as per a DIPP proposal. The Department of Industrial Policy and Promotion (DIPP), under the commerce and industry ministry, has floated draft rules to amend the Patents Rules, 2003. As per the draft rules, if the applicant or at least one of the applicants in a group seeking patent is a female, that application would get an expedited examination by the Indian Patent Office. "The move would help in promoting women entrepreneurship in the country. So far there was no such provision," an official said. The official said despite huge number of women entrepreneurs in the country, "very few" come to seek patents. The move is part of the DIPP's efforts to significantly reduce time for examination and grant of patents. The department is taking several steps, including hiring more manpower and increasing use of technology, to reduce time for granting ..
EY to advise on merger of 3 PSU general insurers
Management consultancy firm EY has been shortlisted to advise on the proposed merger of three public sector general insurers as announced in this year's budget. The government has proposed to merge three public sector general insurance companies -- National Insurance Company, Oriental Insurance Company and United India Insurance Company. Based on the bid floated in June, the firms zeroed in on EY as the consultant to advise on the consolidation process, sources said. As on March 31, 2017, the three companies together had more than 200 insurance products with a total premium of Rs 41,461 crore and a market share of around 35 per cent. Their combined net worth is Rs 9,243 crore with total employee strength of around 44,000 spread over 6,000 offices. The consultant is expected to advise on organisational restructuring, rationalisation of human resources, management of operational issues, regulatory and compliance issues, sources said. It is also expected to handhold the management of the
J'khand's urban local bodies' property tax collections at 106 cr in FY18
Innovations and reforms, including the introduction of PPP mode, have helped Jharkhand garner Rs 105.6 crore in property tax collections by its urban local bodies in the 2017-18 fiscal, a top state official has said. The public private partnership (PPP) mode in property tax collection in the state was initiated with steps like roping in professional collection agency besides promoting online transactions to augment revenue. "Boosted by steps to enhance property tax collection, its share in own (holding tax and other collections) revenue has increased from 19 per cent to 51 per cent in the last five years. The tax collection reached Rs 105.6 crore for 41 urban local bodies in 2017-18 from a mere Rs 10.35 crore in 2013-14," according to Arun Singh, Additional Chief Secretary, Water Resources Department, Jharkhand. Singh, who was earlier at the helm of affairs of the commercial tax department in the state, in a recent presentation to NITI Aayog said the state's per capita property tax ...
Global cues to dictate equity indices, rupee's trend (Market Outlook)
Global cues such as caution ahead of a US interest-rate decision as well as developments surrounding international trade tensions are expected to determine the trajectory of major domestic equity indices.
Global cues, rupee movement to set market trend: Experts
US-China trade relations, Fed's interest rate stance, crude oil prices and movement of the rupee will set the tone for the equity markets this week, say experts. With state elections out of the way, and the quick appointment of the new RBI governor, markets may also see a relief rally on expectations of more measures to ease the liquidity situation, some analysts said. "The market is showing an impression that it had factored the election outcome. Softening CPI inflation at 2.33 per cent (November) and pick up in industrial production to 8.1 per cent in October and the likelihood of a change in RBI's stance from 'Calibrated tightening' to 'neutral' will add optimism to market participants," said Vinod Nair, Head of Research at Geojit Financial Services. On the global front, the Federal Reserve's FOMC (Federal Open Market Committee) meeting is scheduled during mid-week, which will give clues regarding the US central bank's rate trajectory for 2019. US-China trade relations will also be
COAI for single audit to meet requirements of multiple agencies
Ahead of the planned special audit of telecom operators, industry body COAI has favoured a single audit exercise that meets the requirements of multiple stakeholders like the telecom department and sector regulator Trai. "The DoT is entitled to do audits and we can't argue with that. But can we get to a point where a single audit exercise is conducted by one entity that is agreed to by all parties as competent, to do detailed checks required by various stakeholders like CAG, telecom department and Trai," Cellular Operators Association of India (COAI) Director General Rajan Mathews told PTI. Mathews said the authorities that require audits to be conducted can spell out their requirements and the details they need, to the firm selected from the pre-qualified list. The firm that audits can then issue reports based on the individual specifications of various agencies that require such audits to be conducted. "Telecom Regulatory Authority of India (Trai), for instance, requires billing ...
Satin Creditcare raises US$ 30 mn NCD from FMO
One of India's leading microfinance companies the Satin Creditcare Network Limited (SCNL) raised US dollar 30 million Non-convertible debentures (NCD) from the Netherlands Development Finance Company (FMO) to accelerate its microfinance lending portfolio.The investment will support Satin Creditcare in its planned expansion and portfolio growth, and its efforts in increasing financial inclusion, through its operations in more than 20 states.Satin creditcare has recently forayed in digital lending "Loan Dost" for its urban borrowers to enhance the business portfolio."The new funding is a reflection of the strong support and the trust that Satin enjoys with its banking partners. We are excited about our partnership with FMO and are delighted to be associated with its legacy. With the new capital pool at our disposal, we will be looking at strengthening our ongoing credit lending services to a larger section of our existing and potential customer base," said HP Singh, Chairman and ...
Hilton to open a hotel in Bengaluru by 2021.
Global hospitality chain Hilton signed an agreement with KalyaniHospitality Pvt. Ltd to open a hotel "Double Tree" at the city's commercial micro-market Whitefield by the first quarter of 2021.The hotel will be ideally located to serve as the central hub for business functions as well as host business travelers and guests from within the city. At DoubleTree members can check-in, choose and access their room using a Digital Key using HiltonHonors mobile app.The hotel once completed will have 183 rooms and suites to cater to the needs of both business and leisure travelers. It will have banquet spaces, fitness amenities, outdoor swimming pool, restaurant, a bar, and a roof-top lounge."We are happy to mark our presence in Whitefield, which is an important commercial hub of the city. Our partnership with Kalyani Group reinforces our promise to expand our portfolio in India and offer Hilton guests more opportunities to experience the warmth of Hilton hospitality across multiple locations,"
Mexico aims to boost crude output by 45 pc before 2025
Mexican President Andres Manuel Lopez Obrador detailed plans Sunday to "rescue" the national oil industry by boosting crude production at the state-owned oil company by 45 per cent before 2025. Speaking from Ciudad del Carmen, a Gulf coast city (85 kilometers from an oil field that sustained Mexican public finances for decades, Lopez Obrador said the goal is for Petroleos Mexicanos to raise crude output to 2.4 million barrels per day, from the current 1.65 million barrels per day. "We are going to invest where we know there's petroleum and where it costs us less to extract it," he told a jubilant crowd of oil workers. Lopez Obrador previously announced plans to invest 75 billion pesos (USD 3.65 billion) of savings from a government austerity program into Pemex. The company has struggled to come up with funds in recent years amid mounting pension obligations, high tax rates, rampant fuel theft and inefficiencies. The president shared an anecdote about once chatting with a man on a ...