Page 1553 - Business Finance
Global stock markets likely to strengthen in next 6 months: UBS
Global Equity markets are more likely to advance than fall in the next six months amid low risk of recession and attractive valuations, UBS Global Wealth Management has said.
Exclusive: T-Mobile, Sprint see Huawei shun clinching U.S. deal - sources
WASHINGTON/NEW YORK (Reuters) - T-Mobile US Inc and Sprint Corp believe their foreign owners' offer to stop using Huawei Technologies equipment will help with the United States clearing their $26 billion merger deal, sources said, underscoring the lengths to which Washington has gone to shut out the Chinese company.
J-K to spend Rs 350 cr for sports infra: Governor Malik
In a bid to give a massive push to public infrastructure in the state, the Jammu and Kashmir Governor administration has approved a state budget for the fiscal year 2019-20. The budget was approved by the State Administrative Council (SAC) headed by Governor Satya Pal Malik.The budget focuses on boosting sports infrastructure for the youth in the state, in which Governor Malik said that Rs 350 crore would be spent for the development of separate sports and games disciplines, apart from improvements in education, power, transport among others."The total budget is Rs 89,000 crore. Most importantly for youth, we are going to spend Rs 350 crore for developing sports infrastructure. For education, we have approved a new university in Leh called Ladakh University. 40 new colleges will be established in the state with a budget of Rs 250 crore. IAS, KAS, NEET and JEE coaching facilities would be provided for students. Separately, Rs 1,000 crore has been allocated for Sarva Shiksha Abhiyan. ...
Corrected: T-Mobile, Sprint see Huawei shun clinching U.S. deal - sources
(Corrects paragraph 8 to show Wanzhou was arrested in Canada, not China)
Scooters India plans to develop electric Lambretta
To diversify its product portfolio, the state-owned Scooters India (SIL) plans to develop an electric version of its bestseller two-wheeler Lambretta.
Delhi: ED seizes assets worth Rs 10.28 Crores from Emaar MGF MD Shravan Gupta
The Enforcement Directorate (ED) on Saturday seized assets worth Rs 10.28 crores from Emaar MGF Managing Director Shravan Gupta under Section 37A (1) of Foreign Exchange Management."The assets were seized under Section 37A (1) of Foreign Exchange Management Act (FEMA), 1999 from brothers Shravan Gupta and Rajiv Gupta for holding US $ 15,40,650 in the bank account maintained with Hong Kong and Shanghai Banking Corporation (HSBC), Switzerland," ED said. Shravan Gupta is an additional Managing Director of M/s Emmar MGF in lieu of Assets held abroadAccording to ED, the seizure order was issued in respect of immovable assets (agriculture land), after the investigation which revealed that Shravan Gupta, the Managing Director of Emaar MGF, had foreign exchange held to the tune of US $ 15,40,650 in his bank account in HSBC in contravention of provisions of Section 4 of FEMA, 1999 read with Regulations 3 of FEMA (Foreign Currency Accounts by a person Resident of India) Regulations 2000.The ..
JK Guv-led SAC approves Rs 88,911 cr state budget for FY'20
Jammu and Kashmir Governor administration Saturday approved Rs 88,911 crore state budget for the fiscal 2019-20, which is expected to give a massive push to public infrastructure in the state. The budget was approved by the State Administrative Council (SAC) headed by Governor Satya Pal Malik at a specially convened meeting here this evening, state chief secretary B V R Subrahmanyam said. Principal secretary finance Navin K Choudhary gave a detailed presentation to the SAC on the revised estimates for 2018-19, budget estimates for 2019-20 and other key features of the budget. The SAC was informed that the focus of the budget 2019-20 is to give a big push to tangible developmental initiatives with Rs 30,469 crore earmarked for building public and social infrastructure in addition to Rs 3,631 crore already provided under languishing projects programme. The SAC observed that investment in infrastructure is the growth driver for economy and has a cascading impact on all sectors including .
Swiss bank accounts: ED seizes Rs 10.28-cr assets of ex-Emaar MGF MD
The Enforcement Directorate said Saturday it has seized assets worth Rs 10.28 crore of Shravan Gupta, former MD of realty major Emaar MGF, in connection with its FEMA probe in the HSBC blackmoney list unearthed a few years ago. The central probe agency said in a statement it has taken the action against Gupta under the Foreign Exchange Management Act for "holding USD 15,40,650 in his bank account maintained with HongKong and Shanghai Banking Corporation in Switzerland". The ED said it has seized an agricultural land worth over Rs 10.27 crore in Delhi's Bijwasan area as an equivalent amount of the asset held abroad. "The seizure order has been issued pursuant to investigation which revealed that prima facie Gupta had foreign exchange held to the tune of USD 15,40,650 in his bank account in HongKong and Shanghai Banking Corporation, Switzerland, situated outside India in contravention of provisions of Section 4 of FEMA, 1999. "Gupta had not shown this amount in the Income Tax returns ...
Maha Metro Rail Corp terminates contract with ILFS for Nagpur project
IL&FS Engineering and Construction Company Saturday said Maharashtra Metro Rail Corporation has terminated a contract with the company for construction of various stations falling under Nagpur Metro Rail Project. The company has received a letter from Maharashtra Metro Rail Corporation Limited informing it of the decision of the competent authority to terminate the contract for construction of seven elevated and three other metro stations of Nagpur Metro Rail Project, IL&FS Engineering and Construction Company said in a regulatory filing. The company said the contract was terminated due to "alleged slow progress". Commenting on financial impact, IL&FS said bank guarantees provided by it to the tune of around Rs 93 crore would be enchased by Maharashtra Metro Rail Corporation Limited.
Tripura University panel to probe into Rs 10 cr e-book fraud
The Tripura University has detected an anomaly amounting to Rs 10 crore in procuring of e-books and has formed a committee to investigate into the matter, a top official said Saturday. The anomaly came to light during the tenure of former Vice Chancellor Anjan Kumar Ghosh, who retired in July this year. "I have appointed a committee to review the e-book scam. Operation has started and law will take its own course. Everything will be clean," Vice Chancellor of Tripura University Vijaykumar Laxmikantrao Dharurkar said at a press conference here. In March this year, the Ministry of Human Resource Development ordered a visitorial inquiry against former Tripura University V-C Anjan Kumar Ghosh for alleged financial misappropriation of nearly Rs 10 crore in procuring e-books. Dharurkar said the committee would examine how the resources were misused and work on certain lapses and irregularities. "I have already declared that no e-book will be purchased in the next five years. .
Petrol price up, diesel declines
Petrol prices across the four metropolitan cities rose marginally on Saturday, while the cost of diesel declined.
Elgi Equipments aims 2nd spot in global air compressor market
With a goal to be the number two player in the global air compressor market by 2027, the city-based Elgi Equiments is displaying a new product at the expo to be held in April 2019 in Hanover in Germany, a top company official said. The company, which stands number two in the country and number seven in the global market with its innovative compressors, wanted to move up the ladder and capture the second spot by 2027, Elgi Managing Director, Jairam Varadharaj told reporters here. The company has 12 installations of the new product in the country, he said. He said Elgi's technology breakthroughs will transform the conventional boundaries of compressor technology with a relentless focus on increasing performance and energy efficiency. Earlier, the company welcomed over 200 employees, students and industry representatives to the 1st edition of Technology Day 2018 and unveiled Elgi's "State of The Future Art"-a signature initiative focused on fostering innovation. Technology
Europe must fight illiberal forces, Draghi warns
PISA, Italy (Reuters) - The spread of illiberal ideology is threatening the euro but it is an illusion that leaving it would offer an easier path, European Central Bank President Mario Draghi said on Saturday.
Sophisticated cyber attacks on Cloud to dominate 2019: Trend Micro
Cyber attackers will use more sophisticated tools in 2019 to take advantage of the changing technology landscape and prey upon evolving corporate technology environments especially Cloud, cyber security firm Trend Micro has said.
Gold, silver prices fall on weak global cues, tepid demand
Gold prices fell by Rs 160 to Rs 32,190 per 10 grams at the bullion market during the week on low demand from local jewellers amid weak global cues. Similarly, silver dropped Rs 100 to Rs 38,400 per kg on subdued demand from industrial units and coin makers. Traders attributed the fall in the yellow metal to a weak overseas trend and lacklustre demand from local jewellers. Globally, gold ended lower for the week at USD 1,238.12 per ounce, while silver held steady at USD 14.57 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity started the week on a positive note. However, they surrendered the gains to finally end at Rs 32,190 and Rs 32,040 per 10 grams respectively, losing Rs 160 each. Sovereign gold remained unchanged at Rs 25,000 per piece of 8 grams during the week. In line with the overall trend, silver ready traded in the red zone and ended at Rs 38,400 per kg, a decrease of Rs 100. Weekly-based delivery dropped Rs 446 to close at Rs ...
Sat Industries' subsidiary Aeroflex Finance gets registered as NBFC-ND
Powered by Capital Market - Live News
Gadkari urges private sector to tap investment opportunities in expressways, waterways and clean Ganga projects
Addressing the 91st Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr Gadkari said that for the development of expressways, the government had brought down the cost of land acquisition drastically to Rs 80 lakh per km from Rs 7.5 crore per km earlier.
Possible to move beyond 8% growth with focus on unreformed sectors: Finance Minister
He also sought to dispel the impression that the government was in any way infringing on RBI's autonomy. Mr Jaitley said that he could not see how an elected, sovereign government which flags off issues of credit and liquidity could be construed as infringing on the autonomy of the institution. "Autonomy is not synonymous with isolationism" and therefore bringing issues of concern to the notice of the central bank should not be regarded as a hindrance to the autonomy of the RBI, said the Finance Minister.
New industrial policy will impart competitiveness to trade and industry: DIPP Secretary
He said that ease of doing business, skill development and a robust innovation ecosystem were critical areas for Industry 4.0. He further added that DIPP would like to work with Industry and other stakeholders as Team India for the implementation of Industry 4.0 agenda. Mr Subhash Chandra Garg, Secretary, Economic Affairs, Ministry of Finance, said that the country was in the midst of a digital transformation and there was enormous opportunity in Infrastructure sector that needs to be tapped.
Two industrialists in textile sector get award
Two people in the textile industry were honoured by the Textile Association of India (TAI) Saturday for their contribution to the growth of the industry. The awardees were chairman of Premier Mills R Jagadish Chandran and chairman and managing director of Lakshmi Machine Works Sanjay Jayavarthanavelu. Chandran was presented with the life-time achievement award for service in the industry while Jayavarthanavelu got the industrial excellence award for his contribution to the field of machinery. Presenting the award during the two-day 74th All India Textile Conference on 'Global Textiles, the Way Forward', president of TAI T K Sengupta said the association aimed at promoting the use of scientific knowledge in the field ranging from fibre to garment and implementing programmes of continued education in the textile technology management. Felicitating the awardees, managing director of Thiagarajar Mills Karumuthu T Kannan said there was an immediate need for an institute to .