Page 1559 - Business Finance
Over 18 lakh registered cos, only 62 pc active at Oct end: Minister
The country has more than 18 lakh registered companies but only 62 per cent of them were actively functioning at the end of October this year, Parliament was informed Friday. There were a little over 18.10 lakh registered companies at the end of October, while only 11.16 lakh companies were active during the period, Minister of State for Corporate Affairs P P Chaudhary said in a written reply to Lok Sabha. Entities are required to get registered under the Companies Act, which is implemented by the ministry, to function as companies. In terms of states, Maharashtra had the highest number of registered companies (3.59 lakh), followed by Delhi (3.26 lakh) and West Bengal (1.98 lakh) in the second and third position respectively. Besides, Chaudhary said that the ministry has taken a number of measures to boost the growth of the corporate sector in the country. This includes introduction of integrated simplified form for incorporating companies electronically; allotment of director ...
Govt doesn't comment on views of ex-RBI chiefs on demo, GST expressed before media: FM
Finance Minister Arun Jaitley told the Lok Sabha that the government does not comment on the views of former RBI governors on demonetisation and the GST expressed before the media, Parliament was informed Friday. He was replying to a question in this regard by Congress parliamentarians Jyotiraditya Scindia and Kamal Nath. "The government does not comment on the views and opinions of former RBI governors and economists on demonetisation and GST expressed before media/private agency etc," Jaitley said in a written reply to the House. The government, the reply said, has from time to time stated advantages to the Indian economy which accrued due to the note ban and Goods and Services Tax (GST). The two senior Congress leaders had asked whether a former Governor of Reserve Bank of India and several renowned economists have recently stated that ban on high value currency notes in 2016 and rollout of GST in July 2017 have caused 'really hard blows' to the economy. Jaitley further said after .
China says to suspend extra tariffs on US cars, parts
China pressed on with its trade war truce with the United States on Friday, announcing it will suspend extra tariffs added to US-made cars and auto parts for three months from January 1. The move is another sign that the ceasefire has not been derailed by the recent arrest in Canada of a top Chinese telecom executive at the behest of the United States. Beijing raised tariffs on American-made cars and auto parts this summer by 25 percent in retaliation for US tariffs on $50 billion of Chinese goods. "Suspension of the tariffs is a concrete measure to implement the consensus reached by the two heads of state," said the announcement by the State Council's Tariff Commission Office, noting it applied to 211 product codes. US President Donald Trump and Chinese leader Xi Jinping agreed on the sidelines of the G20 summit in Buenos Aires on December 1 to a 90-day truce while they tried to find a solution to the escalating trade dispute. While China and the US initially provided differing ...
Sensex ends flat on weak global cues, RBI board meet
The key Indian equity indices closed flat after trading in a narrow range on Friday tracking weakness in Asian and European markets over concerns of slowdown in global growth.
Quick Wrap: Nifty PSE Index rises 1.61%
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Life insurance sectors first year premium collection dips 12.6% in November 2018
Life Insurance Corporation shows sharp 22.9% dip in first year premium collection in November 2018
Privatisation of PSBs not panacea; need to cut govt mandates for PSBs: Rajan
Pointing out that privatisation of public sector banks is not panacea for all ills, former RBI Governor Raghuram Rajan Friday made a case for reduction of uncompensated mandates like lending targets and pushing government schemes through branches of state-owned lenders. He also said there is a need to reduce the Statutory Liquidity Ratio and substituting this with the liquidity coverage ratios and net stable funding ratios set by Basel. Last week, the RBI decided to reduce SLR, the portion of deposits required to be mandatorily invested in government bonds, by 0.25 per cent every quarter beginning January 2018. The calibrated reduction in SLR will continue till it reaches 18 per cent from the existing 19.5 per cent. The banking system is overburdened with non-performing loans and there is a need to adequately professionalise boards of PSBs, Rajan said adding the government should do away with board appointments to avoid unnecessary politicisation. "Much of the problem lies in PSBs but
Exclusive: France plans Renault CEO hunt as board frays over Ghosn - sources
PARIS (Reuters) - The French government is seeking candidates to replace Renault's embattled boss Carlos Ghosn, sources told Reuters, as board members began to voice doubts about keeping him in office following his indictment in Japan for suspected misconduct.
SoftBank telco IPO sees strong demand despite Huawei, network disruption
TOKYO (Reuters) - Domestic investors have sought nearly double the number of shares offered by SoftBank Group Corp's soon-to-list wireless unit, two sources from a lead IPO underwriter said, underscoring strong demand for Japan's third-largest telco.
Nifty, Sensex end higher on Infosys, Bharti Airtel boost
(Reuters) - Indian shares eked out a slightly positive finish on Friday, with the NSE closing above 10,800 points for the first time in 10 days, buoyed by gains in energy, IT and telecom sectors.
IEX rises over 5% on buyback proposal
Shares of Indian Energy Exchange (IEX) Friday surged over 5 per cent after the company said its board will meet next week to consider the proposal to buyback the firm's equity shares. The shares rose 5.17 per cent to settle at Rs 164.75 on the BSE. Intra-day, it gained 9.16 per cent to Rs 171. On the NSE, the stock increased 3.95 per cent to end at Rs 163.1. During the trading session, it touched a high of Rs 164.8, higher 5.03 per cent from the previous close. In terms of the equity volume 16,000 shares were traded on the BSE, while over 90,000 scrips changed hands on the NSE. "The meeting of board of directors of the company will be held on Thursday, December 20, 2018 at New Delhi, inter alia to consider the proposal for buyback of the fully paid-up equity shares of the company," the company said in a regulatory filing Thursday.
Public sector banks recover bad loans worth Rs 2.33 lakh cr in 4 years to FY18: Minister
Public sector banks recovered Rs 2.33 lakh crore worth of bad loans during the four years from financial year 2014-15 to fiscal 2017-18, Parliament was informed Friday. As per RBI data on global operations for PSBs, during the financial years 2014-15 to 2017-18, PSBs recovered Rs 2,33,339 crore, of which Rs 32,693 crore was from written-off accounts, Minister of State for Finance Shiv Pratap Shukla said in a written reply in Lok Sabha. He was responding to a question asked on non-performing assets (NPAs) and write-offs by public sector banks (PSBs) during April 2014 to April 2018 and the amount recovered by them. Shukla said, write-offs of NPAs is a regular exercise of the banks to clean up their balance sheet, tax benefit and capital optimisation. "Borrowers of such written-off loans continue to be liable for repayment. Recovery under relevant legal processes from written-off accounts may extend beyond the financial year in which the account is written off," he said. During 2014-15 ..
Euro zone businesses end 2018 on a sour note: PMIs
LONDON (Reuters) - Euro zone businesses ended the year in a gloomy mood, expanding their operations at the slowest pace in over four years as new order growth all but dried up, hurt by trade tensions and violent protests in France, a survey showed on Friday.
China says to halt additional tariffs on U.S.-made cars from January 1
BEIJING (Reuters) - China will suspend additional tariffs on U.S.-made vehicles and auto parts for three months starting Jan. 1, 2019, the country's finance ministry said on Friday, following a truce in a trade war between the world's two largest economies.
Corrected: Nifty, Sensex snap three-day rally as consumer, financials drag
(Corrects to remove reference in paragraph 3 to indexes heading for weekly losses)
Air Italy commences services on Mumbai-Milan route
Air Italy, the second largest Italian carrier, Friday commenced its services to Milan from Mumbai. The 252-seater A330-200 plane with 210 passengers on board departed from the Chhatrapati Shivaji Maharaj International Airport (CSMIA) in the early hours. Mumbai became the second destination for the European carrier in India after the launch of flight services to New Delhi from Milan last week. "We are delighted to welcome Mumbai to our global network. The launch of our India-Italy sector represents another major step forward for Air Italy and reinforces our commitment to the network expansion plans in Asia," said Rossen Dimitrov, Chief Operating Officer, Air Italy. "We have already seen significant bookings and are delighted by the take up on both of our new routes to India," he said. The flights on the Mumbai-Milan route will be operated three times a week, and provide onward connections to New York and Miami besides connecting domestic destinations, such as Rome, ...
Markets end flat on lacklustre global cues; RBI board meet in focus
Equities finished with modest gains after a see-saw session Friday as investors remained on the sidelines amid a crucial central board meeting of the Reserve Bank. Asian markets skidded as concerns over global growth and the protracted US-China trade dispute sapped risk appetite. The BSE Sensex ticked higher by 33.29 points, or 0.09 per cent, to end at 35,962.93 in choppy trade. The broader NSE Nifty rose 13.90 points, or 0.13 per cent, to 10,805.45. This is the fourth straight session of gain for the benchmarks. The RBI board meeting got underway Friday morning to discuss contentious issues, including a new economic capital framework (ECF) for the central bank and relaxation in the prompt corrective action norms for at least some state-run banks. This is the first board meet chaired by the newly-appointed Shaktikanta Das, who took over as the 25th RBI Governor Wednesday. Among sectoral indices, telecom led the chart, spurting 3.08 per cent, followed by oil and gas. However, finance, .
Gold prices steady at Rs 32,220 per 10 gram
Gold prices Friday ended steady at Rs 32,220 per 10 gram at the bullion market in the national capital amid weak global cues. Silver rates, however, dropped by Rs 200 to Rs 38,600 on weak demand from industrial units and coin makers. In the national capital, gold of 99.9 per cent and 99.5 per cent purity remained unchanged at Rs 32,220 and Rs 32,070 per 10 gram, respectively. Similarly, sovereign gold stood steady at Rs 25,000 per 8 gram. Globally, gold declined to USD 1,239.58 an ounce in New York, while silver held steady at USD 14.68 an ounce. Silver ready declined by Rs 200 to Rs 38,600 per kg, while weekly-based delivery fell by Rs 221 to Rs 38,130 per kg. Besides, silver coins remained unchanged at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
Thyssenkrupp fills key management posts after year of turmoil
FRANKFURT (Reuters) - Thyssenkrupp moved on Friday to fill key management positions, preparing for the spin off its capital goods business after a tumultuous year that saw the resignation of the conglomerate's top leadership.
RBI board reviews governance framework under new chief
MUMBAI (Reuters) - The Reserve Bank of India's board deliberated on the central bank's governance framework and has decided that the matter required further examination, the central bank said on Friday.