Page 1567 - Business Finance
UAE, Saudi Arabia start work on fintech for cross-border settlements
DUBAI (Reuters) - The United Arab Emirates and Saudi Arabia have started developing fintech for cross-border settlements, including a digital currency project, the UAE's central bank governor said on Wednesday.
Furniture start-up Pepperfry forays into home interior designing
Online furniture marketplace Pepperfry on Thursday announced its foray into the home interior design space to provide end-to-end design and home improvement solutions.
TDSAT strikes down Trai's predatory pricing rule; spells relief for Airtel, Vodafone Idea
The telecom tribunal Thursday struck down Trai's new norms on predatory pricing saying they lacked required transparency, an order that provides much-needed relief to operators such as Bharti Airtel and Vodafone Idea who had alleged that the rules were tailored for a new entrant. The Telecom Regulatory Authority of India (Trai) had -- following allegations of Reliance Jio's entry tactics of life-long free voice calls and dirt cheap data constituting predatory rates -- in February defined what would constitute significant market power (SMP) that could abuse the market with a predatory pricing. These were, however, contested by old operators who felt the norms favoured Jio. In a strongly-worded order, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) said that Trai could not impose financial disincentives and ordered it to rework the predatory pricing rules within six months. "The impugned tariff amendment order is set aside in so far as it changes the concept of SMP ...
Huawei $2 billion security pledge followed walkout by British official - sources
LONDON (Reuters) - Huawei's relations with British authorities hit a low last month when a top official walked out of a meeting with the Chinese company over its perceived failure to fix security holes in its products, sources familiar with the talks told Reuters.
Group forms to oppose tie-up of U.S. telecom firms T-Mobile, Sprint
WASHINGTON (Reuters) - An array of companies and groups that have opposed T-Mobile US Inc's plan to buy Sprint Corp announced on Thursday that they had banded together, saying the deal would lead to higher prices for wireless customers and hurt rural consumers.
Easing US-China trade tension could save millions of jobs: UN report
Millions of jobs in the Asia and Pacific region have been put at risk by conflicts over trade, despite a recent agreement not to escalate tit-for-tat tariffs by the United States and China, according to a new regional UN report. The 2018 Asia-Pacific Trade and Investment Report, issued by the UN's development arm in the region, ESCAP, suggests that an escalating "tariff war" and resulting drop in confidence next year, could cut nearly USD 400 billion from the global gross domestic product, drive regional GDP down by USD 117 billion. "As production shifts take place and resources are reallocated across sectors and borders due to the trade conflicts, tens of millions of workers may see their jobs displaced and be forced to seek new employment," said Mia Mikic, the head of Trade, Investment and Innovation Division at ESCAP. The report also noted that trade tensions have already had a major impact, resulting in disruptions to existing supply chains and dampening investment. Trade growth ..
USDA confirms U.S. soybean sales to China; soy futures fall
(Reuters) - Private exporters have sold 1.13 million tonnes of U.S. soybeans for delivery to China, the U.S. Agriculture Department said on Thursday, confirming sales Reuters reported a day earlier, though soy futures fell as traders hoped for more deals.
Trading startup Robinhood branches out into U.S. checking and savings accounts
NEW YORK (Reuters) - Commission-free trading startup Robinhood has launched U.S. checking and savings accounts that pay a 3 percent interest rate, broadening the suite of financial products it offers, the company said on Thursday.
Victoria's Secret owner L Brands to sell La Senza lingerie brand
(Reuters) - L Brands on Thursday said it would to sell its luxury lingerie brand La Senza to an affiliate of private equity firm Regent LP, capping a months long effort to sell the loss-making business.
Chrysaor sets sights on Chevron's North Sea assets - sources
LONDON (Reuters) - Private equity-backed oil firm Chrysaor has hired advisers ahead of talks to buy Chevron's British North Sea oil and gas fields for over $2.5 billion, industry and banking sources said.
Delta Air Lines says wider fare variety will boost revenues
(Reuters) - U.S. carrier Delta Air Lines Inc said a wider variety of seating options and fares from basic economy to flat bed seats in first class will help revenues grow 4 to 6 percent in 2019, while fuel prices should drop by $300 million next year.
Exclusive: Motherson Sumi in early stage talks with Leoni over deal - sources
FRANKFURT/HONG KONG (Reuters) - Car wiring maker Motherson Sumi is in early-stage talks with German peer Leoni over a possible combination of the two companies, two people close to the matter said.
Sebi bars stock broker for six months; fines Guiness Securities Rs 11 lakh
Markets regulator Sebi has barred a stock broker for the period of six months for submitting documents with regard to trades without actually executing it on the exchange. In an order, the regulator said that BSE registered stock broker Vishal Vijay Shah "has not only connived with its two clients in creating false and fictitious records of trades for a fraudulent purpose of factoring the profit/losses but has also misused the purpose of registration of stock broker granted to him". The regulator had conducted an examination from March 2009 to 2011 into the matter of front-running in the trades of Sterling Group by certain entities, which included the two clients of Shah. During the investigation, the regulator found that Shah submitted fake documents related to trading - which were never executed on the exchange. And the two entities were not even registered with him as clients. By engaging in such activities, Shah violated Stock Brokers Regulations and PFUTP (Prohibition of ...
TDSAT dismisses Trai's predatory pricing rule
Telecom tribunal TDSAT on Thursday set aside sector regulator Trai's rule on predatory pricing for lack of transparency in the guidelines over determining market share and rates of services. The move comes as a major relief to Bharti Airtel, Vodafone and Idea Cellular (Now Vodafone-Idea Ltd) which had in March challenged the amendment made by Trai in the Telecommunication Tariff order. "The impugned tariff amendment order is set aside in so far as it changes the concept of SMP (significant market player), non-predation and the related provisions," TDSAT Bench comprising Justice SK Singh and member AK Bhargava said in an order dated December 13, 2018. Telecom Disputes Settlement and Appellate Tribunal(TDSAT) ordered Trai to rework the predatory pricing rule within six months. TDSAT further held that segmented offers and discounts offered in ordinary course of business to existing customers without any discrimination within the targeted segment do not amount to a tariff plan and ...
Improve last mile delivery for ease of doing business: PM to bureaucrats
Prime Minister Narendra Modi Thursday asked bureaucrats to improve last mile delivery and focus on streamlining procedures to improve the country's 'ease of doing business' rankings, his office has said. He also said that besides improving the ease of doing business rankings, it would also increase the 'ease of living' for small businesses and the common man. Modi said this was extremely important for India as an emerging and vibrant economy, a statement issued by the Prime Minister's Office said here. The prime minister made these remarks at a high-level meeting he chaired to review progress of 'ease of doing business'. It was attended by senior Union ministers related to economic matters, Maharashtra Chief Minister Devendra Fadnavis, Delhi Lt Governor Anil Baijal and senior officials from the Centre, and Delhi and Maharashtra governments. He was briefed on the progress being made on various parameters related to ease of doing business. Subjects such as construction permits, ...
OBOR often leaves countries with 'excessive debt' and 'poor-quality' projects: US
China's ambitious 'One Belt, One Road' (OBOR) initiative often leaves countries with "excessive debt" and "poor-quality" projects, the Trump Administration told lawmakers, asserting that the US is seeking debt transparency from the Chinese. Treasury Secretary Steven Mnuchin has pushed forward an initiative on debt transparency that will, in the near term, significantly increase public disclosure and broaden the existing definition of international debt beyond traditional bonds and loans, David Malpass Under Secretary of Treasury for International Affairs told lawmakers during a Congressional hearing Wednesday. "This will help push back on China's over-lending to fragile developing nations, including those with weak governance," he said during a hearing on 'Evaluating the Effectiveness of the International Financial Institutions' by the House Financial Services Committee. "We engaged repeatedly with China on our trade and investment concerns and the problems caused by their 'One Belt, .
Sonata buys US firm Sopris Systems for $7 million
Leading Indian IT services provider Sonata Software on Thursday said it had acquired Sopris Systems, the US-based Microsoft Dynamics 365 field services partner, for $7 million (Rs 50 crore).
Adani acquires Alpha Design for Rs 400 crore
Adani Defence Systems, a wholly-owned arm of Adani Enterprises, has acquired Alpha Design Technologies (ADTL) for Rs 400 crore, according to regulatory filing. "Adani Defence Systems and Technologies Ltd...has acquired stake in Alpha Design Technologies," Adani Enterprises said in a BSE filing. Alpha Design Technologies provides Adani tier-I capability in defence and aerospace. Commenting on the cost of acquisition, the company said it was for "Rs 400 crore", and acquired "1,33,16,909 equity shares of Rs 10 each at a premium of Rs 290.37 per share". Alpha Design specialises in design, development and production of defence electronics and avionics equipment.
UK regulator delays first word on Sainsbury's-Asda deal
LONDON (Reuters) - Britain's competition regulator has delayed plans to publish its initial view on a probe into Sainsbury's proposed 7.3 billion pound ($9.2 billion) takeover of rival Asda.
GE's digital unit to sell majority stake in ServiceMax
(Reuters) - General Electric Co on Thursday said its digital unit would sell a majority stake in ServiceMax, a cloud-based provider of software used in inventory and workforce management, to technology-focused private equity firm Silver Lake.