Page 1568 - Business Finance
Security giant G4S to separate cash business, shares jump
EDINBURGH (Reuters) - G4S plans to separate its 1.2 billion pound ($1.5 billion) a year cash business, it said on Thursday, sending shares in the world's biggest security company 8 percent higher.
Sports Direct's Ashley sounds alarm on UK retail
LONDON (Reuters) - Sports Direct owner Mike Ashley described last month as "the worst November for retailers in living memory", adding to the sense of gloom hanging over British high streets during the peak Christmas season.
Portuguese toy maker Science4You upbeat on share listing despite jittery market
LISBON (Reuters) - The founder and CEO of Portuguese start-up Science4You said demand for the company's share offering, which closes on Friday, was going well and he remains confident despite two local companies recently abandoning listing plans due to jittery markets.
IL&FS Transportation appoints Shaivali Parekh as CFO
IL&FS Transportation Networks, part of the troubled IL&FS Group, Thursday announced the appointment of Shaivali Parekh as its Chief Financial Officer. The decision on the same was taken during the board meeting, the company said in a regulatory filing. "The meeting of the Board of Directors held today. The board has appointed Shaivali Parekh as Chief Financial Officer (CFO)...effective December 13, 2018," the filing said. IL&FS Transportation Networks had last month cited NCLT insolvency proceeding as the reason for delay in filing September quarter financial results with the stock exchanges and had said it will declare quarterly numbers at the earliest. As per the listing norms of the BSE and NSE, companies are required to file the results on a quarterly basis within 45 days from the end of the quarter. The Mumbai bench of the NCLT had on October 1 suspended the board of IL&FS on government's plea and had authorised reconstitution of the board by appointing seven ...
ECB ends asset purchases, on watch for future risks
FRANKFURT (Reuters) - The European Central Bank officially ended on Thursday its lavish post-crisis asset purchase scheme but promised to keep feeding stimulus into an economy struggling with an unexpected slowdown and political turmoil.
Prabhu, US Commerce Secretary to discuss trade issues on Feb 14
Commerce and Industry Minister Suresh Prabhu will hold bilateral discussions on trade issues with US Commerce Secretary Wilbur Ross on February 14 here, an official said. Both the ministers would meet as part of the bilateral commercial dialogue. The talks assumes significance as officials of both the sides are negotiating a trade package to boost bilateral commerce. India is pressing for exemption from high duty imposed by the US on certain steel and aluminium products, resumption of export benefits to some domestic goods under their Generalised System of Preferences (GSP) as well as greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US is demanding greater market access through cut in import duties for its agriculture goods, dairy products, medical devices, IT and communication items, the official added. However, the commerce ministry is not in favour of cutting or eliminating customs duties on ...
Tata Motors, Ford, Nissan to hike prices from January
Automobile manufacturers, Tata Motors, Ford India and Nissan India Thursday announced plans to hike prices of their passenger vehicles from next month to partially offset the impact of rising input costs. Nissan India said it will increase prices by up to 4 per cent across its models. "The revised prices will be applicable across all available models for Nissan and Datsun, effective January 1, 2019," the company said in a statement. The company sells a range of passenger vehicles under two brands -- Nissan and Datsun starting from entry level Datsun RediGo to Nissan GT-R priced between Rs 2.56 lakh and Rs 2.12 crore. "In the wake of the global commodity price increase and shift in foreign exchange rates, we need to pass on the rising costs to our consumers," Nissan Motor India Director (sales and commercial) Hardeep Singh Brar said in a statement. Earlier in the day, Ford India announced that it will increase prices of its models by up to 2.5 per cent from January to partially offset .
U.S. carrier Delta Air Lines expects fuel expenses to drop in 2019
(Reuters) - U.S. carrier Delta Air Lines Inc on Thursday forecast a $300 million drop in fuel expenses for 2019 and said it expects robust air travel demand to boost profit for the year.
India's merchandise exports to rise by 7% to $82 bn in Q3: Exim Bank
The Export-Import (Exim) Bank has said India's merchandise shipments is expected to rise by 7 per cent to USD 82.39 billion during the third quarter this fiscal. Non-oil exports are projected to be increase by 7.2 per cent to USD 71.45 billion. Exim Bank forecasts India's merchandise exports to witness a growth rate of 7 per cent, increasing from USD 77 billion to USD 82.39 billion, and non-oil exports to see a growth rate of 7.2 per cent, increasing from USD 66.65 billion to USD 71.45 billion, during the third quarter of 2018-19, it said in a release. The forecasts, Exim Bank said, are based on its Export Leading Index (ELI), which continued to show a positive growth momentum. Exim Bank said it has developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India's exports on a quarterly basis. The next growth forecasts for India's exports for the quarter January-March 2019 will be released during the first week of March ...
Coke can maker Ball Corp to sell China manufacturing facilities
(Reuters) - Soda can maker Ball Corp said on Thursday it plans to sell its manufacturing facilities in China for about $225 million following an excess supply of beverage cans in the country.
UK's Nissan Brexit letter still too confidential to release two years on - FOI
LONDON (Reuters) - A British government letter to Nissan two years ago offering reassurances about Brexit, which helped secure a major investment from the Japanese carmaker, is still considered too sensitive to release, a Reuters freedom of information request revealed.
Tata Motors to increase prices of passenger vehicle up to Rs 40,000
Automobile major Tata Motors on Thursday said it will increase prices of its entire passenger vehicles range by up to Rs 40,000 from January 1, 2019.
Pant asks banks to hold financial literacy camps
Uttarakhand Finance Minister Prakash Pant Thursday asked banks to increase their cash deposit ratio in hill areas by holding maximum number of campaigns to increase financial literacy of the people living in remote areas. "Special attention should be given by the bankers to increase the CD ratio of hill districts. For this bankers should run maximum number of literacy campaigns in such areas," Pant said while addressing the67th State Level Bankers' Committee meeting here. He also asked them to avail of the financial assistance being provided by NABARD for holding such literacy camps. "NABARD is providing assistance of Rs 2,000 per literacy camp and with this help, efforts should be made to organise maximum such campaigns and increase the financial literacy of people," he said. He also asked bankers to sanction crop loans and term loans to maximum beneficiaries to fulfil the Prime Minister's target of doubling farmers' income by 2022.
Boosting exports key to make India $5-tn economy by 2025: Kant
NITI Aayog chief executive Amitabh Kant Thursday said that India's exports need to increase significantly if the country has to become a USD 5-trillion economy by 2025. Kant also noted that the private sector will play a major role in pushing the country's economy towards the ambitious USD 5-trillion target. "In the last four years, we (Centre) have taken a series of measures to improve our rankings in ease of doing business, along with many structural reforms like Rera, GST and IBC. These measures will make India extremely efficient in the long run," Kant said at the India Economic Conclave organised by the Times Network here. He, however, noted that to address the real challenge of growing the GDP at 9-10 per cent over the next three decades, India will have to increase its exports. "No country has grown without exports. Take the example of Japan, Korea and China, which have grown on the back of exports. So, India needs to push for exports, which would require size ...
Gold dips as stocks rally; palladium scales new peak
BENGALURU (Reuters) - Gold fell on Thursday as stock markets gained for a third straight day, but the metal held in a tight range ahead of next week's Federal Open Market Committee meeting when the U.S. central bank is widely expected to raise interest rates.
Karna Mid Year financial review voices concern over 'delayed'
'Delay' in allocation of the National Disaster Relief Fund and release of 14th Finance Commission grant to Karnataka have been cited among the reasons for additional spending of its own resources in the Mid Year Review of state finances tabled in the assembly Thursday. The report also expressed concern over decreasing trend in central receipts for many centrally-sponsored schemes. The state has also sought additional funds through supplementary estimates for an amount of Rs 6,981 crore to meet the additional expenditure. Karnataka had not yet received expected allocation from the Centre under the NDRF, resulting in additional spending from the states own resources for drought relief, The Fiscal Management Review Committee headed by Chief Secretary said in the review. Several parts of the state, especially in northern Karnataka, have been affected by drought conditions. The committee mentioned about delayed release of 14th Finance Commission grant to Panchayat Raj ...
Exclusive: Carlsberg, United Breweries plead leniency in India beer cartel probe - sources
NEW DELHI (Reuters) - Denmark's Carlsberg and India's United Breweries have filed pleas with Indian authorities, seeking leniency in a probe into alleged collusion to fix beer prices, five sources familiar with the matter told Reuters.
Make sure private banks stay in Indian hands: RSS affiliate to new RBI governor
Days after new RBI governor Shaktikanta Das assumed charge, an RSS-affiliated outfit Thursday said he should "rethink" about the regulatory framework for private bank ownership in the country, so that it remains in Indian hands. The Swadeshi Jagran Manch (SJM) Thursday organised a discussion on 'Future of Banks in India', which was moderated by its co-convener Ashwani Mahajan. After the discussion a paper was released, in which the SJM said, "There is a need for the new RBI Governor to rethink the regulatory framework for private bank ownership. None of us want India home grown banks be allowed in the hands of foreign players." These remarks come just two days after Das was appointed as the Central bank governor and a day ahead of RBI's central board meet in Mumbai. The Sangh affiliate further suggested that the promoters cap should also be reexamined, adding "present guidelines for compulsory dilution of the equity appear unnatural" as it is helping more foreign funds to make way ...
Vivo to invest Rs 4,000 cr to expand manufacturing capacity in India
Chinese handset maker Vivo Thursday said it will set up a new manufacturing facility in Uttar Pradesh and invest Rs 4,000 crore over a period of four years. The company, which competes with the likes of Samsung and Xiaomi in the Indian market, has acquired 169-acre land in the Yamuna Expressway region on the outskirts of the national capital. The new land has been acquired near Vivo's existing 50-acre manufacturing facility (in Greater Noida, UP), and it will help expand the company's manufacturing capabilities and support its growth in India, a statement said. "Vivo entered India in 2014 with a commitment to bring product innovation, focus and value to our consumers. India is a key market for us, and today we have reiterated our commitment by entering the next phase of growth in India," Vivo India Director-Brand Strategy Nipun Marya said. The new plant will offer a major benefit to the surrounding area through high-quality job creation and training opportunities, he added. All Vivo ..
Global Markets: Stocks wait for ECB signals, pound strong after Brexit drama
LONDON (Reuters) - Santa made a lacklustre attempt to deliver his traditional end of year rally on Thursday, as world stocks squeezed out a third day of gains and the pound and the euro both stayed firm after the latest bout of Brexit drama.