Page 1592 - Business Finance
Doha Bank to cut construction exposure, keep UAE branches - CEO
DOHA (Reuters) - Doha Bank will cut its exposure to construction companies to 10 percent from 17 percent of lending in the next three years, its CEO said on Tuesday, part of efforts to adjust to a building industry downturn following a slump in oil prices.
Goldilocks Investment buys 29.5 percent stake in Dubai-listed Takaful Emarat
DUBAI (Reuters) - Goldilocks Investment Co, an indirect subsidiary of Abu Dhabi Financial Group (ADFG), has acquired a 29.5 percent stake in Dubai-listed Takaful Emarat Insurance, it said on Tuesday. It is the third in a series of recent acquisitions by Goldilocks which said on Sunday it had increased its ownership in Dubai-listed Islamic Arab Insurance Company, known as Salama, to 14.1 percent.
Keventer Agro ventures into UHT milk biz, invests Rs 150cr
City-based Keventer Agro Tuesday forayed into the UHT milk business in the eastern region which has an estimated market size of Rs 1,000 crore. Company officials said it has invested Rs 150 crore in a first-ever Ultra High Temperature (UHT) milk facility in West Bengal that would help double its revenues from dairy business over the next two years. The dairy business, including ice-cream, contributes about Rs 400 crore now but the company is planning to double it to Rs 800 crore over the next two years. Keventer Agro sells fresh milk and ice-cream under the 'Metro' brand. As of now, UHT milk in Tetra Pak is is sold by Amul in the eastern region. "We are aiming at Rs 250 crore revenue and 25 per cent market share in the UHT milk segment with Keventer brand UHT milk by 2020. The initial trials has been a tremendous success," Keventer Agro Managing Director Mayank Jalan said. The company launched the UHT milk in three sizes -- 1 litre, 500ml and 200ml. "Currently, we are ...
France's Total sees robust demand for LNG from Russia's Yamal
SABETTA, Russia (Reuters) - French oil and gas group Total believes there is enough demand on the spot market for liquefied natural gas from its Yamal LNG plant in Russia, Total's chief executive said on Tuesday, as the project has expanded ahead of schedule.
Verizon to take about $2 billion in charges for planned layoffs
(Reuters) - Verizon Communications Inc will take a charge of $1.8 billion to $2.1 billion in the current quarter, with nearly half of the layoffs announced on Monday set to come into effect in December, the U.S. wireless carrier said.
Wipro opens automotive innovation hub in US
Global software major Wipro on Tuesday opened an innovation centre at Detroit in the US to develop new technologies and solutions for automobile makers and their suppliers.
Falling oil, gas output a concern; gas trading hub soon: Pradhan
India's falling oil and gas production is a matter of concern which the government has sought to address by initiating various reforms in the sector, Petroleum Minister Dharmendra Pradhan said on Tuesday.
Competiton Comm clears Zydus Wellness-Heinz India deal
The Competition Commission Tuesday said it has approved Zydus-Cadila's deal to acquire Heinz India consumer wellness business that includes popular brands like Complan and Glucon D. Zydus Wellness jointly with Cadila Healthcare had signed definitive pacts to acquire Heinz India for Rs 4,595 crore that includes net working capital of Rs 40 crore, cash of Rs 15 crore and assumes no debt. Heinz India is a subsidiary of the US-based Kraft Heinz. Cadila Healthcare holds majority stake in Zydus Wellness. The CCI in a tweet said it "approves acquisition of businesses of Heinz related to four brands namely 'Glucon-D', 'Nycil', 'Sampriti Ghee' and 'Complan' by Zydus/Cadila". Besides, the regulator also gave its clearance to Royal Dutch Shell acquiring 26 per cent stake from France's Total SA in Hazira LNG and Hazira Port, according to a series of tweets. The CCI further said it "approves transaction leading to 100 per cent shareholding of Shell in Hazira LNG Private Limited and Hazira Port ...
India appoints backer of Modi's demonetisation move as RBI head
MUMBAI (Reuters) - India on Tuesday appointed former finance ministry official Shaktikanta Das as head of the central bank, a day after Urjit Patel resigned from the post following a protracted spat with the government.
Financial inclusion cannot happen without economic activity: Niti Aayog
Questioning the success of the Modi government's ambitious financial inclusion campaign, Niti Aayog Vice Chairman Rajiv Kumar on Tuesday said it is more about creating jobs and businesses rather than opening bank accounts.
'States, pvt players should play proactive role with Centre to improve ease of doing biz'
State governments and private players should play proactive role along with the Centre for improving ease of doing business in the country, according to experts. "Private businesses and state governments should play a proactive role to further improve the ease of doing business in the country," Straight Drive, a startup which works on promoting happiness at workplaces, founder Mukund Trivedy said Tuesday. He said that adoption of e-governance, linking of various agencies seamlessly for registration of businesses and properties will further improve india's ranking. "It will increase efficiency and transparency and cut corrupt practices. These are critical to figure in the top 50th rank in the World Bank's doing business index," he added. He was speaking at a roundtable conference on 'Ease of Doing Business in India: Improvements and Imperatives' here. Neha Agarwal from PwC said the Centre is taking several steps to improve the business environment. Ease of doing business ranking of ...
India names financial bureaucrat Shaktikanta Das as RBI governor
MUMBAI (Reuters) - India's government named Shaktikanta Das, a seasoned financial bureaucrat, as the next governor of the Reserve Bank of India (RBI), replacing Urjit Patel, whose abrupt resignation on Monday roiled financial markets.
Financial bureaucrat Shaktikanta Das named RBI governor
MUMBAI (Reuters) - India's government named Shaktikanta Das, a seasoned financial bureaucrat, as the next governor of the Reserve Bank of India (RBI), replacing Urjit Patel, whose abrupt resignation on Monday roiled financial markets.
Niger tax department orders closure of Airtel Niger offices
The tax department of Niger has ordered the closure of the offices of Bharti Airtel's arm, Airtel Niger, over a tax dispute, the company said on Tuesday.
Board of Tarrif Cine & Finance approves change in company name
At meeting held on 11 December 2018
Equity market up on global cues, factors in poll results (Roundup)
Short-covering, along with supportive global cues, buoyed the Indian stock exchanges on Tuesday after an initial volatile trade session, with the S&P BSE Sensex closing 190 points higher.
Kilburn Chemicals seeks financial resolution to restart operations
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Rupee tumbles 53 paise; RBI Guv's exit, poll results take a toll
The rupee staged a late rebound after plunging 110 paise in early trade Tuesday but still ended 53 paise lower at 71.85 against the US dollar following RBI Governor Urjit Patel's shock exit coupled with the loss of the ruling BJP in key state elections. Analysts said the RBI governor's surprise resignation and the ruling BJP's loss in state elections unnerved forex traders initially but a fag-end rebound in domestic equities and dollar selling by some state-owned banks helped in the recovery of the domestic currency. The domestic unit, which saw a heavy sell-off by plunging 110 paise in opening trade, staged a mild recovery towards the end of the session but still settled in the negative territory. After opening lower at the Interbank Foreign Exchange (forex) market at 72.42, the rupee clawed back to 71.67 during the day and finally settled at 71.85, down 53 paise over its previous closing price. On Monday, the Indian rupee tumbled 50 paise to close at 71.32 against the US ...
Automakers rise on report of China moving to cut U.S. car tariffs
(Reuters) - Automakers' shares rose on Tuesday following a report that China could move to cut tariffs on American-made cars, a step which was forecast by U.S. President Donald Trump after a meeting with China's president in Argentina.
Global Markets: Slight bounce masks unease over Brexit, trade and growth
LONDON (Reuters) - Stocks rose tentatively on Tuesday as investors picked through the rubble of conflagrations in some of the world's top economies amid heightened uncertainty over Brexit, a China-U.S. trade war and French protests.