Page 1601 - Business Finance
'Individual's success should be based on capability&
: Tata Trusts Chairman Ratan N Tata Monday said that an individual's success should be based on capability and commitment, but not on the support given by community caste, or patents and others. Participating in a valedictory function to commemorate the silver jubilee of GMR Varalakshmi Foundation (GMRVF), the Corporate Social Responsibilityarm of the GMR group here, he said success should depend on the capability and commitment of an individual and one should come up in life on their own to serve society and the nation. He lauded the efforts of GMRVF towards bringing in significant sustainable improvement in society and its contribution over 25 years in different fields, including education, health care, empowerment and livelihood and community development Tata also visited the GMR institute Technology, Degree college, GMR Varalakshmi DAV public school, GMR Varalakshmi care hospital, Nagavalli institute of rural entrepreneurship development, among other facilitates run
Duty drawback raise on mobile phones to boost exports: ICEA
The recent increase in duty drawback for mobile phones to 3.9 per cent would boost the export of mobile phones from India, Indian Cellular and Electronics Association (ICEA) said here on Monday.
First Nissan Global Digital Hub inaugurated in India
: Japanese auto major Nissan Motors's first Global Digital Hub,the first of its kind in a number of software and IT development centres in Asia, Europe North America and Latin America, was inaugurated at the Technopark here Monday by Chief Minister Pinarayi Vijayan. "Nissan coming to Thiruvananthapuram marks the beginning of a new era for the Information Technology sector in the state. We will do our best to ensure Kerala proves to be Nissan's second home after Japan", the chief minister said. These centres will drive digital transformation for Nissan's business by placing digital technology at the heart of key operations and services. The hub here will allow Nissan to provide application portfolio management, best-in-class user experiences, product development capabilities, data science, cyber security and connectivity as the automotive industry evolves, with growing use of autonomous, connected and electric vehicle technology. Minister of State for Tourism, K J Alphons .
Banks, ArcelorMittal oppose Essar Steel proposal
Lender banks as well as the Lakshmi Mittal-led ArcelorMittal Monday opposed the debt settlement proposal made by the shareholders of Essar Steel, claiming that it is against the Supreme Court order as well as the provisions of the Insolvency and Bankruptcy Code (IBC). The same stand was taken by the resolution professional of bankrupt Essar Steel, saying it is "too late" for Essar Steel Asia Holding, which holds 72 per cent shares in Essar Steel, to offer a settlement. After taking into consideration the views by these parties during the hearing Monday, the Ahmedabad bench of the National Company Law Tribunal (NCLT), comprising adjudicating authority Manorama Kumari and Harihar Prakash Chaturvedi, kept further hearing on December 13. The committee of creditors (CoC) had recently approved ArcelorMittal's Rs 42,000-crore bid for Essar Steel. The bid was approved after fresh tenders were invited following a directive from the Supreme Court in October. Appearing for the lenders, senior ...
HC reserves verdict on plea seeking ban on online sale of medicines
The Madras High Court Monday reserved its verdict on a plea seeking to ban online sale of medicines without a valid licence. The issue pertains to a petition moved by the Tamil Nadu Chemists and Druggists Association against such sales. Concluding the final hearing, Justice Puspha Sathyanarayana said she was reserving her orders on the petition. The petitioner wanted the court to direct the state to take action against such unauthorised traders and pull down their websites as illegal. Online traders opposed the plea, contending that such sale was legal as many of them held valid licences. Recently, the state informed the court that it did not have the powers to pull down websites providing online sale of medicines in the absence of any Act or regulation prohibiting such sale. On October 31, the court passed an interim order prohibiting online sale of medicines by unauthorised traders. It clarified that those with valid licences could continue the trade.
Nutella maker Ferrero in race to buy Campbell's international business: sources
MILAN (Reuters) - Ferrero SpA is interested in buying Campbell Soup Co's international business, which includes biscuit brand Arnott's, two sources close to the matter said on Monday.
Japan's top three telcos to exclude Huawei, ZTE network equipment -Kyodo
TOKYO (Reuters) - Japan's big three telecom operators plan not to use current equipment and upcoming fifth-generation (5G) gear from China's Huawei Technologies Co Ltd and ZTE Corp, Kyodo News reported on Monday.
Gold steadies near 5-month peak on subdued dollar
BENGALURU (Reuters) - Gold prices were steady on Monday, having touched a fresh five-month peak early in the session, as the dollar weakened after a soft U.S. jobs report fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected.
India must focus on improving human capital to sustain growth: Kant
Niti Aayog CEO Amitabh Kant Monday said if India wants to grow at 8 per cent plus annually for next three decades then the country must focus on improving its human capital and physical quality of life. Kant while speaking at an event organised by industry body FICCI stressed that development of social sector is crucial to harnessing the country's demographic dividend. He also pointed out that no country in the post World War II period has grew rapidly without following exports led strategy. The Niti Aayog CEO also rued that the erstwhile Planning Commission did not focus on health, nutrition and sanitation in the first and second five-year plan (1951-56 and 1956-1961). "Today, we are laying huge emphasis on health, nutrition and sanitation," he said. Kant noted that in India's nationalistic history, the role of businesses has been completely ignored. The Indian National Congress (INC) and business houses had cordial relationship during the freedom struggle period, he said adding that
Chidambaram hits out at govt after Urjit Patel quits, accuses it of trying to 'grab' RBI reserves
Stating that he was saddened but not surprised by RBI Governor Urjit Patel's resignation, former finance minister P Chidambaram on Monday alleged that no self respecting scholar or academic can work in the NDA Government whose immediate agenda was to to "grab the reserves" of the central bank to meet its fiscal deficit target. In a series of tweets, the senior Congress leader said one should not make any mistake about the government's intention, which is to make RBI "a Board-managed company". "Government's immediate agenda is to grab the reserves of the RBI to meet its fiscal deficit target and to get funds for spending in an election year," he said. Chidambaram said the last meeting of the Reserve Bank of India Board held on November 19 was the "day of reckoning" and Patel should have resigned on that day. "Dr Patel may have thought that government will re-trace its steps. I knew it would not. Good he quit before another humiliating meeting. "Saddened, not surprised, by Dr Urjit ...
Dow, S&P dogged by growth worries; techs help Nasdaq bounce
(Reuters) - Wall Street dropped on Monday, led by Apple Inc, financials and healthcare stocks, falling further after its biggest slide since March last week on worries over global growth, the China-U.S. trade war and uncertainty over the Brexit deal.
GoPro to move U.S.-bound camera production out of China
(Reuters) - GoPro Inc on Monday took the first steps to move most of its U.S.-bound camera production out of China by the summer of 2019 to counter the potential impact from any new tariffs.
Oil surrenders some of its OPEC gains as stock markets soften
LONDON (Reuters) - Oil eased on Monday, echoing the weakness in global stock markets and erasing some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output from January to prevent oversupply.
Niger tax row: Airtel hopes for early amicable resolution through collaborative dialogue
The tax directorate of Niger has ordered closure of offices of Airtel Niger seeking tax dues that have been disputed by the operator, but the company is hopeful of early amicable resolution through a "collaborative dialogue", according to a statement. "The General Tax Directorate of Niger ordered the closure of the offices of Airtel Niger, seeking tax amounts that have been disputed by Airtel. This follows similar action taken against another global operator last week," Airtel said in a statement. In response to an email sent to it over reports that Niger directed closure of offices of Airtel for unpaid taxes of USD 107 million, the company said an assessment was made relating to Airtel's taxes in October 2018. "Based on independent advice, Airtel believes that this was done without appreciation of the facts and law and with undue haste in dismissing the detailed responses submitted by Airtel. This resulted in an astounding demand amounting to approximately 70 per cent of its annual ..
Urjit Patel - reticent but independent-minded governor who found his voice
From being considered government's man on the Mint Street, outgoing RBI Governor Urjit Patel had in less than two-years emerged from the shadows to find his own voice on issues that mattered the most -- autonomy and independence of the central bank. From facing flak for allegedly towing the government line on the shock decision to overnight junk 86 per cent of the currency in circulation, he overcame all that as he followed "wisdom of an owl" in clamping down on loan defaults and cleaning up bank balance sheets. Succeeding an outspoken governor with 'rockstar' appeal, Patel was often considered reticent, rigid, uncommunicative and someone who appeared reluctant to meet and consult not just finance ministry officials but his own colleagues in the bank. But the 55-year-old Patel, who Monday announced his decision to step down as the RBI Governor, nearly nine months before his three-year term was to come to an end, meticulously conducted the "deep surgery" initiated by his predecessor ...
Role and responsibilities of RBI
RBI Governor Urjit Patel unexpectedly resigned Monday, bringing into prominence the role played by the central bank in the country's economy. Following is an explainer on the functions and responsibilities of the RBI:- Role of Reserve Bank of India: - The central bank issues and regulates currency notes. It keeps reserves with a view to securing monetary stability and is called banker to banks. It regulates and supervise banks and other financial institutions. The RBI plays a vital role in economic growth of the country and maintaining price stability. Monetary Policy of the country: - The RBI has been tasked to have a modern monetary policy framework to meet the challenges of an increasingly complex economy and to maintain price stability while keeping in mind the objective of growth. Inflation control: - The RBI has targeted to keep the mid-term inflation at 4 four per cent (+/- 2 per cent). RBI decides benchmark interest rate: - A six-member Monetary Policy Committee, headed by RBI
Wall Street opens lower as Apple weighs
(Reuters) - U.S. stocks opened lower on Monday after a drop in Apple Inc's shares curbed the market's attempt to stage a bounce back from its worst week since March on worries over global growth and the China-U.S. trade war.
Deep losses leave Big Tech with small earnings multiples
SAN FRANCISCO (Reuters) - Deep losses in Amazon Inc, Apple Inc, Facebook Inc and Alphabet Inc have left the former tech favorites at their lowest earnings multiples in years, offering potential bargains to cold-blooded investors looking to buy stocks at a time of heightened fear.
Gems & jewellery exports may grow by up to 5% in FY19: GJEPC
The gems and jewellery exports are likely to grow by up to 5 per cent this financial year, mainly aided by improving demand in the US market during the upcoming Christmas season, an industry body said Monday. It had declined by 5 per cent to USD 40.97 billion in FY18, from USD 43.16 billion in FY17. The Gems and Jewellery Export Promotion Council (GJEPC) in a statement said India's exports of gems and jewellery products is expected to be encouraging in the US market during the upcoming Christmas time majorly backed by rising GDP growth, employment rate and private consumption expenditure in the country. "The overall exports in FY19 is expected to be from flat to 5 per cent due to the improving demand in the US. Otherwise the exports would have been in the negative as the Gulf markets are badly affected," GJEPC vice-chairman Colin Shah told PTI. This would be in line with positive growth in exports of cut and polished diamonds and gold jewellery to the US during ...
Sebi fines 2 entities for fraudulent trade in stock options
Sebi Monday imposed a total penalty of Rs 12 lakh on two entities for executing non-genuine trades leading to creation of artificial volume in the illiquid stock options segment of BSE. Those facing penalties are Kashi Vishwanath Steels and one Kirti Ramji Kothari. The markets regulator conducted an investigation into the trading activities of certain entities in illiquid stock options on BSE from April 2014 to September 2015. In April, Sebi announced to take action in a phased manner against 14,720 entities for fraudulent trade in illiquid stock options segment and passed several orders in past few weeks against such entities. Following the probe, Sebi found that the reversal trades executed by the entities were not genuine and created misleading appearance of trading. In separate orders, Securities and Exchange Board of India (Sebi) said that by engaging in such trades, the entities violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. Accordingly, a fine of ..