Page 1604 - Business Finance
Labbaik Umrahs Sends 1,700 Pilgrims for Umrah in the Month of October, 2018
/ -- Labbaik Umrahs is India's well organized and trustworthy travel company that has been providing its services for ten years. In the present scenario, the company has achieved several milestones because of the grace of Allah, Alhamdulillah. Since their main aim was to make the journey of Umrah and Hajj safe, they have crafted packages which are flexible and cater to the customers' need in a proficient manner. They have gained ample amount of positive responses from the customers because of their state-of-the-art services. Their main aim, since the initiation of the company, was to send as much pilgrims as possible for Umrah and Hajj because they realized the importance of Umrah in every Muslim's life and it is for this reason that they have perfected themselves in their services. They are proud to announce that they have sent 1,700 pilgrims in the month of October, 2018 which was successful in each and every aspect. The pilgrim's review regarding the experience was astounding ...
Global stock selloff snowballs on fresh fears for world growth
LONDON (Reuters) - Losses on global stocks snowballed on Monday, with European markets following Asian peers lower as fresh signs emerged of slowing growth worldwide and fears grew that simmering U.S.-China tensions would torpedo chances of a trade deal.
Gilead Sciences snares Roche veteran O'Day as CEO
(Reuters) - Drugmaker Gilead Sciences Inc on Monday named Roche Holding AG's Daniel O'Day as its new chief executive, tapping an industry veteran to fill a management vacuum.
SoftBank's record IPO reaches $23.5 billion after extra share sale
TOKYO (Reuters) - SoftBank Group Corp is set to raise 2.65 trillion yen ($23.5 billion) in Japan's biggest-ever IPO - a share sale widely regarded as finalising the group's transition from domestic telco to a monolithic global tech investor.
TN distillery searches lead to Rs 110 Cr undisclosed income
Searches by income tax sleuths at multiple premises of a leading Tamil Nadu-based distillery here has led to detection of an 'undisclosed' income to the tune of Rs 110 crore, IT department sources said Monday. The search operations were conducted for three days from December 7. The assessee had admitted to undisclosed income of Rs 110 crore on account of 'bogus' expenses and cash generated from it, income tax investigation sources claimed. Over Rs 54 crore of unaccounted cash was seized on Saturday, they told PTI. Acting on a tip-off about suspected tax evasion by the alcoholic beverage firm, income tax officials conducted searches at 12 premises belonging to the director and employees of the distillery. None of the persons from whose premises the cash was found and seized could give any explanation about its source and the director of the company owned up the unaccounted cash, the sources added.
Philip Morris appoints Alexander Reisch as MD for India
Tobacco firm Philip Morris International Monday announced appointment of Alexander Reisch as the managing director of its joint venture IPM India Wholesale Trading. IPM India is a joint venture between Philip Morris Brands Sarl of Switzerland, Godfrey Phillips India and KK Modi Investment & Financial Services. Reisch has been a management leader with over 25 years of experience across four continents with Philip Morris International, the company said in a statement. Prior to joining IPM India, Alex has served as the managing director of Philip Morris Pakistan. As a wholesale trader, IPM India's activities are focused on fostering the sale of GPI-manufactured Marlboro cigarettes to retailers.
Bharti AXA General Insurance posts Rs 3.3 crore net profit
Non-life insurer Bharti AXA General Insurance Company Ltd on Monday said it has posted 38 per cent premium growth and a net profit of Rs 3.3 crore during the April-September half of the current fiscal.
Govt contribution to NPS raised to 14 pc, withdrawal made tax free
Finance Minister Arun Jaitley Monday said the Centre has decided to increase its contribution to the NPS for the central government employees to 14 per cent and also made the entire withdrawal amount tax free at the time of retirement. The decision was taken at the Union Cabinet meeting last week. The central government's contribution to the National Pension System (NPS) will be increased to 14 per cent from the current 10 per cent. The minimum employee contribution stands at 10 per cent. Addressing the media here, Jaitley said changes have been made in the NPS in "larger interest of employees". Under the NPS, the subscriber is eligible to withdraw 60 per cent of the corpus. The remaining 40 per cent of the accumulated fund goes towards annuity. Tax exemption limit for lump sum withdrawal on exit has been enhanced to 60 per cent, the minister said, adding the entire withdrawal will now be exempt from income tax. Out of 60 per cent of the accumulated corpus withdrawn by the NPS ...
Foreigners turned net buyers of Asian shares in November
(Reuters) - Foreigners were net buyers of Asian equities in November, data from seven regional stock exchanges showed, as investors were optimistic that Sino-U.S. trade tensions would ease and the U.S. Federal Reserve would hike interest rates fewer times next year.
Euro zone investor morale slumps to four-year low in December
BERLIN (Reuters) - Investor morale in the euro zone slumped to a four-year low in December as fears about trade conflicts, Italy's budget row with the European Union and Brexit led to a collapse in sentiment, a survey showed on Monday.
UK economy slows in three months to October, trade prospects darker
LONDON, Dec 10 (Reuters) - Britain's economy lost speed as expected in the three months to October, reflecting falling car sales and factory stoppages due to weaker demand, raising questions about the economy's health ahead of Brexit.
Sebi may allow side pocketing in debt mutual funds
Sebi is planning to allow mutual funds to undertake 'side pocketing' of debt and money market instruments in case of a credit event while ensuring fair treatment to all unitholders. 'Side pocketing' is a mechanism to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. It prevents the distressed assets from damaging the returns generated from more liquid and better-performing assets. The proposal is likely to be discussed by Sebi's board at its meeting this week, officials said. The proposal comes in the wake of the liquidity squeeze triggered by the Infrastructure Leasing & Financial Services (IL&FS) default. IL&FS and its subsidiaries have defaulted on several debt repayments recently due to liquidity crisis. The company as of March 2018 owed over Rs 91,000 crore to banks and other creditors. It has been noted that a credit event in even one issuer or group could lead to significant liquidity risk in the entire country, ...
CEO of Flipkart fashion unit Myntra steps down - Mint
(Reuters) - The chief executive officer of Myntra, a unit of Walmart Inc-owned Flipkart, has resigned and a Flipkart executive has been tasked with heading the online fashion retailer, Mint newspaper reported on Monday.
Amazon India to host online sales event for SMBs
The Indian arm of global e-tail major Amazon will host 'Small Business Day' online shopping event on December 16 to promote small and mid-size businesses (SMBs) and micro entrepreneurs in the country, the company said on Monday.
Ghosn, Kelly, Nissan charged with underreporting pay
Tokyo prosecutors have charged Nissan's former chairman Carlos Ghosn, another executive and the automaker itself for allegedly underreporting income. The charges imposed Monday involve allegations Ghosn's pay was underreported by about 5 billion yen (USD 44 million) in 2011-2015. The prosecutors said earlier that the allegations were the reason for Ghosn's arrest on November 19. The prosecutors issued statements also outlining new allegations Monday against Ghosn and Greg Kelly, the other executive. The fresh allegations are of underreporting another 4 billion yen (USD 36 million) in 2016-2018. Nissan as a company was not mentioned in the latest allegations. In Japan, a company can be charged with wrongdoing. Some kind of action by the prosecutors had been expected because the detention period allowed for the allegations disclosed earlier was to end on Monday. Nissan Motor Co. confirmed the charges against it in a statement and vowed to strengthen its governance and ...
IOCL advances as board to consider buyback plan
Indian Oil Corporation surged 3.67% at Rs 134.30 at 14:55 IST on BSE after the company scheduled a board meeting on 13 December 2018 to consider and approve buyback of the fully paid-up equity shares of the company.
'Yellow vest' protests to cut Q4 growth: Bank of France
The Bank of France on Monday slashed its fourth quarter growth forecast in half, to 0.2 per cent from 0.4 per cent, citing the impact of the "yellow vest" protests which have rocked the country. "Services activity has slowed under the impact of the movement. Transport, the restaurant and auto repair sectors have gone backwards," the French central bank said in its latest company survey. Finance Minister Bruno Le Maire had warned Sunday that the protests sweeping France were a "catastrophe." "It's a catastrophe for commerce, it's a catastrophe for our economy," Le Maire told reporters as he visited shops in Paris hit by looting during anti-government riots a day earlier. The Bank of France's latest estimate for the three months to December is well short of the 0.8 per cent that would be needed to meet the government's 2018 growth target of 1.7 per cent. The French economy expanded 0.4 per cent in the third quarter and 0.2 per cent in both the first and second, according to official ...
PV sales dip in Nov, see fourth monthly decline since July
Domestic passenger vehicle sales declined in November, the fourth monthly decline since July, as spike in interest rates and high fuel prices crimped consumer demand. According to the latest data released by Society of Indian Automobile Manufacturers (Siam), passenger vehicle (PV) sales in November stood at 2,66,000 units as against 2,75,440 units in the year-ago month, down 3.43 per cent. PV sales had risen 1.55 per cent in October, snapping three months of consecutive decline. In July, August and September PV sales have declined by 2.71 per cent, 2.46 per cent and 5.61 per cent, respectively. "We have been witnessing flat growth in PV sales for last couple of months due to factors like high interest rates and rising fuel prices. However, fuel prices have started to come down and we expect to see its positive impact going ahead," SIAM Director General Vishnu Mathur told reporters here. In November, particularly, consumer sentiments remained low due to all these factors leading to a ..
Nissan ex-chairman formally charged in financial misconduct case
Tokyo prosecutors on Monday indicted former Nissan Motor chairman Carlos Ghosn for under-reporting his earnings over five years leading to March 2015 and issued an arrest warrant for additional charges.
DQ Entertainment International Ltd leads losers in 'B' group
Sastasundar Ventures Ltd, Nu Tek India Ltd, Punj Lloyd Ltd and Talwalkars Better value Fitness Ltd are among the other losers in the BSE's 'B' group today, 10 December 2018.