Page 1611 - Business Finance
Inflated power bills: MNS wants panel report to be made public
The Maharashtra Navnirman Sena (MNS) Saturday demanded that the report of the two-member fact finding committee (FFC) appointed by the MERC over the allegedly inflated power bills of Adani Electricity be made public. In a statement issued here, MNS spokesperson Avinash Abhyankar said the Maharashtra Electricity Regulatory Commission (MERC) should reveal details of the members of the committee and whether they were related to any private electricity company or not. "The MERC has asked Adani Electricity Mumbai Ltd (AEML) that if its power rates have been over 15 per cent of the average use, the meters should be checked and excess money should be refunded with interest. While this order is welcome, we oppose this figure of 15 per cent. How did the 15 per cent hike occur and who approved it?" he asked. Abhyankar said his party will continue to protest against the AEML until it refunds the excess bill amount to consumers and withdraws its rate hike. The MNS spokesperson ...
Outcome From Insolvency and Bankruptcy Code Better Than Anticipated Says Finance Minister
The Union Minister of Finance and Corporate Affairs, Arun Jaitley said that the scattered regime prior to the enactment of the Insolvency and Bankruptcy Code (IBC), 2016 had impacted the domestic private investment with over capacities in certain sectors coupled with unacceptably high levels of Non-Performing Assets (NPAs) in the Banking System, hindering growth. To address these concerns, the Finance Minister said that this Government not only enacted the Code expeditiously, but also has been implementing it at an unprecedented pace. It was anticipated that in the initial days, there would be some teething troubles. He said that the Government is addressing these troubles on priority. Despite the initial difficulties, the outcome from implementation of the Code has been better than the anticipated. The process is governed by the Rules and Regulations and the Government maintains an arms' length distance from the process and has no favourites.
China's November export, import growth shrinks, showing weak demand
BEIJING (Reuters) - China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country's growth rate from slipping too much.
Gold rallies by Rs 250, silver firms up
Gold prices climbed by Rs 250 Saturday to close at Rs 32,350 per 10 grams at the bullion market here on uptick in demand amid positive global cues. Silver gained Rs 800 to close at Rs 38,500 per kg on higher demand from industrial units and coin makers. A firm trend overseas, where gold spurted on safe-haven buying, boosted the yellow metal's prices here, traders said. In the national capital, gold of 99.9 per cent and 99.5 per cent purities rose by Rs 250 each to close at Rs 32,350 and Rs 32,200 per 10 grams, respectively. Besides, sovereign gold moved up by Rs 100 to Rs 25,000 per piece of 8 grams. Globally, gold surged to USD 1,247.46 an ounce in New York and silver also went up to USD 14.62 an ounce amid a strengthening dollar. Silver ready rose by Rs 800 to Rs 38,500 per kg, while weekly-based delivery gained Rs 1094 to Rs 38,300 per kg. In similar fashion, silver coins rose to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
FinMin extends deadline for filing GST annual returns till March 31
The Finance Ministry has extended the last date for filing annual GST return forms by three months until March 31, 2019. The annual returns form in which businesses registered under the GST have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal was notified in September. The last date for filing was set at December 31, 2018. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said, "the competent authority has decided to extend the due date for filing Form GSTR-9, GSTR-9A and GSTR-9C till March 31, 2019. The requisite Forms shall be made available on the GST common portal shortly. GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is composition taxpayers, while GSTR-9C is a reconciliation statement Trade and industry players have been seeking an extension of the deadline for filing the annual returns. EY Tax Partner Abhishek Jain said industry players have been struggling to ...
Danske Bank elects top shareholder's candidate as chairman
COPENHAGEN (Reuters) - Danske Bank elected the favoured candidate of its top shareholder as its new chairman on Friday to help steer the Danish lender through a multi-billion euro money laundering scandal.
Danske Bank elects new chairman to steer bank through crisis
COPENHAGEN (Reuters) - Danske Bank elected the favoured candidate of its top shareholder as its new chairman on Friday to help steer the Danish lender through a multi-billion euro money laundering scandal.
'Death cross' portends more near-term losses for U.S. stocks, then rebound
NEW YORK (Reuters) - More losses may be ahead for U.S. stocks in the short term, according to an indicator with a fittingly ominous name: the death cross.
Accept new rents or face eviction: Delhi Waqf Board to Fatehpuri mosque complex shopkeepers
The Delhi Waqf Board has given an ultimatum to shopkeepers in the Fatehpuri mosque complex, warning of eviction if they do not accept new rentals by December 20. Delhi Waqf Board chairman Amanatullah Khan said that around 120 shops were paying meagre rents for years. They are required to pay revised rents as per the new lease rules, but they have failed to do so, he said. "I met the shopkeepers on Friday and tried to convince them. If they do not agree to new rent agreement, they will be evicted after December 20," Khan said. A Waqf Board official said that according to Section 54 of the Waqf Act, the chief executive officer of the panel can direct area SDM to evict occupants of its property. Shops in Chandani Chowk are currently paying rents as low as Rs 200-Rs 600 per month whereas the existing rate in the area is around Rs 2-3 lakh, the official claimed. If the new lease rules are implemented, the shopkeepers will have to pay revised rents -- around Rs 12,000 to Rs 25,000 per ...
ICEX sees 590 tons steel delivery in Dec contract
Commodity bourse ICEX Saturday said it has witnessed 590 tonnes of steel delivery in the recently expired contract and expects higher trader participation in the coming months. According to ICEX, the contract that expired on December 5 witnessed deliveries of 590 tonnes from the exchange-accredited warehouse at Ghaziabad, Uttar Pradesh. "The ICEX Steel Long contracts have witnessed increased participation within a short period of time since its launch, on account of the continued volatility seen in the steel spot prices," ICEX Managing Director and CEO Sanjit Prasad said in a statement. The very high correlation of the ICEX contract prices with the underlying steel long product spot prices that the exchange has witnessed since the launch will encourage increased participation from across the country in the upcoming months, he added. ICEX steel long contracts are the only metal (ferrous and non-ferrous) derivative contracts in the Indian commodity derivatives ecosystem, based on the ...
Exclusive: Activist investor Elliott has stake in Germany's Bayer - sources
FRANKFURT/NEW YORK (Reuters) - Activist investor Elliott has taken a position in Germany's Bayer, adding to the slew of investments the fund has made in German companies, three people familiar with the matter told Reuters on Friday.
Thyssenkrupp, Tata Steel near decision on steel JV board - sources
DUESSELDORF/LONDON (Reuters) - Germany's Thyssenkrupp and India's Tata Steel are close to deciding who will lead their planned European steel joint venture, four people familiar with the matter said on Friday.
China November export, import growth shrinks, showing weak demand
BEIJING (Reuters) - China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country's growth rate from slipping too much.
Know the 'best place' for doing business in China
Commonly known as the 'Silicon Valley of China', Shenzhen is now the best place for doing business in the country.This is the finding of a recently released annual report by the Academy of Greater Bay Area Studies, which assesses the business environment indicators of 35 Chinese cities.A small fishing village less than 40 years ago, Shenzhen now hosts industry leaders such as the tech giant Tencent, smartphone producer Huawei, and drone technology innovator DJI.Shenzhen's explosive growth was fuelled by China's Communist Party leader Deng Xiaoping, who designated Shenzhen as the country's first so-called Special Economic Zone in 1979. It opened the region up to capitalism and foreign investment to fuel its development.According to China Daily, over the past year, the number of market entities in Shenzhen reached 3.06 million, becoming the only city to surpass the three million mark in the country.In the 2018 report, Shenzhen's business environment ranking climbed two spots to first ...
Fed policymakers signal turning point on U.S. rate-hike path
WASHINGTON/INDIANAPOLIS (Reuters) - The U.S. central bank is flagging a turning point in monetary policy, as a Federal Reserve policymaker on Friday backed interest rate hikes in the "near term" but nodded to increasingly less certainty ahead.
China's surplus with the US hits new record in November
China's trade surplus with the United States ballooned to a record USD 35.6 billion in November, official data showed Saturday, as exports across the Pacific remained strong despite a raft of US tariffs while imports shrank. Relations between the world's top two economies continue to be tense despite a trade war truce struck between US President Donald Trump and his counterpart President Xi Jinping last week. Trump and figures in his administration have said China would immediately start buying US goods in bulk, but Beijing has refrained from confirming those claims. The increasingly lopsided trade in goods between the two nations threatens to further derail prospects for a trade deal during a 90-day negotiation period. The ballooning trade deficit with China is a particularly sore point for Trump, who campaigned on turning around the situation. China's exports to the US rose 9.8 per cent for November on-year, while imports for the month fell 25 per cent on-year, the data from China's
Uber files for IPO: Report
Cab hailing giant Uber has filed paperwork for its initial public offering (IPO), The Wall Street Journal reported on Saturday citing people familiar with the matter.
Trump signs two-week spending bill to avoid government shutdown
US President Donald Trump has signed a two-week spending bill to extend federal government funding, averting a partial shutdown and delaying an expected partisan fight over the proposed border wall.
KSWDC ties up with NSTFDC to provide financial aid to tribal
: The Kerala State Women's Development Corporation (KSWDC) has entered into a pact with the National Scheduled Tribes Finance and Development Corporation (NSTFDC) to provide more financial aid and empower tribal women. The MoU in this regard was signed here Friday by NSTFDC Chairman and Managing Director, G Ramesh Kumar and KSWDC Managing Director, V S Bindu. As per the MoU, NSTFDC will provide Rs 56 lakh for the welfare of tribal women. This will promote the development of women from the tribal population, Bindu said. The tie-up with KSWDC, which functions under the Women and Child Development Department, will reinvigorate the activities of the NSTFDC, its CMD Ramesh Kumar said. The KSWDC had distributed Rs 114 crore as loans in the last financial year through various agencies to women to start self-employment ventures and for their development.
Allahabad Bank gets downward revision in ratings for Tier 2 bonds
From India Ratings and Research