Page 1615 - Business Finance
Rupee recoups 8 paise to 70.82 against US dollar
The Indian rupee Friday staged a mild recovery to close at 70.82, rising 8 paise against the US dollar in line with rally in domestic stocks and positive global cues. At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 70.58 against the US dollar and surged further to touch a high of 70.44 during the day. The local unit finally settled for the day at 70.82, higher by 8 paise over its previous closing price. On Thursday, the rupee lost 44 paise against the dollar to close at 70.90. Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.5663 and for rupee/euro at 80.2245. The reference rate for rupee/British pound was fixed at 90.1212 and for rupee/100 Japanese yen at 62.53. Meanwhile, global ..
India's gold demand loses steam due to high prices
(Reuters) - Gold was sold at a discount this week in India for the first time in a month as a rebound in local prices prompted jewellers to postpone purchases, while demand improved in top consumer China due to seasonal buying.
Surat to be world's fastest growing city during 2019-35: Report
Surat, renowned as a diamond processing and trading hub in Gujarat, would be the world's fastest growing city in the 2019-35 period, according to a global economic research report. The report prepared by Oxford Economics, which is engaged in global forecasting and quantitative analysis, further said all the top ten fastest-growing cities in the world in 2019-35 will be from India. Besides Surat, the other nine cities are Agra, Bengaluru Hyderabad, Nagpur, Tiruppur, Rajkot, Tiruchirappalli, Chennai and Vijayawada. The GDP of Surat will see an average growth rate of 9.2 per cent over the 2019-35 period. According to the report, as many as 17 of 20 fastest-growing cities in the World between 2019 and 2035 will be from India. The report on future of global cities said for the first time in 2027 the aggregate GDP of all Asian cities will exceed the combined GDP of all North American and European cities. "When future GDP growth rates are compared, the story is mostly very different. "In ...
Shimla's Mall Road gets new lift
A new lift connecting Shimla's Cart Road and the Mall Road was inaugurated Friday. The lift has a carrying capacity of 26 persons and is equipped with facilities including emergency alarm system, music, telephone connectivity and a clock, an official said. It has been constructed at a cost of Rs. 6.20 crore, he added. Chief Minister Jai Ram Thakur inaugurated the lift which is adjacent to the old one. The existing lift was opened to the public in 1974. The lift is constructed by the Department of Tourism under Shimla beautification plan with funds from Asian Development Bank. Former Chief Minister Virbhadra Singh had laid the foundation stone for the project in November, 2016.
Altria to invest $1.8 billion in Canadian cannabis producer Cronos
(Reuters) - Marlboro cigarette maker Altria Group Inc made a big bet on the rapidly growing marijuana industry on Friday with a $1.8 billion investment in Canadian cannabis producer Cronos Group Inc.
India's current account deficit widens to 2.9% of GDP in Q2 of 2018-19
CAD rises to 2.7% of GDP in H1 of 2018-19
Oil prices up 2 percent as OPEC, Russia near output cut
LONDON (Reuters) - Oil prices jumped more than 2 percent on Friday as Russia and the major Middle East producers in OPEC edged closer to an agreement to reduce output to try to drain inventories and support the market.
U.S. job growth slows; monthly wage gains miss expectations
U.S. job growth slowed in November and monthly wages increased less than expected, suggesting some moderation in economic activity that could support expectations of fewer interest rate increases from the Federal Reserve in 2019.
Hackathons to hire top talent growing steadily: report
In a quest for good talent, use of hackathons across industries including technology and IT, manufacturing among others is growing steadily, with42 per cent companies conducting such events at least once a year, according to a report. There has been an increase of 30 per cent in the number of hackathons conducted in 2017, compared to 2016, according to 'State Of Hackathons in India 2018' report. The Mettl survey was done among human resources (HR) and learning and development (L&D) professionals, tech leads and chief technology officer (CTOs) from over 200 organisations of major industries. The report revealed that use of hackathons across industries like technology and IT, manufacturing, retail and consumer durables, consulting and healthcare and pharmaceuticals are growing gradually. "Hackathons are rapidly emerging as new-age tools for branding, hiring, employee engagement or innovation, and are seeing increasing acceptance from organisations beyond the IT ...
Air Italy starts Delhi-Milan flight
Italian carrier Air Italy Friday commenced direct services to Milan from the national capital and has high expectations from the Indian market as it expands in Asia, a senior official said. Air Italy's Chief Operating Officer Rossen Dimitrov said the airline is to enter into an interline agreement with full service carrier Vistara. Earlier, the official had erroneously mentioned it was to enter into a code share arrangement. An interline agreement refers to a pact to issue and accept tickets for flights that are operated by the partner airline. The first flight of Air Italy to Milan, operated with an A330-200 aircraft, took off from here in the morning. The Italian airline would operate three weekly flights from the national captial to Milan and starting December 14, there would be thrice-a-week direct services to Milan from Mumbai. "The launch of our India-Italy sector represents another major step forward for Air Italy and reinforces our commitment to our network expansion plans in .
Forex reserves rise by USD 932.8 mn to USD 393.72 bn
The country's foreign exchange reserves increased by USD 932.8 million to USD 393.718 billion in the week to November 30, mainly due to a rise in foreign currency assets, according to RBI data. In the previous week, the reserves had dropped by USD 795 million to USD 392.785 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, jumped by USD 787.9 million to USD 368.487 billion, as per the RBI data. Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves. Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over USD 31 billion. Gold reserves rose by USD 151.8 million to USD 21.150 billion in the reporting week, the data showed. The special drawing rights with the International Monetary Fund (IMF) dipped by USD 2.5 ...
Take Five: UK May-day and U.S. curveballs - World markets themes for the week ahead
(Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.
Bayer's German workers mostly spared from Monsanto-related job cuts: labour boss
Leverkusen (Germany) (Reuters) - The lion's share of job cuts from folding U.S. seed maker Monsanto into Bayer's agriculture unit will affect workers outside Germany, the head of Bayer's works council told Reuters.
Sleeping bags and mini golf as traders brace for Brexit all-nighter
LONDON (Reuters) - As lawmakers gather in Britain's parliament on Tuesday to vote on the future of the country's relationship with Europe, traders in London's financial hub will be bracing for a potential burst of market turmoil that could affect the Brexit process itself.
Marlboro maker leaps into the cannabis trade with $2.4B
One of the world's biggest tobacco companies is diving into the cannabis market with a $2.4 billion investment in Cronos Group, a Canadian medical and recreational marijuana company. Altria, which makes Marlboro cigarettes, is taking a 45 percent stake in the Toronto company. Cronos said Friday that the Richmond, Virginia, tobacco company will pay another $1.4 billion for warrants that if exercised, would give the Altria a 55 percent majority ownership stake. Cronos first announced that it was in talks with Altria this week.
Huawei Kicks off its Offline Strategy; Announces 'Experience focused' Popups for the New Huawei Mate20 Pro
/ -- Plans to open 100 exclusive stores and 1000 experience stores by 2020 Huawei Consumer Business Group India today announced that the company is foraying into offline retail with its flagship device, Huawei Mate 20 Pro. The company will flag-off its offline presence with popups in Delhi, Mumbai and Bengaluru across malls and corporate offices from December 8th to December 16th 2018. Popups Schedule Delhi: 8th - 9th December - Ambience Mall/Vasant Kunj 11th - 13th - Cyber Hub 15th - 16th - Select City Walk Mumbai: 8th - 9th December - Phoenix Highstreet, Kurla West 11th - 13th - Kamala Mills, Kurla West 15th - 16th - Infinity 2 Malad Bengaluru: 8th - 9th December - Forum Mall 11th - 13th - International Tech Park Bangalore (ITPB) Cafeteria area 15th - 16th - Phoenix Market City As part of the retail expansion strategy, Huawei has partnered with Croma across key metro cities such as Delhi, Mumbai, Bengaluru and Hyderabad starting December 10, 2018 for sale of the newly ...
CAD widens to 2.9 pc of GDP in Q2
India's current account deficit (CAD) widened to 2.9 per cent of the GDP in the second quarter of the fiscal compared to 1.1 per cent in the year-ago period, mainly due to a large trade deficit, the RBI said Friday. The CAD, or the difference between outflow and inflow of foreign exchange in the country's current account, was USD 19.1 billion during the quarter ended September 30, 2018. It increased from USD 6.9 billion or 1.1 per cent of GDP in the second quarter of 2017-18. The CAD stood at USD 15.9 billion (2.4 per cent of GDP) in the April-June quarter. "India's current account deficit (CAD) at US$ 19.1 billion (2.9 per cent of GDP) in Q2 of 2018-19 increased from US$ 6.9 billion (1.1 per cent of GDP) in Q2 of 2017-18 and US$ 15.9 billion (2.4 per cent of GDP) in the preceding quarter," the RBI said. The CAD has increased to 2.7 per cent of GDP in first half of 2018-19 from 1.8 per cent in the corresponding period of 2017-18 on the back of widening of the trade deficit. As per the
Ethanol blending with petrol to double at 8% in 2018-19 sugar yr: Oil Min
Ethanol blending with petrol is likely to double to 8 per cent in the current season as a better price is being offered by oil marketing companies, Petroleum Minister Dharmendra Pradhan said Friday. The minister also assured additional soft loans to mills for expanding the ethanol capacity. Addressing the 84th annual general meeting of sugar industry body ISMA, he said the government has taken a number of steps in the last four years to bring a "paradigm shift" in the Rs 1 lakh crore sector. "Blending of ethanol with petrol has reached 4 per cent from 1-1.5 per cent in the last four years. In 2018-19 sugar year (October-September), the blending level will reach 7-8 per cent," Pradhan said. The minister said although buying ethanol is costly for oil marketing companies because of hike in procurement price, the government has taken a holistic view to boost ethanol production for farmers welfare as well as to meet our energy requirements. Pradhan said the government spends Rs 8-10 lakh ..
Global stocks stage rebound after selloff, U.S. jobs data awaited
LONDON (Reuters) - Global stocks staged a modest rebound on Friday with Asian and European markets gaining after a selloff the previous day, while crude oil edged up after indications Russia would contribute a bigger output cut than previously suggested to producers.
NDMC Budget: Property tax hike, plans for health scheme for class IV employees
Hike in property tax, levying of professional and betterment taxes, and plans for a health scheme on the lines of Ayushman Bharat for class IV employees were proposed by the NDMC in its budget on Friday. North Delhi Municipal Commissioner Madhup Vyas presented the NDMC's revised budget estimates for 2018-19 and budget estimates for 2019-20 at the Civic Centre here. Vyas, later interacting with reporters, said the property tax rates have not been revised since the introduction of the Unit Area Method, several years ago, and we have only proposed a very "nominal hike" seeking to boost the income of the cash-strapped corporation. "We are quite hopeful that the property hike proposal will be approved by the Standing Committee of the NDMC. We need more avenues to augment our income, and besides that, two new taxes -- professional tax and betterment tax -- have also been proposed," he said. Sources said the hike in property tax and levying of new taxes are likely to be rejected by the ...