Page 1624 - Business Finance
EIIL to sell Chennai land at Rs 100 crore
Dry cell batteries maker Eveready Industries India Ltd (EIIL) on Thursday said it has entered into an agreement with Alwarpet Properties for sale of its land in Chennai for Rs 100 crore to reduce debt.
Biju Balendran is new MD, CEO of Renault Nissan Automotive India
Renault Nissan Automotive India on Thursday said Biju Balendran has been appointed as the company's Managing Director and Chief Executive Officer.
All new vehicles to have high security registration plates from April 2019
Come April 2019, all new vehicles will come pre-fitted with high security registration plates (HSRP), the government said on Thursday.
Venezuela signs oil, gold investment deals with Russia: Maduro
CARACAS (Reuters) - Venezuela has signed deals securing investment from Russia in the South American country's oil and gold sectors, President Nicolas Maduro said on Thursday at the end of a three-day trip to Moscow.
Exclusive: Siris, Elliott near Travelport acquisition - sources
(Reuters) - A consortium of buyout firm Siris Capital Group LLC and hedge fund Elliott Management is nearing an agreement to acquire travel software company Travelport Worldwide Ltd, people familiar with the matter said on Thursday.
Regulations, tech can curb corporate fraud: India Inc
Though many Indian companies believe corporate fraud will rise in the future, there is growing optimism that recent regulatory actions and technology interventions will be able to tackle fraud, a survey said on Thursday.
U.S. trade deficit hits 10-year high; job growth slowing
WASHINGTON (Reuters) - The U.S. trade deficit jumped to a 10-year high in October as soybean exports dropped further and imports of consumer goods rose to a record high, suggesting the Trump administration's tariff-related measures to shrink the trade gap likely have been ineffective.
Oil falls after OPEC delays output decision
LONDON (Reuters) - Oil fell in choppy trading on Thursday after OPEC ended a key meeting having made no decision on crude output, as it prepared to debate the matter with other exporters the next day.
Jet Airways tells union it will clear salary backlog by April: source
NEW DELHI (Reuters) - India's indebted Jet Airways Ltd told its pilot union on Thursday it will clear all salary dues by April and has given them a schedule outlining when the payments will be made, according to a source familiar of the matter.
Cabinet approves sale of govt's 52.63 pc stake in REC to PFC
The Cabinet Committee on Economic Affairs on Thursday approved the sale of the government's 52.63 per cent stake in REC Ltd to Power Finance Corporation (PFC). The government is expected to garner around Rs 15,000 crore from this merger. "The CCEA gave in principle approval for strategic sale of the Government of India's existing 52.63 per cent of total paid up equity shareholding in REC Ltd to Power Finance Corporation along with transfer of management control," Finance Minister Arun Jaitley said at a press conference after the Cabinet meeting here. The government held 57.99 per cent stake in REC, and 65.64 per cent in PFC at September-end. However, the government holding in REC came down to 52.63 per cent following stake sale through ETF. Jaitley also said he had talked about the merger of public sector undertakings working in the same space in the budget for 2017-18. In his budget speech, he had said there were opportunities to strengthen CPSEs through consolidation, mergers and ...
India's per capita media consumption grew 9% for 6 years: Report
Media consumption in India grew at an annual per capita rate of 9 per cent over the last six years, far outpacing the US and China in this regard, according to a joint report released on Thursday by the Confederation of Indian Industries (CII) and the Boston Consulting Group (BCG).
Sonata Software buys Australian firm for Rs 28 crore
Leading Indian IT services provider Sonata Software on Thursday said it acquired Australia-based Scalable Data Systems for Rs 28 crore (Australian dollar 5.5 million) to hardsell Microsoft Dynamics 365 product.
Lyft beats bigger rival Uber in filing for IPO
(Reuters) - Ride-hailing company Lyft Inc beat bigger rival Uber Technologies in filing for an initial public offering that will test investor appetite for high-profile but loss-making technology companies.
Government to build Kisan Haat in Pusa
Union Agriculture Minister Radha Mohan Singh on Thursday laid a foundation stone for a Kisan Haat at the Indian Agricultural Research Institute at Pusa here where farmers can sell their agricultural produce and value-added products.
Powerloom sector urged to embrace modernisation
: The powerloom sector can double the earnings over the next five years, if it focuses on value addition and modernisation, president of Tamil Nadu Powerloom Federation SSM Mathivanan said Thursday. Delivering his address at a session on 'Challenges and Opportunities' during the textile fair WEAVES organised here by the Confederation of Indian Industry, Mathivanan said the country ships only 'grey fabrics' to China and Bangladesh which add more value to the grey fabrics and gain higher realisation in the international markets. China was ranked first in terms of producing fabrics though it had lesser number of powerlooms than India which was ranked sixth, he said. India has 50 lakh handlooms, over 25 lakh powerlooms, two lakh automatic looms. But, productivity is low, he said. "One powerloom can produce 50 metres of fabrics a day but we (India) hardly produce 25 metres a day", he said. If the industry takes measure to improve productivity and venture into value addition ...
Media sector has potential to touch $10 bn exports in 5 yrs: Official
A top commerce ministry official Thursday called for devising a concrete plan to increase exports from the media and entertainment (M&E) sector to USD 10 billion in the next five years. "As one of the champion sectors supported by the Government of India, the Indian media and entertainment industry has a huge room for growth and should target a potential export growth of USD 10 billion from the current USD 1 billion," Sudhanshu Pandey, additional secretary, Ministry of Commerce and Industry, said. He was addressing the 7th edition of the CII Big Picture Summit here. "We need to reflect on how do we grow our export pie of the audio visual sector from USD 1 billion (from the total Indian exports of USD 200 billion) to USD 10 billion in the next few years," he said. Currently, India is ranked fourth in the global audio-visual exports in the world. Pandey also emphasised on the importance of intellectual property rights (IPRs), which is key to the growth of the M&E sector. He ...
Roshini Nadar-Malhotra, Mazumdar-Shaw among world's 100 most powerful women: Forbes
IT stalwart Roshni Nadar Malhotra, biotechnology pioneer Kiran Mazumdar-Shaw, media mogul Shobhana Bhartia and actor Priyanka Chopra have been named among the world's 100 most powerful women by Forbes in a list topped by German Chancellor Angela Merkel. Merkel, 64, a four-time Chancellor, retained the top spot in The World's 100 Most Powerful Women 2018. It is the eighth consecutive year and 13 times in total in the 15 years of the annual list she has topped. She is followed by UK Prime Minister Theresa May, who for the second year in a row has retained the No 2 spot on the list. May, 62, is followed by International Monetary Fund managing director Christine Lagarde (No 3), General Motors CEO Mary Barra (No 4), and Fidelity Investments CEO Abigail Johnson (No 5). Nadar Malhotra, CEO, HCL Technologies is ranked 51st on the list. The 37-year old is responsible for all strategic decisions for the USD 8.1 billion enterprise, which operates in technology, healthcare and infosystems. Nadar .
Kinetic Green, Tonino Lamborghini form JV for electric & solar
City-based Kinetic group company, Kinetic Green, Thursday announced forming a joint venture with Italian luxury accessories maker Tonino Lamborghini SpA to design and manufacture premium segment electric and solar golf carts for the global market. The JV is eyeing Rs 500 crore revenue over the next four to five years, besides garnering a 2.5 per cent of the total global market pie, an official release said. Kinetic group will hold 75 per cent stake in the JV through its electric vehicle specialist company, Kinetic Green Energy and Power Solutions (KGEPSL), while the Lamborghini family will own the remaining 25 per cent through Tonino Lamborghini SpA, according to the release. "Kinetic Green is keenly looking to tap the global market with high end golf carts and off-road electric vehicles along with our JV partner, the Lamborghini family," said Sulajja Firodia Motwani, founder and chief executive officer, KGEPSL. "As a first step, we have set a reasonable goal to build .
Walgreens to link up with FedEx on next-day drug delivery as Amazon nears
(Reuters) - Walgreens Boots Alliance said on Thursday it would partner with FedEx Corp to launch a next-day delivery service for prescription drugs nationwide, giving it a leg up as Amazon threatens to shake-up the sector.
Wall Street opens lower as Huawei exec arrest fans trade worries
(Reuters) - U.S. stocks tumbled at open on Thursday, as the arrest of a top executive of Chinese tech giant Huawei for extradition to the United States sparked fears of a flare-up in Sino-U.S. tensions, while sliding oil prices added to the pressure.