Page 1628 - Business Finance
Brent oil price sinks under $60 on Saudi comments
Brent oil prices sank under $60 on Thursday after Saudi Arabia made remarks that were deemed overly cautious by analysts ahead of OPEC's latest output decision. London's Brent North Sea oil sank $2.94 to $58.62 per barrel at 1035 GMT, compared with Wednesday's close, after Saudi Arabia's oil minister Khalid al-Falih said OPEC was seeking a "sufficient" cut in output to prop up prices.
Eight App raises USD 26.43Mn in series-e funding
Sansan, Inc., the parent company of the Eight app, Japan's leading business card organizer and professional social networking platform has raised approx. Rs. 186 crores (USD 26.43 million) in Series-E funding, taking funding to date to approx. Rs. 7,050 crores (USD 100 million).Sansan's Series E investment was led by Japan Post Capital, T. Rowe Price, SBI Investment, and DCM Ventures. The additional funding will help Sansan deliver on its new mission: "Turning encounters into innovation."The company aims to accelerate its development of innovative technologies centered around maximizing the utility of business cards.Eight is Japan's largest professional social networking platform. The app has well over 2 million registered users. The Eight app uses Artificial Intelligence (AI) driven technologies to accurately digitize users' business cards and helps connect users with their business contacts through a social media framework that transforms business cards into actionable business ...
Kia inks pact with Andhra govt to drive in eco-friendly models, develop EV infra
Auto maker Kia Motors India Thursday said it has inked a pact with Andhra Pradesh government to lend its support in increasing the uptake of electric vehicles (EV) and the development of local infrastructure for such models. The memorandum of understanding (MoU) was signed in the presence of the Andhra Pradesh Chief Minister N Chandrababu Naidu and Kia Motors India Managing Director and CEO Kookhyun Shim, Kia Motors said in a statement. As part of the agreement, Kia Motors has provided the state government with three vehicles -- a Niro Hybrid, Niro Plug-in Hybrid and a Niro EV. The company is also installing a vehicle charging station at Vijayawada for representatives from the regional government to charge their new environmentally-friendly fleet. Andhra Pradesh government is developing 14 smart cities and Kia is working with the state government to design a new generation of transportation system that best serve the citizens in each of these cities. "This new partnership with the ...
German industry orders rise despite trade headwinds
BERLIN (Reuters) - Strong demand from abroad drove an unexpected rise in German industrial orders in October, signalling that Europe's largest economy was still getting an impulse from exports despite headwinds from trade frictions.
Alstom India to double metro train plant capacity at Sri City in AP
In a bid to meet Montreal Metro and Mumbai Metro orders for trains, Alstom India will be doubling its capacity at its plant in Sri City in Andhra Pradesh, near here, said a top company official on Thursday.
Market drops sharply on subdued global stocks
Domestic stocks dropped sharply mirroring weakness in global stocks. The barometer index, the S&P BSE Sensex, lost 572.28 points or 1.59% at 35,312.13, as per the provisional closing data. The Nifty 50 index lost 181.75 points or 1.69% at 10,601.15, as per the provisional closing data. Indices settled lower for third day in a row as investors turned cautious ahead of the state assembly election results.
Global Markets: European stocks slump to 2-year low after China exec arrest
LONDON (Reuters) - Global stock markets slumped for a third day running on Thursday as the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the United States fed fears of fresh tensions between the two economic superpowers.
China hails Trump-Xi summit, says 'very confident' in trade deal
BEIJING (Reuters) - China on Thursday expressed confidence in striking a trade deal with the United States within their 90-day ceasefire period, praising the recent meeting between U.S. President Donald Trump and Chinese President Xi Jinping as highly successful.
Singapore authorities say won't allow Noble Group to re-list under restructuring plan
SINGAPORE (Reuters) - Singapore's central bank and the Singapore Exchange said on Thursday they have decided not to allow Noble Group Ltd to transfer its listing status to a restructured entity.
SoftBank mobile services disrupted ahead of bumper IPO, shares drop
TOKYO (Reuters) - SoftBank Group Corp's mobile phone services were disrupted in some parts of Japan on Thursday, ahead of an initial public offering (IPO) of its domestic telecoms unit later this month that will potentially raise $21 billion.
Sensex tanks 572 points over oil output cut fears, weak rupee
Fears over possible crude oil production cut by the OPEC group as well as broadly negative Asians stock markets pulled the barometer S&P BSE Sensex index lower by over 570 points on Thursday.
Pak-India trade much below full potential of $37 billion: World Bank
The current level of trade between Pakistan and India is valued at a little over $2 billion, but it could be as high as $37 billion if both neighbours agree to tear down artificial barriers, the World Bank said in a report.
Supply chain digitisation lacking globally: Capgemini
While many organisations across the world consider supply chain digitisation to be one of their top three corporate priorities, most are still struggling to get projects beyond the testing stage, says a new study from French technology services major Capgemini.
Uniparts India files IPO papers with Sebi
Uniparts India, manufacturer of engineering systems and solutions, has filed draft papers with markets regulator Sebi to float an initial public offering. The IPO comprises fresh issuance of shares worth Rs 100 crore besides an offer for sale of 1,30,60,770 stocks by existing shareholders, according to the draft red herring prospectus (DRHP). Funds raised through the issue will be utilised towards repayment of the outstanding loan facilities availed by the company and for general corporate purposes. Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets will manage the company's public issue. Uniparts is a manufacturer and supplier of engineering systems and solutions and primarily caters to off-highway vehicles in agriculture, construction, forestry and mining sectors. Earlier, Uniparts had filed initial papers with Sebi in September 2014 and also obtained the regulator's clearance to launch the IPO, but did not go-ahead with the initial share-sale.
Gold prices rise by Rs 170, silver inches up
Gold prices Thursday rose by Rs 170 to close at Rs 32,120 per 10 gram at the bullion market in the national capital on increase in demand from local jewellers amid firm trend in the overseas market. Silver rates also inched up by Rs 25 to close at Rs 37,625 per kg on slightly higher demand from industrial units and coin makers. Traders said higher demand during the ongoing wedding season from local jewellers coupled with positive global cues pushed the gold prices upwards. In the national capital, gold of 99.9 per cent and 99.5 per cent purities rose by Rs 170 each to close at 32,120 and Rs 31,970 per 10 gram, respectively. Sovereign gold also moved up by Rs 100 to Rs 24,900 per piece of 8 gram. Globally, gold traded higher at USD 1,238.40 an ounce in New York, while silver was also slightly up at USD 14.39 an ounce. Similarly, silver ready rose by Rs 25 to Rs 37,625 per kg, while weekly-based delivery shot up by Rs 856 to Rs 37,250 per kg. Silver coins, however, held steady at Rs ...
Nifty, Sensex mark two-week closing low; Reliance Industries top drag
(Reuters) - Indian shares ended lower on Thursday, marking their worst closing levels in two weeks, dragged down by index heavyweights such as Reliance Industries Ltd and Infosys Ltd.
France to introduce digital tax if no EU deal
France will forge ahead with its own tax on digital giants in 2019 if the EU fails to agree on how to get the likes of Google and Facebook to pay more tax in Europe, Finance Minister Bruno Le Maire said Thursday. Le Maire told France 2 television he would give himself "until March" to reach a deal with other EU members on a digital tax, nicknamed the GAFA tax after Google, Apple, Facebook and Amazon. If the talks fail, "we will do it at the national level in 2019: we will tax digital giants if European states do not take their responsibilities," he said. On Tuesday, France and Germany agreed on a scaled-back version of the tax in a bid to overcome significant opposition to the plan among some of their EU neighbours. Under the new plan -- presented as an interim solution while waiting for a global deal brokered by the OECD -- digital giants would pay a three-per cent levy on advertising sales. The measure, set to come into force in 2021 if a global plan has not been agreed by then, ...
Celltick and BSNL Integrates to Deliver User-friendly Mobile Banking Information
/ -- Celltick empowers BSNL BUZZ *99# Service in India to promote more affordable and user-friendly financial inclusion BSNL is pleased to announce the launch of *99# New Services on BSNL BUZZ platform in partnership with Celltick, a global leader in mobile marketing. BSNL's and Celltick's integration will deliver user-friendly mobile banking information and is in line with the nation's Digital India 2020 vision. Through this implementation, Celltick enables the BSNL BUZZ *99# service to promote financial inclusion and makes BSNL BUZZ *99# Banking Service more affordable and user-friendly. The National Payments Corporation of India (NPCI) launched *99# on the USSD platform in year 2012. The purpose of the service was to make available host of banking services to users using mobile. The service doesn't require data connection and can run even on basic feature phones making the services device-agnostic. The service is currently priced at 50 paisa per transaction. However, due to some ..
Eveready Ind sells Chennai land for Rs 100 crore
Batteries firm Eveready Industries India has sold its land in Chennai to an Olympia Group firm for a consideration of Rs 100 crore. "The company has executed an agreement for sale... with Alwarpet Properties Private Ltd (part of the Olympia Group, Chennai), for sale of its land situated in Chennai, Tamil Nadu, for a consideration of Rs 100 crore," Eveready Industries said in a BSE filing. The sale is expected to be completed within 4-10 months, based on tangible milestones, the company added. Eveready Industries said, for over the last five decades, a battery manufacturing facility was located on the said land. "However, the factory became economically unviable, which led to it becoming idle for some time. This had no impact on the operations of the company," it added. Eveready MD Amritanshu Khaitan said the sale transaction will help reduce debts of the company and further improve the balance sheet. "The closure of the factory, in any case, is positive to the profitability of the ...
Silver futures surge 0.44% on global cues
Silver futures traded higher by 0.44 per cent to Rs 37,262 per kg Thursday after speculators raised bets, driven by a firm trend overseas. At the Multi Commodity Exchange, Silver for delivery in December traded higher by Rs 164, or 0.44 per cent, to Rs 37,262 per kg in a business turnover of 24,253 lots. In a similar manner, the white metal to be delivered in far-month March, too, rose by Rs 146, or 0.39 per cent, to Rs 37,280 per kg in 24,261 lots. Analysts said widening of positions by traders in sync with a firm trend on global markets for precious metals influenced silver prices at futures trade here. In the international market, silver traded higher 0.48 per cent at USD 14.39 an ounce in Singapore Thursday.