Page 1635 - Business Finance
Ahead of OPEC meeting, Trump urges producers to keep oil flowing
WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday called on the Organization of the Petroleum Exporting Countries and its allies not to cut oil production next year, saying it would trigger higher oil prices worldwide.
Kailash Auto Finance case: Sebi bans 7 entities from securities mkt for 4 yrs
Sebi Wednesday barred seven entities from accessing the securities market for a period of four years for indulging in fraudulent trade in the scrips of Kailash Auto Finance. Besides, the existing holding of securities, including units of mutual funds, of the entities would remain frozen during the period of restraint, the regulator said in a final order. The regulator had conducted an investigation from January 2013 to December 2015 in respect of trading in the stocks of Kailash Auto Finance to examine possible violations of securities norms. Sebi during the probe had also received a letter from the income tax department stating that certain entities had generated bogus long-term capital gain, through stock exchange mechanism, in various scrip including the scrip of Kailash Auto Finance. During the examination, the regulator found that the seven entities were connected to each other and executed sell trades in a fraudulent manner to create misleading appearance of trading in the scrip
Takeda clears key hurdle as investors back $59 billion Shire deal
OSAKA (Reuters) - Takeda Pharmaceutical has won shareholder approval for its $59 billion takeover of London-listed Shire, creating a global powerhouse that has a stronger drugs pipeline but is also saddled with massive debt.
FinMin says RBI's assessment of economy in line with govt's reading
The finance ministry Wednesday said the assessment of growth and inflation made by the RBI's Monetary Policy Committee (MPC) is line with government's reading. RBI Governor Urjit Patel-headed MPC has kept the key lending rate unchanged. The panel retained its GDP growth projection of the current fiscal at 7.4 per cent and expects inflation to remain well below the mid-term target of 4 per cent. "The assessment of the MPC for growth and inflation outlook is consistent with the government's assessment of inflation and growth," said Subhash Chandra Garg, Secretary, Economic Affairs, in a statement. The government, he said, welcomes the assessment made by the MPC. The RBI has also decided to reduce Statutory Liquidity Ratio or portion of funds banks have to mandatorily park in government securities from existing 19.5 per cent to 18 per cent in six quarterly instalments beginning January 2019. "This will have some implications for the government securities. However, the momentum created by
Alberta's oil cuts could hit light oil producers, rail shipments
VANCOUVER (Reuters) - Alberta's decision to mandate output cuts to reduce a supply glut will have negative effects on North American producers of lighter oil used for blending and U.S. refiners importing crude via rail, even as several major Canadian energy companies cheered the move.
Hoarding for Brexit sparks race for warehouse space in Britain
LEIGHTON BUZZARD, England (Reuters) - In a vast warehouse complex 40 miles north of London, staff are wrestling with ways to cram in more goods after a surge in demand from companies building stockpiles ahead of Brexit.
Petrobras plans to raise $26.9 billion with asset sales, partnering
SAO PAULO/RIO DE JANEIRO (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA plans to raise some $26.9 billion via asset sales and partnerships by 2023 while boosting investments on the front edge of an anticipated production boom in Brazil.
Explainer: Why is Canada's Alberta forcing oil production cuts?
(Reuters) - The Western Canadian province of Alberta this week announced mandated temporary oil production cuts, a rare move aimed at bolstering sagging crude prices caused by rising production that has outstripped pipeline capacity and led to a glut in storage.
RBI lays down norms on loan system for large borrowers
The Reserve Bank Wednesday came out with guidelines for enhancing credit discipline among large borrowers. In respect of borrowers having aggregate fund based working capital limit of Rs 150 crore and above, a minimum level of 'loan component' of 40 per cent will be effective from April 1, 2019, said the guidelines. "Accordingly, for such borrowers, the outstanding 'loan component' (working capital loan) must be equal to at least 40 per cent of the sanctioned fund-based working capital limit...," it said. Drawings in excess of the minimum loan component threshold may be allowed in the form of cash credit facility, the RBI added. The guidelines further said the amount and tenor of the loan component may be fixed by banks in consultation with the borrowers, subject to the tenor being not less than seven days. The guidelines, the RBI said, will be effective from April 1, 2019, covering both existing as well as new relationships. The 40 per cent loan component will be revised to 60 per ...
RBI decision to not change repo rate 'pragmatic surprise': SBI Chairman
SBI Chairman Rajnish Kumar on Wednesday termed the Reserve Bank of India's (RBI) decision to keep the repo rate unchanged as "a pleasant and surprise" move."The RBI decision to keep rates on hold was more in consonance with market expectations but the policy guidance was a pleasant and pragmatic surprise. The significant downward revision in inflation projections and assurance of continued durable liquidity was most reassuring to market participants in terms of a stable and predictable interest rate structure," he said in a statement.RBI, in view of the current and evolving macroeconomic situation in the country, on Wednesday decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent. The decision was taken at the fifth bi-monthly meeting of the Monetary Policy Committee (MPC) of RBI."On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to ...
Oil rises before OPEC meeting, gains capped by oversupply concerns
LONDON (Reuters) - Oil rose on Wednesday ahead of a meeting of the world's biggest exporters who will discuss cutting output to help shore up prices and curb excess supply.
Bajaj Allianz Life's new business premium income up 72% in Punjab
Private life insurance company Bajaj Allianz has registered a growth of 72 per cent in new business premium in Punjab during first half of the current fiscal, said a company official on Wednesday. The individual new business premium income was recorded at Rs 25 crore in first half of 2018-19 as compared to Rs 15 crore for the same period last year, company's Chief Agency officer Manish Sangal said here. In Haryana also, Bajaj Allianz witnessed a 31 per cent growth in new business premium, up from Rs 11 crore to Rs 15 crore during first half of 2018-19, he said. "Bajaj Allianz has taken several initiatives this year towards insuring the life goals of customers. These include introducing innovative and value-packed products, technological interventions to further increase customer delight and expanding customer touch points. We are confident that these initiatives will enable many more people to enjoy the living benefits of life insurance and help us strengthen our market position as ...
RBI may not hike rates anytime soon: Analysts
The Reserve Bank of India (RBI) opting for status quo in key policy rates was on expected lines and the central bank is unlikely to hike rates anytime soon, analysts said Wednesday. "The possibility of another rate hike this fiscal appears to be low," ratings agency Crisil said after the release of the fifth bi-monthly policy, in which the rate setting panel kept the repo rate unchanged at 6.50 per cent. The agency said maintaining the "calibrated tightening" stance will not have any impact. Its smaller rivals India Ratings and Icra also concurred, saying a rate hike is unlikely in the near term. "So long RBI does not get convinced about the sustainability and continuance of the low inflation rate witnessed currently, it is unlikely to change its policy stance from calibrated tightening to neutral," India Ratings said in a note. It said RBI's concerns on inflation emanate from sudden spike in the price of perishables, risk from revision in minimum support prices (MSPs), .
Gold pulls back from five-week high; palladium marches higher
BENGALURU (Reuters) - Gold prices edged lower on Wednesday, a day after hitting their highest level in more than five weeks, as comments from a Federal Reserve official kept alive the prospect of gradually rising U.S. interest rates.
Hotel bookings are just working fine: MakeMyTrip CEO
Online travel portal MakeMyTrip on Wednesday denied reports that claimed that hotel bookings on its platform as well as on Goibibo have been banned, stressing that "it is business as usual".
Lalit Kr Chandel appointed govt nominee on ICICI Bank board
The government has appointed Lalit Kumar Chandel, economic advisor in the Department of Financial Services, as its nominee on the board of ICICI Bank with effect from December 4, the lender said Wednesday. Chandel has been nominated as the government nominee director in place of Lok Ranjan, as per the communication received from the Department of Financial Services, Ministry of Finance on December 5, 2018, ICICI Bank said in a regulatory filing. In total, there are 12 members on the board of the private sector lender, including Chairman Girish Chandra Chaturvedi, Managing Director and CEO Sandeep Bakhshi and three executive directors Vishakha Mulye, Vijay Chandok and Anup Bagchi.
AI eyes Rs 3,000-cr savings in 6 yrs from single GDS platform
Loss-making Air India, which is looking at ways to cut costs and boost revenues, Wednesday said it expects to save Rs 3,000 crore over the next six years by migrating to a single ticket sale and distribution platform, a senior airline official said. In October, UK-based firm Travelport bagged the contract for Air India's domestic ticket distribution services replacing Amadeus. Following Travelport coming into the play, the national carrier removed its inventory from the Amedeus network Tuesday. "Migrating to a single global distribution system will help us save as much as Rs 3,000 crore over the next six years, which will be a substantial saving for us," the official said. Air India's domestic and international flights will continue to be sold through Travelport, and other GDS providers like Sabre and Abacus. However, from January 1, 2020, domestic flights will be exclusively distributed through Travelport. Significantly, Travelport is the business partner of a leading .
Trump asks OPEC not to cut production
US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low. Trump's comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday in Vienna to discuss lowering their output. "Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" Trump said on Twitter.
State of art Orchidarium to come up in Meghalaya
A state of the art Orchidarium and Orchid Production Unit will be set up here in this mountainous state capital of Meghalaya, an official said on Wednesday.
China confident on U.S. trade pact, Trump cites Xi's 'strong signals'
SHANGHAI (Reuters) - China expressed confidence on Wednesday that it can reach a trade deal with the United States, a sentiment echoed by U.S. President Donald Trump a day after he warned of more tariffs if the two sides could not resolve their differences.