Page 1636 - Business Finance
Samsung India to install 20 'Onyx' LED cinema screens by 2019
Consumer electronics major Samsung is planning to install around 20 LED cinema screens named 'Onyx' in the country by the end of next year, a company executive said Wednesday. The firm had launched its first such screen in August at PVR in New Delhi, and unveiled its second screen here Wednesday, in partnership with Inox. It is looking to open two more such screens in the country by the end of 2018, according to Samsung India vice-president consumer electronics enterprise business Puneet Sethi. "We have 26 'Onyx' screens globally. The investment per screen for the exhibitor is around USD 500,000-700,000 for the entire solution," Sethi told PTI. He said the company will have around 20 such screens in the country by the end of 2019. Samsung had unveiled the new technology last year, which marked a shift from theatre projection systems to LED screens in the country. Sethi said that the company has huge expectations from India, while admitting that it's under penetrated in ..
Senvion bags turbine order from alfanar for Bhuj project
Wind turbine maker Senvion said Wednesday it has signed a conditional 300 MW contract with alfanar to supply and install 131 Senvion 2.3 M130 turbines for the Bhuj Wind Project. The wind project in Gujarat is part of the Round 5 bidding of Solar Energy Corporation of India Limited a company of the Ministry of New and Renewable Energy, Government of India, a company statement said. The project scope includes a full EPC and will be commissioned in the second quarter of 2020. alfanar and Senvion also signed a 10-year comprehensive operations and maintenance (O&M) contract. When connected to grid, this project will generate enough clean energy to supply the power needs of almost 2,90,000 households. "We are very pleased to have signed another order with alfanar. The order shows alfanar's confidence in Senvion's product portfolio and its suitability for different requirements. Senvion is proud of its contribution towards the vision of the Indian government to achieve an installed ...
Cabinet likely to clear policy to boost exports of agri commodities
The Union Cabinet is expected to approve Thursday a policy to boost exports of agriculture commodities such as tea, coffee and rice and increase the country's share in global agri trade, an official said. The Commerce Ministry has sent the final agri export policy to the Cabinet. The proposed policy would focus on all aspects of agricultural exports including modernising infrastructure, standardisation of products, streamlining regulations, curtailing knee-jerk decisions, and focusing on research and development activities. "The government will aim at a stable export policy for agricultural products. There will be an assurance that processed agri items and organic products will not be brought under the ambit of any kind of export restrictions such as imposition of minimum import price, export duty, export bans and quota restrictions," the official said. The official added that the implementation of the policy will have an estimated financial implication of over Rs 1400 crore. The ...
Factbox: What happens if the U.S. terminates NAFTA
TORONTO (Reuters) - U.S. President Donald Trump said on Saturday he would soon give formal notice to the U.S. Congress to terminate the North American Free Trade Agreement (NAFTA), giving lawmakers six months to approve a new trade deal between the United States, Mexico and Canada to replace it.
Punjab to pay Rs 25 per quintal extra to sugarcane farmers
In the backdrop of sugarcane farmers in the state protesting for the past several days, the Punjab government on Wednesday announced that it will pay Rs 25 per quintal extra to the farmers.
RBI issues draft norms on NRI participation in IRD market
The Reserve Bank of India (RBI) Wednesday issued draft guidelines on non-residents' participation in the interest rate derivative (IRD) market. The draft norms have proposed non-resident Indians' (NRIs) access to the IRD market, allowing them to hedge their rupee interest rate risk flexibly using any available IRD instrument, RBI said in a release. "Non-residents will also be permitted to participate specifically in the overnight indexed swap (OIS) market for purposes other than hedging," it said. The central bank has sought comments on the draft guidelines from banks, market participants and other interested parties by December 31. In its April 2018 policy, the RBI had proposed that NRIs should be given access to the rupee IRD market. The apex bank had said while rupee interest rate swap (IRS) market is the most liquid among interest rate derivative markets, it still lacks depth to enable large banks to manage risks. Thin participation and consequent absence of ...
SC orders attachment of Amrapali's 5-star hotel, malls, cinema hall, factories
Continuing its crackdown on the embattled Amrapali Group, the Supreme Court on Wednesday ordered attachment and sale of the realty firm's five-star hotel, cinema hall, malls and factories across India, calling it "a worst kind of cheater" and "a perfect liar" for not complying with the court's direction. The top court also ordered attachment of four swanky corporate offices of Amrapali Group situated in Noida and Greater Noida, and asked the Debt Recovery Tribunal (DRT), Delhi to auction them. The top court gave a window to the firm's directors and their family members to return home-buyers' money, if they have it, by December 10. It asked the firm to explain by next week the diversion of around Rs 3,000 crore of home-buyers money for other purposes. A bench of Justices Arun Mishra and U U Lalit issued notice to the Amrapali Group CMD Anil Sharma and its directors, Chief Financial officer and statutory auditor Anil Mittal, asking them why a criminal case for breach of trust should not
JP Morgan targets mid-sized firms in challenge to European banks
PARIS/NEW YORK (Reuters) - Thumbing through a thick binder detailing European mid-sized and family-owned firms, JP Morgan's Doug Petno has his sights set on a business Europe's banks have kept to themselves.
Ready as lender of last resort, but conditions do not warrant: RBI
Sticking to its view that liquidity is not a major concern, the Reserve Bank of India (RBI) on Wednesday said adequate measures are being taken and the current situation does not warrant it to be the lender of last resort.
Set up centres to develop nanotechnology, says Karnataka CM
: Karnataka Chief Minister H D Kumaraswamy Wednesday called upon captains of the industry to set up centres of excellence in nanotechnology and R&D through public-private partnership. "The state will provide all possible support in turning your dream projects into reality and make the state a favourable destination for the growth of this sunrise industry," Kumaraswamy said while addressing the 10th Bengaluru India Nano Summit here. He asked the scientists and engineers to also come up with innovative nanotechnology-based solutions for food security, energy security, water purification, infrastructure, medicine, healthcare and waste management as well as combat environmental hazards. The Chief Minister said nanotech-based solutions for food preservation and to improve soil quality should be given priority as these would directly benefit farmers and contribute to increased agricultural production. He said the state would lead the country in nano revolution as well on .
Engaged with partners to resolve issues in Ahmedabad: MakeMyTrip
Online travel firm MakeMyTrip Wednesday said it continues to offer hotels in Ahmedabad and is in talks with some of its hotel partners who have stopped taking bookings from its platforms. Around 270 hoteliers in Ahmedabad have stopped accepting bookings from MakeMyTrip and Goibibo travel portals, alleging heavy commission and indiscriminate discounts offered by them. According to Hotels and Restaurants Association (HRA) - Gujarat spokesperson Abhijeet Deshmukh, hotels in other cities in the state may also follow suit in the coming days. Commenting on the development, MakeMyTrip Co-founder and CEO Rajesh Magow said: "While we are engaged with few of our partners to resolve the matter amicably, we continue to have hundreds of hotels in Ahmedabad live on our platforms, thereby giving our customers a lot of choice to pick from." The company is honouring all bookings on its platform in Ahmedabad, making sure there is no hassle for any customer who books on MakeMyTrip and Goibibo, he ...
Britain's city watchdog taken to court over RBS executives
LONDON (Reuters) - Britain's financial watchdog is being taken to court over its handling of an investigation into Royal Bank of Scotland's restructuring unit which has been criticised for its treatment of small businesses after the 2008 financial crisis.
Britain orders in-depth review of PayPal-iZettle deal
(Reuters) - Britain's competition watchdog on Wednesday ordered an in-depth investigation of PayPal Holdings Inc's $2.2 billion takeover of Swedish financial technology startup iZettle, saying the U.S. group had not done enough to address its concerns.
Global cues, RBI policy stance drag equity indices lower (Roundup)
Fears over signs of escalation in global trade tensions along with outflows of foreign funds dragged the key Indian equity indices in the red for a second straight day on Wednesday.
PFC to acquire govt's stake in REC for Rs 15k cr, Cabinet to consider Thursday
The Cabinet will Thursday consider the proposal for PFC acquiring entire government holding in state-owned REC, which will fetch the government around Rs 15,000 crore. The government held 57.99 per cent in REC, and 65.64 per cent in PFC at September-end. However, government holding in REC has come down to 52.63 per cent following stake sale through ETF. "The proposal is PFC will acquire 52.63 per cent government stake in REC, along with transfer of management control. A final call will be taken by (the) Cabinet on Thursday," a source said. At the current market price of Rs 105.10 a share, sale of 52.63 per cent government holding in REC will fetch around Rs 11,000 crore. The government will retain controlling premium and hence the deal value is coming at Rs 15,000 crore, the source said. The government was initially considering to sell PFC to REC, however, on Wednesday the power ministry proposed PFC buying 52.63 per cent government stake in REC. The government hopes that acquisition .
Himachal CM flags off mobile van for spreading online banking awareness
Aimed at promoting digital banking, Himachal Pradesh Chief Minister Jai Ram Thakur Wednesday flagged off the mobile van of the HP State Cooperative Bank from his official residence here. The mobile van is equipped with an ATM, TV screen, CCTV, sound system and publicity material, a spokesperson said. The chief minister said, "The initiative by the State Cooperative Bank would go a long-way in spreading awareness and promoting digital financial literacy in the rural areas of the state." The National Bank for Agriculture and Rural Development (NABARD) had provided financial assistance of Rs 15 lakh for the purchase of this mobile van, he added. The van will visit remote areas to demonstrate various modernised banking services in order to bring maximum people under financial inclusion, he said. This initiative will help in sensitising businessmen and customers on how to use digital payment system besides creating awareness among the users about the safety measures to be taken while using
RBI to form panel on MSMEs, have external benchmarking of floating rate loans
With finance for the MSME sector an ongoing key issue between the Centre and the central bank, the RBI on Monday announced it is constituting an expert committee to identify causes and proposed long-term solutions for the economic and financial sustainability of the MSMEs.
Ghalia Group becomes chief patron of T10 Cricket League
The T10 Sports Management have announced partnership with the Ghalia Group as the new promoter and chief patron of the ICC T10 Cricket League that was held in Sharjah from November 21 to December 2.
Oil eases as fears of recession hobble financial markets
LONDON (Reuters) - Oil recouped some of its early losses on Wednesday, echoing a modest recovery in global equities, but concern about the outlook for global growth and evidence of yet more crude supply kept gains in check.
Thyssenkrupp's top shareholder appoints ex-Volkswagen chief Pischetsrieder
FRANKFURT (Reuters) - Thyssenkrupp's top shareholder, The Alfried Krupp von Bohlen and Halbach Foundation, has appointed former car executive Bernd Pischetsrieder as a member of its board of trustees, it said on Wednesday.