Page 1637 - Business Finance
Siemens Gamesa launches new R&D hub in Bengaluru
Siemens Gamesa Renewable Energy (SGRE) said Wednesday it has inaugurated a new research and development (R&D) hub in Bengaluru. This centre is one of the three major R&D hubs globally for the Spanish renewable major and other two centres are in Spain and Denmark, a company statement said. The centre will support global engineering and technology requirements pertaining to software and design engineering for onshore and offshore wind turbines, it said. The Bengaluru R&D hub will further concentrate on new-age technologies such as artificial intelligence and machine learning thus positioned to build the next generation smart wind turbines for Siemens Gamesa. Employing a total of 500 workers currently, the centre's employment is expected to grow to 700 by the end of 2019, the statement said. "With digitisation positioned as a key strategy for our growth globally, we are looking at developing impactful technologies that will help us create better value for our customers and ...
RBI to cut SLR gradually to 18% by mid-2019
The RBI has decided to reduce statutory liquidity ratio, the portion of funds which banks are required to park in treasury bills and other instruments, by 0.25 per cent every quarter beginning January. The calibrated reduction in statutory liquidity ratio (SLR) will continue till it reaches 18 per cent. The current SLR is 19.5 per cent. "This reduction in SLR holding is likely to free up Rs 1-1.5 lakh crore of funds in the next one and half year into the banking system," said Rajni Thakur, Economist, RBL Bank. In the 'Statement on Developmental and Regulatory Policies' post announcing its fifth bi-monthly monetary policy review, the RBI said it will reduce the SLR by 25 basis points (0.25 per cent) every calender quarter until the SLR reaches 18 per cent of the net demand and time liabilities (NDTL) as part of aligning it with the liquidity coverage ratio (LCR). The first reduction of 25 basis points will take effect in the quarter commencing January 2019, the Reserve Bank of India ...
HDFC ERGO Announces Corporate Agency Tie-up with Federal Bank
HDFC ERGO General Insurance Company, India's leading private sector general insurance company and Federal Bank, announced tie-up for the distribution of HDFC ERGO's range of non-life insurance offerings to the customers of the Bank through its network branches.The two entities have joined hands and entered into a corporate agency partnership to offer comprehensive general insurance products through the network of Federal Bank's 1250+ branches spread across the entire country. The Bank with its Pan India network and technological edge comes as an advantage for HDFC ERGO. Federal Bank's deep-rooted presence in Southern markets also allows the Company to strengthen its foothold within the region. Also, this enables Federal Bank to offer their customers' a comprehensive solution for all their financial requirements under a single roof.Commenting on the tie-up, Anuj Tyagi, Executive Director & Chief Distribution Officer, HDFC ERGO General Insurance said, "Our Bancassurance practice ...
BHEL's Rs 1,628-cr buyback offer to open on Dec 13
State-owned power equipment maker BHEL on Wednesday said its share buyback offer worth Rs 1,628 crore would open on December 13. The offer to buy 18.93 crore equity shares representing 5.16 per cent paid-up equity share capital of the company will close on December 27, the company said in a BSE filing. The buyback would be done through the tender offer route, it added. The price has been fixed at Rs 86 per equity share of face value Rs 2 each. The board approved the offer on October 25 and made public announcement in this regard on October 26. Bharat Heavy Electricals Ltd (BHEL) had fixed November 6 as the record date to determine the entitlement and names of the eligible shareholders who can participate in the buyback. The company's shares closed at Rs 66.40 per piece Wednesday, down 5.75 per cent, on the BSE.
Analysis: For European chip stocks, business cycle returns with a vengeance
FRANKFURT (Reuters) - Investors who bet on European semiconductor stocks to profit from innovations being packed into smartphones and advanced vehicles are facing the grim reality that both industries are hitting a rough patch at the same time.
RBI to set up panel to look into problems of MSMEs
The Reserve Bank of India Wednesday said an expert committee will be constituted to propose long-term solutions for the economic and financial sustainability of the MSME sector. The panel's composition and its terms of reference will be finalised by the end of December, the RBI said in 'Statement on Developmental and Regulatory Policies'. The report of the panel will be submitted by the end of June 2019. Micro, Small and Medium Enterprises (MSMEs) contribute significantly to employment, entrepreneurship and growth in the economy. MSEMEs remain, by their predominantly informal nature, vulnerable to structural and cyclical shocks, at times with persistent effects, the central bank said while announcing setting up the committee. "It is important to understand the economic forces and transactions costs affecting the performance of the MSMEs, while often the rehabilitation approach to the MSMEs stress has focused on deploying favourable credit terms and regulatory forbearances," it ...
Interest on home, auto, MSE loans to be linked to new benchmarks from April 1
In a bid to ensure greater transparency, the RBI Wednesday proposed that floating interest rates on personal, home, auto and micro and small enterprises (MSEs) loans will linked to external benchmarks like repo rate or treasury yields, from April 1 next year. Currently, banks follow system of internal benchmarks, including Prime Lending Rate (PLR), Benchmark Prime Lending Rate (BPLR), Base rate and Marginal Cost of Funds based Lending Rate (MCLR). The final guidelines to link the interest rate to external benchmarks will be issued by the end of this month, said the RBI's 'Statement on Developmental and Regulatory Policies'. The proposal to shift to external benchmarking of floating interest rate was suggested by an internal study group set up by the RBI to review the working of the MCLR System. "...it is proposed that all new floating rate (for) personal or retail loans (housing, auto, etc) and floating rate loans to Micro and Small Enterprises extended by banks from April 1, 2019 ...
2,000 national, international designers to join Goa 'NATCON 2018'
Over 2,000 national and international designers will converge in Goa during December 6-8 to participate in what is being dubbed as the Indian subcontinent's biggest design industry event, "NATCON 2018", organisers said on Wednesday.
Brazil's Petrobras says could raise up to $26.9 billion through asset sales
SAO PAULO (Reuters) - Petroleo Brasileiro SA said on Wednesday that the Brazilian state-controlled oil company could raise $26.9 billion through asset sales and partnerships by 2023 as part of a new strategic business plan calling for further debt reduction.
Britain refers Paypal-iZettle deal for in-depth review
(Reuters) - Britain's competition watchdog said on Wednesday that Paypal Holdings Inc's $2.2 billion takeover of Swedish financial technology startup iZettle would be referred for an in-depth review.
Zomato buys Lucknow-based TechEagle to deliver food via drones
With an aim to deliver food via drones in India, online ordering app Zomato on Wednesday announced it has acquired a Lucknow-based startup TechEagle Innovations that works exclusively on drones, for an undisclosed sum.
Rupee rises 3 paise to 70.46 against US dollar
The rupee ticked higher by 3 paise to 70.46 against the US dollar Wednesday amid weakness in the greenback and easing crude oil prices. Forex traders said the rupee's rise was supported by dollar-selling by exporters and banks. Meanwhile, the Reserve Bank of India Wednesday left the repo rate unchanged at 6.5 per cent while maintaining the stance of 'calibrated tightening' of policy. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.70 and lost further ground to hit a low of 70.75. The local unit, however, pared the initial losses and finally ended the session at 70.46 to the US dollar, up 3 paise. On Tuesday, the rupee had slipped 3 paise to close at 70.49 due to increased demand for the American currency from importers. Brent crude, the international benchmark, was trading 0.32 per cent lower at USD 61.88 per barrel Wednesday. Traders said the rupee came under pressure during the session following heavy selling in domestic equities amid foreign fund ...
Analysis: Shale's growing profits at the mercy of OPEC cuts, Trump tweets
HOUSTON (Reuters) - The recent nosedive in crude prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share.
RBI keeps repo rate, stance unchanged citing risks to inflation
Upside risks to inflation led the Reserve Bank of India (RBI) on Wednesday to keep its key lending rate for commercial banks unchanged at 6.5 per cent for the second time in succession.
DIPP upbeat over India, UAE currency swap deal
Department of Industrial Policy and Promotion (DIPP) under Union Ministry of Commerce and Industry is upbeat over the signing of a currency swap deal between India and the UAE. "The deal will further give a boost to bilateral trade between two countries," said DIPP officials."The idea, first mooted by Union Minister of Commerce and Industry Minister Suresh Prabhu, was discussed at length during the sixth meeting of UAE-India high-level Joint Task Force on Investments held in Mumbai on October 15," they said on Wednesday."The Minister was in constant touch with his UAE counterpart and also with other stakeholders in order to pursue the matter. Our consistent efforts paid off in culminating in the currency swap agreement that was signed between India and UAE," DIPP officials added.Elaborating further, the officials said the impact of the measures taken by the Government of India has resulted in record foreign direct investment (FDI) inflows of over USD 61.9 billion in 2018 and an ...
Britain refers Paypal-iZettle merger for in-depth review
(Reuters) - Britain's competition regulator said on Wednesday that Paypal Holdings Inc's $2.2 billion takeover of Swedish financial technology startup iZettle would be referred for an in-depth review.
Miners bear brunt of risk aversion as investors take fright
LONDON/KATOWICE, Poland (Reuters) - A two-year recovery in the mining industry has faltered, as trade tensions between China and the United States and concerns about economic growth weaken commodity prices and deter investment.
Stop illegal discounts, hoteliers warn
The Federation of Hotel and Restaurant Associations of India (FHRAI) on Wednesday accused two major online travel aggregators (OTA) of allegedly offering illegal discounts that are harmful to hoteliers and customers.
Mahansaria Family, Trelleborg to set up 2-wheeler tyre plant
Mahansaria Family Wednesday announced signing a pact with Swedish engineering company Trelleborg to set up a tyre manufacturing facility for two-wheelers in the country. The joint venture will be 76 per cent owned by the Mahansaria Family and the rest 24 per cent by Trelleborg, a release said. The proposed facility will come up in western India and deliveries are expected to began from 2020, the release said. The company, however, did not disclose any details about the location or the investment in the said facility. For Mahansaria Family, this venture is a part of its strategy to enter the fast-growing two-wheeler tire market in the country, according to the release. "Through this joint venture, we look forward to providing technologically advanced products of global standards to the ever-evolving Indian two-wheeler tire market," Yogesh Mahansaria from Mahansaria Family was quoted as saying in the release. Currently, Trelleborg is focused on the European market for the
RBI keeps repo rate unchenaged: Fifth Bi-monthly Monetary Policy
Maintains policy stance of calibrated tightening