Page 1638 - Business Finance
Nervous Italians see Swiss vaults as safe haven for their cash
MILAN/ZURICH (Reuters) - Italians worried about political uncertainty are looking across the border to stable Switzerland as a place to park more of their wealth, asset managers say.
Etihad in rescue talks with bankers for Jet Airways: sources
NEW DELHI/ABU DHABI (Reuters) - Jet Airways Ltd and second-largest shareholder Etihad Airways have been holding rescue talks with bankers of the indebted Indian carrier, three people aware of the matter told Reuters on Wednesday.
Tata Motors declines 4% on S&P rating downgrade
Shares of Tata Motors plummeted by nearly 4 per cent Wednesday after S&P Global Ratings downgraded the credit rating of the auto giant and its British arm Jaguar Land Rover Automotive Plc. The stock dropped 3.7 per cent to settle at Rs 169.2 on the BSE. During the trading session, the scrip touched a low of Rs 168.7, a decline of 3.98 per cent. On the NSE, the stock closed at Rs 170.05, down 3.24 per cent from the previous close. It had touched a low of Rs 168.60 and a high of Rs 173 during the trading session. In a regulatory filing to the stock exchanges Tuesday, Tata Motors said S&P Global Ratings has downgraded the credit rating of the company and Jaguar Land Rover Automotive Plc citing weak profitability at its British arm JLR. Last month, Moody's Investors Service had changed Tata Motors' rating outlook to negative from stable, citing expectations of weak operating performance of JLR.
Indian economy enjoys best upswing in over two years: Nikkei India Services PMI
Nikkei India Services Business Activity Index rises from 52.2 in October to 53.7 in November
RBI chief draws veil over rift with Modi government
MUMBAI (Reuters) - The Reserve Bank of India chief on Wednesday drew a veil over a public spat with the government, refusing to answer questions on a matter which had raised concerns that the central bank's independence could be undermined.
'Currency swap pact between India, UAE to help boost trade, investments'
Signing of currency swap agreement between India and the UAE will help in boosting trade and investments between the two countries, a commerce and industry ministry official said Wednesday. With this arrangement, the two countries allow trading in their own currency and payments to import and export trade at pre-determined exchange rate without bringing in a third benchmark currency like the US dollar, the official added. The idea for the agreement was first mooted by Commerce and Industry Minister Suresh Prabhu and it was discussed at length in the sixth meeting of the UAE India High Level Joint Task Force on Investments held in Mumbai in October. The commerce ministry was continuously pursuing the matter with the UAE authorities. The ministry has also established a special UAE desk to facilitate investments and resolve issues relating to UAE Investments in India. The pact will further boost bilateral trade and investments between the countries, the official added. The bilateral ...
Nifty December 2018 futures at steep premium
Turnover in F&O segment rises
EZTax.in Enhanced Its Engagement With NRIs Through Income Tax Hotline
EZTax.in, today announced that the company has launched its NRI Income Tax Hotline service to help growing Non-Resident India (NRI) population, which is working abroad, and foreigners who are working in India. Through this hotline service, the company is expected to get close to the NRIs and help them in achieving tax planning, saving, and overall tax compliance in India, in addition to filing their taxes.The study says NRI Tax Compliance growth is not in pace with the IT Filing growth that India saw for the past two years, it's mainly due to lack of understanding in changes to tax act in India.Suneel Dasari, CEO @ EZTax.in, said, "We are helping both resident Indians, and NRIs in income tax filing for the last two years, a growing segment of our business. But it's vital to have a year-round tax compliance for NRIs as the Tax year differ in abroad, and the clients are increasingly diversifying their portfolios beyond traditional real-estate into businesses, and currencies. NRI Income .
U.S.-China trade conflict hurting German car sector: VDA
FRANKFURT/BERLIN (Reuters) - A trade spat between the United States and China is leaving its mark on Germany's automotive sector with the number of new vehicles in the Chinese market expected to fall this year, the VDA industry association said on Wednesday.
Danske investors bank on Maersk clan to chart course through crisis
LONDON/COPENHAGEN (Reuters) - Danske Bank's top investors are looking to Denmark's Maersk family to steer the country's largest lender through the turmoil of a 200 billion euro ($227 billion) money laundering scandal.
EU Commission pushes for wider use of euro in global markets
BRUSSELS (Reuters) - The European Commission published on Wednesday non-binding proposals to boost the role of the euro in international payments and as a reserve currency to challenge the dominance of the dollar.
Sensex tanks 250 pts on RBI status quo, grim global cues
Benchmark indices nursed losses for the second straight day Wednesday as the RBI left the repo rate unchanged, while global markets wobbled on renewed concerns over the US-China trade dispute. The BSE Sensex tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41. Similarly, the broader NSE Nifty fell 84.55 points, or 0.74 per cent, to end at 10,784.95. All sectoral indices on the BSE finished with losses, led by metal, pharma and rate-sensitive auto and banking stocks. 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. In a bid to boost lending, the RBI lowered the reserves lenders are compulsorily required to hold in the form of government securities. However, it failed to enthuse the markets, which had opened weak and dropped further after RBI's policy announcement. Weakness in the rupee against the US dollar also weighed on sentiment, traders said. The local unit fell 11 paise ..
Inflation to stay at 2.7-3.2 pc in H2 of 2018-19, says RBI
Assuming a normal monsoon in 2019, the Reserve Bank of India (RBI) on Wednesday said that inflation is likely to stay in the range of "2.7-3.2 per cent in H2 of 2018-19 and 3.8-4.2 per cent in H1 of 2019-20, with risks tilted to the upside.""The projected inflation path remains unchanged after adjusting for the house rent allowance (HRA) impact of Central government employees as this impact dissipates completely from December 2018 onwards," said the RBI in a statement after the bi-monthly meeting of the Monetary Policy Committee (MPC) here.The MPC, however, reiterated its commitment to achieving the medium-term target for headline inflation of 4 per cent on a durable basis. The next meeting of the MPC is scheduled from February 5 to 7, 2019."Although recent food inflation prints have surprised on the downside and prices of petroleum products have softened considerably, it is important to monitor their evolution closely and allow heightened short-term uncertainties to be resolved by ...
RBI waiting to see how inflation risks pan out: Governor Urjit Patel
MUMBAI (Reuters) - The Reserve Bank of India would be ready to take policy action if upside risks to inflation do not materialise, Governor Urjit Patel said on Wednesday after the central bank announced it was holding interest rates steady for now.
South Asia's Largest Security and Surveillance Congregation 'IFSEC India' Expo Gets Underway in the Capital Today
/ -- Over 350 Indian and Global brands mark the 12th edition of the event South Asia's largest security and surveillance expo by UBM India 20+ participating countries & over 350 brands showcase Smart Security for Emerging India Launch of two whitepapers - South Asia Risk Review (SARR) 2019 co-branded by Mitkat Advisory and IFSEC India, as well as 'Emerging Trends in Critical Infrastructure Security' by PwC and UBM India Announcement of the preview edition of IFSEC Bangladesh in Dhaka from April 18th - 20th , 2019 Two-day power packed conference on 'Unraveling the Evolution in Security Tech' alongside the exhibition To witness the third IFSEC India Awards UBM India today launched the 12th edition of International Fire & Security Exhibition and Conference (IFSEC) India, a three day show, from December 5th - 7th, 2018, at Pragati Maidan, New Delhi. The expo was inaugurated by Chief Guest, Shri Satyendra Jain, Cabinet Minister, Government of NCT Delhi; Guests of Honour, ...
UK-based business group to offer training to India's micro, small enterprises
A British organisation which works to improve the professional competence of business leaders will offer training to India's micro and small enterprises on best practices in corporate governance. The Institute of Directors (IOD) will sign a memorandum of understanding (MoU) with the Ministry of Micro, Small and Medium Enterprises (MSMEs). "We are going to have the corporate governance training programme for small and micro sectors so that they can learn the best practices in corporate governance," IOD Vice President Pradeep Chaturvedi said on Wednesday. Speaking at the 'Singapore Global Convention 2018 on Risk and Ethics', he said the focus will be on training micro and small companies while medium size enterprises do get international training on the strength of their own businesses. This is in line with the Indian government's programme to promote MSMEs by building management capacities. "Secondly, we will invite the micro and small enterprises to IOD's international conferences for
Equity indices end lower as RBI's policy fails to cheer investors (Third Lead)
Broadly negative global cues as well as disappointment over the Reserve Bank's monetary policy announcement dragged the key Indian equity indices to end in the red for the second straight day on Wednesday.
Oil sweeps lower as fears of recession dent financial markets
LONDON (Reuters) - Oil prices fell on Wednesday, swept lower by a broad decline across financial markets, as concern about the outlook for global growth and evidence of yet more crude supply wiped out half of this week's gains.
Exclusive: ECB policymakers debate new ways out of easy money: sources
FRANKFURT (Reuters) - European Central Bank policymakers are debating ways to wean the euro zone off years of easy money, floating ideas such as a new kind of multi-year loans and staggered increases in interest rates, sources told Reuters.
Venezuela starts clearing OVL's USD 449 mn dues
Venezuela's state oil firm PDVSA has paid ONGC Videsh Ltd USD 32 million from crude oil it sold to Reliance Industries, as the first step towards clearing nearly half a billion dollars of dues it owes to the state-owned firm. OVL Managing Director Narendra K Verma said Petroleos de Venezuela (PDVSA) had last month shipped a cargo of crude oil to Reliance Industries and the payment it realised from it has now been given to OVL. "We hope this is this beginning of clearing our past dues is sustained and the mechanism continues," he said. Venezuela has not paid OVL, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), USD 449 million of accrued dividend for four years. This dividend pertains to the San Cristobal field, where OVL has 40 per cent stake and PDVSA the remaining 60 per cent. PDVSA had agreed to pay OVL once every quarter the proceeds it receives from selling crude oil to refiners. "We hope they continue to make regular payments and all our dues are ...