Page 1647 - Business Finance
Citi eyes bigger pie of wealth mgmt in India
American lender Citi Tuesday said it is eyeing a greater pie of the Indian wealth management business, concentrating both on the domestic opportunity as well as non-resident Indians (NRIs). It has made two senior level appointments in pursuit of this in its private bank vertical, an official statement said, without quantifying the size of the market it aims to capture. Quoting from a report by a consultancy, it said India has 263,000 high networth individuals HNIs, representing about USD 1 trillion in wealth, while there are 16 million India-born people living outside. The bank said in the recent months, several prominent Indian families have acquired residential and commercial real estate properties in the United Kingdom through financing from Citi Private Bank. "What we are witnessing is just the tip of the iceberg. Ultra high networth (UNHW) families, in general, think of wealth in a borderless way," Jyrki Rauhio, the south Asia head for Citi Private Bank, said. On ..
France to 'cut spending' despite fuel tax freeze
Finance Minister Bruno Le Maire said on Tuesday that France would stick to its EU commitments to slash public spending, despite a decision to suspend a fuel tax to quell fierce protests. "There is a course set by the French President Emmanuel Macron, which is to respect our European commitments, reduce spending, reduce debt and reduce taxes, and that course will be maintained," Le Maire told journalists in Brussels. Earlier, Prime Minister Edouard Philippe had announced the suspension for six months of an increase in fuel tax after the country was rocked by intense street clashes and vandalism in Paris over the weekend. He will also freeze gas and electricity prices over the winter in a bid to resolve the "yellow vest" crisis. According to a European source, these measures should lead to a shortfall of nearly two billion euros in France's 2019 budget plans, equivalent to 0.1 percentage points of gross domestic product (GDP). But the French prime minister suggested that the tax freeze .
Property tax hike, redevelopment of Meherchand Market proposed in SDMC Budget
Hike in property tax, levying professional tax, redeveloping an old mart and pedestrianisation of streets in market areas lacking parking facilities were proposed by the BJP-led South Delhi Municipal Corporation in its budget on Tuesday. South Delhi Municipal Commissioner Puneet Kumar Goel said this while presenting the SDMC's revised budget estimates for 2018-19 and budget estimates for the year 2019-20 at the Civic Centre here. "We plan to increase the earnings of the corporation through various avenues, and one of them is hiking of property tax, which we have proposed in the budget. There is also a provision to levy a professional tax for the year 2019-20, from which an income of Rs 30 crore is expected for that year," Goel said. The proposed revised budget estimates for the current financial year stands at Rs 5,244.14 crore, while the budget estimates for the next fiscal has been proposed to be Rs 5437.97 crore. In the budget 2019-20, it has been proposed to levy property tax on .
Siemens looks for faster growth in smart buildings, mulls acquisitions
ZUG, Switzerland (Reuters) - Siemens wants to grow its building technologies business faster than the overall construction market next year with help from potential acquisitions, the business' Chief Executive Matthias Rebellius said on Tuesday.
Oil rises as investors anticipate OPEC production cuts
LONDON (Reuters) - Oil prices rose on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a reduction in Canadian supply.
Indian Oil Corp issues five-year tanker tender to import Iraqi oil: document
NEW DELHI (Reuters) - India's top refiner, Indian Oil Corp (IOC), has issued a global tender to charter scrubber-fitted oil tankers for at least five years to import Iraqi oil, a tender document seen by Reuters showed.
Wall Street opens lower on trade truce doubts, bond market nerves
(Reuters) - U.S. stocks opened lower on Tuesday, as investors turned skeptical of the chances of a breakthrough in the U.S.-China trade talks, while a flattening U.S. yield curve raised fears of a slowing domestic economy.
Saudis keen to invest in Indian food sector: Envoy
Saudi Arabia was keen to invest in the Indian food sector as India was one of the largest exporters of grains and vegetables to the desert kingdom, its ambassador to India Saud bin Mohammed Al-Sati said on Tuesday.
U.S. Commerce chief says timing of auto tariffs depends on talks
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Tuesday that possible tariffs on automakers are aimed at pushing companies to make more cars and other vehicles in the United States and the timing of any duties would depend on the success of ongoing negotiations.
Xiaomi eyes India's rural market to fuel growth
Chinese tech major Xiaomi is eyeing India's rural market to further boost its growth in smartphone and smart TV segments. "We believe offline market is a segment where significant growth is possible. Towards this, we have launched a whole new format, called Mi stores, to cater to India's rural smartphone market. "Through Mi stores, we have exclusive Xiaomi outlets targeting rural India, which is tier-3 markets and beyond. Recently, in a single day, we launched 500 stores in rural markets across the country," Xiaomi India Chief Operating Officer Muralikrishnan B said Tuesday. He was speaking on the sidelines of the launch of some of the company's products. "Not just smartphones," he said, "we believe that televisions is another area where a significant amount of growth is possible. In less than nine months, we have sold over a million smart TVs and today, we are No. 1 player in the smart TV market. So, we believe that offline expansion and category expansion shall continue to fuel our .
Exclusive: Exxon seeks to sell its stake in giant Azeri oil field - sources
LONDON (Reuters) - Exxon Mobil is seeking to sell its stake inAzerbaijan's largest oil field, once dubbed the "contract of thecentury", as the U.S. oil and gas giant re-focuses its globaloperations, industry and banking sources said.
Wall Street to open lower on trade deal doubt, bond market nerves
(Reuters) - U.S. stock index futures pointed to a lower opening for Wall Street on Tuesday, as investors turned skeptical of the chances of a breakthrough in the U.S.-China trade talks, while a flattening U.S. yield curve raised fears of a slowing domestic economy.
Coal scam: ED attaches Rs 117-crore property of Prakash Industries
The Enforcement Directorate has attached Rs 117.09-crore movable and immovable properties of Prakash Industries in connection with its ongoing probe against it in allocation of Fatehpur coal block in Chhattisgarh in 2008, the agency said on Tuesday.
Global Markets: Stocks retreat as trade truce doubts return
London (Reuters) - Deflating hopes of a swift resolution to the Sino-U.S. trade war knocked world stocks off a three-week high on Tuesday, while recession warning lights in U.S. bond markets weighed on the dollar.
No consensus on digital tax directive targeting tech giants
European Union finance ministers were unable to reach an agreement on digital services tax reforms that would target the revenues raised by tech giants like Google and Facebook after various member states opposed the proposed directive.
Indians biggest foreign investors in Dubai realty: Report
Expecting high returns, Indians have invested hugely in Dubai realty in the first nine months of 2018, making them the largest chunk of all foreign investors in the sector, according to the latest statistics of the Department of Real Estate Studies & Research, Dubai Land Department (DLD), said a spokesperson on Tuesday.
Thomas Cook debt-holders scramble for protection against default
LONDON (Reuters) - The cost of insuring debt issued by Thomas Cook against default hit a record high and its bonds tumbled on Tuesday, as worries about the travel company's borrowings deepened following its second profit warning in as many months last week.
U.S. stock futures drop on U.S-China trade deal doubt, bond market nerves
(Reuters) - U.S. stock index futures dipped on Tuesday as investors turned skeptical of the chances of a breakthrough in the U.S.-China trade talks, while a flattening U.S. yield curve raised fears of a slowing domestic economy.
MSEDCL claims T&D losses down to 14.5 per cent in 4 years
Maharashtra State Electricity Distribution Company (MSEDCL) director Vishwas Pathak Tuesday claimed that transmission and distribution (T&D) losses have reduced drastically, and said the firm is looking to enlist private participation. It will finalise franchises for two more circles by month-end, he said. Addressing a press conference here, Pathak said in the last four years under the Devendra Fadnavis-led government the state has managed to reduce the T&D losses to 14.5 per cent from 17.5 per cent in 2014. "We, at MSEDCL, have taken various initiatives to reduce the T&D losses. But areas where the losses were very high, its imperative to bring in the private sector," he said. Pathak said the bid process for appointing the franchisees for Shil-Mumbra-Kalwa and Malegaon circles is in the last stage and the bidders will be finalised by the month-end. The T&D losses in the Shil-Mumbra-Kalwa circle increased from 49.5 per cent in fiscal 2015-16 to 53.16 per
Fidelity, Nasdaq Ventures invest in cryptocurrency exchange ErisX
NEW YORK (Reuters) - New cryptocurrency exchange ErisX said Tuesday it raised a total of $27.5 million from investors including Fidelity Investments and Nasdaq Ventures.