Page 1650 - Business Finance
Visa, Mastercard propose tourist card fee cut to end EU probe
BRUSSELS (Reuters) - Visa and Mastercard have offered to cut merchants' charges for non-EU credit and debit cards by at least 40 percent to end an EU antitrust investigation, part of a decades-long crackdown by the European Commission against such fees.
Alphabet's Wing drone delivery business to take flight in Finland
(Reuters) - Google parent Alphabet Inc's drone delivery business Wing will launch its first European delivery service in Finland in the spring of 2019, it said in a statement on Tuesday.
HDFC AMC, HDFC Trustee Company settle case with Sebi; pay Rs 3.78 cr
HDFC AMC and HDFC Trustee Company Tuesday settled a case with securities market regulator Sebi related to alleged violation of mutual fund norms after paying Rs 3.78 crore towards settlement fee. The Securities and Exchange Board of India (Sebi) agreed to settle proposed adjudication proceedings in the case after it was approached by the two entities with a plea under the settlement regulations. Under the settlement norms, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt. "The pending adjudication proceedings initiated against noticee... is disposed of," Sebi said in settlement orders. The regulator had initiated adjudication proceedings against HDFC Asset Management Company and HDFC Trustee Company in April for alleged violations of several provisions of mutual fund regulations. Both firms submitted separate applications with Sebi to settle the case on payment of settlement charges. Thereafter, the Sebi's advisory committee recommended ..
Sun Pharma extends decline for 2nd day, stock drops nearly 3%
Shares of Sun Pharmaceutical dropped further by around 3 per cent Tuesday amid reports of Sebi reopening an insider trading case against the firm and probing alleged lapses by some of its promoters. However, the company said it has not received any communication from the market regulator with respect to reopening of insider trading issue. The stock fell 2.75 per cent to end at Rs 442.8 on the BSE. Intra-day, the shares declined 2.98 per cent to Rs 441.7. On the NSE, the scrip fell 2.72 per cent to close at Rs 443. Sun Pharma had slumped 7.5 per cent on the bourses Monday. Sebi is likely to reopen an insider trading case against Sun Pharmaceutical Industries as well as probe alleged lapses by some of its promoters and other entities in raising funds overseas, PTI reported on Friday citing sources. The development comes after a whistle-blower reportedly approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others, they added. In .
Isuzu Motors India to hike prices by up to Rs 1 lakh from Jan
Japanese automaker Isuzu Motors Tuesday said it will hike its vehicle prices in India by up to Rs 1 lakh from January next year to offset the increased input and distribution cost. The increase is expected to be between 1-2 per cent for the commercial range and between 3-4 per cent for the lifestyle and adventure pick-up range, the company said in a statement. In India, Isuzu Motors currently sells adventure utility vehicle D-MAX V-Cross, the seven-seater premium SUV mu-X, and variants of D-max pickups (Regular cab s-cab). The price increase will be in the range of Rs 15,000 to Rs 1,00,000 (ex-showroom) across models/variants, it said. The price revision, which is effective from January 1, has been undertaken due to the increasing input and distribution cost, the firm said in the statement.
Market hovers near day's low
Key benchmarks were trading near the day's low in afternoon trade as selling pressure intensified once again. At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 156.30 points or 0.43% at 36,084.70. The Nifty 50 index was down 32.20 points or 0.30% at 10,851.55. Weakness in HDFC twins and Reliance Industries put pressure on bourses. Strength in IT shares supported bourses at lower levels.
Realme U1 to be available on Dec 5
China-based handset maker Realme's recently-launched U1 is set to go on sale on e-commerce platform Amazon India and Realme.com on Wednesday, the company has said.
Tier 2, 3 cities contributing over 40% to business in India: Foodpanda
Online food ordering and delivery platform Foodpanda India Tuesday said smaller cities and towns are now contributing over 40 per cent to the company's business in the country. The company is also looking to double the number of on-board restaurant partners from the present 60,000 by January 2019, Foodpanda said in a statement. "We are thrilled about bringing the first online food experience for millions of customers in many of these tier 2 and 3 cities," Foodpanda India CEO Pranay Jivrajka said. These markets are already contributing to over 40 per cent of the company's national business and we are confident that they will fuel a majority share of business in the near future, he added. "Cities like Jaipur, Lucknow, Bhavnagar, Rajahmundry, Bikaner, Ajmer, Jodhpur, Ujjain are some of our fastest growing markets today and we are thrilled to build superior food experiences for our customers in India's 100 cities and beyond," Jivrajka said.
Gold hits over five-week peak, palladium logs new record
BENGALURU (Reuters) - Gold climbed to a more than five-week high on Tuesday as the dollar sagged after the United States and China agreed on a 90-day pause to fresh trade tariffs, while palladium notched up a record high, putting it about $4 short of parity with bullion.
GJEPC struggling to retain industry credit limit: Official
The Gems and Jewellery Export Promotion Council (GJEPC) on Tuesday said it was struggling to retain the credit limit for the industry. The gems and jewellery sector has already seen a credit squeeze after banks imposed extra cautionary measures in the aftermath of the USD 2-billion PNB fraud case. "We will be happy if the current total credit limit for the sector is retained at about Rs 60,000 crore for 2019-20 given the circumstances," GJEPC executive director Sabyasachi Ray said. "GJEPC is urging to offer the credit in dollar terms as at least 80 per cent of our credit is used to import diamond and gold meant for exports," he said. Ray said the industry was also facing credit crunch with the banking system not disbursing the 'standby credit', despite the sector losing 10-15 per cent of its limit due to depreciation of the rupee. In the last six months, the Indian currency has depreciated by 15 per cent, he said. "The sector wants that collateral demand from banks ...
Engineering exports likely to touch USD 80 billion this fiscal: EEPC
India's engineering exports are likely to touch USD 80 billion this fiscal on account of healthy growth in key markets, including the US and Europe, EEPC said Tuesday. Engineering Export Promotion Council (EEPC) also said the government should resolve issues related to credit availability and certain procedural matters to further boost the exports. In 2017-18, the exports stood at USD 76 billion. The sector accounts for about 25 per cent of the country's total merchandise exports. "In 2018-19, we are expecting that we would touch USD 78-80 billion as order books are good from the US and Europe," EEPC India Chairman Ravi Sehgal told PTI. To boost the growth, he demanded that the manufacturers should get steel at global prices as domestic prices are quite high. "Downstream players of engineering are impacted due to high steel prices," he added. Further, the council has demanded more measures such as high incentive rates under the Merchandise Exports from India Scheme (MEIS). EEPC ...
South Africa emerges from recession as farming, manufacturing jump
PRETORIA (Reuters) - Farms and factories dragged South Africa out of its first recession in almost a decade, data showed on Tuesday, as the economy grew by more than expected in the third quarter.
TeamViewer opens first India office, eyes strong growth
With the aim of doubling its growth in India, Germany-based remote connectivity solutions provider TeamViewer on Tuesday announced the opening of an office in Mumbai, its first in the country.
Batten down the hatches: British bond investors brace for Brexit
LONDON (Reuters) - On top of the risk that Britain will leave the European Union in March without a transition deal, its government faces an extra headache next year: the biggest debt-refinancing bill in recent history.
GM moves to challenge Ford in U.S. commercial fleet sales
FLINT, Mich. (Reuters) - General Motors Co is intensifying its attack on rival Ford Motor Co's lead in sales to U.S. commercial fleets to prop up profit margins amid weakening consumer demand, according to executives at the No. 1 U.S. automaker.
Fusion Microfinance raises Rs 520 cr
Fusion Microfinance Tuesday said it has raised Rs 520 crore in a series E investment round from global private equity (PE) firm, Warburg Pincus. The investment round includes both a primary fund raise and a secondary sale by early-stage investors, the company said in a release. Creation Investment, an existing investor, also participated in this round. Early investors, Incofin, NMI ,BIO and Sidbi have made a successful exit, the release said. This fund raise follows an internal round that the microfinancier completed in February 2018. "This investment would support our endeavour to develop into one of the countrys most preferred companies in the financial inclusion space," it said. The company also intends to selectively evaluate potential acquisition opportunities and lead the potential consolidation in the industry, the statement said. This also marks Warburg Pincus's first investment in the microfinance sector in the country. Fusion Microfinance is a rural MFI with a ...
India, UAE sign currency swap deal; seek to forge partnership in new areas at JCM
India and the UAE on Tuesday signed two agreements, including one on currency swap, as External Affairs Minister Sushma Swaraj held exhaustive discussions with her counterpart Abdullah bin Zayed Al Nahyan to step up cooperation in areas like trade, security and defence. Swaraj, who arrived here on Monday on a two-day visit, was received by the Foreign Minister of the UAE ahead of the UAE-India Joint Commission Meeting. "Advancing the Comprehensive Strategic Partnership...EAM @SushmaSwaraj & Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan co-chaired 12th India-UAE #JCM. Held exhaustive discussions on cooperation in energy, security, trade, investments, space, defence & consular, among others," External Affairs Ministry spokesperson Raveesh Kumar tweeted. This is the 12th session of the India-UAE Joint Commission Meeting for Economic and Technical Cooperation. "Institutional mechanisms guiding the multifaceted cooperation...Two documents signed during the visit of EAM ...
Sensex, Nifty snap six-day gains
Key equities indices snapped six-day rising streak to end with modest losses due to profit selling. Weakness in HDFC twins and Reliance Industries put pressure on bourses. Gains in IT shares supported the indices at lower levels.
Quick Wrap: Nifty IT Index gains 1.76%
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