Page 1651 - Business Finance
Visa, Mastercard propose merchants' 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.
Tesco says Sainsbury's-Asda deal needs 'extensive remedies'
LONDON (Reuters) - British supermarket group Sainsbury's proposed takeover of rival Asda would not be cleared by the competition regulator without the need for "extensive remedies" if precedent is followed, according to market leader Tesco.
Digital Assets Exchange Koinex Ventures Into Blockchain Solutions; Sets Up a New Development Center
/ -- Exchange platform promotes blockchain solutions, unveils its plans for global expansion Today, Koinex, India's leading digital assets exchange, announced its foray into blockchain solutions and their plans for global expansion. The company is also inaugurating a new development centre in Bengaluru this week. Koinex explores the potential of blockchain technology in various industries with innovative solutions and has decided to plant the seeds of blockchain in the IT hub of India. The solutions that Koinex is developing range from addressing existing challenges of data fraud to lack of transparency and privacy concerns that will leverage blockchain technology to fight issues like data tampering, high transactional fees, and middleman interferences. Backed up by the renowned VCs - Beenext (Singapore) and Pantera Capital (San Francisco), the largest blockchain focused venture capital firm in the world, the Mumbai based company is setting up a blockchain dedicated development ...
Lighthouse invests Rs 250 cr in footwear brand Aqualite for minority stake
Private equity player Lighthouse India Fund III has invested over Rs 250 crore (USD 35 million) to acquire a minority stake in footwear firm Aqualite Industries. "We strongly believe in the growth story of the footwear industry in India with the current under-penetration and consumer preference shift towards branded wear. Aqualite has achieved scale in the footwear industry, on the back of product quality and relationship with the channel partners," Lighthouse Partner Sachin Bhartiya said. Aqualite offers more than 6,500 stock keeping units (SKUs) in hawai, non-hawai and shoe product categories. The company operates through its manufacturing units located across Haryana and Rajasthan. It has a pan-India distribution network of 35,000 retailers, with significant presence in north and east India. Aqualite Industries is expecting a turnover of over Rs 800 crore in the current financial year. Aqualite Industries Founder Davinder Gupta said the company plans to utilise the capital for ...
France, Germany aim to keep digital tax alive
BRUSSELS (Reuters) - France and Germany sought on Tuesday to salvage a proposed EU tax on big digital firms including Google and Facebook by narrowing the focus to cover only companies' online advertising revenue.
NACE to launch report on corrosion loss in India by Feb
The National Association of Corrosion Engineers (NACE) will launch a report on corrosion losses in India by February 2019, said an official on Tuesday.
Number of people filing I-T returns rises 50% to 6.08 cr, says CBDT chief
The number of people filing Income Tax returns have increased 50 per cent to 6.08 crore so far in the assessment year 2018-19 compared to the year-ago period, a top official said Tuesday. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra also exuded confidence that the Revenue Department would achieve direct tax collection target of Rs 11.5 lakh crore for the current financial year ending March 31, 2019. "Demonetisation has been very good for increasing the tax base of the country. So far this year (assessment year 2018-19), we have already got around 6.08 crore returns which is 50 per cent higher than last year by this particular date. "So this is the effect of demonetisation," he said. However, he did not mention the exact date when the filings touched 6.08 crore. In November 2016, the government cancelled old Rs 500 and Rs 1,000 notes as legal tenders as part of larger efforts to curb illicit fund flows. "Our gross direct tax growth rate is 16.5 per cent and net direct ..
Nifty, Sensex snap six-day winning streak; RBI decision awaited
(Reuters) - Indian shares ended lower on Tuesday, in line with global markets, a day ahead of the Reserve Bank of India (RBI) monetary policy decision, while domestic investors were cautious about the outcome of some state elections.
Euro zone producer prise rise more than expected on energy
FRANKFURT (Reuters) - Euro zone producer prices rose more than expected in October on the back of rising energy costs, fresh data from Eurostat, the EU's statistics agency, showed on Tuesday.
No-deal Brexit would hammer output, UK firms warn: BoE survey
LONDON (Reuters) - British businesses expect their output to drop sharply if Britain leaves the European Union next year with no deal and no transition, a Bank of England survey showed on Tuesday.
Silver spurts Rs 380/kg on strong industrial demand, gold steady
Silver prices Tuesday spurted by Rs 380 per kg on strong industrial demand while gold was steady at Rs 31,850 per 10 gram at the local market here. Rising for the second day, silver jumped by Rs 380 to close at 37,740 per kg on strong demand from industrial units and coin makers. Gold prices, however, were flat at Rs 31,850 per 10 gram amid subdued demand from domestic jewellers despite firm global trends. Traders said gold prices were unchanged mainly due to subdued demand from jewellers even as firm global cues checked any fall from the previous day. Gold of both 99.9 per cent and 99.5 per cent purities remained flat at Rs 31,850 and Rs 31,700 per 10 gram, respectively. Sovereign gold, however, moved up by Rs 100 to Rs 24,800 per piece of 8 grams. Gold traded higher at USD 1,237.85 an ounce in New York, while silver moved up to USD 14.50 an ounce. Meanwhile, silver ready zoomed by Rs 380 to Rs 37,740 per kg, while weekly-based delivery jumped by Rs 619 to Rs 36,368 per kg. Silver ...
OPEC, non-OPEC members to discuss Qatari withdrawal influence on oil deal
The Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers will be discussing on Wednesday the influence that Qatari withdrawal from OPEC may have on the oil output cut deal, Russian Energy Minister Alexander Novak said here on Tuesday."We'll discuss it tomorrow," he told reporters on the sidelines of a forum.On Wednesday, the 175th ordinary OPEC meeting will be held in Vienna, while the Austrian capital will also host meetings of the OPEC and non-OPEC Joint Ministerial Monitoring Committee and of all signatories of the oil output cut deal.On Monday, Qatar announced its decision to withdraw from OPEC on January 1, 2019, in order to concentrate on boosting its liquefied natural gas production.OPEC and several non-OPEC oil producers reached a deal in Vienna in 2016 to cut oil output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. Non-OPEC states pledged to jointly reduce oil ...
Market reverses six-day gains
Indian equities snapped six-day rising trend to end with modest losses. The barometer index, the S&P BSE Sensex, fell 106.69 points or 0.29% at 36,134.31, as per the provisional closing data. The Nifty 50 index fell 14.25 points or 0.13% at 10,869.50, as per the provisional closing data. Shares of index heavyweight and software major Infosys gained while index heavyweight and housing finance major HDFC dropped
World stocks shrivel as trade truce doubts, economic woes gather
London (Reuters) - Deflating hopes of a swift resolution to the Sino-U.S. trade war knocked world stocks off three-week highs on Tuesday, while growing fears the U.S economy could be headed for recession sooner than expected weighed on the dollar.
Turmeric futures fall 0.77% on muted demand
Turmeric prices fell by 0.77 per cent to Rs 6,432 per quintal in futures trade Tuesday due to weak domestic demand against adequate supplies from producing belts. At the National Commodity and Derivatives Exchange, the current month contract of the spice dropped by Rs 50, or 0.77 per cent, to Rs 6,432 per quintal with an open interest of 8,245 lots. The spice contract for delivery in April next year, however, moved up by Rs 38, or 0.57 per cent, to Rs 6,738 per quintal, with an open interest of 12,975 lots. Analysts said offloading of positions by speculators on weak domestic demand against adequate supplies from producing regions led to fall in turmeric prices in futures trade.
Oil jumps 2 percent on expectations of production cuts
LONDON (Reuters) - Oil prices rose more than 2 percent on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a mandated reduction in Canadian supply.
Soybean prices fall Rs 12 on weak spot demand
Soybean prices fell by Rs 12, to Rs 3,325 per quintal, in futures trade Tuesday after participants cut down their bets, tracking negative cues from the physical market. Besides, muted demand for Soybean attributed the fall in prices, marketmen said. Soyabean for December fell by Rs 12, or 0.36 per cent, to Rs 3,325 per quintal, clocking an open interest of 1,39,160 lots. At the National Commodity and Derivatives Exchange, soybean for January 2019 eased by Rs 7, or 0.21 per cent, to Rs 3,370 per quintal, having an open interest of 1,37,790 lots.
'Bahrain and Maharashtra Government signs MoU on fintech
The Economic Development Board (EDB), the investment promotion arm of the Kingdom of Bahrain today signed a Memorandum of Understanding (MoU) with the Maharashtra Government to provide a framework for Co-operation between the two authorities to promote FinTech in their respective markets.A senior delegation led by Dr. Simon Galpin, Managing Director, Bahrain Economic Development Board (EDB) today met Shri S. V. R. Srinivas, IAS, Principal Secretary, Directorate of Information Technology, Government of Maharashtra. The MoU was signed by Dr. Simon Galpin, MD, EDB & Shri S.V.R. Srinivas, IAS Principal Secretary, DIT.This MoU is in line with the EDB's aims of exploring greater synergies between India and Bahrain in the financial technology space and will last for an initial period of three years.Under the aegis of this MoU, the Government of Maharashtra and the EDB will support each other in promoting the FinTech environment education programmes, delegation visits and through the ...
FADS Corporation brings GST compliant Accounting Software for Indian Market
After carefully studying Indian market and accounting norms for close to 18 months and making iterative changes in the software, FADS Corporation in collaboration with Savant Solutions developed a GST compliant Accounting Package for India.The Package has been named Sakura Accounting India."Sakura accounting" is full-scale financial accounting package that corresponds to the globalization era.Saurabh Srivastava, Managing Partner - Savant Solutions said, "Package is aimed to enable small and medium size organisations operate without much of trouble. It generates GST compliant invoices and necessary reports within the snap of fingers. This not only saves crucial time when critical decisions are to be made but also is so user friendly that can be operated without much of accounting knowledge. This package can help businesses to become streamlined, systematic and organized - the most important component for growth of any business.""According to Indian market growth we put the cost INR ...
Brexit hash makes Britain 'hot heads' of Europe: city chief
LONDON (Reuters) - Mismanagement of Brexit has made Britain the new "hot heads" of Europe and caused damage to its valuable financial services industry that will take at least a decade to repair, the City of London's policy chief said.