Page 1658 - Business Finance
Punjab govt clears merger of DCCBs with Punjab State Coop Bank
The Punjab Cabinet Monday gave its approval to the merger of 20 district central cooperative banks (DCCBs) with the Punjab State Cooperative Bank (PSCB) with an aim to strengthen the state's rural credit system and facilitate farmers taking credit from cooperative banks. With the Cabinet giving the green signal to change the state's three-tier Cooperative Credit Structure into two-tier, by amalgamating the DCCBs with the PSCB, the latter has now become a larger entity bank. This has paved the way for PSCB to play a greater role in the area of rural credit, according to an official spokesperson. The spokesperson said the decision had been taken in view of RBI guidelines, which mandate that all DCCBs should have a Capital to Risk Weighted Assets Ratio (CRAR) of 9 per cent. Although at present the DCCBs are adhering to the required CRAR of 9 per cent, there is hardly any space for majority of these DCCBs to enhance their business and to increase their profitability. Without further ...
IL&FS: NCLT restrains top 9 former executives from selling assets, seeks bank details
The National Company Law Tribunal Monday asked nine former directors, including chairman and vice-chairman, of the crippled IL&FS group to disclose their assets and restrained them from selling or mortgaging their properties till the next date of hearing. The bankruptcy court gave them three weeks to file response and declare their assets and fixed the next hearing on January 16, 2019. The court however, did not allow the government submission for freezing their accounts. The Mumbai bench of the NCLT passed the interim order while hearing a fresh affidavit moved by the corporate affairs ministry that sought to freeze the accounts of these former top management of the IL&FS group, which was taken over by the government on October 1, following a string of defaults by its subsidiaries. In the additional affidavit submitted Monday, the ministry added six more names of past senior management. The fresh affidavit was necessitated after the Serious Frauds Investigation Office (SFIO) .
Navy looking at broadening spheres of cybersecurity: Vice Admiral Girish Luthra
Flag Officer Commanding-in-Chief of Western Naval Command, Vice Admiral Girish Luthra on Monday said the Indian Navy is looking at broadening the spheres of cybersecurity, owing to the importance of operational networks in Naval operations."Cybersecurity is vital for Navy. Navy depends on networks. We can't have operational networks down even for a short span of time," he said on board INS Kochi on the eve of Navy Day.Furthermore, Vice Admiral Luthra stressed on the importance of being sensitised towards the families of personnel on account of information security.He also touched upon development initiated by the Navy in Gujarat and Porbandar. "Operational infrastructure has been developed in Gujarat and Porbandar's infrastructure has witnessed remarkable changes. Also, the strength of personnel posted there has gone up by four times," he said.Stressing on the 26/11 terror attack in Mumbai, Vice Admiral Luthra further said: "We are committed to ensuring security and safety to our ...
US wants 'concrete' trade action from China within 90 days
The United States said Monday it will need to see "something concrete" from China in the next 90 days to build a real agreement on trade, two days after Donald Trump and Xi Jinping called a truce in the escalating confrontation between the two powerhouses. Treasury Secretary Steven Mnuchin said on CNBC the US and Chinese had "very specific discussions" in Buenos Aires Saturday evening on steps to defuse their conflict, which involves hundreds of billions in bilateral trade and had roiled world markets for months. He said for the first time there was "a clear path" to reduce the US trade deficit with China to zero. "There was a significant commitment from both leaders on what needs to be done over the 90 days and instructions to both teams to negotiate and turn this into a real agreement with specific action items, deliverables and time frames," Mnuchin said. Following the Trump-Xi talks, which took place over dinner at the end of the G20 summit, Washington agreed to hold off on ...
UK musical instrument maker celebrates export success to Indian Army
One of the UK's leading manufacturers of musical instruments, which has bagged a contract worth around 3.4 million pound from the Indian Army to supply military band equipment, is celebrating the export success. The British Band Instrument Company (BBICO) announced that it has completed the delivery of the export contract involving the supply of all the Indian Army Regimental Centres with new military band, bagpipe band and percussion instruments. "With this latest announcement of our recent success in India, we are able to demonstrate a positive future for specialist companies such as the British Band Instrument Company in export markets," Alun Hughes, the founder and managing director of the company, said in a statement. The deal for the supply of around 15,000 instruments to 47 regiments of the Indian armed forces is estimated to be worth around 3.4 million pounds. The news was welcomed by the UK government, celebrating it as an example of Britain's export success to India. "With ..
U.S. construction spending falls for third month in October
WASHINGTON (Reuters) - U.S. construction spending fell for the third straight month in October as outlays on private projects declined, government data showed on Monday.
Wall Street rallies on temporary trade truce
(Reuters) - U.S. stocks rose on Monday, boosted by gains in trade-sensitive industrial and technology stocks after the United States and China agreed upon a temporary trade detente.
Exclusive: Russian central bank may ask banks to forewarn it about big FX deals
MOSCOW (Reuters) - Russia's central bank is considering asking banks and major companies to tell it in advance about foreign exchange deals that could affect the value of the rouble, three financial markets sources told Reuters.
Trade truce with China means big changes in Beijing policy: Trump
WASHINGTON/BEIJING (Reuters) - President Donald Trump and top U.S. officials said on Monday that a trade truce with China will lead to structural changes in Beijing's economic policies, including lower tariffs, lower non-tariff barriers and more market access for U.S. companies.
RCOM subsidiary submits Rs 1,400 cr corporate guarantee to DoT
Reliance Communications (RCOM) on Monday said its subsidiary Reliance Realty has submitted a corporate guarantee of Rs 1,400 crore to the Department of Telecommunications (DoT) as per the Supreme Court's order on November 30.
Not received any query so far from Sebi: Sun Pharma
Drug major Sun Pharmaceutical Industries Monday said it has not received any query so far from the markets regulator Sebi regarding a whistleblower complaint regarding alleged irregularities by the company. Shares of Sun Pharmaceutical dived 7.5 per cent after reports that markets regulator Sebi may reopen an insider trading case against the firm and probe alleged lapses by some of its promoters. As of now the company has not received any query from Sebi with regard to whistleblower complaint and not received any information from Sebi with respect to reopening insider trading issue, Sun Pharma Founder and MD Dilip Shanghvi said in an investors call. He was addressing investors following reports that a whistle-blower has approached Sebi with a document alleging various irregularities by the company, Shanghvi and others. In August 2017, Sun Pharmaceutical, its managing director Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards settlement
I-T seizes Rs 25 cr cash after survey on pvt vault in Chandni Chowk
The Income Tax Department has seized over Rs 25 crore cash after surveying a 300-safes strong private vault in the Chandni Chowk market area here, officials said on Monday. The taxman has opened 39 lockers till now, out of the about 100 under scanner for alleged tax evasion, and the facility was under its radar since Diwali, they added. The vault, sources said, is run by a businessman based in the bustling old Delhi market of Chandni Chowk and had an RBI approval to run the private facility. They said the vault has about 300 lockers and traders from the 'Khaari Bawli', chandani Chowk and 'Naya Baazaar' area had their cash and jewellery deposited in these vaults. The department has suspicion of tax evasion and stashing of unaccounted for cash and jewellery in over 100 lockers of the private vault facility and they are being opened one by one, they said. "Over Rs 25 crore cash has been seized till now from 39 lockers. The survey action was launched sometime back over allegations of tax .
Yes Bank gains 5% on T S Vijyan appointment
Shares of Yes Bank Monday gained 5 per cent after the private sector lender bank announced appointment of T S Vijayan as an additional director for five years with immediate effect. The company's shares went up by 4.92 per cent to settle at Rs 178 on BSE. During the day, the stock soared 5.83 per cent to Rs 179.55 apiece. On the NSE, it followed the similar uptrend as the stocks surged 4.92 per cent to end at Rs 178.15. It had touched an intra-day high of Rs 179.5, up 5.71 per cent. In terms of equity volume, more than 11 crore shares changed hands on the stock exchanges. "We would like to inform that the board of directors of the bank on December 3, 2018, have approved the appointment of T S Vijayan as an additional director (independent) of the bank with immediate effect and his appointment as independent director for a period of 5 years...," Yes Bank said in a regulatory filing. Vijayan was chairman of the Insurance Regulatory and Development Authority of India (Irdai). He has also
Toyota, Honda U.S. sales fall in November
(Reuters) - Sales of new Toyota and Honda cars in the United States both fell in November, the Japanese carmakers said on Monday, pointing to an overall dip in U.S. industry numbers last month in the face of rising car prices and interest rates.
GSK Consumer Healthcare to merge with Hindustan Unilever
FMCG major Hindustan Unilever on Monday said it will merge GlaxoSmithKline Consumer Healthcare Ltd with itself for an all equity transaction worth Rs 31,700 crore.
Bombay HC: Air India's ticketing migration to Travelport challenged
A Public Interest Litigation (PIL) has been filed in Bombay High Court, challenging Air India's move to migrate its complete reservation system data to Travelport platform.
Stage set for seventh phase of panchayat polls in JK
All arrangements have been put in place to ensure peaceful and free and fair polling in the seventh phase of the ongoing panchayat elections across Jammu and Kashmir on Tuesday, state chief electoral officer said. The voting will be held at 2,714 polling stations, including 2,138 in Jammu division and 576 in Kashmir division, he said. State chief electoral officer Shaleen Kabra said 892 polling stations have been categorised as hypersensitive in this phase, including 428 in Kashmir division and 464 in Jammu division. The polling, scheduled to start at 8 am and end at 2 pm, will decide the fate of 5,575 candidates for 341 sarpanch constituencies and 1,798 panch seats, Kabra said, adding that 85 sarpanchs and 912 panchs have been elected unopposed in this phase. He said an electorate of 4,75,865 will be voting for sarpanch constituencies and 3,45,880 for panch constituencies. "Photo Voter Slips have been distributed among the voters to inform them of their polling station," he said. The
Prashant Jhawar hails Usha Martin sale to Tata Steel
Prashant Jhawar, former chairman of Usha Martin, on Monday hailed Tata Steel's purchase of its steel and rope business, saying the acquisition will be beneficial to all stakeholders of the beleaguered firm. Tata Steel had recently said its subsidiary Tata Sponge Iron will acquire the two units of Usha Martin for Rs 4,300-4,700 crore. "The unit has gone to good hands. My belief is that the unit after the takeover by Tata Sponge will see much growth," Jhawar told a press conference here. He said the acquisition will benefit every stakeholder -- staff, contractors, suppliers, customers and bankers. Asked why the units had to come up for sale, Jhawar said that loan on the company was more than its turnover. Usha Martin, which also runs a university with 500 students, will function within a new campus across 30 acres at Angara in Ranchi from the 2019 session, Jhawar said. "In the first phase, there will be 3,000 students with hostel facility for 1,500 students... In 10 years, ..
Mumbai most attractive Indian city for realty bets: Report
Mumbai has emerged as the most attractive Indian city in the Asia Pacific region in terms of real estate investment potential, followed by Bengaluru and New Delhi, a report said Monday. Mumbai stood at the 13th rank, while Bengaluru and New Delhi grabbed the 16th and the 17th spots, respectively, in the list of 22 Asian markets having investment potential, a report by the Urban Land Institute (ULI) and PwC titled 'Emerging Trends in Real Estate Asia Pacific 2019' said. In terms of development potential in 2019 as well, Mumbai was ranked ninth, while Bengaluru and New Delhi stood at the 14th and 13th positions, respectively. "India continues to remain one of the most attractive investment destinations in the Asia Pacific region. With most of the other cities near the top of the cycle in terms of rent and capital values, India still offers value creation opportunities," said Bhairav Dalal, partner - real estate tax, PwC India. He further said that core investments continue
Oil surges 5 percent on trade truce, expected supply cuts
LONDON (Reuters) - Oil prices jumped by more than 5 percent on Monday after the United States and China agreed a 90-day truce in a trade dispute, Canada's Alberta province ordered a production cut, and as exporter group OPEC looked set to reduce supply.