Page 1676 - Business Finance
GDP growth at 7.1% seems disappointing: Economic Affairs Secretary
Economic Affairs Secretary Subhash Chandra Garg on Friday said it "seems disappointing" that India's GDP growth rate slowed to 7.1 per cent in the second quarter of 2018-19.
Global Markets: Oil toils after worst month in a decade, Deutsche sinks DAX
LONDON (Reuters) - Oil toiled at a more than one-year low after its worst month in a decade on Friday, while most major markets were keeping moves tight ahead of a weekend meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping.
Marriott data breach hits 500 million guests
Marriott International said on Friday that its guest reservation system has been hacked, potentially exposing the personal information of approximately 500 million guests.
India's quarterly GDP 'seems disappointing': finance minister official
NEW DELHI (Reuters) - India's growth in the July-to-September quarter "seems disappointing," Economic Affairs Secretary Subhash Chandra Garg said in a tweet on Friday.
Indian gold demand shines as local rates dip; buying steady elsewhere
(Reuters) - Physical gold demand in the world's second biggest bullion consumer India got a fillip this week from a slide in local rates due to gains in the rupee, while buying was steady in other top Asian hubs.
Expert Views: India's economy grows 7.1 percent in July-September
MUMBAI/BENGALURU (Reuters) - India's economy grew a lower-than-expected 7.1 percent in the July-September quarter from a more than two-year high of 8.2 percent in the previous quarter, government data showed on Friday.
Punjab releases Rs 270 cr to clear pending VAT, GST refunds
The Punjab government has released Rs 270 crore for clearing the pending GST and VAT refunds of traders and industrialists. Of the total amount of Rs 270 crore, Rs 214 crore has been released on account of VAT refund to nearly 2,500 beneficiaries and Rs 56 crore to about 1,600 beneficiaries as GST refund, an official statement said here on Friday. Chief Minister Amarinder Singh had directed the department to clear all pending refund arrears on account of GST/VAT refunds to traders and industrialists across the state. He also directed the Excise and Taxation Department to work in sync with the Finance Department to ensure timely payment of GST refunds in the future, in order to further boost the momentum of economic activity in the state. Expressing satisfaction over the improved fiscal position, the chief minister has asked all the departments to intensify their efforts to promote fiscal prudence and improve economic management to augment the pace of overall growth and development, ...
Govt gets Rs 17,000 cr from CPSE ETF follow on offer
The government has garnered more than Rs 17,000 crore from the CPSE ETF follow on offer, the biggest ever fund raising from an exchange traded fund domestically. The offer attracted around Rs 25,000 crore worth of bids from FPIs, domestic institutions and retail investors in the follow on fund offer (FFO) of CPSE ETF, which closed Friday. The CPSE ETF had a base issue size of Rs 8,000 crore, with a green-shoe option to retain additional subscription of Rs 6,000 crore. The total issue size was Rs 14,000 crore. The government had hit the markets with the fourth tranche of CPSE ETF on November 27. Anchor investors had put in bids worth Rs 13,300 crore, which was 5.5 times the shares reserved for them, on the first day of the issue. "Over Rs 25,000 crore worth subscription through about 95,000 applications have come in at the close of market hours. Final calculations are going on for bids. We will retain a little over Rs 17,000 crore from the CPSE ETF FFO, an official told PTI. Of the Rs .
Marriott says up to 500 million guests affected by hack
Marriott International said Friday that up to 500 million hotel guests may have had their data compromised in a hack of the Starwood reservation database. Marriott said it was alerted on September 8 that there had been an attempt to hack their reservation database in the United States. The company launched a probe, and discovered "that there had been unauthorised access to the Starwood network since 2014". They discovered "that an unauthorized party had copied and encrypted information, and took steps towards removing it". On November 19 Marriott "was able to decrypt the information and determined that the contents were from the Starwood guest reservation database". Hotels in the Starwood network include Sheraton, Four Points by Sheraton and W Hotels. "We deeply regret this incident happened," said Arne Sorenson, Marriott's President and Chief Executive Officer. "We fell short of what our guests deserve and what we expect of ourselves.
7.1% GDP growth in Q2 'disappointing': FinMin
The 7.1 per cent GDP growth for September quarter "seems disappointing", but growth rate for the first six months of the fiscal is robust and healthy, Economic Affairs Secretary Subhash Chandra Garg said Friday. The government data released Friday shows India's economy grew at 7.1 per cent in July-September, lowest in three quarters. The growth was 8.2 per cent in April-June quarter of this fiscal. In January -March quarter the growth was 7.7 per per cent, while it was at 7 per cent in October-December last year. "GDP growth for second quarter 2018-19 at 7.1 per cent seems disappointing. Manufacturing growth at 7.4 per cent and agriculture growth at 3.8% is steady. Construction at 6.8 per cent and mining at -2.4 per cent reflect monsoon months deceleration," Garg tweeted. The growth during April-September stood at 7.6 per cent, which is "quite robust and healthy", he said. "Still, the highest growth rate in the world". The second quarter growth of 7.1 per cent keeps India ahead of ...
Samsung to retire $4.29 bn worth of corporate shares
Samsung Electronics Co said on Friday it will retire 4.8 trillion won ($4.29 billion) worth of corporate shares in line with efforts to benefit shareholders.
Tata Motors shares fall on JLR's decision to lay off employees
Shares of Tata Motors fell 3 per cent Friday after the company-owned Jaguar Land Rover said it is undertaking adjustment of vehicle production at its plant at Wolverhampton, England, as a result of which 250 temporary jobs will be affected. The stock went down 3.02 per cent to end at Rs 171.95 on BSE. During the day, it declined 3.83 per cent to Rs 170.50. The scrip was the worst hit among the 30-blue chips. At NSE, shares of the company slipped 2.99 per cent to close at Rs 171.95. The company further said it will undertake a two-week production pause at the plant in December and has asked 500 workers to stay at home although they would continue to draw salaries during the period. Terming the external environment as challenging, the company said it is taking decisive actions to achieve the necessary operational efficiencies to safeguard long-term success.
OIL share buyback may weaken its financial profile: Fitch
Oil India's (OIL) proposed share buyback is likely to weaken its financial profile as its net leverage may rise to about 2.5 times by the end of fiscal 2020, according to Fitch Ratings. This rate is higher than the rating agency's previous expectation of 2.2x (times), shrinking the already-low headroom for OIL's 'BBB-' standalone credit profile as Fitch's current negative rating norms for net leverage is 2.5 times. On November 21, OIL announced its plans to buy back 4.45 per cent of its shares at a total cost of Rs 1,090 crore. "This, in our view, will drive up OIL's net debt levels in addition to its need to fund its negative free cash flows due to its plans for higher capex of about USD 600 million per year and dividends," the agency said. Fitch noted that it expects both domestic and overseas capex to rise over the next two to three years. OIL aims to augment its domestic production and reserves and will also be required to contribute towards its share of the ...
Non-food bank credit rose by 13.4% in October
Non-food bank credit rose by 13.4 per cent year on year in October as compared to a growth of 6.6 per cent in the year-ago month, according to RBI data. During the month, advances to industry rose by 3.7 per cent as against a contraction of 0.2 per cent in October last year. "Credit growth to infrastructure, all engineering, chemical and chemical products and food processing accelerated," RBI said in a release today. However, credit to basic metal and metal products, cement and cement products, gems and jewellery and paper and paper products contracted. Loans to agriculture and allied activities rose by 8 per cent as compared with an increase of 5.5 per cent in October 2017. Credit to the services sector expanded by 27.4 per cent during the reporting month as compared with 9.4 per cent in October 2017. Personal loans increased by 16.8 per cent in October 2018 as compared with 16 per cent in October 2017.
ECB launches real-time payments in challenge to tech giants
The European Central Bank on Friday rolled out the first pan-eurozone instant payment service, hoping to become a dominant player in a field crowded by US and Asian tech giants. The so-called TIPS system will allow consumers and businesses across the 19-nation euro area to send and receive money in mere seconds, without the usual lags associated with online and real-world transactions. The service is a direct challenge to the "digital wallets" provided by the likes of Google, Apple, Amazon or China's Alibaba and Tencent, which offer contactless, super-fast online payments and have exploded in popularity. "Banks in the eurozone are under pressure" from tech rivals, said Marc Bayle de Jesse, head of market infrastructure and payments at the ECB. "TIPS is a way for them to not give up the game to these digital players." Local banks across Europe have already responded to demand by creating their own instant payment services that do not however travel across borders, leading to a ...
Marriott's Starwood database hacked, 500 million guests may be affected
(Reuters) - Marriott International said on Friday that hackers illegally accessed its Starwood Hotels brand's reservation database since 2014, potentially exposing personal information on about 500 million guests.
Police spend second day searching Deutsche Bank HQ
FRANKFURT (Reuters) - Police searched Deutsche Bank's headquarters in Frankfurt for a second day on Friday over money laundering allegations linked to the Panama Papers and shares in the company fell to a record low.
Female CEOs at greater risk of dismissal than males: Study
Owing to a significant societal gender discrimination, women CEOs are much more likely than male CEOs to be fired, even if they perform well, according to the researchers including one of an Indian origin.
Launch of 'Touring Exhibition' to commemorate 60 years of Indo-German development cooperation
On the occasion of the annual Indo-German Bilateral Negotiations and commemorating 60 years of successful Indo-German Development Cooperation, a "Touring Exhibition" was launched on 28th November 2018 at Hyatt Regency.The exhibition showcased historical landmarks of Indo-German Development Cooperation since past six decades. This exhibition will further travel to Bengaluru, Kochi and Chennai through 2019.The touring exhibition was launched by Dr C.S. Mohapatra, Additional Secretary (EA), Ministry of Finance, Government of India and Dr Wolfram Klein, Head of South Asia Division, Federal Minister of Economic Cooperation and Development (BMZ).In her opening remarks Mrs. Christiane Hieronymus, Head of Economic Cooperation & Development, Embassy of the Federal Republic of Germany said, "I take great pleasure in welcoming you all to tonight's launch event of our touring exhibition that recites tale of two close and trusted partners in development cooperation.""It's a brilliant idea to ..
SBI says no fresh divestment in general insurance arm
State Bank of India Friday said its 4 per cent stake sale in general insurance arm took place in September this year and there is no fresh divestment of equity in SBI General Insurance. "We would like to bring to your notice that the said development had happened on September 26, 2018. SBI had announced this development on the same date," SBI said in a statement. Thursday, PTI inadvertently reported that the SBI has approved sale of 4 per cent stake in SBI General Insurance for Rs 482 crore. The SBI currently holds 70 per cent stake in SBI General Insurance, while 26 per cent in held by international joint venture partner AIG International Pty Ltd. Rest is held by two alternative investment funds (AIFs).