Page 1699 - Business Finance
Fed's Powell: Financial risks "moderate" despite vulnerabilities
WASHINGTON (Reuters) - The U.S. faces only moderate financial risks despite elevated asset prices and concern over the possible impact of rising corporate debt, U.S. Fed chairman Jerome Powell said on Wednesday as the central bank released a broad overview of the health of credit markets and the financial system.
India, Korea working to expand free trade pact, talks in December
The next round of negotiations on expanding the India-Korea Comprehensive Economic Partnership Agreement (CEPA), or free trade agreement (FTA), will be held on December 11-12 and both countries will try to conclude the negotiations in 2019, a senior official said on Wednesday.
China, Spain pledge 'more balanced' trade ties
China and Spain on Wednesday pledged to re-balance trade ties during President Xi Jinping's state visit, as Madrid complains of a "chronic deficit" with Beijing. While Spanish exports to China increased last year by 28.3 per cent, it still has a trade deficit of 19.4 billion euros (USD 22.1 billion), a 2.3 per cent increase over the previous year, according to the Spanish foreign ministry. "Both sides agree to increase economic openness and boost commercial exchanges in such manner that these will be more balanced and extend to new sectors," the two countries said in a joint statement. Some 600 Spanish firms are present in China, mainly small companies, although multinationals such as Telefonica, Zara-owner Inditex and major banks like Santander and BBVA also operate in the country. The two countries also agreed to boost cooperation between Chinese and Spanish scientists in the field of advanced materials, as Beijing shifts its economy towards competitive, high-end ...
IL&FS initiates steps for monetisation of renewable energy assets
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) has initiated the process to sell its renewable energy business under which it will invite Expression of Interest (EoI) proposals from prospective buyers.
Mobile users base marginally up at 119.1 cr in Sept; RJio only gainer
Telecom subscriber base grew marginally by 0.2 per cent to 119.1 crore with only Reliance Jio adding new customers, according to the data released by sector regulator Trai for September 2018. "The number of telephone subscribers in India increased from 1,189.08 million at the end of August 2018 to 1,191.40 million at the end of September 2018, thereby showing a monthly growth rate of 0.2 per cent," the Telecom Regulatory Authority of India report said. Mobile or wireless subscriber base in the country increased by 0.21 per cent to 116.92 crore in September from 116.69 crore. Reliance Jio was the only telecom operator that gained mobile subscribers while all other operators showed a decline in their customer base. Mukesh Ambani-led firm added over 1.3 crore mobile subscribers taking its total customer base to 25.2 crore. Vodafone Idea was biggest loser in September. The company lost over 80 lakh mobile customers. Vodafone and Idea subscribers numbers for September month were reported ..
AAI asks SpiceJet to clear Rs 20 cr dues by Nov 30; airline official says bank guarantee furnished
The Airports Authority of India served a notice to Ajay Singh-controlled budget carrier SpiceJet to pay up to Rs 20 crore by November 30 to partially clear its dues, an AAI source said. A SpiceJet official said an additional bank guarantee of Rs 20 crore was provided to the AAI on Wednesday. The AAI claims the airline's dues have crossed the 80 per cent of threshold of its security deposit. As per the AAI norms, all the carriers are supposed to keep their dues within 80 per cent of their security deposit with the state-run aerodrome operator. SpiceJet's outstanding towards landing, parking and route navigation charges currently stands at Rs 117 crore, against its security deposit of Rs 104 crore, the source said. "We have sent a notice to SpiceJet yesterday (Tuesday) to pay Rs 20 crore by November 30 to bring down their dues at par with the 80 per cent threshold of the security deposit," the source said. If the carrier fails to pay Rs 20 crore by the stipulated deadline, the AAI may ..
Wall Street higher after Powell says gradual rate hikes counter risks
(Reuters) - U.S. stocks rose higher on Wednesday after Federal Reserve Chairman Jerome Powell said that the gradual interest-rate hikes are meant to balance risks as it tries to keep the economy on track.
Pepsi and Coca Cola pouring $1.4 billion into Pakistan: government
ISLAMABAD (Reuters) - Pepsi and Coca Cola are set to invest $1.4 billion in Pakistan in coming years, a statement from Prime Minister Imran Khan's office said, after executives from the two companies met with Khan.
GST return filing dates extended for cyclone-hit AP, TN districts
The government on Wednesday extended the due dates for filing of Goods and Services Tax (GST) returns for taxpayers in 11 districts of Tamil Nadu affected by cyclone Gaza and one district of Andhra Pradesh affected by cyclone Titli.
SpiceJet deposits Rs 20-cr additional bank guarantee to AAI
Budget passenger carrier SpiceJet on Wednesday deposited an additional bank guarantee worth Rs 20 crore to the state-run Airports Authority of India (AAI).
Fed's gradual rate hikes balance against risks: Powell
NEW YORK (Reuters) - U.S. Federal Reserve Chair Jerome Powell said on Wednesday that while there was "a great deal to like" about U.S. prospects, the Fed's gradual interest-rate hikes are meant to balance risks as it tries to keep the economy on track.
Essar Steel: NCLT defers operational creditors' plea to Dec 10
The National Company Law Tribunal (NCLT) here Wednesday deferred hearing to December 10 on petitions filed by close to 30 operational creditors of Essar Steel seeking settlement of their dues from ArcelorMittal. Harihar Prakash Chaturvedi, a member on the Ahmedabad bench of the NCLT, deferred the hearing on the petitions to December 10 citing the absence of the other member, Manorama Kumari for the stated hearing. As many as 28 operational creditors of Essar Steel are seeking settlement of their dues running into over Rs 600 crore. Some of these creditors who have moved the NCLT are Apex Commodities, Sakar Industries, Kamaljeet Singh Ahluwalia, Ideal Movers, and Arfin India. The insolvency court also deferred the hearing on a petition filed by Essar Steel seeking validity of its revised offer under the Insolvency and Bankruptcy Code (IBC) to pay off creditors, to December 10. The resolution professional of Essar Steel had submitted a proposal to settle Rs 54,389 crore to the committee
Plan for Air India to result in Rs 2,000 cr financial benefits annually: Choubey
To revive Air India's fortunes, a plan is being implemented that will result in annual financial benefits worth Rs 2,000 crore by way of cost cutting and revenue enhancement measures, a senior official said Wednesday. Civil Aviation Secretary R N Choubey said the plan was drawn up around 15 to 20 days ago and focuses on about "10 to 12 items" but did not divulge specific details. The government is working on efforts to turn around the national carrier, which has a debt burden of over Rs 50,000 crore. Talking about the plan, Choubey said, "financial benefits" to Air India would be around Rs 2,000 crore per annum by way of cost cutting and revenue enhancement measures. The implementation of the plan, which has been prepared on the basis of recent levels of crude oil prices and rupee value, would be monitored by the ministry, he added. When asked whether the plan is being implemented, Choubey replied in the affirmative. The ministry would monitor the implementation of the plan and then ..
Trai maintains lower cable landing station charges
Telecom regulator Trai on Wednesday decided to retain the existing charges that can be levied by cable landing stations for providing international connectivity through submarine cables. The Telecom Regulatory Authority of India capped charges for accessing low capacity STM-1 at Rs 36,000 per annum and Rs 6.25 lakh for high capacity STM-64 per unit capacity at the cable landing station under the International Telecommunication Cable Landing Stations Access Facilitation Charges and Co-location Charges (Amendment) Regulations, 2018. Submarine cables provide international telecommunication links between countries and these cables terminate in a country through cable landing stations. Access facilitation charges (AFC) are payable by international long distance operators or internet service providers (ISP) to the owner of the cable landing station to access international bandwidth in a submarine cable. Trai had prescribed same charges in 2012 but the same was quashed by Division Bench of .
Gold dips to two-week low as dollar gains ahead of Powell speech
BENGALURU (Reuters) - Gold fell to a two-week low on Wednesday as the dollar gained on interest from investors seeking refuge from trade tensions while they awaited clues on further U.S. rate hikes from Federal Reserve Chairman Jerome Powell.
ECB policymakers leaning towards open reinvestment horizon
FRANKFURT (Reuters) - European Central Bank policymakers are leaning towards making only nuanced changes to how the bank reinvests cash from maturing bonds, including keeping the duration of purchases open, four sources with direct knowledge of the discussion told Reuters.
Royal Bank of Canada eyes further margin gains in 2019
TORONTO (Reuters) - Royal Bank of Canada said it anticipated margins will continue to improve next year after reporting a forecast-beating 17 percent jump in fourth-quarter earnings on Wednesday.
Insurer AXA raises profit targets in wake of $15 billion XL deal
PARIS (Reuters) - AXA, Europe's second-biggest insurer, expects its profitability to improve in the next two years thanks to U.S. business brought in by its new XL arm, and said it would now focus on expanding in Asia.
Worst-case Brexit more painful than global financial crisis, Bank of England warns
Britain risks a bigger hit to its economy than during the global financial crisis a decade ago if it leaves the European Union in a "disorderly" manner in March next year, the Bank of England warned on Wednesday.
Wall Street inches higher ahead of Powell speech
(Reuters) - U.S. stocks edged higher on Wednesday, helped by healthcare and technology stocks, but caution prevailed ahead of Federal Reserve Chairman Jerome Powell's speech that is expected to elaborate on a report that said asset prices were "elevated".